Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 08, 2014 | Mar. 31, 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 Public Float | ' | ' | $245.90 |
Entity Common Stock, Shares Outstanding | ' | 6,193,879 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $29,832 | $40,063 |
Investment securities available for sale | 482,346 | 299,821 |
Mortgage-backed securities available for sale | 657,870 | 581,372 |
Investment securities held to maturity | 212,899 | 211,099 |
Mortgage-backed securities held to maturity | 70,034 | 76,927 |
Loans receivable - net of allowance for loan losses of $5,397 at September 30, 2014 and $3,930 at September 30, 2013 | 493,007 | 380,428 |
Federal Home Loan Bank stock, at cost | 21,245 | 9,994 |
Accrued interest receivable | 11,222 | 8,582 |
Insurance receivable | 269 | 400 |
Premises, furniture, and equipment, net | 16,462 | 17,664 |
Bank-owned life insurance | 35,469 | 33,830 |
Foreclosed real estate and repossessed assets | 15 | 116 |
Intangible assets | 2,588 | 2,339 |
MPS accounts receivable | 3,935 | 3,707 |
Assets held for sale | 0 | 1,120 |
Other assets | 16,838 | 24,527 |
Total assets | 2,054,031 | 1,691,989 |
LIABILITIES | ' | ' |
Non-interest-bearing checking | 1,126,715 | 1,086,258 |
Interest-bearing checking | 37,188 | 31,181 |
Savings deposits | 27,610 | 26,229 |
Money market deposits | 40,475 | 40,016 |
Time certificates of deposit | 134,553 | 131,599 |
Total deposits | 1,366,541 | 1,315,283 |
Advances from Federal Home Loan Bank | 7,000 | 7,000 |
Federal funds purchased | 470,000 | 190,000 |
Securities sold under agreements to repurchase | 10,411 | 9,146 |
Subordinated debentures | 10,310 | 10,310 |
Accrued interest payable | 318 | 291 |
Contingent liability | 331 | 331 |
Accrued expenses and other liabilities | 14,318 | 16,644 |
Total liabilities | 1,879,229 | 1,549,005 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at September 30, 2014 and 2013, respectively | 0 | 0 |
Common stock, $.01 par value; 10,000,000 shares authorized, 6,213,979 and 6,132,744 shares issued, 6,169,604 and 6,070,654 shares outstanding at September 30, 2014 and 2013, respectively | 62 | 61 |
Additional paid-in capital | 95,079 | 92,963 |
Retained earnings | 83,797 | 71,268 |
Accumulated other comprehensive income (loss) | -3,409 | -20,285 |
Treasury stock, 44,375 and 62,090 common shares, at cost, at September 30, 2014 and 2013, respectively | -727 | -1,023 |
Total stockholders' equity | 174,802 | 142,984 |
Total liabilities and stockholders' equity | $2,054,031 | $1,691,989 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Loans receivable, allowance for loan losses | $5,397 | $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) | 6,213,979 | 6,132,744 |
Common stock, shares outstanding (in shares) | 6,169,604 | 6,070,654 |
Treasury stock (in shares) | 44,375 | 62,090 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income: | ' | ' | ' |
Loans receivable, including fees | $19,674 | $16,151 | $18,058 |
Mortgage-backed securities | 15,343 | 11,900 | 16,133 |
Other investments | 13,643 | 10,925 | 3,106 |
Total interest and dividend income | 48,660 | 38,976 | 37,297 |
Interest expense: | ' | ' | ' |
Deposits | 965 | 1,280 | 2,205 |
FHLB advances and other borrowings | 1,433 | 1,674 | 1,358 |
Total interest expense | 2,398 | 2,954 | 3,563 |
Net interest income | 46,262 | 36,022 | 33,734 |
Provision for loan losses | 1,150 | 0 | 1,049 |
Net interest income after provision for loan losses | 45,112 | 36,022 | 32,685 |
Non-interest income: | ' | ' | ' |
Card fees | 48,738 | 50,790 | 53,220 |
Bank-owned life insurance income | 1,139 | 998 | 511 |
Loan fees | 981 | 868 | 1,190 |
Deposit fees | 616 | 632 | 616 |
Gain (loss) on sale of securities available for sale, net (Includes $107, $2,546, and $13,755 reclassified from accumulated other comprehensive income (loss) for net gains on available for sale securities for the fiscal year ended September 30, 2014, 2013 and 2012, respectively) | 107 | 2,546 | 13,755 |
Gain (loss) on foreclosed real estate | -93 | -268 | -38 |
Other income (loss) | 250 | -63 | 320 |
Total non-interest income | 51,738 | 55,503 | 69,574 |
Non-interest expense: | ' | ' | ' |
Compensation and benefits | 38,155 | 34,106 | 31,104 |
Card processing expense | 15,487 | 15,584 | 17,373 |
Occupancy and equipment expense | 8,979 | 8,479 | 8,489 |
Legal and consulting expense | 4,145 | 4,048 | 5,255 |
Data processing expense | 1,316 | 1,228 | 1,141 |
Marketing | 1,034 | 981 | 1,047 |
Impairment on assets held for sale | 0 | 589 | 0 |
Other expense | 9,115 | 9,388 | 11,054 |
Total non-interest expense | 78,231 | 74,403 | 75,463 |
Income before income tax expense | 18,619 | 17,122 | 26,796 |
Income tax expense (Includes $39, $924 and $5,261 income tax expense reclassified from accumulated other comprehensive income (loss) for the fiscal year ended September 30, 2014, 2013 and 2012, respectively) | 2,906 | 3,704 | 9,682 |
Net income | $15,713 | $13,418 | $17,114 |
Earnings per common share: | ' | ' | ' |
Basic (in dollars per share) | $2.57 | $2.40 | $4.94 |
Diluted (in dollars per share) | $2.53 | $2.38 | $4.92 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Non-interest income: | ' | ' | ' |
Net gains on available for sale securities reclassified from accumulated other comprehensive income (loss) | $107 | $2,546 | $13,755 |
Income tax expense reclassified from accumulated other comprehensive income (loss) | $39 | $924 | $5,261 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income | $15,713 | $13,418 | $17,114 |
Other comprehensive income: | ' | ' | ' |
Change in net unrealized gain (loss) on securities | 26,790 | -44,301 | 17,280 |
Losses (gains) realized in net income | -107 | -2,546 | -13,755 |
Total available for sale adjustment | 26,683 | -46,847 | 3,525 |
Deferred income tax effect | 9,807 | -18,049 | 1,348 |
Total other comprehensive income (loss) | 16,876 | -28,798 | 2,177 |
Total comprehensive income (loss) | $32,589 | ($15,380) | $19,291 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss), Net of Tax [Member] | Treasury Stock [Member] | Total |
In Thousands, unless otherwise specified | ||||||
Balance at Sep. 30, 2011 | $34 | $32,471 | $45,494 | $6,336 | ($3,758) | $80,577 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Cash dividends declared on common stock | 0 | 0 | -1,832 | 0 | 0 | -1,832 |
Issuance of common shares from the sales of equity securities | 22 | 45,999 | 0 | 0 | 0 | 46,021 |
Issuance of common shares from treasury stock due to exercise of stock options | 0 | 272 | 0 | 0 | 1,503 | 1,775 |
Stock compensation | 0 | 27 | 0 | 0 | 0 | 27 |
Change in net unrealized gains (losses) on securities available for sale, net | 0 | 0 | 0 | 2,177 | 0 | 2,177 |
Net income | ' | 0 | 17,114 | 0 | 0 | 17,114 |
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 | -2,926 | 0 | 0 | -2,926 |
Issuance of common shares from the sales of equity securities | 5 | 12,713 | 0 | 0 | 0 | 12,718 |
Issuance of common shares from treasury stock due to exercise of stock options | 0 | 1,316 | 0 | 0 | 1,232 | 2,548 |
Stock compensation | 0 | 165 | 0 | 0 | 0 | 165 |
Change in net unrealized gains (losses) on securities available for sale, net | 0 | 0 | 0 | -28,798 | 0 | -28,798 |
Net income | ' | 0 | 13,418 | 0 | 0 | 13,418 |
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 | -3,184 | 0 | 0 | -3,184 |
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 | 2,080 | 0 | 0 | 296 | 2,376 |
Stock compensation | 0 | 88 | 0 | 0 | 0 | 88 |
Change in net unrealized gains (losses) on securities available for sale, net | 0 | 0 | 0 | 16,876 | 0 | 16,876 |
Net income | ' | 0 | 15,713 | 0 | 0 | 15,713 |
Balance at Sep. 30, 2014 | $62 | $95,079 | $83,797 | ($3,409) | ($727) | $174,802 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Cash dividends declared on common stock (in dollars per share) | $0.52 | $0.52 | $0.52 |
Issuance of common shares from treasury stock due to exercise of stock options (in shares) | 82,882 | 65,399 | 19,669 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $15,713 | $13,418 | $17,114 |
Adjustments to reconcile net income to net cash used in operating activities | ' | ' | ' |
Depreciation, amortization and accretion, net | 18,147 | 21,104 | 20,349 |
Disbursement of non-real estate consumer loans originated for sale | 0 | 0 | -621,285 |
Proceeds from sale of non-real estate consumer loans | 0 | 0 | 623,469 |
Proceeds from sale of 1-4 family residential mortgage loans | 0 | 0 | 368 |
Loss (gain) on sale of loans | 0 | 0 | 7 |
Provision (recovery) for loan losses | 1,150 | 0 | 1,049 |
Provision (recovery) for deferred taxes | -1,755 | -395 | 988 |
Gain on sale of investments available for sale, net | -107 | -2,546 | -13,755 |
(Gain) loss on other assets | 50 | 577 | -1,018 |
Net change in accrued interest receivable | -2,640 | -1,872 | -2,577 |
Impairment on assets held for sale | 0 | 589 | 0 |
Net change in other assets | -2,446 | -10,874 | 4,653 |
Net change in accrued interest payable | 27 | 114 | -46 |
Net change in accrued expenses and other liabilities | -2,326 | -43,183 | 50,674 |
Net cash provided by (used in) operating activities | 25,813 | -23,068 | 79,990 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of securities available for sale | -491,416 | -505,863 | -1,393,844 |
Proceeds from sales of securities available for sale | 166,804 | 209,172 | 678,833 |
Proceeds from maturities and principal repayments of securities available for sale | 81,754 | 187,245 | 217,986 |
Purchase of securities held to maturity | -15,117 | -8,946 | 0 |
Proceeds from maturities and principal repayments of securities held to maturity | 16,802 | 3,837 | 0 |
Purchase of bank-owned life insurance | -500 | -18,000 | 0 |
Loans purchased | -343 | -4,699 | -7,697 |
Loans sold | -11,747 | -19,922 | -16,740 |
Net change in loans receivable | -101,639 | -28,826 | 5,011 |
Proceeds from sales of foreclosed real estate | 8 | 478 | 4,941 |
Federal Home Loan Bank stock purchases | -445,971 | -414,833 | -122,189 |
Federal Home Loan Bank stock redemptions | 434,720 | 406,959 | 124,806 |
Proceeds from the sale of premises and equipment | 1,178 | 0 | 25 |
Purchase of premises and equipment | -2,329 | -5,262 | -4,127 |
Other, net | 0 | 0 | -1,347 |
Net cash provided by (used in) investing activities | -367,796 | -198,660 | -514,342 |
Cash flows from financing activities: | ' | ' | ' |
Net change in checking, savings, and money market deposits | 48,304 | -96,954 | 253,973 |
Net change in time deposits | 2,954 | 32,443 | -15,799 |
Repayment of FHLB and other borrowings | 0 | -4,000 | 0 |
Proceeds from federal funds purchased | 280,000 | 190,000 | 0 |
Net change in securities sold under agreements to repurchase | 1,265 | -17,254 | 18,345 |
Cash dividends paid | -3,184 | -2,926 | -1,832 |
Stock compensation | 88 | 165 | 27 |
Proceeds from issuance of common stock | 2,325 | 15,266 | 47,796 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 331,752 | 116,740 | 302,510 |
Net change in cash and cash equivalents | -10,231 | -104,988 | -131,842 |
Cash and cash equivalents at beginning of year | 40,063 | 145,051 | 276,893 |
Cash and cash equivalents at end of year | 29,832 | 40,063 | 145,051 |
Cash paid during the period for: | ' | ' | ' |
Interest | 2,371 | 2,840 | 3,609 |
Income taxes | 4,451 | 3,761 | 8,424 |
Franchise taxes | 109 | 70 | 54 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' | ' |
Net loans transferred to foreclosed real estate | 0 | 165 | 3,247 |
Assets transferred to held for sale | 0 | 1,709 | 0 |
Securities transferred from available for sale to held to maturity | $0 | $282,195 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements include the accounts of Meta Financial Group, Inc. (the “Company”), a unitary savings and loan holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries which include MetaBank (the “Bank”), a federally chartered savings bank whose primary federal regulator is the Office of the Comptroller of the Currency and First Services Financial Limited, which offered noninsured investment products and was dissolved on December 3, 2013. The Company also owns 100% of First Midwest Financial Capital Trust I (the “Trust”), which was formed in July 2001 for the purpose of issuing trust preferred securities. The Trust is not included in the consolidated financial statements of the Company. All significant intercompany balances and transactions have been eliminated. | |
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION | |
The primary source of income relates to payment processing services for prepaid debit cards, ATM sponsorship, and other money transfer systems and services. Additionally, a significant source of income for the Company is interest from the purchase or origination of consumer, commercial, agricultural, commercial real estate, and residential real estate loans. The Company accepts deposits from customers in the normal course of business primarily in northwest and central Iowa and eastern South Dakota and on a national basis for the MPS division. The Company operates in the banking industry, which accounts for the majority of its revenues and assets. The Company uses the “management approach” for reporting information about segments in annual and interim financial statements. The management approach is based on the way the chief operating decision-maker organizes segments within a company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure and any other manner in which management disaggregates a company. Based on the management approach model, the Company has determined that its business is comprised of two reporting segments. | |
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain significant estimates include the allowance for loan losses, the valuation of intangible assets and the fair values of securities and other financial instruments. These estimates are reviewed by management regularly; however, they are particularly susceptible to significant changes in the future. | |
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD | |
For purposes of reporting cash flows, cash and cash equivalents is defined to include the Company’s cash on hand and due from financial institutions and short-term interest-bearing deposits in other financial institutions. The Company reports cash flows net for customer loan transactions, securities purchased under agreement to resell, federal funds purchased, deposit transactions, securities sold under agreements to repurchase, and FHLB advances with terms less than 90 days. The Bank is required to maintain reserve balances in cash or on deposit with the FRB, based on a percentage of deposits. The total of those reserve balances was $8.3 million and $4.1 million at September 30, 2014 and 2013, respectively. The Company at times maintains balances in excess of insured limits at various financial institutions including the FHLB, the FRB, and other private institutions. At September 30, 2014, the Company had no interest bearing deposits held at the FHLB and $9.1 million in interest bearing deposits held at the FRB. At September 30, 2014, the Company had no federal funds sold. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. | |
SECURITIES | |
GAAP 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. | |
The Company classifies the majority of its securities as AFS. AFS securities are those the Company may decide to sell if needed for liquidity, asset-liability management or other reasons. During the 2013 fiscal year, the Company reclassified a portion of its securities portfolio from the AFS to the HTM category. The reclassification was made to better reflect the revised intentions of the Company to maintain these securities in its portfolio; in response to the potential impact on tangible book value should interest rates rise, due to the mark to market on these bonds; and to mitigate possible negative impacts on its regulatory capital under the proposed Dodd-Frank and Basel III capital guidelines, whereby unrealized losses on AFS securities could become a direct deduction from regulatory capital. Subsequent to the reclassification and prior to June 30, 2013, the Basel III Accord was finalized and clarified that unrealized losses and gains on securities will not affect regulatory capital for those companies that opt out of the requirement, which the Company intends to do. | |
Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operations at the time of sale. Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned. | |
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or 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 2 inputs). The Company considers these valuations supplied by a third party provider which utilizes several sources for valuing fixed-income securities. Sources utilized by the third party provider include pricing models that vary based by asset class and include available trade, bid, and other market information. This methodology includes broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. | |
Securities Impairment | |
Management continually monitors the investment securities portfolio for impairment on a security by security basis and has a process in place to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves the consideration of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the Company recognizes an other-than-temporary impairment for the difference between amortized cost and fair value. If the Company does not expect to recover the amortized cost basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell the security before the recovery of its amortized cost, the recognition of the other-than-temporary impairment is bifurcated. For those securities, the Company separates the total impairment into a credit loss component recognized in net income, and the amount of the loss related to other factors is recognized in other comprehensive income, net of taxes. | |
The amount of the credit loss component of a debt security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate of cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset- backed or floating rate security. In fiscal 2014, 2013 and 2012, there was no other-than-temporary impairment recorded. | |
LOANS RECEIVABLE | |
Loans receivable which management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances reduced by the allowance for loan losses and any deferred fees or costs on originated loans. | |
Interest income on loans is accrued over the term of the loans based upon the amount of principal outstanding except when serious doubt exists as to the collectibility of a loan, in which case the accrual of interest is discontinued. Interest income is subsequently recognized only to the extent that cash payments are received until, in management’s judgment, the borrower has demonstrated a continued ability to make contractual interest and principal payments, in which case the loan is returned to accrual status. | |
Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method. | |
As part of the Company’s ongoing risk management practices, management attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. In a situation where an economic concession has been granted to a borrower that is experiencing financial difficulty, the Company identifies and reports that loan as a troubled debt restructuring (“TDR”). Management considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed. As such, qualification criteria and payment terms consider the borrower’s current and prospective ability to comply with the modified terms of the loan. Additionally, the Company structures loan modifications with the intent of strengthening repayment prospects. | |
The Company considers whether a borrower is experiencing financial difficulties, as well as whether a concession has been granted to a borrower determined to be troubled, when determining whether a modification meets the criteria of being a TDR. For such purposes, evidence which may indicate that a borrower is troubled includes, among other factors, the borrower’s default on debt, the borrower’s declaration of bankruptcy or preparation for the declaration of bankruptcy, the borrower’s forecast that entity-specific cash flows will be insufficient to service the related debt, or the borrower’s inability to obtain funds from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt for a non-troubled debtor. If a borrower is determined to be troubled based on such factors or similar evidence, a concession will be deemed to have been granted if a modification of the terms of the debt occurred that management would not otherwise consider. Such concessions may include, among other modifications, a reduction of the stated interest for the remaining original life of the debt, an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk, a reduction of accrued interest, or a reduction of the face amount or maturity amount of the debt. | |
Loans that are reported as TDRs apply the identical criteria in the determination of whether the loan should be accruing or not accruing. The event of classifying the loan as a TDR due to a modification of terms may be independent from the determination of accruing interest on a loan. | |
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 will be charged to 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. | |
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS | |
The Company, from time to time, sells whole loans and loan participations, generally without recourse. Sold loans are not included in the consolidated financial statements. The Bank generally retains the right to service the sold loans for a fee. At September 30, 2014 and 2013, the Bank was servicing loans for others with aggregate unpaid principal balances of $22.5 million and $17.3 million, respectively. | |
ALLOWANCE FOR LOAN LOSSES | |
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 appropriateness 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. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. | |
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. | |
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS | |
Real estate properties and repossessed assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis. Any reduction to fair value from the carrying value of the related loan at the time of acquisition is accounted for as a loan loss and charged against the allowance for loan losses. Valuations are periodically performed by management and valuation allowances are increased through a charge to income for reductions in fair value or increases in estimated selling costs. | |
INCOME TAXES | |
The Company records income tax expense based on the amount of taxes due on its tax return plus deferred taxes computed based on the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
PREMISES, FURNITURE, AND EQUIPMENT | |
Land is carried at cost. Buildings, furniture, fixtures, leasehold improvements and equipment are carried at cost, less accumulated depreciation and amortization computed principally by using the straight-line method over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, and 2 to 15 years for leasehold improvements, and for furniture, fixtures and equipment. These assets are reviewed for impairment when events indicate the carrying amount may not be recoverable. | |
TRANSFERS OF FINANCIAL ASSETS | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been legally isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
BANK-OWNED LIFE INSURANCE | |
Bank-owned life insurance represents the cash surrender value of investments in life insurance contracts. Earnings on the contracts are based on the earnings on the cash surrender value, less mortality costs. | |
EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) | |
The cost of shares issued to the ESOP, but not yet allocated to participants, are presented in the consolidated statements of financial condition as a reduction of stockholders’ equity. Compensation expense is recorded based on the market price of the shares as they are committed to be released for allocation to participant accounts. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. Dividends on unallocated shares are used to reduce the accrued interest and principal amount of the ESOP’s loan payable to the Company. At September 30, 2014 and 2013, all shares in the ESOP were allocated. | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
The Company, in the normal course of business, makes commitments to make loans which are not reflected in the consolidated financial statements. | |
INTANGIBLE ASSETS | |
Intangible assets other than goodwill are amortized. All intangible assets are subject to an impairment test at least annually or more often if conditions indicate a possible impairment. | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | |
The Company enters into sales of securities under agreements to repurchase with primary dealers only, which provide for the repurchase of the same security. Securities sold under agreements to repurchase identical securities are collateralized by assets which are held in safekeeping in the name of the Bank or by the dealers who arranged the transaction. Securities sold under agreements to repurchase are treated as financings, and the obligations to repurchase such securities are reflected as a liability. The securities underlying the agreements remain in the asset accounts of the Company. | |
REVENUE RECOGNITION | |
Interest revenue from loans and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan or investment. Income from service and other customer charges is recognized as earned. Card fee revenue within the MPS division is recognized as services are performed and service charges are earned in accordance with the terms of the various programs. | |
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 ESOP shares are considered outstanding for earnings per common share calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding. Diluted EPS shows the dilutive effect of additional potential common shares issuable under stock option plans. | |
COMPREHENSIVE INCOME (LOSS) | |
Comprehensive income (loss) consists of net income and other comprehensive income or loss. Other comprehensive income includes the change in net unrealized gains and losses on securities available for sale, net of reclassification adjustments and tax effects. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity. | |
STOCK COMPENSATION | |
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. | |
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. | |
ASU 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. | |
ASU 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. | |
ASU 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 reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and the Company is currently assessing the potential impact to the consolidated financial statements. | |
ASU No. 2014-14, Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | |
This ASU provides guidance on how to account for certain foreclosed government-guaranteed mortgage loans. The creditor should recognize a separate other receivable in the amount the creditor expects to recover from the guarantor. This update is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
EARNINGS PER COMMON SHARE [Abstract] | ' | ||||||||||||
EARNINGS PER COMMON SHARE | ' | ||||||||||||
NOTE 2. EARNINGS PER COMMON SHARE | |||||||||||||
A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2014, 2013 and 2012 is presented below. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||
Earnings | |||||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
Basic EPS | |||||||||||||
Weighted average common shares outstanding | 6,117,577 | 5,595,733 | 3,460,877 | ||||||||||
Less weighted average nonvested shares | (4,301 | ) | (2,032 | ) | - | ||||||||
Weighted average common shares outstanding | 6,113,276 | 5,593,701 | 3,460,877 | ||||||||||
Earnings Per Common Share | |||||||||||||
Basic | $ | 2.57 | $ | 2.4 | $ | 4.94 | |||||||
Diluted EPS | |||||||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,113,276 | 5,593,701 | 3,460,877 | ||||||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 85,133 | 53,437 | 19,601 | ||||||||||
Weighted average common and dilutive potential common shares outstanding | 6,198,409 | 5,647,138 | 3,480,478 | ||||||||||
Earnings Per Common Share | |||||||||||||
Diluted | $ | 2.53 | $ | 2.38 | $ | 4.92 | |||||||
Stock options totaling 29,984, 88,828 and 308,351 were not considered in computing diluted earnings per common share for the years ended September 30, 2014, 2013, and 2012, respectively, because they were not dilutive. |
SECURITIES
SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||
NOTE 3. SECURITIES | |||||||||||||||||||||||||
Securities available for sale were as follows: | |||||||||||||||||||||||||
Available For Sale | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 48,747 | $ | 191 | $ | (2,009 | ) | $ | 46,929 | ||||||||||||||||
Small business administration securities | 66,541 | 543 | (72 | ) | 67,012 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 368,897 | 2,494 | (3,811 | ) | 367,580 | ||||||||||||||||||||
Mortgage-backed securities | 663,690 | 3,519 | (9,339 | ) | 657,870 | ||||||||||||||||||||
Total debt securities | 1,147,875 | 6,747 | (15,231 | ) | 1,139,391 | ||||||||||||||||||||
Common equities and mutual funds | 539 | 291 | (5 | ) | 825 | ||||||||||||||||||||
Total available for sale securities | $ | 1,148,414 | $ | 7,038 | $ | (15,236 | ) | $ | 1,140,216 | ||||||||||||||||
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 | ||||||||||||||||
Securities held to maturity were as follows: | |||||||||||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 19,304 | $ | 48 | $ | (372 | ) | $ | 18,980 | ||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 193,595 | 894 | (2,329 | ) | 192,160 | ||||||||||||||||||||
Mortgage-backed securities | 70,034 | - | (1,862 | ) | 68,172 | ||||||||||||||||||||
Total held to maturity securities | $ | 282,933 | $ | 942 | $ | (4,563 | ) | $ | 279,312 | ||||||||||||||||
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 September 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 | $ | 4,400 | $ | (585 | ) | BB+ | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,977 | 4,300 | (677 | ) | BB | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,962 | 4,400 | (562 | ) | BBB- | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,444 | 4,400 | (44 | ) | BBB+ | A3 | |||||||||||||||||||
Total | $ | 19,368 | $ | 17,500 | $ | (1,868 | ) | ||||||||||||||||||
(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 a process to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves 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, monitoring the rating of the security, monitoring changes in value, 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 if 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. | |||||||||||||||||||||||||
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 September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Available For Sale | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 6,073 | $ | (47 | ) | $ | 25,359 | $ | (1,962 | ) | $ | 31,432 | $ | (2,009 | ) | ||||||||||
Small Business Administration securities | 8,454 | (72 | ) | - | - | 8,454 | (72 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 27,062 | (70 | ) | 191,146 | (3,741 | ) | 218,208 | (3,811 | ) | ||||||||||||||||
Mortgage-backed securities | 238,980 | (1,248 | ) | 234,347 | (8,091 | ) | 473,327 | (9,339 | ) | ||||||||||||||||
Total debt securities | 280,569 | (1,437 | ) | 450,852 | (13,794 | ) | 731,421 | (15,231 | ) | ||||||||||||||||
Common equities and mutual funds | 123 | (5 | ) | - | - | 123 | (5 | ) | |||||||||||||||||
Total available for sale securities | $ | 280,692 | $ | (1,442 | ) | $ | 450,852 | $ | (13,794 | ) | $ | 731,544 | $ | (15,236 | ) | ||||||||||
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 September 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,056 | $ | (2 | ) | $ | 14,079 | $ | (370 | ) | $ | 15,135 | $ | (372 | ) | ||||||||||
Non-bank qualified obligations of states and political subdivisions | - | - | 147,949 | (2,329 | ) | 147,949 | (2,329 | ) | |||||||||||||||||
Mortgage-backed securities | - | - | 68,172 | (1,862 | ) | 68,172 | (1,862 | ) | |||||||||||||||||
Total held to maturity securities | $ | 1,056 | $ | (2 | ) | $ | 230,200 | $ | (4,561 | ) | $ | 231,256 | $ | (4,563 | ) | ||||||||||
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 | ) | |||||||||||
As of September 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, no other-than-temporary impairment was recorded at September 30, 2014 and 2013. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Available For Sale | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 2,999 | $ | 3,048 | |||||||||||||||||||||
Due after one year through five years | 9,922 | 10,079 | |||||||||||||||||||||||
Due after five years through ten years | 285,413 | 285,698 | |||||||||||||||||||||||
Due after ten years | 185,851 | 182,696 | |||||||||||||||||||||||
484,185 | 481,521 | ||||||||||||||||||||||||
Mortgage-backed securities | 663,690 | 657,870 | |||||||||||||||||||||||
Common equities and mutual funds | 539 | 825 | |||||||||||||||||||||||
Total available for sale securities | $ | 1,148,414 | $ | 1,140,216 | |||||||||||||||||||||
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-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 347 | $ | 348 | |||||||||||||||||||||
Due after one year through five years | 4,726 | 4,718 | |||||||||||||||||||||||
Due after five years through ten years | 91,532 | 89,984 | |||||||||||||||||||||||
Due after ten years | 116,294 | 116,090 | |||||||||||||||||||||||
212,899 | 211,140 | ||||||||||||||||||||||||
Mortgage-backed securities | 70,034 | 68,172 | |||||||||||||||||||||||
Total held to maturity securities | $ | 282,933 | $ | 279,312 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Activities related to the sale of securities available for sale are summarized below. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Proceeds from sales | $ | 166,804 | $ | 209,172 | $ | 678,833 | |||||||||||||||||||
Gross gains on sales | 2,292 | 2,947 | 15,426 | ||||||||||||||||||||||
Gross losses on sales | 2,185 | 401 | 1,671 |
LOANS_RECEIVABLE_NET
LOANS RECEIVABLE, NET | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
LOANS RECEIVABLE NET [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS RECEIVABLE, NET | ' | ||||||||||||||||||||||||||||||||
NOTE 4. LOANS RECEIVABLE, NET | |||||||||||||||||||||||||||||||||
Year-end loans receivable were as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 116,395 | $ | 82,287 | |||||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 224,302 | 192,786 | |||||||||||||||||||||||||||||||
Agricultural Real Estate | 56,071 | 29,552 | |||||||||||||||||||||||||||||||
Consumer | 29,329 | 30,314 | |||||||||||||||||||||||||||||||
Commercial Operating | 30,846 | 16,264 | |||||||||||||||||||||||||||||||
Agricultural Operating | 42,258 | 33,750 | |||||||||||||||||||||||||||||||
Total Loans Receivable | 499,201 | 384,953 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | (5,397 | ) | (3,930 | ) | |||||||||||||||||||||||||||||
Net Deferred Loan Origination Fees | (797 | ) | (595 | ) | |||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 493,007 | $ | 380,428 | |||||||||||||||||||||||||||||
Annual activity in the allowance for loan losses was as follows: | |||||||||||||||||||||||||||||||||
Year ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,930 | $ | 3,971 | $ | 4,926 | |||||||||||||||||||||||||||
Provision (recovery) for loan losses | 1,150 | - | 1,049 | ||||||||||||||||||||||||||||||
Recoveries | 367 | 179 | 99 | ||||||||||||||||||||||||||||||
Charge offs | (50 | ) | (220 | ) | (2,103 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 5,397 | $ | 3,930 | $ | 3,971 | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in loans at September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
1-4 Family | Commercial and Multi-Family | Agricultural | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Provision (recovery) for loan losses | 217 | (709 | ) | 151 | 4 | 26 | 502 | 959 | 1,150 | ||||||||||||||||||||||||
Charge offs | - | - | - | - | - | (50 | ) | - | (50 | ) | |||||||||||||||||||||||
Recoveries | 2 | 347 | - | - | 18 | - | - | 367 | |||||||||||||||||||||||||
Ending balance | $ | 552 | $ | 1,575 | $ | 263 | $ | 78 | $ | 93 | $ | 719 | $ | 2,117 | $ | 5,397 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 23 | 350 | - | - | - | 340 | - | 713 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 529 | 1,225 | 263 | 78 | 93 | 379 | 2,117 | 4,684 | |||||||||||||||||||||||||
Total | $ | 552 | $ | 1,575 | $ | 263 | $ | 78 | $ | 93 | $ | 719 | $ | 2,117 | $ | 5,397 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 387 | 5,655 | - | - | 22 | 340 | - | 6,404 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 116,008 | 218,647 | 56,071 | 29,329 | 30,824 | 41,918 | - | 492,797 | |||||||||||||||||||||||||
Total | $ | 116,395 | $ | 224,302 | $ | 56,071 | $ | 29,329 | $ | 30,846 | $ | 42,258 | $ | - | $ | 499,201 | |||||||||||||||||
1-4 Family | Commercial and Multi-Family | Agricultural | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 193 | $ | 3,113 | $ | 1 | $ | 3 | $ | 49 | $ | - | $ | 612 | $ | 3,971 | |||||||||||||||||
Provision (recovery) for loan losses | 163 | (1,095 | ) | 111 | 71 | (63 | ) | 267 | 546 | - | |||||||||||||||||||||||
Charge offs | (25 | ) | (194 | ) | - | (1 | ) | - | - | - | (220 | ) | |||||||||||||||||||||
Recoveries | 2 | 113 | - | 1 | 63 | - | - | 179 | |||||||||||||||||||||||||
Ending balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 25 | 404 | - | - | - | - | - | 429 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 308 | 1,533 | 112 | 74 | 49 | 267 | 1,158 | 3,501 | |||||||||||||||||||||||||
Total | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 641 | 6,634 | - | - | 45 | - | - | 7,320 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 81,646 | 186,152 | 29,552 | 30,314 | 16,219 | 33,750 | - | 377,633 | |||||||||||||||||||||||||
Total | $ | 82,287 | $ | 192,786 | $ | 29,552 | $ | 30,314 | $ | 16,264 | $ | 33,750 | $ | - | $ | 384,953 | |||||||||||||||||
The asset classification of loans at September 30, 2014 and 2013, are as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 1-4 Family | Commercial and | Agricultural | Consumer | Commercial | Agricultural | Total | ||||||||||||||||||||||||||
Real Estate | Multi-Family | Real Estate | Operating | Operating | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Pass | $ | 115,700 | $ | 222,074 | $ | 52,364 | $ | 29,329 | $ | 30,709 | $ | 32,261 | $ | 482,437 | |||||||||||||||||||
Watch | 369 | 852 | 273 | - | 137 | 369 | 2,000 | ||||||||||||||||||||||||||
Special Mention | 81 | 96 | 1,660 | - | - | 63 | 1,900 | ||||||||||||||||||||||||||
Substandard | 245 | 1,280 | 1,774 | - | - | 9,565 | 12,864 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 116,395 | $ | 224,302 | $ | 56,071 | $ | 29,329 | $ | 30,846 | $ | 42,258 | $ | 499,201 | ||||||||||||||||||||
30-Sep-13 | 1-4 Family | Commercial and | Agricultural | Consumer | Commercial | Agricultural | Total | ||||||||||||||||||||||||||
Real Estate | Multi-Family | Real Estate | Operating | Operating | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 a 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 a credit 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. | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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 charged against current income. The loan will remain on a non-accrual status until the loan establishes satisfactory payment performance. Past due loans at September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Non-Accrual | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Loans | Receivable | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 111 | $ | 37 | $ | - | $ | 148 | $ | 115,966 | $ | 281 | $ | 116,395 | |||||||||||||||||||
Commercial and Multi-Family Real Estate | - | - | - | - | 223,990 | 312 | 224,302 | ||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | 56,071 | - | 56,071 | ||||||||||||||||||||||||||
Consumer | 2 | 12 | 54 | 68 | 29,261 | - | 29,329 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 30,846 | - | 30,846 | ||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | 41,918 | 340 | 42,258 | ||||||||||||||||||||||||||
Total | $ | 113 | $ | 49 | $ | 54 | $ | 216 | $ | 498,052 | $ | 933 | $ | 499,201 | |||||||||||||||||||
30-Sep-13 | 30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Non-Accrual | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Loans | Receivable | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 53 | $ | - | $ | 245 | $ | 298 | $ | 81,744 | $ | 245 | $ | 82,287 | |||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | |||||||||||||||||||||||||||||||
Balance | Balance | Allowance | |||||||||||||||||||||||||||||||
30-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 142 | $ | 142 | $ | - | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 4,375 | 4,375 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 22 | 22 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,539 | $ | 4,539 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 245 | $ | 245 | $ | 23 | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 1,280 | 1,280 | 350 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | 340 | 340 | 340 | ||||||||||||||||||||||||||||||
Total | $ | 1,865 | $ | 1,865 | $ | 713 | |||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | |||||||||||||||||||||||||||||||
Balance | Balance | Allowance | |||||||||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 359 | $ | 359 | $ | - | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 282 | $ | 282 | $ | 25 | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 2,107 | 2,107 | 404 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 2,389 | $ | 2,389 | $ | 429 | |||||||||||||||||||||||||||
Cash interest collected on impaired loans was not material during the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans for the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 574 | $ | 596 | |||||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 6,526 | 8,480 | |||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | |||||||||||||||||||||||||||||||
Consumer | - | 1 | |||||||||||||||||||||||||||||||
Commercial Operating | 34 | 51 | |||||||||||||||||||||||||||||||
Agricultural Operating | 29 | - | |||||||||||||||||||||||||||||||
Total | $ | 7,163 | $ | 9,128 | |||||||||||||||||||||||||||||
For fiscal 2014 and 2013, the Company’s TDRs (which involved forgiving a portion of interest or principal on any loans or making loans at a rate materially less than that of market rates) are included in the table. | |||||||||||||||||||||||||||||||||
No TDRs were recorded during fiscal 2014 or 2013. Also, no TDRs which had been modified during the 12-month period prior to default had a payment default during fiscal 2014 or 2013. | |||||||||||||||||||||||||||||||||
Virtually all of the Company’s originated loans are to Iowa and South Dakota-based individuals and organizations. The Company’s purchased loans totaled $9.7 million at September 30, 2014, which were secured by properties located, as a percentage of total loans, as follows: 1% each in North Dakota and Oregon. | |||||||||||||||||||||||||||||||||
The Company originates and purchases commercial real estate loans. These loans are considered by management to be of somewhat greater risk of uncollectibility due to the dependency on income production. The Company’s commercial real estate loans include $40.7 million of loans secured by hotel properties and $62.3 million of multi-family properties at September 30, 2014. The Company’s commercial real estate loans include $34.8 million of loans secured by hotel properties and $52.0 million of multi-family properties at September 30, 2013. The remainder of the commercial real estate portfolio is diversified by industry. The Company’s policy for requiring collateral and guarantees varies with the creditworthiness of each borrower. | |||||||||||||||||||||||||||||||||
Non-accruing loans were $0.9 million and $0.7 million at September 30, 2014 and 2013, respectively. There were $54,000 and $13,000 accruing loans delinquent 90 days or more at September 30, 2014 and 2013, respectively. For the year ended September 30, 2014, gross interest income which would have been recorded had the non-accruing loans been current in accordance with their original terms amounted to approximately $152,000, of which none was included in interest income. |
LOAN_SERVICING
LOAN SERVICING | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
LOAN SERVICING [Abstract] | ' | ||||||||||||
LOAN SERVICING | ' | ||||||||||||
NOTE 5. LOAN SERVICING | |||||||||||||
Loans serviced for others are not reported as assets. The unpaid principal balances of these loans at year end were as follows: | |||||||||||||
September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Mortgage loan portfolios serviced for Fannie Mae | $ | 5,948 | $ | 7,361 | $ | 11,240 | |||||||
Other | 16,576 | 9,930 | 3,251 | ||||||||||
$ | 22,524 | $ | 17,291 | $ | 14,491 |
PREMISES_FURNITURE_AND_EQUIPME
PREMISES, FURNITURE, AND EQUIPMENT, NET | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
PREMISES, FURNITURE, AND EQUIPMENT, NET [Abstract] | ' | ||||||||
PREMISES, FURNITURE, AND EQUIPMENT, NET | ' | ||||||||
NOTE 6. PREMISES, FURNITURE, AND EQUIPMENT, NET | |||||||||
Year-end premises and equipment were as follows: | |||||||||
September 30, | 2014 | 2013 | |||||||
(Dollars in Thousands) | |||||||||
Land | $ | 1,673 | $ | 1,679 | |||||
Buildings | 12,275 | 12,275 | |||||||
Furniture, fixtures, and equipment | 30,947 | 28,430 | |||||||
44,895 | 42,384 | ||||||||
Less accumulated depreciation | (28,433 | ) | (24,720 | ) | |||||
$ | 16,462 | $ | 17,664 | ||||||
Depreciation expense of premises, furniture, and equipment included in occupancy and equipment expense was approximately $3.5 million, $3.3 million, and $3.5 million for the years ended September 30, 2014, 2013, and 2012, respectively. |
TIME_CERTIFICATES_OF_DEPOSITS
TIME CERTIFICATES OF DEPOSITS | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
TIME CERTIFICATES OF DEPOSITS [Abstract] | ' | ||||
TIME CERTIFICATES OF DEPOSITS | ' | ||||
NOTE 7. TIME CERTIFICATES OF DEPOSITS | |||||
Time certificates of deposits in denominations of $100,000 or more were approximately $87.1 million and $78.6 million at September 30, 2014, and 2013, respectively. | |||||
At September 30, 2014, the scheduled maturities of time certificates of deposits were as follows for the years ending: | |||||
September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | 106,078 | |||
2016 | 15,721 | ||||
2017 | 7,850 | ||||
2018 | 3,153 | ||||
2019 | 1,751 | ||||
Total Certificates | $ | 134,553 | |||
Under the Dodd-Frank Act, IRA and non-IRA deposit accounts are permanently insured up to $250,000 by the DIF under management of the FDIC. Previous to the legislation in 2010, the coverage of $250,000 was temporary until December 2013. | |||||
ADVANCES_FROM_THE_FEDERAL_HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract] | ' | ||||
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS | ' | ||||
NOTE 8. ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS | |||||
At September 30, 2014, the Company’s advances from the FHLB had fixed rates ranging from 6.97% to 7.01% with a weighted average rate of 6.98%. The scheduled maturities of FHLB advances were as follows for the years ending: | |||||
September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | - | |||
2016 | - | ||||
2017 | - | ||||
2018 | - | ||||
2019 | 5,000 | ||||
Thereafter | 2,000 | ||||
Total FHLB Advances | $ | 7,000 | |||
The Company had $470.0 million of overnight federal funds purchased from the FHLB as of September 30, 2014. | |||||
As of September 30, 2013, the Company’s advances from the FHLB totaled $7.0 million and carried a weighted average rate of 6.98%. The Company had $190.0 million in overnight federal funds purchased from the FHLB at September 30, 2013. | |||||
The Bank has executed blanket pledge agreements whereby the Bank assigns, transfers, and pledges to the FHLB and grants to the FHLB a security interest in all mortgage collateral and securities collateral. The Bank has the right to use, commingle, and dispose of the collateral it has assigned to the FHLB. Under the agreement, the Bank must maintain “eligible collateral” that has a “lending value” at least equal to the “required collateral amount,” all as defined by the agreement. | |||||
At year-end 2014, and 2013, the Bank pledged securities with fair values of approximately $422.9 million and $409.6 million, respectively, against specific FHLB advances. In addition, qualifying mortgage loans of approximately $83.3 million, and $62.9 million were pledged as collateral at September 30, 2014 and 2013, respectively. |
SECURITIES_SOLD_UNDER_AGREEMEN
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ' | ||||||||
NOTE 9. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | |||||||||
Securities sold under agreements to repurchase totaled approximately $10.4 million and $9.1 million at September 30, 2014 and 2013, respectively. | |||||||||
An analysis of securities sold under agreements to repurchase follows: | |||||||||
September 30, | 2014 | 2013 | |||||||
(Dollars in Thousands) | |||||||||
Highest month-end balance | $ | 33,999 | $ | 19,901 | |||||
Average balance | 10,137 | 10,540 | |||||||
Weighted average interest rate for the year | 0.52 | % | 0.52 | % | |||||
Weighted average interest rate at year end | 0.52 | % | 0.53 | % | |||||
The Company pledged securities with fair values of approximately $36.4 million at September 30, 2014, as collateral for securities sold under agreements to repurchase. There were $20.9 million securities pledged as collateral for securities sold under agreements to repurchase at September 30, 2013. |
SUBORDINATED_DEBENTURES_AND_TR
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES | 12 Months Ended |
Sep. 30, 2014 | |
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES [Abstract] | ' |
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES | ' |
NOTE 10. SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES | |
Subordinated debentures are due to First Midwest Financial Capital Trust I, a 100%-owned nonconsolidated subsidiary of the Company. The debentures were issued in 2001 in conjunction with the Trust’s issuance of 10,000 shares of Trust Preferred Securities. The debentures bear the same interest rate and terms as the trust preferred securities. The debentures are included on the consolidated balance sheets as liabilities. | |
The Company issued all of the 10,310 authorized shares of trust preferred securities of First Midwest Financial Capital Trust I holding solely subordinated debt securities. Distributions are paid semi-annually. Cumulative cash distributions are calculated at a variable rate of London Interbank Offered Rate (“LIBOR”) plus 3.75% (4.08% at September 30, 2014, and 4.15% at September 30, 2013), not to exceed 12.5%. The Company may, at one or more times, defer interest payments on the capital securities for up to 10 consecutive semi-annual periods, but not beyond July 25, 2031. At the end of any deferral period, all accumulated and unpaid distributions are required to be paid. The capital securities are required to be redeemed on July 25, 2031; however, the Company has a semi-annual option to shorten the maturity date. The redemption price is $1,000 per capital security plus any accrued and unpaid distributions to the date of redemption. | |
Holders of the capital securities have no voting rights, are unsecured and rank junior in priority of payment to all of the Company’s indebtedness and senior to the Company’s common stock. | |
Although the securities issued by the Trust are not included as a component of stockholders’ equity, the securities are treated as capital for regulatory purposes, subject to certain limitations. |
EMPLOYEE_STOCK_OWNERSHIP_AND_P
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract] | ' | ||||||||||||
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS | ' | ||||||||||||
NOTE 11. EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS | |||||||||||||
The Company maintains an Employee Stock Ownership Plan (ESOP) for eligible employees who have 1,000 hours of employment with the Bank, have worked one year at the Bank and who have attained age 21. ESOP expense of $703,000, $694,000 and $696,000 was recorded for the years ended September 30, 2014, 2013, and 2012, respectively. Contributions of $850,406, $485,548 and $659,000 were made to the ESOP during the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||
Contributions to the ESOP and shares released from suspense are allocated among ESOP participants on the basis of compensation in the year of allocation. Benefits generally become 100% vested after seven years of credited service. Prior to the completion of seven years of credited service, a participant who terminates employment for reasons other than death or disability receives a reduced benefit based on the ESOP’s vesting schedule. Forfeitures are reallocated among remaining participating employees in the same proportion as contributions. Benefits are payable in the form of stock upon termination of employment. The Company’s contributions to the ESOP are not fixed, so benefits payable under the ESOP cannot be estimated. | |||||||||||||
For the years ended September 30, 2014, 2013 and 2012, 24,125 shares, 17,715 shares and 27,846 shares with a fair value of $35.25, $37.99 and $23.65 per share, respectively, were released. Also for the years ended September 30, 2014, 2013 and 2012, allocated shares and total ESOP shares reflect 10,643 shares, 45,225 shares and 28,486 shares, respectively, withdrawn from the ESOP by participants who are no longer with the Company or by participants diversifying their holdings. At September 30, 2014 and 2013 there were 2,529 and 3,526 shares purchased for dividend reinvestment. At September 30, 2012, no shares were purchased for dividend reinvestment. | |||||||||||||
Year-end ESOP shares are as follows: | |||||||||||||
September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Allocated shares | 239,879 | 223,868 | 247,814 | ||||||||||
Unearned shares | - | - | - | ||||||||||
Total ESOP shares | 239,879 | 223,868 | 247,814 | ||||||||||
The Company also has a profit sharing plan covering substantially all full-time employees. Contribution expense to the profit sharing plan, included in compensation and benefits, for the years ended September 30, 2014, 2013 and 2012 was $948,000, $774,000 and $775,000, respectively. |
SHARE_BASED_COMPENSATION_PLANS
SHARE BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SHARE BASED COMPENSATION PLANS [Abstract] | ' | ||||||||||||||||
SHARE BASED COMPENSATION PLANS | ' | ||||||||||||||||
NOTE 12. SHARE BASED COMPENSATION PLANS | |||||||||||||||||
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 Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors. | |||||||||||||||||
The following table shows the effect to income, net of tax benefits, of share-based expense recorded in the years ended September 30, 2014, 2013 and 2012. | |||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Total employee stock-based compensation expense recognized in income, net of tax effects of $66, $51 and $30, respectively | $ | 120 | $ | 103 | $ | 76 | |||||||||||
As of September 30, 2014, stock-based compensation expense not yet recognized in income totaled $56,000 which is expected to be recognized over a weighted average remaining period of 1.90 years. | |||||||||||||||||
At grant date, the fair value of options awarded to recipients is estimated using a Black-Scholes valuation model. The exercise price of stock options equals the fair market value of the underlying stock at the date of grant. Options are issued for 10 year periods with 100% vesting generally occurring either at grant date or over a four year period. No options were granted during the years ended September 30, 2014, 2013 and 2012. The intrinsic value of options exercised during the years ended September 30, 2014, 2013 and 2012 were $1.4 million, $807,000 and $117,000, respectively. | |||||||||||||||||
Shares are granted each year to Directors which vest immediately. The fair value is determined based on the fair market value of the Company’s stock on the grant date. The total fair value of director’s shares granted during the years ended September 30, 2014, 2013 and 2012 was $124,000, $113,000 and $79,000, respectively. | |||||||||||||||||
In addition to the Company’s 2002 Omnibus Incentive Plan, the Company also maintains the 1995 Stock Option and Incentive Plan. No new options were, or could have been, awarded under the 1995 plan during the year ended September 30, 2014; however, previously awarded options were exercised under this plan during the year. | |||||||||||||||||
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 during the years ended September 30, 2014 and 2013. | |||||||||||||||||
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 | (82,882 | ) | 22.31 | - | 1,389 | ||||||||||||
Forfeited or expired | - | - | - | - | |||||||||||||
Options outstanding, September 30, 2014 | 235,766 | $ | 25.2 | 3.78 | $ | 2,507 | |||||||||||
Options exercisable end of year | 235,766 | $ | 25.2 | 3.78 | $ | 2,507 | |||||||||||
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, 2012 | 389,358 | $ | 23.52 | 5.08 | $ | 1,199 | |||||||||||
Granted | - | - | |||||||||||||||
Exercised | (65,399 | ) | 18.09 | 807 | |||||||||||||
Forfeited or expired | (5,311 | ) | 35.06 | - | |||||||||||||
Options outstanding, September 30, 2013 | 318,648 | $ | 24.44 | 4.18 | $ | 4,376 | |||||||||||
Options exercisable end of year | 315,898 | $ | 24.4 | 4.16 | $ | 4,352 | |||||||||||
The following tables show the activity of nonvested (restricted) shares granted, vested, or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2014 and 2013. | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Fair Value At Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 | ||||||||||||||
Granted | 4,267 | 37.82 | |||||||||||||||
Vested | (4,267 | ) | 35.07 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2014 | 4,000 | $ | 28.61 | ||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Fair Value At Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2012 | - | $ | - | ||||||||||||||
Granted | 8,900 | 24.2 | |||||||||||||||
Vested | (4,900 | ) | 23 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 13. INCOME TAXES | |||||||||||||
The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. | |||||||||||||
The provision for income taxes consists of: | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 3,787 | $ | 2,847 | $ | 7,734 | |||||||
Deferred | (1,765 | ) | (536 | ) | 858 | ||||||||
2,022 | 2,311 | 8,592 | |||||||||||
State: | |||||||||||||
Current | 874 | 1,252 | 960 | ||||||||||
Deferred | 10 | 141 | 130 | ||||||||||
884 | 1,393 | 1,090 | |||||||||||
Income tax expense | $ | 2,906 | $ | 3,704 | $ | 9,682 | |||||||
Total income tax expense differs from the statutory federal income tax rate as follows: | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Income tax expense at federal tax rate | $ | 6,517 | $ | 5,993 | $ | 9,378 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes net of federal benefit | 575 | 1,092 | 708 | ||||||||||
Nontaxable buildup in cash surrender value | (399 | ) | (349 | ) | (179 | ) | |||||||
Incentive stock option expense | (187 | ) | (97 | ) | 10 | ||||||||
Tax exempt income | (3,594 | ) | (2,815 | ) | (244 | ) | |||||||
Nondeductible expenses | 120 | 41 | 37 | ||||||||||
Other, net | (126 | ) | (161 | ) | (28 | ) | |||||||
Total income tax expense (benefit) | $ | 2,906 | $ | 3,704 | $ | 9,682 | |||||||
The components of the net deferred tax asset (liability) at September 30, 2014 and 2013 are: | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Bad debts | $ | 1,955 | $ | 1,426 | |||||||||
Deferred compensation | 708 | 446 | |||||||||||
Stock based compensation | 271 | 293 | |||||||||||
Operational reserve | 464 | 494 | |||||||||||
AMT Credit | 2,239 | 1,113 | |||||||||||
Net unrealized losses on securities available for sale | 2,969 | 12,776 | |||||||||||
Indirect tax benefits of unrecognized tax positions | 376 | - | |||||||||||
Other assets | 759 | 1,157 | |||||||||||
9,741 | 17,705 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
FHLB stock dividend | (410 | ) | (411 | ) | |||||||||
Premises and equipment | (1,060 | ) | (1,366 | ) | |||||||||
Patents | (937 | ) | (849 | ) | |||||||||
Prepaid expenses | (743 | ) | (782 | ) | |||||||||
(3,150 | ) | (3,408 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 6,591 | $ | 14,297 | |||||||||
As of September 30, 2014 and 2013, the Company had a gross deferred tax asset of $780,000 and $704,000, respectively, for state cumulative net operating loss carryforwards, which was fully reserved for as the Company does not anticipate any state taxable income at the holding company level in future periods. | |||||||||||||
Federal income tax laws provided savings banks with additional bad debt deductions through September 30, 1987, totaling $6.7 million for the Bank. Accounting standards do not require a deferred tax liability to be recorded on this amount, which liability otherwise would total approximately $2.3 million at September 30, 2014, and 2013. If the Bank were to be liquidated or otherwise cease to be a bank, or if tax laws were to change, the $2.3 million would be recorded as expense. | |||||||||||||
The provisions of ASC 740, Income Taxes, address the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under ASC 740, the Company recognizes the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination, with a tax examination being presumed to occur, including the resolution of any related appeals or litigation. The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. | |||||||||||||
The Company’s tax reserves reflect management’s judgment as to the resolution of the issues involved if subject to judicial review. While the Company believes that its reserves are adequate to cover reasonably expected tax risks, there can be no assurance that, in all instances, an issue raised by a tax authority will be resolved at a financial cost that does not exceed its related reserve. With respect to these reserves, the Company’s income tax expense would include (i) any changes in tax reserves arising from material changes during the period in the facts and circumstances surrounding a tax issue, and (ii) any difference from the Company’s tax position as recorded in the consolidated financial statements and the final resolution of a tax issue during the period | |||||||||||||
The tax years ended September 30, 2011, and later remain subject to examination by the Internal Revenue Service. For state purposes, the tax years ended September 30, 2011, and later remain open for examination, with few exceptions. A federal income tax review is currently underway with the Internal Revenue Service for the year ended September 30, 2012. The Company does not expect any material adjustments from the review. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits during the next twelve months. Finally, management believes that the realization of its deferred tax assets is more likely than not based on the expectations as to future taxable income; therefore, there was no deferred tax valuation allowance at September 30, 2014 and 2013 with the exception of the state cumulative net operating loss carryforwards discussed above. | |||||||||||||
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended September 30, 2014 and 2013, follows: | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance at beginning of year | $ | 931 | $ | 164 | |||||||||
Additions for tax positions related to the current year | 118 | 114 | |||||||||||
Additions for tax positions related to the prior years | - | 653 | |||||||||||
Reductions for tax positions due to settlement with taxing authorities | (16 | ) | - | ||||||||||
Reductions for tax positions related to prior years | (50 | ) | - | ||||||||||
Balance at end of year | $ | 983 | $ | 931 | |||||||||
The total amount of unrecognized tax benefits that, if recognized, would impact the effective rate was $649,000 as of September 30, 2014. The Company recognizes interest related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was $124,000 as of September 30, 2014. The Company does not anticipate any significant change in the total amount of unrecognized tax benefits within the next 12 months. |
CAPITAL_REQUIREMENTS_AND_RESTR
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract] | ' | ||||||||||||||||||||||||
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | ' | ||||||||||||||||||||||||
NOTE 14. CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | |||||||||||||||||||||||||
The Bank is the Company’s primary subsidiary. The Bank is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory or discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific quantitative capital guidelines using its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The requirements are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total risk-based capital and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and a leverage ratio consisting of Tier I capital (as defined) to average assets (as defined). As of September 30, 2014, the Bank met all capital adequacy requirements. | |||||||||||||||||||||||||
The Bank’s actual and required capital amounts and ratios are presented in the following table. | |||||||||||||||||||||||||
Minimum Requirement To Be | |||||||||||||||||||||||||
Minimum Requirement For | Well Capitalized Under Prompt | ||||||||||||||||||||||||
Actual | Capital Adequacy Purposes | Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
MetaBank | |||||||||||||||||||||||||
Tangible capital (to tangible assets) | $ | 176,388 | 8.6 | % | $ | 30,771 | 1.5 | % | $ | n/ | a | n/a | % | ||||||||||||
Tier 1 (core) capital (to adjusted total assets) | 176,388 | 8.6 | 82,057 | 4 | 102,571 | 5 | |||||||||||||||||||
Tier 1 (core) capital (to risk-weighted assets) | 176,388 | 20.95 | 33,672 | 4 | 50,508 | 6 | |||||||||||||||||||
Total risk based capital (to risk-weighted assets) | 181,786 | 21.59 | 67,344 | 8 | 84,180 | 10 | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
MetaBank | |||||||||||||||||||||||||
Tangible capital (to tangible assets) | $ | 160,145 | 9.38 | % | $ | 25,608 | 1.5 | % | $ | n/ | a | n/a | % | ||||||||||||
Tier 1 (core) capital (to adjusted total assets) | 160,145 | 9.38 | 68,289 | 4 | 85,362 | 5 | |||||||||||||||||||
Tier 1 (core) capital (to risk-weighted assets) | 160,145 | 22.44 | 28,551 | 4 | 42,827 | 6 | |||||||||||||||||||
Total risk based capital (to risk-weighted assets) | 164,076 | 22.99 | 57,103 | 8 | 71,378 | 10 | |||||||||||||||||||
Regulations limit the amount of dividends and other capital distributions that may be paid by a financial institution without prior approval of its primary regulator. The regulatory restriction is based on a three-tiered system with the greatest flexibility being afforded to well-capitalized (Tier 1) institutions. The Bank is currently a Tier 1 institution. Accordingly, the Bank can make, without prior regulatory approval, distributions during a calendar year up to 100% of their retained net income for the calendar year-to-date plus retained net income for the previous two calendar years (less any dividends previously paid) as long as they remain well-capitalized, as defined in prompt corrective action regulations, following the proposed distribution. Accordingly, at September 30, 2014, approximately $45.0 million of the Bank’s retained earnings were potentially available for distribution to the Company. | |||||||||||||||||||||||||
On July 21, 2011, pursuant to the Dodd Frank Act, the OTS was integrated into the OCC and the functions of the OTS related to thrift holding companies were transferred to the Federal Reserve. The OCC is now responsible for the ongoing examination, supervision and regulation of the Bank, including matters with respect to the Consent Order against the Bank. The Dodd Frank Act maintains the existence of the federal savings association charter and the HOLA, the primary statute governing the federal savings banks. The Federal Reserve is now responsible for the ongoing examination, supervision and regulation of the Company, including matters with respect to the Consent Order against the Company. Prior to passage of the Dodd-Frank Act, the OTS had issued supervisory directives to the Bank, consent orders to the Bank and the Company, and had taken other regulatory action to require the Bank to reimburse certain consumers in connection with a credit program that was discontinued. All supervisory directives have been terminated, and on August 7, 2014 the OCC terminated the Bank’s Consent Order. The Consent Order against the Company is still in effect, although management believes its effect on the Company’s financial condition and results of operations has been and will continue to be immaterial. The Company anticipates (but cannot guarantee) that the order will be terminated in the first calendar quarter of 2015. | |||||||||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 15. 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 September 30, 2014 and 2013, unfunded loan commitments approximated $96.0 million and $102.9 million respectively, excluding undisbursed portions of loans in process. Unfunded loan commitments at September 30, 2014 and 2013 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 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 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. | |
Securities with fair values of approximately $5.8 million and $5.6 million at September 30, 2014 and 2013, respectively, were pledged as collateral for public funds on deposit. There were no securities pledged as collateral for individual, trust and estate deposits at September 30, 2014. Securities with fair values of approximately $7.4 million at September 30, 2013, were pledged as collateral for individual, trust and estate deposits. | |
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. |
LEASE_COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
LEASE COMMITMENTS [Abstract] | ' | ||||
LEASE COMMITMENTS | ' | ||||
NOTE 16. LEASE COMMITMENTS | |||||
The Company has leased property under various non-cancelable operating lease agreements which expire at various times through 2036, and require annual rentals ranging from $3,400 to $789,000 plus the payment of the property taxes, normal maintenance, and insurance on certain property. | |||||
The following table shows the total minimum rental commitment at September 30, 2014, under the leases. | |||||
Year Ending September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | 1,218 | |||
2016 | 1,219 | ||||
2017 | 1,225 | ||||
2018 | 1,035 | ||||
2019 | 986 | ||||
Thereafter | 13,135 | ||||
Total Leases Commitments | $ | 18,818 |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
NOTE 17. SEGMENT REPORTING | |||||||||||||||||
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, consists of its banking subsidiary, the Bank. 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 their offices are located. The second reportable segment, MPS, is 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 ATMs into the debit networks, credit programs, Automated Clearing House (“ACH”) origination services, gift card programs, rebate programs, travel programs, and tax related programs. The remaining grouping under the caption “All Others” consists of the operations of the Company and Meta Trust 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. | |||||||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||
Interest income | $ | 31,635 | $ | 17,025 | $ | - | $ | 48,660 | |||||||||
Interest expense | 1,926 | 124 | 348 | 2,398 | |||||||||||||
Net interest income (expense) | 29,709 | 16,901 | (348 | ) | 46,262 | ||||||||||||
Provision (recovery) for loan losses | 1,150 | - | - | 1,150 | |||||||||||||
Non-interest income | 3,214 | 48,524 | - | 51,738 | |||||||||||||
Non-interest expense | 21,227 | 56,234 | 770 | 78,231 | |||||||||||||
Income (loss) before income tax expense (benefit) | 10,546 | 9,191 | (1,118 | ) | 18,619 | ||||||||||||
Income tax expense (benefit) | 1,846 | 1,482 | (422 | ) | 2,906 | ||||||||||||
Net income (loss) | $ | 8,700 | $ | 7,709 | $ | (696 | ) | $ | 15,713 | ||||||||
Inter-segment revenue (expense) | $ | 12,793 | $ | (12,793 | ) | $ | - | $ | - | ||||||||
Total assets | 805,494 | 1,245,110 | 3,427 | 2,054,031 | |||||||||||||
Total deposits | 273,399 | 1,099,548 | (6,406 | ) | 1,366,541 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||
Interest income | $ | 24,169 | $ | 14,807 | $ | - | $ | 38,976 | |||||||||
Interest expense | 2,361 | 124 | 469 | 2,954 | |||||||||||||
Net interest income (expense) | 21,808 | 14,683 | (469 | ) | 36,022 | ||||||||||||
Provision (recovery) for loan losses | - | - | - | - | |||||||||||||
Non-interest income | 5,226 | 50,290 | (13 | ) | 55,503 | ||||||||||||
Non-interest expense | 19,479 | 53,983 | 941 | 74,403 | |||||||||||||
Income (loss) before income tax expense (benefit) | 7,555 | 10,990 | (1,423 | ) | 17,122 | ||||||||||||
Income tax expense (benefit) | 1,615 | 2,611 | (522 | ) | 3,704 | ||||||||||||
Net income (loss) | $ | 5,940 | $ | 8,379 | $ | (901 | ) | $ | 13,418 | ||||||||
Inter-segment revenue (expense) | $ | 12,106 | $ | (12,106 | ) | $ | - | $ | - | ||||||||
Total assets | 487,754 | 1,201,531 | 2,704 | 1,691,989 | |||||||||||||
Total deposits | 260,525 | 1,063,770 | (9,012 | ) | 1,315,283 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||
Interest income | $ | 24,856 | $ | 12,441 | $ | - | $ | 37,297 | |||||||||
Interest expense | 2,877 | 204 | 482 | 3,563 | |||||||||||||
Net interest income (expense) | 21,979 | 12,237 | (482 | ) | 33,734 | ||||||||||||
Provision (recovery) for loan losses | 1,050 | (1 | ) | - | 1,049 | ||||||||||||
Non-interest income | 16,592 | 52,957 | 25 | 69,574 | |||||||||||||
Non-interest expense | 20,569 | 54,686 | 208 | 75,463 | |||||||||||||
Income (loss) before tax | 16,952 | 10,509 | (665 | ) | 26,796 | ||||||||||||
Income tax expense (benefit) | 5,963 | 3,993 | (274 | ) | 9,682 | ||||||||||||
Net income (loss) | $ | 10,989 | $ | 6,516 | $ | (391 | ) | $ | 17,114 | ||||||||
Inter-segment revenue (expense) | $ | 11,603 | $ | (11,603 | ) | $ | - | $ | - | ||||||||
Total assets | 418,137 | 1,230,925 | 1,936 | 1,650,998 | |||||||||||||
Total deposits | 216,912 | 1,167,364 | (4,482 | ) | 1,379,794 | ||||||||||||
The following tables present gross profit data for MPS for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 17,025 | $ | 14,807 | $ | 12,441 | |||||||||||
Interest expense | 124 | 124 | 204 | ||||||||||||||
Net interest income | 16,901 | 14,683 | 12,237 | ||||||||||||||
Provision (recovery) for loan losses | - | - | (1 | ) | |||||||||||||
Non-interest income | 48,524 | 50,290 | 52,957 | ||||||||||||||
Card processing expense | 15,457 | 15,546 | 17,323 | ||||||||||||||
Gross Profit | 49,968 | 49,427 | 47,872 | ||||||||||||||
Other non-interest expense | 40,777 | 38,437 | 37,363 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 9,191 | 10,990 | 10,509 | ||||||||||||||
Income tax expense | 1,482 | 2,611 | 3,993 | ||||||||||||||
Net Income | $ | 7,709 | $ | 8,379 | $ | 6,516 |
PARENT_COMPANY_FINANCIAL_STATE
PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS | ' | ||||||||||||
NOTE 18. PARENT COMPANY FINANCIAL STATEMENTS | |||||||||||||
Presented below are condensed financial statements for the parent company, Meta Financial. | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 9,439 | $ | 11,386 | |||||||||
Investment in subsidiaries | 175,568 | 142,199 | |||||||||||
Other assets | 393 | 329 | |||||||||||
Total assets | $ | 185,400 | $ | 153,914 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
LIABILITIES | |||||||||||||
Subordinated debentures | $ | 10,310 | $ | 10,310 | |||||||||
Other liabilities | 288 | 620 | |||||||||||
Total liabilities | $ | 10,598 | $ | 10,930 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||||||
Common stock | 62 | 61 | |||||||||||
Additional paid-in capital | 95,079 | 92,963 | |||||||||||
Retained earnings | 83,797 | 71,268 | |||||||||||
Accumulated other comprehensive income (loss) | (3,409 | ) | (20,285 | ) | |||||||||
Treasury stock, at cost | (727 | ) | (1,023 | ) | |||||||||
Total stockholders' equity | $ | 174,802 | $ | 142,984 | |||||||||
Total liabilities and stockholders' equity | $ | 185,400 | $ | 153,914 | |||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Total other income | $ | - | $ | - | $ | 25 | |||||||
Interest expense | 348 | 469 | 482 | ||||||||||
Other expense | 770 | 941 | 209 | ||||||||||
Total expense | 1,118 | 1,410 | 691 | ||||||||||
Loss before income taxes and equity in undistributed net income of subsidiaries | (1,118 | ) | (1,410 | ) | (666 | ) | |||||||
Income tax benefit | (422 | ) | (509 | ) | (275 | ) | |||||||
Loss before equity in undistributed net income of subsidiaries | (696 | ) | (901 | ) | (391 | ) | |||||||
Equity in undistributed net income of subsidiaries | 16,409 | 14,319 | 17,505 | ||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activites | |||||||||||||
Depreciation, amortization and accretion, net | (310 | ) | - | - | |||||||||
Equity in undistributed net income of subsidiaries | (16,409 | ) | (14,319 | ) | (17,505 | ) | |||||||
Change in other assets | 246 | 54 | 498 | ||||||||||
Change in other liabilities | (332 | ) | (339 | ) | 865 | ||||||||
Net cash provided by (used in) operating activities | (1,092 | ) | (1,186 | ) | 972 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITES | |||||||||||||
Capital contributions to subsidiaries | - | (6,000 | ) | (42,482 | ) | ||||||||
Net cash provided by (used in)investing activites | - | (6,000 | ) | (42,482 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Cash dividends paid | (3,184 | ) | (2,926 | ) | (1,832 | ) | |||||||
Stock compensation | 4 | 165 | 27 | ||||||||||
Proceeds from issuance of common stock | (51 | ) | 12,718 | 47,796 | |||||||||
Proceeds from exercise of stock options | 2,376 | 2,548 | - | ||||||||||
Other, net | - | (38 | ) | - | |||||||||
Net cash provided by (used in) financing activities | (855 | ) | 12,467 | 45,991 | |||||||||
Net change in cash and cash equivalents | $ | (1,947 | ) | $ | 5,281 | $ | 4,481 | ||||||
CASH AND CASH EQUIVALENTS | |||||||||||||
Beginning of year | $ | 11,386 | $ | 6,105 | $ | 1,624 | |||||||
End of year | $ | 9,439 | $ | 11,386 | $ | 6,105 | |||||||
The extent to which the Company may pay cash dividends to stockholders will depend on the cash currently available at the Company, as well as the ability of the Bank to pay dividends to the Company. For further discussion, see Note 14 herein. | |||||||||||||
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||
NOTE 19. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
QUARTER ENDED | |||||||||||||||||
31-Dec | 31-Mar | 30-Jun | 30-Sep | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Interest income | $ | 11,162 | $ | 12,063 | $ | 12,566 | $ | 12,869 | |||||||||
Interest expense | 649 | 544 | 638 | 567 | |||||||||||||
Net interest income | 10,513 | 11,519 | 11,928 | 12,302 | |||||||||||||
Provision (recovery) for loan losses | - | 300 | 300 | 550 | |||||||||||||
Net Income (loss) | 4,002 | 4,144 | 4,204 | 3,363 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.66 | $ | 0.68 | $ | 0.69 | $ | 0.54 | |||||||||
Diluted | 0.65 | 0.67 | 0.68 | 0.53 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Interest income | $ | 9,630 | $ | 9,718 | $ | 9,825 | $ | 9,803 | |||||||||
Interest expense | 833 | 813 | 666 | 642 | |||||||||||||
Net interest income | 8,797 | 8,905 | 9,159 | 9,161 | |||||||||||||
Provision (recovery) for loan losses | - | (300 | ) | - | 300 | ||||||||||||
Net Income (loss) | 3,125 | 3,147 | 3,672 | 3,474 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.57 | $ | 0.57 | $ | 0.67 | $ | 0.59 | |||||||||
Diluted | 0.57 | 0.57 | 0.66 | 0.58 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
Fiscal Year 2012 | |||||||||||||||||
Interest income | $ | 9,615 | $ | 10,299 | $ | 9,149 | $ | 8,234 | |||||||||
Interest expense | 977 | 888 | 857 | 841 | |||||||||||||
Net interest income | 8,638 | 9,411 | 8,292 | 7,393 | |||||||||||||
Provision (recovery) for loan losses | 699 | 200 | 150 | - | |||||||||||||
Net Income (loss) | 3,091 | 9,970 | 2,387 | 1,666 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.97 | $ | 3.12 | $ | 0.67 | $ | 0.18 | |||||||||
Diluted | 0.97 | 3.1 | 0.66 | 0.19 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR
FAIR VALUES OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||||||||||
NOTE 20. FAIR VALUES OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
There were no transfers between levels of the fair value hierarchy for the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
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. For both Level 1 and Level 2 securities, management uses various methods and techniques to corroborate prices obtained from the pricing service, including but not limited to reference to dealer or other market quotes, and by reviewing valuations of comparable instruments. The Company’s Level 1 securities include equity securities and mutual funds. The Company’s 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 Company had no Level 3 securities at September 30, 2014 and had no Level 1 or Level 3 securities at September 30, 2013. | |||||||||||||||||||||||||||||||||
The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or valuation 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 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, no less than annually, reviews the third party’s methods and source’s methodology for reasonableness and to ensure an understanding of inputs utilized in determining fair value. 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. Monthly, the Company receives and compares prices provided by multiple securities dealers and pricing providers to validate the accuracy and reasonableness of prices received from the third party provider. On a monthly basis, the Investment Committee 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 September 30, 2014 and 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 Sepember 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 | $ | 46,929 | $ | - | $ | 46,929 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Small business administration securities | 67,012 | - | 67,012 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 18,980 | - | 18,980 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 367,580 | - | 367,580 | - | 192,160 | - | 192,160 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 657,870 | - | 657,870 | - | 68,172 | - | 68,172 | - | |||||||||||||||||||||||||
Total debt securities | 1,139,391 | - | 1,139,391 | - | 279,312 | - | 279,312 | - | |||||||||||||||||||||||||
Common equities and mutual funds | 825 | 825 | - | - | - | - | - | - | |||||||||||||||||||||||||
Total securities | $ | 1,140,216 | $ | 825 | $ | 1,139,391 | $ | - | $ | 279,312 | $ | - | $ | 279,312 | $ | - | |||||||||||||||||
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 September 30, 2014 and 2013 represent 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, Receivables. | |||||||||||||||||||||||||||||||||
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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Fair Value at September 30, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 222 | $ | - | $ | - | $ | 222 | |||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 930 | - | - | 930 | |||||||||||||||||||||||||||||
Total Impaired Loans | 1,152 | - | - | 1,152 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 15 | - | - | 15 | |||||||||||||||||||||||||||||
Total | $ | 1,167 | $ | - | $ | - | $ | 1,167 | |||||||||||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 257 | $ | - | $ | - | $ | 257 | |||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 | |||||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | Valuation | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | 30-Sep-14 | 30-Sep-13 | Technique | Unobservable Input | |||||||||||||||||||||||||||||
Impaired Loans, net | $ | 1,152 | $ | 2,067 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||
Foreclosed Assets, net | 15 | 116 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develoop 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 September 30, 2014 and 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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 29,832 | $ | 29,832 | $ | 29,832 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 1,140,216 | 1,140,216 | 825 | 1,139,391 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 282,933 | 279,312 | - | 279,312 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 116,395 | 111,254 | - | - | 111,254 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 224,302 | 234,845 | - | - | 234,845 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 56,071 | 58,651 | - | - | 58,651 | ||||||||||||||||||||||||||||
Consumer loans | 29,329 | 29,580 | - | - | 29,580 | ||||||||||||||||||||||||||||
Commercial operating loans | 30,846 | 25,660 | - | - | 25,660 | ||||||||||||||||||||||||||||
Agricultural operating loans | 42,258 | 44,398 | - | - | 44,398 | ||||||||||||||||||||||||||||
Total loans receivable | 499,201 | 504,388 | - | - | 504,388 | ||||||||||||||||||||||||||||
FHLB stock | 21,245 | 21,245 | - | 21,245 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 11,222 | 11,222 | 11,222 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,126,715 | 1,126,715 | 1,126,715 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 105,273 | 105,273 | 105,273 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 134,553 | 134,746 | - | 134,746 | - | ||||||||||||||||||||||||||||
Total deposits | 1,366,541 | 1,366,734 | 1,231,988 | 134,746 | - | ||||||||||||||||||||||||||||
Advances from FHLB | 7,000 | 8,789 | - | 8,789 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 470,000 | 470,000 | - | 470,000 | - | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 10,411 | 10,414 | - | 10,414 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,415 | - | 10,415 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 318 | 318 | 318 | - | - | ||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
FHLB 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 FHLB | 7,000 | 9,089 | - | 9,089 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 190,000 | 190,000 | - | 190,001 | - | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 9,146 | 9,146 | - | 9,148 | - | ||||||||||||||||||||||||||||
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 September 30, 2014 and 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, NET | |||||||||||||||||||||||||||||||||
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 September 30, 2014 and 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. | |||||||||||||||||||||||||||||||||
FHLB STOCK | |||||||||||||||||||||||||||||||||
The fair value of such stock is assumed to approximate book value since the Company is generally 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, Financial Instruments, 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 | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||
NOTE 21. INTANGIBLE ASSETS | |||||||||||||
The changes in the carrying amount of the Company’s intangible assets for the years ended September 30, 2014 and 2013 are as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
Acquisitions during the period | 331 | - | 331 | ||||||||||
Amortization during the period | (78 | ) | - | (78 | ) | ||||||||
Write-offs during the period | (4 | ) | - | (4 | ) | ||||||||
Balance as of September 30, 2014 | $ | 2,588 | $ | - | $ | 2,588 | |||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Balance as of September 30, 2012 | $ | 2,026 | $ | 9 | $ | 2,035 | |||||||
Acquisitions during the period | 363 | - | 363 | ||||||||||
Amortization during the period | (50 | ) | (9 | ) | (59 | ) | |||||||
Write-offs during the period | - | - | - | ||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
The anticipated future amortization of intangibles is as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Year Ending September 30, | |||||||||||||
2015 | $ | 91 | $ | - | $ | 91 | |||||||
2016 | 91 | - | 91 | ||||||||||
2017 | 91 | - | 91 | ||||||||||
2018 | 91 | - | 91 | ||||||||||
2019 | 91 | - | 91 | ||||||||||
Thereafter | 2,133 | - | 2,133 | ||||||||||
Total anticipated intangible amortization | $ | 2,588 | $ | - | $ | 2,588 | |||||||
The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. | |||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 22. SUBSEQUENT EVENTS | |
On December 2, 2014, the Company, via its bank subsidiary, MetaBank, completed the previously announced acquisition of substantially all of the commercial loan portfolio and related assets of AFS/IBEX Financial Services, Inc. (“AFS”) and has hired the AFS team. The acquisition, which was announced on October 14, 2014, was concluded following satisfaction of certain closing conditions, including regulatory approvals. The all-cash transaction includes the AFS operating platform, other assets, and approximately $77 million of outstanding insurance premium finance loan receivables. Upon closing, MetaBank created a new operating division, AFS/IBEX, which will continue to serve businesses and insurance agencies nationwide with commercial insurance premium financing. AFS/IBEX will be headquartered in Dallas, TX, with a full service office in Southern California. | |
Management has evaluated subsequent events. There were no material subsequent events that would require recognition or disclosure, other than noted above, in our consolidated financial statements as of and for the year ended September 30, 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
PRINCIPLES OF CONSOLIDATION | ' |
PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements include the accounts of Meta Financial Group, Inc. (the “Company”), a unitary savings and loan holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries which include MetaBank (the “Bank”), a federally chartered savings bank whose primary federal regulator is the Office of the Comptroller of the Currency and First Services Financial Limited, which offered noninsured investment products and was dissolved on December 3, 2013. The Company also owns 100% of First Midwest Financial Capital Trust I (the “Trust”), which was formed in July 2001 for the purpose of issuing trust preferred securities. The Trust is not included in the consolidated financial statements of the Company. All significant intercompany balances and transactions have been eliminated. | |
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION | ' |
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION | |
The primary source of income relates to payment processing services for prepaid debit cards, ATM sponsorship, and other money transfer systems and services. Additionally, a significant source of income for the Company is interest from the purchase or origination of consumer, commercial, agricultural, commercial real estate, and residential real estate loans. The Company accepts deposits from customers in the normal course of business primarily in northwest and central Iowa and eastern South Dakota and on a national basis for the MPS division. The Company operates in the banking industry, which accounts for the majority of its revenues and assets. The Company uses the “management approach” for reporting information about segments in annual and interim financial statements. The management approach is based on the way the chief operating decision-maker organizes segments within a company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure and any other manner in which management disaggregates a company. Based on the management approach model, the Company has determined that its business is comprised of two reporting segments. | |
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS | ' |
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain significant estimates include the allowance for loan losses, the valuation of intangible assets and the fair values of securities and other financial instruments. These estimates are reviewed by management regularly; however, they are particularly susceptible to significant changes in the future. | |
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD | ' |
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD | |
For purposes of reporting cash flows, cash and cash equivalents is defined to include the Company’s cash on hand and due from financial institutions and short-term interest-bearing deposits in other financial institutions. The Company reports cash flows net for customer loan transactions, securities purchased under agreement to resell, federal funds purchased, deposit transactions, securities sold under agreements to repurchase, and FHLB advances with terms less than 90 days. The Bank is required to maintain reserve balances in cash or on deposit with the FRB, based on a percentage of deposits. The total of those reserve balances was $8.3 million and $4.1 million at September 30, 2014 and 2013, respectively. The Company at times maintains balances in excess of insured limits at various financial institutions including the FHLB, the FRB, and other private institutions. At September 30, 2014, the Company had no interest bearing deposits held at the FHLB and $9.1 million in interest bearing deposits held at the FRB. At September 30, 2014, the Company had no federal funds sold. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. | |
SECURITIES | ' |
SECURITIES | |
GAAP 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. | |
The Company classifies the majority of its securities as AFS. AFS securities are those the Company may decide to sell if needed for liquidity, asset-liability management or other reasons. During the 2013 fiscal year, the Company reclassified a portion of its securities portfolio from the AFS to the HTM category. The reclassification was made to better reflect the revised intentions of the Company to maintain these securities in its portfolio; in response to the potential impact on tangible book value should interest rates rise, due to the mark to market on these bonds; and to mitigate possible negative impacts on its regulatory capital under the proposed Dodd-Frank and Basel III capital guidelines, whereby unrealized losses on AFS securities could become a direct deduction from regulatory capital. Subsequent to the reclassification and prior to June 30, 2013, the Basel III Accord was finalized and clarified that unrealized losses and gains on securities will not affect regulatory capital for those companies that opt out of the requirement, which the Company intends to do. | |
Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operations at the time of sale. Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned. | |
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or 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 2 inputs). The Company considers these valuations supplied by a third party provider which utilizes several sources for valuing fixed-income securities. Sources utilized by the third party provider include pricing models that vary based by asset class and include available trade, bid, and other market information. This methodology includes broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. | |
Securities Impairment | |
Management continually monitors the investment securities portfolio for impairment on a security by security basis and has a process in place to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves the consideration of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the Company recognizes an other-than-temporary impairment for the difference between amortized cost and fair value. If the Company does not expect to recover the amortized cost basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell the security before the recovery of its amortized cost, the recognition of the other-than-temporary impairment is bifurcated. For those securities, the Company separates the total impairment into a credit loss component recognized in net income, and the amount of the loss related to other factors is recognized in other comprehensive income, net of taxes. | |
The amount of the credit loss component of a debt security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate of cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset- backed or floating rate security. In fiscal 2014, 2013 and 2012, there was no other-than-temporary impairment recorded. | |
LOANS RECEIVABLE | ' |
LOANS RECEIVABLE | |
Loans receivable which management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances reduced by the allowance for loan losses and any deferred fees or costs on originated loans. | |
Interest income on loans is accrued over the term of the loans based upon the amount of principal outstanding except when serious doubt exists as to the collectibility of a loan, in which case the accrual of interest is discontinued. Interest income is subsequently recognized only to the extent that cash payments are received until, in management’s judgment, the borrower has demonstrated a continued ability to make contractual interest and principal payments, in which case the loan is returned to accrual status. | |
Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method. | |
As part of the Company’s ongoing risk management practices, management attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. In a situation where an economic concession has been granted to a borrower that is experiencing financial difficulty, the Company identifies and reports that loan as a troubled debt restructuring (“TDR”). Management considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed. As such, qualification criteria and payment terms consider the borrower’s current and prospective ability to comply with the modified terms of the loan. Additionally, the Company structures loan modifications with the intent of strengthening repayment prospects. | |
The Company considers whether a borrower is experiencing financial difficulties, as well as whether a concession has been granted to a borrower determined to be troubled, when determining whether a modification meets the criteria of being a TDR. For such purposes, evidence which may indicate that a borrower is troubled includes, among other factors, the borrower’s default on debt, the borrower’s declaration of bankruptcy or preparation for the declaration of bankruptcy, the borrower’s forecast that entity-specific cash flows will be insufficient to service the related debt, or the borrower’s inability to obtain funds from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt for a non-troubled debtor. If a borrower is determined to be troubled based on such factors or similar evidence, a concession will be deemed to have been granted if a modification of the terms of the debt occurred that management would not otherwise consider. Such concessions may include, among other modifications, a reduction of the stated interest for the remaining original life of the debt, an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk, a reduction of accrued interest, or a reduction of the face amount or maturity amount of the debt. | |
Loans that are reported as TDRs apply the identical criteria in the determination of whether the loan should be accruing or not accruing. The event of classifying the loan as a TDR due to a modification of terms may be independent from the determination of accruing interest on a loan. | |
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 will be charged to 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. | |
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS | ' |
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS | |
The Company, from time to time, sells whole loans and loan participations, generally without recourse. Sold loans are not included in the consolidated financial statements. The Bank generally retains the right to service the sold loans for a fee. At September 30, 2014 and 2013, the Bank was servicing loans for others with aggregate unpaid principal balances of $22.5 million and $17.3 million, respectively. | |
ALLOWANCE FOR LOAN LOSSES | ' |
ALLOWANCE FOR LOAN LOSSES | |
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 appropriateness 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. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. | |
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. | |
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS | ' |
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS | |
Real estate properties and repossessed assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis. Any reduction to fair value from the carrying value of the related loan at the time of acquisition is accounted for as a loan loss and charged against the allowance for loan losses. Valuations are periodically performed by management and valuation allowances are increased through a charge to income for reductions in fair value or increases in estimated selling costs. | |
INCOME TAXES | ' |
INCOME TAXES | |
The Company records income tax expense based on the amount of taxes due on its tax return plus deferred taxes computed based on the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
PREMISES, FURNITURE, AND EQUIPMENT | ' |
PREMISES, FURNITURE, AND EQUIPMENT | |
Land is carried at cost. Buildings, furniture, fixtures, leasehold improvements and equipment are carried at cost, less accumulated depreciation and amortization computed principally by using the straight-line method over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, and 2 to 15 years for leasehold improvements, and for furniture, fixtures and equipment. These assets are reviewed for impairment when events indicate the carrying amount may not be recoverable. | |
TRANSFERS OF FINANCIAL ASSETS | ' |
TRANSFERS OF FINANCIAL ASSETS | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been legally isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
BANK-OWNED LIFE INSURANCE | ' |
BANK-OWNED LIFE INSURANCE | |
Bank-owned life insurance represents the cash surrender value of investments in life insurance contracts. Earnings on the contracts are based on the earnings on the cash surrender value, less mortality costs. | |
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) | ' |
EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) | |
The cost of shares issued to the ESOP, but not yet allocated to participants, are presented in the consolidated statements of financial condition as a reduction of stockholders’ equity. Compensation expense is recorded based on the market price of the shares as they are committed to be released for allocation to participant accounts. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. Dividends on unallocated shares are used to reduce the accrued interest and principal amount of the ESOP’s loan payable to the Company. At September 30, 2014 and 2013, all shares in the ESOP were allocated. | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ' |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
The Company, in the normal course of business, makes commitments to make loans which are not reflected in the consolidated financial statements. | |
INTANGIBLE ASSETS | ' |
INTANGIBLE ASSETS | |
Intangible assets other than goodwill are amortized. All intangible assets are subject to an impairment test at least annually or more often if conditions indicate a possible impairment. | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ' |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | |
The Company enters into sales of securities under agreements to repurchase with primary dealers only, which provide for the repurchase of the same security. Securities sold under agreements to repurchase identical securities are collateralized by assets which are held in safekeeping in the name of the Bank or by the dealers who arranged the transaction. Securities sold under agreements to repurchase are treated as financings, and the obligations to repurchase such securities are reflected as a liability. The securities underlying the agreements remain in the asset accounts of the Company. | |
REVENUE RECOGNITION | ' |
REVENUE RECOGNITION | |
Interest revenue from loans and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan or investment. Income from service and other customer charges is recognized as earned. Card fee revenue within the MPS division is recognized as services are performed and service charges are earned in accordance with the terms of the various programs. | |
EARNINGS PER COMMON SHARE ("EPS") | ' |
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 ESOP shares are considered outstanding for earnings per common share calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding. Diluted EPS shows the dilutive effect of additional potential common shares issuable under stock option plans. | |
COMPREHENSIVE INCOME (LOSS) | ' |
COMPREHENSIVE INCOME (LOSS) | |
Comprehensive income (loss) consists of net income and other comprehensive income or loss. Other comprehensive income includes the change in net unrealized gains and losses on securities available for sale, net of reclassification adjustments and tax effects. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity. | |
STOCK COMPENSATION | ' |
STOCK COMPENSATION | |
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. | |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
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. | |
ASU 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. | |
ASU 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. | |
ASU 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 reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and the Company is currently assessing the potential impact to the consolidated financial statements. | |
ASU No. 2014-14, Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | |
This ASU provides guidance on how to account for certain foreclosed government-guaranteed mortgage loans. The creditor should recognize a separate other receivable in the amount the creditor expects to recover from the guarantor. This update is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
EARNINGS PER COMMON SHARE [Abstract] | ' | ||||||||||||
Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS | ' | ||||||||||||
A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2014, 2013 and 2012 is presented below. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||
Earnings | |||||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
Basic EPS | |||||||||||||
Weighted average common shares outstanding | 6,117,577 | 5,595,733 | 3,460,877 | ||||||||||
Less weighted average nonvested shares | (4,301 | ) | (2,032 | ) | - | ||||||||
Weighted average common shares outstanding | 6,113,276 | 5,593,701 | 3,460,877 | ||||||||||
Earnings Per Common Share | |||||||||||||
Basic | $ | 2.57 | $ | 2.4 | $ | 4.94 | |||||||
Diluted EPS | |||||||||||||
Weighted average common shares outstanding for basic earnings per common share | 6,113,276 | 5,593,701 | 3,460,877 | ||||||||||
Add dilutive effect of assumed exercises of stock options, net of tax benefits | 85,133 | 53,437 | 19,601 | ||||||||||
Weighted average common and dilutive potential common shares outstanding | 6,198,409 | 5,647,138 | 3,480,478 | ||||||||||
Earnings Per Common Share | |||||||||||||
Diluted | $ | 2.53 | $ | 2.38 | $ | 4.92 |
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
Securities Available for Sale | ' | ||||||||||||||||||||||||
Securities available for sale were as follows: | |||||||||||||||||||||||||
Available For Sale | GROSS | GROSS | |||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 48,747 | $ | 191 | $ | (2,009 | ) | $ | 46,929 | ||||||||||||||||
Small business administration securities | 66,541 | 543 | (72 | ) | 67,012 | ||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 368,897 | 2,494 | (3,811 | ) | 367,580 | ||||||||||||||||||||
Mortgage-backed securities | 663,690 | 3,519 | (9,339 | ) | 657,870 | ||||||||||||||||||||
Total debt securities | 1,147,875 | 6,747 | (15,231 | ) | 1,139,391 | ||||||||||||||||||||
Common equities and mutual funds | 539 | 291 | (5 | ) | 825 | ||||||||||||||||||||
Total available for sale securities | $ | 1,148,414 | $ | 7,038 | $ | (15,236 | ) | $ | 1,140,216 | ||||||||||||||||
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 | ||||||||||||||||
Securities Held to Maturity | ' | ||||||||||||||||||||||||
Securities held to maturity were as follows: | |||||||||||||||||||||||||
GROSS | GROSS | ||||||||||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | FAIR | ||||||||||||||||||||||
At September 30, 2014 | COST | GAINS | (LOSSES) | VALUE | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 19,304 | $ | 48 | $ | (372 | ) | $ | 18,980 | ||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 193,595 | 894 | (2,329 | ) | 192,160 | ||||||||||||||||||||
Mortgage-backed securities | 70,034 | - | (1,862 | ) | 68,172 | ||||||||||||||||||||
Total held to maturity securities | $ | 282,933 | $ | 942 | $ | (4,563 | ) | $ | 279,312 | ||||||||||||||||
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 | ||||||||||||||||
Trust Preferred Securities Included in Securities Available for Sale | ' | ||||||||||||||||||||||||
Included in securities available for sale are trust preferred securities as follows: | |||||||||||||||||||||||||
At September 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 | $ | 4,400 | $ | (585 | ) | BB+ | Baa3 | ||||||||||||||||
Huntington Capital Trust II SE | 4,977 | 4,300 | (677 | ) | BB | Baa3 | |||||||||||||||||||
PNC Capital Trust | 4,962 | 4,400 | (562 | ) | BBB- | Baa2 | |||||||||||||||||||
Wells Fargo (Corestates Capital) Trust | 4,444 | 4,400 | (44 | ) | BBB+ | A3 | |||||||||||||||||||
Total | $ | 19,368 | $ | 17,500 | $ | (1,868 | ) | ||||||||||||||||||
(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 of Securities Available for Sale in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
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 September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Available For Sale | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Trust preferred and corporate securities | $ | 6,073 | $ | (47 | ) | $ | 25,359 | $ | (1,962 | ) | $ | 31,432 | $ | (2,009 | ) | ||||||||||
Small Business Administration securities | 8,454 | (72 | ) | - | - | 8,454 | (72 | ) | |||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 27,062 | (70 | ) | 191,146 | (3,741 | ) | 218,208 | (3,811 | ) | ||||||||||||||||
Mortgage-backed securities | 238,980 | (1,248 | ) | 234,347 | (8,091 | ) | 473,327 | (9,339 | ) | ||||||||||||||||
Total debt securities | 280,569 | (1,437 | ) | 450,852 | (13,794 | ) | 731,421 | (15,231 | ) | ||||||||||||||||
Common equities and mutual funds | 123 | (5 | ) | - | - | 123 | (5 | ) | |||||||||||||||||
Total available for sale securities | $ | 280,692 | $ | (1,442 | ) | $ | 450,852 | $ | (13,794 | ) | $ | 731,544 | $ | (15,236 | ) | ||||||||||
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 of Securities Held to Maturity in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
Held To Maturity | LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
At September 30, 2014 | Value | (Losses) | Value | (Losses) | Value | (Losses) | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,056 | $ | (2 | ) | $ | 14,079 | $ | (370 | ) | $ | 15,135 | $ | (372 | ) | ||||||||||
Non-bank qualified obligations of states and political subdivisions | - | - | 147,949 | (2,329 | ) | 147,949 | (2,329 | ) | |||||||||||||||||
Mortgage-backed securities | - | - | 68,172 | (1,862 | ) | 68,172 | (1,862 | ) | |||||||||||||||||
Total held to maturity securities | $ | 1,056 | $ | (2 | ) | $ | 230,200 | $ | (4,561 | ) | $ | 231,256 | $ | (4,563 | ) | ||||||||||
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 | ) | |||||||||||
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Available For Sale | AMORTIZED | FAIR | |||||||||||||||||||||||
COST | VALUE | ||||||||||||||||||||||||
30-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 2,999 | $ | 3,048 | |||||||||||||||||||||
Due after one year through five years | 9,922 | 10,079 | |||||||||||||||||||||||
Due after five years through ten years | 285,413 | 285,698 | |||||||||||||||||||||||
Due after ten years | 185,851 | 182,696 | |||||||||||||||||||||||
484,185 | 481,521 | ||||||||||||||||||||||||
Mortgage-backed securities | 663,690 | 657,870 | |||||||||||||||||||||||
Common equities and mutual funds | 539 | 825 | |||||||||||||||||||||||
Total available for sale securities | $ | 1,148,414 | $ | 1,140,216 | |||||||||||||||||||||
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-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 347 | $ | 348 | |||||||||||||||||||||
Due after one year through five years | 4,726 | 4,718 | |||||||||||||||||||||||
Due after five years through ten years | 91,532 | 89,984 | |||||||||||||||||||||||
Due after ten years | 116,294 | 116,090 | |||||||||||||||||||||||
212,899 | 211,140 | ||||||||||||||||||||||||
Mortgage-backed securities | 70,034 | 68,172 | |||||||||||||||||||||||
Total held to maturity securities | $ | 282,933 | $ | 279,312 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Summary of Activities Related to Sale of Securities Available for Sale | ' | ||||||||||||||||||||||||
Activities related to the sale of securities available for sale are summarized below. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Proceeds from sales | $ | 166,804 | $ | 209,172 | $ | 678,833 | |||||||||||||||||||
Gross gains on sales | 2,292 | 2,947 | 15,426 | ||||||||||||||||||||||
Gross losses on sales | 2,185 | 401 | 1,671 |
LOANS_RECEIVABLE_NET_Tables
LOANS RECEIVABLE, NET (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
LOANS RECEIVABLE NET [Abstract] | ' | ||||||||||||||||||||||||||||||||
Year-end Loans Receivable | ' | ||||||||||||||||||||||||||||||||
Year-end loans receivable were as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 116,395 | $ | 82,287 | |||||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 224,302 | 192,786 | |||||||||||||||||||||||||||||||
Agricultural Real Estate | 56,071 | 29,552 | |||||||||||||||||||||||||||||||
Consumer | 29,329 | 30,314 | |||||||||||||||||||||||||||||||
Commercial Operating | 30,846 | 16,264 | |||||||||||||||||||||||||||||||
Agricultural Operating | 42,258 | 33,750 | |||||||||||||||||||||||||||||||
Total Loans Receivable | 499,201 | 384,953 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | (5,397 | ) | (3,930 | ) | |||||||||||||||||||||||||||||
Net Deferred Loan Origination Fees | (797 | ) | (595 | ) | |||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 493,007 | $ | 380,428 | |||||||||||||||||||||||||||||
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans | ' | ||||||||||||||||||||||||||||||||
Annual activity in the allowance for loan losses was as follows: | |||||||||||||||||||||||||||||||||
Year ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,930 | $ | 3,971 | $ | 4,926 | |||||||||||||||||||||||||||
Provision (recovery) for loan losses | 1,150 | - | 1,049 | ||||||||||||||||||||||||||||||
Recoveries | 367 | 179 | 99 | ||||||||||||||||||||||||||||||
Charge offs | (50 | ) | (220 | ) | (2,103 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 5,397 | $ | 3,930 | $ | 3,971 | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in loans at September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
1-4 Family | Commercial and Multi-Family | Agricultural | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Provision (recovery) for loan losses | 217 | (709 | ) | 151 | 4 | 26 | 502 | 959 | 1,150 | ||||||||||||||||||||||||
Charge offs | - | - | - | - | - | (50 | ) | - | (50 | ) | |||||||||||||||||||||||
Recoveries | 2 | 347 | - | - | 18 | - | - | 367 | |||||||||||||||||||||||||
Ending balance | $ | 552 | $ | 1,575 | $ | 263 | $ | 78 | $ | 93 | $ | 719 | $ | 2,117 | $ | 5,397 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 23 | 350 | - | - | - | 340 | - | 713 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 529 | 1,225 | 263 | 78 | 93 | 379 | 2,117 | 4,684 | |||||||||||||||||||||||||
Total | $ | 552 | $ | 1,575 | $ | 263 | $ | 78 | $ | 93 | $ | 719 | $ | 2,117 | $ | 5,397 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 387 | 5,655 | - | - | 22 | 340 | - | 6,404 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 116,008 | 218,647 | 56,071 | 29,329 | 30,824 | 41,918 | - | 492,797 | |||||||||||||||||||||||||
Total | $ | 116,395 | $ | 224,302 | $ | 56,071 | $ | 29,329 | $ | 30,846 | $ | 42,258 | $ | - | $ | 499,201 | |||||||||||||||||
1-4 Family | Commercial and Multi-Family | Agricultural | Consumer | Commercial Operating | Agricultural Operating | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 193 | $ | 3,113 | $ | 1 | $ | 3 | $ | 49 | $ | - | $ | 612 | $ | 3,971 | |||||||||||||||||
Provision (recovery) for loan losses | 163 | (1,095 | ) | 111 | 71 | (63 | ) | 267 | 546 | - | |||||||||||||||||||||||
Charge offs | (25 | ) | (194 | ) | - | (1 | ) | - | - | - | (220 | ) | |||||||||||||||||||||
Recoveries | 2 | 113 | - | 1 | 63 | - | - | 179 | |||||||||||||||||||||||||
Ending balance | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Ending balance: individually evaluated for impairment | 25 | 404 | - | - | - | - | - | 429 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 308 | 1,533 | 112 | 74 | 49 | 267 | 1,158 | 3,501 | |||||||||||||||||||||||||
Total | $ | 333 | $ | 1,937 | $ | 112 | $ | 74 | $ | 49 | $ | 267 | $ | 1,158 | $ | 3,930 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 641 | 6,634 | - | - | 45 | - | - | 7,320 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 81,646 | 186,152 | 29,552 | 30,314 | 16,219 | 33,750 | - | 377,633 | |||||||||||||||||||||||||
Total | $ | 82,287 | $ | 192,786 | $ | 29,552 | $ | 30,314 | $ | 16,264 | $ | 33,750 | $ | - | $ | 384,953 | |||||||||||||||||
Asset Classification of Loans | ' | ||||||||||||||||||||||||||||||||
The asset classification of loans at September 30, 2014 and 2013, are as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 1-4 Family | Commercial and | Agricultural | Consumer | Commercial | Agricultural | Total | ||||||||||||||||||||||||||
Real Estate | Multi-Family | Real Estate | Operating | Operating | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Pass | $ | 115,700 | $ | 222,074 | $ | 52,364 | $ | 29,329 | $ | 30,709 | $ | 32,261 | $ | 482,437 | |||||||||||||||||||
Watch | 369 | 852 | 273 | - | 137 | 369 | 2,000 | ||||||||||||||||||||||||||
Special Mention | 81 | 96 | 1,660 | - | - | 63 | 1,900 | ||||||||||||||||||||||||||
Substandard | 245 | 1,280 | 1,774 | - | - | 9,565 | 12,864 | ||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
$ | 116,395 | $ | 224,302 | $ | 56,071 | $ | 29,329 | $ | 30,846 | $ | 42,258 | $ | 499,201 | ||||||||||||||||||||
30-Sep-13 | 1-4 Family | Commercial and | Agricultural | Consumer | Commercial | Agricultural | Total | ||||||||||||||||||||||||||
Real Estate | Multi-Family | Real Estate | Operating | Operating | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Past Due Loans | ' | ||||||||||||||||||||||||||||||||
Past due loans at September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Non-Accrual | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Loans | Receivable | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 111 | $ | 37 | $ | - | $ | 148 | $ | 115,966 | $ | 281 | $ | 116,395 | |||||||||||||||||||
Commercial and Multi-Family Real Estate | - | - | - | - | 223,990 | 312 | 224,302 | ||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | 56,071 | - | 56,071 | ||||||||||||||||||||||||||
Consumer | 2 | 12 | 54 | 68 | 29,261 | - | 29,329 | ||||||||||||||||||||||||||
Commercial Operating | - | - | - | - | 30,846 | - | 30,846 | ||||||||||||||||||||||||||
Agricultural Operating | - | - | - | - | 41,918 | 340 | 42,258 | ||||||||||||||||||||||||||
Total | $ | 113 | $ | 49 | $ | 54 | $ | 216 | $ | 498,052 | $ | 933 | $ | 499,201 | |||||||||||||||||||
30-Sep-13 | 30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Non-Accrual | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Loans | Receivable | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 53 | $ | - | $ | 245 | $ | 298 | $ | 81,744 | $ | 245 | $ | 82,287 | |||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | |||||||||||||||||||||||||||||||
Balance | Balance | Allowance | |||||||||||||||||||||||||||||||
30-Sep-14 | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 142 | $ | 142 | $ | - | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 4,375 | 4,375 | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | 22 | 22 | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 4,539 | $ | 4,539 | $ | - | |||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 245 | $ | 245 | $ | 23 | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 1,280 | 1,280 | 350 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | 340 | 340 | 340 | ||||||||||||||||||||||||||||||
Total | $ | 1,865 | $ | 1,865 | $ | 713 | |||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | |||||||||||||||||||||||||||||||
Balance | Balance | Allowance | |||||||||||||||||||||||||||||||
30-Sep-13 | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 359 | $ | 359 | $ | - | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 282 | $ | 282 | $ | 25 | |||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 2,107 | 2,107 | 404 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||
Commercial Operating | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Operating | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 2,389 | $ | 2,389 | $ | 429 | |||||||||||||||||||||||||||
Cash interest collected on impaired loans was not material during the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans for the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 574 | $ | 596 | |||||||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 6,526 | 8,480 | |||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | |||||||||||||||||||||||||||||||
Consumer | - | 1 | |||||||||||||||||||||||||||||||
Commercial Operating | 34 | 51 | |||||||||||||||||||||||||||||||
Agricultural Operating | 29 | - | |||||||||||||||||||||||||||||||
Total | $ | 7,163 | $ | 9,128 |
LOAN_SERVICING_Tables
LOAN SERVICING (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
LOAN SERVICING [Abstract] | ' | ||||||||||||
Unpaid Principal Balances of Loans Serviced for Others | ' | ||||||||||||
Loans serviced for others are not reported as assets. The unpaid principal balances of these loans at year end were as follows: | |||||||||||||
September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Mortgage loan portfolios serviced for Fannie Mae | $ | 5,948 | $ | 7,361 | $ | 11,240 | |||||||
Other | 16,576 | 9,930 | 3,251 | ||||||||||
$ | 22,524 | $ | 17,291 | $ | 14,491 |
PREMISES_FURNITURE_AND_EQUIPME1
PREMISES, FURNITURE, AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
PREMISES, FURNITURE, AND EQUIPMENT, NET [Abstract] | ' | ||||||||
Summary of Year-End Premises and Equipment | ' | ||||||||
Year-end premises and equipment were as follows: | |||||||||
September 30, | 2014 | 2013 | |||||||
(Dollars in Thousands) | |||||||||
Land | $ | 1,673 | $ | 1,679 | |||||
Buildings | 12,275 | 12,275 | |||||||
Furniture, fixtures, and equipment | 30,947 | 28,430 | |||||||
44,895 | 42,384 | ||||||||
Less accumulated depreciation | (28,433 | ) | (24,720 | ) | |||||
$ | 16,462 | $ | 17,664 |
TIME_CERTIFICATES_OF_DEPOSITS_
TIME CERTIFICATES OF DEPOSITS (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
TIME CERTIFICATES OF DEPOSITS [Abstract] | ' | ||||
Scheduled Maturities of Time Certificates of Deposits | ' | ||||
At September 30, 2014, the scheduled maturities of time certificates of deposits were as follows for the years ending: | |||||
September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | 106,078 | |||
2016 | 15,721 | ||||
2017 | 7,850 | ||||
2018 | 3,153 | ||||
2019 | 1,751 | ||||
Total Certificates | $ | 134,553 |
ADVANCES_FROM_THE_FEDERAL_HOME1
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract] | ' | ||||
Scheduled Maturities of FHLB Advances | ' | ||||
The scheduled maturities of FHLB advances were as follows for the years ending: | |||||
September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | - | |||
2016 | - | ||||
2017 | - | ||||
2018 | - | ||||
2019 | 5,000 | ||||
Thereafter | 2,000 | ||||
Total FHLB Advances | $ | 7,000 |
SECURITIES_SOLD_UNDER_AGREEMEN1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ||||||||
Analysis of Securities Sold under Agreements to Repurchase | ' | ||||||||
An analysis of securities sold under agreements to repurchase follows: | |||||||||
September 30, | 2014 | 2013 | |||||||
(Dollars in Thousands) | |||||||||
Highest month-end balance | $ | 33,999 | $ | 19,901 | |||||
Average balance | 10,137 | 10,540 | |||||||
Weighted average interest rate for the year | 0.52 | % | 0.52 | % | |||||
Weighted average interest rate at year end | 0.52 | % | 0.53 | % |
EMPLOYEE_STOCK_OWNERSHIP_AND_P1
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract] | ' | ||||||||||||
Year-End ESOP Shares | ' | ||||||||||||
Year-end ESOP shares are as follows: | |||||||||||||
September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Allocated shares | 239,879 | 223,868 | 247,814 | ||||||||||
Unearned shares | - | - | - | ||||||||||
Total ESOP shares | 239,879 | 223,868 | 247,814 |
SHARE_BASED_COMPENSATION_PLANS1
SHARE BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SHARE BASED COMPENSATION PLANS [Abstract] | ' | ||||||||||||||||
Effect to Income, Net of Tax Benefits, of Share-Based Expense Recorded | ' | ||||||||||||||||
The following table shows the effect to income, net of tax benefits, of share-based expense recorded in the years ended September 30, 2014, 2013 and 2012. | |||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Total employee stock-based compensation expense recognized in income, net of tax effects of $66, $51 and $30, respectively | $ | 120 | $ | 103 | $ | 76 | |||||||||||
Activity of Options | ' | ||||||||||||||||
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 during the years ended September 30, 2014 and 2013. | |||||||||||||||||
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 | (82,882 | ) | 22.31 | - | 1,389 | ||||||||||||
Forfeited or expired | - | - | - | - | |||||||||||||
Options outstanding, September 30, 2014 | 235,766 | $ | 25.2 | 3.78 | $ | 2,507 | |||||||||||
Options exercisable end of year | 235,766 | $ | 25.2 | 3.78 | $ | 2,507 | |||||||||||
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, 2012 | 389,358 | $ | 23.52 | 5.08 | $ | 1,199 | |||||||||||
Granted | - | - | |||||||||||||||
Exercised | (65,399 | ) | 18.09 | 807 | |||||||||||||
Forfeited or expired | (5,311 | ) | 35.06 | - | |||||||||||||
Options outstanding, September 30, 2013 | 318,648 | $ | 24.44 | 4.18 | $ | 4,376 | |||||||||||
Options exercisable end of year | 315,898 | $ | 24.4 | 4.16 | $ | 4,352 | |||||||||||
Activity of Nonvested (Restricted) Shares | ' | ||||||||||||||||
The following tables show the activity of nonvested (restricted) shares granted, vested, or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2014 and 2013. | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Fair Value At Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 | ||||||||||||||
Granted | 4,267 | 37.82 | |||||||||||||||
Vested | (4,267 | ) | 35.07 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2014 | 4,000 | $ | 28.61 | ||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Fair Value At Grant | ||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | |||||||||||||||||
Nonvested shares outstanding, September 30, 2012 | - | $ | - | ||||||||||||||
Granted | 8,900 | 24.2 | |||||||||||||||
Vested | (4,900 | ) | 23 | ||||||||||||||
Forfeited or expired | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 4,000 | $ | 25.67 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consists of: | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 3,787 | $ | 2,847 | $ | 7,734 | |||||||
Deferred | (1,765 | ) | (536 | ) | 858 | ||||||||
2,022 | 2,311 | 8,592 | |||||||||||
State: | |||||||||||||
Current | 874 | 1,252 | 960 | ||||||||||
Deferred | 10 | 141 | 130 | ||||||||||
884 | 1,393 | 1,090 | |||||||||||
Income tax expense | $ | 2,906 | $ | 3,704 | $ | 9,682 | |||||||
Reconciliation of Total Income Tax Expense | ' | ||||||||||||
Total income tax expense differs from the statutory federal income tax rate as follows: | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Income tax expense at federal tax rate | $ | 6,517 | $ | 5,993 | $ | 9,378 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes net of federal benefit | 575 | 1,092 | 708 | ||||||||||
Nontaxable buildup in cash surrender value | (399 | ) | (349 | ) | (179 | ) | |||||||
Incentive stock option expense | (187 | ) | (97 | ) | 10 | ||||||||
Tax exempt income | (3,594 | ) | (2,815 | ) | (244 | ) | |||||||
Nondeductible expenses | 120 | 41 | 37 | ||||||||||
Other, net | (126 | ) | (161 | ) | (28 | ) | |||||||
Total income tax expense (benefit) | $ | 2,906 | $ | 3,704 | $ | 9,682 | |||||||
Components of Net Deferred Tax Asset (Liability) | ' | ||||||||||||
The components of the net deferred tax asset (liability) at September 30, 2014 and 2013 are: | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Bad debts | $ | 1,955 | $ | 1,426 | |||||||||
Deferred compensation | 708 | 446 | |||||||||||
Stock based compensation | 271 | 293 | |||||||||||
Operational reserve | 464 | 494 | |||||||||||
AMT Credit | 2,239 | 1,113 | |||||||||||
Net unrealized losses on securities available for sale | 2,969 | 12,776 | |||||||||||
Indirect tax benefits of unrecognized tax positions | 376 | - | |||||||||||
Other assets | 759 | 1,157 | |||||||||||
9,741 | 17,705 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
FHLB stock dividend | (410 | ) | (411 | ) | |||||||||
Premises and equipment | (1,060 | ) | (1,366 | ) | |||||||||
Patents | (937 | ) | (849 | ) | |||||||||
Prepaid expenses | (743 | ) | (782 | ) | |||||||||
(3,150 | ) | (3,408 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 6,591 | $ | 14,297 | |||||||||
Reconciliation of Liabilities Associated with Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended September 30, 2014 and 2013, follows: | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Balance at beginning of year | $ | 931 | $ | 164 | |||||||||
Additions for tax positions related to the current year | 118 | 114 | |||||||||||
Additions for tax positions related to the prior years | - | 653 | |||||||||||
Reductions for tax positions due to settlement with taxing authorities | (16 | ) | - | ||||||||||
Reductions for tax positions related to prior years | (50 | ) | - | ||||||||||
Balance at end of year | $ | 983 | $ | 931 |
CAPITAL_REQUIREMENTS_AND_RESTR1
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract] | ' | ||||||||||||||||||||||||
Bank's Actual and Required Capital Amount and Ratios | ' | ||||||||||||||||||||||||
The Bank’s actual and required capital amounts and ratios are presented in the following table. | |||||||||||||||||||||||||
Minimum Requirement To Be | |||||||||||||||||||||||||
Minimum Requirement For | Well Capitalized Under Prompt | ||||||||||||||||||||||||
Actual | Capital Adequacy Purposes | Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
MetaBank | |||||||||||||||||||||||||
Tangible capital (to tangible assets) | $ | 176,388 | 8.6 | % | $ | 30,771 | 1.5 | % | $ | n/ | a | n/a | % | ||||||||||||
Tier 1 (core) capital (to adjusted total assets) | 176,388 | 8.6 | 82,057 | 4 | 102,571 | 5 | |||||||||||||||||||
Tier 1 (core) capital (to risk-weighted assets) | 176,388 | 20.95 | 33,672 | 4 | 50,508 | 6 | |||||||||||||||||||
Total risk based capital (to risk-weighted assets) | 181,786 | 21.59 | 67,344 | 8 | 84,180 | 10 | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
MetaBank | |||||||||||||||||||||||||
Tangible capital (to tangible assets) | $ | 160,145 | 9.38 | % | $ | 25,608 | 1.5 | % | $ | n/ | a | n/a | % | ||||||||||||
Tier 1 (core) capital (to adjusted total assets) | 160,145 | 9.38 | 68,289 | 4 | 85,362 | 5 | |||||||||||||||||||
Tier 1 (core) capital (to risk-weighted assets) | 160,145 | 22.44 | 28,551 | 4 | 42,827 | 6 | |||||||||||||||||||
Total risk based capital (to risk-weighted assets) | 164,076 | 22.99 | 57,103 | 8 | 71,378 | 10 |
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
LEASE COMMITMENTS [Abstract] | ' | ||||
Total Minimum Rental Commitment | ' | ||||
The following table shows the total minimum rental commitment at September 30, 2014, under the leases. | |||||
Year Ending September 30, | |||||
(Dollars in Thousands) | |||||
2015 | $ | 1,218 | |||
2016 | 1,219 | ||||
2017 | 1,225 | ||||
2018 | 1,035 | ||||
2019 | 986 | ||||
Thereafter | 13,135 | ||||
Total Leases Commitments | $ | 18,818 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||
Segment Information of Entity | ' | ||||||||||||||||
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. | |||||||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||
Interest income | $ | 31,635 | $ | 17,025 | $ | - | $ | 48,660 | |||||||||
Interest expense | 1,926 | 124 | 348 | 2,398 | |||||||||||||
Net interest income (expense) | 29,709 | 16,901 | (348 | ) | 46,262 | ||||||||||||
Provision (recovery) for loan losses | 1,150 | - | - | 1,150 | |||||||||||||
Non-interest income | 3,214 | 48,524 | - | 51,738 | |||||||||||||
Non-interest expense | 21,227 | 56,234 | 770 | 78,231 | |||||||||||||
Income (loss) before income tax expense (benefit) | 10,546 | 9,191 | (1,118 | ) | 18,619 | ||||||||||||
Income tax expense (benefit) | 1,846 | 1,482 | (422 | ) | 2,906 | ||||||||||||
Net income (loss) | $ | 8,700 | $ | 7,709 | $ | (696 | ) | $ | 15,713 | ||||||||
Inter-segment revenue (expense) | $ | 12,793 | $ | (12,793 | ) | $ | - | $ | - | ||||||||
Total assets | 805,494 | 1,245,110 | 3,427 | 2,054,031 | |||||||||||||
Total deposits | 273,399 | 1,099,548 | (6,406 | ) | 1,366,541 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||
Interest income | $ | 24,169 | $ | 14,807 | $ | - | $ | 38,976 | |||||||||
Interest expense | 2,361 | 124 | 469 | 2,954 | |||||||||||||
Net interest income (expense) | 21,808 | 14,683 | (469 | ) | 36,022 | ||||||||||||
Provision (recovery) for loan losses | - | - | - | - | |||||||||||||
Non-interest income | 5,226 | 50,290 | (13 | ) | 55,503 | ||||||||||||
Non-interest expense | 19,479 | 53,983 | 941 | 74,403 | |||||||||||||
Income (loss) before income tax expense (benefit) | 7,555 | 10,990 | (1,423 | ) | 17,122 | ||||||||||||
Income tax expense (benefit) | 1,615 | 2,611 | (522 | ) | 3,704 | ||||||||||||
Net income (loss) | $ | 5,940 | $ | 8,379 | $ | (901 | ) | $ | 13,418 | ||||||||
Inter-segment revenue (expense) | $ | 12,106 | $ | (12,106 | ) | $ | - | $ | - | ||||||||
Total assets | 487,754 | 1,201,531 | 2,704 | 1,691,989 | |||||||||||||
Total deposits | 260,525 | 1,063,770 | (9,012 | ) | 1,315,283 | ||||||||||||
Retail | Meta Payment | ||||||||||||||||
Banking | Systems® | All Others | Total | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||
Interest income | $ | 24,856 | $ | 12,441 | $ | - | $ | 37,297 | |||||||||
Interest expense | 2,877 | 204 | 482 | 3,563 | |||||||||||||
Net interest income (expense) | 21,979 | 12,237 | (482 | ) | 33,734 | ||||||||||||
Provision (recovery) for loan losses | 1,050 | (1 | ) | - | 1,049 | ||||||||||||
Non-interest income | 16,592 | 52,957 | 25 | 69,574 | |||||||||||||
Non-interest expense | 20,569 | 54,686 | 208 | 75,463 | |||||||||||||
Income (loss) before tax | 16,952 | 10,509 | (665 | ) | 26,796 | ||||||||||||
Income tax expense (benefit) | 5,963 | 3,993 | (274 | ) | 9,682 | ||||||||||||
Net income (loss) | $ | 10,989 | $ | 6,516 | $ | (391 | ) | $ | 17,114 | ||||||||
Inter-segment revenue (expense) | $ | 11,603 | $ | (11,603 | ) | $ | - | $ | - | ||||||||
Total assets | 418,137 | 1,230,925 | 1,936 | 1,650,998 | |||||||||||||
Total deposits | 216,912 | 1,167,364 | (4,482 | ) | 1,379,794 | ||||||||||||
The following tables present gross profit data for MPS for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 17,025 | $ | 14,807 | $ | 12,441 | |||||||||||
Interest expense | 124 | 124 | 204 | ||||||||||||||
Net interest income | 16,901 | 14,683 | 12,237 | ||||||||||||||
Provision (recovery) for loan losses | - | - | (1 | ) | |||||||||||||
Non-interest income | 48,524 | 50,290 | 52,957 | ||||||||||||||
Card processing expense | 15,457 | 15,546 | 17,323 | ||||||||||||||
Gross Profit | 49,968 | 49,427 | 47,872 | ||||||||||||||
Other non-interest expense | 40,777 | 38,437 | 37,363 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 9,191 | 10,990 | 10,509 | ||||||||||||||
Income tax expense | 1,482 | 2,611 | 3,993 | ||||||||||||||
Net Income | $ | 7,709 | $ | 8,379 | $ | 6,516 |
PARENT_COMPANY_FINANCIAL_STATE1
PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||
Condensed Statements of Financial Condition | ' | ||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
September 30, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 9,439 | $ | 11,386 | |||||||||
Investment in subsidiaries | 175,568 | 142,199 | |||||||||||
Other assets | 393 | 329 | |||||||||||
Total assets | $ | 185,400 | $ | 153,914 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
LIABILITIES | |||||||||||||
Subordinated debentures | $ | 10,310 | $ | 10,310 | |||||||||
Other liabilities | 288 | 620 | |||||||||||
Total liabilities | $ | 10,598 | $ | 10,930 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||||||
Common stock | 62 | 61 | |||||||||||
Additional paid-in capital | 95,079 | 92,963 | |||||||||||
Retained earnings | 83,797 | 71,268 | |||||||||||
Accumulated other comprehensive income (loss) | (3,409 | ) | (20,285 | ) | |||||||||
Treasury stock, at cost | (727 | ) | (1,023 | ) | |||||||||
Total stockholders' equity | $ | 174,802 | $ | 142,984 | |||||||||
Total liabilities and stockholders' equity | $ | 185,400 | $ | 153,914 | |||||||||
Condensed Statements of Operations | ' | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
Total other income | $ | - | $ | - | $ | 25 | |||||||
Interest expense | 348 | 469 | 482 | ||||||||||
Other expense | 770 | 941 | 209 | ||||||||||
Total expense | 1,118 | 1,410 | 691 | ||||||||||
Loss before income taxes and equity in undistributed net income of subsidiaries | (1,118 | ) | (1,410 | ) | (666 | ) | |||||||
Income tax benefit | (422 | ) | (509 | ) | (275 | ) | |||||||
Loss before equity in undistributed net income of subsidiaries | (696 | ) | (901 | ) | (391 | ) | |||||||
Equity in undistributed net income of subsidiaries | 16,409 | 14,319 | 17,505 | ||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended September 30, | 2014 | 2013 | 2012 | ||||||||||
(Dollars in Thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 15,713 | $ | 13,418 | $ | 17,114 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activites | |||||||||||||
Depreciation, amortization and accretion, net | (310 | ) | - | - | |||||||||
Equity in undistributed net income of subsidiaries | (16,409 | ) | (14,319 | ) | (17,505 | ) | |||||||
Change in other assets | 246 | 54 | 498 | ||||||||||
Change in other liabilities | (332 | ) | (339 | ) | 865 | ||||||||
Net cash provided by (used in) operating activities | (1,092 | ) | (1,186 | ) | 972 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITES | |||||||||||||
Capital contributions to subsidiaries | - | (6,000 | ) | (42,482 | ) | ||||||||
Net cash provided by (used in)investing activites | - | (6,000 | ) | (42,482 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Cash dividends paid | (3,184 | ) | (2,926 | ) | (1,832 | ) | |||||||
Stock compensation | 4 | 165 | 27 | ||||||||||
Proceeds from issuance of common stock | (51 | ) | 12,718 | 47,796 | |||||||||
Proceeds from exercise of stock options | 2,376 | 2,548 | - | ||||||||||
Other, net | - | (38 | ) | - | |||||||||
Net cash provided by (used in) financing activities | (855 | ) | 12,467 | 45,991 | |||||||||
Net change in cash and cash equivalents | $ | (1,947 | ) | $ | 5,281 | $ | 4,481 | ||||||
CASH AND CASH EQUIVALENTS | |||||||||||||
Beginning of year | $ | 11,386 | $ | 6,105 | $ | 1,624 | |||||||
End of year | $ | 9,439 | $ | 11,386 | $ | 6,105 |
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
QUARTER ENDED | |||||||||||||||||
31-Dec | 31-Mar | 30-Jun | 30-Sep | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Interest income | $ | 11,162 | $ | 12,063 | $ | 12,566 | $ | 12,869 | |||||||||
Interest expense | 649 | 544 | 638 | 567 | |||||||||||||
Net interest income | 10,513 | 11,519 | 11,928 | 12,302 | |||||||||||||
Provision (recovery) for loan losses | - | 300 | 300 | 550 | |||||||||||||
Net Income (loss) | 4,002 | 4,144 | 4,204 | 3,363 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.66 | $ | 0.68 | $ | 0.69 | $ | 0.54 | |||||||||
Diluted | 0.65 | 0.67 | 0.68 | 0.53 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Interest income | $ | 9,630 | $ | 9,718 | $ | 9,825 | $ | 9,803 | |||||||||
Interest expense | 833 | 813 | 666 | 642 | |||||||||||||
Net interest income | 8,797 | 8,905 | 9,159 | 9,161 | |||||||||||||
Provision (recovery) for loan losses | - | (300 | ) | - | 300 | ||||||||||||
Net Income (loss) | 3,125 | 3,147 | 3,672 | 3,474 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.57 | $ | 0.57 | $ | 0.67 | $ | 0.59 | |||||||||
Diluted | 0.57 | 0.57 | 0.66 | 0.58 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
Fiscal Year 2012 | |||||||||||||||||
Interest income | $ | 9,615 | $ | 10,299 | $ | 9,149 | $ | 8,234 | |||||||||
Interest expense | 977 | 888 | 857 | 841 | |||||||||||||
Net interest income | 8,638 | 9,411 | 8,292 | 7,393 | |||||||||||||
Provision (recovery) for loan losses | 699 | 200 | 150 | - | |||||||||||||
Net Income (loss) | 3,091 | 9,970 | 2,387 | 1,666 | |||||||||||||
Earnings (loss) per common and common equivalent share | |||||||||||||||||
Basic | $ | 0.97 | $ | 3.12 | $ | 0.67 | $ | 0.18 | |||||||||
Diluted | 0.97 | 3.1 | 0.66 | 0.19 | |||||||||||||
Dividend declared per share | 0.13 | 0.13 | 0.13 | 0.13 | |||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR1
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Fair Values of Securities Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the fair values of securities available for sale and held to maturity at September 30, 2014 and 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 Sepember 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 | $ | 46,929 | $ | - | $ | 46,929 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Small business administration securities | 67,012 | - | 67,012 | - | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 18,980 | - | 18,980 | - | |||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 367,580 | - | 367,580 | - | 192,160 | - | 192,160 | - | |||||||||||||||||||||||||
Mortgage-backed securities | 657,870 | - | 657,870 | - | 68,172 | - | 68,172 | - | |||||||||||||||||||||||||
Total debt securities | 1,139,391 | - | 1,139,391 | - | 279,312 | - | 279,312 | - | |||||||||||||||||||||||||
Common equities and mutual funds | 825 | 825 | - | - | - | - | - | - | |||||||||||||||||||||||||
Total securities | $ | 1,140,216 | $ | 825 | $ | 1,139,391 | $ | - | $ | 279,312 | $ | - | $ | 279,312 | $ | - | |||||||||||||||||
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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Fair Value at September 30, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 222 | $ | - | $ | - | $ | 222 | |||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 930 | - | - | 930 | |||||||||||||||||||||||||||||
Total Impaired Loans | 1,152 | - | - | 1,152 | |||||||||||||||||||||||||||||
Foreclosed Assets, net | 15 | - | - | 15 | |||||||||||||||||||||||||||||
Total | $ | 1,167 | $ | - | $ | - | $ | 1,167 | |||||||||||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Impaired Loans, net | |||||||||||||||||||||||||||||||||
1-4 Family Real Estate | $ | 257 | $ | - | $ | - | $ | 257 | |||||||||||||||||||||||||
Commercial and Multi-Family Real Estate | 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 | ' | ||||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | Valuation | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | 30-Sep-14 | 30-Sep-13 | Technique | Unobservable Input | |||||||||||||||||||||||||||||
Impaired Loans, net | $ | 1,152 | $ | 2,067 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||
Foreclosed Assets, net | 15 | 116 | Market approach | Appraised values (1) | |||||||||||||||||||||||||||||
-1 | The Company generally relies on external appraisers to develoop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%. | ||||||||||||||||||||||||||||||||
Carrying Amount 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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Carrying | Estimated | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 29,832 | $ | 29,832 | $ | 29,832 | $ | - | $ | - | |||||||||||||||||||||||
Securities available for sale | 1,140,216 | 1,140,216 | 825 | 1,139,391 | - | ||||||||||||||||||||||||||||
Securities held to maturity | 282,933 | 279,312 | - | 279,312 | - | ||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
One to four family residential mortgage loans | 116,395 | 111,254 | - | - | 111,254 | ||||||||||||||||||||||||||||
Commercial and multi-family real estate loans | 224,302 | 234,845 | - | - | 234,845 | ||||||||||||||||||||||||||||
Agricultural real estate loans | 56,071 | 58,651 | - | - | 58,651 | ||||||||||||||||||||||||||||
Consumer loans | 29,329 | 29,580 | - | - | 29,580 | ||||||||||||||||||||||||||||
Commercial operating loans | 30,846 | 25,660 | - | - | 25,660 | ||||||||||||||||||||||||||||
Agricultural operating loans | 42,258 | 44,398 | - | - | 44,398 | ||||||||||||||||||||||||||||
Total loans receivable | 499,201 | 504,388 | - | - | 504,388 | ||||||||||||||||||||||||||||
FHLB stock | 21,245 | 21,245 | - | 21,245 | - | ||||||||||||||||||||||||||||
Accrued interest receivable | 11,222 | 11,222 | 11,222 | - | - | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,126,715 | 1,126,715 | 1,126,715 | - | - | ||||||||||||||||||||||||||||
Interest bearing demand deposits, savings, and money markets | 105,273 | 105,273 | 105,273 | - | - | ||||||||||||||||||||||||||||
Certificates of deposit | 134,553 | 134,746 | - | 134,746 | - | ||||||||||||||||||||||||||||
Total deposits | 1,366,541 | 1,366,734 | 1,231,988 | 134,746 | - | ||||||||||||||||||||||||||||
Advances from FHLB | 7,000 | 8,789 | - | 8,789 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 470,000 | 470,000 | - | 470,000 | - | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 10,411 | 10,414 | - | 10,414 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,415 | - | 10,415 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 318 | 318 | 318 | - | - | ||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
FHLB 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 FHLB | 7,000 | 9,089 | - | 9,089 | - | ||||||||||||||||||||||||||||
Federal funds purchased | 190,000 | 190,000 | - | 190,001 | - | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 9,146 | 9,146 | - | 9,148 | - | ||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 10,312 | - | 10,312 | - | ||||||||||||||||||||||||||||
Accrued interest payable | 291 | 291 | 291 | - | - |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||
Sep. 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 years ended September 30, 2014 and 2013 are as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
Acquisitions during the period | 331 | - | 331 | ||||||||||
Amortization during the period | (78 | ) | - | (78 | ) | ||||||||
Write-offs during the period | (4 | ) | - | (4 | ) | ||||||||
Balance as of September 30, 2014 | $ | 2,588 | $ | - | $ | 2,588 | |||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Balance as of September 30, 2012 | $ | 2,026 | $ | 9 | $ | 2,035 | |||||||
Acquisitions during the period | 363 | - | 363 | ||||||||||
Amortization during the period | (50 | ) | (9 | ) | (59 | ) | |||||||
Write-offs during the period | - | - | - | ||||||||||
Balance as of September 30, 2013 | $ | 2,339 | $ | - | $ | 2,339 | |||||||
Anticipated Future Amortization of Intangibles | ' | ||||||||||||
The anticipated future amortization of intangibles is as follows: | |||||||||||||
Meta Payment | Meta Payment | ||||||||||||
Systems® | Systems® | ||||||||||||
Patents | Other | Total | |||||||||||
Year Ending September 30, | |||||||||||||
2015 | $ | 91 | $ | - | $ | 91 | |||||||
2016 | 91 | - | 91 | ||||||||||
2017 | 91 | - | 91 | ||||||||||
2018 | 91 | - | 91 | ||||||||||
2019 | 91 | - | 91 | ||||||||||
Thereafter | 2,133 | - | 2,133 | ||||||||||
Total anticipated intangible amortization | $ | 2,588 | $ | - | $ | 2,588 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment | ||
PRINCIPLES OF CONSOLIDATION [Abstract] | ' | ' |
Percentage of interest in subsidiary (in hundredths) | 100.00% | ' |
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION [Abstract] | ' | ' |
Number of reporting segments | 2 | ' |
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD [Abstract] | ' | ' |
Terms of FHLB advances | '90 days | ' |
Reserve balances in cash or on deposit with FRB (Federal Reserve Bank) | $8.30 | $4.10 |
Interest bearing deposits held at FRB | 9.1 | ' |
LOANS RECEIVABLE [Abstract] | ' | ' |
Period when loan becomes delinquent | '90 days | ' |
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS [Abstract] | ' | ' |
Aggregate unpaid balance of loans serviced for others | $22.50 | $17.30 |
Building [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises, furniture and equipment, estimated useful lives | '10 years | ' |
Building [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises, furniture and equipment, estimated useful lives | '40 years | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises, furniture and equipment, estimated useful lives | '2 years | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises, furniture and equipment, estimated useful lives | '15 years | ' |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earning [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $3,363 | $4,204 | $4,144 | $4,002 | $3,474 | $3,672 | $3,147 | $3,125 | $1,666 | $2,387 | $9,970 | $3,091 | $15,713 | $13,418 | $17,114 |
Basic EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,117,577 | 5,595,733 | 3,460,877 |
Less weighted average nonvested shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,301 | -2,032 | 0 |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,113,276 | 5,593,701 | 3,460,877 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.54 | $0.69 | $0.68 | $0.66 | $0.59 | $0.67 | $0.57 | $0.57 | $0.18 | $0.67 | $3.12 | $0.97 | $2.57 | $2.40 | $4.94 |
Diluted EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings per common share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,113,276 | 5,593,701 | 3,460,877 |
Add dilutive effect of assumed exercises of stock options, net of tax benefits (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,133 | 53,437 | 19,601 |
Weighted average common and dilutive potential common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,198,409 | 5,647,138 | 3,480,478 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | $0.53 | $0.68 | $0.67 | $0.65 | $0.58 | $0.66 | $0.57 | $0.57 | $0.19 | $0.66 | $3.10 | $0.97 | $2.53 | $2.38 | $4.92 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities excluded from computing diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,987 | 88,828 | 308,351 |
SECURITIES_Details
SECURITIES (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Fair value | $657,870 | $581,372 | ' | ||
Available-for-sale equity securities [Abstract] | ' | ' | ' | ||
Fair value | 482,346 | 299,821 | ' | ||
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 1,148,414 | 916,408 | ' | ||
Gross unrealized gains | 7,038 | 4,586 | ' | ||
Gross unrealized (losses) | -15,236 | -39,801 | ' | ||
Fair value | 1,140,216 | 881,193 | ' | ||
Held-to-maturity Securities [Abstract] | ' | ' | ' | ||
Amortized cost | 282,933 | 288,026 | ' | ||
Gross unrealized gains | 942 | 13 | ' | ||
Gross unrealized (losses) | -4,563 | -17,521 | ' | ||
Fair value | 279,312 | 270,518 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 1,140,216 | 881,193 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 280,692 | 627,618 | ' | ||
OVER 12 MONTHS, Fair Value | 450,852 | 13,477 | ' | ||
TOTAL, Fair Value | 731,544 | 641,095 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -1,442 | -36,985 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -13,794 | -2,816 | ' | ||
TOTAL, Unrealized (Losses) | -15,236 | -39,801 | ' | ||
Held-to-maturity securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 1,056 | 269,429 | ' | ||
OVER 12 MONTHS, Fair Value | 230,200 | 0 | ' | ||
TOTAL, Fair Value | 231,256 | 269,429 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -2 | -17,521 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -4,561 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -4,563 | -17,521 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Due in one year or less | 2,999 | 0 | ' | ||
Due after one year through five years | 9,922 | 9,929 | ' | ||
Due after five years through ten years | 285,413 | 162,203 | ' | ||
Due after ten years | 185,851 | 147,933 | ' | ||
Total Amortized Cost | 484,185 | 320,065 | ' | ||
Mortgage-backed securities | 663,690 | 596,343 | ' | ||
Common equities and mutual funds | 539 | ' | ' | ||
Amortized cost | 1,148,414 | 916,408 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Due in one year or less | 3,048 | 0 | ' | ||
Due after one year through five years | 10,079 | 10,061 | ' | ||
Due after five years through ten years | 285,698 | 155,014 | ' | ||
Due after ten years | 182,696 | 134,746 | ' | ||
Total Fair Value | 481,521 | 299,821 | ' | ||
Mortgage-backed securities | 657,870 | 581,372 | ' | ||
Common equities and mutual funds | 825 | ' | ' | ||
Total securities | 1,140,216 | 881,193 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Due in one year or less | 347 | 649 | ' | ||
Due after one year through five years | 4,726 | 2,234 | ' | ||
Due after five years through ten years | 91,532 | 50,547 | ' | ||
Due after ten years | 116,294 | 157,669 | ' | ||
Total Amortized Cost | 212,899 | 211,099 | ' | ||
Mortgage-backed securities | 70,034 | 76,927 | ' | ||
Amortized cost | 282,933 | 288,026 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Due in one year or less | 348 | 649 | ' | ||
Due after one year through five years | 4,718 | 2,203 | ' | ||
Due after five years through ten years | 89,984 | 47,519 | ' | ||
Due after ten years | 116,090 | 147,046 | ' | ||
Total Fair Value | 211,140 | 197,417 | ' | ||
Mortgage-backed securities | 68,172 | 73,101 | ' | ||
Total securities | 279,312 | 270,518 | ' | ||
Proceeds from sales | 166,804 | 209,172 | 678,833 | ||
Gross gains on sales | 2,292 | 2,947 | 15,426 | ||
Gross losses on sales | 2,185 | 401 | 1,671 | ||
Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 19,368 | [1] | 19,318 | [1] | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 17,500 | [1] | 16,400 | [1] | ' |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 19,368 | [1] | 19,318 | [1] | ' |
Fair value | 17,500 | [1] | 16,400 | [1] | ' |
Unrealized gain (loss) | -1,868 | [1] | -2,918 | [1] | ' |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 17,500 | [1] | 16,400 | [1] | ' |
S&P Credit Rating, BB+ [Member] | Moody Credit Rating, Baa3 [Member] | Key Corp Capital I [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,985 | [1] | ' | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 4,400 | [1] | ' | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,985 | [1] | ' | ' | |
Fair value | 4,400 | [1] | ' | ' | |
Unrealized gain (loss) | -585 | [1] | ' | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 4,400 | [1] | ' | ' | |
S&P Credit Rating, BB+ [Member] | Moody Credit Rating, Baa3 [Member] | Huntington Capital Trust II SE [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,976 | [1] | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | ' | 4,075 | [1] | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,976 | [1] | ' | |
Fair value | ' | 4,075 | [1] | ' | |
Unrealized gain (loss) | ' | -901 | [1] | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | ' | 4,075 | [1] | ' | |
S&P Credit Rating, BB [Member] | Moody Credit Rating, Baa3 [Member] | Huntington Capital Trust II SE [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,977 | [1] | ' | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 4,300 | [1] | ' | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,977 | [1] | ' | ' | |
Fair value | 4,300 | [1] | ' | ' | |
Unrealized gain (loss) | -677 | [1] | ' | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 4,300 | [1] | ' | ' | |
S&P Credit Rating, BBB- [Member] | Moody Credit Rating, Baa3 [Member] | Key Corp Capital I [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,984 | [1] | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | ' | 4,100 | [1] | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,984 | [1] | ' | |
Fair value | ' | 4,100 | [1] | ' | |
Unrealized gain (loss) | ' | -884 | [1] | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | ' | 4,100 | [1] | ' | |
S&P Credit Rating, BBB- [Member] | Moody Credit Rating, Baa2 [Member] | PNC Capital Trust [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,962 | [1] | ' | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 4,400 | [1] | ' | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,962 | [1] | ' | ' | |
Fair value | 4,400 | [1] | ' | ' | |
Unrealized gain (loss) | -562 | [1] | ' | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 4,400 | [1] | ' | ' | |
S&P Credit Rating, BBB+ [Member] | Moody Credit Rating, A3 [Member] | Wells Fargo (Corestates Capital) Trust [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,444 | [1] | ' | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | 4,400 | [1] | ' | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 4,444 | [1] | ' | ' | |
Fair value | 4,400 | [1] | ' | ' | |
Unrealized gain (loss) | -44 | [1] | ' | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 4,400 | [1] | ' | ' | |
S&P Credit Rating, BBB [Member] | Moody Credit Rating, Baa2 [Member] | PNC Capital Trust [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,959 | [1] | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | ' | 4,175 | [1] | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,959 | [1] | ' | |
Fair value | ' | 4,175 | [1] | ' | |
Unrealized gain (loss) | ' | -784 | [1] | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | ' | 4,175 | [1] | ' | |
S&P Credit Rating, A- [Member] | Moody Credit Rating, A3 [Member] | Wells Fargo (Corestates Capital) Trust [Member] | Trust Preferred Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,399 | [1] | ' | |
Available-for-sale securities [Abstract] | ' | ' | ' | ||
Fair value | ' | 4,050 | [1] | ' | |
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 4,399 | [1] | ' | |
Fair value | ' | 4,050 | [1] | ' | |
Unrealized gain (loss) | ' | -349 | [1] | ' | |
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | ' | 4,050 | [1] | ' | |
Debt Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 1,147,875 | ' | ' | ||
Gross unrealized gains | 6,747 | ' | ' | ||
Gross unrealized (losses) | -15,231 | ' | ' | ||
Fair value | 1,139,391 | ' | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 1,147,875 | ' | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 280,569 | ' | ' | ||
OVER 12 MONTHS, Fair Value | 450,852 | ' | ' | ||
TOTAL, Fair Value | 731,421 | ' | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -1,437 | ' | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -13,794 | ' | ' | ||
TOTAL, Unrealized (Losses) | -15,231 | ' | ' | ||
Trust Preferred and Corporate Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 48,747 | 52,897 | ' | ||
Gross unrealized gains | 191 | 136 | ' | ||
Gross unrealized (losses) | -2,009 | -4,249 | ' | ||
Fair value | 46,929 | 48,784 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 48,747 | 52,897 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 6,073 | 29,312 | ' | ||
OVER 12 MONTHS, Fair Value | 25,359 | 13,477 | ' | ||
TOTAL, Fair Value | 31,432 | 42,789 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -47 | -1,433 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -1,962 | -2,816 | ' | ||
TOTAL, Unrealized (Losses) | -2,009 | -4,249 | ' | ||
Agency and Instrumentality Securities [Member] | ' | ' | ' | ||
Held-to-maturity Securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 10,003 | ' | ||
Gross unrealized gains | ' | 0 | ' | ||
Gross unrealized (losses) | ' | -390 | ' | ||
Fair value | ' | 9,613 | ' | ||
Held-to-maturity securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | ' | 9,613 | ' | ||
OVER 12 MONTHS, Fair Value | ' | 0 | ' | ||
TOTAL, Fair Value | ' | 9,613 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | ' | -390 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | ' | 0 | ' | ||
TOTAL, Unrealized (Losses) | ' | -390 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 10,003 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | ' | 9,613 | ' | ||
Small Business Administration Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 66,541 | 10,099 | ' | ||
Gross unrealized gains | 543 | 482 | ' | ||
Gross unrealized (losses) | -72 | 0 | ' | ||
Fair value | 67,012 | 10,581 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 66,541 | 10,099 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 8,454 | ' | ' | ||
OVER 12 MONTHS, Fair Value | 0 | ' | ' | ||
TOTAL, Fair Value | 8,454 | ' | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -72 | ' | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | 0 | ' | ' | ||
TOTAL, Unrealized (Losses) | -72 | ' | ' | ||
Obligations of States and Political Subdivisions [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 1,880 | ' | ||
Gross unrealized gains | ' | 0 | ' | ||
Gross unrealized (losses) | ' | -153 | ' | ||
Fair value | ' | 1,727 | ' | ||
Held-to-maturity Securities [Abstract] | ' | ' | ' | ||
Amortized cost | 19,304 | 19,549 | ' | ||
Gross unrealized gains | 48 | 13 | ' | ||
Gross unrealized (losses) | -372 | -1,220 | ' | ||
Fair value | 18,980 | 18,342 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | ' | 1,880 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | ' | 1,727 | ' | ||
OVER 12 MONTHS, Fair Value | ' | 0 | ' | ||
TOTAL, Fair Value | ' | 1,727 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | ' | -153 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | ' | 0 | ' | ||
TOTAL, Unrealized (Losses) | ' | -153 | ' | ||
Held-to-maturity securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 1,056 | 17,253 | ' | ||
OVER 12 MONTHS, Fair Value | 14,079 | 0 | ' | ||
TOTAL, Fair Value | 15,135 | 17,253 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -2 | -1,220 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -370 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -372 | -1,220 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Amortized cost | 19,304 | 19,549 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 18,980 | 18,342 | ' | ||
Non-Bank Qualified Obligation of States And Political Subdivisions [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 368,897 | 255,189 | ' | ||
Gross unrealized gains | 2,494 | 0 | ' | ||
Gross unrealized (losses) | -3,811 | -16,460 | ' | ||
Fair value | 367,580 | 238,729 | ' | ||
Held-to-maturity Securities [Abstract] | ' | ' | ' | ||
Amortized cost | 193,595 | 181,547 | ' | ||
Gross unrealized gains | 894 | 0 | ' | ||
Gross unrealized (losses) | -2,329 | -12,085 | ' | ||
Fair value | 192,160 | 169,462 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 368,897 | 255,189 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 27,062 | 238,729 | ' | ||
OVER 12 MONTHS, Fair Value | 191,146 | 0 | ' | ||
TOTAL, Fair Value | 218,208 | 238,729 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -70 | -16,460 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -3,741 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -3,811 | -16,460 | ' | ||
Held-to-maturity securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 169,462 | ' | ||
OVER 12 MONTHS, Fair Value | 147,949 | 0 | ' | ||
TOTAL, Fair Value | 147,949 | 169,462 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | -12,085 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -2,329 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -2,329 | -12,085 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Amortized cost | 193,595 | 181,547 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 192,160 | 169,462 | ' | ||
Mortgage-backed Securities [Member] | ' | ' | ' | ||
Available-for-sale debt securities [Abstract] | ' | ' | ' | ||
Amortized cost | 663,690 | 596,343 | ' | ||
Gross unrealized gains | 3,519 | 3,968 | ' | ||
Gross unrealized (losses) | -9,339 | -18,939 | ' | ||
Fair value | 657,870 | 581,372 | ' | ||
Held-to-maturity Securities [Abstract] | ' | ' | ' | ||
Amortized cost | 70,034 | 76,927 | ' | ||
Gross unrealized gains | 0 | 0 | ' | ||
Gross unrealized (losses) | -1,862 | -3,826 | ' | ||
Fair value | 68,172 | 73,101 | ' | ||
Trust preferred securities included in available-for-sale securities [Abstract] | ' | ' | ' | ||
Amortized cost | 663,690 | 596,343 | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 238,980 | 357,850 | ' | ||
OVER 12 MONTHS, Fair Value | 234,347 | 0 | ' | ||
TOTAL, Fair Value | 473,327 | 357,850 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -1,248 | -18,939 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -8,091 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -9,339 | -18,939 | ' | ||
Held-to-maturity securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 73,101 | ' | ||
OVER 12 MONTHS, Fair Value | 68,172 | 0 | ' | ||
TOTAL, Fair Value | 68,172 | 73,101 | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | -3,826 | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | -1,862 | 0 | ' | ||
TOTAL, Unrealized (Losses) | -1,862 | -3,826 | ' | ||
AMORTIZED COST [Abstract] | ' | ' | ' | ||
Amortized cost | 70,034 | 76,927 | ' | ||
FAIR VALUE [Abstract] | ' | ' | ' | ||
Total securities | 68,172 | 73,101 | ' | ||
Common Equities and Mutual Funds [Member] | ' | ' | ' | ||
Available-for-sale equity securities [Abstract] | ' | ' | ' | ||
Amortized cost | 539 | ' | ' | ||
Gross unrealized gains | 291 | ' | ' | ||
Gross unrealized (losses) | -5 | ' | ' | ||
Fair value | 825 | ' | ' | ||
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ||
LESS THAN 12 MONTHS, Fair Value | 123 | ' | ' | ||
OVER 12 MONTHS, Fair Value | 0 | ' | ' | ||
TOTAL, Fair Value | 123 | ' | ' | ||
LESS THAN 12 MONTHS, Unrealized (Losses) | -5 | ' | ' | ||
OVER 12 MONTHS, Unrealized (Losses) | 0 | ' | ' | ||
TOTAL, Unrealized (Losses) | ($5) | ' | ' | ||
[1] | Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. |
LOANS_RECEIVABLE_NET_Details
LOANS RECEIVABLE, NET (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | $499,201,000 | $384,953,000 |
Less [Abstract] | ' | ' |
Allowance for Loan Losses | -5,397,000 | -3,930,000 |
Net Deferred Loan Origination Fees | -797,000 | -595,000 |
Total Loans Receivable, Net | 493,007,000 | 380,428,000 |
Total purchased loans secured by properties | 9,700,000 | ' |
Percentage of loans secured by properties in Iowa and Oregon (in hundredths) | 1.00% | ' |
Commercial real estate loans secured by hotel properties | 40,700,000 | 34,800,000 |
Commercial real estate loans secured by multi-family properties | 62,300,000 | 52,000,000 |
Non-accruing loans | 933,000 | 679,000 |
Accruing loans delinquent 90 days or more | 54,000 | 13,000 |
Gross interest income | 152,000 | ' |
1-4 Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | 116,395,000 | 82,287,000 |
Less [Abstract] | ' | ' |
Non-accruing loans | 281,000 | 245,000 |
Commercial and Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | 224,302,000 | 192,786,000 |
Less [Abstract] | ' | ' |
Non-accruing loans | 312,000 | 427,000 |
Agricultural Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | 56,071,000 | 29,552,000 |
Less [Abstract] | ' | ' |
Non-accruing loans | 0 | 0 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | 29,329,000 | 30,314,000 |
Less [Abstract] | ' | ' |
Non-accruing loans | 0 | 0 |
Commercial Operating [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | 30,846,000 | 16,264,000 |
Less [Abstract] | ' | ' |
Non-accruing loans | 0 | 7,000 |
Agricultural Operating [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | $42,258,000 | $33,750,000 |
LOANS_RECEIVABLE_NET_ALLOWANCE
LOANS RECEIVABLE, NET, ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | $3,930 | $3,971 | $4,926 |
Provision (recovery) for loan losses | 1,150 | 0 | 1,049 |
Recoveries | 367 | 179 | 99 |
Charge offs | -50 | -220 | -2,103 |
Ending balance | 5,397 | 3,930 | 3,971 |
Ending balance: individually evaluated for impairment | 713 | 429 | ' |
Ending balance: collectively evaluated for impairment | 4,684 | 3,501 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 6,404 | 7,320 | ' |
Ending balance: collectively evaluated for impairment | 492,797 | 377,633 | ' |
Total | 499,201 | 384,953 | ' |
1-4 Family Real Estate [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 333 | 193 | ' |
Provision (recovery) for loan losses | 217 | 163 | ' |
Recoveries | 2 | 2 | ' |
Charge offs | 0 | -25 | ' |
Ending balance | 552 | 333 | ' |
Ending balance: individually evaluated for impairment | 23 | 25 | ' |
Ending balance: collectively evaluated for impairment | 529 | 308 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 387 | 641 | ' |
Ending balance: collectively evaluated for impairment | 116,008 | 81,646 | ' |
Total | 116,395 | 82,287 | ' |
Commercial and Multi-Family Real Estate [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 1,937 | 3,113 | ' |
Provision (recovery) for loan losses | -709 | -1,095 | ' |
Recoveries | 347 | 113 | ' |
Charge offs | 0 | -194 | ' |
Ending balance | 1,575 | 1,937 | ' |
Ending balance: individually evaluated for impairment | 350 | 404 | ' |
Ending balance: collectively evaluated for impairment | 1,225 | 1,533 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 5,655 | 6,634 | ' |
Ending balance: collectively evaluated for impairment | 218,647 | 186,152 | ' |
Total | 224,302 | 192,786 | ' |
Agricultural Real Estate [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 112 | 1 | ' |
Provision (recovery) for loan losses | 151 | 111 | ' |
Recoveries | 0 | 0 | ' |
Charge offs | 0 | 0 | ' |
Ending balance | 263 | 112 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 263 | 112 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 56,071 | 29,552 | ' |
Total | 56,071 | 29,552 | ' |
Consumer [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 74 | 3 | ' |
Provision (recovery) for loan losses | 4 | 71 | ' |
Recoveries | 0 | 1 | ' |
Charge offs | 0 | -1 | ' |
Ending balance | 78 | 74 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 78 | 74 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 29,329 | 30,314 | ' |
Total | 29,329 | 30,314 | ' |
Commercial Operating [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 49 | 49 | ' |
Provision (recovery) for loan losses | 26 | -63 | ' |
Recoveries | 18 | 63 | ' |
Charge offs | 0 | 0 | ' |
Ending balance | 93 | 49 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 93 | 49 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 22 | 45 | ' |
Ending balance: collectively evaluated for impairment | 30,824 | 16,219 | ' |
Total | 30,846 | 16,264 | ' |
Agricultural Operating [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 267 | 0 | ' |
Provision (recovery) for loan losses | 502 | 267 | ' |
Recoveries | 0 | 0 | ' |
Charge offs | -50 | 0 | ' |
Ending balance | 719 | 267 | ' |
Ending balance: individually evaluated for impairment | 340 | 0 | ' |
Ending balance: collectively evaluated for impairment | 379 | 267 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 340 | 0 | ' |
Ending balance: collectively evaluated for impairment | 41,918 | 33,750 | ' |
Total | 42,258 | 33,750 | ' |
Unallocated [Member] | ' | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 1,158 | 612 | ' |
Provision (recovery) for loan losses | 959 | 546 | ' |
Recoveries | 0 | 0 | ' |
Charge offs | 0 | 0 | ' |
Ending balance | 2,117 | 1,158 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 2,117 | 1,158 | ' |
Loans [Abstract] | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | 0 | 0 | ' |
Total | $0 | $0 | ' |
LOANS_RECEIVABLE_NET_ASSET_CLA
LOANS RECEIVABLE, NET, ASSET CLASSIFICATION (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $499,201 | $384,953 |
1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 116,395 | 82,287 |
Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 224,302 | 192,786 |
Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 56,071 | 29,552 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 29,329 | 30,314 |
Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 30,846 | 16,264 |
Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 42,258 | 33,750 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 482,437 | 358,383 |
Pass [Member] | 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 115,700 | 81,719 |
Pass [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 222,074 | 177,513 |
Pass [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 52,364 | 26,224 |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 29,329 | 30,314 |
Pass [Member] | Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 30,709 | 16,251 |
Pass [Member] | Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 32,261 | 26,362 |
Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 2,000 | 13,061 |
Watch [Member] | 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 369 | 239 |
Watch [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 852 | 7,791 |
Watch [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 273 | 3,328 |
Watch [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Watch [Member] | Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 137 | 13 |
Watch [Member] | Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 369 | 1,690 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,900 | 5,884 |
Special Mention [Member] | 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 81 | 84 |
Special Mention [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 96 | 102 |
Special Mention [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,660 | 0 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention [Member] | Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 63 | 5,698 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 12,864 | 7,625 |
Substandard [Member] | 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 245 | 245 |
Substandard [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,280 | 7,380 |
Substandard [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,774 | 0 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Substandard [Member] | Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Substandard [Member] | Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 9,565 | 0 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful [Member] | Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $0 | $0 |
LOANS_RECEIVABLE_NET_PAST_DUE_
LOANS RECEIVABLE, NET, PAST DUE LOANS (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | $113 | $1,353 |
60-89 days past due | 49 | 21 |
Greater than 90 days past due | 54 | 365 |
Total past due | 216 | 1,739 |
Current | 498,052 | 382,535 |
Non-accruing loans | 933 | 679 |
Total loans receivable | 499,201 | 384,953 |
1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 111 | 53 |
60-89 days past due | 37 | 0 |
Greater than 90 days past due | 0 | 245 |
Total past due | 148 | 298 |
Current | 115,966 | 81,744 |
Non-accruing loans | 281 | 245 |
Total loans receivable | 116,395 | 82,287 |
Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 0 | 102 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 0 | 107 |
Total past due | 0 | 209 |
Current | 223,990 | 192,150 |
Non-accruing loans | 312 | 427 |
Total loans receivable | 224,302 | 192,786 |
Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 0 | 1,169 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 0 | 0 |
Total past due | 0 | 1,169 |
Current | 56,071 | 28,383 |
Non-accruing loans | 0 | 0 |
Total loans receivable | 56,071 | 29,552 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 2 | 29 |
60-89 days past due | 12 | 21 |
Greater than 90 days past due | 54 | 13 |
Total past due | 68 | 63 |
Current | 29,261 | 30,251 |
Non-accruing loans | 0 | 0 |
Total loans receivable | 29,329 | 30,314 |
Commercial Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 0 | 0 |
Total past due | 0 | 0 |
Current | 30,846 | 16,257 |
Non-accruing loans | 0 | 7 |
Total loans receivable | 30,846 | 16,264 |
Agricultural Operating [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 0 | 0 |
Total past due | 0 | 0 |
Current | 41,918 | 33,750 |
Non-accruing loans | 340 | 0 |
Total loans receivable | $42,258 | $33,750 |
LOANS_RECEIVABLE_NET_IMPAIRED_
LOANS RECEIVABLE, NET, IMPAIRED LOANS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | $4,539 | $4,931 |
Unpaid principal balance | 4,539 | 4,954 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 1,865 | 2,389 |
Unpaid principal balance | 1,865 | 2,389 |
Specific allowance | 713 | 429 |
Average recorded investment in impaired loans | 7,163 | 9,128 |
1-4 Family Real Estate [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 142 | 359 |
Unpaid principal balance | 142 | 359 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 245 | 282 |
Unpaid principal balance | 245 | 282 |
Specific allowance | 23 | 25 |
Average recorded investment in impaired loans | 574 | 596 |
Commercial and Multi-Family Real Estate [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 4,375 | 4,527 |
Unpaid principal balance | 4,375 | 4,535 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 1,280 | 2,107 |
Unpaid principal balance | 1,280 | 2,107 |
Specific allowance | 350 | 404 |
Average recorded investment in impaired loans | 6,526 | 8,480 |
Agricultural Real Estate [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Average recorded investment in impaired loans | 0 | 0 |
Consumer [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Average recorded investment in impaired loans | 0 | 1 |
Commercial Operating [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 22 | 45 |
Unpaid principal balance | 22 | 60 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Average recorded investment in impaired loans | 34 | 51 |
Agricultural Operating [Member] | ' | ' |
Loans without a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Specific allowance | 0 | 0 |
Loans with a specific valuation allowance [Abstract] | ' | ' |
Recorded balance | 340 | 0 |
Unpaid principal balance | 340 | 0 |
Specific allowance | 340 | 0 |
Average recorded investment in impaired loans | $29 | $0 |
LOAN_SERVICING_Details
LOAN SERVICING (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
LOAN SERVICING [Abstract] | ' | ' | ' |
Mortgage loan portfolios serviced for Fannie Mae | $5,948 | $7,361 | $11,240 |
Other | 16,576 | 9,930 | 3,251 |
Total | $22,524 | $17,291 | $14,491 |
PREMISES_FURNITURE_AND_EQUIPME2
PREMISES, FURNITURE, AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises, furniture, and equipment, gross | $44,895,000 | $42,384,000 | ' |
Less accumulated depreciation | -28,433,000 | -24,720,000 | ' |
Premises, furniture, and equipment, net | 16,462,000 | 17,664,000 | ' |
Depreciation expense of premises, furniture, and equipment | 3,500,000 | 3,300,000 | 3,500,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises, furniture, and equipment, gross | 1,673,000 | 1,679,000 | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises, furniture, and equipment, gross | 12,275,000 | 12,275,000 | ' |
Furniture, Fixtures, and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises, furniture, and equipment, gross | $30,947,000 | $28,430,000 | ' |
TIME_CERTIFICATES_OF_DEPOSITS_1
TIME CERTIFICATES OF DEPOSITS (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
TIME CERTIFICATES OF DEPOSITS [Abstract] | ' | ' |
Time certificates of deposits in denominations of $100,00 or more | $87,100,000 | $78,600,000 |
Time Deposits, Fiscal Year Maturity [Abstract] | ' | ' |
2015 | 106,078,000 | ' |
2016 | 15,721,000 | ' |
2017 | 7,850,000 | ' |
2018 | 3,153,000 | ' |
2019 | 1,751,000 | ' |
Total Certificates | 134,553,000 | 131,599,000 |
IRA deposit accounts permanently insured by DIF under management of FDIC | 250,000 | ' |
Non-IRA deposits accounts permanently insured under Dodd-Frank act by DIF under management of FDIC | 250,000 | ' |
Coverage temporary insured by FDIC until December 2013 | $250,000 | ' |
ADVANCES_FROM_THE_FEDERAL_HOME2
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract] | ' | ' |
Fixed rate of FHLB advances, interest rate range from (in hundredths) | 6.97% | ' |
Fixed rate of FHLB advances, interest rate range to (in hundredths) | 7.01% | ' |
Weighted average rate of FHLB advances (in hundredths) | 6.98% | ' |
Maturities of FHLB advances [Abstract] | ' | ' |
2015 | $0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
2019 | 5,000,000 | ' |
Thereafter | 2,000,000 | ' |
Total FHLB Advances | 7,000,000 | ' |
Federal funds purchased | 470,000,000 | 190,000,000 |
Advances from FHLB | 7,000,000 | 7,000,000 |
Weighted average rate (in hundredths) | ' | 6.98% |
Pledged securities against specific FHLB advances, fair value | 422,900,000 | 409,600,000 |
Qualified mortgage loans pledged as collateral | $83,300,000 | $62,900,000 |
SECURITIES_SOLD_UNDER_AGREEMEN2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ' |
Securities sold under agreements to repurchase, total | $10,411,000 | $9,146,000 |
Analysis of securities sold under agreement to repurchase [Abstract] | ' | ' |
Highest month-end balance | 33,999,000 | 19,901,000 |
Average balance | 10,137,000 | 10,540,000 |
Weighted average interest rate for the year (in hundredths) | 0.52% | 0.52% |
Weighted average interest rate at year end (in hundredths) | 0.52% | 0.53% |
Securities pledged as collateral for securities sold under agreement to repurchase, fair value | $36,400,000 | $20,900,000 |
SUBORDINATED_DEBENTURES_AND_TR1
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Period | ||
Subsidiary or Equity Method Investee [Line Items] | ' | ' |
Cumulative cash distribution calculated at variable rate basis | 'LIBOR | ' |
Basis spread on variable rate (in hundredths) | 3.75% | ' |
Effective interest rate (in hundredths) | 4.08% | 4.15% |
Effective interest rate, maximum (in hundredths) | 12.50% | ' |
Number of consecutive semi-annual periods that interest payments on capital securities may be deferred | 10 | ' |
Redemption price per capital security (in dollars per share) | $1,000 | ' |
First Midwest Financial Capital Trust I [Member] | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' |
Equity method investment, ownership percentage (in hundredths) | 100.00% | ' |
Issuance of trust preferred securities (in shares) | 10,000 | ' |
EMPLOYEE_STOCK_OWNERSHIP_AND_P2
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract] | ' | ' | ' |
Number of hours of employment required for ESOP | '1000 hours | ' | ' |
Years of employment to be eligible for ESOP | '1 year | ' | ' |
Eligible age for ESOP | '21 years | ' | ' |
Employee Stock Ownership Plan (ESOP), Expense | $703,000 | $694,000 | $696,000 |
Contribution to ESOP | 850,406 | 485,548 | 659,000 |
Percentage of benefits vested after credited service (in hundredths) | 100.00% | ' | ' |
Years of credited service | '7 years | ' | ' |
Number of shares (ESOP) released (in shares) | 24,125 | 17,715 | 27,846 |
Fair value of shares (ESOP) released (in dollars per share) | $35.25 | $37.99 | $23.65 |
Allocated and total ESOP shares withdrawn from ESOP by participant no longer with the company (in shares) | 10,643 | 45,225 | 28,486 |
Shares purchased for dividend reinvestment (in shares) | 2,529 | 3,526 | 0 |
Year-end ESOP shares [Abstract] | ' | ' | ' |
Allocated shares (in shares) | 239,879 | 223,868 | 247,814 |
Unearned shares (in shares) | 0 | 0 | 0 |
Total ESOP shares (in shares) | 239,879 | 223,868 | 247,814 |
Contribution expense to profit sharing plan included in compensation and benefits | $948,000 | $774,000 | $775,000 |
SHARE_BASED_COMPENSATION_PLANS2
SHARE BASED COMPENSATION PLANS (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Effect to income of share-based compensation expense, net of tax benefits [Abstract] | ' | ' | ' |
Total employee stock-based compensation expense recognized in income, net of tax effects of $66, $51 and $30, respectively | $120,000 | $103,000 | $76,000 |
Tax effects of employee's stock-based compensation expense recognized income | 66,000 | 51,000 | 30,000 |
Stock based compensation expense not yet recognized in income | 56,000 | ' | ' |
Weighted average remaining period for unrecognized stock based compensation | '1 year 10 months 24 days | ' | ' |
Period that options are issued | '10 years | ' | ' |
Percentage of options vesting at either grant date or over four year period (in hundredths) | 100.00% | ' | ' |
Period that options vest | '4 years | ' | ' |
Share-based payment award, fair value assumptions, method used | 'Black-Scholes valuation model | 'Black-Scholes valuation model | 'Black-Scholes valuation model |
Vested in period, fair value | 124,000 | 113,000 | 79,000 |
Number of Shares [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period (in shares) | 318,648 | 389,358 | ' |
Granted (in shares) | 0 | 0 | ' |
Exercised (in shares) | -82,882 | -65,399 | -19,669 |
Forfeited or expired (in shares) | 0 | -5,311 | ' |
Options outstanding, end of period (in shares) | 235,766 | 318,648 | 389,358 |
Options exercisable end of year (in shares) | 235,766 | 315,898 | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period (in dollars per share) | $24.44 | $23.52 | ' |
Granted (in dollars per share) | $0 | $0 | ' |
Exercised (in dollars per share) | $22.31 | $18.09 | ' |
Forfeited or expired (in dollars per share) | $0 | $35.06 | ' |
Options outstanding, end of period (in dollars per share) | $25.20 | $24.44 | $23.52 |
Options exercisable end of year (in dollars per share) | $25.20 | $24.40 | ' |
Weighted Average Remaining Contractual Term (Yrs) [Abstract] | ' | ' | ' |
Options outstanding , beginning of period | '3 years 9 months 11 days | '4 years 2 months 5 days | '5 years 0 months 29 days |
Options outstanding, end of period | '3 years 9 months 11 days | '4 years 2 months 5 days | '5 years 0 months 29 days |
Options exercisable end of year (in shares) | '3 years 9 months 11 days | '4 years 1 month 28 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' |
Options outstanding, beginning of period | 4,376,000 | 1,199,000 | ' |
Granted | 0 | ' | ' |
Exercised | 1,389,000 | 807,000 | 117,000 |
Forfeited or expired | 0 | 0 | ' |
Options outstanding, end of period | 2,507,000 | 4,376,000 | 1,199,000 |
Options exercisable end of year | $2,507,000 | $4,352,000 | ' |
Nonvested Shares Outstanding, Number of Shares [Roll Forward] | ' | ' | ' |
Nonvested shares outstanding, beginning of period (in shares) | 4,000 | 0 | ' |
Granted (in shares) | 4,267 | 8,900 | ' |
Vested (in shares) | -4,267 | -4,900 | ' |
Forfeited or expired (in shares) | 0 | 0 | ' |
Nonvested shares outstanding, end of period (in shares) | 4,000 | 4,000 | 0 |
Nonvested Shares Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested shares outstanding, beginning of period (in dollars per share) | $25.67 | $0 | ' |
Granted (in dollars per share) | $37.82 | $24.20 | ' |
Vested (in dollars per share) | $35.07 | $23 | ' |
Forfeited or expired (in dollars per share) | $0 | $0 | ' |
Nonvested shares outstanding, end of period (in dollars per share) | $28.61 | $25.67 | $0 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 1987 | |
Federal [Abstract] | ' | ' | ' | ' |
Current | $3,787,000 | $2,847,000 | $7,734,000 | ' |
Deferred | -1,765,000 | -536,000 | 858,000 | ' |
Federal income tax expense | 2,022,000 | 2,311,000 | 8,592,000 | ' |
State [Abstract] | ' | ' | ' | ' |
Current | 874,000 | 1,252,000 | 960,000 | ' |
Deferred | 10,000 | 141,000 | 130,000 | ' |
State tax expense | 884,000 | 1,393,000 | 1,090,000 | ' |
Income tax expense | 2,906,000 | 3,704,000 | 9,682,000 | ' |
Income tax expense (benefit) to statutory federal income tax rate reconciliation [Abstract] | ' | ' | ' | ' |
Income tax expense at federal tax rate | 6,517,000 | 5,993,000 | 9,378,000 | ' |
Increase (decrease) resulting from [Abstract] | ' | ' | ' | ' |
State income taxes net of federal benefit | 575,000 | 1,092,000 | 708,000 | ' |
Nontaxable buildup in cash surrender value | -399,000 | -349,000 | -179,000 | ' |
Incentive stock option expense | -187,000 | -97,000 | 10,000 | ' |
Tax exempt income | -3,594,000 | -2,815,000 | -244,000 | ' |
Nondeductible expenses | 120,000 | 41,000 | 37,000 | ' |
Other, net | -126,000 | -161,000 | -28,000 | ' |
Income tax expense | 2,906,000 | 3,704,000 | 9,682,000 | ' |
Deferred tax assets [Abstract] | ' | ' | ' | ' |
Bad debts | 1,955,000 | 1,426,000 | ' | 6,700,000 |
Deferred compensation | 708,000 | 446,000 | ' | ' |
Stock based compensation | 271,000 | 293,000 | ' | ' |
Operational reserve | 464,000 | 494,000 | ' | ' |
AMT Credit | 2,239,000 | 1,113,000 | ' | ' |
Net unrealized losses on securities available for sale | 2,969,000 | 12,776,000 | ' | ' |
Indirect tax benefits of unrecognized tax positions | 376,000 | 0 | ' | ' |
Other assets | 759,000 | 1,157,000 | ' | ' |
Gross deferred tax assets | 9,741,000 | 17,705,000 | ' | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' | ' |
FHLB stock dividend | -410,000 | -411,000 | ' | ' |
Premises and equipment | -1,060,000 | -1,366,000 | ' | ' |
Patents | -937,000 | -849,000 | ' | ' |
Prepaid expenses | -743,000 | -782,000 | ' | ' |
Gross deferred tax liabilities | -3,150,000 | -3,408,000 | ' | ' |
Net deferred tax assets (liabilities) | 6,591,000 | 14,297,000 | ' | ' |
Gross deferred tax on state net operating loss carryforwards | 780,000 | 704,000 | ' | ' |
Additional bad debt deductions provided by federal income tax laws | 1,955,000 | 1,426,000 | ' | 6,700,000 |
Deferred tax liability, bad debt deductions | 2,300,000 | 2,300,000 | ' | ' |
Reconciliation for liabilities [Abstract] | ' | ' | ' | ' |
Balance at beginning of year | 931,000 | 164,000 | ' | ' |
Additions for tax positions related to the current year | 118,000 | 114,000 | ' | ' |
Additions for tax positions related to the prior years | 0 | 653,000 | ' | ' |
Reductions for tax positions due to settlement with taxing authorities | -16,000 | 0 | ' | ' |
Reductions for tax positions related to prior years | -50,000 | 0 | ' | ' |
Balance at end of year | 983,000 | 931,000 | 164,000 | ' |
Unrecognized tax benefits that, if recognized, would impact the effective rate | 649,000 | ' | ' | ' |
Accrued interest related to unrecognized tax benefits | $124,000 | ' | ' | ' |
CAPITAL_REQUIREMENTS_AND_RESTR2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
MetaBank [Member] | MetaBank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Tangible capital (to tangible assets), actual amount | ' | $176,388,000 | $160,145,000 |
Tangible capital (to tangible assets), actual ratio (in hundredths) | ' | 8.60% | 9.38% |
Tangible capital (to tangible assets), minimum requirement for capital adequacy purposes, amount | ' | 30,771,000 | 25,608,000 |
Tangible capital (to tangible assets), minimum requirement for capital adequacy purposes, ratio (in hundredths) | ' | 1.50% | 1.50% |
Tier 1 (core) capital (to adjusted total assets), amount | ' | 176,388,000 | 160,145,000 |
Tier 1 (core) capital (to adjusted total assets), ratio (in hundredths) | ' | 8.60% | 9.38% |
Tier 1 (core) capital (to adjusted total assets), minimum requirement for capital adequacy purposes, amount | ' | 82,057,000 | 68,289,000 |
Tier 1 (core) capital (to adjusted total assets), minimum requirement for capital adequacy purposes, ratio (in hundredths) | ' | 4.00% | 4.00% |
Tier 1 (core) capital (to adjusted total assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount | ' | 102,571,000 | 85,362,000 |
Tier 1 (core) capital (to adjusted total assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio (in hundredths) | ' | 5.00% | 5.00% |
Tier 1 (core) capital (to risk-weighted assets), actual amount | ' | 176,388,000 | 160,145,000 |
Tier 1 (core) capital ( to risk weighted assets), ratio (in hundredths) | ' | 20.95% | 22.44% |
Tier 1 (core) capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, amount | ' | 33,672,000 | 28,551,000 |
Tier 1 (core) capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio (in hundredths) | ' | 4.00% | 4.00% |
Tier 1 (core) capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount | ' | 50,508,000 | 42,827,000 |
Tier 1 (core) capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio (in hundredths) | ' | 6.00% | 6.00% |
Total risk based capital (to risk weighted assets), actual amount | ' | 181,786,000 | 164,076,000 |
Total risk based capital (to risk weighted assets), ratio (in hundredths) | ' | 21.59% | 22.99% |
Total risk based capital (to risk weighted assets), minimum requirement for capital adequacy purposes, amount | ' | 67,344,000 | 57,103,000 |
Total risk based capital (to risk weighted assets), minimum requirement for capital adequacy purposes, ratio (in hundredths) | ' | 8.00% | 8.00% |
Total risk based capital (to risk weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount | ' | 84,180,000 | 71,378,000 |
Total risk based capital (to risk weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio (in hundredths) | ' | 10.00% | 10.00% |
Percentage distribution of retained net income without prior regulatory approval (in hundredths) | 100.00% | ' | ' |
Number of previous calendar years for retained income | '2 years | ' | ' |
Retained earnings potentially available for distribution | $45,000,000 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Inter National Bank [Member] | Springbok Services Inc. [Member] | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ' | ' |
Unfunded loan commitments | $96 | $102.90 | ' | ' |
Securities pledged as collateral for public funds on deposit | 5.8 | 5.6 | ' | ' |
Securities pledged as collateral for individual, trust, and estate deposits | 0 | 7.4 | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Amount of shortfall in depository account | ' | ' | 10.5 | ' |
Estimate of possible loss | ' | ' | ' | 1.5 |
Range of reasonably possible loss, minimum | ' | ' | ' | 0 |
Range of reasonably possible loss, maximum | ' | ' | ' | $0.30 |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
LEASE COMMITMENTS [Abstract] | ' |
Expiration period of various noncancelable operating lease agreements | 31-Dec-36 |
Annual rent, minimum | $3,400 |
Annual rent, maximum | 789,000 |
Total minimum rental commitments [Abstract] | ' |
2015 | 1,218,000 |
2016 | 1,219,000 |
2017 | 1,225,000 |
2018 | 1,035,000 |
2019 | 986,000 |
Thereafter | 13,135,000 |
Total Leases Commitments | $18,818,000 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment | |||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,660 | $38,976 | $37,297 |
Interest expense | 567 | 638 | 544 | 649 | 642 | 666 | 813 | 833 | 841 | 857 | 888 | 977 | 2,398 | 2,954 | 3,563 |
Net interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,262 | 36,022 | 33,734 |
Provision (recovery) for loan losses | 550 | 300 | 300 | 0 | 300 | 0 | -300 | 0 | 0 | 150 | 200 | 699 | 1,150 | 0 | 1,049 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,738 | 55,503 | 69,574 |
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,231 | 74,403 | 75,463 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,619 | 17,122 | 26,796 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,906 | 3,704 | 9,682 |
Net income | 3,363 | 4,204 | 4,144 | 4,002 | 3,474 | 3,672 | 3,147 | 3,125 | 1,666 | 2,387 | 9,970 | 3,091 | 15,713 | 13,418 | 17,114 |
Total assets | 2,054,031 | ' | ' | ' | 1,691,989 | ' | ' | ' | 1,650,998 | ' | ' | ' | 2,054,031 | 1,691,989 | 1,650,998 |
Total deposits | 1,366,541 | ' | ' | ' | 1,315,283 | ' | ' | ' | 1,379,794 | ' | ' | ' | 1,366,541 | 1,315,283 | 1,379,794 |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,660 | 38,976 | 37,297 |
Interest expense | 567 | 638 | 544 | 649 | 642 | 666 | 813 | 833 | 841 | 857 | 888 | 977 | 2,398 | 2,954 | 3,563 |
Net interest income | 12,302 | 11,928 | 11,519 | 10,513 | 9,161 | 9,159 | 8,905 | 8,797 | 7,393 | 8,292 | 9,411 | 8,638 | 46,262 | 36,022 | 33,734 |
Provision (recovery) for loan losses | 550 | 300 | 300 | 0 | 300 | 0 | -300 | 0 | 0 | 150 | 200 | 699 | 1,150 | 0 | 1,049 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,738 | 55,503 | 69,574 |
Card processing expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,487 | 15,584 | 17,373 |
Other non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,115 | 9,388 | 11,054 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,619 | 17,122 | 26,796 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,906 | 3,704 | 9,682 |
Net income | 3,363 | 4,204 | 4,144 | 4,002 | 3,474 | 3,672 | 3,147 | 3,125 | 1,666 | 2,387 | 9,970 | 3,091 | 15,713 | 13,418 | 17,114 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Retail Banking [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,635 | 24,169 | 24,856 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,926 | 2,361 | 2,877 |
Net interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,709 | 21,808 | 21,979 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150 | 0 | 1,050 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,214 | 5,226 | 16,592 |
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,227 | 19,479 | 20,569 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,546 | 7,555 | 16,952 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,846 | 1,615 | 5,963 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700 | 5,940 | 10,989 |
Total assets | 805,494 | ' | ' | ' | 487,754 | ' | ' | ' | 418,137 | ' | ' | ' | 805,494 | 487,754 | 418,137 |
Total deposits | 273,399 | ' | ' | ' | 260,525 | ' | ' | ' | 216,912 | ' | ' | ' | 273,399 | 260,525 | 216,912 |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,635 | 24,169 | 24,856 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,926 | 2,361 | 2,877 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150 | 0 | 1,050 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,214 | 5,226 | 16,592 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,546 | 7,555 | 16,952 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,846 | 1,615 | 5,963 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700 | 5,940 | 10,989 |
Retail Banking [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,793 | 12,106 | 11,603 |
Meta Payment Systems [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,025 | 14,807 | 12,441 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 124 | 204 |
Net interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,901 | 14,683 | 12,237 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,524 | 50,290 | 52,957 |
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,234 | 53,983 | 54,686 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,191 | 10,990 | 10,509 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,482 | 2,611 | 3,993 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,709 | 8,379 | 6,516 |
Total assets | 1,245,110 | ' | ' | ' | 1,201,531 | ' | ' | ' | 1,230,925 | ' | ' | ' | 1,245,110 | 1,201,531 | 1,230,925 |
Total deposits | 1,099,548 | ' | ' | ' | 1,063,770 | ' | ' | ' | 1,167,364 | ' | ' | ' | 1,099,548 | 1,063,770 | 1,167,364 |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,025 | 14,807 | 12,441 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 124 | 204 |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,901 | 14,683 | 12,237 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,524 | 50,290 | 52,957 |
Card processing expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,457 | 15,546 | 17,323 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,968 | 49,427 | 47,872 |
Other non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,777 | 38,437 | 37,363 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,191 | 10,990 | 10,509 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,482 | 2,611 | 3,993 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,709 | 8,379 | 6,516 |
Meta Payment Systems [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,793 | -12,106 | -11,603 |
All Others [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348 | 469 | 482 |
Net interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -348 | -469 | -482 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -13 | 25 |
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 770 | 941 | 208 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,118 | -1,423 | -665 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -422 | -522 | -274 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -696 | -901 | -391 |
Total assets | 3,427 | ' | ' | ' | 2,704 | ' | ' | ' | 1,936 | ' | ' | ' | 3,427 | 2,704 | 1,936 |
Total deposits | -6,406 | ' | ' | ' | -9,012 | ' | ' | ' | -4,482 | ' | ' | ' | -6,406 | -9,012 | -4,482 |
Gross profit data of MPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348 | 469 | 482 |
Provision (recovery) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -13 | 25 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,118 | -1,423 | -665 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -422 | -522 | -274 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -696 | -901 | -391 |
All Others [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inter-segment revenue (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
PARENT_COMPANY_FINANCIAL_STATE2
PARENT COMPANY FINANCIAL STATEMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
ASSETS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $29,832 | ' | ' | ' | $40,063 | ' | ' | ' | $145,051 | ' | ' | ' | $29,832 | $40,063 | $145,051 | ' |
Other assets | 16,838 | ' | ' | ' | 24,527 | ' | ' | ' | ' | ' | ' | ' | 16,838 | 24,527 | ' | ' |
Total assets | 2,054,031 | ' | ' | ' | 1,691,989 | ' | ' | ' | 1,650,998 | ' | ' | ' | 2,054,031 | 1,691,989 | 1,650,998 | ' |
LIABILITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debentures | 10,310 | ' | ' | ' | 10,310 | ' | ' | ' | ' | ' | ' | ' | 10,310 | 10,310 | ' | ' |
Total liabilities | 1,879,229 | ' | ' | ' | 1,549,005 | ' | ' | ' | ' | ' | ' | ' | 1,879,229 | 1,549,005 | ' | ' |
STOCKOLDERS' EQUITY [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 62 | ' | ' | ' | 61 | ' | ' | ' | ' | ' | ' | ' | 62 | 61 | ' | ' |
Additional paid-in capital | 95,079 | ' | ' | ' | 92,963 | ' | ' | ' | ' | ' | ' | ' | 95,079 | 92,963 | ' | ' |
Retained earnings | 83,797 | ' | ' | ' | 71,268 | ' | ' | ' | ' | ' | ' | ' | 83,797 | 71,268 | ' | ' |
Accumulated other comprehensive income (loss) | -3,409 | ' | ' | ' | -20,285 | ' | ' | ' | ' | ' | ' | ' | -3,409 | -20,285 | ' | ' |
Treasury stock, at cost | -727 | ' | ' | ' | -1,023 | ' | ' | ' | ' | ' | ' | ' | -727 | -1,023 | ' | ' |
Total stockholders' equity | 174,802 | ' | ' | ' | 142,984 | ' | ' | ' | 145,859 | ' | ' | ' | 174,802 | 142,984 | 145,859 | 80,577 |
Total liabilities and stockholders' equity | 2,054,031 | ' | ' | ' | 1,691,989 | ' | ' | ' | ' | ' | ' | ' | 2,054,031 | 1,691,989 | ' | ' |
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,738 | 55,503 | 69,574 | ' |
Interest expense | 567 | 638 | 544 | 649 | 642 | 666 | 813 | 833 | 841 | 857 | 888 | 977 | 2,398 | 2,954 | 3,563 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,115 | 9,388 | 11,054 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,906 | 3,704 | 9,682 | ' |
Net income | 3,363 | 4,204 | 4,144 | 4,002 | 3,474 | 3,672 | 3,147 | 3,125 | 1,666 | 2,387 | 9,970 | 3,091 | 15,713 | 13,418 | 17,114 | ' |
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 3,363 | 4,204 | 4,144 | 4,002 | 3,474 | 3,672 | 3,147 | 3,125 | 1,666 | 2,387 | 9,970 | 3,091 | 15,713 | 13,418 | 17,114 | ' |
Adjustments to reconcile net income to net cash provided by (used in) operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization and accretion, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,147 | 21,104 | 20,349 | ' |
Change in other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,446 | -10,874 | 4,653 | ' |
Change in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,326 | -43,183 | 50,674 | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,813 | -23,068 | 79,990 | ' |
CASH FLOWS FROM INVESTING ACTIVITES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -367,796 | -198,660 | -514,342 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,184 | -2,926 | -1,832 | ' |
Stock compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 165 | 27 | ' |
Proceeds from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,325 | 15,266 | 47,796 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 331,752 | 116,740 | 302,510 | ' |
Net change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,231 | -104,988 | -131,842 | ' |
CASH AND CASH EQUIVALENTS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at beginning of year | ' | ' | ' | 40,063 | ' | ' | ' | 145,051 | ' | ' | ' | 276,893 | 40,063 | 145,051 | 276,893 | ' |
Cash and cash equivalents at end of year | 29,832 | ' | ' | ' | 40,063 | ' | ' | ' | 145,051 | ' | ' | ' | 29,832 | 40,063 | 145,051 | ' |
Meta Financial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,439 | ' | ' | ' | 11,386 | ' | ' | ' | 6,105 | ' | ' | ' | 9,439 | 11,386 | 6,105 | ' |
Investment in subsidiaries | 175,568 | ' | ' | ' | 142,199 | ' | ' | ' | ' | ' | ' | ' | 175,568 | 142,199 | ' | ' |
Other assets | 393 | ' | ' | ' | 329 | ' | ' | ' | ' | ' | ' | ' | 393 | 329 | ' | ' |
Total assets | 185,400 | ' | ' | ' | 153,914 | ' | ' | ' | ' | ' | ' | ' | 185,400 | 153,914 | ' | ' |
LIABILITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debentures | 10,310 | ' | ' | ' | 10,310 | ' | ' | ' | ' | ' | ' | ' | 10,310 | 10,310 | ' | ' |
Other liabilities | 288 | ' | ' | ' | 620 | ' | ' | ' | ' | ' | ' | ' | 288 | 620 | ' | ' |
Total liabilities | 10,598 | ' | ' | ' | 10,930 | ' | ' | ' | ' | ' | ' | ' | 10,598 | 10,930 | ' | ' |
STOCKOLDERS' EQUITY [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 62 | ' | ' | ' | 61 | ' | ' | ' | ' | ' | ' | ' | 62 | 61 | ' | ' |
Additional paid-in capital | 95,079 | ' | ' | ' | 92,963 | ' | ' | ' | ' | ' | ' | ' | 95,079 | 92,963 | ' | ' |
Retained earnings | 83,797 | ' | ' | ' | 71,268 | ' | ' | ' | ' | ' | ' | ' | 83,797 | 71,268 | ' | ' |
Accumulated other comprehensive income (loss) | -3,409 | ' | ' | ' | -20,285 | ' | ' | ' | ' | ' | ' | ' | -3,409 | -20,285 | ' | ' |
Treasury stock, at cost | -727 | ' | ' | ' | -1,023 | ' | ' | ' | ' | ' | ' | ' | -727 | -1,023 | ' | ' |
Total stockholders' equity | 174,802 | ' | ' | ' | 142,984 | ' | ' | ' | ' | ' | ' | ' | 174,802 | 142,984 | ' | ' |
Total liabilities and stockholders' equity | 185,400 | ' | ' | ' | 153,914 | ' | ' | ' | ' | ' | ' | ' | 185,400 | 153,914 | ' | ' |
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 25 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348 | 469 | 482 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 770 | 941 | 209 | ' |
Total expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,118 | 1,410 | 691 | ' |
Loss before income taxes and equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,118 | -1,410 | -666 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -422 | -509 | -275 | ' |
Loss before equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -696 | -901 | -391 | ' |
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,409 | 14,319 | 17,505 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,713 | 13,418 | 17,114 | ' |
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,713 | 13,418 | 17,114 | ' |
Adjustments to reconcile net income to net cash provided by (used in) operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization and accretion, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -310 | 0 | 0 | ' |
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,409 | -14,319 | -17,505 | ' |
Change in other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | 54 | 498 | ' |
Change in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -332 | -339 | 865 | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,092 | -1,186 | 972 | ' |
CASH FLOWS FROM INVESTING ACTIVITES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6,000 | -42,482 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6,000 | -42,482 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,184 | -2,926 | -1,832 | ' |
Stock compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 165 | 27 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51 | 12,718 | 47,796 | ' |
Proceeds from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,376 | 2,548 | 0 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -38 | 0 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -855 | 12,467 | 45,991 | ' |
Net change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,947 | 5,281 | 4,481 | ' |
CASH AND CASH EQUIVALENTS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at beginning of year | ' | ' | ' | 11,386 | ' | ' | ' | 6,105 | ' | ' | ' | 1,624 | 11,386 | 6,105 | 1,624 | ' |
Cash and cash equivalents at end of year | $9,439 | ' | ' | ' | $11,386 | ' | ' | ' | $6,105 | ' | ' | ' | $9,439 | $11,386 | $6,105 | ' |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $12,869 | $12,566 | $12,063 | $11,162 | $9,803 | $9,825 | $9,718 | $9,630 | $8,234 | $9,149 | $10,299 | $9,615 | ' | ' | ' |
Interest expense | 567 | 638 | 544 | 649 | 642 | 666 | 813 | 833 | 841 | 857 | 888 | 977 | 2,398 | 2,954 | 3,563 |
Net interest income | 12,302 | 11,928 | 11,519 | 10,513 | 9,161 | 9,159 | 8,905 | 8,797 | 7,393 | 8,292 | 9,411 | 8,638 | 46,262 | 36,022 | 33,734 |
Provision (recovery) for loan losses | 550 | 300 | 300 | 0 | 300 | 0 | -300 | 0 | 0 | 150 | 200 | 699 | 1,150 | 0 | 1,049 |
Net income (loss) | $3,363 | $4,204 | $4,144 | $4,002 | $3,474 | $3,672 | $3,147 | $3,125 | $1,666 | $2,387 | $9,970 | $3,091 | $15,713 | $13,418 | $17,114 |
Earnings (loss) per common and common equivalent share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.54 | $0.69 | $0.68 | $0.66 | $0.59 | $0.67 | $0.57 | $0.57 | $0.18 | $0.67 | $3.12 | $0.97 | $2.57 | $2.40 | $4.94 |
Diluted (in dollars per share) | $0.53 | $0.68 | $0.67 | $0.65 | $0.58 | $0.66 | $0.57 | $0.57 | $0.19 | $0.66 | $3.10 | $0.97 | $2.53 | $2.38 | $4.92 |
Dividend declared per share (in dollars per share) | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | ' | ' | ' |
FAIR_VALUES_OF_FINANCIAL_INSTR2
FAIR VALUES OF FINANCIAL INSTRUMENTS, ASSETS MEASURED AT FAIR VALUE ON RECURRING AND NON-RECURRING BASIS (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Transfers between levels of fair value hierarchy | $0 | $0 |
Available-for-sale Securities [Abstract] | ' | ' |
Total debt securities | 657,870 | 581,372 |
Total securities | 1,140,216 | 881,193 |
Held-to-maturity Securities [Abstract] | ' | ' |
Total securities | 279,312 | 270,518 |
Level 1 [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Total securities | 825 | 0 |
Held-to-maturity Securities [Abstract] | ' | ' |
Total securities | 0 | 0 |
Level 2 [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Total securities | 1,139,391 | 881,193 |
Held-to-maturity Securities [Abstract] | ' | ' |
Total securities | 279,312 | 270,518 |
Level 3 [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Total securities | 0 | 0 |
Held-to-maturity Securities [Abstract] | ' | ' |
Total securities | 0 | 0 |
Recurring [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 46,929 | 48,784 |
Agency and instrumentality securities | ' | 0 |
Small business administration securities | 67,012 | 10,581 |
Obligations of states and political subdivisions | 0 | 1,727 |
Non-bank qualified obligations of states and political subdivisions | 367,580 | 238,729 |
Mortgage-backed securities | 657,870 | 581,372 |
Total debt securities | 1,139,391 | ' |
Common equities and mutual funds | 825 | ' |
Total securities | 1,140,216 | 881,193 |
Held-to-maturity 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 | 18,980 | 18,342 |
Non-bank qualified obligations of states and political subdivisions | 192,160 | 169,462 |
Mortgage-backed securities | 68,172 | 73,101 |
Total debt securities | 279,312 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 279,312 | 270,518 |
Recurring [Member] | Level 1 [Member] | ' | ' |
Available-for-sale 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 | 825 | ' |
Total securities | 825 | 0 |
Held-to-maturity 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 Securities [Abstract] | ' | ' |
Trust preferred and corporate securities | 46,929 | 48,784 |
Agency and instrumentality securities | ' | 0 |
Small business administration securities | 67,012 | 10,581 |
Obligations of states and political subdivisions | 0 | 1,727 |
Non-bank qualified obligations of states and political subdivisions | 367,580 | 238,729 |
Mortgage-backed securities | 657,870 | 581,372 |
Total debt securities | 1,139,391 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 1,139,391 | 881,193 |
Held-to-maturity 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 | 18,980 | 18,342 |
Non-bank qualified obligations of states and political subdivisions | 192,160 | 169,462 |
Mortgage-backed securities | 68,172 | 73,101 |
Total debt securities | 279,312 | ' |
Common equities and mutual funds | 0 | ' |
Total securities | 279,312 | 270,518 |
Recurring [Member] | Level 3 [Member] | ' | ' |
Available-for-sale 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 |
Held-to-maturity 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] | ' | ' |
Impaired loans, net [Abstract] | ' | ' |
1-4 family real estate | 222 | 257 |
Commercial and multi-family real estate | 930 | 1,810 |
Total impaired loans | 1,152 | 2,067 |
Foreclosed assets, net | 15 | 116 |
Total | 1,167 | 2,183 |
Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Impaired loans, net [Abstract] | ' | ' |
1-4 family real estate | 0 | 0 |
Commercial and multi-family real estate | 0 | 0 |
Total impaired loans | 0 | 0 |
Foreclosed assets, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Impaired loans, net [Abstract] | ' | ' |
1-4 family real estate | 0 | 0 |
Commercial and multi-family real estate | 0 | 0 |
Total impaired loans | 0 | 0 |
Foreclosed assets, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Impaired loans, net [Abstract] | ' | ' |
1-4 family real estate | 222 | 257 |
Commercial and multi-family real estate | 930 | 1,810 |
Total impaired loans | 1,152 | 2,067 |
Foreclosed assets, net | 15 | 116 |
Total | $1,167 | $2,183 |
FAIR_VALUES_OF_FINANCIAL_INSTR3
FAIR VALUES OF FINANCIAL INSTRUMENTS, QUANTITATIVE INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 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] | Market Approach Valuation Technique [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Fair value | $1,152 | $2,067 | |
Valuation techniques | 'Appraised values | [1] | ' |
Foreclosed Assets [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Fair value | $15 | $116 | |
Valuation techniques | '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_VALUES_OF_FINANCIAL_INSTR4
FAIR VALUES OF FINANCIAL INSTRUMENTS, BALANCE SHEET GROUPING (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets [Abstract] | ' | ' |
Securities available for sale | $1,140,216 | $881,193 |
Securities held to maturity | 279,312 | 270,518 |
Level 1 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 29,832 | 40,063 |
Securities available for sale | 825 | 0 |
Securities held to maturity | 0 | 0 |
Loans receivable [Abstract] | ' | ' |
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 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 11,222 | 8,582 |
Financial liabilities [Abstract] | ' | ' |
Noninterest bearing demand deposits | 1,126,715 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,273 | 97,426 |
Certificates of deposit | 0 | 0 |
Total deposits | 1,231,988 | 1,183,684 |
Advances from FHLB | 0 | 0 |
Federal funds purchased | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 318 | 291 |
Level 2 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,139,391 | 881,193 |
Securities held to maturity | 279,312 | 270,518 |
Loans receivable [Abstract] | ' | ' |
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 |
FHLB stock | 21,245 | 9,994 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Noninterest bearing demand deposits | 0 | 0 |
Interest bearing demand deposits, savings, and money markets | 0 | 0 |
Certificates of deposit | 134,746 | 132,187 |
Total deposits | 134,746 | 132,187 |
Advances from FHLB | 8,789 | 9,089 |
Federal funds purchased | 470,000 | 190,001 |
Securities sold under agreements to repurchase | 10,414 | 9,148 |
Subordinated debentures | 10,415 | 10,312 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans receivable [Abstract] | ' | ' |
One to four family residential mortgage loans | 111,254 | 72,628 |
Commercial and multi-family real estate loans | 234,845 | 200,778 |
Agricultural real estate loans | 58,651 | 30,920 |
Consumer loans | 29,580 | 30,588 |
Commercial operating loans | 25,660 | 15,718 |
Agricultural operating loans | 44,398 | 35,175 |
Total loans receivable | 504,388 | 385,807 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
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 FHLB | 0 | 0 |
Federal funds purchased | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 29,832 | 40,063 |
Securities available for sale | 1,140,216 | 881,193 |
Securities held to maturity | 282,933 | 288,026 |
Loans receivable [Abstract] | ' | ' |
One to four family residential mortgage loans | 116,395 | 82,287 |
Commercial and multi-family real estate loans | 224,302 | 192,786 |
Agricultural real estate loans | 56,071 | 29,552 |
Consumer loans | 29,329 | 30,314 |
Commercial operating loans | 30,846 | 16,264 |
Agricultural operating loans | 42,258 | 33,750 |
Total loans receivable | 499,201 | 384,953 |
FHLB stock | 21,245 | 9,994 |
Accrued interest receivable | 11,222 | 8,582 |
Financial liabilities [Abstract] | ' | ' |
Noninterest bearing demand deposits | 1,126,715 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,273 | 97,426 |
Certificates of deposit | 134,553 | 131,599 |
Total deposits | 1,366,541 | 1,315,283 |
Advances from FHLB | 7,000 | 7,000 |
Federal funds purchased | 470,000 | 190,000 |
Securities sold under agreements to repurchase | 10,411 | 9,146 |
Subordinated debentures | 10,310 | 10,310 |
Accrued interest payable | 318 | 291 |
Estimated Fair Value [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 29,832 | 40,063 |
Securities available for sale | 1,140,216 | 881,193 |
Securities held to maturity | 279,312 | 270,518 |
Loans receivable [Abstract] | ' | ' |
One to four family residential mortgage loans | 111,254 | 72,628 |
Commercial and multi-family real estate loans | 234,845 | 200,778 |
Agricultural real estate loans | 58,651 | 30,920 |
Consumer loans | 29,580 | 30,588 |
Commercial operating loans | 25,660 | 15,718 |
Agricultural operating loans | 44,398 | 35,175 |
Total loans receivable | 504,388 | 385,807 |
FHLB stock | 21,245 | 9,994 |
Accrued interest receivable | 11,222 | 8,582 |
Financial liabilities [Abstract] | ' | ' |
Noninterest bearing demand deposits | 1,126,715 | 1,086,258 |
Interest bearing demand deposits, savings, and money markets | 105,273 | 97,426 |
Certificates of deposit | 134,746 | 132,187 |
Total deposits | 1,366,734 | 1,315,871 |
Advances from FHLB | 8,789 | 9,089 |
Federal funds purchased | 470,000 | 190,000 |
Securities sold under agreements to repurchase | 10,414 | 9,146 |
Subordinated debentures | 10,415 | 10,312 |
Accrued interest payable | $318 | $291 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Anticipated intangible amortization [Abstract] | ' | ' |
2015 | $91 | ' |
2016 | 91 | ' |
2017 | 91 | ' |
2018 | 91 | ' |
2019 | 91 | ' |
Thereafter | 2,133 | ' |
Meta Payment Systems [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 2,339 | 2,035 |
Acquisitions during the period | 331 | 363 |
Amortization during the period | -78 | -59 |
Write-offs during the period | -4 | 0 |
Balance of intangible assets | 2,588 | 2,339 |
Meta Payment Systems [Member] | Patents [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 2,339 | 2,026 |
Acquisitions during the period | 331 | 363 |
Amortization during the period | -78 | -50 |
Write-offs during the period | -4 | 0 |
Balance of intangible assets | 2,588 | 2,339 |
Anticipated intangible amortization [Abstract] | ' | ' |
2015 | 91 | ' |
2016 | 91 | ' |
2017 | 91 | ' |
2018 | 91 | ' |
2019 | 91 | ' |
Thereafter | 2,133 | ' |
Meta Payment Systems [Member] | Other [Member] | ' | ' |
Intangible Assets [Roll Forward] | ' | ' |
Balance of intangible assets | 0 | 9 |
Acquisitions during the period | 0 | 0 |
Amortization during the period | 0 | -9 |
Write-offs during the period | 0 | 0 |
Balance of intangible assets | 0 | 0 |
Anticipated intangible amortization [Abstract] | ' | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
2019 | 0 | ' |
Thereafter | $0 | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | Dec. 02, 2014 |
In Millions, unless otherwise specified | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Outstanding insurance premium finance loan receivables acquired | $77 |