Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 08, 2014 | Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Citizens Community Bancorp Inc. | ' | ' |
Entity Central Index Key | '0001367859 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $38,337,492 |
Entity Common Stock, Shares Outstanding | ' | 5,184,323 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $11,434 | $17,601 |
Other interest-bearing deposits | 245 | 1,988 |
Investment securities (at fair value of $70,997 and $79,695) | 70,974 | 79,695 |
Non-marketable equity securities, at cost | 5,515 | 3,300 |
Loans receivable | 470,366 | 440,863 |
Allowance for loan losses | -6,506 | -6,180 |
Loans receivable, net | 463,860 | 434,683 |
Office properties and equipment, net | 3,725 | 4,835 |
Accrued interest receivable | 1,478 | 1,469 |
Intangible assets | 161 | 218 |
Foreclosed and repossessed assets, net | 1,050 | 1,028 |
Other assets | 11,373 | 9,704 |
TOTAL ASSETS | 569,815 | 554,521 |
Liabilities: | ' | ' |
Deposits | 449,767 | 447,398 |
Federal Home Loan Bank advances | 58,891 | 50,000 |
Other liabilities | 3,864 | 2,938 |
Total liabilities | 512,522 | 500,336 |
Stockholders’ equity: | ' | ' |
Common stock—$0.01 par value, authorized 30,000,000; 5,167,061 and 5,154,891 shares issued and outstanding, respectively | 52 | 51 |
Additional paid-in capital | 54,257 | 54,116 |
Retained earnings | 4,049 | 2,473 |
Unearned deferred compensation | -223 | -169 |
Accumulated other comprehensive loss | -842 | -2,286 |
Total stockholders’ equity | 57,293 | 54,185 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $569,815 | $554,521 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Investment securities at fair value | $70,997 | $79,695 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 5,167,061 | 5,154,891 |
Common stock, shares outstanding | 5,167,061 | 5,154,891 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (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: | ' | ' | ' |
Interest and fees on loans | $22,612 | $23,201 | $25,579 |
Interest on investments | 1,421 | 1,374 | 1,506 |
Total interest and dividend income | 24,033 | 24,575 | 27,085 |
Interest expense: | ' | ' | ' |
Interest on deposits | 3,615 | 4,791 | 5,362 |
Interest on borrowed funds | 660 | 521 | 1,229 |
Total interest expense | 4,275 | 5,312 | 6,591 |
Net interest income | 19,758 | 19,263 | 20,494 |
Provision for loan losses | 1,910 | 3,143 | 4,440 |
Net interest income after provision for loan losses | 17,848 | 16,120 | 16,054 |
Non-interest income: | ' | ' | ' |
Total fair value adjustments and other-than-temporary impairment | -78 | -1,412 | 461 |
Portion of loss recognized in other comprehensive income (loss) (before tax) | 0 | 615 | -1,793 |
Net (loss) gain on sale of available for sale securities | -168 | 552 | 243 |
Net loss on available for sale securities | -246 | -245 | -1,089 |
Service charges on deposit accounts | 1,964 | 1,820 | 1,529 |
Loan fees and service charges | 904 | 768 | 621 |
Other | 794 | 708 | 611 |
Total non-interest income | 3,416 | 3,051 | 1,672 |
Non-interest expense: | ' | ' | ' |
Salaries and related benefits | 9,287 | 9,068 | 8,502 |
Occupancy | 2,631 | 2,493 | 2,453 |
Office | 1,499 | 1,223 | 1,191 |
Data processing | 1,531 | 1,657 | 1,499 |
Amortization of core deposit intangible | 57 | 56 | 209 |
Advertising, marketing and public relations | 370 | 233 | 190 |
FDIC premium assessment | 409 | 522 | 693 |
Professional services | 552 | 707 | 1,187 |
Other | 2,098 | 1,530 | 1,435 |
Total non-interest expense | 18,434 | 17,489 | 17,359 |
Income (loss) before provision for income tax | 2,830 | 1,682 | 367 |
Provision (benefit) for income taxes | 1,047 | 635 | 161 |
Net income attributable to common stockholders | $1,783 | $1,047 | $206 |
Per share information: | ' | ' | ' |
Basic earnings (in dollars per share) | $0.35 | $0.20 | $0.04 |
Diluted earnings (in dollars per share) | $0.34 | $0.20 | $0.04 |
Cash dividends paid (in dollars per share) | $0.04 | $0.02 | $0 |
Consolidated_Statements_of_Oth
Consolidated Statements of Other Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income attributable to common stockholders | $1,783 | $1,047 | $206 |
Securities available for sale | ' | ' | ' |
Net unrealized gains (losses) arising during period | 1,509 | -2,793 | 823 |
Reclassification adjustment for (losses) gains included in net income | -101 | 332 | 146 |
Change for realized losses on securities available for sale for other-than-temporary impairment (OTTI) write-down | 47 | 478 | 799 |
Unrealized gains (losses) on securities | 1,455 | -1,983 | 1,768 |
Defined benefit plans: | ' | ' | ' |
Amortization of unrecognized prior service costs and net (losses) gains | -11 | 49 | 198 |
Total other comprehensive income (loss), net of tax | 1,444 | -1,934 | 1,966 |
Comprehensive income (loss) | $3,227 | ($887) | $2,172 |
Consolidated_Statements_of_Oth1
Consolidated Statements of Other Comprehensive Income (Unaudited) - Reclassifications Out of Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | |
Net (loss) gain on sale of available for sale securities | ($168) | |
Income (loss) before provision for income tax | 2,830 | |
Provision for income taxes | -1,047 | |
Net income attributable to common stockholders | 1,783 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | |
Net (loss) gain on sale of available for sale securities | -168 | [1] |
Total fair value adjustments and other-than-temporary impairment | -78 | [1] |
Income (loss) before provision for income tax | -246 | [1] |
Provision for income taxes | 98 | [1] |
Net income attributable to common stockholders | ($148) | [1] |
[1] | Amounts in parentheses indicate decreases to profit/loss. |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Sep. 30, 2011 | $52,888 | $51 | $53,934 | $1,323 | ($102) | ($2,318) |
Beginning balance, shares at Sep. 30, 2011 | ' | 5,133,570 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 206 | ' | ' | 206 | ' | ' |
Other comprehensive loss | 1,966 | ' | ' | ' | ' | 1,966 |
Forfeiture of unvested shares, shares | ' | -520 | ' | ' | ' | ' |
Forfeiture of unvested shares, value | 0 | ' | ' | ' | ' | ' |
Common stock awarded under recognition and retention plan, shares | ' | 2,500 | ' | ' | ' | ' |
Common stock awarded under recognition and retention plan, value | 0 | ' | 14 | ' | -14 | ' |
Stock option expense | 21 | ' | 21 | ' | ' | ' |
Amortization of restricted stock | 22 | ' | ' | ' | 22 | ' |
Ending balance at Sep. 30, 2012 | 55,103 | 51 | 53,969 | 1,529 | -94 | -352 |
Ending balance, shares at Sep. 30, 2012 | ' | 5,135,550 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 1,047 | ' | ' | 1,047 | ' | ' |
Other comprehensive loss | -1,934 | ' | ' | ' | ' | -1,934 |
Forfeiture of unvested shares, shares | ' | -503 | ' | ' | ' | ' |
Forfeiture of unvested shares, value | 0 | ' | ' | ' | ' | ' |
Surrender of vested shares, shares | ' | -639 | ' | ' | ' | ' |
Surrender of vested shares, value | -4 | ' | -4 | ' | ' | ' |
Common stock awarded under recognition and retention plan, shares | ' | 20,483 | ' | ' | ' | ' |
Common stock awarded under recognition and retention plan, value | 0 | ' | 120 | ' | -120 | ' |
Stock option expense | 31 | ' | 31 | ' | ' | ' |
Amortization of restricted stock | 45 | ' | ' | ' | 45 | ' |
Cash dividends | -103 | ' | ' | -103 | ' | ' |
Ending balance at Sep. 30, 2013 | 54,185 | 51 | 54,116 | 2,473 | -169 | -2,286 |
Ending balance, shares at Sep. 30, 2013 | ' | 5,154,891 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 1,783 | ' | ' | 1,783 | ' | ' |
Other comprehensive loss | 1,444 | ' | ' | ' | ' | 1,444 |
Surrender of vested shares, shares | ' | -2,830 | ' | ' | ' | ' |
Surrender of vested shares, value | -22 | ' | -22 | ' | ' | ' |
Common stock awarded under recognition and retention plan, shares | ' | 15,000 | ' | ' | ' | ' |
Common stock awarded under recognition and retention plan, value | 1 | 1 | 120 | ' | -120 | ' |
Stock option expense | 43 | ' | 43 | ' | ' | ' |
Amortization of restricted stock | 66 | ' | ' | ' | 66 | ' |
Cash dividends | -207 | ' | ' | -207 | ' | ' |
Ending balance at Sep. 30, 2014 | $57,293 | $52 | $54,257 | $4,049 | ($223) | ($842) |
Ending balance, shares at Sep. 30, 2014 | ' | 5,167,061 | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividend dollars per share | $0.04 | $0.02 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (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 attributable to common stockholders | $1,783 | $1,047 | $206 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Net amortization of premium/discount on securities | 1,024 | 1,008 | 988 |
Depreciation | 1,116 | 1,079 | 1,043 |
Provision for loan losses | 1,910 | 3,143 | 4,440 |
Net realized loss (gain) on sale of securities | 168 | -552 | -243 |
Other-than-temporary impairment on mortgage-backed securities | 78 | 797 | 1,332 |
Amortization of core deposit intangible | 57 | 56 | 209 |
Amortization of restricted stock | 66 | 45 | 22 |
Stock based compensation expense | 43 | 31 | 21 |
Loss on sale of office properties | 323 | 168 | 134 |
Benefit (provision) for deferred income taxes | 943 | 182 | -1,829 |
Net gains from disposals of foreclosed properties | -94 | -96 | -64 |
Provision for valuation allowance on foreclosed properties | 74 | 76 | 271 |
(Increase) decrease in accrued interest receivable and other assets | -474 | 488 | 2,874 |
Increase (decrease) in other liabilities | 926 | -834 | -326 |
Total adjustments | 6,160 | 5,591 | 8,872 |
Net cash provided by operating activities | 7,943 | 6,638 | 9,078 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of investment securities | -20,506 | -71,544 | -59,114 |
Purchase of bank owned life insurance | -3,000 | -3,000 | 0 |
Net decrease (increase) in interest-bearing deposits | 1,743 | -1,988 | 9,543 |
Proceeds from sale of securities available for sale | 23,491 | 44,780 | 27,065 |
Principal payments on investment securities | 6,892 | 9,621 | 10,146 |
Proceeds from sale of non-marketable equity securities | 0 | 500 | 1,987 |
Purchase of non-marketable equity securities | -2,215 | 0 | 0 |
Proceeds from sale of foreclosed properties | 1,856 | 1,818 | 2,067 |
Net increase in loans | -33,076 | -17,917 | -1,203 |
Net capital expenditures | -485 | -549 | -473 |
Net cash received from sale of office properties | 159 | 0 | 465 |
Net cash used in investing activities | -25,141 | -38,279 | -9,517 |
Cash flows from financing activities: | ' | ' | ' |
Net increase in Federal Home Loan Bank advances | 8,891 | 750 | 18,850 |
Net increase (decrease) in deposits | 2,369 | 25,340 | -26,915 |
Surrender of restricted shares of common stock | -22 | -4 | 0 |
Cash dividends paid | -207 | -103 | 0 |
Net cash provided by (used in) financing activities | 11,031 | 25,983 | -8,065 |
Net decrease in cash and cash equivalents | -6,167 | -5,658 | -8,504 |
Cash and cash equivalents at beginning of period | 17,601 | 23,259 | 31,763 |
Cash and cash equivalents at end of period | 11,434 | 17,601 | 23,259 |
Cash paid during the year for: | ' | ' | ' |
Interest on deposits | 3,612 | 3,667 | 5,360 |
Interest on borrowings | 646 | 543 | 1,273 |
Income taxes | 86 | 790 | 281 |
Supplemental noncash disclosure: | ' | ' | ' |
Transfers from loans receivable to foreclosed and repossessed assets | $1,989 | $2,173 | $1,617 |
Nature_of_Business_and_Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The financial statements of Citizens Community Federal N.A. (the “Bank”) included herein have been included by its parent company, Citizens Community Bancorp, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Citizens Community Bancorp (“CCB”) was a successor to Citizens Community Federal as a result of a regulatory restructuring into the mutual holding company form, which was effective on March 29, 2004. Originally, Citizens Community Federal was a credit union. In December 2001, Citizens Community Federal converted to a federal mutual savings bank. In 2004, Citizens Community Federal reorganized into the mutual holding company form of organization. In 2006, Citizens Community Bancorp completed its second-step mutual to stock conversion. | |
On April 16, 2014, the U.S. Office of the Comptroller of the Currency (the "OCC"), the primary federal regulator for | |
Citizens Community Bancorp, Inc. and Citizens Community Federal, provided written notice to the Bank of the OCC's approval for the Bank to convert to a national banking association (a "National Bank") and operate under the title of Citizens Community Federal National Association ("Citizens Community Federal N.A."). The consummation of the conversion to a National Bank was effective as of May 31, 2014. | |
On April 18, 2014, Citizens Community Bancorp, Inc. received written notice from the Federal Reserve Bank of | |
Minneapolis (the "FRB") notifying the Company of the FRB's approval of the Company becoming a bank holding company as | |
a result of the conversion of the Bank from a federally-chartered savings bank to a National Bank, which approval | |
was also effective as of May 31, 2014. | |
The consolidated income of the Company is principally derived from the income of the Bank, the Company’s wholly owned subsidiary. The Bank originates residential, commercial, agricultural, consumer and commercial and industrial (C&I) loans and accepts deposits from customers, primarily in Wisconsin, Minnesota and Michigan. The Bank operates 23 full-service offices; eight stand-alone locations and 15 branches, predominantly located inside Walmart Supercenters. In October 2014, we announced the closing of three in-store branches, effective January 2015; and the relocation of the Mankato, Minnesota branch to a new full-service traditional branch in Mankato, MN in 2015. We intend to review our branch network to deploy assets and capital to growth markets and exit markets where we have limited growth opportunities. Through all of our branch locations in Wisconsin, Minnesota and Michigan, we provide a variety of commercial and consumer banking products and services to customers, including online and mobile banking options. | |
The Bank is subject to competition from other financial institutions and non-financial institutions providing financial products. Additionally, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. | |
In preparing these consolidated financial statements, we evaluated the events and transactions that occurred through December 8, 2014, the date on which the financial statements were available to be issued. As of December 8, 2014, there were no subsequent events which required recognition or disclosure. | |
Unless otherwise stated, all monetary amounts in these Notes to Consolidated Financial Statements, other than share, per share and capital ratio amounts, are stated in thousands. | |
Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Citizens Community Federal N.A. All significant inter-company accounts and transactions have been eliminated. | |
Use of Estimates—Preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, fair value of financial instruments, the allowance for loan losses, valuation of acquired intangible assets, useful lives for depreciation and amortization, indefinite-lived intangible assets and long-lived assets, deferred tax assets, uncertain income tax positions and contingencies. Management does not anticipate any material changes to estimates made herein in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: those items described under the caption “Risk Factors” in Item 1A of the accompanying annual report on Form 10-K for the year ended September 30, 2014 and external market factors such as market interest rates and employment rates, changes to operating policies and procedures, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period. | |
Cash and Cash Equivalents—For purposes of reporting cash flows in the consolidated financial statements, cash and cash equivalents include cash, due from banks, and interest bearing deposits with original maturities of three months or less. | |
Investment Securities; Held to Maturity and Available for Sale – Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of the date of each statement of financial position date. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Investment securities not classified as held to maturity are classified as available for sale. Available for sale securities are stated at fair value, with unrealized holding gains and losses deemed other than temporarily impaired due to non-credit issues being reported in other comprehensive income (loss), net of tax. Unrealized losses deemed other-than-temporary due to credit issues are reported in the Company’s earnings in the period in which the losses arise. Interest income includes amortization of purchase premium or accretion of purchase discount. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the estimated lives of the securities. Gains and losses on sales of investment securities are recorded on the trade date and are determined using the specific identification method. | |
Declines in the fair value of securities below their cost that are other than temporary due to credit issues are reflected as “Net (loss) gain on available for sale securities” in the accompanying Consolidated Statement of Operations. In estimating other-than-temporary impairment (OTTI), management considers: (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the Company’s ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. The difference between the present values of the cash flows expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of OTTI that is recognized in operations and is a reduction to the cost basis of the security. The portion of other-than-temporary impairment related to all other factors is included in other comprehensive income (loss), net of the related tax effect. | |
Loans – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, and deferred loan fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. | |
Interest income on commercial, mortgage and consumer loans is discontinued according to the following schedules: | |
•Commercial loans, including Agricultural and C&I loans, past due 90 days or more; | |
•Closed end consumer loans past due 120 days or more; and | |
•Real estate loans and open ended consumer loans past due 180 days or more. | |
Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual status is reversed against interest income. Interest received on such loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual status. Loans are returned to accrual status when payments are made that bring the loan account current with the contractual term of the loan and a 6 month payment history has been established. Interest on impaired loans considered troubled debt restructurings (“TDRs”) or substandard, less than 90 days delinquent, is recognized as income as it accrues based on the revised terms of the loan over an established period of continued payment. Substandard loans, as defined by the OCC, our primary banking regulator, are loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. | |
Real estate loans and open ended consumer loans are charged off to estimated net realizable value less estimated selling costs at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 180 days or more. Closed end consumer loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 120 days or more. Commercial loans, including Agricultural and C&I loans, are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 90 days or more. | |
Allowance for Loan Losses – The allowance for loan losses (“ALL”) is a valuation allowance for probable and inherent credit losses in our loan portfolio. Loan losses are charged against the ALL when management believes that the collectability of a loan balance is unlikely. Subsequent recoveries, if any, are credited to the ALL. Management estimates the required ALL balance taking into account the following factors: past loan loss experience; the nature, volume and composition of the loan portfolio; known and inherent risks in the portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; and other relevant factors determined by management. The ALL consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for certain qualitative factors. The entire ALL balance is available for any loan that, in management’s judgment, should be charged off. | |
A loan is impaired when full payment under the loan terms is not expected. Impaired loans consist of all TDRs, as well as individual substandard loans not considered a TDR, when full payment under the loan terms is not expected. All TDRs are individually evaluated for impairment. See Note 3, “Loans, Allowance for Loan Losses and Impaired Loans” for more information on what we consider to be a TDR. If a TDR or substandard loan is deemed to be impaired, a specific ALL allocation is established so that the loan is reported, net, at either (a) the present value of estimated future cash flows using the loan’s existing rate; or (b) at the fair value of any collateral less estimated disposal costs, if repayment is expected solely from the underlying collateral of the loan. For TDRs less than 90+ days past due, and certain TDRs that are less than 90+ days delinquent, the likelihood of the loan migrating to over 90 days past due is also taken into account when determining the specific ALL allocation. Large groups of smaller balance homogeneous loans, such as non-TDR commercial, consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. | |
Non-marketable Equity Securities — Non-marketable equity securities are comprised of Federal Home Loan Bank (FHLB) stock and Federal Reserve Bank (FRB) stock, and are carried at cost in the amounts of $3,820 and $1,695 respectively. | |
The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock based on the Bank’s level of borrowings from the FHLB and other factors, and may invest in additional amounts of FHLB stock. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. The determination of whether a decline affects the ultimate recovery is influenced by criteria such as: (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and length of time a decline has persisted; (2) the impact of legislative and regulatory changes on the FHLB; and (3) the liquidity position of the FHLB. Both cash and stock dividends are reported as income. | |
FHLB stock is evaluated quarterly for impairment. Quarterly cash dividends were paid in November 2013 and in February 2014 at an annualized dividend rate of 0.30%. Quarterly cash dividends were paid in May 2014 and in August 2014 at an annualized dividend rate of 0.50% per share. Based on management’s quarterly evaluation, no impairment has been recorded on these securities. | |
As a National Banking Association, the Bank must be a member of the Federal Reserve system. Each member bank is required to subscribe to Federal Reserve Stock in an amount equal to 6 percent of its capital and surplus. Although the par value of the stock is $100 per share, banks (including the Bank) pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. Dividends are paid at the statutory rate of 6 percent per annum, or $1.50 per share semi-annually on the last business day of June and December. | |
Foreclosed and Repossessed Assets, net – Assets acquired through foreclosure or repossession, are initially recorded at fair value, less estimated costs to sell, which establishes a new cost basis. If the fair value declines subsequent to foreclosure or repossession, a valuation allowance is recorded through expense. Costs incurred after acquisition are expensed, and are included in "non-interest expense, other" on the accompanying Consolidated Statements of Operations. Foreclosed and repossessed asset balances were $1,050 and $1,028 at September 30, 2014 and September 30, 2013, respectively. | |
Office Properties and Equipment—Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Maintenance and repair costs are charged to expense as incurred. Gains or losses on disposition of office properties and equipment are reflected in income. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Leasehold improvements are depreciated using the straight-line (or accelerated) method with useful lives based on the lesser of (a) the estimated life of the lease, or (b) the estimated useful life of the leasehold improvement. | |
Intangible Assets—Intangible assets consist of core deposit intangible assets arising from branch acquisitions. They were initially measured at fair value and amortized over their estimated useful lives, ranging from 7 to 15 years. The balance of core deposit intangible assets, were $161 and $218 at September 30, 2014 and 2013, respectively. Amortization expense related to these core deposit intangible assets was $57, $56 and $209 for the years ended September 30, 2014, 2013 and 2012, respectively. Accumulated amortization on core deposit intangible assets was $2,360 and $2,303, at September 30, 2014 and 2013, respectively. | |
Interest Bearing Deposits—Other interest bearing deposits mature within one year and are carried at cost, which approximates their fair value. | |
Advertising, Marketing and Public Relations Expense—The Company expenses all advertising, marketing and public relations costs as they are incurred. Total costs for the years ended September 30, 2014, 2013, and 2012 were $370, $233, and $190, respectively. | |
Income Taxes – The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” Under this guidance, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. See Note 13, "Income Taxes" for details on the Company’s income taxes. | |
The Company regularly reviews the carrying amount of its net deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company’s net deferred tax assets will not be realized in future periods, a deferred tax valuation allowance would be established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. In evaluating this available evidence, management considers, among other things, historical performance, expectations of future earnings, the ability to carry back losses to recoup taxes previously paid, the length of statutory carry forward periods, any experience with utilization of operating loss and tax credit carry forwards not expiring, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. Accordingly, the Company’s evaluation is based on current tax laws as well as management’s expectations of future performance. | |
Earnings Per Share – Basic earnings per common share is net income or loss divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans. | |
Loss Contingencies—Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of loss can be reasonably estimated. | |
Off-Balance-Sheet Financial Instruments—In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and commitments under lines of credit arrangements, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable. | |
Other Comprehensive Income (Loss)—Accumulated and other comprehensive income or loss is comprised of the unrealized and realized losses on securities available for sale and pension liability adjustments, net of tax, and is shown on the accompanying Consolidated Statements of Other Comprehensive Income (Loss). | |
Operating Segments—While the chief decision makers monitor the revenue streams of the various banking products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. | |
Reclassifications – Certain items previously reported were reclassified for consistency with the current presentation. | |
Adoption of New Accounting Standards - In August, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2014-14 - "Receivables; Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure". ASU 2014-14 is intended to improve accounting and disclosure consistency related to how creditors classify government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. For public entities, ASU 2014-09 is effective on a prospective basis for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company expects the adoption of ASU 2014-14 to have no material effect on the Company's results of operations, financial position or cash flows. | |
In May, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 - "Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is intended to clarify and simplify revenue recognition principles, develop a common revenue standard across industries and accounting frameworks, and improve the usefulness and consistency of revenue reporting. For public entities, ASU 2014-09 is effective on a retrospective basis for the annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted. The Company expects the adoption of ASU 2014-09 to have no material effect on the Company's results of operations, financial position or cash flows. | |
In January, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-04 - "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)". ASU 2014-04 is intended to improve consistency among reporting entities by clarifying when an in substance foreclosure occurs, that is, when a creditor should derecognize a loan and recognize the corresponding real estate collateral as a separate asset. For public entities, ASU 2014 is effective for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company expects the adoption of ASU 2014-04 to have no material effect on the Company's results of operations, financial position or cash flows. |
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE ACCOUNTING | ' | |||||||||||||||
FAIR VALUE ACCOUNTING | ||||||||||||||||
ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The statement describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. | ||||||||||||||||
Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability. | ||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement. | ||||||||||||||||
Assets Measured on a Recurring Basis | ||||||||||||||||
The fair value of securities available for sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available. Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value. The following table presents, for the periods shown below, the Company's fair value of securities available for sale in accordance with the fair value hierarchy described above. | ||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Instruments | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
30-Sep-14 | ||||||||||||||||
Investment securities: | ||||||||||||||||
U.S. government agency obligations | $ | 22,103 | $ | — | $ | 22,103 | $ | — | ||||||||
Obligations of states and political | ||||||||||||||||
subdivisions | 12,658 | — | 12,658 | — | ||||||||||||
Mortgage-backed securities | 36,171 | — | 36,171 | — | ||||||||||||
Federal Agricultural Mortgage Corporation | 65 | — | 65 | — | ||||||||||||
Total | $ | 70,997 | $ | — | $ | 70,997 | $ | — | ||||||||
30-Sep-13 | ||||||||||||||||
Investment securities: | ||||||||||||||||
U.S. government agency obligations | $ | 27,866 | $ | — | $ | 27,866 | $ | — | ||||||||
Obligations of states and political | ||||||||||||||||
subdivisions | 10,970 | — | 10,970 | — | ||||||||||||
Mortgage-backed securities | 39,633 | — | 39,633 | — | ||||||||||||
Non-agency mortgage-backed securities | 1,226 | — | — | 1,226 | ||||||||||||
Total | $ | 79,695 | $ | — | $ | 78,469 | $ | 1,226 | ||||||||
The following table presents a reconciliation of non-agency mortgage-backed securities held by the Bank measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for each of the twelve months ended September 30, 2014 and 2013: | ||||||||||||||||
Twelve Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Balance beginning of period | $ | 1,226 | $ | 6,586 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | (274 | ) | (797 | ) | ||||||||||||
Included in other comprehensive income (loss) | 615 | 1,322 | ||||||||||||||
Sales | (1,321 | ) | (3,802 | ) | ||||||||||||
Payments, accretion and amortization | (246 | ) | (2,083 | ) | ||||||||||||
Balance end of period | $ | — | $ | 1,226 | ||||||||||||
Assets Measured on a Nonrecurring Basis | ||||||||||||||||
Fair value of foreclosed assets is determined, initially, by a third-party appraisal. Subsequent to foreclosure, valuations are periodically performed by management to identify potential changes in fair value. Fair value of loans restructured in a troubled debt restructuring is based on the value of the underlying collateral at the time of the restructuring, which is determined by either a third-party appraisal for real estate loans, or a third party price quote on secured consumer loans. The following table presents, for the periods shown below, the Company's fair value for foreclosed and repossessed assets and TDRs in accordance with the fair value hierarchy described above. | ||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Instruments | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
30-Sep-14 | ||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,050 | $ | — | $ | — | $ | 1,050 | ||||||||
Loans restructured in a TDR | 5,581 | — | — | 5,581 | ||||||||||||
Total | $ | 6,631 | $ | — | $ | — | $ | 6,631 | ||||||||
30-Sep-13 | ||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,028 | $ | — | $ | — | $ | 1,028 | ||||||||
Loans restructured in a TDR | 8,618 | — | — | 8,618 | ||||||||||||
Total | $ | 9,646 | $ | — | $ | — | $ | 9,646 | ||||||||
The fair value of TDRs was determined by obtaining independent third party appraisals and/or internally developed collateral valuations to support the Company’s estimates and judgments in determining the fair value of the underlying collateral supporting TDRs. | ||||||||||||||||
The fair value of foreclosed and repossessed assets was determined by obtaining market price quotes from independent third parties wherever such quotes were available. Where such quotes are not available, the Company utilized independent third party appraisals to support the Company’s estimates and judgments in determining fair value. | ||||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||||
ASC 825-10 and ASC 270-10, Interim Disclosures about Fair Value Financial Instruments, require disclosures about fair value financial instruments and significant assumptions used to estimate fair value. The estimated fair values of financial instruments not previously disclosed are determined as follows: | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Due to their short-term nature, the carrying amounts of cash and cash equivalents are considered to be a reasonable estimate of fair value. | ||||||||||||||||
Other interest bearing Deposits | ||||||||||||||||
Fair value of interest bearing deposits is estimated based on their carrying amounts. | ||||||||||||||||
Non-marketable Equity Securities, at cost | ||||||||||||||||
Non-marketable equity securities are comprised of Federal Home Loan Bank stock and Federal Reserve Bank stock carried at cost in the amounts of $3,820 and $1,695 respectively, which is its redeemable fair value since the market for each category of this stock is restricted. | ||||||||||||||||
Loans Receivable, net | ||||||||||||||||
Fair value is estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as real estate, commercial and consumer. The fair value of loans is calculated by discounting scheduled cash flows through the estimated maturity date using market discount rates reflecting the credit and interest rate risk inherent in the applicable loan. The estimate of maturity is based on the Bank’s repayment schedules for each loan classification. | ||||||||||||||||
Accrued Interest Receivable and Payable | ||||||||||||||||
Due to their short-term nature, the carrying amounts of accrued interest receivable and payable, respectively, are considered to be a reasonable estimate of fair value. | ||||||||||||||||
Deposits | ||||||||||||||||
The fair value of deposits with no stated maturity, such as demand deposits, savings accounts, and money market accounts, is the amount payable on demand at the reporting date. The fair value of fixed rate certificate accounts is calculated by using discounted cash flows applying interest rates currently being offered on similar certificates. | ||||||||||||||||
Federal Home Loan Bank Advances | ||||||||||||||||
The fair value of long-term borrowed funds is estimated using discounted cash flows based on the Bank’s current incremental borrowing rates for similar borrowing arrangements. The carrying value of short-term borrowed funds approximates its fair value. | ||||||||||||||||
Off-Balance-Sheet Instruments | ||||||||||||||||
The fair value of off-balance sheet commitments would be estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the current interest rates, and the present creditworthiness of the customers. Since this amount is immaterial to the Company’s consolidated financial statements, no amounts for fair value are presented. | ||||||||||||||||
The carrying amount and estimated fair value of financial instruments as of the dates indicated were as follows: | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||
Value | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 11,434 | $ | 11,434 | $ | 17,601 | $ | 17,601 | ||||||||
Interest-bearing deposits | 245 | 245 | 1,988 | 1,988 | ||||||||||||
Investment securities | 70,974 | 70,997 | 79,695 | 79,695 | ||||||||||||
Non-marketable equity securities, at cost | 5,515 | 5,515 | 3,300 | 3,300 | ||||||||||||
Loans receivable, net | 463,860 | 479,961 | 434,683 | 448,846 | ||||||||||||
Accrued interest receivable | 1,478 | 1,478 | 1,469 | 1,469 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 449,767 | $ | 454,170 | $ | 447,398 | $ | 451,225 | ||||||||
FHLB advances | 58,891 | 59,331 | 50,000 | 49,676 | ||||||||||||
Accrued interest payable | 13 | 13 | 11 | 11 | ||||||||||||
Loans_Allowance_for_Loan_Losse
Loans, Allowance for Loan Losses and Impaired Loans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
LOANS, ALLOWANCE FOR LOAN LOSSES AND IMPAIRED LOANS | ' | |||||||||||||||||||||||||||||||||||
LOANS, ALLOWANCE FOR LOAN LOSSES AND IMPAIRED LOANS | ||||||||||||||||||||||||||||||||||||
Major classifications of loans as of September 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 223,025 | $ | 252,958 | ||||||||||||||||||||||||||||||||
Commercial | 39,061 | 12,531 | ||||||||||||||||||||||||||||||||||
Total real estate loans | 262,086 | 265,489 | ||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||
Automobile | 12,810 | 12,662 | ||||||||||||||||||||||||||||||||||
Secured personal and other | 188,911 | 158,842 | ||||||||||||||||||||||||||||||||||
Unsecured personal | 3,512 | 1,835 | ||||||||||||||||||||||||||||||||||
Total consumer and other loans | 205,233 | 173,339 | ||||||||||||||||||||||||||||||||||
Gross loans | 467,319 | 438,828 | ||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Deferred loan origination fees, net of costs | 3,047 | 2,035 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (6,506 | ) | (6,180 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 463,860 | $ | 434,683 | ||||||||||||||||||||||||||||||||
Certain directors and executive officers of the Company and the Bank are defined as related parties. These related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2014 and 2013. A summary of the changes in those loans during the last two fiscal years is as follows: | ||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance—beginning of year | $ | 131 | $ | 138 | ||||||||||||||||||||||||||||||||
New loan originations | 17 | 33 | ||||||||||||||||||||||||||||||||||
Repayments | (19 | ) | (40 | ) | ||||||||||||||||||||||||||||||||
Balance—end of year | $ | 129 | $ | 131 | ||||||||||||||||||||||||||||||||
Available and unused lines of credit | $ | 18 | $ | 18 | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses—The ALL represents management’s estimate of probable and inherent credit losses in the Bank’s loan portfolio. Estimating the amount of the ALL requires the exercise of significant judgment and the use of estimates related to the amount and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of other qualitative factors such as current economic trends and conditions, all of which may be susceptible to significant change. | ||||||||||||||||||||||||||||||||||||
There are many factors affecting the ALL; some are quantitative, while others require qualitative judgment. The process for determining the ALL (which management believes adequately considers potential factors which result in probable credit losses), includes subjective elements and, therefore, may be susceptible to significant change. To the extent actual outcomes differ from management estimates, additional provision for loan losses could be required that could adversely affect the Company’s earnings or financial position in future periods. Allocations of the ALL may be made for specific loans but the entire ALL is available for any loan that, in management’s judgment, should be charged-off or for which an actual loss is realized. | ||||||||||||||||||||||||||||||||||||
Changes in the ALL by loan type for the periods presented below were as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance, October 1, 2013 | $ | 2,541 | $ | 3,639 | $ | 6,180 | ||||||||||||||||||||||||||||||
Charge-offs | (1,238 | ) | (689 | ) | (1,927 | ) | ||||||||||||||||||||||||||||||
Recoveries | 94 | 249 | 343 | |||||||||||||||||||||||||||||||||
Provision | 1,362 | 548 | 1,910 | |||||||||||||||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 2,759 | $ | 3,747 | $ | 6,506 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 525 | $ | 207 | $ | 732 | ||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 2,234 | $ | 3,540 | $ | 5,774 | ||||||||||||||||||||||||||||||
Loans Receivable as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 261,315 | $ | 209,051 | $ | 470,366 | ||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,197 | $ | 732 | $ | 2,929 | ||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 259,118 | $ | 208,319 | $ | 467,437 | ||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Year ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance, October 1, 2012 | $ | 2,287 | $ | 3,458 | $ | 5,745 | ||||||||||||||||||||||||||||||
Charge-offs | (1,525 | ) | (1,494 | ) | (3,019 | ) | ||||||||||||||||||||||||||||||
Recoveries | 36 | 275 | 311 | |||||||||||||||||||||||||||||||||
Provision | 1,743 | 1,400 | 3,143 | |||||||||||||||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 2,541 | $ | 3,639 | $ | 6,180 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 667 | $ | 316 | $ | 983 | ||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 1,874 | $ | 3,323 | $ | 5,197 | ||||||||||||||||||||||||||||||
Loans Receivable as of September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 264,388 | $ | 176,475 | $ | 440,863 | ||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 3,659 | $ | 907 | $ | 4,566 | ||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 260,729 | $ | 175,568 | $ | 436,297 | ||||||||||||||||||||||||||||||
The Bank has originated substantially all loans currently recorded on the Company’s consolidated balance sheet, except as noted below. | ||||||||||||||||||||||||||||||||||||
During October 2012, the Bank entered into an agreement to purchase short term consumer loans from a third party on an ongoing basis. A Board of Director determinant was established to limit the purchase of these consumer loans under this arrangement, to a maximum of $40,000, which we expect to attain by June 2015. Pursuant to the ongoing loan purchase agreement, a restricted reserve account was established at 3% of the outstanding consumer loan balances purchased up to a maximum of $1,000, with such percentage amount of the loans being deposited into a segregated reserve account. The funds in the reserve account are to be released to compensate the Bank for any purchased loans that are ultimately charged off. As of September 30, 2014, the balance of the consumer loans purchased was $32,812. The balance in the cash reserve account was $996, which is included in Deposits on the accompanying Consolidated Balance Sheet. To date, none of the purchased loans have been charged off. | ||||||||||||||||||||||||||||||||||||
Loans receivable by loan type as of the end of the periods shown below were as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer and Other Loans | Total Loans | ||||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Performing loans | ||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 4,535 | $ | 6,254 | $ | 797 | $ | 1,101 | $ | 5,332 | $ | 7,355 | ||||||||||||||||||||||||
Performing loans other | 255,564 | 255,951 | 207,885 | 174,949 | 463,449 | 430,900 | ||||||||||||||||||||||||||||||
Total performing loans | 260,099 | 262,205 | 208,682 | 176,050 | 468,781 | 438,255 | ||||||||||||||||||||||||||||||
Nonperforming loans (1) | ||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 202 | 1,187 | 47 | 76 | 249 | 1,263 | ||||||||||||||||||||||||||||||
Nonperforming loans other | 1,014 | 996 | 322 | 349 | 1,336 | 1,345 | ||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 1,216 | $ | 2,183 | $ | 369 | $ | 425 | $ | 1,585 | $ | 2,608 | ||||||||||||||||||||||||
Total loans | $ | 261,315 | $ | 264,388 | $ | 209,051 | $ | 176,475 | $ | 470,366 | $ | 440,863 | ||||||||||||||||||||||||
-1 | Nonperforming loans are either 90+ days past due or nonaccrual. | |||||||||||||||||||||||||||||||||||
An aging analysis of the Company’s real estate and consumer and other loans as of September 30, 2014 and September 30, 2013, respectively, was as follows: | ||||||||||||||||||||||||||||||||||||
1 Month | 2 Months | Greater | Total | Current | Total | Recorded | ||||||||||||||||||||||||||||||
Past Due | Past Due | Than | Past Due | Loans | Investment > | |||||||||||||||||||||||||||||||
3 Months | 3 months and | |||||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Real estate loans | $ | 678 | $ | 80 | $ | 989 | $ | 1,747 | $ | 259,568 | $ | 261,315 | $ | 228 | ||||||||||||||||||||||
Consumer and other loans | 354 | 73 | 178 | 605 | 175,634 | 176,239 | 99 | |||||||||||||||||||||||||||||
Purchased third party loans | 190 | 136 | 73 | 399 | 32,413 | 32,812 | 74 | |||||||||||||||||||||||||||||
Total | $ | 1,222 | $ | 289 | $ | 1,240 | $ | 2,751 | $ | 467,615 | $ | 470,366 | $ | 401 | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Real estate loans | $ | 2,057 | $ | 351 | $ | 1,905 | $ | 4,313 | $ | 260,075 | $ | 264,388 | $ | 371 | ||||||||||||||||||||||
Consumer and other loans | 746 | 121 | 214 | 1,081 | 155,416 | 156,497 | 80 | |||||||||||||||||||||||||||||
Purchased third party loans | 112 | 66 | 32 | 210 | 19,768 | 19,978 | 32 | |||||||||||||||||||||||||||||
Total | $ | 2,915 | $ | 538 | $ | 2,151 | $ | 5,604 | $ | 435,259 | $ | 440,863 | $ | 483 | ||||||||||||||||||||||
At September 30, 2014, the Company has identified $5,581 of TDR loans and $2,228 of substandard loans as impaired, totaling $7,809, which includes $5,332 of performing TDR loans. A loan is identified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Performing TDRs consist of loans that have been modified and are performing in accordance with the modified terms for a sufficient length of time, generally six months, or loans that were modified on a proactive basis. A summary of the Company’s impaired loans as of September 30, 2014 and September 30, 2013 was as follows: | ||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded | With An Allowance Recorded | Totals | ||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | Real Estate | Consumer and Other | Total | Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||
Recorded investment at September 30, 2014 | $ | 4,345 | $ | 535 | $ | 4,880 | $ | 2,197 | $ | 732 | $ | 2,929 | $ | 6,542 | $ | 1,267 | $ | 7,809 | ||||||||||||||||||
Unpaid balance at September 30, 2014 | 4,345 | 535 | 4,880 | 2,197 | 732 | 2,929 | 6,542 | 1,267 | 7,809 | |||||||||||||||||||||||||||
Recorded investment at September 30, 2013 | 5,349 | 771 | 6,120 | 3,659 | 907 | 4,566 | 9,008 | 1,678 | 10,686 | |||||||||||||||||||||||||||
Unpaid balance at September 30, 2013 | 5,349 | 771 | 6,120 | 3,659 | 907 | 4,566 | 9,008 | 1,678 | 10,686 | |||||||||||||||||||||||||||
Average recorded investment; twelve months ended September 30, 2014 | 4,722 | 614 | 5,336 | 3,137 | 823 | 3,960 | 7,859 | 1,437 | 9,296 | |||||||||||||||||||||||||||
Average recorded investment; twelve months ended September 30, 2013 | 4,185 | 609 | 4,794 | 4,197 | 993 | 5,190 | 8,382 | 1,602 | 9,984 | |||||||||||||||||||||||||||
Interest income received; twelve months ended September 30, 2014 | 149 | 32 | 181 | 68 | 24 | 92 | 217 | 56 | 273 | |||||||||||||||||||||||||||
Interest income received; twelve months ended September 30, 2013 | 202 | 71 | 273 | 69 | 40 | 109 | 271 | 111 | 382 | |||||||||||||||||||||||||||
Troubled Debt Restructuring – A TDR includes a loan modification where a borrower is experiencing financial difficulty and the Bank grants a concession to that borrower that the Bank would not otherwise consider except for the borrower’s financial difficulties. Concessions include an extension of loan terms, renewals of existing balloon loans, reductions in interest rates and consolidating existing Bank loans at modified terms. A TDR may be either on accrual or nonaccrual status based upon the performance of the borrower and management’s assessment of collectability. If a TDR is placed on nonaccrual status, it remains there until a sufficient period of performance under the restructured terms has occurred at which time it is returned to accrual status. There were 4 delinquent TDRs, greater than 60 days past due, with a recorded investment of $191 at September 30, 2014, compared to 11 such loans with a recorded investment of $1,102 at September 30, 2013. A summary of loans by loan type modified in a troubled debt restructuring as of September 30, 2014 and September 30, 2013, and during each of the twelve months then ended, was as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2014 and | ||||||||||||||||||||||||||||||||||||
Twelve Months then Ended: | ||||||||||||||||||||||||||||||||||||
Accruing / Performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,254 | $ | 1,101 | $ | 7,355 | ||||||||||||||||||||||||||||||
Principal payments | (757 | ) | (258 | ) | (1,015 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (11 | ) | (30 | ) | (41 | ) | ||||||||||||||||||||||||||||||
Advances | 7 | — | 7 | |||||||||||||||||||||||||||||||||
New restructured (1) | 40 | 24 | 64 | |||||||||||||||||||||||||||||||||
Class transfers (2) | (60 | ) | — | (60 | ) | |||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | (938 | ) | (40 | ) | (978 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 4,535 | $ | 797 | $ | 5,332 | ||||||||||||||||||||||||||||||
Non-accrual / Non-performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,187 | $ | 76 | $ | 1,263 | ||||||||||||||||||||||||||||||
Principal payments | (1,515 | ) | (38 | ) | (1,553 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (426 | ) | (52 | ) | (478 | ) | ||||||||||||||||||||||||||||||
Advances | 3 | — | 3 | |||||||||||||||||||||||||||||||||
New restructured (1) | — | 16 | 16 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 15 | 5 | 20 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | 938 | 40 | 978 | |||||||||||||||||||||||||||||||||
Ending balance | $ | 202 | $ | 47 | $ | 249 | ||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 7,441 | $ | 1,177 | $ | 8,618 | ||||||||||||||||||||||||||||||
Principal payments | (2,272 | ) | (296 | ) | (2,568 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (437 | ) | (82 | ) | (519 | ) | ||||||||||||||||||||||||||||||
Advances | 10 | — | 10 | |||||||||||||||||||||||||||||||||
New restructured (1) | 40 | 40 | 80 | |||||||||||||||||||||||||||||||||
Class transfers (2) | (45 | ) | 5 | (40 | ) | |||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | — | — | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 4,737 | $ | 844 | $ | 5,581 | ||||||||||||||||||||||||||||||
-1 | “New restructured” represent loans restructured during the current period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
-2 | “Class transfers” represent previously restructured loans that met TDR criteria per the Bank’s policy for the first time during the current period. | |||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2013 and | ||||||||||||||||||||||||||||||||||||
Twelve Months then Ended: | ||||||||||||||||||||||||||||||||||||
Accruing / Performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,751 | $ | 1,055 | $ | 6,806 | ||||||||||||||||||||||||||||||
Principal payments | (397 | ) | (388 | ) | (785 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (131 | ) | (42 | ) | (173 | ) | ||||||||||||||||||||||||||||||
Advances | 21 | 7 | 28 | |||||||||||||||||||||||||||||||||
New restructured (1) | 181 | 191 | 372 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 1,294 | 263 | 1,557 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | (465 | ) | 15 | (450 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | 6,254 | $ | 1,101 | $ | 7,355 | ||||||||||||||||||||||||||||||
Non-accrual / Non-performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,259 | $ | 70 | $ | 1,329 | ||||||||||||||||||||||||||||||
Principal payments | (557 | ) | (86 | ) | (643 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (248 | ) | (24 | ) | (272 | ) | ||||||||||||||||||||||||||||||
Advances | 13 | 3 | 16 | |||||||||||||||||||||||||||||||||
New restructured (1) | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 255 | 127 | 382 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | 465 | (15 | ) | 450 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,187 | $ | 76 | $ | 1,263 | ||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 7,010 | $ | 1,125 | $ | 8,135 | ||||||||||||||||||||||||||||||
Principal payments | (954 | ) | (474 | ) | (1,428 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (379 | ) | (66 | ) | (445 | ) | ||||||||||||||||||||||||||||||
Advances | 34 | 10 | 44 | |||||||||||||||||||||||||||||||||
New restructured (1) | 181 | 192 | 373 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 1,549 | 390 | 1,939 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | — | — | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 7,441 | $ | 1,177 | $ | 8,618 | ||||||||||||||||||||||||||||||
-1 | “New restructured” represent loans restructured during the current period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
-2 | “Class transfers” represent previously restructured loans that met TDR criteria per the Bank’s policy for the first time during the current period. | |||||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | |||||||||||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||
Real estate | 47 | $ | 4,737 | 62 | $ | 7,441 | ||||||||||||||||||||||||||||||
Consumer and other | 53 | 844 | 90 | 1,177 | ||||||||||||||||||||||||||||||||
100 | $ | 5,581 | 152 | $ | 8,618 | |||||||||||||||||||||||||||||||
As an integral part of their examination process, various regulatory agencies review the Bank’s ALL. Such agencies may require that changes in the ALL be recognized when such regulators’ credit evaluations differ from those of our management based on information available to the regulators at the time of their examinations. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||
INVESTMENT SECURITIES | |||||||||||||||||||||||||
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of September 30, 2014 and September 30, 2013, respectively, were as follows: | |||||||||||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 23,076 | $ | — | $ | 973 | $ | 22,103 | |||||||||||||||||
Obligations of states and political subdivisions | 11,432 | 17 | 255 | 11,194 | |||||||||||||||||||||
Mortgage-backed securities | 29,058 | 138 | 369 | 28,827 | |||||||||||||||||||||
Federal Agricultural Mortgage Corporation | 71 | — | 6 | 65 | |||||||||||||||||||||
Total available for sale securities | $ | 63,637 | $ | 155 | $ | 1,603 | $ | 62,189 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 29,702 | $ | — | $ | 1,836 | $ | 27,866 | |||||||||||||||||
Obligations of states and political subdivisions | 11,647 | — | 677 | 10,970 | |||||||||||||||||||||
Mortgage-backed securities | 40,378 | 140 | 885 | 39,633 | |||||||||||||||||||||
Non-agency mortgage-backed securities | 1,842 | — | 616 | 1,226 | |||||||||||||||||||||
Total available for sale securities | $ | 83,569 | $ | 140 | $ | 4,014 | $ | 79,695 | |||||||||||||||||
Held to maturity securities | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,465 | $ | 4 | $ | 5 | $ | 1,464 | |||||||||||||||||
Mortgage-backed securities | 7,320 | 33 | 9 | 7,344 | |||||||||||||||||||||
Total held to maturity securities | $ | 8,785 | $ | 37 | $ | 14 | $ | 8,808 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Mortgage-backed securities | — | — | — | — | |||||||||||||||||||||
Total held to maturity securities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
The estimated fair value of securities at September 30, 2014, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature. | |||||||||||||||||||||||||
Available for sale securities | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through five years | $ | 1,106 | $ | 1,114 | |||||||||||||||||||||
Due after five years through ten years | 11,326 | 11,018 | |||||||||||||||||||||||
Due after ten years | 51,205 | 50,057 | |||||||||||||||||||||||
Total available for sale securities | $ | 63,637 | $ | 62,189 | |||||||||||||||||||||
Held to maturity securities | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through five years | $ | — | $ | — | |||||||||||||||||||||
Due after five years through ten years | 585 | 582 | |||||||||||||||||||||||
Due after ten years | 8,200 | 8,226 | |||||||||||||||||||||||
Total held to maturity securities | $ | 8,785 | $ | 8,808 | |||||||||||||||||||||
Securities with unrealized losses at September 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Available for sale securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | — | $ | — | $ | 22,103 | $ | 973 | $ | 22,103 | $ | 973 | |||||||||||||
Obligations of states and political subdivisions | 574 | 1 | 8,817 | 254 | 9,391 | 255 | |||||||||||||||||||
Mortgage-backed securities | 8,167 | 66 | 12,518 | 303 | 20,685 | 369 | |||||||||||||||||||
Federal Agricultural Mortgage Corporation | 65 | 6 | — | — | 65 | 6 | |||||||||||||||||||
Total temporarily impaired | $ | 8,806 | $ | 73 | $ | 43,438 | $ | 1,530 | $ | 52,244 | $ | 1,603 | |||||||||||||
2013 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 27,866 | $ | 1,836 | $ | — | $ | — | $ | 27,866 | $ | 1,836 | |||||||||||||
Obligations of states and political subdivisions | 9,320 | 585 | 1,650 | 92 | 10,970 | 677 | |||||||||||||||||||
Mortgage-backed securities | 27,690 | 885 | — | — | 27,690 | 885 | |||||||||||||||||||
Non-agency mortgage-backed securities | — | — | 1,226 | 616 | 1,226 | 616 | |||||||||||||||||||
Total temporarily impaired | $ | 64,876 | $ | 3,306 | $ | 2,876 | $ | 708 | $ | 67,752 | $ | 4,014 | |||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Held to maturity securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 345 | $ | 5 | $ | — | $ | — | $ | 345 | $ | 5 | |||||||||||||
Mortgage-backed securities | 3,364 | 9 | — | — | 3,364 | 9 | |||||||||||||||||||
Total temporarily impaired | $ | 3,709 | $ | 14 | $ | — | $ | — | $ | 3,709 | $ | 14 | |||||||||||||
2013 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily impaired | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. As part of such monitoring, the credit quality of individual securities and their issuers are assessed. Significant inputs used to measure the amount related to credit loss include, but are not limited to, default and delinquency rates of underlying collateral, remaining credit support, and historical loss severities. Adjustments to market value that are considered temporary are recorded as separate components of equity, net of tax. If an impairment of a security is identified as other-than-temporary based on information available, such as the decline in the credit worthiness of the issuer, external market ratings, or the anticipated or realized elimination of associated dividends, such impairments are further analyzed to determine if credit loss exists. If there is a credit loss, it will be recorded in the Company's consolidated statement of operations. Losses other than credit will continue to be recognized in other comprehensive income (loss), net of tax. Unrealized losses reflected in the preceding tables have not been included in results of operations because the unrealized loss was not deemed other-than-temporary. Management has determined that more likely than not, the Company neither intends to sell, nor will it be required to sell the debt security before its anticipated recovery. | |||||||||||||||||||||||||
At September 30, 2014, there were no holdings of securities of any one private issuer in an amount greater than 10% of the Company’s stockholders’ equity. | |||||||||||||||||||||||||
A summary of the amount of other-than-temporary impairment related to credit losses on available for sale securities that have been recognized in earnings as of each of the most recent two fiscal year ends was as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Beginning balance of the amount of OTTI related to credit losses | $ | 1,250 | $ | 3,740 | |||||||||||||||||||||
Credit portion of OTTI on securities for which OTTI was not previously recognized | 91 | 867 | |||||||||||||||||||||||
Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI | (13 | ) | (70 | ) | |||||||||||||||||||||
Credit portion of OTTI on securities in default for which OTTI was previously recognized | — | (2,184 | ) | ||||||||||||||||||||||
Credit portion of OTTI previously recognized on securities sold during the period | (1,328 | ) | (1,103 | ) | |||||||||||||||||||||
Ending balance of the amount of OTTI related to credit losses | $ | — | $ | 1,250 | |||||||||||||||||||||
During the fiscal year ended September 30, 2014, the Bank recognized $78 of other-than-temporary impairment in earnings on the remaining balance of the non-agency mortgage-backed security portfolio compared to $790 for the same period in the prior year. | |||||||||||||||||||||||||
The Bank has pledged certain of its U.S. Agency securities as collateral against a borrowing line with the Federal Reserve Bank. However, as of September 30, 2014, there were no borrowings outstanding on the Federal Reserve Bank line of credit. The Bank has also pledged certain of its U.S. Agency securities as collateral against specific municipal deposits. |
Office_Properties_and_Equipmen
Office Properties and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
OFFICE PROPERTIES AND EQUIPMENT | ' | ||||||||
OFFICE PROPERTIES AND EQUIPMENT | |||||||||
Office properties and equipment at September 30 for each of the years shown below consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 510 | $ | 510 | |||||
Buildings | 2,284 | 2,161 | |||||||
Furniture, equipment, and vehicles | 7,672 | 9,930 | |||||||
Subtotals | 10,466 | 12,601 | |||||||
Less—Accumulated depreciation | (6,741 | ) | (7,766 | ) | |||||
Office properties and equipment—net | $ | 3,725 | $ | 4,835 | |||||
Depreciation expense was $1,116, $1,079 and $1,043 for the years ended September 30, 2014, 2013 and 2012, respectively. |
Intangible_Assets_Notes
Intangible Assets (Notes) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
INTANGIBLE ASSETS | ' | ||||||||
INTANGIBLE ASSETS | |||||||||
Intangible assets consist of core deposit intangibles arising from various bank acquisitions. A summary of core deposit intangibles and related amortization for the periods shown below follows: | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 218 | $ | 274 | |||||
Capitalized | — | — | |||||||
Amortization | (57 | ) | (56 | ) | |||||
Balance at end of year | $ | 161 | $ | 218 | |||||
The estimated future aggregate amortization expense for the core deposit intangibles is as follows: | |||||||||
2015 | $ | 57 | |||||||
2016 | 57 | ||||||||
2017 | 31 | ||||||||
2018 | 15 | ||||||||
After 2018 | 1 | ||||||||
Total | $ | 161 | |||||||
Deposits_Notes
Deposits (Notes) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
DEPOSITS | ' | ||||||||
DEPOSITS | |||||||||
The following is a summary of deposits by type at September 30, 2014 and 2013, respectively: | |||||||||
2014 | 2013 | ||||||||
Non-interest bearing demand deposits | $ | 19,669 | $ | 22,926 | |||||
interest bearing demand deposits | 17,696 | 11,075 | |||||||
Savings accounts | 29,277 | 28,259 | |||||||
Money market accounts | 136,666 | 154,639 | |||||||
Certificate accounts | 246,459 | 230,499 | |||||||
Total deposits | $ | 449,767 | $ | 447,398 | |||||
Brokered certificates of deposit included above: | $ | 11,960 | $ | 11,960 | |||||
At September 30, 2014, the scheduled maturities of time deposits were as follows: | |||||||||
2015 | $ | 80,381 | |||||||
2016 | 71,638 | ||||||||
2017 | 52,843 | ||||||||
2018 | 23,960 | ||||||||
2019 | 17,637 | ||||||||
After 2019 | — | ||||||||
Total | $ | 246,459 | |||||||
Deposits from the Company’s directors, executive officers, principal stockholders and their affiliates held by the Bank at September 30, 2014 and 2013 amounted to $696 and $584, respectively. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
FEDERAL HOME LOAN BANK ADVANCES | ' | |||||||||||||
FEDERAL HOME LOAN BANK ADVANCES | ||||||||||||||
A summary of Federal Home Loan Bank advances at September 30, 2014 and 2013 were as follows: | ||||||||||||||
Weighted Average Rate | Weighted Average Rate | |||||||||||||
Maturing during the fiscal year | ||||||||||||||
Ended September 30, | 2014 | 2013 | ||||||||||||
2015 | $ | 15,000 | 0.67 | % | $ | 7,500 | 0.27 | % | ||||||
2016 | 16,100 | 0.88 | % | 15,000 | 0.67 | % | ||||||||
2017 | 12,961 | 1.57 | % | 11,600 | 1.01 | % | ||||||||
2018 | 6,100 | 2.24 | % | 12,300 | 1.6 | % | ||||||||
2019 | 3,730 | 1.87 | % | 3,600 | 2.81 | % | ||||||||
Total fixed rate maturity | $ | 53,891 | $ | 50,000 | ||||||||||
Variable rate open line of credit | 5,000 | 0.3 | % | — | — | |||||||||
Total | $ | 58,891 | $ | 50,000 | ||||||||||
At September 30, 2014, the Bank’s available and unused portion of this borrowing arrangement was approximately $81,930. | ||||||||||||||
Maximum month-end amounts outstanding were $75,891 and $52,950 during the twelve months ended September 30, 2014 and 2013, respectively. | ||||||||||||||
Each advance is payable at the maturity date, with a prepayment penalty for fixed rate advances. Federal Home Loan Bank advances are secured by $232,512 of real estate mortgage loans. | ||||||||||||||
At September 30, 2014, the Bank has pledged FHLB Letters of Credit to collateralize certain municipal deposits in the amount of $23,100 due to ample liquidity. |
Capital_Matters_Notes
Capital Matters (Notes) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
CAPITAL MATTERS | ' | |||||||||||||||||||||||||
CAPITAL MATTERS | ||||||||||||||||||||||||||
Banks are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. | ||||||||||||||||||||||||||
Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of September 30, 2014, the OCC categorized the Bank as “Well Capitalized”, under the regulatory framework for prompt corrective action. | ||||||||||||||||||||||||||
The Bank’s Tier 1 (leverage) and risk-based capital ratios at September 30, 2014 and 2013, respectively, are presented below: | ||||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | ||||||||||||||||||||||||
Purposes | Under Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
As of September 30, 2014 (Audited) | ||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 62,116,000 | 16.1 | % | $ | 30,793,000 | > =font> | 8 | % | $ | 38,491,000 | > =font> | 10 | % | ||||||||||||
Tier 1 capital (to risk weighted assets) | 57,283,000 | 14.9 | % | 15,396,000 | > =font> | 4 | % | 23,095,000 | > =font> | 6 | % | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 57,283,000 | 10 | % | 22,991,000 | > =font> | 4 | % | 28,739,000 | > =font> | 5 | % | |||||||||||||||
As of September 30, 2013 (Audited) | ||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 59,297,000 | 16.3 | % | $ | 29,182,000 | > =font> | 8 | % | $ | 36,478,000 | > =font> | 10 | % | ||||||||||||
Tier 1 capital (to risk weighted assets) | 54,717,000 | 15 | % | 14,591,000 | > =font> | 4 | % | 21,887,000 | > =font> | 6 | % | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 54,717,000 | 9.9 | % | 22,220,000 | > =font> | 4 | % | 27,775,000 | > =font> | 5 | % | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Financial Instruments with Off-Balance-Sheet Risk—The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include off-balance-sheet credit instruments consisting of commitments to make loans. The face amounts for these items represent the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Set forth below are the balances of the Company’s off-balance-sheet credit instruments consisting of commitments to make loans as of September 30, 2014 and 2013, respectively. | |||||||||
Contract or Notional | |||||||||
Amount at September 30, | |||||||||
2014 | 2013 | ||||||||
Commitments to extend credit: | |||||||||
Consumer - fixed rate 3.30% - 11.99% in 2014, and 3.13% - 11.49% in 2013 | $ | 2,820 | $ | 2,475 | |||||
Commercial - Fixed rate 3.25% - 5.50% in 2014, and 4.30% - 6.25% in 2013 | 7,172 | 7,791 | |||||||
Commercial standby letter of credit | 20 | — | |||||||
Unused lines of credit: | |||||||||
Home equity lines of credit | 1,622 | 1,035 | |||||||
Kwik cash and lines of credit | 1,227 | 1,235 | |||||||
Consumer construction | 119 | — | |||||||
Commercial construction | 947 | — | |||||||
Commercial lines of credit | 2,192 | 142 | |||||||
Totals | $ | 16,119 | $ | 12,678 | |||||
Loss Contingencies—Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |||||||||
Leases—The Company leases certain branch facilities and its administrative offices under operating leases. Rent expense under these operating leases was $1,186, $1,138, and $1,142 for the years ended September 30, 2014, 2013 and 2012, respectively. None of the Company’s leases contain contingent rental payment, purchase option, escalation or any other significant terms, conditions or restrictions that would affect the future minimum lease payments disclosed below. | |||||||||
Future minimum lease payments by year and in the aggregate under the original terms of the non-cancellable operating leases consist of the following: | |||||||||
2015 | $ | 1,211 | |||||||
2016 | 849 | ||||||||
2017 | 689 | ||||||||
2018 | 535 | ||||||||
2019 | 291 | ||||||||
After 2019 | 540 | ||||||||
Total | $ | 4,115 | |||||||
Retirement_Plans_Notes
Retirement Plans (Notes) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
RETIREMENT PLANS | ' | ||||||||||||
RETIREMENT PLANS | |||||||||||||
401(k) Plan—The Company sponsors a 401(k) profit sharing plan that covers all employees who qualify based on minimum age and length of service requirements. Employees may make pretax voluntary contributions to the plan, which are matched, in part, by the Company. Employer matching contributions to the plan were $193, $189, and $172 for 2014, 2013 and 2012, respectively. | |||||||||||||
Supplemental Executive Retirement Plan—The Company maintained an unfunded Supplemental Executive Retirement Plan (SERP) providing retirement benefits for key employees designated by the Board of Directors. Benefits under the SERP generally were based on the key employees’ years of service and compensation during the years preceding retirement. In May 2009, any additional accrual of benefits under the SERP was suspended. The remaining SERP liability relates to former Executive Management. | |||||||||||||
Director Retirement Plan—The Company also maintains an unfunded Directors’ Retirement Plan. The benefit amounts are determined by individual director agreements. The remaining Director Retirement Plan liability relates to current and former Directors. | |||||||||||||
The components of the SERP and Directors’ Retirement plans’ cost at September 30, 2014, 2013 and 2012, respectively, are summarized as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning accrued benefit cost | $ | 1,181 | $ | 2,363 | $ | 2,659 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 51 | 45 | 126 | ||||||||||
Amortization of prior service costs | 1 | 1 | 6 | ||||||||||
Net periodic benefit cost | 52 | 46 | 132 | ||||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Curtailment and settlement | — | — | (362 | ) | |||||||||
Ending accrued benefit cost | $ | 1,154 | $ | 1,181 | $ | 2,363 | |||||||
The following table sets forth for the SERP and Directors’ Retirement plans the change in projected benefit obligation, the change in plan assets, the funded status of the plans, and the net liability recognized in the Company’s balance sheet at September 30, 2014, 2013 and 2012, respectively: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Change in benefit obligation: | |||||||||||||
Projected benefit obligation, beginning of year | $ | 1,117 | $ | 2,381 | $ | 3,008 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 51 | 45 | 126 | ||||||||||
Curtailment and settlement | — | — | (755 | ) | |||||||||
Actuarial loss (gain) | 20 | (81 | ) | 68 | |||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Projected benefit obligation, end of year | $ | 1,109 | $ | 1,117 | $ | 2,381 | |||||||
Change in plan assets: | |||||||||||||
Plan assets at fair value, beginning of year | $ | — | $ | — | $ | — | |||||||
Actual return on plan assets | — | — | — | ||||||||||
Company contributions | 79 | 1,228 | 66 | ||||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Plan assets at fair value, end of year | $ | — | $ | — | $ | — | |||||||
Weighted average assumptions used in determining the benefit obligation and net pension costs as of September 30, 2014, 2013 and 2012, (in actual dollars) were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Benefit obligation actuarial assumptions: | |||||||||||||
Discount Rate | 4.25 | % | 4.75 | % | 3.75 | % | |||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||
Net pension cost actuarial assumption | |||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4.25 | % | |||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | ||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||
Estimated future benefit payments as of September 30, 2014, which reflect expected future service, as appropriate, are as follows: | |||||||||||||
2015 | $ | 81 | |||||||||||
2016 | $ | 104 | |||||||||||
2017 | $ | 111 | |||||||||||
2018 | $ | 118 | |||||||||||
2019 | $ | 111 | |||||||||||
2020-2024 | $ | 591 | |||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||
In February 2005, the Company’s stockholders approved the Company’s 2004 Recognition and Retention Plan. This plan provides for the grant of up to 113,910 shares of the Company’s common stock to eligible participants under this plan. As of September 30, 2014, 113,910 restricted shares under this plan were issued and 101,103 restricted shares under this plan were outstanding. Restricted shares previously granted were awarded at no cost to the employee and have a five-year vesting period from the grant date. The fair value of these previously granted restricted shares on the date of award was $7.04 per share for 63,783 shares, $6.18 for 6,832 shares, $5.24 for 20,312 shares, $5.65 for 2,500 shares and $5.84 for 20,483 shares. During the twelve months ended September 30, 2013, 20,483 shares, respectively, were granted to eligible participants under this plan at a weighted average fair value of $5.84 per share. No shares were granted to eligible participants under this plan during the twelve months ended September 30, 2014. | ||||||||||||||
There were no previously awarded shares under the 2004 Recognition and Retention Plan that were forfeited in either of the twelve months ended September 30, 2014 or 2013, respectively. There were 639 shares of the Company's common stock surrendered during the twelve months ended September 30, 2013 and 2,830 shares of the Company's common stock surrendered during the twelve months ended September 30, 2014, in each case to satisfy the withholding taxes due upon the vesting of certain previously awarded shares. | ||||||||||||||
In February 2005, the Company’s stockholders also approved the Company’s 2004 Stock Option and Incentive Plan. This plan provides for the grant of nonqualified and incentive stock options and stock appreciation rights to eligible participants under the plan. The plan provides for the grant of awards for up to 284,778 shares of the Company’s common stock. At September 30, 2014, 284,778 options had been granted under this plan to eligible participants at a weighted-average exercise price of $6.57 per share. Options granted vest over a five-year period from the grant date. Unexercised, nonqualified stock options expire within 15 years of the grant date and unexercised incentive stock options expire within 10 years of the grant date. Through September 30, 2014, since the plan’s inception, options for 91,203 shares of the Company’s common stock were vested, options for 45,489 shares were unvested, options for 143,528 shares were forfeited and options for 4,558 shares were exercised. Of the 284,778 options granted, 136,692 remained outstanding as of September 30, 2014. | ||||||||||||||
In February 2008, the Company’s stockholders approved the Company’s 2008 Equity Incentive Plan. The aggregate number of shares of common stock reserved and available for issuance under the 2008 Equity Incentive Plan is 597,605 shares. Under the Plan, the Compensation Committee may grant stock options and stock appreciation rights that, upon exercise, result in the issuance of 426,860 shares of the Company’s common stock. The Committee may also grant shares of restricted stock and restricted stock units for an aggregate of 170,745 shares of Company common stock under this plan. | ||||||||||||||
As of September 30, 2014 and September 30, 2013, 15,000 and 0 restricted shares under the 2008 Equity Incentive plan were issued and outstanding, respectively. Restricted shares granted were awarded at no cost to the employee and vest pro rata over a five-year period from the grant date. During the twelve months ended September 30, 2014, 15,000 shares were granted to eligible participants under this plan at a weighted average fair value of $8.00 per share. | ||||||||||||||
Compensation expense related to restricted stock awards from both the 2004 Recognition and Retention Plan and the 2008 Equity Incentive Plan were $66, $45 and $22 for the years ended September 30, 2014, 2013 and 2012, respectively. | ||||||||||||||
As of September 30, 2014 and September 30, 2013, 45,000 and 0 common stock options under the 2008 Equity Incentive plan were issued respectively. During the twelve months ended September 30, 2014, 45,000 options were granted under this plan to eligible participants at a weighted-average exercise price of $8.00 per share and 2,500 options were forfeited. Options granted vest pro rata over a five-year period from the grant date. Unexercised, nonqualified stock options expire within 15 years of the grant date and unexercised incentive stock options expire within 10 years of the grant date. Through September 30, 2014, since the plan’s inception, options for 0 shares of the Company’s common stock were vested, options for 42,500 shares were unvested, options for 2,500 shares were forfeited and options for 0 shares were exercised. Of the 45,000 options granted, 42,500 remained outstanding as of September 30, 2014. | ||||||||||||||
The Company accounts for stock-based employee compensation related to the Company’s 2004 Stock Option and Incentive Plan and the 2008 Equity Incentive Plan using the fair-value-based method. Accordingly, management records compensation expense based on the value of the award as measured on the grant date and then the Company recognizes that cost over the vesting period for the award. The compensation cost recognized for stock-based employee compensation from both plans for the years ended September 30, 2014, 2013 and 2012 was $43, $31 and $21, respectively. | ||||||||||||||
Option Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
2014 | ||||||||||||||
Outstanding at beginning of year | 150,932 | $ | 6.15 | |||||||||||
Granted | 45,000 | 8 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | (16,740 | ) | ||||||||||||
Outstanding at end of year | 179,192 | $ | 6.52 | 6.96 | $ | — | ||||||||
Exercisable at end of year | 91,203 | $ | 6.35 | 5.52 | ||||||||||
Fully vested and expected to vest | 179,192 | $ | 6.52 | 6.96 | ||||||||||
2013 | ||||||||||||||
Outstanding at beginning of year | 124,789 | $ | 6.26 | |||||||||||
Granted | 26,143 | 5.62 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | — | |||||||||||||
Outstanding at end of year | 150,932 | $ | 6.15 | 7.06 | $ | — | ||||||||
Exercisable at end of year | 88,927 | $ | 6.63 | 6.07 | ||||||||||
Fully vested and expected to vest | 150,932 | $ | 6.15 | 7.06 | ||||||||||
2012 | ||||||||||||||
Outstanding at beginning of year | 160,353 | $ | 6.7 | |||||||||||
Granted | 10,000 | 5.65 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | (45,564 | ) | ||||||||||||
Outstanding at end of year | 124,789 | $ | 6.26 | 7.65 | $ | — | ||||||||
Exercisable at end of year | 77,639 | $ | 6.82 | 6.78 | ||||||||||
Fully vested and expected to vest | 124,789 | $ | 6.26 | 7.65 | ||||||||||
Information related to the 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan during each year follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | — | ||||||||
Cash received from options exercised | $ | — | $ | — | $ | — | ||||||||
Tax benefit realized from options exercised | $ | — | $ | — | $ | — | ||||||||
Set forth below is a table showing relevant assumptions used in calculating stock option expense related to the Company’s 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Risk-free interest rate | 2.7 | % | 1.7 | % | 1.6 | % | ||||||||
Weighted average expected life (years) | 10 | 10 | 10 | |||||||||||
Expected volatility | 3 | % | 14 | % | 19 | % |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
INCOME TAXES | ' | |||||||||||||||||||
INCOME TAXES | ||||||||||||||||||||
Income tax expense (benefit) for each of the periods shown below consisted of the following: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Current tax provision | ||||||||||||||||||||
Federal | $ | 97 | $ | 227 | $ | 1,708 | ||||||||||||||
State | 7 | 17 | 240 | |||||||||||||||||
104 | 244 | 1,948 | ||||||||||||||||||
Deferred tax provision (benefit) | ||||||||||||||||||||
Federal | 798 | 322 | (1,567 | ) | ||||||||||||||||
State | 145 | 69 | (220 | ) | ||||||||||||||||
943 | 391 | (1,787 | ) | |||||||||||||||||
Total | $ | 1,047 | $ | 635 | $ | 161 | ||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Tax expense at statutory rate | $ | 962 | 34 | % | $ | 572 | 34 | % | $ | 124 | 34 | % | ||||||||
State income taxes net of federal | 152 | 5.37 | % | 86 | 5.1 | % | 20 | 5.37 | % | |||||||||||
Tax exempt interest | (46 | ) | (1.64 | )% | (31 | ) | (1.87 | )% | (2 | ) | (0.51 | )% | ||||||||
Other | (21 | ) | (0.73 | )% | 8 | 0.51 | % | 19 | 4.99 | % | ||||||||||
Total | $ | 1,047 | 37 | % | $ | 635 | 37.74 | % | $ | 161 | 43.85 | % | ||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of September 30, 2014 and September 30, 2013, respectively: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Allowance for loan losses | $ | 2,562 | $ | 2,433 | ||||||||||||||||
Deferred loan costs/fees | 217 | 308 | ||||||||||||||||||
Director/officer compensation plans | 551 | 564 | ||||||||||||||||||
Net unrealized loss on securities available for sale | 579 | 1,549 | ||||||||||||||||||
Impairment loss | — | 1,306 | ||||||||||||||||||
Other | 233 | 182 | ||||||||||||||||||
Deferred tax assets | $ | 4,142 | $ | 6,342 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Office properties and equipment | (397 | ) | (677 | ) | ||||||||||||||||
Other | (111 | ) | (125 | ) | ||||||||||||||||
Deferred tax liabilities | (508 | ) | (802 | ) | ||||||||||||||||
Net deferred tax assets | $ | 3,634 | $ | 5,540 | ||||||||||||||||
The Company regularly reviews the carrying amount of its deferred tax assets to determine if the establishment of a valuation allowance is necessary, as further discussed in Note 1 “Nature of Business and Summary of Significant Accounting Policies,” above. At September 30, 2014 and September 30, 2013, respectively, management determined that no valuation allowance was necessary. | ||||||||||||||||||||
The Company’s income tax returns are subject to review and examination by federal, state and local government authorities. As of September 30, 2014, years open to examination by the U.S. Internal Revenue Service include taxable years ended September 30, 2011 to present. The years open to examination by state and local government authorities varies by jurisdiction. | ||||||||||||||||||||
The tax effects from uncertain tax positions can be recognized in the financial statements, provided the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized, upon ultimate settlement with the relevant tax authority. The Company applied the foregoing accounting standard to all of its tax positions for which the statute of limitations remained open as of the date of the accompanying consolidated financial statements. | ||||||||||||||||||||
The Company’s policy is to recognize interest and penalties related to income tax issues as components of other noninterest expense. During the twelve months ended September 30, 2014, 2013 and 2012, the Company recognized interest expense in the amount of $0, $22 and $41, respectively, related to income tax issues in its statements of operations. The Company had no recorded accrual or liability for the payment of interest and penalties related to income tax issues as of September 30, 2014 or September 30, 2013. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
Earnings per share is based on the weighted average number of shares outstanding for the year. A reconciliation of the basic and diluted earnings per share for the last three fiscal years is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Weighted average common shares outstanding | 5,163,373 | 5,151,413 | 5,133,707 | ||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.04 | |||||||
Diluted | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Weighted average common shares outstanding | 5,163,373 | 5,151,413 | 5,133,707 | ||||||||||
for basic earnings per share | |||||||||||||
Add: Dilutive stock options outstanding | 33,333 | 11,767 | — | ||||||||||
Average shares and dilutive potential common shares | 5,196,706 | 5,163,180 | 5,133,707 | ||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.2 | $ | 0.04 | |||||||
Additional common stock option shares that have not been included due to their antidilutive effect | 145,859 | 139,165 | 124,789 | ||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||
On October 1, 2011, the Company adopted ASU 2011-05, “Presentation of Comprehensive Income”. In addition to presenting the Consolidated Statements of Other Comprehensive Income (Loss) herein, the following table shows the tax effects allocated to each component of other comprehensive income (loss) for the years ended September 30, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | ||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||||||||||
Unrealized gains (losses) on securities: | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | 2,515 | (1,006 | ) | $ | 1,509 | $ | (4,654 | ) | $ | 1,861 | $ | (2,793 | ) | $ | 1,372 | $ | (549 | ) | $ | 823 | |||||||||||||||
Less: reclassification adjustment for gains included in net income | (168 | ) | 67 | (101 | ) | 552 | (220 | ) | 332 | 243 | (97 | ) | 146 | |||||||||||||||||||||||
Changes for realized losses on securities available for sale for OTTI write-down | 78 | (31 | ) | 47 | 797 | (319 | ) | 478 | 1,332 | (533 | ) | 799 | ||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service costs and net gains (losses) | (18 | ) | 7 | (11 | ) | 82 | (33 | ) | 49 | 330 | (132 | ) | 198 | |||||||||||||||||||||||
Other comprehensive income (loss) | $ | 2,407 | $ | (963 | ) | $ | 1,444 | $ | (3,223 | ) | $ | 1,289 | $ | (1,934 | ) | $ | 3,277 | $ | (1,311 | ) | $ | 1,966 | ||||||||||||||
The changes in the accumulated balances for each component of other comprehensive income (loss) for the years ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
Unrealized | Defined | Other | ||||||||||||||||||||||||||||||||||
Gains (Losses) | Benefit | Comprehensive | ||||||||||||||||||||||||||||||||||
on | Plans | Income (Loss) | ||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||
Balance, October 1, 2012 | $ | (341 | ) | $ | (11 | ) | $ | (352 | ) | |||||||||||||||||||||||||||
Current year-to-date other comprehensive income (loss), net of tax | (1,983 | ) | 49 | (1,934 | ) | |||||||||||||||||||||||||||||||
Ending balance, September 30, 2013 | $ | (2,324 | ) | $ | 38 | $ | (2,286 | ) | ||||||||||||||||||||||||||||
Current year-to-date other comprehensive income (loss), net of tax | 1,455 | (11 | ) | 1,444 | ||||||||||||||||||||||||||||||||
Ending balance, September 30, 2014 | $ | (869 | ) | $ | 27 | $ | (842 | ) | ||||||||||||||||||||||||||||
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company Only (Notes) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY | ' | ||||||||||||
CONDENSED FINANCIAL INFORMATION – PARENT COMPANY ONLY | |||||||||||||
The following condensed balance sheets as of September 30, 2014 and 2013, and condensed statements of operations and cash flows for each of the years in the three-year period ended September 30, 2014, for Citizens Community Bancorp, Inc. should be read in conjunction with the accompanying consolidated financial statements and the notes thereto. | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 235 | $ | 230 | |||||||||
Investment in subsidiary | 57,058 | 53,955 | |||||||||||
Total assets | $ | 57,293 | $ | 54,185 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Total stockholders’ equity | $ | 57,293 | $ | 54,185 | |||||||||
STATEMENTS OF OPERATIONS | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income—interest and dividends | $ | — | $ | — | $ | — | |||||||
Expenses—other | 182 | 107 | 320 | ||||||||||
Loss before provision for income taxes and equity in | |||||||||||||
undistributed net income (loss) of subsidiary | (182 | ) | (107 | ) | (320 | ) | |||||||
Benefit for income taxes | (73 | ) | (43 | ) | (128 | ) | |||||||
Loss before equity in undistributed net income (loss) of | |||||||||||||
subsidiary | (109 | ) | (64 | ) | (192 | ) | |||||||
Equity in undistributed net income of subsidiary | 1,892 | 1,111 | 398 | ||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Decrease in cash and cash equivalents: | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Stock based compensation expense | 43 | 31 | 21 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary | (1,892 | ) | (1,111 | ) | (398 | ) | |||||||
Net cash used in operating activities | (66 | ) | (33 | ) | (171 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Surrendered vested shares of common stock | (22 | ) | (5 | ) | — | ||||||||
Cash dividend from Bank to Holding Company | 300 | — | — | ||||||||||
Cash dividends paid | (207 | ) | (103 | ) | — | ||||||||
Net cash provided by (used in) financing activities | 71 | (108 | ) | — | |||||||||
Net increase (decrease) in cash and cash equivalents | 5 | (141 | ) | (171 | ) | ||||||||
Cash and cash equivalents at beginning of year | 230 | 371 | 542 | ||||||||||
Cash and cash equivalents at end of year | $ | 235 | $ | 230 | $ | 371 | |||||||
Nature_of_Business_and_Summary1
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Citizens Community Federal N.A. All significant inter-company accounts and transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates—Preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, fair value of financial instruments, the allowance for loan losses, valuation of acquired intangible assets, useful lives for depreciation and amortization, indefinite-lived intangible assets and long-lived assets, deferred tax assets, uncertain income tax positions and contingencies. Management does not anticipate any material changes to estimates made herein in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: those items described under the caption “Risk Factors” in Item 1A of the accompanying annual report on Form 10-K for the year ended September 30, 2014 and external market factors such as market interest rates and employment rates, changes to operating policies and procedures, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents—For purposes of reporting cash flows in the consolidated financial statements, cash and cash equivalents include cash, due from banks, and interest bearing deposits with original maturities of three months or less. | |
Investment Securities; Held to Maturity and Available for Sale | ' |
Investment Securities; Held to Maturity and Available for Sale – Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of the date of each statement of financial position date. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Investment securities not classified as held to maturity are classified as available for sale. Available for sale securities are stated at fair value, with unrealized holding gains and losses deemed other than temporarily impaired due to non-credit issues being reported in other comprehensive income (loss), net of tax. Unrealized losses deemed other-than-temporary due to credit issues are reported in the Company’s earnings in the period in which the losses arise. Interest income includes amortization of purchase premium or accretion of purchase discount. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the estimated lives of the securities. Gains and losses on sales of investment securities are recorded on the trade date and are determined using the specific identification method. | |
Declines in the fair value of securities below their cost that are other than temporary due to credit issues are reflected as “Net (loss) gain on available for sale securities” in the accompanying Consolidated Statement of Operations. In estimating other-than-temporary impairment (OTTI), management considers: (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the Company’s ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. The difference between the present values of the cash flows expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of OTTI that is recognized in operations and is a reduction to the cost basis of the security. The portion of other-than-temporary impairment related to all other factors is included in other comprehensive income (loss), net of the related tax effect. | |
Loans | ' |
Loans – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, and deferred loan fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. | |
Interest income on commercial, mortgage and consumer loans is discontinued according to the following schedules: | |
•Commercial loans, including Agricultural and C&I loans, past due 90 days or more; | |
•Closed end consumer loans past due 120 days or more; and | |
•Real estate loans and open ended consumer loans past due 180 days or more. | |
Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual status is reversed against interest income. Interest received on such loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual status. Loans are returned to accrual status when payments are made that bring the loan account current with the contractual term of the loan and a 6 month payment history has been established. Interest on impaired loans considered troubled debt restructurings (“TDRs”) or substandard, less than 90 days delinquent, is recognized as income as it accrues based on the revised terms of the loan over an established period of continued payment. Substandard loans, as defined by the OCC, our primary banking regulator, are loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. | |
Real estate loans and open ended consumer loans are charged off to estimated net realizable value less estimated selling costs at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 180 days or more. Closed end consumer loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 120 days or more. Commercial loans, including Agricultural and C&I loans, are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 90 days or more. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses – The allowance for loan losses (“ALL”) is a valuation allowance for probable and inherent credit losses in our loan portfolio. Loan losses are charged against the ALL when management believes that the collectability of a loan balance is unlikely. Subsequent recoveries, if any, are credited to the ALL. Management estimates the required ALL balance taking into account the following factors: past loan loss experience; the nature, volume and composition of the loan portfolio; known and inherent risks in the portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; and other relevant factors determined by management. The ALL consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for certain qualitative factors. The entire ALL balance is available for any loan that, in management’s judgment, should be charged off. | |
A loan is impaired when full payment under the loan terms is not expected. Impaired loans consist of all TDRs, as well as individual substandard loans not considered a TDR, when full payment under the loan terms is not expected. All TDRs are individually evaluated for impairment. See Note 3, “Loans, Allowance for Loan Losses and Impaired Loans” for more information on what we consider to be a TDR. If a TDR or substandard loan is deemed to be impaired, a specific ALL allocation is established so that the loan is reported, net, at either (a) the present value of estimated future cash flows using the loan’s existing rate; or (b) at the fair value of any collateral less estimated disposal costs, if repayment is expected solely from the underlying collateral of the loan. For TDRs less than 90+ days past due, and certain TDRs that are less than 90+ days delinquent, the likelihood of the loan migrating to over 90 days past due is also taken into account when determining the specific ALL allocation. Large groups of smaller balance homogeneous loans, such as non-TDR commercial, consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. | |
Non-marketable Equity Securities | ' |
Non-marketable Equity Securities — Non-marketable equity securities are comprised of Federal Home Loan Bank (FHLB) stock and Federal Reserve Bank (FRB) stock, and are carried at cost in the amounts of $3,820 and $1,695 respectively. | |
The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock based on the Bank’s level of borrowings from the FHLB and other factors, and may invest in additional amounts of FHLB stock. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. The determination of whether a decline affects the ultimate recovery is influenced by criteria such as: (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and length of time a decline has persisted; (2) the impact of legislative and regulatory changes on the FHLB; and (3) the liquidity position of the FHLB. Both cash and stock dividends are reported as income. | |
FHLB stock is evaluated quarterly for impairment. Quarterly cash dividends were paid in November 2013 and in February 2014 at an annualized dividend rate of 0.30%. Quarterly cash dividends were paid in May 2014 and in August 2014 at an annualized dividend rate of 0.50% per share. Based on management’s quarterly evaluation, no impairment has been recorded on these securities. | |
As a National Banking Association, the Bank must be a member of the Federal Reserve system. Each member bank is required to subscribe to Federal Reserve Stock in an amount equal to 6 percent of its capital and surplus. Although the par value of the stock is $100 per share, banks (including the Bank) pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. Dividends are paid at the statutory rate of 6 percent per annum, or $1.50 per share semi-annually on the last business day of June and December. | |
Foreclosed and Repossessed Assets, net | ' |
Foreclosed and Repossessed Assets, net – Assets acquired through foreclosure or repossession, are initially recorded at fair value, less estimated costs to sell, which establishes a new cost basis. If the fair value declines subsequent to foreclosure or repossession, a valuation allowance is recorded through expense. Costs incurred after acquisition are expensed, and are included in "non-interest expense, other" on the accompanying Consolidated Statements of Operations. Foreclosed and repossessed asset balances were $1,050 and $1,028 at September 30, 2014 and September 30, 2013, respectively. | |
Office Properties and Equipment | ' |
Office Properties and Equipment—Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Maintenance and repair costs are charged to expense as incurred. Gains or losses on disposition of office properties and equipment are reflected in income. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Leasehold improvements are depreciated using the straight-line (or accelerated) method with useful lives based on the lesser of (a) the estimated life of the lease, or (b) the estimated useful life of the leasehold improvement. | |
Intangible Assets | ' |
Intangible Assets—Intangible assets consist of core deposit intangible assets arising from branch acquisitions. They were initially measured at fair value and amortized over their estimated useful lives, ranging from 7 to 15 years. The balance of core deposit intangible assets, were $161 and $218 at September 30, 2014 and 2013, respectively. Amortization expense related to these core deposit intangible assets was $57, $56 and $209 for the years ended September 30, 2014, 2013 and 2012, respectively. Accumulated amortization on core deposit intangible assets was $2,360 and $2,303, at September 30, 2014 and 2013, respectively. | |
Interest Bearing Deposits | ' |
Interest Bearing Deposits—Other interest bearing deposits mature within one year and are carried at cost, which approximates their fair value. | |
Advertising Costs, Marketing and Public Relations Expense | ' |
Advertising, Marketing and Public Relations Expense—The Company expenses all advertising, marketing and public relations costs as they are incurred. Total costs for the years ended September 30, 2014, 2013, and 2012 were $370, $233, and $190, respectively. | |
Income Taxes | ' |
Income Taxes – The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” Under this guidance, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. See Note 13, "Income Taxes" for details on the Company’s income taxes. | |
The Company regularly reviews the carrying amount of its net deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company’s net deferred tax assets will not be realized in future periods, a deferred tax valuation allowance would be established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. In evaluating this available evidence, management considers, among other things, historical performance, expectations of future earnings, the ability to carry back losses to recoup taxes previously paid, the length of statutory carry forward periods, any experience with utilization of operating loss and tax credit carry forwards not expiring, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. Accordingly, the Company’s evaluation is based on current tax laws as well as management’s expectations of future performance. | |
Earnings Per Share | ' |
Earnings Per Share – Basic earnings per common share is net income or loss divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans. | |
Loss Contingencies | ' |
Loss Contingencies—Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of loss can be reasonably estimated. | |
Off-Balance-Sheet Financial Instruments | ' |
Off-Balance-Sheet Financial Instruments—In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and commitments under lines of credit arrangements, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable. | |
Other Comprehensive Income (Loss) | ' |
Other Comprehensive Income (Loss)—Accumulated and other comprehensive income or loss is comprised of the unrealized and realized losses on securities available for sale and pension liability adjustments, net of tax, and is shown on the accompanying Consolidated Statements of Other Comprehensive Income (Loss). | |
Operating Segments | ' |
Operating Segments—While the chief decision makers monitor the revenue streams of the various banking products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. | |
Reclassifications | ' |
Reclassifications – Certain items previously reported were reclassified for consistency with the current presentation. | |
Adoption of New Accounting Standards | ' |
Adoption of New Accounting Standards - In August, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2014-14 - "Receivables; Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure". ASU 2014-14 is intended to improve accounting and disclosure consistency related to how creditors classify government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. For public entities, ASU 2014-09 is effective on a prospective basis for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company expects the adoption of ASU 2014-14 to have no material effect on the Company's results of operations, financial position or cash flows. | |
In May, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 - "Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is intended to clarify and simplify revenue recognition principles, develop a common revenue standard across industries and accounting frameworks, and improve the usefulness and consistency of revenue reporting. For public entities, ASU 2014-09 is effective on a retrospective basis for the annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted. The Company expects the adoption of ASU 2014-09 to have no material effect on the Company's results of operations, financial position or cash flows. | |
In January, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-04 - "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)". ASU 2014-04 is intended to improve consistency among reporting entities by clarifying when an in substance foreclosure occurs, that is, when a creditor should derecognize a loan and recognize the corresponding real estate collateral as a separate asset. For public entities, ASU 2014 is effective for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company expects the adoption of ASU 2014-04 to have no material effect on the Company's results of operations, financial position or cash flows. |
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets Measured on a Recurring Basis | ' | |||||||||||||||
The following table presents, for the periods shown below, the Company's fair value of securities available for sale in accordance with the fair value hierarchy described above. | ||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Instruments | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
30-Sep-14 | ||||||||||||||||
Investment securities: | ||||||||||||||||
U.S. government agency obligations | $ | 22,103 | $ | — | $ | 22,103 | $ | — | ||||||||
Obligations of states and political | ||||||||||||||||
subdivisions | 12,658 | — | 12,658 | — | ||||||||||||
Mortgage-backed securities | 36,171 | — | 36,171 | — | ||||||||||||
Federal Agricultural Mortgage Corporation | 65 | — | 65 | — | ||||||||||||
Total | $ | 70,997 | $ | — | $ | 70,997 | $ | — | ||||||||
30-Sep-13 | ||||||||||||||||
Investment securities: | ||||||||||||||||
U.S. government agency obligations | $ | 27,866 | $ | — | $ | 27,866 | $ | — | ||||||||
Obligations of states and political | ||||||||||||||||
subdivisions | 10,970 | — | 10,970 | — | ||||||||||||
Mortgage-backed securities | 39,633 | — | 39,633 | — | ||||||||||||
Non-agency mortgage-backed securities | 1,226 | — | — | 1,226 | ||||||||||||
Total | $ | 79,695 | $ | — | $ | 78,469 | $ | 1,226 | ||||||||
Reconciliation of residential mortgage-backed securities | ' | |||||||||||||||
The following table presents a reconciliation of non-agency mortgage-backed securities held by the Bank measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for each of the twelve months ended September 30, 2014 and 2013: | ||||||||||||||||
Twelve Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Balance beginning of period | $ | 1,226 | $ | 6,586 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | (274 | ) | (797 | ) | ||||||||||||
Included in other comprehensive income (loss) | 615 | 1,322 | ||||||||||||||
Sales | (1,321 | ) | (3,802 | ) | ||||||||||||
Payments, accretion and amortization | (246 | ) | (2,083 | ) | ||||||||||||
Balance end of period | $ | — | $ | 1,226 | ||||||||||||
Assets Measured on a Nonrecurring Basis | ' | |||||||||||||||
The following table presents, for the periods shown below, the Company's fair value for foreclosed and repossessed assets and TDRs in accordance with the fair value hierarchy described above. | ||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Instruments | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
30-Sep-14 | ||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,050 | $ | — | $ | — | $ | 1,050 | ||||||||
Loans restructured in a TDR | 5,581 | — | — | 5,581 | ||||||||||||
Total | $ | 6,631 | $ | — | $ | — | $ | 6,631 | ||||||||
30-Sep-13 | ||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,028 | $ | — | $ | — | $ | 1,028 | ||||||||
Loans restructured in a TDR | 8,618 | — | — | 8,618 | ||||||||||||
Total | $ | 9,646 | $ | — | $ | — | $ | 9,646 | ||||||||
Carrying amount and estimated fair value of financial instruments | ' | |||||||||||||||
The carrying amount and estimated fair value of financial instruments as of the dates indicated were as follows: | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||
Value | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 11,434 | $ | 11,434 | $ | 17,601 | $ | 17,601 | ||||||||
Interest-bearing deposits | 245 | 245 | 1,988 | 1,988 | ||||||||||||
Investment securities | 70,974 | 70,997 | 79,695 | 79,695 | ||||||||||||
Non-marketable equity securities, at cost | 5,515 | 5,515 | 3,300 | 3,300 | ||||||||||||
Loans receivable, net | 463,860 | 479,961 | 434,683 | 448,846 | ||||||||||||
Accrued interest receivable | 1,478 | 1,478 | 1,469 | 1,469 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 449,767 | $ | 454,170 | $ | 447,398 | $ | 451,225 | ||||||||
FHLB advances | 58,891 | 59,331 | 50,000 | 49,676 | ||||||||||||
Accrued interest payable | 13 | 13 | 11 | 11 | ||||||||||||
Loans_Allowance_for_Loan_Losse1
Loans, Allowance for Loan Losses and Impaired Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Major classifications of loans | ' | |||||||||||||||||||||||||||||||||||
Major classifications of loans as of September 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 223,025 | $ | 252,958 | ||||||||||||||||||||||||||||||||
Commercial | 39,061 | 12,531 | ||||||||||||||||||||||||||||||||||
Total real estate loans | 262,086 | 265,489 | ||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||
Automobile | 12,810 | 12,662 | ||||||||||||||||||||||||||||||||||
Secured personal and other | 188,911 | 158,842 | ||||||||||||||||||||||||||||||||||
Unsecured personal | 3,512 | 1,835 | ||||||||||||||||||||||||||||||||||
Total consumer and other loans | 205,233 | 173,339 | ||||||||||||||||||||||||||||||||||
Gross loans | 467,319 | 438,828 | ||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Deferred loan origination fees, net of costs | 3,047 | 2,035 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (6,506 | ) | (6,180 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 463,860 | $ | 434,683 | ||||||||||||||||||||||||||||||||
A summary of the changes in loans | ' | |||||||||||||||||||||||||||||||||||
Certain directors and executive officers of the Company and the Bank are defined as related parties. These related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2014 and 2013. A summary of the changes in those loans during the last two fiscal years is as follows: | ||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance—beginning of year | $ | 131 | $ | 138 | ||||||||||||||||||||||||||||||||
New loan originations | 17 | 33 | ||||||||||||||||||||||||||||||||||
Repayments | (19 | ) | (40 | ) | ||||||||||||||||||||||||||||||||
Balance—end of year | $ | 129 | $ | 131 | ||||||||||||||||||||||||||||||||
Available and unused lines of credit | $ | 18 | $ | 18 | ||||||||||||||||||||||||||||||||
Changes in a specific component on impaired loans and a general component for non-impaired loans for the periods | ' | |||||||||||||||||||||||||||||||||||
Changes in the ALL by loan type for the periods presented below were as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance, October 1, 2013 | $ | 2,541 | $ | 3,639 | $ | 6,180 | ||||||||||||||||||||||||||||||
Charge-offs | (1,238 | ) | (689 | ) | (1,927 | ) | ||||||||||||||||||||||||||||||
Recoveries | 94 | 249 | 343 | |||||||||||||||||||||||||||||||||
Provision | 1,362 | 548 | 1,910 | |||||||||||||||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 2,759 | $ | 3,747 | $ | 6,506 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 525 | $ | 207 | $ | 732 | ||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 2,234 | $ | 3,540 | $ | 5,774 | ||||||||||||||||||||||||||||||
Loans Receivable as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 261,315 | $ | 209,051 | $ | 470,366 | ||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,197 | $ | 732 | $ | 2,929 | ||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 259,118 | $ | 208,319 | $ | 467,437 | ||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Year ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance, October 1, 2012 | $ | 2,287 | $ | 3,458 | $ | 5,745 | ||||||||||||||||||||||||||||||
Charge-offs | (1,525 | ) | (1,494 | ) | (3,019 | ) | ||||||||||||||||||||||||||||||
Recoveries | 36 | 275 | 311 | |||||||||||||||||||||||||||||||||
Provision | 1,743 | 1,400 | 3,143 | |||||||||||||||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 2,541 | $ | 3,639 | $ | 6,180 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 667 | $ | 316 | $ | 983 | ||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 1,874 | $ | 3,323 | $ | 5,197 | ||||||||||||||||||||||||||||||
Loans Receivable as of September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 264,388 | $ | 176,475 | $ | 440,863 | ||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 3,659 | $ | 907 | $ | 4,566 | ||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 260,729 | $ | 175,568 | $ | 436,297 | ||||||||||||||||||||||||||||||
Loans receivable | ' | |||||||||||||||||||||||||||||||||||
Loans receivable by loan type as of the end of the periods shown below were as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer and Other Loans | Total Loans | ||||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Performing loans | ||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 4,535 | $ | 6,254 | $ | 797 | $ | 1,101 | $ | 5,332 | $ | 7,355 | ||||||||||||||||||||||||
Performing loans other | 255,564 | 255,951 | 207,885 | 174,949 | 463,449 | 430,900 | ||||||||||||||||||||||||||||||
Total performing loans | 260,099 | 262,205 | 208,682 | 176,050 | 468,781 | 438,255 | ||||||||||||||||||||||||||||||
Nonperforming loans (1) | ||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 202 | 1,187 | 47 | 76 | 249 | 1,263 | ||||||||||||||||||||||||||||||
Nonperforming loans other | 1,014 | 996 | 322 | 349 | 1,336 | 1,345 | ||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 1,216 | $ | 2,183 | $ | 369 | $ | 425 | $ | 1,585 | $ | 2,608 | ||||||||||||||||||||||||
Total loans | $ | 261,315 | $ | 264,388 | $ | 209,051 | $ | 176,475 | $ | 470,366 | $ | 440,863 | ||||||||||||||||||||||||
-1 | Nonperforming loans are either 90+ days past due or nonaccrual. | |||||||||||||||||||||||||||||||||||
Aging analysis of the Bank real estate and consumer loans | ' | |||||||||||||||||||||||||||||||||||
An aging analysis of the Company’s real estate and consumer and other loans as of September 30, 2014 and September 30, 2013, respectively, was as follows: | ||||||||||||||||||||||||||||||||||||
1 Month | 2 Months | Greater | Total | Current | Total | Recorded | ||||||||||||||||||||||||||||||
Past Due | Past Due | Than | Past Due | Loans | Investment > | |||||||||||||||||||||||||||||||
3 Months | 3 months and | |||||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Real estate loans | $ | 678 | $ | 80 | $ | 989 | $ | 1,747 | $ | 259,568 | $ | 261,315 | $ | 228 | ||||||||||||||||||||||
Consumer and other loans | 354 | 73 | 178 | 605 | 175,634 | 176,239 | 99 | |||||||||||||||||||||||||||||
Purchased third party loans | 190 | 136 | 73 | 399 | 32,413 | 32,812 | 74 | |||||||||||||||||||||||||||||
Total | $ | 1,222 | $ | 289 | $ | 1,240 | $ | 2,751 | $ | 467,615 | $ | 470,366 | $ | 401 | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Real estate loans | $ | 2,057 | $ | 351 | $ | 1,905 | $ | 4,313 | $ | 260,075 | $ | 264,388 | $ | 371 | ||||||||||||||||||||||
Consumer and other loans | 746 | 121 | 214 | 1,081 | 155,416 | 156,497 | 80 | |||||||||||||||||||||||||||||
Purchased third party loans | 112 | 66 | 32 | 210 | 19,768 | 19,978 | 32 | |||||||||||||||||||||||||||||
Total | $ | 2,915 | $ | 538 | $ | 2,151 | $ | 5,604 | $ | 435,259 | $ | 440,863 | $ | 483 | ||||||||||||||||||||||
Bank impaired loans | ' | |||||||||||||||||||||||||||||||||||
A summary of the Company’s impaired loans as of September 30, 2014 and September 30, 2013 was as follows: | ||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded | With An Allowance Recorded | Totals | ||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | Real Estate | Consumer and Other | Total | Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||
Recorded investment at September 30, 2014 | $ | 4,345 | $ | 535 | $ | 4,880 | $ | 2,197 | $ | 732 | $ | 2,929 | $ | 6,542 | $ | 1,267 | $ | 7,809 | ||||||||||||||||||
Unpaid balance at September 30, 2014 | 4,345 | 535 | 4,880 | 2,197 | 732 | 2,929 | 6,542 | 1,267 | 7,809 | |||||||||||||||||||||||||||
Recorded investment at September 30, 2013 | 5,349 | 771 | 6,120 | 3,659 | 907 | 4,566 | 9,008 | 1,678 | 10,686 | |||||||||||||||||||||||||||
Unpaid balance at September 30, 2013 | 5,349 | 771 | 6,120 | 3,659 | 907 | 4,566 | 9,008 | 1,678 | 10,686 | |||||||||||||||||||||||||||
Average recorded investment; twelve months ended September 30, 2014 | 4,722 | 614 | 5,336 | 3,137 | 823 | 3,960 | 7,859 | 1,437 | 9,296 | |||||||||||||||||||||||||||
Average recorded investment; twelve months ended September 30, 2013 | 4,185 | 609 | 4,794 | 4,197 | 993 | 5,190 | 8,382 | 1,602 | 9,984 | |||||||||||||||||||||||||||
Interest income received; twelve months ended September 30, 2014 | 149 | 32 | 181 | 68 | 24 | 92 | 217 | 56 | 273 | |||||||||||||||||||||||||||
Interest income received; twelve months ended September 30, 2013 | 202 | 71 | 273 | 69 | 40 | 109 | 271 | 111 | 382 | |||||||||||||||||||||||||||
Troubled Debt Restructuring | ' | |||||||||||||||||||||||||||||||||||
A summary of loans by loan type modified in a troubled debt restructuring as of September 30, 2014 and September 30, 2013, and during each of the twelve months then ended, was as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2014 and | ||||||||||||||||||||||||||||||||||||
Twelve Months then Ended: | ||||||||||||||||||||||||||||||||||||
Accruing / Performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,254 | $ | 1,101 | $ | 7,355 | ||||||||||||||||||||||||||||||
Principal payments | (757 | ) | (258 | ) | (1,015 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (11 | ) | (30 | ) | (41 | ) | ||||||||||||||||||||||||||||||
Advances | 7 | — | 7 | |||||||||||||||||||||||||||||||||
New restructured (1) | 40 | 24 | 64 | |||||||||||||||||||||||||||||||||
Class transfers (2) | (60 | ) | — | (60 | ) | |||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | (938 | ) | (40 | ) | (978 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 4,535 | $ | 797 | $ | 5,332 | ||||||||||||||||||||||||||||||
Non-accrual / Non-performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,187 | $ | 76 | $ | 1,263 | ||||||||||||||||||||||||||||||
Principal payments | (1,515 | ) | (38 | ) | (1,553 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (426 | ) | (52 | ) | (478 | ) | ||||||||||||||||||||||||||||||
Advances | 3 | — | 3 | |||||||||||||||||||||||||||||||||
New restructured (1) | — | 16 | 16 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 15 | 5 | 20 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | 938 | 40 | 978 | |||||||||||||||||||||||||||||||||
Ending balance | $ | 202 | $ | 47 | $ | 249 | ||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 7,441 | $ | 1,177 | $ | 8,618 | ||||||||||||||||||||||||||||||
Principal payments | (2,272 | ) | (296 | ) | (2,568 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (437 | ) | (82 | ) | (519 | ) | ||||||||||||||||||||||||||||||
Advances | 10 | — | 10 | |||||||||||||||||||||||||||||||||
New restructured (1) | 40 | 40 | 80 | |||||||||||||||||||||||||||||||||
Class transfers (2) | (45 | ) | 5 | (40 | ) | |||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | — | — | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 4,737 | $ | 844 | $ | 5,581 | ||||||||||||||||||||||||||||||
-1 | “New restructured” represent loans restructured during the current period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
-2 | “Class transfers” represent previously restructured loans that met TDR criteria per the Bank’s policy for the first time during the current period. | |||||||||||||||||||||||||||||||||||
Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2013 and | ||||||||||||||||||||||||||||||||||||
Twelve Months then Ended: | ||||||||||||||||||||||||||||||||||||
Accruing / Performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,751 | $ | 1,055 | $ | 6,806 | ||||||||||||||||||||||||||||||
Principal payments | (397 | ) | (388 | ) | (785 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (131 | ) | (42 | ) | (173 | ) | ||||||||||||||||||||||||||||||
Advances | 21 | 7 | 28 | |||||||||||||||||||||||||||||||||
New restructured (1) | 181 | 191 | 372 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 1,294 | 263 | 1,557 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | (465 | ) | 15 | (450 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | 6,254 | $ | 1,101 | $ | 7,355 | ||||||||||||||||||||||||||||||
Non-accrual / Non-performing: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,259 | $ | 70 | $ | 1,329 | ||||||||||||||||||||||||||||||
Principal payments | (557 | ) | (86 | ) | (643 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (248 | ) | (24 | ) | (272 | ) | ||||||||||||||||||||||||||||||
Advances | 13 | 3 | 16 | |||||||||||||||||||||||||||||||||
New restructured (1) | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 255 | 127 | 382 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | 465 | (15 | ) | 450 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,187 | $ | 76 | $ | 1,263 | ||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 7,010 | $ | 1,125 | $ | 8,135 | ||||||||||||||||||||||||||||||
Principal payments | (954 | ) | (474 | ) | (1,428 | ) | ||||||||||||||||||||||||||||||
Charge-offs | (379 | ) | (66 | ) | (445 | ) | ||||||||||||||||||||||||||||||
Advances | 34 | 10 | 44 | |||||||||||||||||||||||||||||||||
New restructured (1) | 181 | 192 | 373 | |||||||||||||||||||||||||||||||||
Class transfers (2) | 1,549 | 390 | 1,939 | |||||||||||||||||||||||||||||||||
Transfers between accrual/non-accrual | — | — | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 7,441 | $ | 1,177 | $ | 8,618 | ||||||||||||||||||||||||||||||
-1 | “New restructured” represent loans restructured during the current period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
-2 | “Class transfers” represent previously restructured loans that met TDR criteria per the Bank’s policy for the first time during the current period. | |||||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | |||||||||||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||
Real estate | 47 | $ | 4,737 | 62 | $ | 7,441 | ||||||||||||||||||||||||||||||
Consumer and other | 53 | 844 | 90 | 1,177 | ||||||||||||||||||||||||||||||||
100 | $ | 5,581 | 152 | $ | 8,618 | |||||||||||||||||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ||||||||||||||||||||||||
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of September 30, 2014 and September 30, 2013, respectively, were as follows: | |||||||||||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 23,076 | $ | — | $ | 973 | $ | 22,103 | |||||||||||||||||
Obligations of states and political subdivisions | 11,432 | 17 | 255 | 11,194 | |||||||||||||||||||||
Mortgage-backed securities | 29,058 | 138 | 369 | 28,827 | |||||||||||||||||||||
Federal Agricultural Mortgage Corporation | 71 | — | 6 | 65 | |||||||||||||||||||||
Total available for sale securities | $ | 63,637 | $ | 155 | $ | 1,603 | $ | 62,189 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 29,702 | $ | — | $ | 1,836 | $ | 27,866 | |||||||||||||||||
Obligations of states and political subdivisions | 11,647 | — | 677 | 10,970 | |||||||||||||||||||||
Mortgage-backed securities | 40,378 | 140 | 885 | 39,633 | |||||||||||||||||||||
Non-agency mortgage-backed securities | 1,842 | — | 616 | 1,226 | |||||||||||||||||||||
Total available for sale securities | $ | 83,569 | $ | 140 | $ | 4,014 | $ | 79,695 | |||||||||||||||||
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities held to maturity | ' | ||||||||||||||||||||||||
Held to maturity securities | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,465 | $ | 4 | $ | 5 | $ | 1,464 | |||||||||||||||||
Mortgage-backed securities | 7,320 | 33 | 9 | 7,344 | |||||||||||||||||||||
Total held to maturity securities | $ | 8,785 | $ | 37 | $ | 14 | $ | 8,808 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Mortgage-backed securities | — | — | — | — | |||||||||||||||||||||
Total held to maturity securities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
The estimated fair value of securities by contractual maturity | ' | ||||||||||||||||||||||||
The estimated fair value of securities at September 30, 2014, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature. | |||||||||||||||||||||||||
Available for sale securities | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through five years | $ | 1,106 | $ | 1,114 | |||||||||||||||||||||
Due after five years through ten years | 11,326 | 11,018 | |||||||||||||||||||||||
Due after ten years | 51,205 | 50,057 | |||||||||||||||||||||||
Total available for sale securities | $ | 63,637 | $ | 62,189 | |||||||||||||||||||||
Held to maturity securities | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due after one year through five years | $ | — | $ | — | |||||||||||||||||||||
Due after five years through ten years | 585 | 582 | |||||||||||||||||||||||
Due after ten years | 8,200 | 8,226 | |||||||||||||||||||||||
Total held to maturity securities | $ | 8,785 | $ | 8,808 | |||||||||||||||||||||
Available for sale securities with unrealized losses | ' | ||||||||||||||||||||||||
Securities with unrealized losses at September 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Available for sale securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | — | $ | — | $ | 22,103 | $ | 973 | $ | 22,103 | $ | 973 | |||||||||||||
Obligations of states and political subdivisions | 574 | 1 | 8,817 | 254 | 9,391 | 255 | |||||||||||||||||||
Mortgage-backed securities | 8,167 | 66 | 12,518 | 303 | 20,685 | 369 | |||||||||||||||||||
Federal Agricultural Mortgage Corporation | 65 | 6 | — | — | 65 | 6 | |||||||||||||||||||
Total temporarily impaired | $ | 8,806 | $ | 73 | $ | 43,438 | $ | 1,530 | $ | 52,244 | $ | 1,603 | |||||||||||||
2013 | |||||||||||||||||||||||||
U.S. government agency obligations | $ | 27,866 | $ | 1,836 | $ | — | $ | — | $ | 27,866 | $ | 1,836 | |||||||||||||
Obligations of states and political subdivisions | 9,320 | 585 | 1,650 | 92 | 10,970 | 677 | |||||||||||||||||||
Mortgage-backed securities | 27,690 | 885 | — | — | 27,690 | 885 | |||||||||||||||||||
Non-agency mortgage-backed securities | — | — | 1,226 | 616 | 1,226 | 616 | |||||||||||||||||||
Total temporarily impaired | $ | 64,876 | $ | 3,306 | $ | 2,876 | $ | 708 | $ | 67,752 | $ | 4,014 | |||||||||||||
Held to maturity securities with unrealized losses | ' | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Held to maturity securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 345 | $ | 5 | $ | — | $ | — | $ | 345 | $ | 5 | |||||||||||||
Mortgage-backed securities | 3,364 | 9 | — | — | 3,364 | 9 | |||||||||||||||||||
Total temporarily impaired | $ | 3,709 | $ | 14 | $ | — | $ | — | $ | 3,709 | $ | 14 | |||||||||||||
2013 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily impaired | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Summary of amount of other-than-temporary impairment related to credit losses on available-for-sale securities | ' | ||||||||||||||||||||||||
A summary of the amount of other-than-temporary impairment related to credit losses on available for sale securities that have been recognized in earnings as of each of the most recent two fiscal year ends was as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Beginning balance of the amount of OTTI related to credit losses | $ | 1,250 | $ | 3,740 | |||||||||||||||||||||
Credit portion of OTTI on securities for which OTTI was not previously recognized | 91 | 867 | |||||||||||||||||||||||
Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI | (13 | ) | (70 | ) | |||||||||||||||||||||
Credit portion of OTTI on securities in default for which OTTI was previously recognized | — | (2,184 | ) | ||||||||||||||||||||||
Credit portion of OTTI previously recognized on securities sold during the period | (1,328 | ) | (1,103 | ) | |||||||||||||||||||||
Ending balance of the amount of OTTI related to credit losses | $ | — | $ | 1,250 | |||||||||||||||||||||
Office_Properties_and_Equipmen1
Office Properties and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Office properties and equipment at September 30 for each of the years shown below consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 510 | $ | 510 | |||||
Buildings | 2,284 | 2,161 | |||||||
Furniture, equipment, and vehicles | 7,672 | 9,930 | |||||||
Subtotals | 10,466 | 12,601 | |||||||
Less—Accumulated depreciation | (6,741 | ) | (7,766 | ) | |||||
Office properties and equipment—net | $ | 3,725 | $ | 4,835 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of core deposit intangibles and related amortization | ' | ||||||||
Intangible assets consist of core deposit intangibles arising from various bank acquisitions. A summary of core deposit intangibles and related amortization for the periods shown below follows: | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 218 | $ | 274 | |||||
Capitalized | — | — | |||||||
Amortization | (57 | ) | (56 | ) | |||||
Balance at end of year | $ | 161 | $ | 218 | |||||
Estimated future aggregate amortization expense | ' | ||||||||
The estimated future aggregate amortization expense for the core deposit intangibles is as follows: | |||||||||
2015 | $ | 57 | |||||||
2016 | 57 | ||||||||
2017 | 31 | ||||||||
2018 | 15 | ||||||||
After 2018 | 1 | ||||||||
Total | $ | 161 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Summary of deposits by type | ' | ||||||||
The following is a summary of deposits by type at September 30, 2014 and 2013, respectively: | |||||||||
2014 | 2013 | ||||||||
Non-interest bearing demand deposits | $ | 19,669 | $ | 22,926 | |||||
interest bearing demand deposits | 17,696 | 11,075 | |||||||
Savings accounts | 29,277 | 28,259 | |||||||
Money market accounts | 136,666 | 154,639 | |||||||
Certificate accounts | 246,459 | 230,499 | |||||||
Total deposits | $ | 449,767 | $ | 447,398 | |||||
Brokered certificates of deposit included above: | $ | 11,960 | $ | 11,960 | |||||
Scheduled maturities of time deposits | ' | ||||||||
At September 30, 2014, the scheduled maturities of time deposits were as follows: | |||||||||
2015 | $ | 80,381 | |||||||
2016 | 71,638 | ||||||||
2017 | 52,843 | ||||||||
2018 | 23,960 | ||||||||
2019 | 17,637 | ||||||||
After 2019 | — | ||||||||
Total | $ | 246,459 | |||||||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
A summary of Federal Home Loan Bank advances | ' | |||||||||||||
A summary of Federal Home Loan Bank advances at September 30, 2014 and 2013 were as follows: | ||||||||||||||
Weighted Average Rate | Weighted Average Rate | |||||||||||||
Maturing during the fiscal year | ||||||||||||||
Ended September 30, | 2014 | 2013 | ||||||||||||
2015 | $ | 15,000 | 0.67 | % | $ | 7,500 | 0.27 | % | ||||||
2016 | 16,100 | 0.88 | % | 15,000 | 0.67 | % | ||||||||
2017 | 12,961 | 1.57 | % | 11,600 | 1.01 | % | ||||||||
2018 | 6,100 | 2.24 | % | 12,300 | 1.6 | % | ||||||||
2019 | 3,730 | 1.87 | % | 3,600 | 2.81 | % | ||||||||
Total fixed rate maturity | $ | 53,891 | $ | 50,000 | ||||||||||
Variable rate open line of credit | 5,000 | 0.3 | % | — | — | |||||||||
Total | $ | 58,891 | $ | 50,000 | ||||||||||
Capital_Matters_Tables
Capital Matters (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Bank's Tier 1 (leverage) and risk-based capital ratios | ' | |||||||||||||||||||||||||
The Bank’s Tier 1 (leverage) and risk-based capital ratios at September 30, 2014 and 2013, respectively, are presented below: | ||||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | ||||||||||||||||||||||||
Purposes | Under Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
As of September 30, 2014 (Audited) | ||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 62,116,000 | 16.1 | % | $ | 30,793,000 | > =font> | 8 | % | $ | 38,491,000 | > =font> | 10 | % | ||||||||||||
Tier 1 capital (to risk weighted assets) | 57,283,000 | 14.9 | % | 15,396,000 | > =font> | 4 | % | 23,095,000 | > =font> | 6 | % | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 57,283,000 | 10 | % | 22,991,000 | > =font> | 4 | % | 28,739,000 | > =font> | 5 | % | |||||||||||||||
As of September 30, 2013 (Audited) | ||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 59,297,000 | 16.3 | % | $ | 29,182,000 | > =font> | 8 | % | $ | 36,478,000 | > =font> | 10 | % | ||||||||||||
Tier 1 capital (to risk weighted assets) | 54,717,000 | 15 | % | 14,591,000 | > =font> | 4 | % | 21,887,000 | > =font> | 6 | % | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 54,717,000 | 9.9 | % | 22,220,000 | > =font> | 4 | % | 27,775,000 | > =font> | 5 | % | |||||||||||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of commitment off balance sheets credit | ' | ||||||||
Set forth below are the balances of the Company’s off-balance-sheet credit instruments consisting of commitments to make loans as of September 30, 2014 and 2013, respectively. | |||||||||
Contract or Notional | |||||||||
Amount at September 30, | |||||||||
2014 | 2013 | ||||||||
Commitments to extend credit: | |||||||||
Consumer - fixed rate 3.30% - 11.99% in 2014, and 3.13% - 11.49% in 2013 | $ | 2,820 | $ | 2,475 | |||||
Commercial - Fixed rate 3.25% - 5.50% in 2014, and 4.30% - 6.25% in 2013 | 7,172 | 7,791 | |||||||
Commercial standby letter of credit | 20 | — | |||||||
Unused lines of credit: | |||||||||
Home equity lines of credit | 1,622 | 1,035 | |||||||
Kwik cash and lines of credit | 1,227 | 1,235 | |||||||
Consumer construction | 119 | — | |||||||
Commercial construction | 947 | — | |||||||
Commercial lines of credit | 2,192 | 142 | |||||||
Totals | $ | 16,119 | $ | 12,678 | |||||
Summary of non cancelable operating leases | ' | ||||||||
Future minimum lease payments by year and in the aggregate under the original terms of the non-cancellable operating leases consist of the following: | |||||||||
2015 | $ | 1,211 | |||||||
2016 | 849 | ||||||||
2017 | 689 | ||||||||
2018 | 535 | ||||||||
2019 | 291 | ||||||||
After 2019 | 540 | ||||||||
Total | $ | 4,115 | |||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Components of Retirement plans | ' | ||||||||||||
The components of the SERP and Directors’ Retirement plans’ cost at September 30, 2014, 2013 and 2012, respectively, are summarized as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning accrued benefit cost | $ | 1,181 | $ | 2,363 | $ | 2,659 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 51 | 45 | 126 | ||||||||||
Amortization of prior service costs | 1 | 1 | 6 | ||||||||||
Net periodic benefit cost | 52 | 46 | 132 | ||||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Curtailment and settlement | — | — | (362 | ) | |||||||||
Ending accrued benefit cost | $ | 1,154 | $ | 1,181 | $ | 2,363 | |||||||
Change in projected benefit obligation and change in plan assets | ' | ||||||||||||
The following table sets forth for the SERP and Directors’ Retirement plans the change in projected benefit obligation, the change in plan assets, the funded status of the plans, and the net liability recognized in the Company’s balance sheet at September 30, 2014, 2013 and 2012, respectively: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Change in benefit obligation: | |||||||||||||
Projected benefit obligation, beginning of year | $ | 1,117 | $ | 2,381 | $ | 3,008 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 51 | 45 | 126 | ||||||||||
Curtailment and settlement | — | — | (755 | ) | |||||||||
Actuarial loss (gain) | 20 | (81 | ) | 68 | |||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Projected benefit obligation, end of year | $ | 1,109 | $ | 1,117 | $ | 2,381 | |||||||
Change in plan assets: | |||||||||||||
Plan assets at fair value, beginning of year | $ | — | $ | — | $ | — | |||||||
Actual return on plan assets | — | — | — | ||||||||||
Company contributions | 79 | 1,228 | 66 | ||||||||||
Benefits paid | (79 | ) | (1,228 | ) | (66 | ) | |||||||
Plan assets at fair value, end of year | $ | — | $ | — | $ | — | |||||||
Weighted average assumptions used in determining the benefit obligation and net pension costs | ' | ||||||||||||
Weighted average assumptions used in determining the benefit obligation and net pension costs as of September 30, 2014, 2013 and 2012, (in actual dollars) were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Benefit obligation actuarial assumptions: | |||||||||||||
Discount Rate | 4.25 | % | 4.75 | % | 3.75 | % | |||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||
Net pension cost actuarial assumption | |||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4.25 | % | |||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | ||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||
Estimated future benefit payments | ' | ||||||||||||
Estimated future benefit payments as of September 30, 2014, which reflect expected future service, as appropriate, are as follows: | |||||||||||||
2015 | $ | 81 | |||||||||||
2016 | $ | 104 | |||||||||||
2017 | $ | 111 | |||||||||||
2018 | $ | 118 | |||||||||||
2019 | $ | 111 | |||||||||||
2020-2024 | $ | 591 | |||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of stock option activity | ' | |||||||||||||
Option Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
2014 | ||||||||||||||
Outstanding at beginning of year | 150,932 | $ | 6.15 | |||||||||||
Granted | 45,000 | 8 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | (16,740 | ) | ||||||||||||
Outstanding at end of year | 179,192 | $ | 6.52 | 6.96 | $ | — | ||||||||
Exercisable at end of year | 91,203 | $ | 6.35 | 5.52 | ||||||||||
Fully vested and expected to vest | 179,192 | $ | 6.52 | 6.96 | ||||||||||
2013 | ||||||||||||||
Outstanding at beginning of year | 124,789 | $ | 6.26 | |||||||||||
Granted | 26,143 | 5.62 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | — | |||||||||||||
Outstanding at end of year | 150,932 | $ | 6.15 | 7.06 | $ | — | ||||||||
Exercisable at end of year | 88,927 | $ | 6.63 | 6.07 | ||||||||||
Fully vested and expected to vest | 150,932 | $ | 6.15 | 7.06 | ||||||||||
2012 | ||||||||||||||
Outstanding at beginning of year | 160,353 | $ | 6.7 | |||||||||||
Granted | 10,000 | 5.65 | ||||||||||||
Exercised | — | |||||||||||||
Forfeited or expired | (45,564 | ) | ||||||||||||
Outstanding at end of year | 124,789 | $ | 6.26 | 7.65 | $ | — | ||||||||
Exercisable at end of year | 77,639 | $ | 6.82 | 6.78 | ||||||||||
Fully vested and expected to vest | 124,789 | $ | 6.26 | 7.65 | ||||||||||
Information related to stock option plan | ' | |||||||||||||
Information related to the 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan during each year follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | — | ||||||||
Cash received from options exercised | $ | — | $ | — | $ | — | ||||||||
Tax benefit realized from options exercised | $ | — | $ | — | $ | — | ||||||||
Assumptions used in calculating stock option expense | ' | |||||||||||||
Set forth below is a table showing relevant assumptions used in calculating stock option expense related to the Company’s 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Risk-free interest rate | 2.7 | % | 1.7 | % | 1.6 | % | ||||||||
Weighted average expected life (years) | 10 | 10 | 10 | |||||||||||
Expected volatility | 3 | % | 14 | % | 19 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Income tax expense (benefit) | ' | |||||||||||||||||||
Income tax expense (benefit) for each of the periods shown below consisted of the following: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Current tax provision | ||||||||||||||||||||
Federal | $ | 97 | $ | 227 | $ | 1,708 | ||||||||||||||
State | 7 | 17 | 240 | |||||||||||||||||
104 | 244 | 1,948 | ||||||||||||||||||
Deferred tax provision (benefit) | ||||||||||||||||||||
Federal | 798 | 322 | (1,567 | ) | ||||||||||||||||
State | 145 | 69 | (220 | ) | ||||||||||||||||
943 | 391 | (1,787 | ) | |||||||||||||||||
Total | $ | 1,047 | $ | 635 | $ | 161 | ||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income | ' | |||||||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Tax expense at statutory rate | $ | 962 | 34 | % | $ | 572 | 34 | % | $ | 124 | 34 | % | ||||||||
State income taxes net of federal | 152 | 5.37 | % | 86 | 5.1 | % | 20 | 5.37 | % | |||||||||||
Tax exempt interest | (46 | ) | (1.64 | )% | (31 | ) | (1.87 | )% | (2 | ) | (0.51 | )% | ||||||||
Other | (21 | ) | (0.73 | )% | 8 | 0.51 | % | 19 | 4.99 | % | ||||||||||
Total | $ | 1,047 | 37 | % | $ | 635 | 37.74 | % | $ | 161 | 43.85 | % | ||||||||
Deferred Tax Assets and Liabilities | ' | |||||||||||||||||||
The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of September 30, 2014 and September 30, 2013, respectively: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Allowance for loan losses | $ | 2,562 | $ | 2,433 | ||||||||||||||||
Deferred loan costs/fees | 217 | 308 | ||||||||||||||||||
Director/officer compensation plans | 551 | 564 | ||||||||||||||||||
Net unrealized loss on securities available for sale | 579 | 1,549 | ||||||||||||||||||
Impairment loss | — | 1,306 | ||||||||||||||||||
Other | 233 | 182 | ||||||||||||||||||
Deferred tax assets | $ | 4,142 | $ | 6,342 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Office properties and equipment | (397 | ) | (677 | ) | ||||||||||||||||
Other | (111 | ) | (125 | ) | ||||||||||||||||
Deferred tax liabilities | (508 | ) | (802 | ) | ||||||||||||||||
Net deferred tax assets | $ | 3,634 | $ | 5,540 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of the basic and diluted earnings per share | ' | ||||||||||||
Earnings per share is based on the weighted average number of shares outstanding for the year. A reconciliation of the basic and diluted earnings per share for the last three fiscal years is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Weighted average common shares outstanding | 5,163,373 | 5,151,413 | 5,133,707 | ||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.04 | |||||||
Diluted | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Weighted average common shares outstanding | 5,163,373 | 5,151,413 | 5,133,707 | ||||||||||
for basic earnings per share | |||||||||||||
Add: Dilutive stock options outstanding | 33,333 | 11,767 | — | ||||||||||
Average shares and dilutive potential common shares | 5,196,706 | 5,163,180 | 5,133,707 | ||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.2 | $ | 0.04 | |||||||
Additional common stock option shares that have not been included due to their antidilutive effect | 145,859 | 139,165 | 124,789 | ||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Tax Effects Allocated to Each Component of Other Comprehensive Income | ' | |||||||||||||||||||||||||||||||||||
In addition to presenting the Consolidated Statements of Other Comprehensive Income (Loss) herein, the following table shows the tax effects allocated to each component of other comprehensive income (loss) for the years ended September 30, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | ||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||||||||||
Unrealized gains (losses) on securities: | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | 2,515 | (1,006 | ) | $ | 1,509 | $ | (4,654 | ) | $ | 1,861 | $ | (2,793 | ) | $ | 1,372 | $ | (549 | ) | $ | 823 | |||||||||||||||
Less: reclassification adjustment for gains included in net income | (168 | ) | 67 | (101 | ) | 552 | (220 | ) | 332 | 243 | (97 | ) | 146 | |||||||||||||||||||||||
Changes for realized losses on securities available for sale for OTTI write-down | 78 | (31 | ) | 47 | 797 | (319 | ) | 478 | 1,332 | (533 | ) | 799 | ||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service costs and net gains (losses) | (18 | ) | 7 | (11 | ) | 82 | (33 | ) | 49 | 330 | (132 | ) | 198 | |||||||||||||||||||||||
Other comprehensive income (loss) | $ | 2,407 | $ | (963 | ) | $ | 1,444 | $ | (3,223 | ) | $ | 1,289 | $ | (1,934 | ) | $ | 3,277 | $ | (1,311 | ) | $ | 1,966 | ||||||||||||||
Changes in the accumulated balances for each component of other comprehensive income | ' | |||||||||||||||||||||||||||||||||||
The changes in the accumulated balances for each component of other comprehensive income (loss) for the years ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
Unrealized | Defined | Other | ||||||||||||||||||||||||||||||||||
Gains (Losses) | Benefit | Comprehensive | ||||||||||||||||||||||||||||||||||
on | Plans | Income (Loss) | ||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||
Balance, October 1, 2012 | $ | (341 | ) | $ | (11 | ) | $ | (352 | ) | |||||||||||||||||||||||||||
Current year-to-date other comprehensive income (loss), net of tax | (1,983 | ) | 49 | (1,934 | ) | |||||||||||||||||||||||||||||||
Ending balance, September 30, 2013 | $ | (2,324 | ) | $ | 38 | $ | (2,286 | ) | ||||||||||||||||||||||||||||
Current year-to-date other comprehensive income (loss), net of tax | 1,455 | (11 | ) | 1,444 | ||||||||||||||||||||||||||||||||
Ending balance, September 30, 2014 | $ | (869 | ) | $ | 27 | $ | (842 | ) | ||||||||||||||||||||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 235 | $ | 230 | |||||||||
Investment in subsidiary | 57,058 | 53,955 | |||||||||||
Total assets | $ | 57,293 | $ | 54,185 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Total stockholders’ equity | $ | 57,293 | $ | 54,185 | |||||||||
Statements of Operations | ' | ||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income—interest and dividends | $ | — | $ | — | $ | — | |||||||
Expenses—other | 182 | 107 | 320 | ||||||||||
Loss before provision for income taxes and equity in | |||||||||||||
undistributed net income (loss) of subsidiary | (182 | ) | (107 | ) | (320 | ) | |||||||
Benefit for income taxes | (73 | ) | (43 | ) | (128 | ) | |||||||
Loss before equity in undistributed net income (loss) of | |||||||||||||
subsidiary | (109 | ) | (64 | ) | (192 | ) | |||||||
Equity in undistributed net income of subsidiary | 1,892 | 1,111 | 398 | ||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Statements of Cash flows | ' | ||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Decrease in cash and cash equivalents: | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 1,783 | $ | 1,047 | $ | 206 | |||||||
Stock based compensation expense | 43 | 31 | 21 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary | (1,892 | ) | (1,111 | ) | (398 | ) | |||||||
Net cash used in operating activities | (66 | ) | (33 | ) | (171 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Surrendered vested shares of common stock | (22 | ) | (5 | ) | — | ||||||||
Cash dividend from Bank to Holding Company | 300 | — | — | ||||||||||
Cash dividends paid | (207 | ) | (103 | ) | — | ||||||||
Net cash provided by (used in) financing activities | 71 | (108 | ) | — | |||||||||
Net increase (decrease) in cash and cash equivalents | 5 | (141 | ) | (171 | ) | ||||||||
Cash and cash equivalents at beginning of year | 230 | 371 | 542 | ||||||||||
Cash and cash equivalents at end of year | $ | 235 | $ | 230 | $ | 371 | |||||||
Nature_of_Business_and_Summary2
Nature of Business and Summary of Significant Accounting Policies (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2015 |
Location | Core Deposits [Member] | Core Deposits [Member] | Core Deposits [Member] | Minimum [Member] | Maximum [Member] | Buildings and Components [Member] | Buildings and Components [Member] | Furniture Fixtures and Equipment [Member] | Furniture Fixtures and Equipment [Member] | Commercial Loan [Member] | Closed End Consumer Loan [Member] | Scenario, Forecast [Member] | ||||||||
Service_Office | Core Deposits [Member] | Core Deposits [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Location | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repossessed Assets | ' | ' | ' | ' | $1,050 | $1,028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '40 years | '3 years | '10 years | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | 161 | 218 | ' | 161 | 218 | 274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | 57 | 56 | 209 | 57 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | ' | ' | 2,360 | 2,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature of Business and Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of service offices | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stand-alone locations | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of in-store branch locations | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of in-store branches closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Cash Equivalents Maturity Period Description | ' | ' | ' | ' | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income discontinued over delinquent days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | '120 days | '180 days | ' |
Interest income recognized debt past due not more than days | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans charged off past due more than days | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closed end loan charged off past due more than days | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank stock | ' | ' | ' | ' | 3,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Reserve Bank stock | ' | ' | ' | ' | 1,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Dividend Rate | 0.50% | 0.50% | 0.30% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | ' | ' | ' | ' | $370 | $233 | $190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Details
Fair Value Accounting (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | $62,189 | $79,695 |
U.S. government agency obligations | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 22,103 | 27,866 |
Federal Agricultural Mortgage Corporation | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 65 | ' |
Non-agency mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 1,226 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 70,997 | 79,695 |
Fair Value, Measurements, Recurring [Member] | U.S. government agency obligations | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 22,103 | 27,866 |
Fair Value, Measurements, Recurring [Member] | Obligations of states and political subdivisions | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 12,658 | 10,970 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 36,171 | ' |
Fair Value, Measurements, Recurring [Member] | Federal Agricultural Mortgage Corporation | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 65 | ' |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 39,633 |
Fair Value, Measurements, Recurring [Member] | Non-agency mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 1,226 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | U.S. government agency obligations | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Obligations of states and political subdivisions | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Federal Agricultural Mortgage Corporation | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Non-agency mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 70,997 | 78,469 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | U.S. government agency obligations | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 22,103 | 27,866 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 12,658 | 10,970 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 36,171 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Federal Agricultural Mortgage Corporation | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 65 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 39,633 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Non-agency mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | 1,226 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | U.S. government agency obligations | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Federal Agricultural Mortgage Corporation | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Non-agency mortgage-backed securities | ' | ' |
Assets Measured on a Recurring Basis | ' | ' |
Estimated Fair Value | ' | $1,226 |
Fair_Value_Accounting_Details_
Fair Value Accounting (Details 1) (Asset-backed Securities [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Asset-backed Securities [Member] | ' | ' |
Reconciliation of residential mortgage-backed securities | ' | ' |
Balance beginning of period | $1,226 | $6,586 |
Total gains or losses (realized/unrealized): | ' | ' |
Included in earnings | -274 | -797 |
Included in other comprehensive income (loss) | 615 | 1,322 |
Sales | -1,321 | -3,802 |
Payments, accretion and amortization | -246 | -2,083 |
Balance end of period | $0 | $1,226 |
Fair_Value_Accounting_Details_1
Fair Value Accounting (Details 2) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets Measured on a Nonrecurring Basis | ' | ' |
Foreclosed and repossessed assets, net | $1,050 | $1,028 |
Loans restructured in a TDR | 5,581 | 8,618 |
Total | 6,631 | 9,646 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' |
Assets Measured on a Nonrecurring Basis | ' | ' |
Foreclosed and repossessed assets, net | 0 | ' |
Loans restructured in a TDR | 0 | ' |
Total | 0 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' |
Assets Measured on a Nonrecurring Basis | ' | ' |
Foreclosed and repossessed assets, net | 0 | 0 |
Loans restructured in a TDR | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets Measured on a Nonrecurring Basis | ' | ' |
Foreclosed and repossessed assets, net | 1,050 | 1,028 |
Loans restructured in a TDR | 5,581 | 8,618 |
Total | $6,631 | $9,646 |
Fair_Value_Accounting_Details_2
Fair Value Accounting (Details 3) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $11,434 | $17,601 | $23,259 | $31,763 |
Cash and cash equivalents, Fair Value | 11,434 | 17,601 | ' | ' |
Interest Bearing Deposits Carrying Value | 245 | 1,988 | ' | ' |
Interest Bearing Deposits, Fair Value | 245 | 1,988 | ' | ' |
Investment securities, Carrying Amount | 70,974 | 79,695 | ' | ' |
Investment securities, Estimated Fair Value | 70,997 | 79,695 | ' | ' |
Non-marketable equity securities, at cost, Carrying Amount | 5,515 | 3,300 | ' | ' |
Non-marketable equity securities, at cost, Estimated Fair Value | 5,515 | 3,300 | ' | ' |
Loans receivable Carrying Amount | 463,860 | 434,683 | ' | ' |
Loans receivable, Fair Value | 479,961 | 448,846 | ' | ' |
Accrued interest receivable Carrying Amount | 1,478 | 1,469 | ' | ' |
Accrued Interest Receivables, Fair Value | 1,478 | 1,469 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits, Carrying Amount | 449,767 | 447,398 | ' | ' |
Deposits, Fair Value | 454,170 | 451,225 | ' | ' |
FHLB advances, Carrying Amount | 58,891 | 50,000 | ' | ' |
FHLB advances, Fair Value | 59,331 | 49,676 | ' | ' |
Accrued Interest Payable, Carrying Amount | 13 | 11 | ' | ' |
Accrued Interest Payable, Fair Value | $13 | $11 | ' | ' |
Fair_Value_Accounting_Details_3
Fair Value Accounting (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Accounting [Abstract] | ' | ' | ' |
Other-than-temporary impairment on mortgage-backed securities | $78 | $797 | $1,332 |
Federal Home Loan Bank stock | 3,820 | ' | ' |
Federal Reserve Bank stock | $1,695 | ' | ' |
Loans_Allowance_for_Loan_Losse2
Loans, Allowance for Loan Losses and Impaired Loans (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | $467,319 | $438,828 | ' |
Deferred loan origination fees, net of costs | 3,047 | 2,035 | ' |
Allowance for loan losses | -6,506 | -6,180 | -5,745 |
Loans receivable, net | 463,860 | 434,683 | ' |
Real estate loans: | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 262,086 | 265,489 | ' |
Real estate loans: | Consumer | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 223,025 | 252,958 | ' |
Real estate loans: | Commercial | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 39,061 | 12,531 | ' |
Consumer and other loans: | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 205,233 | 173,339 | ' |
Consumer and other loans: | Automobile | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 12,810 | 12,662 | ' |
Consumer and other loans: | Secured personal and other | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | 188,911 | 158,842 | ' |
Consumer and other loans: | Unsecured personal | ' | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Loans And Leases Receivable Gross | $3,512 | $1,835 | ' |
Loans_Allowance_for_Loan_Losse3
Loans, Allowance for Loan Losses and Impaired Loans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' | ' | ' |
Balance—beginning of year | $129 | $131 | $138 |
New loan originations | 17 | 33 | ' |
Repayments | -19 | -40 | ' |
Balance—end of year | 129 | 131 | 138 |
Available and unused lines of credit | $18 | $18 | ' |
Loans_Allowance_for_Loan_Losse4
Loans, Allowance for Loan Losses and Impaired Loans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Loan Losses: | ' | ' | ' |
Beginning balance | $6,180 | $5,745 | ' |
Charge-offs | -1,927 | -3,019 | ' |
Recoveries | 343 | 311 | ' |
Provision | 1,910 | 3,143 | 4,440 |
Ending balance | 6,506 | 6,180 | 5,745 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 732 | 983 | ' |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 5,774 | 5,197 | ' |
Loans Receivable: | ' | ' | ' |
Ending balance | 470,366 | 440,863 | ' |
Ending balance: individually evaluated for impairment | 2,929 | 4,566 | ' |
Ending balance: collectively evaluated for impairment | 467,437 | 436,297 | ' |
Real Estate | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' |
Beginning balance | 2,541 | 2,287 | ' |
Charge-offs | -1,238 | -1,525 | ' |
Recoveries | 94 | 36 | ' |
Provision | 1,362 | 1,743 | ' |
Ending balance | 2,759 | 2,541 | ' |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 525 | 667 | ' |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 2,234 | 1,874 | ' |
Loans Receivable: | ' | ' | ' |
Ending balance | 261,315 | 264,388 | ' |
Ending balance: individually evaluated for impairment | 2,197 | 3,659 | ' |
Ending balance: collectively evaluated for impairment | 259,118 | 260,729 | ' |
Consumer and Other | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' |
Beginning balance | 3,639 | 3,458 | ' |
Charge-offs | -689 | -1,494 | ' |
Recoveries | 249 | 275 | ' |
Provision | 548 | 1,400 | ' |
Ending balance | 3,747 | 3,639 | ' |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 207 | 316 | ' |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 3,540 | 3,323 | ' |
Loans Receivable: | ' | ' | ' |
Ending balance | 209,051 | 176,475 | ' |
Ending balance: individually evaluated for impairment | 732 | 907 | ' |
Ending balance: collectively evaluated for impairment | $208,319 | $175,568 | ' |
Loans_Allowance_for_Loan_Losse5
Loans, Allowance for Loan Losses and Impaired Loans (Details 3) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans receivable | ' | ' | ||
Loans receivable, net | $470,366 | $440,863 | ||
Real Estate Loans | ' | ' | ||
Loans receivable | ' | ' | ||
Loans receivable, net | 261,315 | 264,388 | ||
Consumer and Other Loans | ' | ' | ||
Loans receivable | ' | ' | ||
Loans receivable, net | 209,051 | 176,475 | ||
Performing loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 5,332 | 7,355 | ||
Other loans | 463,449 | 430,900 | ||
Loans receivable, net | 468,781 | 438,255 | ||
Performing loans | Real Estate Loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 4,535 | 6,254 | ||
Other loans | 255,564 | 255,951 | ||
Loans receivable, net | 260,099 | 262,205 | ||
Performing loans | Consumer and Other Loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 797 | 1,101 | ||
Other loans | 207,885 | 174,949 | ||
Loans receivable, net | 208,682 | 176,050 | ||
Nonperforming loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 249 | [1] | 1,263 | [1] |
Other loans | 1,336 | [1] | 1,345 | [1] |
Loans receivable, net | 1,585 | [1] | 2,608 | [1] |
Nonperforming loans | Real Estate Loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 202 | [1] | 1,187 | [1] |
Other loans | 1,014 | [1] | 996 | [1] |
Loans receivable, net | 1,216 | [1] | 2,183 | [1] |
Nonperforming loans | Consumer and Other Loans | ' | ' | ||
Loans receivable | ' | ' | ||
TDR loans | 47 | [1] | 76 | [1] |
Other loans | 322 | [1] | 349 | [1] |
Loans receivable, net | $369 | [1] | $425 | [1] |
[1] | Nonperforming loans are either 90+ days past due or nonaccrual. |
Loans_Allowance_for_Loan_Losse6
Loans, Allowance for Loan Losses and Impaired Loans (Details 4) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Aging analysis of the Bank's real estate and consumer loans | ' | ' |
1 Month Past Due | $1,222 | $2,915 |
2 Months Past Due | 289 | 538 |
Greater Than 3 Months | 1,240 | 2,151 |
Total Past Due | 2,751 | 5,604 |
Current | 467,615 | 435,259 |
Total Loans | 470,366 | 440,863 |
Recorded Investment 3 months and Accruing | 401 | 483 |
Real estate loans | ' | ' |
Aging analysis of the Bank's real estate and consumer loans | ' | ' |
1 Month Past Due | 678 | 2,057 |
2 Months Past Due | 80 | 351 |
Greater Than 3 Months | 989 | 1,905 |
Total Past Due | 1,747 | 4,313 |
Current | 259,568 | 260,075 |
Total Loans | 261,315 | 264,388 |
Recorded Investment 3 months and Accruing | 228 | 371 |
Consumer and other loans | ' | ' |
Aging analysis of the Bank's real estate and consumer loans | ' | ' |
1 Month Past Due | 354 | 746 |
2 Months Past Due | 73 | 121 |
Greater Than 3 Months | 178 | 214 |
Total Past Due | 605 | 1,081 |
Current | 175,634 | 155,416 |
Total Loans | 176,239 | 156,497 |
Recorded Investment 3 months and Accruing | 99 | 80 |
Purchased third party loans | ' | ' |
Aging analysis of the Bank's real estate and consumer loans | ' | ' |
1 Month Past Due | 190 | 112 |
2 Months Past Due | 136 | 66 |
Greater Than 3 Months | 73 | 32 |
Total Past Due | 399 | 210 |
Current | 32,413 | 19,768 |
Total Loans | 32,812 | 19,978 |
Recorded Investment 3 months and Accruing | $74 | $32 |
Loans_Allowance_for_Loan_Losse7
Loans, Allowance for Loan Losses and Impaired Loans (Details 5) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Bank impaired loans | ' | ' |
With no related allowance recorded, Recorded investment | $4,880 | $6,120 |
With an allowance recorded, Recorded investment | 2,929 | 4,566 |
Recorded investment, Total | 7,809 | 10,686 |
With no related allowance recorded, unpaid principal balance | 4,880 | 6,120 |
With an allowance recorded, unpaid principal balance | 2,929 | 4,566 |
Unpaid principal balance, Total | 7,809 | 10,686 |
With no related allowance recorded, Average recorded investment | 5,336 | 4,794 |
With an allowance recorded, Average recorded investment | 3,960 | 5,190 |
Average recorded investment, Total | 9,296 | 9,984 |
With no related allowance recorded, Interest income recognized | 181 | 273 |
With an allowance recorded, Interest income recognized | 92 | 109 |
Interest income recognized, Total | 273 | 382 |
Real Estate | ' | ' |
Bank impaired loans | ' | ' |
With no related allowance recorded, Recorded investment | 4,345 | 5,349 |
With an allowance recorded, Recorded investment | 2,197 | 3,659 |
Recorded investment, Total | 6,542 | 9,008 |
With no related allowance recorded, unpaid principal balance | 4,345 | 5,349 |
With an allowance recorded, unpaid principal balance | 2,197 | 3,659 |
Unpaid principal balance, Total | 6,542 | 9,008 |
With no related allowance recorded, Average recorded investment | 4,722 | 4,185 |
With an allowance recorded, Average recorded investment | 3,137 | 4,197 |
Average recorded investment, Total | 7,859 | 8,382 |
With no related allowance recorded, Interest income recognized | 149 | 202 |
With an allowance recorded, Interest income recognized | 68 | 69 |
Interest income recognized, Total | 217 | 271 |
Consumer and Other | ' | ' |
Bank impaired loans | ' | ' |
With no related allowance recorded, Recorded investment | 535 | 771 |
With an allowance recorded, Recorded investment | 732 | 907 |
Recorded investment, Total | 1,267 | 1,678 |
With no related allowance recorded, unpaid principal balance | 535 | 771 |
With an allowance recorded, unpaid principal balance | 732 | 907 |
Unpaid principal balance, Total | 1,267 | 1,678 |
With no related allowance recorded, Average recorded investment | 614 | 609 |
With an allowance recorded, Average recorded investment | 823 | 993 |
Average recorded investment, Total | 1,437 | 1,602 |
With no related allowance recorded, Interest income recognized | 32 | 71 |
With an allowance recorded, Interest income recognized | 24 | 40 |
Interest income recognized, Total | $56 | $111 |
Loans_Allowance_for_Loan_Losse8
Loans, Allowance for Loan Losses and Impaired Loans (Details 6) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | $8,618 | $8,135 | ||
Principal payments | -2,568 | -1,428 | ||
Charge-offs | -519 | -445 | ||
Advances | 10 | 44 | ||
New restructured | 80 | [1] | 373 | [1] |
Class Transfers | -40 | [2] | 1,939 | [2] |
Transfers between accrual/non-accrual | 0 | 0 | ||
Ending balance | 5,581 | 8,618 | ||
Real Estate | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 7,441 | 7,010 | ||
Principal payments | -2,272 | -954 | ||
Charge-offs | -437 | -379 | ||
Advances | 10 | 34 | ||
New restructured | 40 | [1] | 181 | [1] |
Class Transfers | -45 | [2] | 1,549 | [2] |
Transfers between accrual/non-accrual | 0 | 0 | ||
Ending balance | 4,737 | 7,441 | ||
Consumer and Other Loans | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 1,177 | 1,125 | ||
Principal payments | -296 | -474 | ||
Charge-offs | -82 | -66 | ||
Advances | 0 | 10 | ||
New restructured | 40 | [1] | 192 | [1] |
Class Transfers | 5 | [2] | 390 | [2] |
Transfers between accrual/non-accrual | 0 | 0 | ||
Ending balance | 844 | 1,177 | ||
Performing loans | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 7,355 | 6,806 | ||
Principal payments | -1,015 | -785 | ||
Charge-offs | -41 | -173 | ||
Advances | 7 | 28 | ||
New restructured | 64 | [1] | 372 | [1] |
Class Transfers | -60 | [2] | 1,557 | [2] |
Transfers between accrual/non-accrual | -978 | -450 | ||
Ending balance | 5,332 | 7,355 | ||
Performing loans | Real Estate | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 6,254 | 5,751 | ||
Principal payments | -757 | -397 | ||
Charge-offs | -11 | -131 | ||
Advances | 7 | 21 | ||
New restructured | 40 | [1] | 181 | [1] |
Class Transfers | -60 | [2] | 1,294 | [2] |
Transfers between accrual/non-accrual | -938 | -465 | ||
Ending balance | 4,535 | 6,254 | ||
Performing loans | Consumer and Other Loans | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 1,101 | 1,055 | ||
Principal payments | -258 | -388 | ||
Charge-offs | -30 | -42 | ||
Advances | 0 | 7 | ||
New restructured | 24 | [1] | 191 | [1] |
Class Transfers | 0 | [2] | 263 | [2] |
Transfers between accrual/non-accrual | -40 | 15 | ||
Ending balance | 797 | 1,101 | ||
Non Performing Loans | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 1,263 | 1,329 | ||
Principal payments | -1,553 | -643 | ||
Charge-offs | -478 | -272 | ||
Advances | 3 | 16 | ||
New restructured | 16 | [1] | 1 | [1] |
Class Transfers | 20 | [2] | 382 | [2] |
Transfers between accrual/non-accrual | 978 | 450 | ||
Ending balance | 249 | 1,263 | ||
Non Performing Loans | Real Estate | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 1,187 | 1,259 | ||
Principal payments | -1,515 | -557 | ||
Charge-offs | -426 | -248 | ||
Advances | 3 | 13 | ||
New restructured | 0 | [1] | 0 | [1] |
Class Transfers | 15 | [2] | 255 | [2] |
Transfers between accrual/non-accrual | 938 | 465 | ||
Ending balance | 202 | 1,187 | ||
Non Performing Loans | Consumer and Other Loans | ' | ' | ||
Troubled Debt Restructuring | ' | ' | ||
Beginning balance | 76 | 70 | ||
Principal payments | -38 | -86 | ||
Charge-offs | -52 | -24 | ||
Advances | 0 | 3 | ||
New restructured | 16 | [1] | 1 | [1] |
Class Transfers | 5 | [2] | 127 | [2] |
Transfers between accrual/non-accrual | 40 | -15 | ||
Ending balance | $47 | $76 | ||
[1] | “New restructured†represent loans restructured during the current period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. | |||
[2] | “Class transfers†represent previously restructured loans that met TDR criteria per the Bank’s policy for the first time during the current period. |
Loans_Allowance_for_Loan_Losse9
Loans, Allowance for Loan Losses and Impaired Loans (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | ||
Troubled Debt Restructuring | ' | ' | ' |
Number of Modifications | 100 | 152 | ' |
Recorded Investment | $5,581 | $8,618 | $8,135 |
Real Estate | ' | ' | ' |
Troubled Debt Restructuring | ' | ' | ' |
Number of Modifications | 47 | 62 | ' |
Recorded Investment | 4,737 | 7,441 | 7,010 |
Consumer and Other Loans | ' | ' | ' |
Troubled Debt Restructuring | ' | ' | ' |
Number of Modifications | 53 | 90 | ' |
Recorded Investment | $844 | $1,177 | $1,125 |
Recovered_Sheet1
Loans, Allowance for Loan Losses and Impaired Loans (Details Textual) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
TDR | TDR | Non Performing Loans | Non Performing Loans | Non Performing Loans | Substandard [Member] | TDR Loans [Member] | Performing loans | Performing loans | Performing loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Board of Director limit on purchase of loans under loan purchase agreement | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loan amounts deposited into cash reserve account | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum restricted reserve account balance | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and lease receivable, gross, consumer | 32,812,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash reserve account balance | 996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Past due period & nonaccruing | ' | ' | ' | ' | '90+ days | ' | ' | ' | '90+ days | ' | ' | ' |
Past due, minimum period | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Impaired TDR loans | 5,581,000 | 8,618,000 | ' | 8,135,000 | 249,000 | 1,263,000 | 1,329,000 | 2,228,000 | ' | 5,332,000 | 7,355,000 | 6,806,000 |
Total impaired loans | 7,809,000 | 10,686,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of delinquent TDR | 4 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded investment in delinquent TDR | $191,000 | $1,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | $63,637 | $83,569 |
Gross Unrealized Gains | 155 | 140 |
Gross Unrealized Losses | 1,603 | 4,014 |
Estimated Fair Value | 62,189 | 79,695 |
U.S. government agency obligations | ' | ' |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | 23,076 | 29,702 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 973 | 1,836 |
Estimated Fair Value | 22,103 | 27,866 |
Obligations of states and political subdivisions | ' | ' |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | 11,432 | 11,647 |
Gross Unrealized Gains | 17 | 0 |
Gross Unrealized Losses | 255 | 677 |
Estimated Fair Value | 11,194 | 10,970 |
Mortgage-backed securities | ' | ' |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | 29,058 | 40,378 |
Gross Unrealized Gains | 138 | 140 |
Gross Unrealized Losses | 369 | 885 |
Estimated Fair Value | 28,827 | 39,633 |
Federal Agricultural Mortgage Corporation | ' | ' |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | 71 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | 6 | ' |
Estimated Fair Value | 65 | ' |
Non-agency mortgage-backed securities | ' | ' |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ' | ' |
Amortized Cost | ' | 1,842 |
Gross Unrealized Gains | ' | 0 |
Gross Unrealized Losses | ' | 616 |
Estimated Fair Value | ' | $1,226 |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $8,785 | $0 |
Gross Unrealized Gains | 37 | 0 |
Gross Unrealized Losses | 14 | 0 |
Estimated Fair Value | 8,808 | 0 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 1,465 | 0 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | 5 | 0 |
Estimated Fair Value | 1,464 | 0 |
Mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 7,320 | 0 |
Gross Unrealized Gains | 33 | 0 |
Gross Unrealized Losses | 9 | 0 |
Estimated Fair Value | $7,344 | $0 |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Amortized Cost, Due after one year through five years | $1,106 | ' |
Amortized Cost, Due after five years through ten years | 11,326 | ' |
Amortized Cost, Due after ten years | 51,205 | ' |
Amortized Cost | 63,637 | 83,569 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Estimated Fair Value, Due after one year through five years | 1,114 | ' |
Estimated Fair Value, Due after five years through ten years | 11,018 | ' |
Estimated Fair Value, Due after ten years | 50,057 | ' |
Estimated Fair Value, Total available for sale securities | 62,189 | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' |
Amortized Cost, Due after one year through five years | 0 | ' |
Amortized Cost, Due after ten years | 8,200 | ' |
Amortized Cost, Due after five years through ten years | 585 | ' |
Amortized Cost, Total held to maturity securities | 8,785 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Estimated Fair Value, Due after one year through five years | 0 | ' |
Estimated Fair Value, Due after five years through ten years | 582 | ' |
Estimated Fair Value, Due after ten years | 8,226 | ' |
Estimated Fair Value, Total held to maturity securities | $8,808 | $0 |
Investment_Securities_Details_2
Investment Securities (Details 3) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | $8,806 | $64,876 |
Fair Value, 12 Months or More | 43,438 | 2,876 |
Fair Value, Total | 52,244 | 67,752 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 73 | 3,306 |
Unrealized Loss, 12 Months or More | 1,530 | 708 |
Unrealized Loss, Total | 1,603 | 4,014 |
U.S. government agency obligations | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 0 | 27,866 |
Fair Value, 12 Months or More | 22,103 | 0 |
Fair Value, Total | 22,103 | 27,866 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 0 | 1,836 |
Unrealized Loss, 12 Months or More | 973 | 0 |
Unrealized Loss, Total | 973 | 1,836 |
Obligations of states and political subdivisions | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 574 | 9,320 |
Fair Value, 12 Months or More | 8,817 | 1,650 |
Fair Value, Total | 9,391 | 10,970 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 1 | 585 |
Unrealized Loss, 12 Months or More | 254 | 92 |
Unrealized Loss, Total | 255 | 677 |
Mortgage-backed securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 8,167 | 27,690 |
Fair Value, 12 Months or More | 12,518 | 0 |
Fair Value, Total | 20,685 | 27,690 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 66 | 885 |
Unrealized Loss, 12 Months or More | 303 | 0 |
Unrealized Loss, Total | 369 | 885 |
Federal Agricultural Mortgage Corporation | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 65 | ' |
Fair Value, 12 Months or More | 0 | ' |
Fair Value, Total | 65 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 6 | ' |
Unrealized Loss, 12 Months or More | 0 | ' |
Unrealized Loss, Total | 6 | ' |
Non-agency mortgage-backed securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | ' | 0 |
Fair Value, 12 Months or More | ' | 1,226 |
Fair Value, Total | ' | 1,226 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | ' | 0 |
Unrealized Loss, 12 Months or More | ' | 616 |
Unrealized Loss, Total | ' | $616 |
Investment_Securities_Details_3
Investment Securities (Details 4) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | $3,709 | $0 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 3,709 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 14 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | 14 | 0 |
Obligations of states and political subdivisions | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 345 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 345 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 5 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | 5 | 0 |
Mortgage-backed securities | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Fair Value, Less than 12 months | 3,364 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 3,364 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ' | ' |
Unrealized Loss, Less than 12 Months | 9 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | $9 | $0 |
Investment_Securities_Details_4
Investment Securities (Details 5) (Available-for-sale securities [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Available-for-sale securities [Member] | ' | ' |
Summary of amount of other-than-temporary impairment related to credit losses on available-for-sale securities | ' | ' |
Beginning balance of the amount of OTTI related to credit losses | $1,250 | $3,740 |
Credit portion of OTTI on securities for which OTTI was not previously recognized | 91 | 867 |
Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI | -13 | -70 |
Credit portion of OTTI on securities in default for which OTTI was previously recognized | 0 | -2,184 |
Credit portion of OTTI previously recognized on securities sold during the period | -1,328 | -1,103 |
Ending balance of the amount of OTTI related to credit losses | $0 | $1,250 |
Investment_Securities_Details_5
Investment Securities (Details Textual) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Or Equity Investment in Single Issuer as Percentage of Shareholders Equity | 10.00% | ' |
Federal Reserve Bank [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Borrowings outstanding under line of credit facility | $0 | ' |
Non-agency mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
OTTI impairment recognized in earnings | $78,000 | $790,000 |
Office_Properties_and_Equipmen2
Office Properties and Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Office Properties and Equipment | ' | ' |
Office properties and equipment, gross | $10,466 | $12,601 |
Less—Accumulated depreciation | -6,741 | -7,766 |
Office properties and equipment—net | 3,725 | 4,835 |
Land | ' | ' |
Office Properties and Equipment | ' | ' |
Office properties and equipment, gross | 510 | 510 |
Buildings | ' | ' |
Office Properties and Equipment | ' | ' |
Office properties and equipment, gross | 2,284 | 2,161 |
Furniture, equipment, and vehicles | ' | ' |
Office Properties and Equipment | ' | ' |
Office properties and equipment, gross | $7,672 | $9,930 |
Office_Properties_and_Equipmen3
Office Properties and Equipment Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $1,116 | $1,079 | $1,043 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $218 | ' | ' |
Amortization | -57 | -56 | -209 |
Balance at end of year | 161 | 218 | ' |
Core Deposits [Member] | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 218 | 274 | ' |
Capitalized | 0 | 0 | ' |
Amortization | -57 | -56 | ' |
Balance at end of year | $161 | $218 | ' |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2015 | $57 | ' |
2016 | 57 | ' |
2017 | 31 | ' |
2018 | 15 | ' |
After 2018 | 1 | ' |
Total | $161 | $218 |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Non-interest bearing demand deposits | $19,669 | $22,926 |
interest bearing demand deposits | 17,696 | 11,075 |
Savings accounts | 29,277 | 28,259 |
Money market accounts | 136,666 | 154,639 |
Certificate accounts | 246,459 | 230,499 |
Total deposits | 449,767 | 447,398 |
Brokered certificates of deposit included above: | $11,960 | $11,960 |
Deposits_Details_1
Deposits (Details 1) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
2015 | $80,381 |
2016 | 71,638 |
2017 | 52,843 |
2018 | 23,960 |
2019 | 17,637 |
After 2019 | 0 |
Total | $246,459 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deposits held from various parties | $696 | $584 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Federal Home Loan Bank advances | ' | ' |
Maturing during 2015 | $15,000 | $7,500 |
Maturing during 2016 | 16,100 | 15,000 |
Maturing during 2017 | 12,961 | 11,600 |
Maturing during 2018 | 6,100 | 12,300 |
Maturing during 2019 | 3,730 | 3,600 |
Weighted Average Rate 2015 | 0.67% | 0.27% |
Weighted Average Rate 2016 | 0.88% | 0.67% |
Weighted Average Rate 2017 | 1.57% | 1.01% |
Weighted Average Rate 2018 | 2.24% | 1.60% |
Weighted Average Rate 2019 | 1.87% | 2.81% |
Total fixed rate maturity | 53,891 | 50,000 |
Variable rate open line of credit | 5,000 | 0 |
Total | $58,891 | $50,000 |
Federal Home Loan Bank Advances [Member] | ' | ' |
Summary of Federal Home Loan Bank advances | ' | ' |
Variable rate open line of credit, Weighted Average Rate | 0.30% | 0.00% |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' |
Federal Home Loan Bank advances | $58,891 | $50,000 |
Federal Home Loan Bank Advances (Textual) [Abstract] | ' | ' |
Banks available and unused portion of borrowing agreement | 81,930 | ' |
Maximum month-end amounts outstanding | 75,891 | 52,950 |
FHLB Letters of Credit pledged | 23,100 | ' |
Mortgage Loans on Real Estate [Member] | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' |
Federal Home Loan Bank advances | $232,512 | ' |
Capital_Matters_Details
Capital Matters (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Total capital (to risk weighted assets), Actual, Amount | $62,116 | $59,297 |
Total capital (to risk weighted assets), Actual, Ratio | 16.10% | 16.30% |
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | 30,793 | 29,182 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk weighted assets), To Be Well Capitalized, Amount | 38,491 | 36,478 |
Total capital (to risk weighted assets), To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), Actual, Amount | 57,283 | 54,717 |
Tier 1 capital (to risk weighted assets), Actual, Ratio | 14.90% | 15.00% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | 15,396 | 14,591 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Amount | 23,095 | 21,887 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Tier 1 capital (to adjusted total assets), Actual, Amount | 57,283 | 54,717 |
Tier 1 capital (to adjusted total assets), Actual, Ratio | 10.00% | 9.90% |
Tier 1 capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 22,991 | 22,220 |
Tier 1 capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital (to adjusted total assets), To Be Well Capitalized, Amount | $28,739 | $27,775 |
Tier 1 capital (to adjusted total assets), To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | $16,119 | $12,678 |
Commitments to extend credit | Consumer | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 2,820 | 2,475 |
Commitments to extend credit | Commercial | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 7,172 | 7,791 |
Standby letter of credit | Commercial | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 20 | 0 |
Unused lines of credit | Home equity lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 1,622 | 1,035 |
Unused lines of credit | Kwik cash and lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 1,227 | 1,235 |
Unused lines of credit | Consumer construction | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 119 | 0 |
Unused lines of credit | Commercial construction | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | 947 | 0 |
Unused lines of credit | Commercial lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off Balance Sheet Instruments Contractual Amount | $2,192 | $142 |
Minimum [Member] | Commitments to extend credit | Consumer | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fixed interest rate | 3.30% | 3.13% |
Minimum [Member] | Commitments to extend credit | Commercial | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fixed interest rate | 3.25% | 4.30% |
Maximum [Member] | Commitments to extend credit | Consumer | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fixed interest rate | 11.99% | 11.49% |
Maximum [Member] | Commitments to extend credit | Commercial | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fixed interest rate | 5.50% | 6.25% |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details1) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $1,211 |
2016 | 849 |
2017 | 689 |
2018 | 535 |
2019 | 291 |
After 2019 | 540 |
Total | $4,115 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Rent expense under operating leases | $1,186 | $1,138 | $1,142 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Projected benefit obligation, beginning of year | $1,117 | $2,381 | $3,008 |
Service cost | 0 | 0 | 0 |
Interest cost | 51 | 45 | 126 |
Benefits paid | -79 | -1,228 | -66 |
Projected benefit obligation, end of year | 1,109 | 1,117 | 2,381 |
Defined Benefit Plan [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Projected benefit obligation, beginning of year | 1,181 | 2,363 | 2,659 |
Service cost | 0 | 0 | 0 |
Interest cost | 51 | 45 | 126 |
Amortization of prior service costs | 1 | 1 | 6 |
Net periodic benefit cost | 52 | 46 | 132 |
Benefits paid | -79 | -1,228 | -66 |
Curtailment and settlement | 0 | 0 | -362 |
Projected benefit obligation, end of year | $1,154 | $1,181 | $2,363 |
Retirement_Plans_Details_1
Retirement Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Projected benefit obligation, beginning of year | $1,117 | $2,381 | $3,008 |
Service cost | 0 | 0 | 0 |
Interest cost | 51 | 45 | 126 |
Curtailment and settlement | 0 | 0 | -755 |
Actuarial loss (gain) | 20 | -81 | 68 |
Benefits paid | -79 | -1,228 | -66 |
Projected benefit obligation, end of year | 1,109 | 1,117 | 2,381 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Projected benefit obligation, end of year | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | 0 |
Company contributions | 79 | 1,228 | 66 |
Benefits paid | -79 | -1,228 | -66 |
Projected benefit obligation, end of year | $0 | $0 | $0 |
Retirement_Plans_Details_2
Retirement Plans (Details 2) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Regulatory Liabilities [Line Items] | ' | ' | ' |
Discount Rate | 4.25% | 4.75% | 3.75% |
Pension Cost [Member] | ' | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 4.25% |
Retirement_Plans_Details_3
Retirement Plans (Details 3) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Asset Retirement Obligation Disclosure [Abstract] | ' |
2015 | $81 |
2016 | 104 |
2017 | 111 |
2018 | 118 |
2019 | 111 |
2020-2024 | $591 |
Retirement_Plans_Details_Textu
Retirement Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Employer matching contributions | $193 | $189 | $172 |
Retirement_Plans_Parenthetical
Retirement Plans Parenthetical (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 116 Months Ended | 12 Months Ended | 80 Months Ended | 12 Months Ended | 116 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2005 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 28, 2005 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
2005 Recognition and Retention Plan [Member] | 2005 Recognition and Retention Plan [Member] | 2005 Recognition and Retention Plan [Member] | 2005 Recognition and Retention Plan [Member] | 2004 Stock Option and Incentive Plan [Member] | 2004 Stock Option and Incentive Plan [Member] | 2004 Stock Option and Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Unexercised Nonqualified Stock Options [Member] | Unexercised Incentive Stock Options [Member] | |||||
2005 Recognition and Retention Plan [Member] | 2005 Recognition and Retention Plan [Member] | 2005 Recognition and Retention Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2004 Recognition and Retention Plan and 2008 Equity incentive Plan [Member] | 2004 Recognition and Retention Plan and 2008 Equity incentive Plan [Member] | 2004 Recognition and Retention Plan and 2008 Equity incentive Plan [Member] | 2004 Stock Option and Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan [Member] | 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan [Member] | 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of awards company's common stock | ' | ' | ' | ' | ' | ' | ' | 113,910 | ' | ' | 284,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,910 | 15,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares outstanding | ' | ' | ' | ' | 101,103 | 101,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' |
Fair value of the restricted shares on the date of award, first grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.04 | ' | $7.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares on date of award, first grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,783 | ' | 63,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the restricted shares on the date of award, second grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.18 | ' | $6.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares on the date of award, second grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,832 | ' | 6,832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the restricted shares on the date of award, third grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.24 | ' | $5.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares on the date of award, third grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,312 | ' | 20,312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the restricted shares on the date of award, fourth grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.65 | ' | $5.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares on the date of award, fourth grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the restricted shares on the date of award, fifth grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.84 | ' | $5.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares on the date of award, fifth grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,483 | ' | 20,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted to eligible participants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 20,483 | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Fair value | $8 | $5.62 | $5.65 | ' | ' | ' | ' | ' | $6.57 | ' | ' | ' | ' | ' | ' | $5.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previously awarded shares forfeited | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | ' | ' | ' | ' | ' | 2,830 | 639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | 45,000 | 26,143 | 10,000 | ' | ' | ' | ' | ' | ' | 284,778 | ' | 45,000 | 0 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiry period of unexercised and nonqualified stock options | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiry period of unexercised incentive stock options | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options for shares of the Company's common stock vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,203 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options for shares of the Company's common stock unvested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,489 | ' | ' | ' | 42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares forfeited under options in the plan | 16,740 | 0 | 45,564 | ' | ' | ' | ' | ' | ' | 143,528 | ' | 2,500 | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options exercised under the plan | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 4,558 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options remained outstanding under the plan | 179,192 | 150,932 | 124,789 | 160,353 | ' | ' | ' | ' | 136,692 | 136,692 | ' | 42,500 | ' | 42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved and available for issuance under the 2008 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 597,605 | ' | 597,605 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prospective issuance of shares of the Company's common stock under the 2008 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 426,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate stock which may be granted for restricted stock and units under the 2008 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66 | $45 | $22 | ' | ' | $43 | $31 | $21 | ' | ' |
Weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '10 years |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning or year, shares | 150,932 | 124,789 | 160,353 | ' |
Granted, shares | 45,000 | 26,143 | 10,000 | ' |
Exercised, shares | 0 | 0 | 0 | ' |
Forfeited or expired, shares | -16,740 | 0 | -45,564 | ' |
Outstanding at end of year, shares | 179,192 | 150,932 | 124,789 | ' |
Exercisable at end of year, shares | 91,203 | 88,927 | 77,639 | ' |
Fully vested and expected to vest, shares | 179,192 | 150,932 | 124,789 | ' |
Weighted Average Exercise Price, Outstanding at beginning of year | $6.52 | $6.15 | $6.26 | $6.70 |
Weighted Average Exercise Price, Granted | $8 | $5.62 | $5.65 | ' |
Weighted Average Exercise Price, Exercisable at end of year | $6.35 | $6.63 | $6.82 | ' |
Weighted Average Exercise Price, Fully vested and expected to vest | $6.52 | $6.15 | $6.26 | ' |
Weighted Average Remaining Contractual Term, Outstanding at end of year | '6 years 11 months 16 days | '7 years 22 days | '7 years 7 months 25 days | ' |
Weighted Average Remaining Contractual Term, Exercisable at end of year | '5 years 6 months 7 days | '6 years 25 days | '6 years 9 months 11 days | ' |
Weighted Average Remaining Contractual Term, Fully vested and expected to vest | '6 years 11 months 16 days | '7 years 22 days | '7 years 7 months 25 days | ' |
Aggregate Intrinsic Value, Outstanding at end of year | $0 | $0 | $0 | ' |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Intrinsic value of options exercised | $0 | $0 | $0 |
Cash received from options exercised | 0 | 0 | 0 |
Tax benefit realized from options exercised | $0 | $0 | $0 |
Stock_Based_Compensation_Detai3
Stock Based Compensation (Details 2) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 2.70% | 1.70% | 1.60% |
Weighted average expected life (years) | '10 years | '10 years | '10 years |
Expected volatility | 3.00% | 14.00% | 19.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current tax provision | ' | ' | ' |
Federal | $97 | $227 | $1,708 |
State | 7 | 17 | 240 |
Current Income Tax Expense (Benefit), Total | 104 | 244 | 1,948 |
Deferred tax provision (benefit) | ' | ' | ' |
Federal | 798 | 322 | -1,567 |
State | 145 | 69 | -220 |
Deferred Income Tax Expense (Benefit), Total | 943 | 391 | -1,787 |
Total | $1,047 | $635 | $161 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income | ' | ' | ' |
Tax expense at statutory rate | $962 | $572 | $124 |
State income taxes net of exception | 152 | 86 | 20 |
Tax exempt interest | -46 | -31 | -2 |
Other | -21 | 8 | 19 |
Total | $1,047 | $635 | $161 |
Tax expense at statutory rate in percent | 34.00% | 34.00% | 34.00% |
State income taxes net of exception in percent | 5.37% | 5.10% | 5.37% |
Tax exempt interest in percent | -1.64% | -1.87% | -0.51% |
Other in percent | -0.73% | 0.51% | 4.99% |
Total, in percent | 37.00% | 37.74% | 43.85% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $2,562 | $2,433 |
Deferred loan costs/fees | 217 | 308 |
Director/officer compensation plans | 551 | 564 |
Net unrealized loss on securities available for sale | 579 | 1,549 |
Impairment loss | 0 | 1,306 |
Other | 233 | 182 |
Deferred tax assets | 4,142 | 6,342 |
Deferred tax liabilities: | ' | ' |
Office properties and equipment | -397 | -677 |
Other | -111 | -125 |
Deferred tax liabilities | -508 | -802 |
Net deferred tax assets | $3,634 | $5,540 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Valuation allowance | $0 | $0 | ' |
Examination by the Internal Revenue Service | 'years open to examination by the U.S. Internal Revenue Service include taxable years ended September 30, 2011 to present. | ' | ' |
Percentage of likelihood | 50.00% | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 22,000 | 41,000 |
Accrual for the payments of interest and penalties related to income tax issues | $0 | $0 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic | ' | ' | ' |
Net Income | $1,783 | $1,047 | $206 |
Weighted average common shares outstanding (in shares) | 5,163,373 | 5,151,413 | 5,133,707 |
Basic earnings per share (in dollars per share) | $0.35 | $0.20 | $0.04 |
Diluted | ' | ' | ' |
Net Income | $1,783 | $1,047 | $206 |
Weighted average common shares outstanding (in shares) | 5,163,373 | 5,151,413 | 5,133,707 |
Add: Dilutive stock options outstanding | 33,333 | 11,767 | 0 |
Average shares and dilutive potential common shares (in shares) | 5,196,706 | 5,163,180 | 5,133,707 |
Diluted earnings per share (in dollars per share) | $0.34 | $0.20 | $0.04 |
Additional common stock option shares that have not been included due to their antidilutive effect (in shares) | 145,859 | 139,165 | 124,789 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized gains (losses) on securities: | ' | ' | ' |
Unrealized holding losses arising during period Before- Tax Amount | $2,515 | ($4,654) | $1,372 |
Unrealized holding losses arising during period Tax Expense | -1,006 | 1,861 | -549 |
Net unrealized gains (losses) arising during the period, Net-of-Tax Amount | 1,509 | -2,793 | 823 |
Less: reclassification adjustment for gains (losses)realized in net income Before- Tax Amount | -168 | 552 | 243 |
Less: reclassification adjustment for gains (losses)realized in net income Tax Expense | 67 | -220 | -97 |
Less: reclassification adjustment for gains (losses)realized in net income Net of Tax Amount | -101 | 332 | 146 |
Changes for realized losses on securities available for sale for OTTI write-down Before- Tax Amount | 78 | 797 | 1,332 |
Changes for realized losses on securities available for sale for OTTI write-down Tax Expense | -31 | -319 | -533 |
Changes for realized losses on securities available for sale for OTTI write-down Tax Expense, Net of Tax Amount | 47 | 478 | 799 |
Defined benefit plans: | ' | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -18 | 82 | 330 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | 7 | -33 | -132 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | -11 | 49 | 198 |
Other comprehensive income (loss) Before- Tax Amount | 2,407 | -3,223 | 3,277 |
Other comprehensive income (loss) Tax Expense | -963 | 1,289 | -1,311 |
Total other comprehensive income (loss), net of tax | $1,444 | ($1,934) | $1,966 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in the accumulated balances for each component of other comprehensive income | ' | ' | ' |
Beginning Balance | ($2,286) | ($352) | ' |
Current period other comprehensive income (loss), net of tax | 1,444 | -1,934 | 1,966 |
Ending Balance | -842 | -2,286 | -352 |
Unrealized Gains Losses on Securities [Member] | ' | ' | ' |
Changes in the accumulated balances for each component of other comprehensive income | ' | ' | ' |
Beginning Balance | -2,324 | -341 | ' |
Current period other comprehensive income (loss), net of tax | 1,455 | -1,983 | ' |
Ending Balance | -869 | -2,324 | ' |
Defined Benefit Plans [Member] | ' | ' | ' |
Changes in the accumulated balances for each component of other comprehensive income | ' | ' | ' |
Beginning Balance | 38 | -11 | ' |
Current period other comprehensive income (loss), net of tax | -11 | 49 | ' |
Ending Balance | $27 | $38 | ' |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company Only (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $11,434 | $17,601 | $23,259 | $31,763 |
TOTAL ASSETS | 569,815 | 554,521 | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' | ' | ' |
Total stockholders’ equity | 57,293 | 54,185 | 55,103 | 52,888 |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 235 | 230 | 371 | 542 |
Investment in subsidiary | 57,058 | 53,955 | ' | ' |
TOTAL ASSETS | 57,293 | 54,185 | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' | ' | ' |
Total stockholders’ equity | $57,293 | $54,185 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company Only (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Income—interest and dividends | $24,033 | $24,575 | $27,085 |
Expenses—other | 2,098 | 1,530 | 1,435 |
Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary | 2,830 | 1,682 | 367 |
Benefit for income taxes | 1,047 | 635 | 161 |
Net income attributable to common stockholders | 1,783 | 1,047 | 206 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Income—interest and dividends | 0 | 0 | 0 |
Expenses—other | 182 | 107 | 320 |
Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary | -182 | -107 | -320 |
Benefit for income taxes | -73 | -43 | -128 |
Loss before equity in undistributed net income (loss) of subsidiary | -109 | -64 | -192 |
Equity in undistributed net income of subsidiary | 1,892 | 1,111 | 398 |
Net income attributable to common stockholders | $1,783 | $1,047 | $206 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company Only (Details 2) (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 | $1,783 | $1,047 | $206 |
Stock based compensation expense | 43 | 31 | 21 |
Net cash provided by operating activities | 7,943 | 6,638 | 9,078 |
Cash flows from financing activities: | ' | ' | ' |
Surrendered vested shares of common stock | -22 | -4 | 0 |
Cash dividends paid | -207 | -103 | 0 |
Net cash provided by (used in) financing activities | 11,031 | 25,983 | -8,065 |
Net decrease in cash and cash equivalents | -6,167 | -5,658 | -8,504 |
Cash and cash equivalents at beginning of period | 17,601 | 23,259 | 31,763 |
Cash and cash equivalents at end of period | 11,434 | 17,601 | 23,259 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net Income | 1,783 | 1,047 | 206 |
Stock based compensation expense | 43 | 31 | 21 |
Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary | -1,892 | -1,111 | -398 |
Net cash provided by operating activities | -66 | -33 | -171 |
Cash flows from financing activities: | ' | ' | ' |
Surrendered vested shares of common stock | -22 | -5 | 0 |
Cash dividend from Bank to Holding Company | 300 | 0 | 0 |
Cash dividends paid | -207 | -103 | 0 |
Net cash provided by (used in) financing activities | 71 | -108 | 0 |
Net decrease in cash and cash equivalents | 5 | -141 | -171 |
Cash and cash equivalents at beginning of period | 230 | 371 | 542 |
Cash and cash equivalents at end of period | $235 | $230 | $371 |