Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'META FINANCIAL GROUP INC | ' |
Entity Central Index Key | '0000907471 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 6,184,047 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $30,861 | $40,063 |
Investment securities available for sale | 433,017 | 299,821 |
Mortgage-backed securities available for sale | 603,412 | 581,372 |
Investment securities held to maturity | 209,147 | 211,099 |
Mortgage-backed securities held to maturity | 72,102 | 76,927 |
Loans receivable - net of allowance for loan losses of $4,895 at June 30, 2014 and $3,930 at September 30, 2013 | 471,940 | 380,428 |
Federal Home Loan Bank Stock, at cost | 16,845 | 9,994 |
Accrued interest receivable | 10,868 | 8,582 |
Insurance receivable | 400 | 400 |
Premises, furniture, and equipment, net | 16,770 | 17,664 |
Bank-owned life insurance | 35,183 | 33,830 |
Foreclosed real estate and repossessed assets | 116 | 116 |
Intangible assets | 2,485 | 2,339 |
Prepaid assets | 8,452 | 8,539 |
Deferred taxes | 7,355 | 14,297 |
MPS accounts receivable | 3,119 | 3,707 |
Assets held for sale | 0 | 1,120 |
Other assets | 1,261 | 1,691 |
Total assets | 1,923,333 | 1,691,989 |
LIABILITIES | ' | ' |
Non-interest-bearing checking | 1,123,013 | 1,086,258 |
Interest-bearing checking | 33,964 | 31,181 |
Savings deposits | 28,521 | 26,229 |
Money market deposits | 43,480 | 40,016 |
Time certificates of deposit | 117,081 | 131,599 |
Total deposits | 1,346,059 | 1,315,283 |
Advances from Federal Home Loan Bank | 7,000 | 7,000 |
Federal funds purchased | 360,000 | 190,000 |
Securities sold under agreements to repurchase | 8,478 | 9,146 |
Subordinated debentures | 10,310 | 10,310 |
Accrued interest payable | 299 | 291 |
Contingent liability | 331 | 331 |
Accrued expenses and other liabilities | 21,638 | 16,644 |
Total liabilities | 1,754,115 | 1,549,005 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at June 30, 2014 and September 30, 2013, respectively | 0 | 0 |
Common stock, $.01 par value; 10,000,000 shares authorized, 6,184,047 and 6,132,744 shares issued, 6,139,672 and 6,070,654 shares outstanding at June 30, 2014 and September 30, 2013, respectively | 62 | 61 |
Additional paid-in capital | 94,069 | 92,963 |
Retained earnings | 81,231 | 71,268 |
Accumulated other comprehensive income (loss) | -5,417 | -20,285 |
Treasury stock, 44,375 and 62,090 common shares, at cost, at June 30, 2014 and September 30, 2013, respectively | -727 | -1,023 |
Total stockholders' equity | 169,218 | 142,984 |
Total liabilities and stockholders' equity | $1,923,333 | $1,691,989 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Loans receivable, allowance for loan losses | $4,895 | $3,930 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 6,184,047 | 6,132,744 |
Common stock, shares outstanding (in shares) | 6,139,672 | 6,070,654 |
Treasury stock (in shares) | 44,375 | 62,090 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Loans receivable, including fees | $5,062 | $4,091 | $14,283 | $11,953 |
Mortgage-backed securities | 3,898 | 3,024 | 11,506 | 9,069 |
Other investments | 3,606 | 2,710 | 10,001 | 8,151 |
Total interest and dividend income | 12,566 | 9,825 | 35,790 | 29,173 |
Interest expense: | ' | ' | ' | ' |
Deposits | 232 | 286 | 726 | 995 |
FHLB advances and other borrowings | 406 | 380 | 1,105 | 1,317 |
Total interest expense | 638 | 666 | 1,831 | 2,312 |
Net interest income | 11,928 | 9,159 | 33,959 | 26,861 |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 |
Net interest income after provision for loan losses | 11,628 | 9,159 | 33,359 | 27,161 |
Non-interest income: | ' | ' | ' | ' |
Card fees | 11,805 | 12,547 | 36,753 | 38,043 |
Loan fees | 183 | 188 | 828 | 690 |
Bank-owned life insurance | 283 | 289 | 853 | 707 |
Deposit fees | 159 | 150 | 456 | 472 |
Gain (loss) on sale of securities available for sale, net (Includes $0 and $97 reclassified from accumulated other comprehensive income (loss) for net gains on available for sale securities for the three and nine months ended June 30, 2014, respectively) | 0 | 525 | 97 | 2,501 |
Gain (loss) on foreclosed real estate | 1 | 39 | 6 | -274 |
Other income | 50 | -179 | 138 | -75 |
Total non-interest income | 12,481 | 13,559 | 39,131 | 42,064 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and benefits | 9,318 | 8,524 | 28,288 | 25,917 |
Card processing | 3,850 | 3,480 | 11,668 | 12,143 |
Occupancy and equipment | 2,309 | 2,188 | 6,858 | 6,195 |
Legal and consulting | 540 | 1,183 | 2,706 | 2,957 |
Data processing | 320 | 299 | 992 | 910 |
Marketing | 267 | 276 | 700 | 747 |
Impairment on assets held for sale | 0 | 0 | 0 | 361 |
Other expense | 2,233 | 2,074 | 6,429 | 7,457 |
Total non-interest expense | 18,837 | 18,024 | 57,641 | 56,687 |
Income before income tax expense | 5,272 | 4,694 | 14,849 | 12,538 |
Income tax expense (Includes $0 and $35 income tax expense reclassified from accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2014, respectively) | 1,068 | 1,022 | 2,500 | 2,594 |
Net income | $4,204 | $3,672 | $12,349 | $9,944 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.69 | $0.67 | $2.02 | $1.81 |
Diluted (in dollars per share) | $0.68 | $0.66 | $1.99 | $1.80 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Non-interest income: | ' | ' |
Net gain (loss) on available for sale securities reclassified from accumulated other comprehensive income | $0 | $97 |
Income tax expense reclassified from accumulated other comprehensive income | $0 | $35 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $4,204 | $3,672 | $12,349 | $9,944 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in net unrealized gain (loss) on securities | 15,837 | -29,219 | 23,581 | -40,666 |
Losses (gains) realized in net income | 0 | -525 | -97 | -2,501 |
Total available for sale adjustment | 15,837 | -29,744 | 23,484 | -43,167 |
Deferred income tax effect | 5,769 | -11,624 | 8,616 | -16,759 |
Total other comprehensive income (loss) | 10,068 | -18,120 | 14,868 | -26,408 |
Total comprehensive income (loss) | $14,272 | ($14,448) | $27,217 | ($16,464) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, unless otherwise specified | ||||||
Balance at Sep. 30, 2012 | $56 | $78,769 | $60,776 | $8,513 | ($2,255) | $145,859 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Cash dividends declared on common stock | 0 | 0 | -2,141 | 0 | 0 | -2,141 |
Issuance of common shares from the sales of equity securities | 0 | -318 | 0 | 0 | 0 | -318 |
Issuance of common shares from treasury stock due to issuance of restricted stock | 0 | -72 | 0 | 0 | 1,046 | 974 |
Stock compensation | 0 | 125 | 0 | 0 | 0 | 125 |
Net change in unrealized losses on securities, net of income taxes | 0 | 0 | 0 | -26,408 | 0 | -26,408 |
Net income | 0 | 0 | 9,944 | 0 | 0 | 9,944 |
Balance at Jun. 30, 2013 | 56 | 78,504 | 68,579 | -17,895 | -1,209 | 128,035 |
Balance at Sep. 30, 2013 | 61 | 92,963 | 71,268 | -20,285 | -1,023 | 142,984 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Cash dividends declared on common stock | 0 | 0 | -2,386 | 0 | 0 | -2,386 |
Issuance of common shares from the sales of equity securities | 1 | -52 | 0 | 0 | 0 | -51 |
Issuance of common shares from treasury stock due to exercise of stock options | 0 | 1,026 | 0 | 0 | 296 | 1,322 |
Stock compensation | 0 | 132 | 0 | 0 | 0 | 132 |
Net change in unrealized losses on securities, net of income taxes | 0 | 0 | 0 | 14,868 | 0 | 14,868 |
Net income | 0 | 0 | 12,349 | 0 | 0 | 12,349 |
Balance at Jun. 30, 2014 | $62 | $94,069 | $81,231 | ($5,417) | ($727) | $169,218 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Cash dividends declared on common stock (in dollars per share) | $0.39 | $0.39 |
Issuance of common shares from treasury stock due to issuance of restricted stock (in shares) | 17,715 | 54,033 |
Condensed_Consolidated_Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $12,349 | $9,944 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation, amortization and accretion, net | 13,580 | 15,850 |
Provision (recovery) for loan losses | 600 | -300 |
Provision (recovery) for deferred taxes | -1,675 | 0 |
(Gain) loss on other assets | -39 | 67 |
(Gain) loss on sale of securities available for sale, net | -97 | -2,501 |
Net change in accrued interest receivable | -2,286 | -2,078 |
Impairment on assets held for sale | 0 | 361 |
Net change in other assets | -490 | -22,435 |
Net change in accrued interest payable | 8 | 97 |
Net change in accrued expenses and other liabilities | 4,994 | -26,797 |
Net cash provided by (used in) operating activities | 26,944 | -27,792 |
Cash flows from investing activities: | ' | ' |
Purchase of securities available for sale | -267,616 | -468,103 |
Proceeds from sales of securities available for sale | 68,167 | 182,156 |
Proceeds from maturities and principal repayments of securities available for sale | 60,031 | 155,390 |
Purchase of securities held to maturity | -10,684 | -5,576 |
Proceeds from maturities and principal repayments of securities held to maturity | 14,858 | 0 |
Purchase of bank owned life insurance | -500 | -18,000 |
Loans purchased | -1,816 | -10,446 |
Net change in loans receivable | -90,296 | -1,435 |
Proceeds from sales of foreclosed real estate | 0 | 431 |
Federal Home Loan Bank stock purchases | -311,171 | -309,358 |
Federal Home Loan Bank stock redemptions | 304,320 | 306,160 |
Proceeds from the sale of premises and equipment | 1,169 | 0 |
Purchase of premises and equipment | -1,733 | -4,427 |
Net cash provided by (used in) investing activities | -235,271 | -173,208 |
Cash flows from financing activities: | ' | ' |
Net change in checking, savings, and money market deposits | 45,294 | 19,845 |
Net change in time deposits | -14,518 | 16,238 |
Repayment of FHLB and other borrowings | 0 | -4,000 |
Proceeds from federal funds purchased | 170,000 | 65,000 |
Net change in securities sold under agreements to repurchase | -668 | -13,275 |
Cash dividends paid | -2,386 | -2,141 |
Stock compensation | 132 | 125 |
Proceeds from issuance of common stock | 1,271 | 656 |
Net cash provided by (used in) financing activities | 199,125 | 82,448 |
Net change in cash and cash equivalents | -9,202 | -118,552 |
Cash and cash equivalents at beginning of period | 40,063 | 145,051 |
Cash and cash equivalents at end of period | 30,861 | 26,499 |
Cash paid during the period for: | ' | ' |
Interest | 1,824 | 2,763 |
Income taxes | 3,262 | 3,408 |
Supplemental schedule of non-cash investing activities: | ' | ' |
Loans transferred to foreclosed real estate | 0 | 48 |
Assets transferred to held for sale | 0 | 1,708 |
Securities transferred from available for sale to held to maturity | $0 | $282,195 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Jun. 30, 2014 | ||
BASIS OF PRESENTATION [Abstract] | ' | |
BASIS OF PRESENTATION | ' | |
NOTE 1. | BASIS OF PRESENTATION | |
The interim unaudited condensed consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended September 30, 2013 included in Meta Financial Group, Inc.’s (“Meta Financial” or the “Company”) Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 16, 2013. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements have been omitted. | ||
The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments), that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the three and nine month periods ended June 30, 2014, are not necessarily indicative of the results expected for the year ending September 30, 2014. | ||
CREDIT_DISCLOSURES
CREDIT DISCLOSURES | 9 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
CREDIT DISCLOSURES [Abstract] | ' | ||||||||||||||||||||||||||||||||
CREDIT DISCLOSURES | ' | ||||||||||||||||||||||||||||||||
NOTE 2. | CREDIT DISCLOSURES | ||||||||||||||||||||||||||||||||
The allowance for loan losses represents management’s estimate of probable loan losses which have been incurred as of the date of the consolidated financial statements. The allowance for loan losses is increased by a provision for loan losses charged to expense and decreased by charge-offs (net of recoveries). Estimating the risk of loss and the amount of loss on any loan is necessarily subjective. Management’s periodic evaluation of the adequacy of the allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions. While management may periodically allocate portions of the allowance for specific problem loan situations, the entire allowance is available for any loan charge-offs that occur. | |||||||||||||||||||||||||||||||||
Loans are considered impaired if full principal or interest payments are not probable in accordance with the contractual loan terms. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate or at the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||||||
The allowance consists of specific, general, and unallocated components. The specific component relates to impaired loans. For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers loans not considered impaired and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||||||||||||||||||||||
Smaller-balance homogenous loans are collectively evaluated for impairment. Such loans include residential first mortgage loans secured by one-to-four family residences, residential construction loans, and automobile, manufactured homes, home equity and second mortgage loans. Commercial and agricultural loans and mortgage loans secured by other properties are evaluated individually for impairment. When analysis of borrower operating results and financial condition indicates that underlying cash flows of the borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment. Often this is associated with a delay or shortfall in payments of 90 days or more. Non-accrual loans and all troubled debt restructurings are considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||||||
Loans receivable at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | 108,713 | $ | 82,287 | |||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 216,904 | 192,786 | |||||||||||||||||||||||||||||||
Agricultural real estate loans | 56,945 | 29,552 | |||||||||||||||||||||||||||||||
Consumer loans | 29,379 | 30,314 | |||||||||||||||||||||||||||||||
Commercial operating loans | 26,683 | 16,264 | |||||||||||||||||||||||||||||||
Agricultural operating loans | 38,958 | 33,750 | |||||||||||||||||||||||||||||||
Total Loans Receivable | 477,582 | 384,953 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,895 | ) | (3,930 | ) | |||||||||||||||||||||||||||||
Net deferred loan origination fees | (747 | ) | (595 | ) | |||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 471,940 | $ | 380,428 | |||||||||||||||||||||||||||||
Activity in the allowance for loan losses and balances of loans receivable by portfolio segment for the three and nine month periods ended June 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 287 | $ | 1,666 | $ | 235 | $ | 71 | $ | 66 | $ | 478 | $ | 1,769 | $ | 4,572 | |||||||||||||||||
Provision (recovery) for loan losses | (74 | ) | 23 | 112 | 6 | 14 | 277 | (58 | ) | 300 | |||||||||||||||||||||||
Loan charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 2 | 19 | - | - | - | 2 | - | 23 | |||||||||||||||||||||||||
Ending balance | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Provision (recovery) for loan losses | (120 | ) | (576 | ) | 235 | 3 | 31 | 474 | 553 | 600 | |||||||||||||||||||||||
Loan charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 2 | 347 | - | - | - | 16 | - | 365 | |||||||||||||||||||||||||
Ending balance | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Ending balance: individually evaluated for impairment | - | 358 | - | - | - | - | - | 358 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 215 | 1,350 | 347 | 77 | 80 | 757 | 1,711 | 4,537 | |||||||||||||||||||||||||
Total | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 389 | 5,678 | - | - | 28 | - | - | 6,095 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 108,324 | 211,226 | 56,945 | 29,379 | 26,655 | 38,958 | - | 471,487 | |||||||||||||||||||||||||
Total | $ | 108,713 | $ | 216,904 | $ | 56,945 | $ | 29,379 | $ | 26,683 | $ | 38,958 | $ | - | $ | 477,582 | |||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 265 | $ | 2,329 | $ | 1 | $ | 4 | $ | 25 | $ | 17 | $ | 1,065 | $ | 3,706 | |||||||||||||||||
Provision (recovery) for loan losses | 92 | (563 | ) | 34 | - | (47 | ) | 154 | 330 | - | |||||||||||||||||||||||
Loan charge offs | (25 | ) | (128 | ) | - | - | - | - | - | (153 | ) | ||||||||||||||||||||||
Recoveries | - | 94 | - | - | 23 | - | - | 117 | |||||||||||||||||||||||||
Ending balance | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 193 | $ | 3,113 | $ | 1 | $ | 3 | $ | 49 | $ | - | $ | 612 | $ | 3,971 | |||||||||||||||||
Provision (recovery) for loan losses | 164 | (1,341 | ) | 34 | - | (111 | ) | 171 | 783 | (300 | ) | ||||||||||||||||||||||
Loan charge offs | (25 | ) | (136 | ) | - | - | - | - | - | (161 | ) | ||||||||||||||||||||||
Recoveries | - | 96 | - | 1 | 63 | - | - | 160 | |||||||||||||||||||||||||
Ending balance | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 25 | 409 | - | - | - | - | - | 434 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 307 | 1,323 | 35 | 4 | 1 | 171 | 1,395 | 3,236 | |||||||||||||||||||||||||
Total | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 618 | 8,383 | - | - | 53 | - | - | 9,054 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 75,544 | 153,587 | 28,567 | 30,763 | 15,766 | 29,941 | - | 334,168 | |||||||||||||||||||||||||
Total | $ | 76,162 | $ | 161,970 | $ | 28,567 | $ | 30,763 | $ | 15,819 | $ | 29,941 | $ | - | $ | 343,222 | |||||||||||||||||
Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by our regulator, the Office of the Comptroller of the Currency (the “OCC”), to be of lesser quality as “substandard,” “doubtful” or “loss.” The loan classification and risk rating definitions are as follows: | |||||||||||||||||||||||||||||||||
Pass- A pass asset is of sufficient quality in terms of repayment, collateral and management to preclude a special mention or an adverse rating. | |||||||||||||||||||||||||||||||||
Watch- A watch asset is generally credit performing well under current terms and conditions but with identifiable weakness meriting additional scrutiny and corrective measures. Watch is not a regulatory classification but can be used to designate assets that are exhibiting one or more weaknesses that deserve management’s attention. These assets are of better quality than special mention assets. | |||||||||||||||||||||||||||||||||
Special Mention- Special mention assets are credits with potential weaknesses deserving management’s close attention and if left uncorrected, may result in deterioration of the repayment prospects for the asset. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention is a temporary status with aggressive credit management required to garner adequate progress and move to watch or higher. | |||||||||||||||||||||||||||||||||
The adverse classifications are as follows: | |||||||||||||||||||||||||||||||||
Substandard- A substandard asset is inadequately protected by the net worth and/or repayment ability or by a weak collateral position. Assets so classified will have well-defined weaknesses creating a distinct possibility the Bank will sustain some loss if the weaknesses are not corrected. Loss potential does not have to exist for an asset to be classified as substandard. | |||||||||||||||||||||||||||||||||
Doubtful- A doubtful asset has weaknesses similar to those classified substandard, with the degree of weakness causing the likely loss of some principal in any reasonable collection effort. Due to pending factors the asset’s classification as loss is not yet appropriate. | |||||||||||||||||||||||||||||||||
Loss- A loss asset is considered uncollectible and of such little value that the asset’s continuance on the Bank’s balance sheet is no longer warranted. This classification does not necessarily mean an asset has no recovery or salvage value leaving room for future collection efforts. | |||||||||||||||||||||||||||||||||
General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. When assets are classified as “loss,” the Bank is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. The Bank’s determinations as to the classification of its assets and the amount of its valuation allowances are subject to review by its regulatory authorities, which may order the establishment of additional general or specific loss allowances. | |||||||||||||||||||||||||||||||||
The Company recognizes that concentrations of credit may naturally occur and may take the form of a large volume of related loans to an individual, a specific industry, a geographic location, or an occupation. Credit concentration is a direct, indirect, or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Bank’s Tier 1 Capital plus the Allowance for Loan Losses. | |||||||||||||||||||||||||||||||||
The asset classification of loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Total | |||||||||||||||||||||||||||
Pass | $ | 108,074 | $ | 211,846 | $ | 52,832 | $ | 29,379 | $ | 26,683 | $ | 28,845 | $ | 457,659 | |||||||||||||||||||
Watch | 312 | 855 | 274 | - | - | 307 | 1,748 | ||||||||||||||||||||||||||
Special Mention | 82 | 98 | 2,085 | - | - | 451 | 2,716 | ||||||||||||||||||||||||||
Substandard | 245 | 4,105 | 1,754 | - | - | 9,355 | 15,459 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 108,713 | $ | 216,904 | $ | 56,945 | $ | 29,379 | $ | 26,683 | $ | 38,958 | $ | 477,582 | ||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Total | |||||||||||||||||||||||||||
Pass | $ | 81,719 | $ | 177,513 | $ | 26,224 | $ | 30,314 | $ | 16,251 | $ | 26,362 | $ | 358,383 | |||||||||||||||||||
Watch | 239 | 7,791 | 3,328 | - | 13 | 1,690 | 13,061 | ||||||||||||||||||||||||||
Special Mention | 84 | 102 | - | - | - | 5,698 | 5,884 | ||||||||||||||||||||||||||
Substandard | 245 | 7,380 | - | - | - | - | 7,625 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 82,287 | $ | 192,786 | $ | 29,552 | $ | 30,314 | $ | 16,264 | $ | 33,750 | $ | 384,953 | ||||||||||||||||||||
One- to Four-Family Residential Mortgage Lending. One- to four-family residential mortgage loan originations are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. The Company offers fixed-rate and adjustable rate mortgage (“ARM”) loans for both permanent structures and those under construction. The Company’s one- to four-family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. | |||||||||||||||||||||||||||||||||
The Company originates one- to four-family residential mortgage loans with terms up to a maximum of 30-years and with loan-to-value ratios up to 100% of the lesser of the appraised value of the security property or the contract price. The Company generally requires that private mortgage insurance be obtained in an amount sufficient to reduce the Company’s exposure to at or below the 80% loan‑to‑value level, unless the loan is insured by the Federal Housing Administration, guaranteed by Veterans Affairs or guaranteed by the Rural Housing Administration. Residential loans generally do not include prepayment penalties. | |||||||||||||||||||||||||||||||||
The Company currently offers five and ten year ARM loans. These loans have a fixed-rate for the stated period and, thereafter, such loans adjust annually. These loans generally provide for an annual cap of up to 200 basis points and a lifetime cap of 600 basis points over the initial rate. As a consequence of using an initial fixed-rate and caps, the interest rates on these loans may not be as rate sensitive as the Company’s cost of funds on retail bank deposits. The Company’s ARMs do not permit negative amortization of principal and are not convertible into a fixed rate loan. The Company’s delinquency experience on its ARM loans has generally been similar to its experience on fixed-rate residential loans. The current low mortgage interest rate environment makes ARM loans relatively unattractive and very few are currently being originated. | |||||||||||||||||||||||||||||||||
Due to consumer demand, the Company also offers fixed-rate mortgage loans with terms up to 30 years, most of which conform to secondary market, i.e., Fannie Mae, Ginnie Mae, and Freddie Mac standards. Interest rates charged on these fixed-rate loans are competitively priced according to market conditions. | |||||||||||||||||||||||||||||||||
In underwriting one- to four-family residential real estate loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Properties securing real estate loans made by the Company are appraised by independent appraisers approved by the Board of Directors. The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property. The Company has not engaged in sub-prime residential mortgage originations. | |||||||||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate Lending. The Company engages in commercial and multi-family real estate lending in its primary market area and surrounding areas and, in order to supplement its loan portfolio, has purchased whole loan and participation interests in loans from other financial institutions. The purchased loans and loan participation interests are generally secured by properties primarily located in the Midwest. | |||||||||||||||||||||||||||||||||
The Company’s commercial and multi-family real estate loan portfolio is secured primarily by apartment buildings, office buildings, and hotels. Commercial and multi-family real estate loans generally are underwritten with terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the security property, and are typically secured by personal guarantees of the borrowers. The Company has a variety of rate adjustment features and other terms in its commercial and multi-family real estate loan portfolio. Commercial and multi-family real estate loans provide for a margin over a number of different indices. In underwriting these loans, the Company currently analyzes the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. | |||||||||||||||||||||||||||||||||
Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one- to four-family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. | |||||||||||||||||||||||||||||||||
Agricultural Lending. The Company originates loans to finance the purchase of farmland, livestock, farm machinery and equipment, seed, fertilizer and other farm-related products. Agricultural operating loans are originated at either an adjustable or fixed-rate of interest for up to a one year term or, in the case of livestock, upon sale. Such loans provide for payments of principal and interest at least annually or a lump sum payment upon maturity if the original term is less than one year. Loans secured by agricultural machinery are generally originated as fixed-rate loans with terms of up to seven years. | |||||||||||||||||||||||||||||||||
Agricultural real estate loans are frequently originated with adjustable rates of interest. Generally, such loans provide for a fixed rate of interest for the first five to ten years, which then balloon or adjust annually thereafter. In addition, such loans generally amortize over a period of 20 to 25 years. Fixed-rate agricultural real estate loans generally have terms up to ten years. Agricultural real estate loans are generally limited to 75% of the value of the property securing the loan. | |||||||||||||||||||||||||||||||||
Agricultural lending affords the Company the opportunity to earn yields higher than those obtainable on one- to four-family residential lending. Agricultural lending involves a greater degree of risk than one- to four-family residential mortgage loans because of the typically larger loan amount. In addition, payments on loans are dependent on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. The success of the loan may also be affected by many factors outside the control of the borrower. | |||||||||||||||||||||||||||||||||
Weather presents one of the greatest risks as hail, drought, floods, or other conditions, can severely limit crop yields and thus impair loan repayments and the value of the underlying collateral. This risk can be reduced by the farmer with a variety of insurance coverages which can help to ensure loan repayment. Government support programs and the Company generally require that farmers procure crop insurance coverage. Grain and livestock prices also present a risk as prices may decline prior to sale resulting in a failure to cover production costs. These risks may be reduced by the farmer with the use of futures contracts or options to mitigate price risk. The Company frequently requires borrowers to use futures contracts or options to reduce price risk and help ensure loan repayment. Another risk is the uncertainty of government programs and other regulations. During periods of low commodity prices, the income from government programs can be a significant source of cash for the borrower to make loan payments, and if these programs are discontinued or significantly changed, cash flow problems or defaults could result. Finally, many farms are dependent on a limited number of key individuals upon whose injury or death may result in an inability to successfully operate the farm. | |||||||||||||||||||||||||||||||||
Consumer Lending – Retail Bank. The Company, through the auspices of its “Retail Bank”, originates a variety of secured consumer loans, including home equity, home improvement, automobile, boat and loans secured by savings deposits. In addition, the Retail Bank offers other secured and unsecured consumer loans. The Retail Bank currently originates most of its consumer loans in its primary market area and surrounding areas. | |||||||||||||||||||||||||||||||||
The largest component of the Retail Bank’s consumer loan portfolio consists of home equity loans and lines of credit. Substantially all of the Retail Bank’s home equity loans and lines of credit are secured by second mortgages on principal residences. The Retail Bank will lend amounts which, together with all prior liens, may be up to 90% of the appraised value of the property securing the loan. Home equity loans and lines of credit generally have maximum terms of five years. | |||||||||||||||||||||||||||||||||
The Retail Bank primarily originates automobile loans on a direct basis. Direct loans are loans made when the Retail Bank extends credit directly to the borrower, as opposed to indirect loans, which are made when the Retail Bank purchases loan contracts, often at a discount, from automobile dealers which have extended credit to their customers. The Bank’s automobile loans typically are originated at fixed interest rates with terms up to 60 months for new and used vehicles. Loans secured by automobiles are generally originated for up to 80% of the N.A.D.A. book value of the automobile securing the loan. | |||||||||||||||||||||||||||||||||
Consumer loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower. The underwriting standards employed by the Bank for consumer loans include an application, a determination of the applicant’s payment history on other debts and an assessment of ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the security, if any, in relation to the proposed loan amount. | |||||||||||||||||||||||||||||||||
Consumer loans may entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. | |||||||||||||||||||||||||||||||||
Consumer Lending- Meta Payment Systems (“MPS”). MPS offers portfolio lending on a nationwide basis. MPS has a loan committee consisting of members of Executive Management and other officers. This committee, known as the MPS Credit Committee, is charged with monitoring, evaluating, and reporting portfolio performance and the overall credit risk posed by its credit products. All proposed credit programs must first be reviewed and approved by the committee before such programs are presented to the Bank’s Board of Directors for approval. The Board of Directors of the Bank is ultimately responsible for final approval of any credit program and, under the terms of a Consent Order, must seek prior permission from the Bank’s primary federal regulator to originate new credit programs. | |||||||||||||||||||||||||||||||||
The Company believes that well-managed, nationwide credit programs can help meet legitimate credit needs for prime and sub-prime borrowers, and affords the Company an opportunity to diversify the loan portfolio and minimize earnings exposure due to economic downturns. Therefore, subject to the Consent Order referenced above, MPS designs and administers certain credit programs that seek to accomplish these objectives. | |||||||||||||||||||||||||||||||||
MPS strives to offer consumers innovative payment products, including credit products. Most credit products have fallen into the category of portfolio lending. MPS continues to work on new alternative portfolio lending products striving to serve its core customer base and provide unique and innovative lending solutions to the unbanked and under-banked segment. This effort has been supported by recent enhancements to the MPS Credit Policy for Portfolio Lending Programs. | |||||||||||||||||||||||||||||||||
A Portfolio Credit Policy which has been approved by the Board of Directors governs portfolio credit initiatives undertaken by MPS, whereby the Company retains some or all receivables and relies on the borrower as the underlying source of repayment. Several portfolio lending programs also have a contractual provision that requires the Bank to be indemnified for credit losses that meet or exceed predetermined levels. Such a program carries additional risks not commonly found in sponsorship programs, specifically funding and credit risk. Therefore, MPS strives to employ policies, procedures, and information systems that it believes are commensurate with the added risk and exposure. Our third party relationship programs have been limited to third party relationships in existence at the time the directives were issued, absent prior approval to engage in new relationships. | |||||||||||||||||||||||||||||||||
The MPS Credit Committee is responsible for monitoring, identifying and evaluating the credit concentrations attributable to MPS, to determine the potential risk to the Bank. An evaluation includes the following: | |||||||||||||||||||||||||||||||||
· | A recommendation regarding additional controls needed to mitigate the concentration exposure. | ||||||||||||||||||||||||||||||||
· | A limitation or cap placed on the size of the concentration. | ||||||||||||||||||||||||||||||||
· | The potential necessity for increased capital and/or credit reserves to cover the increased risk caused by the concentration(s). | ||||||||||||||||||||||||||||||||
· | A strategy to reduce to acceptable levels those concentration(s) that are determined to create undue risk to the Bank. | ||||||||||||||||||||||||||||||||
Pursuant to the terms of its Consent Order, the Bank adopted a new concentration policy including enhanced risk analysis, monitoring and management for its respective concentration limits. | |||||||||||||||||||||||||||||||||
Commercial Operating Lending. The Company also originates commercial operating loans. Most of the Company’s commercial operating loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. Commercial loans also involve the extension of revolving credit for a combination of equipment acquisitions and working capital in expanding companies. | |||||||||||||||||||||||||||||||||
The maximum term for loans extended on machinery and equipment is based on the projected useful life of such machinery and equipment. Generally, the maximum term on non-mortgage lines of credit is one year. The loan-to-value ratio on such loans and lines of credit generally may not exceed 80% of the value of the collateral securing the loan. The Company’s commercial operating lending policy includes credit file documentation and analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s current credit analysis. Nonetheless, such loans are believed to carry higher credit risk than more traditional lending activities. | |||||||||||||||||||||||||||||||||
Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income and which are secured by real property whose value tends to be more easily ascertainable, commercial operating loans typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial operating loans may be substantially dependent on the success of the business itself (which, in turn, is likely to be dependent upon the general economic environment). The Company’s commercial operating loans are usually, but not always, secured by business assets and personal guarantees. However, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. | |||||||||||||||||||||||||||||||||
Generally, when a loan becomes delinquent 90 days or more or when the collection of principal or interest becomes doubtful, the Company will place the loan on a non-accrual status and, as a result, previously accrued interest income on the loan is reversed against current income. The loan will remain on a non-accrual status until the loan becomes current and has demonstrated a sustained period of satisfactory performance. | |||||||||||||||||||||||||||||||||
Past due loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Non-Accrual Loans | Total Loans Receivable | ||||||||||||||||||||||||||
Residential 1-4 Family | $ | 86 | $ | 4 | $ | - | $ | 90 | $ | 108,341 | $ | 282 | $ | 108,713 | |||||||||||||||||||
Commercial Real Estate and Multi-Family | - | - | - | - | 216,591 | 313 | 216,904 | ||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | 56,945 | - | 56,945 | ||||||||||||||||||||||||||
Consumer | 208 | - | 34 | 242 | 29,137 | - | 29,379 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 26,683 | - | 26,683 | ||||||||||||||||||||||||||
Agricultural Operating | 363 | - | - | 363 | 38,595 | - | 38,958 | ||||||||||||||||||||||||||
Total | $ | 657 | $ | 4 | $ | 34 | $ | 695 | $ | 476,292 | $ | 595 | $ | 477,582 | |||||||||||||||||||
30-Sep-13 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Non-Accrual Loans | Total Loans Receivable | ||||||||||||||||||||||||||
Residential 1-4 Family | $ | 53 | $ | - | $ | 245 | $ | 298 | $ | 81,744 | $ | 245 | $ | 82,287 | |||||||||||||||||||
Commercial Real Estate and Multi-Family | 102 | - | 107 | 209 | 192,150 | 427 | 192,786 | ||||||||||||||||||||||||||
Agricultural Real Estate | 1,169 | - | - | 1,169 | 28,383 | - | 29,552 | ||||||||||||||||||||||||||
Consumer | 29 | 21 | 13 | 63 | 30,251 | - | 30,314 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 16,257 | 7 | 16,264 | ||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | 33,750 | - | 33,750 | ||||||||||||||||||||||||||
Total | $ | 1,353 | $ | 21 | $ | 365 | $ | 1,739 | $ | 382,535 | $ | 679 | $ | 384,953 | |||||||||||||||||||
Impaired loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | |||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 389 | $ | 389 | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 4,391 | 4,391 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 28 | 28 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,808 | $ | 4,808 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 1,287 | 1,287 | 358 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 1,287 | $ | 1,287 | $ | 358 | |||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | |||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 359 | $ | 359 | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 4,527 | 4,535 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 45 | 60 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,931 | $ | 4,954 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 282 | $ | 282 | $ | 25 | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 2,107 | 2,107 | 404 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 2,389 | $ | 2,389 | $ | 429 | |||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans for the three and nine month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Average Recorded Investment | Average Recorded Investment | Average Recorded Investment | ||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 579 | $ | 661 | $ | 636 | $ | 586 | |||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 5,694 | 9,049 | 6,811 | 8,707 | |||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | |||||||||||||||||||||||||||||
Consumer | - | - | - | 1 | |||||||||||||||||||||||||||||
Commercial Operating | 29 | 57 | 37 | 51 | |||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | |||||||||||||||||||||||||||||
Total | $ | 6,302 | $ | 9,767 | $ | 7,484 | $ | 9,345 | |||||||||||||||||||||||||
The Company’s troubled debt restructurings (“TDR”) typically involve forgiving a portion of interest or principal on existing loans or making loans at a rate materially less than current market rates. There were no loans modified in a TDR during the three and nine month periods ended June 30, 2014 and 2013. Additionally, there were no TDR loans for which there was a payment default during the three and nine month periods ended June 30, 2014 and 2013 that had been modified during the 12-month period prior to the default. | |||||||||||||||||||||||||||||||||
ALLOWANCE_FOR_LOAN_LOSSES
ALLOWANCE FOR LOAN LOSSES | 9 Months Ended | |
Jun. 30, 2014 | ||
ALLOWANCE FOR LOAN LOSSES [Abstract] | ' | |
ALLOWANCE FOR LOAN LOSSES | ' | |
NOTE 3. | ALLOWANCE FOR LOAN LOSSES | |
At June 30, 2014, the Company’s allowance for loan losses was $4.9 million, an increase of $1.0 million from $3.9 million at September 30, 2013. During the nine months ended June 30, 2014, the Company recorded a provision for loan losses of $0.6 million. In addition, the Company had $0.4 million net recoveries for the 2014 nine month period. | ||
The allowance for loan losses represents management’s estimate of probable loan losses which have been incurred as of the date of the consolidated financial statements. The allowance for loan losses is increased by a provision for loan losses charged to expense and decreased by charge-offs (net of recoveries). Estimating the risk of loss and the amount of loss on any loan is necessarily subjective. Management’s periodic evaluation of the adequacy of the allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions. While management may periodically allocate portions of the allowance for specific problem loan situations, the entire allowance is available for any loan charge-offs that occur. | ||
The Company establishes its provision for loan losses, and evaluates the adequacy of its allowance for loan losses based upon a systematic methodology consisting of a number of factors including, among others, historic loss experience, the overall level of classified assets, non-performing loans, TDR loans, the composition of its loan portfolio and the general economic environment within which the Company and its borrowers operate. | ||
The allowance for loan losses established by MPS results from an estimation process that evaluates relevant characteristics of its credit portfolio(s). MPS also considers other internal and external environmental factors such as changes in operations or personnel and economic events that may affect the adequacy of the allowance for credit losses. Adjustments to the allowance for loan losses are recorded periodically based on the result of this estimation process. The exact methodology to determine the allowance for loan losses for each program will not be identical. Each program may have differing attributes including such factors as levels of risk, definitions of delinquency and loss, inclusion/exclusion of credit bureau criteria, roll rate migration dynamics, and other factors. Similarly, the additional capital required to offset the increased risk in subprime lending activities may vary by credit program. Each program is evaluated separately. | ||
Management believes that, based on a detailed review of the loan portfolio, historic loan losses, current economic conditions, the size of the loan portfolio, and other factors, the current level of the allowance for loan losses at June 30, 2014 reflects an appropriate allowance against probable losses from the loan portfolio. Although the Company maintains its allowance for loan losses at a level that it considers to be adequate, investors and others are cautioned that there can be no assurance that future losses will not exceed estimated amounts, or that additional provisions for loan losses will not be required in future periods. In addition, the Company's determination of the allowance for loan losses is subject to review by its regulatory agencies, the OCC and the Federal Reserve, which can require the establishment of additional general or specific allowances. | ||
EARNINGS_PER_COMMON_SHARE_EPS
EARNINGS PER COMMON SHARE ("EPS") | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
EARNINGS PER COMMON SHARE ("EPS") [Abstract] | ' | ||||||||
EARNINGS PER COMMON SHARE ("EPS") | ' | ||||||||
NOTE 4. | EARNINGS PER COMMON SHARE (“EPS”) | ||||||||
Basic EPS is based on the net income divided by the weighted average number of common shares outstanding during the period. Allocated Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for EPS calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding. All ESOP shares were allocated as of June 30, 2014 and September 30, 2013. Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements. | |||||||||
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted EPS for the three and nine months ended June 30, 2014 and 2013 is presented below. | |||||||||
Three Months Ended June 30, | 2014 | 2013 | |||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||
Earnings | |||||||||
Net Income | $ | 4,204 | $ | 3,672 | |||||
Basic EPS | |||||||||
Weighted average common shares outstanding | 6,132,169 | 5,499,506 | |||||||
Less weighted average nonvested shares | (4,000 | ) | - | ||||||
Weighted average common shares outstanding | 6,128,169 | 5,499,506 | |||||||
Earnings Per Common Share | |||||||||
Basic | $ | 0.69 | $ | 0.67 | |||||
Diluted EPS | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,128,169 | 5,499,506 | |||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 77,201 | 54,118 | |||||||
Weighted average common and dilutive potential common shares outstanding | 6,205,370 | 5,553,624 | |||||||
Earnings Per Common Share | |||||||||
Diluted | $ | 0.68 | $ | 0.66 | |||||
Nine Months Ended June 30, | 2014 | 2013 | |||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||
Earnings | |||||||||
Net Income | $ | 12,349 | $ | 9,944 | |||||
Basic EPS | |||||||||
Weighted average common shares outstanding | 6,109,955 | 5,484,060 | |||||||
Less weighted average unallocated ESOP and nonvested shares | (4,401 | ) | - | ||||||
Weighted average common shares outstanding | 6,105,554 | 5,484,060 | |||||||
Earnings Per Common Share | |||||||||
Basic | $ | 2.02 | $ | 1.81 | |||||
Diluted EPS | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,105,554 | 5,484,060 | |||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 91,409 | 41,560 | |||||||
Weighted average common and dilutive potential common shares outstanding | 6,196,963 | 5,525,620 | |||||||
Earnings Per Common Share | |||||||||
Diluted | $ | 1.99 | $ | 1.8 | |||||
Stock options totaling 29,199 were not considered in computing diluted EPS for the three and nine months ended June 30, 2014, respectively, because they were not dilutive. Stock options totaling 134,415 and 89,583 were not considered in computing diluted EPS for the three and nine months ended June 30, 2013, respectively, because they were not dilutive. | |||||||||
SECURITIES
SECURITIES | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||
NOTE 5. SECURITIES | |||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale and held to maturity securities at June 30, 2014 and September 30, 2013 are presented below. | |||||||||||||||||||||||||
Available For Sale | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At June 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 55,906 | $ | 178 | $ | (2,846 | ) | $ | 53,238 | ||||||||||||||||
Small business administration securities | 52,553 | 614 | (57 | ) | 53,110 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 330,629 | 1,540 | (6,321 | ) | 325,848 | ||||||||||||||||||||
Mortgage-backed securities | 608,263 | 5,996 | (10,847 | ) | 603,412 | ||||||||||||||||||||
Total debt securities | 1,047,351 | 8,328 | (20,071 | ) | 1,035,608 | ||||||||||||||||||||
Common equities and mutual funds | 542 | 286 | (7 | ) | 821 | ||||||||||||||||||||
Total available for sale securities | $ | 1,047,893 | $ | 8,614 | $ | (20,078 | ) | $ | 1,036,429 | ||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2013 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 52,897 | $ | 136 | $ | (4,249 | ) | $ | 48,784 | ||||||||||||||||
Small business administration securities | 10,099 | 482 | - | 10,581 | |||||||||||||||||||||
Obligations of states and political subdivisions | 1,880 | - | (153 | ) | 1,727 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 255,189 | - | (16,460 | ) | 238,729 | ||||||||||||||||||||
Mortgage-backed securities | 596,343 | 3,968 | (18,939 | ) | 581,372 | ||||||||||||||||||||
Total available for sale securities | $ | 916,408 | $ | 4,586 | $ | (39,801 | ) | $ | 881,193 | ||||||||||||||||
Held to Maturity | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At June 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 19,321 | 43 | (504 | ) | 18,860 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 189,826 | 577 | (4,212 | ) | 186,191 | ||||||||||||||||||||
Mortgage-backed securities | 72,102 | - | (1,848 | ) | 70,254 | ||||||||||||||||||||
Total held to maturity securities | $ | 281,249 | $ | 620 | $ | (6,564 | ) | $ | 275,305 | ||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2013 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Agency and instrumentality securities | $ | 10,003 | $ | - | $ | (390 | ) | $ | 9,613 | ||||||||||||||||
Obligations of states and political subdivisions | 19,549 | 13 | (1,220 | ) | 18,342 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 181,547 | - | (12,085 | ) | 169,462 | ||||||||||||||||||||
Mortgage-backed securities | 76,927 | - | (3,826 | ) | 73,101 | ||||||||||||||||||||
Total held to maturity securities | $ | 288,026 | $ | 13 | $ | (17,521 | ) | $ | 270,518 | ||||||||||||||||
Included in securities available for sale are trust preferred securities as follows: | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Unrealized | S&P | Moody's | |||||||||||||||||||||||
Issuer(1) | Amortized Cost | Fair Value | Gain (Loss) | Credit Rating | Credit Rating | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Key Corp. Capital I | $ | 4,985 | $ | 4,250 | $ | (735 | ) | BBB- | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,977 | 4,175 | (802 | ) | BB+ | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,961 | 4,300 | (661 | ) | BBB | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,432 | 4,300 | (132 | ) | A- | A3 | |||||||||||||||||||
Total | $ | 19,355 | $ | 17,025 | $ | (2,330 | ) | ||||||||||||||||||
-1 | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. | ||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Unrealized | S& | P | Moody's | ||||||||||||||||||||||
Issuer(1) | Amortized Cost | Fair Value | Gain (Loss) | Credit Rating | Credit Rating | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Key Corp. Capital I | $ | 4,984 | $ | 4,100 | $ | (884 | ) | BBB- | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,976 | 4,075 | (901 | ) | BB+ | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,959 | 4,175 | (784 | ) | BBB | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,399 | 4,050 | (349 | ) | A- | A3 | |||||||||||||||||||
Total | $ | 19,318 | $ | 16,400 | $ | (2,918 | ) | ||||||||||||||||||
-1 | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. | ||||||||||||||||||||||||
Management has controls and processes in place to identify securities that could potentially have a credit impairment that is other-than-temporary. These controls and processes can include but are not limited to evaluating the length of time and extent to which the fair value has been less than the amortized cost basis, reviewing available information regarding the financial position of the issuer, interest or dividend payment status, monitoring the rating of the security, and projecting cash flows. Other factors, but not necessarily all, considered are: that the risk of loss is minimized and easier to determine due to the single-issuer, rather than pooled, nature of the securities, the financial condition of the issuers listed, and whether there have been any payment deferrals or defaults to-date. Such factors are subject to change over time. | |||||||||||||||||||||||||
Management also determines whether the Company intends to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost basis which, in some cases, may extend to maturity. To the extent we determine that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. | |||||||||||||||||||||||||
For all securities that are considered temporarily impaired, the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity. The Company believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired. | |||||||||||||||||||||||||
Generally accepted accounting principles require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. Meta Financial has no trading securities. | |||||||||||||||||||||||||
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at June 30, 2014 and September 30, 2013, are as follows: | |||||||||||||||||||||||||
Available For Sale | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At June 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | - | $ | - | $ | 38,081 | $ | (2,846 | ) | $ | 38,081 | $ | (2,846 | ) | |||||||||||
Small Business Administration securities | 8,539 | (57 | ) | - | - | 8,539 | (57 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 5,826 | (26 | ) | 228,375 | (6,295 | ) | 234,201 | (6,321 | ) | ||||||||||||||||
Mortgage-backed securities | 78,245 | (556 | ) | 270,405 | (10,291 | ) | 348,650 | (10,847 | ) | ||||||||||||||||
Total debt securities | 92,610 | (639 | ) | 536,861 | (19,432 | ) | 629,471 | (20,071 | ) | ||||||||||||||||
Common equities and mutual funds | 124 | (7 | ) | - | - | 124 | (7 | ) | |||||||||||||||||
Total available for sale securities | $ | 92,734 | $ | (646 | ) | $ | 536,861 | $ | (19,432 | ) | $ | 629,595 | $ | (20,078 | ) | ||||||||||
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2013 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 29,312 | $ | (1,433 | ) | $ | 13,477 | $ | (2,816 | ) | $ | 42,789 | $ | (4,249 | ) | ||||||||||
Obligations of states and political subdivisions | 1,727 | (153 | ) | - | - | 1,727 | (153 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 238,729 | (16,460 | ) | - | - | 238,729 | (16,460 | ) | |||||||||||||||||
Mortgage-backed securities | 357,850 | (18,939 | ) | - | - | 357,850 | (18,939 | ) | |||||||||||||||||
Total available for sale securities | $ | 627,618 | $ | (36,985 | ) | $ | 13,477 | $ | (2,816 | ) | $ | 641,095 | $ | (39,801 | ) | ||||||||||
Held To Maturity | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At June 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 6,534 | (134 | ) | 9,096 | (370 | ) | 15,630 | (504 | ) | ||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 8,393 | (133 | ) | 162,244 | (4,079 | ) | 170,637 | (4,212 | ) | ||||||||||||||||
Mortgage-backed securities | - | - | 70,254 | (1,848 | ) | 70,254 | (1,848 | ) | |||||||||||||||||
Total held to maturity securities | $ | 14,927 | $ | (267 | ) | $ | 241,594 | $ | (6,297 | ) | $ | 256,521 | $ | (6,564 | ) | ||||||||||
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2013 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Agency and instrumentality securities | $ | 9,613 | $ | (390 | ) | - | - | 9,613 | (390 | ) | |||||||||||||||
Obligations of states and political subdivisions | 17,253 | (1,220 | ) | - | - | 17,253 | (1,220 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 169,462 | (12,085 | ) | - | - | 169,462 | (12,085 | ) | |||||||||||||||||
Mortgage-backed securities | 73,101 | (3,826 | ) | - | - | 73,101 | (3,826 | ) | |||||||||||||||||
Total held to maturity securities | $ | 269,429 | $ | (17,521 | ) | $ | - | $ | - | $ | 269,429 | $ | (17,521 | ) | |||||||||||
At June 30, 2014, the investment portfolio included securities with current unrealized losses which have existed for longer than one year. All of these securities are considered to be acceptable credit risks. Because the declines in fair value were due to changes in market interest rates, not in estimated cash flows, and the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity, no other-than-temporary impairment was recorded at June 30, 2014. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. | |||||||||||||||||||||||||
Available For Sale | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 11,184 | 11,375 | |||||||||||||||||||||||
Due after five years through ten years | 260,022 | 258,608 | |||||||||||||||||||||||
Due after ten years | 167,882 | 162,213 | |||||||||||||||||||||||
439,088 | 432,196 | ||||||||||||||||||||||||
Mortgage-backed securities | 608,263 | 603,412 | |||||||||||||||||||||||
Common equities and mutual funds | 542 | 821 | |||||||||||||||||||||||
Total available for sale securities | $ | 1,047,893 | $ | 1,036,429 | |||||||||||||||||||||
AMORTIZED | FAIR | ||||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 9,929 | 10,061 | |||||||||||||||||||||||
Due after five years through ten years | 162,203 | 155,014 | |||||||||||||||||||||||
Due after ten years | 147,933 | 134,746 | |||||||||||||||||||||||
320,065 | 299,821 | ||||||||||||||||||||||||
Mortgage-backed securities | 596,343 | 581,372 | |||||||||||||||||||||||
Total available for sale securities | $ | 916,408 | $ | 881,193 | |||||||||||||||||||||
Held To Maturity | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 349 | $ | 350 | |||||||||||||||||||||
Due after one year through five years | 4,008 | 3,989 | |||||||||||||||||||||||
Due after five years through ten years | 81,125 | 79,237 | |||||||||||||||||||||||
Due after ten years | 123,665 | 121,475 | |||||||||||||||||||||||
209,147 | 205,051 | ||||||||||||||||||||||||
Mortgage-backed securities | 72,102 | 70,254 | |||||||||||||||||||||||
Total held to maturity securities | $ | 281,249 | $ | 275,305 | |||||||||||||||||||||
AMORTIZED | FAIR | ||||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 649 | $ | 649 | |||||||||||||||||||||
Due after one year through five years | 2,234 | 2,203 | |||||||||||||||||||||||
Due after five years through ten years | 50,547 | 47,519 | |||||||||||||||||||||||
Due after ten years | 157,669 | 147,046 | |||||||||||||||||||||||
211,099 | 197,417 | ||||||||||||||||||||||||
Mortgage-backed securities | 76,927 | 73,101 | |||||||||||||||||||||||
Total held to maturity securities | $ | 288,026 | $ | 270,518 | |||||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | |
Jun. 30, 2014 | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
NOTE 6. | COMMITMENTS AND CONTINGENCIES | |
In the normal course of business, the Bank makes various commitments to extend credit which are not reflected in the accompanying consolidated financial statements. | ||
At June 30, 2014 and September 30, 2013, unfunded loan commitments approximated $95.5 million and $102.9 million respectively, excluding undisbursed portions of loans in process. These unfunded loan commitments were principally for variable rate loans. Commitments, which are disbursed subject to certain limitations, extend over various periods of time. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. The Company had $3.5 million and $0.5 million of commitments to purchase securities at June 30, 2014 and September 30, 2013, respectively. | ||
The exposure to credit loss in the event of nonperformance by other parties to financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The same credit policies and collateral requirements are used in making commitments and conditional obligations as are used for on-balance-sheet instruments. | ||
Since certain commitments to make loans and to fund lines of credit and loans in process expire without being used, the amount does not necessarily represent future cash commitments. In addition, commitments used to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. | ||
Legal Proceedings | ||
The Bank was served on April 15, 2013, with a lawsuit captioned Inter National Bank v. NetSpend Corporation, MetaBank, BDO USA, LLP d/b/a BDO Seidman, Cause No. C-2084-12-I filed in the District Court of Hidalgo County, Texas. The Plaintiff’s Second Amended Original Petition and Application for Temporary Restraining Order and Temporary Injunction adds both MetaBank and BDO Seidman to the original causes of action against NetSpend. NetSpend acts as a prepaid card program manager and processor for both INB and MetaBank. According to the Petition, NetSpend has informed Inter National Bank (“INB”) that the depository accounts at INB for the NetSpend program supposedly contained $10.5 million less than they should. INB alleges that NetSpend has breached its fiduciary duty by making affirmative misrepresentations to INB about the safety and stability of the program, and by failing to timely disclose the nature and extent of any alleged shortfall in settlement of funds related to cardholder activity and the nature and extent of NetSpend’s systemic deficiencies in its accounting and settlement processing procedures. To the extent that an accounting reveals that there is an actual shortfall, INB alleges that MetaBank may be liable for portions or all of said sum due to the fact that funds have been transferred from INB to MetaBank, and thus MetaBank would have been unjustly enriched. The Bank is vigorously contesting this matter. In January 2014, NetSpend was granted summary judgment in this matter which is under appeal. Because the theory of liability against both NetSpend and the Bank is the same, the Bank views the NetSpend summary judgment as a positive in support of our position. An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted. | ||
Certain corporate clients of an unrelated company named Springbok Services, Inc. (“Springbok”) requested through counsel a mediation as a means of reaching a settlement in lieu of commencing litigation against MetaBank. The results of that mediation have not led to a settlement. These claimants purchased MetaBank prepaid reward cards from Springbok, prior to Springbok’s bankruptcy. As a result of Springbok’s bankruptcy and cessation of business, some of the rewards cards which had been purchased were never activated or funded. Counsel for these companies have indicated that they are prepared to assert claims totaling approximately $1.5 million against MetaBank based on principal/agency or failure to supervise theories. The Company denies liability with respect to these claims. The Company’s estimate of a range of reasonably possible loss is approximately $0 to $0.3 million. | ||
Other than the matters set forth above, there are no other new material pending legal proceedings or updates to which the Company or its subsidiaries is a party other than ordinary litigation routine to their respective businesses. | ||
STOCK_OPTION_PLAN
STOCK OPTION PLAN | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
STOCK OPTION PLAN [Abstract] | ' | ||||||||||||||||
STOCK OPTION PLAN | ' | ||||||||||||||||
NOTE 7. | STOCK OPTION PLAN | ||||||||||||||||
The Company maintains the 2002 Omnibus Incentive Plan, which, among other things, provides for the awarding of stock options and nonvested (restricted) shares to certain officers and directors of the Company. Awards are granted by the Stock Option Committee of the Board of Directors based on the performance of the award recipients or other relevant factors. | |||||||||||||||||
Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant. The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date. The Company assumes no projected forfeitures on its stock based compensation, since actual historical forfeiture rates on its stock based incentive awards has been negligible. | |||||||||||||||||
The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under all of the Company’s option and incentive plans for the nine months ended June 30, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Number | Average | Remaining | Aggregate | ||||||||||||||
of | Exercise | Contractual | Intrinsic | ||||||||||||||
Shares | Price | Term (Yrs) | Value | ||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Options outstanding, September 30, 2013 | 318,648 | $ | 24.44 | 4.18 | $ | 4,376 | |||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | (81,882 | ) | 22.31 | 1,360 | |||||||||||||
Forfeited or expired | - | - | - | ||||||||||||||
Options outstanding, June 30, 2014 | 236,766 | $ | 25.18 | 4.02 | $ | 3,508 | |||||||||||
Options exercisable, June 30, 2014 | 236,766 | $ | 25.18 | 4.02 | $ | 3,508 | |||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Fair Value | ||||||||||||||||
Shares | at Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 | ||||||||||||||
Granted | 4,150 | 37.85 | |||||||||||||||
Vested | (4,150 | ) | 35.02 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, June 30, 2014 | 4,000 | $ | 28.61 | ||||||||||||||
At June 30, 2014, stock based compensation expense not yet recognized in income totaled $68,000, which is expected to be recognized over a weighted average remaining period of 2.03 years. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
SEGMENT INFORMATION [Abstract] | ' | ||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||
NOTE 8. | SEGMENT INFORMATION | ||||||||||||||||
An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met. The Company has determined that it has two reportable segments. The first reportable segment, Retail Banking, a division of the Bank, operates as a traditional community bank providing deposit, loan and other related products to individuals and small businesses, primarily in the communities where its offices are located. The second reportable segment, MPS, is also a division of the Bank. MPS provides a number of products and services to financial institutions and other businesses. These products and services include issuance of prepaid debit cards, sponsorship of Automated Teller Machines (“ATMs”) into the debit networks, credit programs, Automated Clearing House (“ACH”) origination services, gift card programs, rebate programs, travel programs, and tax related programs. Other programs are in the process of development. The remaining grouping under the caption “All Others” consists of the operations of the Company and inter-segment eliminations. | |||||||||||||||||
Transactions between affiliates, the resulting revenues of which are shown in the intersegment revenue category, are conducted at market prices, meaning prices that would be paid if the companies were not affiliates. | |||||||||||||||||
The following tables present segment data for the Company for the three and nine months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 8,223 | $ | 4,343 | $ | - | $ | 12,566 | |||||||||
Interest expense | 499 | 27 | 112 | 638 | |||||||||||||
Net interest income (expense) | 7,724 | 4,316 | (112 | ) | 11,928 | ||||||||||||
Provision (recovery) for loan losses | 300 | - | - | 300 | |||||||||||||
Non-interest income | 732 | 11,749 | - | 12,481 | |||||||||||||
Non-interest expense | 4,852 | 13,904 | 81 | 18,837 | |||||||||||||
Income (loss) before income tax expense (benefit) | 3,304 | 2,161 | (193 | ) | 5,272 | ||||||||||||
Income tax expense (benefit) | 653 | 495 | (80 | ) | 1,068 | ||||||||||||
Net income (loss) | $ | 2,651 | $ | 1,666 | $ | (113 | ) | $ | 4,204 | ||||||||
Inter-segment revenue (expense) | $ | 2,976 | (2,976 | ) | $ | - | $ | - | |||||||||
Total assets | 678,116 | 1,241,967 | 3,250 | 1,923,333 | |||||||||||||
Total deposits | 254,215 | 1,098,262 | (6,418 | ) | 1,346,059 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 23,481 | $ | 12,309 | $ | - | $ | 35,790 | |||||||||
Interest expense | 1,410 | 84 | 337 | 1,831 | |||||||||||||
Net interest income (expense) | 22,071 | 12,225 | (337 | ) | 33,959 | ||||||||||||
Provision (recovery) for loan losses | 600 | - | - | 600 | |||||||||||||
Non-interest income | 2,540 | 36,591 | - | 39,131 | |||||||||||||
Non-interest expense | 15,306 | 41,619 | 716 | 57,641 | |||||||||||||
Income (loss) before income tax expense (benefit) | 8,705 | 7,197 | (1,053 | ) | 14,849 | ||||||||||||
Income tax expense (benefit) | 1,489 | 1,400 | (389 | ) | 2,500 | ||||||||||||
Net income (loss) | $ | 7,216 | $ | 5,797 | $ | (664 | ) | $ | 12,349 | ||||||||
Inter-segment revenue (expense) | $ | 9,602 | $ | (9,602 | ) | $ | - | $ | - | ||||||||
Total assets | 678,116 | 1,241,967 | 3,250 | 1,923,333 | |||||||||||||
Total deposits | 254,215 | 1,098,262 | (6,418 | ) | 1,346,059 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 6,112 | $ | 3,713 | $ | - | $ | 9,825 | |||||||||
Interest expense | 521 | 30 | 115 | 666 | |||||||||||||
Net interest income (expense) | 5,591 | 3,683 | (115 | ) | 9,159 | ||||||||||||
Provision (recovery) for loan losses | - | - | - | - | |||||||||||||
Non-interest income | 1,262 | 12,297 | - | 13,559 | |||||||||||||
Non-interest expense | 4,415 | 13,359 | 250 | 18,024 | |||||||||||||
Income (loss) before tax | 2,438 | 2,621 | (365 | ) | 4,694 | ||||||||||||
Income tax expense (benefit) | 519 | 636 | (133 | ) | 1,022 | ||||||||||||
Net income (loss) | $ | 1,919 | $ | 1,985 | $ | (232 | ) | $ | 3,672 | ||||||||
Inter-segment revenue (expense) | $ | 2,981 | $ | (2,981 | ) | $ | - | $ | - | ||||||||
Total assets | 340,517 | 1,316,786 | 2,635 | 1,659,938 | |||||||||||||
Total deposits | 236,724 | 1,179,856 | (703 | ) | 1,415,877 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 18,130 | $ | 11,043 | $ | - | $ | 29,173 | |||||||||
Interest expense | 1,860 | 98 | 354 | 2,312 | |||||||||||||
Net interest income (expense) | 16,270 | 10,945 | (354 | ) | 26,861 | ||||||||||||
Provision (recovery) for loan losses | (300 | ) | - | - | (300 | ) | |||||||||||
Non-interest income | 4,362 | 37,702 | - | 42,064 | |||||||||||||
Non-interest expense | 14,782 | 41,118 | 787 | 56,687 | |||||||||||||
Income (loss) before tax | 6,150 | 7,529 | (1,141 | ) | 12,538 | ||||||||||||
Income tax expense (benefit) | 1,367 | 1,649 | (422 | ) | 2,594 | ||||||||||||
Net income (loss) | $ | 4,783 | $ | 5,880 | $ | (719 | ) | $ | 9,944 | ||||||||
Inter-segment revenue (expense) | $ | 8,899 | $ | (8,899 | ) | $ | - | $ | - | ||||||||
Total assets | 340,517 | 1,316,786 | 2,635 | 1,659,938 | |||||||||||||
Total deposits | 236,724 | 1,179,856 | (703 | ) | 1,415,877 | ||||||||||||
The following tables present gross profit data for MPS for the three and nine months ended June 30, 2014 and 2013. | |||||||||||||||||
Nine Months Ended June 30, | 2014 | 2013 | |||||||||||||||
Interest income | $ | 12,309 | $ | 11,043 | |||||||||||||
Interest expense | 84 | 98 | |||||||||||||||
Net interest income | 12,225 | 10,945 | |||||||||||||||
Provision (recovery) for loan losses | - | - | |||||||||||||||
Non-interest income | 36,591 | 37,702 | |||||||||||||||
Card processing expense | 11,643 | 12,115 | |||||||||||||||
Gross Profit | 37,173 | 36,532 | |||||||||||||||
Other non-interest expense | 29,976 | 29,003 | |||||||||||||||
Income (loss) before income tax expense (benefit) | 7,197 | 7,529 | |||||||||||||||
Income tax expense | 1,400 | 1,649 | |||||||||||||||
Net Income | $ | 5,797 | $ | 5,880 | |||||||||||||
Three Months Ended June 30, | 2014 | 2013 | |||||||||||||||
Interest income | $ | 4,343 | $ | 3,713 | |||||||||||||
Interest expense | 27 | 30 | |||||||||||||||
Net interest income | 4,316 | 3,683 | |||||||||||||||
Provision (recovery) for loan losses | - | - | |||||||||||||||
Non-interest income | 11,749 | 12,297 | |||||||||||||||
Card processing expense | 3,843 | 3,472 | |||||||||||||||
Gross Profit | 12,222 | 12,508 | |||||||||||||||
Other non-interest expense | 10,061 | 9,887 | |||||||||||||||
Income (loss) before income tax expense (benefit) | 2,161 | 2,621 | |||||||||||||||
Income tax expense (benefit) | 495 | 636 | |||||||||||||||
Net Income (Loss) | $ | 1,666 | $ | 1,985 | |||||||||||||
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended | |
Jun. 30, 2014 | ||
NEW ACCOUNTING PRONOUNCEMENTS [Abstract] | ' | |
NEW ACCOUNTING PRONOUNCEMENTS | ' | |
NOTE 9. | NEW ACCOUNTING PRONOUNCEMENTS | |
Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||
This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures. The ASU does not change current requirements for reporting net income or other comprehensive income. The Company adopted this ASU effective October 1, 2013, and the adoption did not have a material impact on the Company's consolidated financial statements, results of operations or cash flows. | ||
Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists. The objective of this ASU is to eliminate diversity in practice related to this topic. The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations. The Company adopted this ASU effective January 1, 2014, and the adoption did not have a material impact on the Company’s consolidated financial statements. | ||
Accounting Standards Update No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310:40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure | ||
This ASU provides guidance on when a loan should be derecognized and collateral assets recognized during an in substance repossession or foreclosure. The objective of this ASU is to eliminate diversity in practice related to the topic. The ASU states creditors are considered to have physical possession of residential real estate property when either the creditor obtains title for the property or the borrower transfers all interest in the property through a deed or other legal agreement. When physical possession occurs, the loan should be derecognized and collateral assets recognized. This update is effective for annual and interim periods beginning after December 15, 2014, and is not expected to have a material impact on the Company’s consolidated financial statements. | ||
Accounting Standards Update No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (Topic 606) | ||
This ASU provides guidance on when to recognize revenue from contracts with customers. The objective of this ASU is to eliminate diversity in practice related to this topic and to develop guidance that would streamline and enhance revenue recognition requirements. The ASU defines five steps to recognize revenue including, identify the contract with a customer, identify the performance obligations in the contract, determine a transaction price, allocate the transaction price to the performance obligations and then recognize the revenue when or as the entity satisfies a performance obligation. This update is effective for annual and interim periods beginning after December 15, 2016, and the Company is currently assessing the potential impact to the consolidated financial statements. | ||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||||||||||||||||
NOTE 10. | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement. It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. | |||||||||||||||||||||||||||||||||
The fair value hierarchy is as follows: | |||||||||||||||||||||||||||||||||
Level 1 Inputs – Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date. | |||||||||||||||||||||||||||||||||
Level 2 Inputs – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market. | |||||||||||||||||||||||||||||||||
Level 3 Inputs – Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity. Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using an independent pricing service. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, as well as U.S. Treasury and other U.S. Government, instrumentality, and agency securities that are traded by dealers or brokers in active over-the-counter markets. The Company had no Level 1 or Level 3 securities at June 30, 2014 or September 30, 2013. Level 2 securities include U.S. Government agency and instrumentality securities, U.S. Government agency and instrumentality mortgage-backed securities, municipal bonds, corporate debt securities and trust preferred securities. | |||||||||||||||||||||||||||||||||
The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company considers these valuations supplied by a third party provider which utilizes several sources for valuing fixed-income securities. These sources include Interactive Data Corporation, Reuters, Standard and Poor’s, Bloomberg Financial Markets, Street Software Technology, and the third party provider’s own matrix and desk pricing. The Company continually reviews the third party’s methods and sources methodology for reasonableness. Sources utilized by the third party provider include but are not limited to pricing models that vary based by asset class and include available trade, bid, and other market information. This methodology includes but is not limited to broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. No less than quarterly, the Company receives and compares prices provided by multiple securities dealers to validate the accuracy and reasonableness of prices received from the third party provider. Each security held is priced by a minimum of two independent pricing sources. On a monthly basis, the Investment Committee and the Director of Portfolio Management reviews mark-to-market changes in the securities portfolio for reasonableness. | |||||||||||||||||||||||||||||||||
The following table summarizes the fair values of securities available for sale and held to maturity at June 30, 2014 and September 30, 2013. Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition. | |||||||||||||||||||||||||||||||||
Fair Value at June 30, 2014 | |||||||||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 53,238 | $ | - | $ | 53,238 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Small business administration securities | 53,110 | - | 53,110 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 18,860 | - | 18,860 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 325,848 | - | 325,848 | - | 186,191 | - | 186,191 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 603,412 | - | 603,412 | - | 70,254 | - | 70,254 | - | |||||||||||||||||||||||||
Total debt securities | 1,035,608 | - | 1,035,608 | - | 275,305 | - | 275,305 | - | |||||||||||||||||||||||||
Common equities and mutual funds | 821 | 821 | - | - | - | - | - | - | |||||||||||||||||||||||||
Total securities | $ | 1,036,429 | $ | 821 | $ | 1,035,608 | $ | - | $ | 275,305 | $ | - | $ | 275,305 | $ | - | |||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 48,784 | $ | - | $ | 48,784 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Agency and instrumentality securities | - | - | - | - | 9,613 | - | 9,613 | - | |||||||||||||||||||||||||
Small business administration securities | 10,581 | - | 10,581 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 1,727 | - | 1,727 | - | 18,342 | - | 18,342 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 238,729 | - | 238,729 | - | 169,462 | - | 169,462 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 581,372 | - | 581,372 | - | 73,101 | - | 73,101 | - | |||||||||||||||||||||||||
Total securities | $ | 881,193 | $ | - | $ | 881,193 | $ | - | $ | 270,518 | $ | - | $ | 270,518 | $ | - | |||||||||||||||||
Foreclosed Real Estate and Repossessed Assets. Real estate properties and repossessed assets are initially recorded at the fair value less selling costs at the date of foreclosure, establishing a new cost basis. The carrying amount at June 30, 2014 represents the lower of the new cost basis or the fair value less selling costs of foreclosed assets that were measured at fair value subsequent to their initial classification as foreclosed assets. | |||||||||||||||||||||||||||||||||
Loans. The Company does not record loans at fair value on a recurring basis. However, if a loan is considered impaired, an allowance for loan losses is established. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310. | |||||||||||||||||||||||||||||||||
The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of June 30, 2014 and September 30, 2013. | |||||||||||||||||||||||||||||||||
Fair Value at June 30, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Commercial and multi-family real estate loans | 929 | - | - | 929 | |||||||||||||||||||||||||||||
Total Impaired Loans | 929 | - | - | 929 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | - | - | 116 | |||||||||||||||||||||||||||||
Total | $ | 1,045 | $ | - | $ | - | $ | 1,045 | |||||||||||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | 257 | $ | - | $ | - | $ | 257 | |||||||||||||||||||||||||
Commercial and multi-family real estate loans | 1,810 | - | - | 1,810 | |||||||||||||||||||||||||||||
Total Impaired Loans | 2,067 | - | - | 2,067 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | - | - | 116 | |||||||||||||||||||||||||||||
Total | $ | 2,183 | $ | - | $ | - | $ | 2,183 | |||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Fair Value at | Valuation Technique | Unobservable Input | ||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Impaired Loans, net | $ | 929 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | Market approach | Appraised values (1) | ||||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%. | ||||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Fair Value at | Valuation Technique | Unobservable Input | ||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Impaired Loans, net | $ | 2,067 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | Market approach | Appraised values (1) | ||||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%. | ||||||||||||||||||||||||||||||||
The following table discloses the Company’s estimated fair value amounts of its financial instruments. It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of June 30, 2014 and September 30, 2013, as more fully described below. The operations of the Company are managed from a going concern basis and not a liquidation basis. As a result, the ultimate value realized for the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations. Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value. Neither of these components have been given consideration in the presentation of fair values below. | |||||||||||||||||||||||||||||||||
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at June 30, 2014 and September 30, 2013. | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,861 | $ | 30,861 | $ | 30,861 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 1,036,429 | 1,036,429 | 821 | 1,035,608 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 281,249 | 275,305 | - | 275,305 | - | ||||||||||||||||||||||||||||
Total securities | 1,317,678 | 1,311,734 | 821 | 1,310,913 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 108,713 | 103,057 | - | - | 103,057 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 216,904 | 222,942 | - | - | 222,942 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 56,945 | 55,072 | - | - | 55,072 | ||||||||||||||||||||||||||||
Consumer loans | 29,379 | 29,114 | - | - | 29,114 | ||||||||||||||||||||||||||||
Commercial operating loans | 26,683 | 21,301 | - | - | 21,301 | ||||||||||||||||||||||||||||
Agricultural operating loans | 38,958 | 40,424 | - | - | 40,424 | ||||||||||||||||||||||||||||
Total loans receivable | 477,582 | 471,910 | - | - | 471,910 | ||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 16,845 | 16,845 | - | 16,845 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 10,868 | 10,868 | 10,868 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,123,013 | 1,123,013 | 1,123,013 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 105,965 | 105,965 | 105,965 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 117,081 | 117,449 | - | 117,449 | - | ||||||||||||||||||||||||||||
Total deposits | 1,346,059 | 1,346,427 | 1,228,978 | 117,449 | - | ||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 7,000 | 8,988 | - | 8,988 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 360,000 | 360,000 | 360,000 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 8,478 | 8,478 | - | 8,478 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,264 | - | 10,264 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 299 | 299 | 299 | - | - | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 40,063 | $ | 40,063 | $ | 40,063 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 881,193 | 881,193 | - | 881,193 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 288,026 | 270,518 | - | 270,518 | - | ||||||||||||||||||||||||||||
Total securities | 1,169,219 | 1,151,711 | - | 1,151,711 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 82,287 | 72,628 | - | - | 72,628 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 192,786 | 200,778 | - | - | 200,778 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 29,552 | 30,920 | - | - | 30,920 | ||||||||||||||||||||||||||||
Consumer loans | 30,314 | 30,588 | - | - | 30,588 | ||||||||||||||||||||||||||||
Commercial operating loans | 16,264 | 15,718 | - | - | 15,718 | ||||||||||||||||||||||||||||
Agricultural operating loans | 33,750 | 35,175 | - | - | 35,175 | ||||||||||||||||||||||||||||
Total loans receivable | 384,953 | 385,807 | - | - | 385,807 | ||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 9,994 | 9,994 | - | 9,994 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 8,582 | 8,582 | 8,582 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,086,258 | 1,086,258 | 1,086,258 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 97,426 | 97,426 | 97,426 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 131,599 | 132,187 | - | 132,187 | - | ||||||||||||||||||||||||||||
Total deposits | 1,315,283 | 1,315,871 | 1,183,684 | 132,187 | - | ||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 7,000 | 9,089 | - | 9,089 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 190,000 | 190,000 | 190,000 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 9,146 | 9,146 | - | 9,146 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,312 | - | 10,312 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 291 | 291 | 291 | - | - | ||||||||||||||||||||||||||||
The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at June 30, 2014 and September 30, 2013. | |||||||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||||||||||||||
The carrying amount of cash and short-term investments is assumed to approximate the fair value. | |||||||||||||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | |||||||||||||||||||||||||||||||||
Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost. Fair values for investment securities are based on obtaining quoted prices on nationally recognized securities exchanges, or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. | |||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | |||||||||||||||||||||||||||||||||
The fair value of loans is estimated using a historical or replacement cost basis concept (i.e. an entrance price concept). The fair value of loans was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers and for similar remaining maturities. When using the discounting method to determine fair value, loans were grouped by homogeneous loans with similar terms and conditions and discounted at a target rate at which similar loans would be made to borrowers at June 30, 2014 and September 30, 2013. In addition, when computing the estimated fair value for all loans, allowances for loan losses have been subtracted from the calculated fair value as a result of the discounted cash flow which approximates the fair value adjustment for the credit quality component. | |||||||||||||||||||||||||||||||||
FEDERAL HOME LOAN BANK (“FHLB”) STOCK | |||||||||||||||||||||||||||||||||
The fair value of such stock is assumed to approximate book value since the Company is only able to redeem this stock at par value. | |||||||||||||||||||||||||||||||||
ACCRUED INTEREST RECEIVABLE | |||||||||||||||||||||||||||||||||
The carrying amount of accrued interest receivable is assumed to approximate the fair value. | |||||||||||||||||||||||||||||||||
DEPOSITS | |||||||||||||||||||||||||||||||||
The carrying values of non-interest bearing checking deposits, interest bearing checking deposits, savings, and money markets is assumed to approximate fair value, since such deposits are immediately withdrawable without penalty. The fair value of time certificates of deposit was estimated by discounting expected future cash flows by the current rates offered on certificates of deposit with similar remaining maturities. | |||||||||||||||||||||||||||||||||
In accordance with ASC 825, no value has been assigned to the Company’s long-term relationships with its deposit customers (core value of deposits intangible) since such intangible is not a financial instrument as defined under ASC 825. | |||||||||||||||||||||||||||||||||
ADVANCES FROM FHLB | |||||||||||||||||||||||||||||||||
The fair value of such advances was estimated by discounting the expected future cash flows using current interest rates for advances with similar terms and remaining maturities. | |||||||||||||||||||||||||||||||||
FEDERAL FUNDS PURCHASED | |||||||||||||||||||||||||||||||||
The carrying amount of federal funds purchased is assumed to approximate the fair value. | |||||||||||||||||||||||||||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND SUBORDINATED DEBENTURES | |||||||||||||||||||||||||||||||||
The fair value of these instruments was estimated by discounting the expected future cash flows using derived interest rates approximating market over the contractual maturity of such borrowings. | |||||||||||||||||||||||||||||||||
ACCRUED INTEREST PAYABLE | |||||||||||||||||||||||||||||||||
The carrying amount of accrued interest payable is assumed to approximate the fair value. | |||||||||||||||||||||||||||||||||
LIMITATIONS | |||||||||||||||||||||||||||||||||
It must be noted that fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. Additionally, fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, customer relationships and the value of assets and liabilities that are not considered financial instruments. These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time. Furthermore, since no market exists for certain of the Company’s financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with a high level of precision. Changes in assumptions as well as tax considerations could significantly affect the estimates. Accordingly, based on the limitations described above, the aggregate fair value estimates are not intended to represent the underlying value of the Company, on either a going concern or a liquidation basis. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||
NOTE 11. | INTANGIBLE ASSETS | ||||||||||||
The changes in the carrying amount of the Company’s intangible assets for the nine months ended June 30, 2014 and 2013 are as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
Patent costs capitalized during the period | 202 | - | 202 | ||||||||||
Amortization during the period | (56 | ) | - | (56 | ) | ||||||||
Balance as of June 30, 2014 | $ | 2,485 | $ | - | $ | 2,485 | |||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance as of September 30, 2012 | $ | 2,026 | $ | 9 | $ | 2,035 | |||||||
Acquisitions during the period | 344 | - | 344 | ||||||||||
Amortization during the period | (33 | ) | (9 | ) | (42 | ) | |||||||
Balance as of June 30, 2013 | $ | 2,337 | $ | - | $ | 2,337 | |||||||
The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. There was no impairment to intangible assets during the nine months ended June 30, 2014 and 2013. | |||||||||||||
REGULATORY_MATTERS_AND_SETTLEM
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS | 9 Months Ended | |
Jun. 30, 2014 | ||
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS [Abstract] | ' | |
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS | ' | |
NOTE 12. | REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS | |
As previously disclosed in our Annual Report on Form 10-K, on July 15, 2011, the Company and the Bank each stipulated and consented to a Cease and Desist Order (the “Consent Orders”) issued by the Office of Thrift Supervision (the “OTS”). Since the issuance of the supervisory directives and the Consent Orders, the Company and the Bank have been continuing to cooperate with the OTS, and, as of July 21, 2011, its successors, the Federal Reserve and the OCC, to correct those aspects of its operations that were addressed in the Consent Orders. Satisfaction of the requirements of the Consent Orders is subject to the ongoing review and supervision of the OCC with respect to the Bank and the Federal Reserve with respect to the Company. The Bank and the Company have and expect to continue to expend significant management and financial resources to address areas that were cited in the Consent Orders. | ||
While we believe that the Company and the Bank have made significant progress in complying with the orders, there can be no assurance that our regulators will ultimately determine that we have met all of the requirements of the Consent Orders to their satisfaction. If our regulators believe that we have not made sufficient progress in complying with the Consent Orders, they could seek to impose additional regulatory requirements, operational restrictions, enhanced supervision and/or civil money penalties. If any of these measures is imposed in the future, it could have a material adverse effect on our financial condition and results of operations and on our ability to raise additional capital. | ||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | |
Jun. 30, 2014 | ||
SUBSEQUENT EVENTS [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
NOTE 13. | SUBSEQUENT EVENTS | |
Management has evaluated subsequent events. There were no material subsequent events that would require recognition or disclosure in our consolidated financial statements as of and for the three and nine months ended June 30, 2014. |
CREDIT_DISCLOSURES_Tables
CREDIT DISCLOSURES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
CREDIT DISCLOSURES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of loan receivables | ' | ||||||||||||||||||||||||||||||||
Loans receivable at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | 108,713 | $ | 82,287 | |||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 216,904 | 192,786 | |||||||||||||||||||||||||||||||
Agricultural real estate loans | 56,945 | 29,552 | |||||||||||||||||||||||||||||||
Consumer loans | 29,379 | 30,314 | |||||||||||||||||||||||||||||||
Commercial operating loans | 26,683 | 16,264 | |||||||||||||||||||||||||||||||
Agricultural operating loans | 38,958 | 33,750 | |||||||||||||||||||||||||||||||
Total Loans Receivable | 477,582 | 384,953 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,895 | ) | (3,930 | ) | |||||||||||||||||||||||||||||
Net deferred loan origination fees | (747 | ) | (595 | ) | |||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 471,940 | $ | 380,428 | |||||||||||||||||||||||||||||
Activity in allowance for loan losses | ' | ||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses and balances of loans receivable by portfolio segment for the three and nine month periods ended June 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 287 | $ | 1,666 | $ | 235 | $ | 71 | $ | 66 | $ | 478 | $ | 1,769 | $ | 4,572 | |||||||||||||||||
Provision (recovery) for loan losses | (74 | ) | 23 | 112 | 6 | 14 | 277 | (58 | ) | 300 | |||||||||||||||||||||||
Loan charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 2 | 19 | - | - | - | 2 | - | 23 | |||||||||||||||||||||||||
Ending balance | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Provision (recovery) for loan losses | (120 | ) | (576 | ) | 235 | 3 | 31 | 474 | 553 | 600 | |||||||||||||||||||||||
Loan charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 2 | 347 | - | - | - | 16 | - | 365 | |||||||||||||||||||||||||
Ending balance | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Ending balance: individually evaluated for impairment | - | 358 | - | - | - | - | - | 358 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 215 | 1,350 | 347 | 77 | 80 | 757 | 1,711 | 4,537 | |||||||||||||||||||||||||
Total | $ | 215 | $ | 1,708 | $ | 347 | $ | 77 | $ | 80 | $ | 757 | $ | 1,711 | $ | 4,895 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 389 | 5,678 | - | - | 28 | - | - | 6,095 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 108,324 | 211,226 | 56,945 | 29,379 | 26,655 | 38,958 | - | 471,487 | |||||||||||||||||||||||||
Total | $ | 108,713 | $ | 216,904 | $ | 56,945 | $ | 29,379 | $ | 26,683 | $ | 38,958 | $ | - | $ | 477,582 | |||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 265 | $ | 2,329 | $ | 1 | $ | 4 | $ | 25 | $ | 17 | $ | 1,065 | $ | 3,706 | |||||||||||||||||
Provision (recovery) for loan losses | 92 | (563 | ) | 34 | - | (47 | ) | 154 | 330 | - | |||||||||||||||||||||||
Loan charge offs | (25 | ) | (128 | ) | - | - | - | - | - | (153 | ) | ||||||||||||||||||||||
Recoveries | - | 94 | - | - | 23 | - | - | 117 | |||||||||||||||||||||||||
Ending balance | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 193 | $ | 3,113 | $ | 1 | $ | 3 | $ | 49 | $ | - | $ | 612 | $ | 3,971 | |||||||||||||||||
Provision (recovery) for loan losses | 164 | (1,341 | ) | 34 | - | (111 | ) | 171 | 783 | (300 | ) | ||||||||||||||||||||||
Loan charge offs | (25 | ) | (136 | ) | - | - | - | - | - | (161 | ) | ||||||||||||||||||||||
Recoveries | - | 96 | - | 1 | 63 | - | - | 160 | |||||||||||||||||||||||||
Ending balance | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 25 | 409 | - | - | - | - | - | 434 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 307 | 1,323 | 35 | 4 | 1 | 171 | 1,395 | 3,236 | |||||||||||||||||||||||||
Total | $ | 332 | $ | 1,732 | $ | 35 | $ | 4 | $ | 1 | $ | 171 | $ | 1,395 | $ | 3,670 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 618 | 8,383 | - | - | 53 | - | - | 9,054 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 75,544 | 153,587 | 28,567 | 30,763 | 15,766 | 29,941 | - | 334,168 | |||||||||||||||||||||||||
Total | $ | 76,162 | $ | 161,970 | $ | 28,567 | $ | 30,763 | $ | 15,819 | $ | 29,941 | $ | - | $ | 343,222 | |||||||||||||||||
Asset classification of loans excluding loans held for sale | ' | ||||||||||||||||||||||||||||||||
The asset classification of loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Total | |||||||||||||||||||||||||||
Pass | $ | 108,074 | $ | 211,846 | $ | 52,832 | $ | 29,379 | $ | 26,683 | $ | 28,845 | $ | 457,659 | |||||||||||||||||||
Watch | 312 | 855 | 274 | - | - | 307 | 1,748 | ||||||||||||||||||||||||||
Special Mention | 82 | 98 | 2,085 | - | - | 451 | 2,716 | ||||||||||||||||||||||||||
Substandard | 245 | 4,105 | 1,754 | - | - | 9,355 | 15,459 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 108,713 | $ | 216,904 | $ | 56,945 | $ | 29,379 | $ | 26,683 | $ | 38,958 | $ | 477,582 | ||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
1-4 Family Residential | Commercial and Multi-Family Real Estate | Agricultural Real Estate | Consumer | Commercial Operating | Agricultural Operating | Total | |||||||||||||||||||||||||||
Pass | $ | 81,719 | $ | 177,513 | $ | 26,224 | $ | 30,314 | $ | 16,251 | $ | 26,362 | $ | 358,383 | |||||||||||||||||||
Watch | 239 | 7,791 | 3,328 | - | 13 | 1,690 | 13,061 | ||||||||||||||||||||||||||
Special Mention | 84 | 102 | - | - | - | 5,698 | 5,884 | ||||||||||||||||||||||||||
Substandard | 245 | 7,380 | - | - | - | - | 7,625 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 82,287 | $ | 192,786 | $ | 29,552 | $ | 30,314 | $ | 16,264 | $ | 33,750 | $ | 384,953 | ||||||||||||||||||||
Summary of past due loans | ' | ||||||||||||||||||||||||||||||||
Past due loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Non-Accrual Loans | Total Loans Receivable | ||||||||||||||||||||||||||
Residential 1-4 Family | $ | 86 | $ | 4 | $ | - | $ | 90 | $ | 108,341 | $ | 282 | $ | 108,713 | |||||||||||||||||||
Commercial Real Estate and Multi-Family | - | - | - | - | 216,591 | 313 | 216,904 | ||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | 56,945 | - | 56,945 | ||||||||||||||||||||||||||
Consumer | 208 | - | 34 | 242 | 29,137 | - | 29,379 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 26,683 | - | 26,683 | ||||||||||||||||||||||||||
Agricultural Operating | 363 | - | - | 363 | 38,595 | - | 38,958 | ||||||||||||||||||||||||||
Total | $ | 657 | $ | 4 | $ | 34 | $ | 695 | $ | 476,292 | $ | 595 | $ | 477,582 | |||||||||||||||||||
30-Sep-13 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Non-Accrual Loans | Total Loans Receivable | ||||||||||||||||||||||||||
Residential 1-4 Family | $ | 53 | $ | - | $ | 245 | $ | 298 | $ | 81,744 | $ | 245 | $ | 82,287 | |||||||||||||||||||
Commercial Real Estate and Multi-Family | 102 | - | 107 | 209 | 192,150 | 427 | 192,786 | ||||||||||||||||||||||||||
Agricultural Real Estate | 1,169 | - | - | 1,169 | 28,383 | - | 29,552 | ||||||||||||||||||||||||||
Consumer | 29 | 21 | 13 | 63 | 30,251 | - | 30,314 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 16,257 | 7 | 16,264 | ||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | 33,750 | - | 33,750 | ||||||||||||||||||||||||||
Total | $ | 1,353 | $ | 21 | $ | 365 | $ | 1,739 | $ | 382,535 | $ | 679 | $ | 384,953 | |||||||||||||||||||
Impaired loans | ' | ||||||||||||||||||||||||||||||||
Impaired loans at June 30, 2014 and September 30, 2013 are as follows: | |||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | |||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 389 | $ | 389 | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 4,391 | 4,391 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 28 | 28 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,808 | $ | 4,808 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 1,287 | 1,287 | 358 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 1,287 | $ | 1,287 | $ | 358 | |||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | |||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 359 | $ | 359 | $ | - | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 4,527 | 4,535 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 45 | 60 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,931 | $ | 4,954 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 282 | $ | 282 | $ | 25 | |||||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 2,107 | 2,107 | 404 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 2,389 | $ | 2,389 | $ | 429 | |||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans for the three and nine month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Average Recorded Investment | Average Recorded Investment | Average Recorded Investment | ||||||||||||||||||||||||||||||
Residential 1-4 Family | $ | 579 | $ | 661 | $ | 636 | $ | 586 | |||||||||||||||||||||||||
Commercial Real Estate and Multi-Family | 5,694 | 9,049 | 6,811 | 8,707 | |||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | |||||||||||||||||||||||||||||
Consumer | - | - | - | 1 | |||||||||||||||||||||||||||||
Commercial Operating | 29 | 57 | 37 | 51 | |||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | |||||||||||||||||||||||||||||
Total | $ | 6,302 | $ | 9,767 | $ | 7,484 | $ | 9,345 |
EARNINGS_PER_COMMON_SHARE_EPS_
EARNINGS PER COMMON SHARE ("EPS") (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
EARNINGS PER COMMON SHARE ("EPS") [Abstract] | ' | ||||||||
Reconciliation of basic and diluted EPS | ' | ||||||||
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted EPS for the three and nine months ended June 30, 2014 and 2013 is presented below. | |||||||||
Three Months Ended June 30, | 2014 | 2013 | |||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||
Earnings | |||||||||
Net Income | $ | 4,204 | $ | 3,672 | |||||
Basic EPS | |||||||||
Weighted average common shares outstanding | 6,132,169 | 5,499,506 | |||||||
Less weighted average nonvested shares | (4,000 | ) | - | ||||||
Weighted average common shares outstanding | 6,128,169 | 5,499,506 | |||||||
Earnings Per Common Share | |||||||||
Basic | $ | 0.69 | $ | 0.67 | |||||
Diluted EPS | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,128,169 | 5,499,506 | |||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 77,201 | 54,118 | |||||||
Weighted average common and dilutive potential common shares outstanding | 6,205,370 | 5,553,624 | |||||||
Earnings Per Common Share | |||||||||
Diluted | $ | 0.68 | $ | 0.66 | |||||
Nine Months Ended June 30, | 2014 | 2013 | |||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||
Earnings | |||||||||
Net Income | $ | 12,349 | $ | 9,944 | |||||
Basic EPS | |||||||||
Weighted average common shares outstanding | 6,109,955 | 5,484,060 | |||||||
Less weighted average unallocated ESOP and nonvested shares | (4,401 | ) | - | ||||||
Weighted average common shares outstanding | 6,105,554 | 5,484,060 | |||||||
Earnings Per Common Share | |||||||||
Basic | $ | 2.02 | $ | 1.81 | |||||
Diluted EPS | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,105,554 | 5,484,060 | |||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 91,409 | 41,560 | |||||||
Weighted average common and dilutive potential common shares outstanding | 6,196,963 | 5,525,620 | |||||||
Earnings Per Common Share | |||||||||
Diluted | $ | 1.99 | $ | 1.8 |
SECURITIES_Tables
SECURITIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses and estimated fair values of available for sale securities | ' | ||||||||||||||||||||||||
Available For Sale | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At June 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 55,906 | $ | 178 | $ | (2,846 | ) | $ | 53,238 | ||||||||||||||||
Small business administration securities | 52,553 | 614 | (57 | ) | 53,110 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 330,629 | 1,540 | (6,321 | ) | 325,848 | ||||||||||||||||||||
Mortgage-backed securities | 608,263 | 5,996 | (10,847 | ) | 603,412 | ||||||||||||||||||||
Total debt securities | 1,047,351 | 8,328 | (20,071 | ) | 1,035,608 | ||||||||||||||||||||
Common equities and mutual funds | 542 | 286 | (7 | ) | 821 | ||||||||||||||||||||
Total available for sale securities | $ | 1,047,893 | $ | 8,614 | $ | (20,078 | ) | $ | 1,036,429 | ||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2013 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 52,897 | $ | 136 | $ | (4,249 | ) | $ | 48,784 | ||||||||||||||||
Small business administration securities | 10,099 | 482 | - | 10,581 | |||||||||||||||||||||
Obligations of states and political subdivisions | 1,880 | - | (153 | ) | 1,727 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 255,189 | - | (16,460 | ) | 238,729 | ||||||||||||||||||||
Mortgage-backed securities | 596,343 | 3,968 | (18,939 | ) | 581,372 | ||||||||||||||||||||
Total available for sale securities | $ | 916,408 | $ | 4,586 | $ | (39,801 | ) | $ | 881,193 | ||||||||||||||||
Amortized cost, gross unrealized gains and losses and estimated fair values of held to maturity securities | ' | ||||||||||||||||||||||||
Held to Maturity | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At June 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 19,321 | 43 | (504 | ) | 18,860 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 189,826 | 577 | (4,212 | ) | 186,191 | ||||||||||||||||||||
Mortgage-backed securities | 72,102 | - | (1,848 | ) | 70,254 | ||||||||||||||||||||
Total held to maturity securities | $ | 281,249 | $ | 620 | $ | (6,564 | ) | $ | 275,305 | ||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2013 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Agency and instrumentality securities | $ | 10,003 | $ | - | $ | (390 | ) | $ | 9,613 | ||||||||||||||||
Obligations of states and political subdivisions | 19,549 | 13 | (1,220 | ) | 18,342 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 181,547 | - | (12,085 | ) | 169,462 | ||||||||||||||||||||
Mortgage-backed securities | 76,927 | - | (3,826 | ) | 73,101 | ||||||||||||||||||||
Total held to maturity securities | $ | 288,026 | $ | 13 | $ | (17,521 | ) | $ | 270,518 | ||||||||||||||||
Available for sale securities of trust preferred securities | ' | ||||||||||||||||||||||||
Included in securities available for sale are trust preferred securities as follows: | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Unrealized | S&P | Moody's | |||||||||||||||||||||||
Issuer(1) | Amortized Cost | Fair Value | Gain (Loss) | Credit Rating | Credit Rating | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Key Corp. Capital I | $ | 4,985 | $ | 4,250 | $ | (735 | ) | BBB- | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,977 | 4,175 | (802 | ) | BB+ | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,961 | 4,300 | (661 | ) | BBB | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,432 | 4,300 | (132 | ) | A- | A3 | |||||||||||||||||||
Total | $ | 19,355 | $ | 17,025 | $ | (2,330 | ) | ||||||||||||||||||
-1 | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. | ||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Unrealized | S& | P | Moody's | ||||||||||||||||||||||
Issuer(1) | Amortized Cost | Fair Value | Gain (Loss) | Credit Rating | Credit Rating | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Key Corp. Capital I | $ | 4,984 | $ | 4,100 | $ | (884 | ) | BBB- | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,976 | 4,075 | (901 | ) | BB+ | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,959 | 4,175 | (784 | ) | BBB | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,399 | 4,050 | (349 | ) | A- | A3 | |||||||||||||||||||
Total | $ | 19,318 | $ | 16,400 | $ | (2,918 | ) | ||||||||||||||||||
-1 | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. | ||||||||||||||||||||||||
Gross unrealized losses and fair value, aggregated by investment category | ' | ||||||||||||||||||||||||
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at June 30, 2014 and September 30, 2013, are as follows: | |||||||||||||||||||||||||
Available For Sale | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At June 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | - | $ | - | $ | 38,081 | $ | (2,846 | ) | $ | 38,081 | $ | (2,846 | ) | |||||||||||
Small Business Administration securities | 8,539 | (57 | ) | - | - | 8,539 | (57 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 5,826 | (26 | ) | 228,375 | (6,295 | ) | 234,201 | (6,321 | ) | ||||||||||||||||
Mortgage-backed securities | 78,245 | (556 | ) | 270,405 | (10,291 | ) | 348,650 | (10,847 | ) | ||||||||||||||||
Total debt securities | 92,610 | (639 | ) | 536,861 | (19,432 | ) | 629,471 | (20,071 | ) | ||||||||||||||||
Common equities and mutual funds | 124 | (7 | ) | - | - | 124 | (7 | ) | |||||||||||||||||
Total available for sale securities | $ | 92,734 | $ | (646 | ) | $ | 536,861 | $ | (19,432 | ) | $ | 629,595 | $ | (20,078 | ) | ||||||||||
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2013 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 29,312 | $ | (1,433 | ) | $ | 13,477 | $ | (2,816 | ) | $ | 42,789 | $ | (4,249 | ) | ||||||||||
Obligations of states and political subdivisions | 1,727 | (153 | ) | - | - | 1,727 | (153 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 238,729 | (16,460 | ) | - | - | 238,729 | (16,460 | ) | |||||||||||||||||
Mortgage-backed securities | 357,850 | (18,939 | ) | - | - | 357,850 | (18,939 | ) | |||||||||||||||||
Total available for sale securities | $ | 627,618 | $ | (36,985 | ) | $ | 13,477 | $ | (2,816 | ) | $ | 641,095 | $ | (39,801 | ) | ||||||||||
Gross unrealized losses and fair value, aggregated by investment category for held to maturity securities | ' | ||||||||||||||||||||||||
Held To Maturity | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At June 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 6,534 | (134 | ) | 9,096 | (370 | ) | 15,630 | (504 | ) | ||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 8,393 | (133 | ) | 162,244 | (4,079 | ) | 170,637 | (4,212 | ) | ||||||||||||||||
Mortgage-backed securities | - | - | 70,254 | (1,848 | ) | 70,254 | (1,848 | ) | |||||||||||||||||
Total held to maturity securities | $ | 14,927 | $ | (267 | ) | $ | 241,594 | $ | (6,297 | ) | $ | 256,521 | $ | (6,564 | ) | ||||||||||
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2013 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Agency and instrumentality securities | $ | 9,613 | $ | (390 | ) | - | - | 9,613 | (390 | ) | |||||||||||||||
Obligations of states and political subdivisions | 17,253 | (1,220 | ) | - | - | 17,253 | (1,220 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 169,462 | (12,085 | ) | - | - | 169,462 | (12,085 | ) | |||||||||||||||||
Mortgage-backed securities | 73,101 | (3,826 | ) | - | - | 73,101 | (3,826 | ) | |||||||||||||||||
Total held to maturity securities | $ | 269,429 | $ | (17,521 | ) | $ | - | $ | - | $ | 269,429 | $ | (17,521 | ) | |||||||||||
Investments classified by contractual maturity date | ' | ||||||||||||||||||||||||
The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. | |||||||||||||||||||||||||
Available For Sale | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 11,184 | 11,375 | |||||||||||||||||||||||
Due after five years through ten years | 260,022 | 258,608 | |||||||||||||||||||||||
Due after ten years | 167,882 | 162,213 | |||||||||||||||||||||||
439,088 | 432,196 | ||||||||||||||||||||||||
Mortgage-backed securities | 608,263 | 603,412 | |||||||||||||||||||||||
Common equities and mutual funds | 542 | 821 | |||||||||||||||||||||||
Total available for sale securities | $ | 1,047,893 | $ | 1,036,429 | |||||||||||||||||||||
AMORTIZED | FAIR | ||||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 9,929 | 10,061 | |||||||||||||||||||||||
Due after five years through ten years | 162,203 | 155,014 | |||||||||||||||||||||||
Due after ten years | 147,933 | 134,746 | |||||||||||||||||||||||
320,065 | 299,821 | ||||||||||||||||||||||||
Mortgage-backed securities | 596,343 | 581,372 | |||||||||||||||||||||||
Total available for sale securities | $ | 916,408 | $ | 881,193 | |||||||||||||||||||||
Held To Maturity | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 349 | $ | 350 | |||||||||||||||||||||
Due after one year through five years | 4,008 | 3,989 | |||||||||||||||||||||||
Due after five years through ten years | 81,125 | 79,237 | |||||||||||||||||||||||
Due after ten years | 123,665 | 121,475 | |||||||||||||||||||||||
209,147 | 205,051 | ||||||||||||||||||||||||
Mortgage-backed securities | 72,102 | 70,254 | |||||||||||||||||||||||
Total held to maturity securities | $ | 281,249 | $ | 275,305 | |||||||||||||||||||||
AMORTIZED | FAIR | ||||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 649 | $ | 649 | |||||||||||||||||||||
Due after one year through five years | 2,234 | 2,203 | |||||||||||||||||||||||
Due after five years through ten years | 50,547 | 47,519 | |||||||||||||||||||||||
Due after ten years | 157,669 | 147,046 | |||||||||||||||||||||||
211,099 | 197,417 | ||||||||||||||||||||||||
Mortgage-backed securities | 76,927 | 73,101 | |||||||||||||||||||||||
Total held to maturity securities | $ | 288,026 | $ | 270,518 | |||||||||||||||||||||
STOCK_OPTION_PLAN_Tables
STOCK OPTION PLAN (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
STOCK OPTION PLAN [Abstract] | ' | ||||||||||||||||
Summary of option activity | ' | ||||||||||||||||
The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under all of the Company’s option and incentive plans for the nine months ended June 30, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Number | Average | Remaining | Aggregate | ||||||||||||||
of | Exercise | Contractual | Intrinsic | ||||||||||||||
Shares | Price | Term (Yrs) | Value | ||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Options outstanding, September 30, 2013 | 318,648 | $ | 24.44 | 4.18 | $ | 4,376 | |||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | (81,882 | ) | 22.31 | 1,360 | |||||||||||||
Forfeited or expired | - | - | - | ||||||||||||||
Options outstanding, June 30, 2014 | 236,766 | $ | 25.18 | 4.02 | $ | 3,508 | |||||||||||
Options exercisable, June 30, 2014 | 236,766 | $ | 25.18 | 4.02 | $ | 3,508 | |||||||||||
Summary of nonvested share activity | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Fair Value | ||||||||||||||||
Shares | at Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 | ||||||||||||||
Granted | 4,150 | 37.85 | |||||||||||||||
Vested | (4,150 | ) | 35.02 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, June 30, 2014 | 4,000 | $ | 28.61 |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
SEGMENT INFORMATION [Abstract] | ' | ||||||||||||||||
Segment information of the entity | ' | ||||||||||||||||
The following tables present segment data for the Company for the three and nine months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 8,223 | $ | 4,343 | $ | - | $ | 12,566 | |||||||||
Interest expense | 499 | 27 | 112 | 638 | |||||||||||||
Net interest income (expense) | 7,724 | 4,316 | (112 | ) | 11,928 | ||||||||||||
Provision (recovery) for loan losses | 300 | - | - | 300 | |||||||||||||
Non-interest income | 732 | 11,749 | - | 12,481 | |||||||||||||
Non-interest expense | 4,852 | 13,904 | 81 | 18,837 | |||||||||||||
Income (loss) before income tax expense (benefit) | 3,304 | 2,161 | (193 | ) | 5,272 | ||||||||||||
Income tax expense (benefit) | 653 | 495 | (80 | ) | 1,068 | ||||||||||||
Net income (loss) | $ | 2,651 | $ | 1,666 | $ | (113 | ) | $ | 4,204 | ||||||||
Inter-segment revenue (expense) | $ | 2,976 | (2,976 | ) | $ | - | $ | - | |||||||||
Total assets | 678,116 | 1,241,967 | 3,250 | 1,923,333 | |||||||||||||
Total deposits | 254,215 | 1,098,262 | (6,418 | ) | 1,346,059 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 23,481 | $ | 12,309 | $ | - | $ | 35,790 | |||||||||
Interest expense | 1,410 | 84 | 337 | 1,831 | |||||||||||||
Net interest income (expense) | 22,071 | 12,225 | (337 | ) | 33,959 | ||||||||||||
Provision (recovery) for loan losses | 600 | - | - | 600 | |||||||||||||
Non-interest income | 2,540 | 36,591 | - | 39,131 | |||||||||||||
Non-interest expense | 15,306 | 41,619 | 716 | 57,641 | |||||||||||||
Income (loss) before income tax expense (benefit) | 8,705 | 7,197 | (1,053 | ) | 14,849 | ||||||||||||
Income tax expense (benefit) | 1,489 | 1,400 | (389 | ) | 2,500 | ||||||||||||
Net income (loss) | $ | 7,216 | $ | 5,797 | $ | (664 | ) | $ | 12,349 | ||||||||
Inter-segment revenue (expense) | $ | 9,602 | $ | (9,602 | ) | $ | - | $ | - | ||||||||
Total assets | 678,116 | 1,241,967 | 3,250 | 1,923,333 | |||||||||||||
Total deposits | 254,215 | 1,098,262 | (6,418 | ) | 1,346,059 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 6,112 | $ | 3,713 | $ | - | $ | 9,825 | |||||||||
Interest expense | 521 | 30 | 115 | 666 | |||||||||||||
Net interest income (expense) | 5,591 | 3,683 | (115 | ) | 9,159 | ||||||||||||
Provision (recovery) for loan losses | - | - | - | - | |||||||||||||
Non-interest income | 1,262 | 12,297 | - | 13,559 | |||||||||||||
Non-interest expense | 4,415 | 13,359 | 250 | 18,024 | |||||||||||||
Income (loss) before tax | 2,438 | 2,621 | (365 | ) | 4,694 | ||||||||||||
Income tax expense (benefit) | 519 | 636 | (133 | ) | 1,022 | ||||||||||||
Net income (loss) | $ | 1,919 | $ | 1,985 | $ | (232 | ) | $ | 3,672 | ||||||||
Inter-segment revenue (expense) | $ | 2,981 | $ | (2,981 | ) | $ | - | $ | - | ||||||||
Total assets | 340,517 | 1,316,786 | 2,635 | 1,659,938 | |||||||||||||
Total deposits | 236,724 | 1,179,856 | (703 | ) | 1,415,877 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 18,130 | $ | 11,043 | $ | - | $ | 29,173 | |||||||||
Interest expense | 1,860 | 98 | 354 | 2,312 | |||||||||||||
Net interest income (expense) | 16,270 | 10,945 | (354 | ) | 26,861 | ||||||||||||
Provision (recovery) for loan losses | (300 | ) | - | - | (300 | ) | |||||||||||
Non-interest income | 4,362 | 37,702 | - | 42,064 | |||||||||||||
Non-interest expense | 14,782 | 41,118 | 787 | 56,687 | |||||||||||||
Income (loss) before tax | 6,150 | 7,529 | (1,141 | ) | 12,538 | ||||||||||||
Income tax expense (benefit) | 1,367 | 1,649 | (422 | ) | 2,594 | ||||||||||||
Net income (loss) | $ | 4,783 | $ | 5,880 | $ | (719 | ) | $ | 9,944 | ||||||||
Inter-segment revenue (expense) | $ | 8,899 | $ | (8,899 | ) | $ | - | $ | - | ||||||||
Total assets | 340,517 | 1,316,786 | 2,635 | 1,659,938 | |||||||||||||
Total deposits | 236,724 | 1,179,856 | (703 | ) | 1,415,877 | ||||||||||||
The following tables present gross profit data for MPS for the three and nine months ended June 30, 2014 and 2013. | |||||||||||||||||
Nine Months Ended June 30, | 2014 | 2013 | |||||||||||||||
Interest income | $ | 12,309 | $ | 11,043 | |||||||||||||
Interest expense | 84 | 98 | |||||||||||||||
Net interest income | 12,225 | 10,945 | |||||||||||||||
Provision (recovery) for loan losses | - | - | |||||||||||||||
Non-interest income | 36,591 | 37,702 | |||||||||||||||
Card processing expense | 11,643 | 12,115 | |||||||||||||||
Gross Profit | 37,173 | 36,532 | |||||||||||||||
Other non-interest expense | 29,976 | 29,003 | |||||||||||||||
Income (loss) before income tax expense (benefit) | 7,197 | 7,529 | |||||||||||||||
Income tax expense | 1,400 | 1,649 | |||||||||||||||
Net Income | $ | 5,797 | $ | 5,880 | |||||||||||||
Three Months Ended June 30, | 2014 | 2013 | |||||||||||||||
Interest income | $ | 4,343 | $ | 3,713 | |||||||||||||
Interest expense | 27 | 30 | |||||||||||||||
Net interest income | 4,316 | 3,683 | |||||||||||||||
Provision (recovery) for loan losses | - | - | |||||||||||||||
Non-interest income | 11,749 | 12,297 | |||||||||||||||
Card processing expense | 3,843 | 3,472 | |||||||||||||||
Gross Profit | 12,222 | 12,508 | |||||||||||||||
Other non-interest expense | 10,061 | 9,887 | |||||||||||||||
Income (loss) before income tax expense (benefit) | 2,161 | 2,621 | |||||||||||||||
Income tax expense (benefit) | 495 | 636 | |||||||||||||||
Net Income (Loss) | $ | 1,666 | $ | 1,985 | |||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||
Assets measured at fair value on recurring basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the fair values of securities available for sale and held to maturity at June 30, 2014 and September 30, 2013. Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition. | |||||||||||||||||||||||||||||||||
Fair Value at June 30, 2014 | |||||||||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 53,238 | $ | - | $ | 53,238 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Small business administration securities | 53,110 | - | 53,110 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 18,860 | - | 18,860 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 325,848 | - | 325,848 | - | 186,191 | - | 186,191 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 603,412 | - | 603,412 | - | 70,254 | - | 70,254 | - | |||||||||||||||||||||||||
Total debt securities | 1,035,608 | - | 1,035,608 | - | 275,305 | - | 275,305 | - | |||||||||||||||||||||||||
Common equities and mutual funds | 821 | 821 | - | - | - | - | - | - | |||||||||||||||||||||||||
Total securities | $ | 1,036,429 | $ | 821 | $ | 1,035,608 | $ | - | $ | 275,305 | $ | - | $ | 275,305 | $ | - | |||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 48,784 | $ | - | $ | 48,784 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Agency and instrumentality securities | - | - | - | - | 9,613 | - | 9,613 | - | |||||||||||||||||||||||||
Small business administration securities | 10,581 | - | 10,581 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 1,727 | - | 1,727 | - | 18,342 | - | 18,342 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 238,729 | - | 238,729 | - | 169,462 | - | 169,462 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 581,372 | - | 581,372 | - | 73,101 | - | 73,101 | - | |||||||||||||||||||||||||
Total securities | $ | 881,193 | $ | - | $ | 881,193 | $ | - | $ | 270,518 | $ | - | $ | 270,518 | $ | - | |||||||||||||||||
Assets measured at fair value on nonrecurring basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of June 30, 2014 and September 30, 2013. | |||||||||||||||||||||||||||||||||
Fair Value at June 30, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Commercial and multi-family real estate loans | 929 | - | - | 929 | |||||||||||||||||||||||||||||
Total Impaired Loans | 929 | - | - | 929 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | - | - | 116 | |||||||||||||||||||||||||||||
Total | $ | 1,045 | $ | - | $ | - | $ | 1,045 | |||||||||||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | $ | 257 | $ | - | $ | - | $ | 257 | |||||||||||||||||||||||||
Commercial and multi-family real estate loans | 1,810 | - | - | 1,810 | |||||||||||||||||||||||||||||
Total Impaired Loans | 2,067 | - | - | 2,067 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | - | - | 116 | |||||||||||||||||||||||||||||
Total | $ | 2,183 | $ | - | $ | - | $ | 2,183 | |||||||||||||||||||||||||
Asset quantitative information | ' | ||||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Fair Value at | Valuation Technique | Unobservable Input | ||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Impaired Loans, net | $ | 929 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | Market approach | Appraised values (1) | ||||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%. | ||||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Fair Value at | Valuation Technique | Unobservable Input | ||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Impaired Loans, net | $ | 2,067 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 116 | Market approach | Appraised values (1) | ||||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%. | ||||||||||||||||||||||||||||||||
Carrying and estimated fair value of financial instruments | ' | ||||||||||||||||||||||||||||||||
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at June 30, 2014 and September 30, 2013. | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,861 | $ | 30,861 | $ | 30,861 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 1,036,429 | 1,036,429 | 821 | 1,035,608 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 281,249 | 275,305 | - | 275,305 | - | ||||||||||||||||||||||||||||
Total securities | 1,317,678 | 1,311,734 | 821 | 1,310,913 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 108,713 | 103,057 | - | - | 103,057 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 216,904 | 222,942 | - | - | 222,942 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 56,945 | 55,072 | - | - | 55,072 | ||||||||||||||||||||||||||||
Consumer loans | 29,379 | 29,114 | - | - | 29,114 | ||||||||||||||||||||||||||||
Commercial operating loans | 26,683 | 21,301 | - | - | 21,301 | ||||||||||||||||||||||||||||
Agricultural operating loans | 38,958 | 40,424 | - | - | 40,424 | ||||||||||||||||||||||||||||
Total loans receivable | 477,582 | 471,910 | - | - | 471,910 | ||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 16,845 | 16,845 | - | 16,845 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 10,868 | 10,868 | 10,868 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,123,013 | 1,123,013 | 1,123,013 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 105,965 | 105,965 | 105,965 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 117,081 | 117,449 | - | 117,449 | - | ||||||||||||||||||||||||||||
Total deposits | 1,346,059 | 1,346,427 | 1,228,978 | 117,449 | - | ||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 7,000 | 8,988 | - | 8,988 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 360,000 | 360,000 | 360,000 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 8,478 | 8,478 | - | 8,478 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,264 | - | 10,264 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 299 | 299 | 299 | - | - | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 40,063 | $ | 40,063 | $ | 40,063 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 881,193 | 881,193 | - | 881,193 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 288,026 | 270,518 | - | 270,518 | - | ||||||||||||||||||||||||||||
Total securities | 1,169,219 | 1,151,711 | - | 1,151,711 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 82,287 | 72,628 | - | - | 72,628 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 192,786 | 200,778 | - | - | 200,778 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 29,552 | 30,920 | - | - | 30,920 | ||||||||||||||||||||||||||||
Consumer loans | 30,314 | 30,588 | - | - | 30,588 | ||||||||||||||||||||||||||||
Commercial operating loans | 16,264 | 15,718 | - | - | 15,718 | ||||||||||||||||||||||||||||
Agricultural operating loans | 33,750 | 35,175 | - | - | 35,175 | ||||||||||||||||||||||||||||
Total loans receivable | 384,953 | 385,807 | - | - | 385,807 | ||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 9,994 | 9,994 | - | 9,994 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 8,582 | 8,582 | 8,582 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,086,258 | 1,086,258 | 1,086,258 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 97,426 | 97,426 | 97,426 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 131,599 | 132,187 | - | 132,187 | - | ||||||||||||||||||||||||||||
Total deposits | 1,315,283 | 1,315,871 | 1,183,684 | 132,187 | - | ||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 7,000 | 9,089 | - | 9,089 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 190,000 | 190,000 | 190,000 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 9,146 | 9,146 | - | 9,146 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,312 | - | 10,312 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 291 | 291 | 291 | - | - | ||||||||||||||||||||||||||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
Changes in carrying amount of goodwill and intangible assets | ' | ||||||||||||
The changes in the carrying amount of the Company’s intangible assets for the nine months ended June 30, 2014 and 2013 are as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
Patent costs capitalized during the period | 202 | - | 202 | ||||||||||
Amortization during the period | (56 | ) | - | (56 | ) | ||||||||
Balance as of June 30, 2014 | $ | 2,485 | $ | - | $ | 2,485 | |||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance as of September 30, 2012 | $ | 2,026 | $ | 9 | $ | 2,035 | |||||||
Acquisitions during the period | 344 | - | 344 | ||||||||||
Amortization during the period | (33 | ) | (9 | ) | (42 | ) | |||||||
Balance as of June 30, 2013 | $ | 2,337 | $ | - | $ | 2,337 |
CREDIT_DISCLOSURES_Details
CREDIT DISCLOSURES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | $477,582 | $343,222 | $477,582 | $343,222 | $384,953 |
Less: | ' | ' | ' | ' | ' |
Allowance for loan losses | -4,895 | ' | -4,895 | ' | -3,930 |
Net deferred loan origination fees | -747 | ' | -747 | ' | -595 |
Total Loans Receivable, Net | 471,940 | ' | 471,940 | ' | 380,428 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 4,572 | 3,706 | 3,930 | 3,971 | ' |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 | ' |
Loan charge offs | 0 | -153 | 0 | -161 | ' |
Recoveries | 23 | 117 | 365 | 160 | ' |
Ending balance | 4,895 | 3,670 | 4,895 | 3,670 | ' |
Ending balance: individually evaluated for impairment | 358 | 434 | 358 | 434 | ' |
Ending balance: collectively evaluated for impairment | 4,537 | 3,236 | 4,537 | 3,236 | ' |
Total | 4,895 | 3,670 | 4,895 | 3,670 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 6,095 | 9,054 | 6,095 | 9,054 | ' |
Ending balance: collectively evaluated for impairment | 471,487 | 334,168 | 471,487 | 334,168 | ' |
Total | 477,582 | 343,222 | 477,582 | 343,222 | 384,953 |
Percentage of specific allowance for losses (in hundredths) | ' | ' | 100.00% | ' | ' |
One to four family residential mortgage loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 108,713 | 76,162 | 108,713 | 76,162 | 82,287 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 287 | 265 | 333 | 193 | ' |
Provision (recovery) for loan losses | -74 | 92 | -120 | 164 | ' |
Loan charge offs | 0 | -25 | 0 | -25 | ' |
Recoveries | 2 | 0 | 2 | 0 | ' |
Ending balance | 215 | 332 | 215 | 332 | ' |
Ending balance: individually evaluated for impairment | 0 | 25 | 0 | 25 | ' |
Ending balance: collectively evaluated for impairment | 215 | 307 | 215 | 307 | ' |
Total | 215 | 332 | 215 | 332 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 389 | 618 | 389 | 618 | ' |
Ending balance: collectively evaluated for impairment | 108,324 | 75,544 | 108,324 | 75,544 | ' |
Total | 108,713 | 76,162 | 108,713 | 76,162 | 82,287 |
Commercial and multi-family real estate loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 216,904 | 161,970 | 216,904 | 161,970 | 192,786 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 1,666 | 2,329 | 1,937 | 3,113 | ' |
Provision (recovery) for loan losses | 23 | -563 | -576 | -1,341 | ' |
Loan charge offs | 0 | -128 | 0 | -136 | ' |
Recoveries | 19 | 94 | 347 | 96 | ' |
Ending balance | 1,708 | 1,732 | 1,708 | 1,732 | ' |
Ending balance: individually evaluated for impairment | 358 | 409 | 358 | 409 | ' |
Ending balance: collectively evaluated for impairment | 1,350 | 1,323 | 1,350 | 1,323 | ' |
Total | 1,708 | 1,732 | 1,708 | 1,732 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 5,678 | 8,383 | 5,678 | 8,383 | ' |
Ending balance: collectively evaluated for impairment | 211,226 | 153,587 | 211,226 | 153,587 | ' |
Total | 216,904 | 161,970 | 216,904 | 161,970 | 192,786 |
Agricultural real estate loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 56,945 | 28,567 | 56,945 | 28,567 | 29,552 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 235 | 1 | 112 | 1 | ' |
Provision (recovery) for loan losses | 112 | 34 | 235 | 34 | ' |
Loan charge offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Ending balance | 347 | 35 | 347 | 35 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 347 | 35 | 347 | 35 | ' |
Total | 347 | 35 | 347 | 35 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 56,945 | 28,567 | 56,945 | 28,567 | ' |
Total | 56,945 | 28,567 | 56,945 | 28,567 | 29,552 |
Consumer Loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 29,379 | 30,763 | 29,379 | 30,763 | 30,314 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 71 | 4 | 74 | 3 | ' |
Provision (recovery) for loan losses | 6 | 0 | 3 | 0 | ' |
Loan charge offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 1 | ' |
Ending balance | 77 | 4 | 77 | 4 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 77 | 4 | 77 | 4 | ' |
Total | 77 | 4 | 77 | 4 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 29,379 | 30,763 | 29,379 | 30,763 | ' |
Total | 29,379 | 30,763 | 29,379 | 30,763 | 30,314 |
Commercial operating loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 26,683 | 15,819 | 26,683 | 15,819 | 16,264 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 66 | 25 | 49 | 49 | ' |
Provision (recovery) for loan losses | 14 | -47 | 31 | -111 | ' |
Loan charge offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 23 | 0 | 63 | ' |
Ending balance | 80 | 1 | 80 | 1 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 80 | 1 | 80 | 1 | ' |
Total | 80 | 1 | 80 | 1 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 28 | 53 | 28 | 53 | ' |
Ending balance: collectively evaluated for impairment | 26,655 | 15,766 | 26,655 | 15,766 | ' |
Total | 26,683 | 15,819 | 26,683 | 15,819 | 16,264 |
Agricultural operating loans [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 38,958 | 29,941 | 38,958 | 29,941 | 33,750 |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 478 | 17 | 267 | 0 | ' |
Provision (recovery) for loan losses | 277 | 154 | 474 | 171 | ' |
Loan charge offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 2 | 0 | 16 | 0 | ' |
Ending balance | 757 | 171 | 757 | 171 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 757 | 171 | 757 | 171 | ' |
Total | 757 | 171 | 757 | 171 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 38,958 | 29,941 | 38,958 | 29,941 | ' |
Total | 38,958 | 29,941 | 38,958 | 29,941 | 33,750 |
Unallocated [Member] | ' | ' | ' | ' | ' |
Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Total Loans Receivable | 0 | 0 | 0 | 0 | ' |
Activity in allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 1,769 | 1,065 | 1,158 | 612 | ' |
Provision (recovery) for loan losses | -58 | 330 | 553 | 783 | ' |
Loan charge offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Ending balance | 1,711 | 1,395 | 1,711 | 1,395 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 1,711 | 1,395 | 1,711 | 1,395 | ' |
Total | 1,711 | 1,395 | 1,711 | 1,395 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Total | $0 | $0 | $0 | $0 | ' |
CREDIT_DISCLOSURES_Credit_Qual
CREDIT DISCLOSURES, Credit Quality Indicator (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Area | ||
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | $477,582 | $384,953 |
Exposure of the entity expressed in loan to value ratio (in hundredths) | 80.00% | ' |
Tenure of ARM loan offered | 'one, three, five, seven and ten year | ' |
Annual cap of ARM loans (in hundredths) | 2.00% | ' |
Lifetime cap of ARM loans (in hundredths) | 6.00% | ' |
Maturity period of fixed rate loans | '30 years | ' |
Number of market areas | 4 | ' |
Minimum [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Loan to value ratio (in hundredths) | 80.00% | ' |
Maximum [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Loan to value ratio (in hundredths) | 100.00% | ' |
Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 457,659 | 358,383 |
Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 1,748 | 13,061 |
Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 2,716 | 5,884 |
Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 15,459 | 7,625 |
Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
One to four family residential mortgage loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 108,713 | 82,287 |
Maturity period of loans receivable | '30 years | ' |
One to four family residential mortgage loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 108,074 | 81,719 |
One to four family residential mortgage loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 312 | 239 |
One to four family residential mortgage loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 82 | 84 |
One to four family residential mortgage loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 245 | 245 |
One to four family residential mortgage loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Commercial and multi-family real estate loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 216,904 | 192,786 |
Maturity period of fixed rate loans | '20 years | ' |
Percentage value for securing the loan (in hundredths) | 80.00% | ' |
Commercial and multi-family real estate loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 211,846 | 177,513 |
Commercial and multi-family real estate loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 855 | 7,791 |
Commercial and multi-family real estate loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 98 | 102 |
Commercial and multi-family real estate loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 4,105 | 7,380 |
Commercial and multi-family real estate loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Agricultural real estate loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 56,945 | 29,552 |
Maturity period of fixed rate loans | '10 years | ' |
Percentage value for securing the loan (in hundredths) | 75.00% | ' |
Agricultural real estate loans [Member] | Minimum [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Amortization period of loans | '20 years | ' |
Agricultural real estate loans [Member] | Maximum [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Amortization period of loans | '25 years | ' |
Agricultural real estate loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 52,832 | 26,224 |
Agricultural real estate loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 274 | 3,328 |
Agricultural real estate loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 2,085 | 0 |
Agricultural real estate loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 1,754 | 0 |
Agricultural real estate loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Consumer Loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 29,379 | 30,314 |
Maturity period of fixed rate loans | '5 years | ' |
Percentage value for securing the loan (in hundredths) | 90.00% | ' |
Consumer Loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 29,379 | 30,314 |
Consumer Loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Consumer Loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Consumer Loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Consumer Loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Commercial operating loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 26,683 | 16,264 |
Maturity period of loans receivable | '1 year | ' |
Percentage value for securing the loan (in hundredths) | 80.00% | ' |
Commercial operating loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 26,683 | 16,251 |
Commercial operating loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 13 |
Commercial operating loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Commercial operating loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Commercial operating loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 0 | 0 |
Agricultural operating loans [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 38,958 | 33,750 |
Maturity period of fixed rate loans | '7 years | ' |
Agricultural operating loans [Member] | Pass [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 28,845 | 26,362 |
Agricultural operating loans [Member] | Watch [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 307 | 1,690 |
Agricultural operating loans [Member] | Special Mention [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 451 | 5,698 |
Agricultural operating loans [Member] | Substandard [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | 9,355 | 0 |
Agricultural operating loans [Member] | Doubtful [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Financing Receivable, Net | $0 | $0 |
Automobile Loan [Member] | ' | ' |
Asset classification of loans [Abstract] | ' | ' |
Maturity period of loans receivable | '60 months | ' |
Percentage value for securing the loan (in hundredths) | 80.00% | ' |
CREDIT_DISCLOSURES_Receivables
CREDIT DISCLOSURES, Receivables Past Due (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | $657 | $1,353 |
60-89 Days Past Due | 4 | 21 |
Greater than 90 Days | 34 | 365 |
Total Past Due | 695 | 1,739 |
Current | 476,292 | 382,535 |
Non-Accrual Loans | 595 | 679 |
Total Loans Receivable | 477,582 | 384,953 |
One to four family residential mortgage loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 86 | 53 |
60-89 Days Past Due | 4 | 0 |
Greater than 90 Days | 0 | 245 |
Total Past Due | 90 | 298 |
Current | 108,341 | 81,744 |
Non-Accrual Loans | 282 | 245 |
Total Loans Receivable | 108,713 | 82,287 |
Commercial and multi-family real estate loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 0 | 102 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days | 0 | 107 |
Total Past Due | 0 | 209 |
Current | 216,591 | 192,150 |
Non-Accrual Loans | 313 | 427 |
Total Loans Receivable | 216,904 | 192,786 |
Agricultural real estate loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 0 | 1,169 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 0 | 1,169 |
Current | 56,945 | 28,383 |
Non-Accrual Loans | 0 | 0 |
Total Loans Receivable | 56,945 | 29,552 |
Consumer Loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 208 | 29 |
60-89 Days Past Due | 0 | 21 |
Greater than 90 Days | 34 | 13 |
Total Past Due | 242 | 63 |
Current | 29,137 | 30,251 |
Non-Accrual Loans | 0 | 0 |
Total Loans Receivable | 29,379 | 30,314 |
Commercial operating loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 26,683 | 16,257 |
Non-Accrual Loans | 0 | 7 |
Total Loans Receivable | 26,683 | 16,264 |
Agricultural operating loans [Member] | ' | ' |
Past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 363 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 363 | 0 |
Current | 38,595 | 33,750 |
Non-Accrual Loans | 0 | 0 |
Total Loans Receivable | $38,958 | $33,750 |
CREDIT_DISCLOSURES_Impaired_Re
CREDIT DISCLOSURES, Impaired Receivables (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Loan | Loan | Loan | Loan | ||
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | $4,808 | ' | $4,808 | ' | $4,931 |
Loans with a specific valuation allowance | 1,287 | ' | 1,287 | ' | 2,389 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 4,808 | ' | 4,808 | ' | 4,954 |
Loans with a specific valuation allowance | 1,287 | ' | 1,287 | ' | 2,389 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 358 | ' | 358 | ' | 429 |
Average Recorded Investment | 6,302 | 9,767 | 7,484 | 9,345 | ' |
Troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' |
Loans modified in TDR | 0 | 0 | 0 | 0 | ' |
Loans modified in TDR, subsequent default | 0 | 0 | 0 | 0 | ' |
Period in which loans have been modified | ' | ' | '12 months | ' | ' |
One to four family residential mortgage loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 389 | ' | 389 | ' | 359 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 282 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 389 | ' | 389 | ' | 359 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 282 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 0 | ' | 0 | ' | 25 |
Average Recorded Investment | 579 | 661 | 636 | 586 | ' |
Commercial and multi-family real estate loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 4,391 | ' | 4,391 | ' | 4,527 |
Loans with a specific valuation allowance | 1,287 | ' | 1,287 | ' | 2,107 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 4,391 | ' | 4,391 | ' | 4,535 |
Loans with a specific valuation allowance | 1,287 | ' | 1,287 | ' | 2,107 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 358 | ' | 358 | ' | 404 |
Average Recorded Investment | 5,694 | 9,049 | 6,811 | 8,707 | ' |
Agricultural real estate loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | ' |
Consumer Loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 0 | 0 | 0 | 1 | ' |
Commercial operating loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 28 | ' | 28 | ' | 45 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 28 | ' | 28 | ' | 60 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 29 | 57 | 37 | 51 | ' |
Agricultural operating loans [Member] | ' | ' | ' | ' | ' |
Recorded Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Loans with a specific valuation allowance | 0 | ' | 0 | ' | 0 |
Specific Allowance [Abstract] | ' | ' | ' | ' | ' |
Impaired financing receivable with no related allowance | 0 | ' | 0 | ' | 0 |
Impaired financing receivable with related allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | $0 | $0 | $0 | $0 | ' |
ALLOWANCE_FOR_LOAN_LOSSES_Deta
ALLOWANCE FOR LOAN LOSSES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | ' | ' | ' | ' | ' |
Allowance for loan losses | $4,895,000 | ' | $4,895,000 | ' | $3,930,000 |
Increase in allowance for loan losses | ' | ' | 1,000,000 | ' | ' |
Provision for loan losses | 300,000 | 0 | 600,000 | -300,000 | ' |
Net recoveries | ' | ' | $400,000 | ' | ' |
EARNINGS_PER_COMMON_SHARE_EPS_1
EARNINGS PER COMMON SHARE ("EPS") (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings [Abstract] | ' | ' | ' | ' |
Net Income | $4,204 | $3,672 | $12,349 | $9,944 |
Basic EPS [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding, before adjustments (in shares) | 6,132,169 | 5,499,506 | 6,109,955 | 5,484,060 |
Less weighted average nonvested shares (in shares) | -4,000 | 0 | -4,401 | 0 |
Weighted average common shares outstanding (in shares) | 6,128,169 | 5,499,506 | 6,105,554 | 5,484,060 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Basic (in dollars per share) | $0.69 | $0.67 | $2.02 | $1.81 |
Diluted EPS [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 6,128,169 | 5,499,506 | 6,105,554 | 5,484,060 |
Add dilutive effect of assumed exercises of stock options, net of tax benefits (in shares) | 77,201 | 54,118 | 91,409 | 41,560 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 6,205,370 | 5,553,624 | 6,196,963 | 5,525,620 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Diluted (in dollars per share) | $0.68 | $0.66 | $1.99 | $1.80 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computing diluted EPS (in shares) | 29,199 | 134,415 | 29,199 | 89,583 |
SECURITIES_Details
SECURITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | ||||||||||
Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | S&P Credit Rating, BBB- [Member] | S&P Credit Rating, BBB- [Member] | S&P Credit Rating, BB+ [Member] | S&P Credit Rating, BB+ [Member] | S&P Credit Rating, BBB [Member] | S&P Credit Rating, BBB [Member] | S&P Credit Rating, A- [Member] | S&P Credit Rating, A- [Member] | Debt Securities [Member] | Trust Preferred and Corporate Securities [Member] | Trust Preferred and Corporate Securities [Member] | Small Business administration Securities [Member] | Small Business administration Securities [Member] | Non Bank Qualified Obligation U S States And Political Subdivisions [Member] | Non Bank Qualified Obligation U S States And Political Subdivisions [Member] | Mortgage-backed Securities [Member] | Mortgage-backed Securities [Member] | Agency and Instrumentality Securities [Member] | Obligations of States and Political Subdivisions [Member] | Obligations of States and Political Subdivisions [Member] | Common Equities and Mutual Funds [Member] | |||||||||||||
Moody Credit Rating, Baa3 [Member] | Moody Credit Rating, Baa3 [Member] | Moody Credit Rating, Baa3 [Member] | Moody Credit Rating, Baa3 [Member] | Moody Credit Rating, Baa2 [Member] | Moody Credit Rating, Baa2 [Member] | Moody Credit Rating, A3 [Member] | Moody Credit Rating, A3 [Member] | ||||||||||||||||||||||||||||
Key Corp Capital I [Member] | Key Corp Capital I [Member] | Huntington Capital Trust II SE [Member] | Huntington Capital Trust II SE [Member] | PNC Capital Trust [Member] | PNC Capital Trust [Member] | Wells Fargo (Corestates Capital) Trust [Member] | Wells Fargo (Corestates Capital) Trust [Member] | ||||||||||||||||||||||||||||
Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | ||||||||||||||||||||||||||||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | ' | ' | $19,355 | [1] | $19,318 | [1] | $4,985 | [1] | $4,984 | [1] | $4,977 | [1] | $4,976 | [1] | $4,961 | [1] | $4,959 | [1] | $4,432 | [1] | $4,399 | [1] | $1,047,351 | $55,906 | $52,897 | $52,553 | $10,099 | $330,629 | $255,189 | $608,263 | $596,343 | ' | ' | $1,880 | ' |
Gross unrealized gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,328 | 178 | 136 | 614 | 482 | 1,540 | 0 | 5,996 | 3,968 | ' | ' | 0 | ' | ||||||||||
Gross unrealized (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,071 | -2,846 | -4,249 | -57 | 0 | -6,321 | -16,460 | -10,847 | -18,939 | ' | ' | -153 | ' | ||||||||||
Fair value | 603,412 | 581,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,035,608 | 53,238 | 48,784 | 53,110 | 10,581 | 325,848 | 238,729 | 603,412 | 581,372 | ' | ' | 1,727 | ' | ||||||||||
Available-for-sale equity securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 542 | ||||||||||
Gross unrealized gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286 | ||||||||||
Gross unrealized (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | ||||||||||
Fair value | 433,017 | 299,821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821 | ||||||||||
Available-for-sale securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | 1,047,893 | 916,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Gross unrealized gains | 8,614 | 4,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Gross unrealized (losses) | -20,078 | -39,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Fair value | 1,036,429 | 881,193 | 17,025 | [1] | 16,400 | [1] | 4,250 | [1] | 4,100 | [1] | 4,175 | [1] | 4,075 | [1] | 4,300 | [1] | 4,175 | [1] | 4,300 | [1] | 4,050 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity Securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | 281,249 | 288,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,826 | 181,547 | 72,102 | 76,927 | 10,003 | 19,321 | 19,549 | ' | ||||||||||
Gross unrealized gains | 620 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 577 | 0 | 0 | 0 | 0 | 43 | 13 | ' | ||||||||||
Gross unrealized (losses) | -6,564 | -17,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,212 | -12,085 | -1,848 | -3,826 | -390 | -504 | -1,220 | ' | ||||||||||
Fair value | 275,305 | 270,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,191 | 169,462 | 70,254 | 73,101 | 9,613 | 18,860 | 18,342 | ' | ||||||||||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | ' | ' | 19,355 | [1] | 19,318 | [1] | 4,985 | [1] | 4,984 | [1] | 4,977 | [1] | 4,976 | [1] | 4,961 | [1] | 4,959 | [1] | 4,432 | [1] | 4,399 | [1] | 1,047,351 | 55,906 | 52,897 | 52,553 | 10,099 | 330,629 | 255,189 | 608,263 | 596,343 | ' | ' | 1,880 | ' |
Debt securities, fair value | 1,036,429 | 881,193 | 17,025 | [1] | 16,400 | [1] | 4,250 | [1] | 4,100 | [1] | 4,175 | [1] | 4,075 | [1] | 4,300 | [1] | 4,175 | [1] | 4,300 | [1] | 4,050 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) | ' | ' | -2,330 | [1] | -2,918 | [1] | -735 | [1] | -884 | [1] | -802 | [1] | -901 | [1] | -661 | [1] | -784 | [1] | -132 | [1] | -349 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized losses and fair value of securities in continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Less than 12 months, fair value | 92,734 | 627,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,610 | 0 | 29,312 | 8,539 | ' | 5,826 | 238,729 | 78,245 | 357,850 | ' | ' | 1,727 | 124 | ||||||||||
Over 12 months, fair value | 536,861 | 13,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 536,861 | 38,081 | 13,477 | 0 | ' | 228,375 | 0 | 270,405 | 0 | ' | ' | 0 | 0 | ||||||||||
Fair value | 629,595 | 641,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 629,471 | 38,081 | 42,789 | 8,539 | ' | 234,201 | 238,729 | 348,650 | 357,850 | ' | ' | 1,727 | 124 | ||||||||||
Less than 12 months, unrealized (losses) | -646 | -36,985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -639 | 0 | -1,433 | -57 | ' | -26 | -16,460 | -556 | -18,939 | ' | ' | -153 | -7 | ||||||||||
Over 12 months, unrealized (losses) | -19,432 | -2,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,432 | -2,846 | -2,816 | 0 | ' | -6,295 | 0 | -10,291 | 0 | ' | ' | 0 | 0 | ||||||||||
Unrealized (losses) | -20,078 | -39,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,071 | -2,846 | -4,249 | -57 | ' | -6,321 | -16,460 | -10,847 | -18,939 | ' | ' | -153 | -7 | ||||||||||
Held-to-maturity securities, continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Held-to-maturity securities, less than 12 months, fair value | 14,927 | 269,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,393 | 169,462 | 0 | 73,101 | 9,613 | 6,534 | 17,253 | ' | ||||||||||
Held-to-maturity securities, over 12 months, fair value | 241,594 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,244 | 0 | 70,254 | 0 | 0 | 9,096 | 0 | ' | ||||||||||
Held-to-maturity securities, fair value | 256,521 | 269,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,637 | 169,462 | 70,254 | 73,101 | 9,613 | 15,630 | 17,253 | ' | ||||||||||
Held-to-maturity securities, less than 12 months, unrealized (losses) | -267 | -17,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -133 | -12,085 | 0 | -3,826 | -390 | -134 | -1,220 | ' | ||||||||||
Held-to-maturity securities, over 12 months, unrealized (losses) | -6,297 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,079 | 0 | -1,848 | 0 | 0 | -370 | 0 | ' | ||||||||||
Held-to-maturity securities, unrealized (losses) | -6,564 | -17,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,212 | -12,085 | -1,848 | -3,826 | -390 | -504 | -1,220 | ' | ||||||||||
AMORTIZED COST [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due in one year or less | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after one year through five years | 11,184 | 9,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after five years through ten years | 260,022 | 162,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after ten years | 167,882 | 147,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Amortized Cost | 439,088 | 320,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Mortgage-backed securities | 608,263 | 596,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Common equities and mutual funds | 542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | 1,047,893 | 916,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
FAIR VALUE [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due in one year or less | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after one year through five years | 11,375 | 10,061 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after five years through ten years | 258,608 | 155,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after ten years | 162,213 | 134,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Fair Value | 432,196 | 299,821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Mortgage-backed securities | 603,412 | 581,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Common equities and mutual funds | 821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Fair value | 1,036,429 | 881,193 | 17,025 | [1] | 16,400 | [1] | 4,250 | [1] | 4,100 | [1] | 4,175 | [1] | 4,075 | [1] | 4,300 | [1] | 4,175 | [1] | 4,300 | [1] | 4,050 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AMORTIZED COST [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due in one year or less | 349 | 649 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after one year through five years | 4,008 | 2,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after five years through ten years | 81,125 | 50,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after ten years | 123,665 | 157,669 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Amortized Cost | 209,147 | 211,099 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Mortgage-backed securities | 72,102 | 76,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortized cost | 281,249 | 288,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,826 | 181,547 | 72,102 | 76,927 | 10,003 | 19,321 | 19,549 | ' | ||||||||||
FAIR VALUE [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due in one year or less | 350 | 649 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after one year through five years | 3,989 | 2,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after five years through ten years | 79,237 | 47,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due after ten years | 121,475 | 147,046 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Fair Value | 205,051 | 197,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Mortgage-backed securities | 70,254 | 73,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total debt securities | $275,305 | $270,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $186,191 | $169,462 | $70,254 | $73,101 | $9,613 | $18,860 | $18,342 | ' | ||||||||||
[1] | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Inter National Bank [Member] | Springbok Services Inc. [Member] | Ingenicard [Member] | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ' | ' | ' |
Unfunded loan commitments | $95.50 | $102.90 | ' | ' | ' |
Commitment to purchase securities held to maturity | 3.5 | 0.5 | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Amount of shortfall in depository account | ' | ' | 10.5 | ' | ' |
Estimate of possible loss | ' | ' | ' | 1.5 | 9 |
Range of reasonably possible loss, minimum | ' | ' | ' | 0 | ' |
Range of reasonably possible loss, maximum | ' | ' | ' | $0.30 | ' |
STOCK_OPTION_PLAN_Details
STOCK OPTION PLAN (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Sep. 30, 2013 | |
Number of Shares [Roll Forward] | ' | ' |
Options outstanding, September 30, 2013 (in shares) | 318,648 | ' |
Granted (in shares) | 0 | ' |
Exercised (in shares) | -81,882 | ' |
Forfeited or expired (in shares) | 0 | ' |
Options outstanding, June 30, 2014 (in shares) | 236,766 | 318,648 |
Options exercisable, June 30, 2014 (in shares) | 236,766 | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Options outstanding, September 30, 2013 (in dollars per share) | $24.44 | ' |
Granted (in dollars per share) | $0 | ' |
Exercised (in dollars per share) | $22.31 | ' |
Forfeited or expired (in dollars per share) | $0 | ' |
Options outstanding, June 30, 2014 (in dollars per share) | $25.18 | $24.44 |
Options exercisable, June 30, 2014 (in dollars per share) | $25.18 | ' |
Weighted Average Remaining Contractual Term (Yrs) [Abstract] | ' | ' |
Options outstanding, September 30, 2013 | '4 years 0 months 7 days | '4 years 2 months 5 days |
Options outstanding, June 30, 2014 | '4 years 0 months 7 days | '4 years 2 months 5 days |
Options exercisable, June 30, 2014 | '4 years 0 months 7 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Aggregate Intrinsic Value of options outstanding at beginning of period | $4,376,000 | ' |
Aggregate Intrinsic Value of options exercised | 1,360,000 | ' |
Aggregate Intrinsic Value of options forfeited or expired | 0 | ' |
Aggregate Intrinsic Value of options outstanding at end of period | 3,508,000 | 4,376,000 |
Aggregate Intrinsic Value of options exercisable at end of period | 3,508,000 | ' |
Nonvested Number of Shares Outstanding, Number of Shares [Roll Forward] | ' | ' |
Nonvested shares outstanding, beginning period (in shares) | 4,000 | ' |
Granted (in shares) | 4,150 | ' |
Vested (in shares) | -4,150 | ' |
Forfeited or expired (in shares) | 0 | ' |
Nonvested shares outstanding, ending period (in shares) | 4,000 | 4,000 |
Weighted average grant date fair value [Roll Forward] | ' | ' |
Nonvested shares outstanding, beginning of period (in dollars per share) | $25.67 | ' |
Granted (in dollars per share) | $37.85 | ' |
Vested (in dollars per share) | $35.02 | ' |
Forfeited or expired (in dollars per share) | $0 | ' |
Nonvested shares outstanding, ending period (in dollars per share) | $28.61 | $25.67 |
Stock based compensation expense not yet recognized in income | $68,000 | ' |
Weighted average remaining period for unrecognized stock based compensation | '2 years 0 months 11 days | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Interest income | $12,566 | $9,825 | $35,790 | $29,173 | ' |
Interest expense | 638 | 666 | 1,831 | 2,312 | ' |
Net interest income (expense) | 11,928 | 9,159 | 33,959 | 26,861 | ' |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 | ' |
Non-interest income | 12,481 | 13,559 | 39,131 | 42,064 | ' |
Non-interest expense | 18,837 | 18,024 | 57,641 | 56,687 | ' |
Income (loss) before income tax expense (benefit) | 5,272 | 4,694 | 14,849 | 12,538 | ' |
Income tax expense (benefit) | 1,068 | 1,022 | 2,500 | 2,594 | ' |
Net income (loss) | 4,204 | 3,672 | 12,349 | 9,944 | ' |
Total assets | 1,923,333 | 1,659,938 | 1,923,333 | 1,659,938 | 1,691,989 |
Total deposits | 1,346,059 | 1,415,877 | 1,346,059 | 1,415,877 | 1,315,283 |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' |
Interest income | 12,566 | 9,825 | 35,790 | 29,173 | ' |
Interest expense | 638 | 666 | 1,831 | 2,312 | ' |
Net interest income | 11,928 | 9,159 | 33,959 | 26,861 | ' |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 | ' |
Non-interest income | 12,481 | 13,559 | 39,131 | 42,064 | ' |
Card processing expense | 3,850 | 3,480 | 11,668 | 12,143 | ' |
Other non-interest expense | 2,233 | 2,074 | 6,429 | 7,457 | ' |
Income (loss) before income tax expense (benefit) | 5,272 | 4,694 | 14,849 | 12,538 | ' |
Income tax expense (benefit) | 1,068 | 1,022 | 2,500 | 2,594 | ' |
Net income (loss) | 4,204 | 3,672 | 12,349 | 9,944 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | 0 | 0 | 0 | 0 | ' |
Retail Banking [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Interest income | 8,223 | 6,112 | 23,481 | 18,130 | ' |
Interest expense | 499 | 521 | 1,410 | 1,860 | ' |
Net interest income (expense) | 7,724 | 5,591 | 22,071 | 16,270 | ' |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 | ' |
Non-interest income | 732 | 1,262 | 2,540 | 4,362 | ' |
Non-interest expense | 4,852 | 4,415 | 15,306 | 14,782 | ' |
Income (loss) before income tax expense (benefit) | 3,304 | 2,438 | 8,705 | 6,150 | ' |
Income tax expense (benefit) | 653 | 519 | 1,489 | 1,367 | ' |
Net income (loss) | 2,651 | 1,919 | 7,216 | 4,783 | ' |
Total assets | 678,116 | 340,517 | 678,116 | 340,517 | ' |
Total deposits | 254,215 | 236,724 | 254,215 | 236,724 | ' |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' |
Interest income | 8,223 | 6,112 | 23,481 | 18,130 | ' |
Interest expense | 499 | 521 | 1,410 | 1,860 | ' |
Provision (recovery) for loan losses | 300 | 0 | 600 | -300 | ' |
Non-interest income | 732 | 1,262 | 2,540 | 4,362 | ' |
Income (loss) before income tax expense (benefit) | 3,304 | 2,438 | 8,705 | 6,150 | ' |
Income tax expense (benefit) | 653 | 519 | 1,489 | 1,367 | ' |
Net income (loss) | 2,651 | 1,919 | 7,216 | 4,783 | ' |
Retail Banking [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | 2,976 | 2,981 | 9,602 | 8,899 | ' |
Meta Payment Systems [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Interest income | 4,343 | 3,713 | 12,309 | 11,043 | ' |
Interest expense | 27 | 30 | 84 | 98 | ' |
Net interest income (expense) | 4,316 | 3,683 | 12,225 | 10,945 | ' |
Provision (recovery) for loan losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 11,749 | 12,297 | 36,591 | 37,702 | ' |
Non-interest expense | 13,904 | 13,359 | 41,619 | 41,118 | ' |
Income (loss) before income tax expense (benefit) | 2,161 | 2,621 | 7,197 | 7,529 | ' |
Income tax expense (benefit) | 495 | 636 | 1,400 | 1,649 | ' |
Net income (loss) | 1,666 | 1,985 | 5,797 | 5,880 | ' |
Total assets | 1,241,967 | 1,316,786 | 1,241,967 | 1,316,786 | ' |
Total deposits | 1,098,262 | 1,179,856 | 1,098,262 | 1,179,856 | ' |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' |
Interest income | 4,343 | 3,713 | 12,309 | 11,043 | ' |
Interest expense | 27 | 30 | 84 | 98 | ' |
Net interest income | 4,316 | 3,683 | 12,225 | 10,945 | ' |
Provision (recovery) for loan losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 11,749 | 12,297 | 36,591 | 37,702 | ' |
Card processing expense | 3,843 | 3,472 | 11,643 | 12,115 | ' |
Gross Profit | 12,222 | 12,508 | 37,173 | 36,532 | ' |
Other non-interest expense | 10,061 | 9,887 | 29,976 | 29,003 | ' |
Income (loss) before income tax expense (benefit) | 2,161 | 2,621 | 7,197 | 7,529 | ' |
Income tax expense (benefit) | 495 | 636 | 1,400 | 1,649 | ' |
Net income (loss) | 1,666 | 1,985 | 5,797 | 5,880 | ' |
Meta Payment Systems [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | -2,976 | -2,981 | -9,602 | -8,899 | ' |
All Others [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Interest income | 0 | 0 | 0 | 0 | ' |
Interest expense | 112 | 115 | 337 | 354 | ' |
Net interest income (expense) | -112 | -115 | -337 | -354 | ' |
Provision (recovery) for loan losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 0 | 0 | 0 | 0 | ' |
Non-interest expense | 81 | 250 | 716 | 787 | ' |
Income (loss) before income tax expense (benefit) | -193 | -365 | -1,053 | -1,141 | ' |
Income tax expense (benefit) | -80 | -133 | -389 | -422 | ' |
Net income (loss) | -113 | -232 | -664 | -719 | ' |
Total assets | 3,250 | 2,635 | 3,250 | 2,635 | ' |
Total deposits | -6,418 | -703 | -6,418 | -703 | ' |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' |
Interest income | 0 | 0 | 0 | 0 | ' |
Interest expense | 112 | 115 | 337 | 354 | ' |
Provision (recovery) for loan losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 0 | 0 | 0 | 0 | ' |
Income (loss) before income tax expense (benefit) | -193 | -365 | -1,053 | -1,141 | ' |
Income tax expense (benefit) | -80 | -133 | -389 | -422 | ' |
Net income (loss) | -113 | -232 | -664 | -719 | ' |
All Others [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | $0 | $0 | $0 | $0 | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt securities [Abstract] | ' | ' |
Total debt securities | $603,412 | $581,372 |
Total securities | 1,036,429 | 881,193 |
Level 1 [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Total securities | 821 | 0 |
Level 2 [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Total securities | 1,035,608 | 881,193 |
Level 3 [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Total securities | 0 | 0 |
Recurring [Member] | Available For Sale [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 53,238 | 48,784 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 53,110 | 10,581 |
Obligations of states and political subdivisions | 0 | 1,727 |
Non-bank qualified obligations of states and political subdivisions | 325,848 | 238,729 |
Mortgage-backed securities | 603,412 | 581,372 |
Total debt securities | 1,035,608 | ' |
Common equities and mutual funds | 821 | ' |
Total securities | 1,036,429 | 881,193 |
Recurring [Member] | Held to Maturity [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 9,613 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 18,860 | 18,342 |
Non-bank qualified obligations of states and political subdivisions | 186,191 | 169,462 |
Mortgage-backed securities | 70,254 | 73,101 |
Total debt securities | 275,305 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 275,305 | 270,518 |
Recurring [Member] | Level 1 [Member] | Available For Sale [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Total debt securities | 0 | ' |
Common equities and mutual funds | 821 | ' |
Total securities | 821 | 0 |
Recurring [Member] | Level 1 [Member] | Held to Maturity [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Total debt securities | 0 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 0 | 0 |
Recurring [Member] | Level 2 [Member] | Available For Sale [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 53,238 | 48,784 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 53,110 | 10,581 |
Obligations of states and political subdivisions | 0 | 1,727 |
Non-bank qualified obligations of states and political subdivisions | 325,848 | 238,729 |
Mortgage-backed securities | 603,412 | 581,372 |
Total debt securities | 1,035,608 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 1,035,608 | 881,193 |
Recurring [Member] | Level 2 [Member] | Held to Maturity [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 9,613 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 18,860 | 18,342 |
Non-bank qualified obligations of states and political subdivisions | 186,191 | 169,462 |
Mortgage-backed securities | 70,254 | 73,101 |
Total debt securities | 275,305 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 275,305 | 270,518 |
Recurring [Member] | Level 3 [Member] | Available For Sale [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Total debt securities | 0 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Held to Maturity [Member] | ' | ' |
Debt securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 0 | 0 |
Agency and instrumentality securities | ' | 0 |
Small Business Administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Total debt securities | 0 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 0 | 0 |
Nonrecurring [Member] | ' | ' |
Fair value of assets measured on non-recurring basis [Abstract] | ' | ' |
One to four family residential mortgage loans | 0 | 257 |
Commercial and multi-family real estate loans | 929 | 1,810 |
Total Impaired Loans | 929 | 2,067 |
Foreclosed Assets, net | 116 | 116 |
Total | 1,045 | 2,183 |
Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair value of assets measured on non-recurring basis [Abstract] | ' | ' |
One to four family residential mortgage loans | 0 | 0 |
Commercial and multi-family real estate loans | 0 | 0 |
Total Impaired Loans | 0 | 0 |
Foreclosed Assets, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair value of assets measured on non-recurring basis [Abstract] | ' | ' |
One to four family residential mortgage loans | 0 | 0 |
Commercial and multi-family real estate loans | 0 | 0 |
Total Impaired Loans | 0 | 0 |
Foreclosed Assets, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair value of assets measured on non-recurring basis [Abstract] | ' | ' |
One to four family residential mortgage loans | 0 | 257 |
Commercial and multi-family real estate loans | 929 | 1,810 |
Total Impaired Loans | 929 | 2,067 |
Foreclosed Assets, net | 116 | 116 |
Total | $1,045 | $2,183 |
FAIR_VALUE_MEASUREMENTS_1_Deta
FAIR VALUE MEASUREMENTS (1) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 | ||
Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Range of estimated selling cost (in hundredths) | 4.00% | ' | ||
Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Range of estimated selling cost (in hundredths) | 10.00% | ' | ||
Impaired Loans [Member] | Level 3 [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 929 | 2,067 | ||
Impaired Loans [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Measurements, Valuation Techniques | 'Appraised values | [1] | 'Appraised values | [1] |
Foreclosed Assets [Member] | Level 3 [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 116 | 116 | ||
Foreclosed Assets [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Measurements, Valuation Techniques | 'Appraised values | [1] | 'Appraised values | [1] |
[1] | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10% |
FAIR_VALUE_MEASUREMENTS_2_Deta
FAIR VALUE MEASUREMENTS (2) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Securities available for sale | $1,036,429 | $881,193 |
Securities held to maturity | 275,305 | 270,518 |
Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 30,861 | 40,063 |
Securities available for sale | 821 | 0 |
Securities held to maturity | 0 | 0 |
Total securities | 821 | 0 |
Loans receivable: | ' | ' |
One to four family residential mortgage loans | 0 | 0 |
Commercial and multi-family real estate loans | 0 | 0 |
Agricultural real estate loans | 0 | 0 |
Consumer loans | 0 | 0 |
Commercial operating loans | 0 | 0 |
Agricultural operating loans | 0 | 0 |
Total loans receivable | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 10,868 | 8,582 |
Financial liabilities | ' | ' |
Noninterest bearing demand deposits | 1,123,013 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,965 | 97,426 |
Certificates of deposit | 0 | 0 |
Total deposits | 1,228,978 | 1,183,684 |
Advances from Federal Home Loan Bank | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 299 | 291 |
Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,035,608 | 881,193 |
Securities held to maturity | 275,305 | 270,518 |
Total securities | 1,310,913 | 1,151,711 |
Loans receivable: | ' | ' |
One to four family residential mortgage loans | 0 | 0 |
Commercial and multi-family real estate loans | 0 | 0 |
Agricultural real estate loans | 0 | 0 |
Consumer loans | 0 | 0 |
Commercial operating loans | 0 | 0 |
Agricultural operating loans | 0 | 0 |
Total loans receivable | 0 | 0 |
Federal Home Loan Bank stock | 16,845 | 9,994 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ' | ' |
Noninterest bearing demand deposits | 0 | 0 |
Interest bearing demand deposits, savings, and money markets | 0 | 0 |
Certificates of deposit | 117,449 | 132,187 |
Total deposits | 117,449 | 132,187 |
Advances from Federal Home Loan Bank | 8,988 | 9,089 |
Federal Fund Purchased | 360,000 | 190,000 |
Securities sold under agreements to repurchase | 8,478 | 9,146 |
Subordinated debentures | 10,264 | 10,312 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Total securities | 0 | 0 |
Loans receivable: | ' | ' |
One to four family residential mortgage loans | 103,057 | 72,628 |
Commercial and multi-family real estate loans | 222,942 | 200,778 |
Agricultural real estate loans | 55,072 | 30,920 |
Consumer loans | 29,114 | 30,588 |
Commercial operating loans | 21,301 | 15,718 |
Agricultural operating loans | 40,424 | 35,175 |
Total loans receivable | 471,910 | 385,807 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ' | ' |
Noninterest bearing demand deposits | 0 | 0 |
Interest bearing demand deposits, savings, and money markets | 0 | 0 |
Certificates of deposit | 0 | 0 |
Total deposits | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 30,861 | 40,063 |
Securities available for sale | 1,036,429 | 881,193 |
Securities held to maturity | 281,249 | 288,026 |
Total securities | 1,317,678 | 1,169,219 |
Loans receivable: | ' | ' |
One to four family residential mortgage loans | 108,713 | 82,287 |
Commercial and multi-family real estate loans | 216,904 | 192,786 |
Agricultural real estate loans | 56,945 | 29,552 |
Consumer loans | 29,379 | 30,314 |
Commercial operating loans | 26,683 | 16,264 |
Agricultural operating loans | 38,958 | 33,750 |
Total loans receivable | 477,582 | 384,953 |
Federal Home Loan Bank stock | 16,845 | 9,994 |
Accrued interest receivable | 10,868 | 8,582 |
Financial liabilities | ' | ' |
Noninterest bearing demand deposits | 1,123,013 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,965 | 97,426 |
Certificates of deposit | 117,081 | 131,599 |
Total deposits | 1,346,059 | 1,315,283 |
Advances from Federal Home Loan Bank | 7,000 | 7,000 |
Federal Fund Purchased | 360,000 | 190,000 |
Securities sold under agreements to repurchase | 8,478 | 9,146 |
Subordinated debentures | 10,310 | 10,310 |
Accrued interest payable | 299 | 291 |
Estimated Fair Value [Member] | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 30,861 | 40,063 |
Securities available for sale | 1,036,429 | 881,193 |
Securities held to maturity | 275,305 | 270,518 |
Total securities | 1,311,734 | 1,151,711 |
Loans receivable: | ' | ' |
One to four family residential mortgage loans | 103,057 | 72,628 |
Commercial and multi-family real estate loans | 222,942 | 200,778 |
Agricultural real estate loans | 55,072 | 30,920 |
Consumer loans | 29,114 | 30,588 |
Commercial operating loans | 21,301 | 15,718 |
Agricultural operating loans | 40,424 | 35,175 |
Total loans receivable | 471,910 | 385,807 |
Federal Home Loan Bank stock | 16,845 | 9,994 |
Accrued interest receivable | 10,868 | 8,582 |
Financial liabilities | ' | ' |
Noninterest bearing demand deposits | 1,123,013 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,965 | 97,426 |
Certificates of deposit | 117,449 | 132,187 |
Total deposits | 1,346,427 | 1,315,871 |
Advances from Federal Home Loan Bank | 8,988 | 9,089 |
Federal Fund Purchased | 360,000 | 190,000 |
Securities sold under agreements to repurchase | 8,478 | 9,146 |
Subordinated debentures | 10,264 | 10,312 |
Accrued interest payable | $299 | $291 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Assets [Roll Forward] | ' | ' |
Impairment of intangible assets | $0 | $0 |
Meta Payment Systems [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 2,339 | 2,035 |
Patent costs capitalized during the period | 202 | ' |
Acquisitions during the period | ' | 344 |
Amortization during the period | -56 | -42 |
Balance of intangible assets | 2,485 | 2,337 |
Meta Payment Systems [Member] | Patents [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 2,339 | 2,026 |
Patent costs capitalized during the period | 202 | ' |
Acquisitions during the period | ' | 344 |
Amortization during the period | -56 | -33 |
Balance of intangible assets | 2,485 | 2,337 |
Meta Payment Systems [Member] | Other [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 0 | 9 |
Patent costs capitalized during the period | 0 | ' |
Acquisitions during the period | ' | 0 |
Amortization during the period | 0 | -9 |
Balance of intangible assets | $0 | $0 |