Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 07, 2015 | Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Citizens Community Bancorp Inc. | ||
Entity Central Index Key | 1,367,859 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
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 | $ 44,207,525 | ||
Entity Common Stock, Shares Outstanding | 5,231,265 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Assets | ||
Cash and cash equivalents | $ 23,872 | $ 11,434 |
Other interest-bearing deposits | 2,992 | 245 |
Investment securities (available for sale securities at fair value of $79,921 and $62,189, and held to maturity securities at cost of $8,012 and $8,785 at September 30, 2015 and 2014, respectively) | 87,933 | 70,974 |
Non-marketable equity securities, at cost | 4,626 | 5,515 |
Loans receivable | 450,510 | 470,366 |
Allowance for loan losses | (6,496) | (6,506) |
Loans receivable, net | 444,014 | 463,860 |
Office properties and equipment, net | 2,669 | 3,725 |
Accrued interest receivable | 1,574 | 1,478 |
Intangible assets | 104 | 161 |
Foreclosed and repossessed assets, net | 902 | 1,050 |
Other assets | 11,462 | 11,373 |
TOTAL ASSETS | 580,148 | 569,815 |
Liabilities: | ||
Deposits | 456,298 | 449,767 |
Federal Home Loan Bank advances | 58,891 | 58,891 |
Other liabilities | 4,424 | 3,864 |
Total liabilities | 519,613 | 512,522 |
Stockholders’ equity: | ||
Common stock—$0.01 par value, authorized 30,000,000; 5,232,579 and 5,167,061 shares issued and outstanding, respectively | 52 | 52 |
Additional paid-in capital | 54,740 | 54,257 |
Retained earnings | 6,245 | 4,049 |
Unearned deferred compensation | (288) | (223) |
Accumulated other comprehensive loss | (214) | (842) |
Total stockholders’ equity | 60,535 | 57,293 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 580,148 | $ 569,815 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities | $ 79,921 | $ 62,189 |
Held-to-maturity securities | $ 8,012 | $ 8,785 |
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 | 5,232,579 | 5,167,061 |
Common stock, shares outstanding | 5,232,579 | 5,167,061 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 21,641 | $ 22,612 | $ 23,201 |
Interest on investments | 1,363 | 1,421 | 1,374 |
Total interest and dividend income | 23,004 | 24,033 | 24,575 |
Interest expense: | |||
Interest on deposits | 3,808 | 3,615 | 4,791 |
Interest on borrowed funds | 630 | 660 | 521 |
Total interest expense | 4,438 | 4,275 | 5,312 |
Net interest income | 18,566 | 19,758 | 19,263 |
Provision for loan losses | 656 | 1,910 | 3,143 |
Net interest income after provision for loan losses | 17,910 | 17,848 | 16,120 |
Non-interest income: | |||
Total fair value adjustments and other-than-temporary impairment | 0 | (78) | (1,412) |
Portion of loss recognized in other comprehensive income (loss) (before tax) | 0 | 0 | 615 |
Net gains (losses) on sale of available for sale securities | 60 | (168) | 552 |
Net gains (losses) on available for sale securities | 60 | (246) | (245) |
Service charges on deposit accounts | 1,715 | 1,964 | 1,820 |
Loan fees and service charges | 1,291 | 904 | 768 |
Other | 847 | 794 | 708 |
Total non-interest income | 3,913 | 3,416 | 3,051 |
Non-interest expense: | |||
Salaries and related benefits | 8,643 | 9,287 | 9,068 |
Occupancy | 2,872 | 2,631 | 2,493 |
Office | 1,105 | 1,499 | 1,223 |
Data processing | 1,590 | 1,531 | 1,657 |
Amortization of core deposit intangible | 57 | 57 | 56 |
Advertising, marketing and public relations | 570 | 370 | 233 |
FDIC premium assessment | 390 | 409 | 522 |
Professional services | 1,088 | 552 | 707 |
Other | 1,404 | 2,098 | 1,530 |
Total non-interest expense | 17,719 | 18,434 | 17,489 |
Income before provision for income tax | 4,104 | 2,830 | 1,682 |
Provision (benefit) for income taxes | 1,490 | 1,047 | 635 |
Net income attributable to common stockholders | $ 2,614 | $ 1,783 | $ 1,047 |
Per share information: | |||
Basic earnings (in dollars per share) | $ 0.50 | $ 0.35 | $ 0.20 |
Diluted earnings (in dollars per share) | 0.50 | 0.34 | 0.20 |
Cash dividends paid (in dollars per share) | $ 0.08 | $ 0.04 | $ 0.02 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to common stockholders | $ 2,614 | $ 1,783 | $ 1,047 |
Securities available for sale | |||
Net unrealized gains (losses) arising during period | 584 | 1,509 | (2,793) |
Reclassification adjustment for gains (losses) included in net income | 36 | (101) | 332 |
Change for realized losses on securities available for sale for other-than-temporary impairment (OTTI) write-down | 0 | 47 | 478 |
Unrealized gains (losses) on securities | 620 | 1,455 | (1,983) |
Defined benefit plans: | |||
Amortization of unrecognized prior service costs and net gains (losses) | 8 | (11) | 49 |
Total other comprehensive income (loss), net of tax | 628 | 1,444 | (1,934) |
Comprehensive income (loss) | $ 3,242 | $ 3,227 | $ (887) |
Consolidated Statements of Oth6
Consolidated Statements of Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income $ in Thousands | 12 Months Ended | |
Sep. 30, 2015USD ($) | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gain on sale of available for sale securities | $ 60 | |
Provision for income taxes | (1,490) | |
Net income attributable to common stockholders | 2,614 | |
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 gain on sale of available for sale securities | 60 | [1] |
Provision for income taxes | (24) | [1] |
Net income attributable to common stockholders | $ 36 | [1] |
[1] | Amounts in parentheses indicate decreases to profit/loss. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Sep. 30, 2012 | $ 55,103 | $ 51 | $ 53,969 | $ 1,529 | $ (94) | $ (352) |
Beginning 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, net of tax | (1,934) | (1,934) | ||||
Forfeiture of unvested shares, shares | (503) | |||||
Forfeiture of unvested shares | 0 | |||||
Surrender of vested shares, shares | (639) | |||||
Surrender of vested shares | (4) | (4) | ||||
Common stock awarded under recognition and retention plan, shares | 20,483 | |||||
Common stock awarded under recognition and retention plan | $ 0 | 120 | (120) | |||
Common stock options exercised, shares | 0 | |||||
Stock option expense | $ 31 | 31 | ||||
Amortization of restricted stock | 45 | 45 | ||||
Cash dividends | (103) | (103) | ||||
Ending balance, shares at Sep. 30, 2013 | 5,154,891 | |||||
Ending balance at Sep. 30, 2013 | 54,185 | $ 51 | 54,116 | 2,473 | (169) | (2,286) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,783 | 1,783 | ||||
Other comprehensive loss, net of tax | 1,444 | 1,444 | ||||
Surrender of vested shares, shares | (2,830) | |||||
Surrender of vested shares | (22) | (22) | ||||
Common stock awarded under recognition and retention plan, shares | 15,000 | |||||
Common stock awarded under recognition and retention plan | $ 1 | $ 1 | 120 | (120) | ||
Common stock options exercised, shares | 0 | |||||
Stock option expense | $ 43 | 43 | ||||
Amortization of restricted stock | 66 | 66 | ||||
Cash dividends | (207) | (207) | ||||
Ending balance, shares at Sep. 30, 2014 | 5,167,061 | |||||
Ending balance at Sep. 30, 2014 | 57,293 | $ 52 | 54,257 | 4,049 | (223) | (842) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,614 | 2,614 | ||||
Other comprehensive loss, net of tax | 628 | 628 | ||||
Surrender of vested shares, shares | (3,937) | |||||
Surrender of vested shares | (36) | (36) | ||||
Common stock awarded under recognition and retention plan, shares | 17,500 | |||||
Common stock awarded under recognition and retention plan | $ 0 | 161 | (161) | |||
Common stock options exercised, shares | 51,955 | 51,955 | ||||
Common stock options exercised | $ 299 | 299 | ||||
Stock option expense | 59 | 59 | ||||
Amortization of restricted stock | 96 | 96 | ||||
Cash dividends | (418) | (418) | ||||
Ending balance, shares at Sep. 30, 2015 | 5,232,579 | |||||
Ending balance at Sep. 30, 2015 | $ 60,535 | $ 52 | $ 54,740 | $ 6,245 | $ (288) | $ (214) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend dollars per share | $ 0.08 | $ 0.04 | $ 0.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | |||
Net income attributable to common stockholders | $ 2,614 | $ 1,783 | $ 1,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of premium/discount on securities | 910 | 1,024 | 1,008 |
Depreciation | 1,382 | 1,116 | 1,079 |
Provision for loan losses | 656 | 1,910 | 3,143 |
Net realized (gain) loss on sale of securities | (60) | 168 | (552) |
Other-than-temporary impairment on mortgage-backed securities | 0 | 78 | 797 |
Amortization of core deposit intangible | 57 | 57 | 56 |
Amortization of restricted stock | 96 | 66 | 45 |
Stock based compensation expense | 59 | 43 | 31 |
Loss on sale of office properties | 8 | 323 | 168 |
(Benefit) provision for deferred income taxes | (471) | 943 | 182 |
Net loss (gains) from disposals of foreclosed and repossessed assets | 31 | (71) | (102) |
Provision for valuation allowance on foreclosed properties | 57 | 74 | 76 |
(Increase) decrease in accrued interest receivable and other assets | (130) | (604) | 599 |
Increase (decrease) in other liabilities | 568 | 926 | (834) |
Total adjustments | 3,163 | 6,053 | 5,696 |
Net cash provided by operating activities | 5,777 | 7,836 | 6,743 |
Cash flows from investing activities: | |||
Purchase of investment securities | (54,232) | (20,506) | (71,544) |
Purchase of bank owned life insurance | 0 | (3,000) | (3,000) |
Net (increase) decrease in interest-bearing deposits | (2,747) | 1,743 | (1,988) |
Proceeds from sale of securities available for sale | 29,285 | 23,491 | 44,780 |
Principal payments on investment securities | 8,171 | 6,892 | 9,621 |
Proceeds from sale of non-marketable equity securities | 889 | 0 | 500 |
Purchase of non-marketable equity securities | 0 | (2,215) | 0 |
Proceeds from sale of foreclosed and repossessed assets | 1,323 | 2,342 | 2,553 |
Net decrease (increase) in loans | 17,927 | (33,455) | (18,757) |
Net capital expenditures | (331) | (485) | (549) |
Net cash received from sale of office properties | 0 | 159 | 0 |
Net cash provided by (used in) investing activities | 285 | (25,034) | (38,384) |
Cash flows from financing activities: | |||
Net increase in Federal Home Loan Bank advances | 0 | 8,891 | 750 |
Net increase in deposits | 6,531 | 2,369 | 25,340 |
Surrender of restricted shares of common stock | (36) | (22) | (4) |
Exercise of common stock options | 299 | 0 | 0 |
Cash dividends paid | (418) | (207) | (103) |
Net cash provided by financing activities | 6,376 | 11,031 | 25,983 |
Net increase (decrease) in cash and cash equivalents | 12,438 | (6,167) | (5,658) |
Cash and cash equivalents at beginning of period | 11,434 | 17,601 | 23,259 |
Cash and cash equivalents at end of period | 23,872 | 11,434 | 17,601 |
Cash paid during the year for: | |||
Interest on deposits | 2,852 | 3,612 | 3,667 |
Interest on borrowings | 466 | 646 | 543 |
Income taxes | 1,214 | 86 | 790 |
Supplemental noncash disclosure: | |||
Transfers from loans receivable to foreclosed and repossessed assets | $ 1,263 | $ 2,368 | $ 3,013 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
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”). 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 18 full-service offices; seven stand-alone locations and 11 branches. In October 2015, we relocated our Mankato, Minnesota branch to a new full-service traditional branch in Mankato, MN. In October 2015, we entered into a purchase agreement with Central Bank of Golden Valley, Minnesota, to purchase approximately $14,000 in loans from, and assume $30,000 in deposit liabilities of Central Bank’s Rice Lake and Barron branch banking operations pending regulatory approval. The transaction is expected to be finalized in our second fiscal quarter of 2016. In November 2015, we announced the closing of three in-store branches, effective December 2015 and January 2016. We intend to continue to review our branch network to deploy assets and capital in growth markets and exit markets where we believe 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 7, 2015 , the date on which the financial statements were available to be issued. As of December 7, 2015 , 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, foreclosed and repossessed assets, 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, 2015 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 balance sheet. 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 net income 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. 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 net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance of these loans. 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 our loan portfolio; known and inherent risks in our 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. For TDR's or substandard loans deemed to be impaired, a specific ALL allocation may be established so that the loan is reported, net, at the lower of (a) its outstanding principal balance; (b) the present value of the loan's estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan 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 substandard loans 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 for these particular loans. Large groups of smaller balance homogeneous loans, such as non-TDR commercial, consumer and residential real estate loans, are collectively evaluated for ALLL purposes, and accordingly, are not separately identified for ALLL 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. 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 are paid on FHLB stock owned by members as a condition for required membership and also on stock owned based on activity. Membership stock quarterly cash dividends were paid at an annualized dividend rate of 0.50% in all quarters. Activity stock quarterly cash dividends were paid in November 2014 at an annualized dividend rate of 2.00% . Activity stock quarterly cash dividends were paid in February 2015, May 2015 and in August 2015 at an annualized dividend rate of 2.25% 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 our Consolidated Statements of Operations. 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 balances of core deposit intangible assets were $104 and $ 161 at September 30, 2015 and 2014 , respectively. Amortization expense related to these core deposit intangible assets was $ 57 , $ 57 and $ 56 for the years ended September 30, 2015 , 2014 and 2013 , respectively. Accumulated amortization on core deposit intangible assets was $2,416 and $2,359 , at September 30, 2015 and 2014 , respectively. Interest Bearing Deposits— Other interest bearing deposits are certificate of deposit investments made by the Bank with other financial institutions that are carried at cost and mature within three to seven years. Balances over $250 in those institutions are not insured by the FDIC and therefore pose a potential risk in the event the institution were to fail. As of September 30, 2015 and 2014 , there were no uninsured deposits. 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, 2015 , 2014 , and 2013 were $ 570 , $ 370 , and $ 233 , 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 includes the dilutive effect of additional potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans that have an exercise price that is less than the Company's stock price on the reporting date. 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 gains and 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 our 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 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 consolidated results of operations, financial position or cash flows. In May, 2014, the 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. The effective dates for ASU 2014-09 were deferred one year when the FASB issued ASU 2015-14 - "Revenue from Contracts with Customers (Topic (606) Deferral of the Effective Date", in August 2015. 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, 2017. Early adoption is not permitted. The Company expects the adoption of ASU 2014-09 to have no material effect on the Company's consolidated results of operations, financial position or cash flows. In January, 2014, the 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, 2015 | |
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 topic 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. The fair value of securities available for sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs). Assets Measured on a Recurring Basis The following tables present the financial instruments measured at fair value on a recurring basis as of September 30, 2015 and 2014 . Fair Value Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 Investment securities: U.S. government agency obligations $ 15,020 $ — $ 15,020 $ — Obligations of states and political subdivisions 27,407 — 27,407 — Mortgage-backed securities 37,440 — 37,440 — Federal Agricultural Mortgage Corporation 54 — 54 — Total $ 79,921 $ — $ 79,921 $ — September 30, 2014 Investment securities: U.S. government agency obligations $ 22,103 $ — $ 22,103 $ — Obligations of states and political subdivisions 11,194 — 11,194 — Mortgage-backed securities 28,827 — 28,827 — Federal Agricultural Mortgage Corporation 65 — 65 — Total $ 62,189 $ — $ 62,189 $ — 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, 2015 and 2014 : Twelve Months Ended September 30, 2015 September 30, 2014 Balance beginning of period $ — $ 1,226 Total gains or losses (realized/unrealized): Included in earnings — (274 ) Included in other comprehensive income (loss) — 615 Sales — (1,321 ) Payments, accretion and amortization — (246 ) Balance end of period $ — $ — Assets Measured on a Nonrecurring Basis The following tables present the financial instruments measured at fair value on a nonrecurring basis as of September 30, 2015 and 2014 : Fair Value Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 Foreclosed and repossessed assets, net $ 902 $ — $ — $ 902 Impaired loans with allocated allowances 2,349 — — 2,349 Total $ 3,251 $ — $ — $ 3,251 September 30, 2014 Foreclosed and repossessed assets, net $ 1,050 $ — $ — $ 1,050 Impaired loans with allocated allowances 2,929 — — 2,929 Total $ 3,979 $ — $ — $ 3,979 The fair value of impaired loans referenced above 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 impaired loans. The fair value of foreclosed and repossessed assets referenced above was determined by obtaining market price valuations from independent third parties wherever such quotes were available for other collateral owned. The Company utilized independent third party appraisals to support the Company’s estimates and judgments in determining fair value for other real estate owned. 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 using a discounted cash flow analysis based on current interest rates being offered by instruments with similar terms. 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, which are their 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, C&I 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 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 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 their 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 the Company's financial instruments as of the dates indicated below were as follows: September 30, 2015 September 30, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents $ 23,872 $ 23,872 $ 11,434 $ 11,434 Interest-bearing deposits 2,992 3,022 245 245 Investment securities 87,933 88,140 70,974 70,997 Non-marketable equity securities, at cost 4,626 4,626 5,515 5,515 Loans receivable, net 444,014 462,227 463,860 479,961 Accrued interest receivable 1,574 1,574 1,478 1,478 Financial liabilities: Deposits $ 456,298 $ 460,450 $ 449,767 $ 454,170 FHLB advances 58,891 59,357 58,891 59,331 Accrued interest payable 4,098 4,098 13 13 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Impaired Loans | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , respectively, were as follows: September 30, 2015 September 30, 2014 Real estate loans: Consumer $ 181,206 $ 223,025 Commercial/Agricultural 63,266 39,061 Total real estate loans 244,472 262,086 Consumer and other loans: Automobile 14,113 12,810 Other secured personal loans 186,591 188,911 Unsecured personal loans 2,904 3,512 Total consumer and other loans 203,608 205,233 Gross loans 448,080 467,319 Less: Net deferred loan costs (fees) 2,430 3,047 Allowance for loan losses (6,496 ) (6,506 ) Loans receivable, net $ 444,014 $ 463,860 Credit Quality/Risk Ratings : Management utilizes a numeric risk rating system to identify and quantify the Bank’s risk of loss within its loan portfolio. Ratings are initially assigned prior to funding the loan, and may be changed at any time as circumstances warrant. Ratings range from the highest to lowest quality based on factors that include measurements of ability to pay, collateral type and value, borrower stability and management experience. The Bank’s loan portfolio is presented below in accordance with the risk rating framework that has been commonly adopted by the federal banking agencies. The definitions of the various risk rating categories are as follows: 1 through 4 - Pass. The condition of the borrower and the performance of the loan is satisfactory or better. 5 - Watch. A Watch loan has clearly identifiable developing weaknesses that deserve additional attention from management. Weaknesses that are not corrected or mitigated, may jeopardize the ability of the borrower to repay the loan in the future. 6 - Special Mention. A Special Mention loan has one or more potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position in the future. 7 - Substandard. A Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. 8 - Doubtful. A Doubtful loan has all the weaknesses inherent in a Substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. 9 - Loss. Loans classified as Loss are considered uncollectible, and their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, and a partial recovery may occur in the future. Below is a breakdown of loans by risk rating as of September 30, 2015 : 1 to 5 6 7 8 9 TOTAL Real estate loans: Consumer $ 179,946 $ — $ 1,260 $ — $ — $ 181,206 Commercial/Agricultural 63,266 — — — — 63,266 Total real estate loans 243,212 — 1,260 — — 244,472 Consumer and other loans: 203,054 — 547 — 7 203,608 Gross loans $ 446,266 $ — $ 1,807 $ — $ 7 $ 448,080 Net deferred loan costs (fees) 2,430 Allowance for loan losses (6,496 ) Loans receivable, net $ 444,014 Below is a breakdown of loans by risk rating as of September 30, 2014 : 1 to 5 6 7 8 9 TOTAL Real estate loans: Consumer $ 220,579 $ — $ 2,343 $ — $ 103 $ 223,025 Commercial/Agricultural 39,061 — — — — 39,061 Total real estate loans 259,640 — 2,343 — 103 262,086 Consumer and other loans: 204,688 — 525 — 20 205,233 Gross loans $ 464,328 $ — $ 2,868 $ — $ 123 $ 467,319 Net deferred loan costs (fees) 3,047 Allowance for loan losses (6,506 ) Loans receivable, net $ 463,860 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 2015 and 2014 . A summary of the changes in those loans during the last two fiscal years is as follows: September 30, 2015 2014 Balance—beginning of year $ 129 $ 131 New loan originations 137 17 Repayments (34 ) (19 ) Balance—end of year $ 232 $ 129 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. As an integral part of their examination process, various regulatory agencies also 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. Changes in the ALL by loan type for the periods presented below were as follows: Consumer Real Estate Commercial/Agriculture Real Estate Consumer and Other Unallocated Total Year Ended September 30, 2015: Allowance for Loan Losses: Beginning balance, October 1, 2014 $ 2,759 $ — $ 3,747 $ — $ 6,506 Charge-offs (405 ) — (601 ) — (1,006 ) Recoveries 69 — 271 — 340 Provision 382 16 258 — 656 Allowance allocation adjustment (441 ) 1,601 (1,412 ) 252 — Ending balance, September 30, 2015 $ 2,364 $ 1,617 $ 2,263 $ 252 $ 6,496 Allowance for Loan Losses at September 30, 2015: Amount of allowance for loan losses arising from loans individually evaluated for impairment $ 463 — $ 119 — $ 582 Amount of allowance for loan losses arising from loans collectively evaluated for impairment $ 1,901 $ 1,617 $ 2,144 $ 252 $ 5,914 Loans Receivable as of September 30, 2015: Ending balance $ 180,693 $ 63,266 $ 206,551 $ — $ 450,510 Ending balance: individually evaluated for impairment $ 4,466 $ — $ 848 $ — $ 5,314 Ending balance: collectively evaluated for impairment $ 176,227 $ 63,266 $ 205,703 $ — $ 445,196 Consumer Real Estate Commercial/Agriculture Real Estate Consumer and Other Unallocated 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 $ 222,254 $ 39,061 $ 209,051 $ — $ 470,366 Ending balance: individually evaluated for impairment $ 6,542 $ — $ 1,267 $ — $ 7,809 Ending balance: collectively evaluated for impairment $ 215,712 $ 39,061 $ 207,784 $ — $ 462,557 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. As part of the servicer agreement entered into in connection with this purchase agreement, the third party seller agreed to purchase or substitute performing consumer loans for all contracts that become 120 days past due. Pursuant to the ongoing loan purchase agreement, a Board of Director determinant was originally established to limit the purchase of these consumer loans under this arrangement to a maximum of $40,000 and 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 not purchased back by the seller or substituted with performing loans and are ultimately charged off by the Bank. During the first quarter of fiscal 2015, the Board of Directors increased the limit of these purchased consumer loans to a maximum of $50,000 . As of September 30, 2015 , the balance of the consumer loans purchased was $ 39,705 . The balance in the cash reserve account has reached the maximum allowed balance of $1,000 , which is included in Deposits on the accompanying Consolidated Balance Sheet. To date, none of the purchased loans have been charged off or have experienced losses. Loans receivable by loan type as of the end of the periods shown below were as follows: Consumer Real Estate Loans Commercial/Agriculture Real Estate Loans Consumer and Other Loans Total Loans September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Performing loans Performing TDR loans $ 3,206 $ 4,535 — — $ 472 $ 797 $ 3,678 $ 5,332 Performing loans other 176,650 216,503 63,266 39,061 205,695 207,885 445,611 463,449 Total performing loans 179,856 221,038 63,266 39,061 206,167 208,682 449,289 468,781 Nonperforming loans (1) Nonperforming TDR loans 273 202 — — 59 47 332 249 Nonperforming loans other 564 1,014 — — 325 322 889 1,336 Total nonperforming loans $ 837 $ 1,216 — — $ 384 $ 369 $ 1,221 $ 1,585 Total loans $ 180,693 $ 222,254 63,266 39,061 $ 206,551 $ 209,051 $ 450,510 $ 470,366 (1) Nonperforming loans are either 90+ days past due or nonaccrual. An aging analysis of the Company’s consumer real estate, commercial/agriculture real estate, consumer and other loans and purchased third party loans as of September 30, 2015 and 2014 , respectively, was as follows: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Total Past Due Current Total Loans Recorded September 30, 2015 Consumer real estate $ 555 $ 500 $ 387 $ 1,442 $ 179,251 $ 180,693 $ 244 Commercial/Agriculture real estate — — — — 63,266 63,266 — Consumer and other loans 386 65 135 586 166,260 166,846 52 Purchased third party loans 238 189 177 604 39,101 39,705 177 Total $ 1,179 $ 754 $ 699 $ 2,632 $ 447,878 $ 450,510 $ 473 September 30, 2014 Real estate loans $ 678 $ 80 $ 989 $ 1,747 $ 220,507 $ 222,254 $ 228 Commercial/Agriculture real estate — — — — 39,061 39,061 — Consumer and other loans 354 73 177 604 175,635 176,239 99 Purchased third party loans 190 136 74 400 32,412 32,812 74 Total $ 1,222 $ 289 $ 1,240 $ 2,751 $ 467,615 $ 470,366 $ 401 At September 30, 2015 , the Company has identified $4,010 of TDR loans and $1,304 of substandard loans as impaired, totaling $5,314 , which includes $3,678 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, 2015 and September 30, 2014 was as follows: With No Related Allowance Recorded With An Allowance Recorded Totals Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Recorded investment at September 30, 2015 $ 2,494 $ — $ 471 $ 2,965 $ 1,972 $ — $ 377 $ 2,349 $ 4,466 $ — $ 848 $ 5,314 Unpaid balance at September 30, 2015 2,494 — 471 2,965 1,972 — 377 2,349 4,466 — 848 5,314 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 Average recorded investment; twelve months ended September 30, 2015 3,178 — 485 3,663 2,220 — 556 2,776 5,398 — 1,041 6,439 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 Interest income received; twelve months ended September 30, 2015 136 — 35 171 61 — 23 84 197 — 58 255 Interest income received; twelve months ended September 30, 2014 149 — 32 181 68 — 24 92 217 — 56 273 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 5 delinquent TDRs, greater than 60 days past due, with a recorded investment of $75 at September 30, 2015 , compared to 4 such loans with a recorded investment of $191 at September 30, 2014 . A summary of loans by loan type modified in a troubled debt restructuring as of September 30, 2015 and September 30, 2014 , and during each of the twelve months then ended, was as follows: Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total September 30, 2015 and Twelve Months then Ended: Accruing / Performing: Beginning balance $ 4,535 $ — $ 797 $ 5,332 Principal payments (945 ) — (301 ) (1,246 ) Charge-offs — — (8 ) (8 ) Advances 12 — 1 13 New restructured (1) 17 — 52 69 Class transfers out (2) (181 ) — — (181 ) Transfers between accrual/non-accrual (232 ) — (69 ) (301 ) Ending balance $ 3,206 $ — $ 472 $ 3,678 Non-accrual / Non-performing: Beginning balance $ 202 $ — $ 47 $ 249 Principal payments (120 ) — (11 ) (131 ) Charge-offs (41 ) — (46 ) (87 ) Advances — — — — New restructured (1) — — — — Class transfers out (2) — — — — Transfers between accrual/non-accrual 232 — 69 301 Ending balance $ 273 $ — $ 59 $ 332 Totals: Beginning balance $ 4,737 $ — $ 844 $ 5,581 Principal payments (1,065 ) — (312 ) (1,377 ) Charge-offs (41 ) — (54 ) (95 ) Advances 12 — 1 13 New restructured (1) 17 — 52 69 Class transfers out (2) (181 ) — — (181 ) Transfers between accrual/non-accrual — — — — Ending balance $ 3,479 $ — $ 531 $ 4,010 (1) “New restructured” represent loans restructured during the applicable period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. (2) “Class transfers out” represent previously restructured loans that are in compliance with the modified terms for a minimum of one year, are yielding a market rate and conform to normal underwriting standards. Consumer Real Estate Commercial/Agricultural 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 out (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 out (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 out (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 out” represent previously restructured loans that are in compliance with the modified terms for a minimum of one year, are yielding a market rate and conform to normal underwriting standards. September 30, 2015 September 30, 2014 Number of Modifications Recorded Investment Number of Modifications Recorded Investment Troubled debt restructurings: Consumer Real Estate 34 $ 3,479 47 $ 4,737 Commercial/Agriculture Real Estate — — — — Consumer and other 39 531 53 844 73 $ 4,010 100 $ 5,581 |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and September 30, 2014 , respectively, were as follows: Available for sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2015 U.S. government agency obligations $ 15,240 $ — $ 220 $ 15,020 Obligations of states and political subdivisions 27,573 81 247 27,407 Mortgage-backed securities 37,451 133 144 37,440 Federal Agricultural Mortgage Corporation 71 — 17 54 Total available for sale securities $ 80,335 $ 214 $ 628 $ 79,921 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 Held to maturity securities Amortized Gross Gross Estimated September 30, 2015 Obligations of states and political subdivisions $ 1,319 $ 3 $ 4 $ 1,318 Mortgage-backed securities 6,693 208 — 6,901 Total held to maturity securities $ 8,012 $ 211 $ 4 $ 8,219 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 The estimated fair value of securities at September 30, 2015 , 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 Cost Estimated Fair Value Due after one year through five years $ 6,451 $ 6,437 Due after five years through ten years 22,667 22,457 Due after ten years 51,217 51,027 Total available for sale securities $ 80,335 $ 79,921 Held to maturity securities Amortized Cost Estimated Fair Value Due after one year through five years $ 1,144 $ 1,143 Due after five years through ten years 175 175 Due after ten years 6,693 6,901 Total held to maturity securities $ 8,012 $ 8,219 Securities with unrealized losses at September 30, 2015 and 2014 , 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 Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2015 U.S. government agency obligations $ 4,960 $ 14 $ 10,060 $ 206 $ 15,020 $ 220 Obligations of states and political subdivisions 13,864 155 2,234 92 16,098 247 Mortgage-backed securities 22,018 93 3,590 51 25,608 144 Federal Agricultural Mortgage Corporation — — 54 17 54 17 Total temporarily impaired $ 40,842 $ 262 $ 15,938 $ 366 $ 56,780 $ 628 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 Less than 12 Months 12 Months or More Total Held to maturity securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2015 Obligations of states and political subdivisions $ 904 $ 4 $ — $ — $ 904 $ 4 Mortgage-backed securities — — — — — — Total temporarily impaired $ 904 $ 4 $ — $ — $ 904 $ 4 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 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 issuer is assessed. Significant inputs used to measure the amount of other-than-temporary impairment related to credit loss include, but are not limited to, default and delinquency rates of the underlying collateral, remaining credit support, and historical loss severities. Adjustments to market value of available for sale securities that are considered temporary are recorded as separate components of equity, net of tax. If the unrealized loss of a security is identified as other-than-temporary based on information available, such as the decline in the creditworthiness 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. Unrealized losses on available for sale securities, 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 each debt security before its anticipated recovery, and therefore recovery of cost will occur. A summary of the amount of other-than-temporary impairment related to credit losses on available for sale securities that have been recognized in net income for the years ended September 30, 2015 and 2014 follows: 2015 2014 Beginning balance of the amount of OTTI related to credit losses $ — $ 1,250 Credit portion of OTTI on securities for which OTTI was not previously recognized 91 Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI — (13 ) Credit portion of OTTI on securities in default for which OTTI was previously recognized — — Credit portion of OTTI previously recognized on securities sold during the period — (1,328 ) Ending balance of the amount of OTTI related to credit losses $ — $ — The Bank has pledged certain of its U.S. Government Agency securities as collateral against a borrowing line of credit with the Federal Reserve Bank. However, as of September 30, 2015 , there were no borrowings outstanding on this Federal Reserve Bank line of credit. The Bank has pledged certain of its U.S. Government Agency securities as collateral against specific municipal deposits. |
Office Properties and Equipment
Office Properties and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 Land $ 510 $ 510 Buildings 2,338 2,284 Furniture, equipment, and vehicles 6,872 7,672 Subtotals 9,720 10,466 Less—Accumulated depreciation (7,051 ) (6,741 ) Office properties and equipment—net $ 2,669 $ 3,725 Depreciation expense was $ 1,382 , $ 1,116 and $ 1,079 for the years ended September 30, 2015 , 2014 and 2013 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 Balance at beginning of year $ 161 $ 218 Capitalized — — Amortization (57 ) (57 ) Balance at end of year $ 104 $ 161 At September 30, 2015 , the estimated future aggregate amortization expense for the core deposit intangibles is as follows: 2016 57 2017 31 2018 15 After 2018 1 Total $ 104 |
Deposits
Deposits | 12 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEPOSITS | DEPOSITS The following is a summary of deposits by type at September 30, 2015 and 2014 , respectively: 2015 2014 Non-interest bearing demand deposits $ 19,354 $ 19,669 Interest bearing demand deposits 22,547 17,696 Savings accounts 29,395 29,277 Money market accounts 146,201 136,666 Certificate accounts 238,801 246,459 Total deposits $ 456,298 $ 449,767 Brokered deposits included above: $ 22,773 $ 11,960 At September 30, 2015 , the scheduled maturities of time deposits were as follows: 2016 $ 94,508 2017 72,703 2018 42,112 2019 19,058 2020 10,420 After 2020 — Total $ 238,801 Deposits from the Company’s directors, executive officers, principal stockholders and their affiliates held by the Bank at September 30, 2015 and 2014 amounted to $537 and $696 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 is as follows: Weighted Average Rate Weighted Average Rate Maturing during the fiscal year Ended September 30, 2015 2014 2016 $ 33,600 0.67 % $ 31,100 0.78 % 2017 15,461 1.46 % 12,961 1.57 % 2018 6,100 2.24 % 6,100 2.24 % 2019 3,730 1.87 % 3,730 1.87 % 2020 — — % — — % Total fixed maturity $ 58,891 $ 53,891 Advances with amortizing principal — — % 5,000 0.30 % Total advances $ 58,891 $ 58,891 Irrevocable standby letters of credit $ 24,040 $ 23,100 Total credit outstanding $ 82,931 $ 81,991 The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit ("LOC") is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest bearing deposit balances. At September 30, 2015 , the Bank’s available and unused portion of this borrowing arrangement was approximately $66,459 . Maximum month-end amounts outstanding under this borrowing agreement were $58,891 and $75,891 during the twelve months ended September 30, 2015 and 2014 , respectively. Each Federal Home Loan Bank advance is payable at the maturity date, with a prepayment penalty for fixed rate advances. These advances are secured by $198,657 of real estate mortgage loans. |
Capital Matters
Capital Matters | 12 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
CAPITAL MATTERS | CAPITAL MATTERS Banks and bank holding companies 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. Effective January 31, 2015, regulatory capital rules and ratios were revised according to the Basel III Risk Based Capital guidelines. At September 30, 2015 , the Bank was categorized as “Well Capitalized”, under Prompt Corrective Action Provisions, as determined by the OCC, our primary regulator. The Bank’s Tier 1 (leverage) and risk-based capital ratios at September 30, 2015 and 2014 , respectively, are presented below: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015 Total capital (to risk weighted assets) $ 64,930,000 16.5 % $ 31,443,000 > = 8.0 % $ 39,304,000 > = 10.0 % Tier 1 capital (to risk weighted assets) 59,997,000 15.3 % 23,583,000 > = 6.0 % 31,443,000 > = 8.0 % Common equity tier 1 capital (to risk weighted assets) 59,997,000 15.3 % 17,687,000 > = 4.5 % $ 25,548,000 > = 6.5 % Tier 1 leverage ratio (to adjusted total assets) 59,997,000 10.4 % 23,031,000 > = 4.0 % 28,788,000 > = 5.0 % As of September 30, 2014 Total capital (to risk weighted assets) $ 62,116,000 16.1 % $ 30,793,000 > = 8.0 % $ 38,491,000 > = 10.0 % Tier 1 capital (to risk weighted assets) 57,283,000 14.9 % 15,396,000 > = 4.0 % 23,095,000 > = 6.0 % Tier 1 capital (to adjusted total assets) 57,283,000 10.0 % 22,991,000 > = 4.0 % 28,739,000 > = 5.0 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , respectively. Contract or Notional Amount at September 30, 2015 2014 Commitments to extend credit: Consumer - fixed rate 3.74% - 8.74% in 2015, and 3.30% - 11.99% in 2014 $ 2,816 $ 2,820 Commercial - Fixed rate 3.88% - 5.75% in 2015, and 3.25% - 5.50% in 2014 11,018 7,172 Commercial standby letter of credit — 20 Unused lines of credit: Home equity lines of credit 1,873 1,622 Kwik cash and lines of credit 1,196 1,227 Consumer construction — 119 Commercial construction 3,301 947 Commercial lines of credit 3,893 2,192 Totals $ 24,097 $ 16,119 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 $1,146 , $1,186 , and $1,138 for the years ended September 30, 2015 , 2014 and 2013 , respectively. None of the Company’s leases contain contingent rental payments, purchase options, 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: 2016 $ 1,268 2017 991 2018 836 2019 404 2020 311 After 2020 980 Total $ 4,790 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2015 | |
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 $198 , $193 , and $189 for 2015 , 2014 and 2013 , 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, 2015 , 2014 and 2013 , respectively, are summarized as follows: 2015 2014 2013 Beginning accrued benefit cost $ 1,154 $ 1,181 $ 2,363 Service cost — — — Interest cost 46 51 45 Amortization of prior service costs 1 1 1 Net periodic benefit cost 47 52 46 Benefits paid (81 ) (79 ) (1,228 ) Curtailment and settlement — — — Ending accrued benefit cost $ 1,120 $ 1,154 $ 1,181 The following table sets forth the SERP and Directors’ Retirement plans, 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 consolidated balance sheet at September 30, 2015 , 2014 and 2013 , respectively: 2015 2014 2013 Change in benefit obligation: Projected benefit obligation, beginning of year $ 1,109 $ 1,117 $ 2,381 Service cost — — — Interest cost 46 51 45 Curtailment and settlement — — — Actuarial loss (gain) (12 ) 20 (81 ) Benefits paid (81 ) (79 ) (1,228 ) Projected benefit obligation, end of year $ 1,062 $ 1,109 $ 1,117 Change in plan assets: Plan assets at fair value, beginning of year $ — $ — $ — Actual return on plan assets — — — Company contributions 81 79 1,228 Benefits paid (81 ) (79 ) (1,228 ) 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, 2015 , 2014 and 2013 , (in actual dollars) were as follows: 2015 2014 2013 Benefit obligation actuarial assumptions: Discount Rate 4.25 % 4.25 % 4.75 % Rate of compensation increase N/A N/A N/A Net pension cost actuarial assumption Discount rate 4.25 % 4.25 % 4.75 % 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, 2015 , which reflect expected future service, as appropriate, are as follows: 2016 $ 78 2017 $ 111 2018 $ 118 2019 $ 110 2020 $ 120 2021-2025 $ 583 Amounts recognized in consolidated balance sheets as of September 30: 2015 2014 Pension obligation $ 1,062 $ 1,109 Prior service cost $ 4 $ 4 Net loss (gain) (61 ) (49 ) Total accumulated other comprehensive income, before tax $ (57 ) $ (45 ) |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 , 113,910 restricted shares under this plan were granted. 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. As of September 30, 2015 , 284,778 options had been granted to eligible participants. 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, 2015 , 32,500 restricted shares under this plan were granted. As of September 30, 2015 , 95,000 options had been granted to eligible participants. Restricted shares granted to date under these plans were awarded at no cost to the employee and vest pro rata over a five -year period from the grant date. Options granted to date under these plans 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. Compensation expense related to restricted stock awards from both the 2004 Recognition and Retention Plan and the 2008 Equity Incentive Plan were $96 , $66 and $45 for the years ended September 30, 2015 , 2014 and 2013 , respectively. Restricted Common Stock Awards 2015 2014 Number of Shares Weighted Number of Shares Weighted Restricted Shares Unvested and outstanding at beginning of year 41,014 $ 6.51 34,671 $ 5.62 Granted 17,500 9.20 15,000 8.00 Vested (11,657 ) 6.18 (8,657 ) 5.55 Forfeited — — — — Unvested and outstanding at end of year 46,857 $ 7.59 41,014 $ 6.51 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, 2015 , 2014 and 2013 was $59 , $43 and $31 , respectively. Common Stock Option Awards Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value 2015 Outstanding at beginning of year 179,192 $ 6.52 Granted 50,000 9.20 Exercised (51,955 ) Forfeited or expired (5,500 ) Outstanding at end of year 171,737 $ 7.46 7.58 $ — Exercisable at end of year 63,764 $ 6.79 5.33 Fully vested and expected to vest 171,737 $ 7.46 7.58 2014 Outstanding at beginning of year 150,932 $ 6.15 Granted 45,000 8.00 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 Information related to the 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan during each year follows: 2015 2014 2013 Intrinsic value of options exercised $ 180 $ — $ — Cash received from options exercised $ 299 $ — $ — Tax benefit realized from options exercised $ 9 $ — $ — 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: 2015 2014 2013 Dividend yield 0.88 % 0 % 0 % Risk-free interest rate 2.1 % 2.7 % 1.7 % Weighted average expected life (years) 10 10 10 Expected volatility 2 % 3 % 14 % |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense (benefit) for each of the periods shown below consisted of the following: 2015 2014 2013 Current tax provision Federal $ 1,694 $ 97 $ 227 State 267 7 17 1,961 104 244 Deferred tax provision (benefit) Federal (439 ) 798 322 State (32 ) 145 69 (471 ) 943 391 Total $ 1,490 $ 1,047 $ 635 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: 2015 2014 2013 Amount Rate Amount Rate Amount Rate Tax expense at statutory rate $ 1,395 34.00 % $ 962 34.00 % $ 572 34.00 % State income taxes net of federal 235 5.72 % 152 5.37 % 86 5.10 % Tax exempt interest (79 ) (1.92 )% (46 ) (1.64 )% (31 ) (1.87 )% Other (61 ) (1.50 )% (21 ) (0.73 )% 8 0.51 % Total $ 1,490 36.30 % $ 1,047 37.00 % $ 635 37.74 % 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, 2015 and September 30, 2014 , respectively: 2015 2014 Deferred tax assets: Allowance for loan losses $ 2,544 $ 2,562 Deferred loan costs/fees 145 217 Director/officer compensation plans 536 551 Net unrealized loss on securities available for sale 166 579 Other 520 233 Deferred tax assets $ 3,911 $ 4,142 Deferred tax liabilities: Office properties and equipment (114 ) (397 ) Other (110 ) (111 ) Deferred tax liabilities (224 ) (508 ) Net deferred tax assets $ 3,687 $ 3,634 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, 2015 and September 30, 2014 , 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, 2015 , years open to examination by the U.S. Internal Revenue Service include taxable years ended September 30, 2012 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, 2015 , 2014 and 2013 , the Company recognized interest expense in the amount of $0 , $0 and $22 , respectively, related to income tax issues in its consolidated 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, 2015 or September 30, 2014 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 2013 Basic Net income $ 2,614 $ 1,783 $ 1,047 Weighted average common shares outstanding 5,208,708 5,163,373 5,151,413 Basic earnings per share $ 0.50 $ 0.35 $ 0.20 Diluted Net income $ 2,614 $ 1,783 $ 1,047 Weighted average common shares outstanding 5,208,708 5,163,373 5,151,413 for basic earnings per share Add: Dilutive stock options outstanding 31,234 33,333 11,767 Average shares and dilutive potential common shares 5,239,942 5,196,706 5,163,180 Diluted earnings per share $ 0.50 $ 0.34 $ 0.20 Additional common stock option shares that have not been included due to their antidilutive effect 93,503 145,859 139,165 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table shows the tax effects allocated to each component of other comprehensive income (loss) for the years ended September 30, 2015 , 2014 and 2013 : 2015 2014 2013 Before-Tax Amount Tax Expense Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Unrealized gains (losses) on securities: Net unrealized gains (losses) arising during the period $ 973 (389 ) $ 584 $ 2,515 $ (1,006 ) $ 1,509 $ (4,654 ) $ 1,861 $ (2,793 ) Less: reclassification adjustment for gains included in net income 60 (24 ) 36 (168 ) 67 (101 ) 552 (220 ) 332 Changes for realized losses on securities available for sale for OTTI write-down — — — 78 (31 ) 47 797 (319 ) 478 Defined benefit plans: Amortization of unrecognized prior service costs and net gains (losses) 13 (5 ) 8 (18 ) 7 (11 ) 82 (33 ) 49 Other comprehensive income (loss) $ 1,046 $ (418 ) $ 628 $ 2,407 $ (963 ) $ 1,444 $ (3,223 ) $ 1,289 $ (1,934 ) The changes in the accumulated balances for each component of other comprehensive income (loss) for the years ended September 30, 2015 and 2014 were as follows: Unrealized Gains (Losses) on Securities Defined Benefit Plans Other Comprehensive Income (Loss) Balance, October 1, 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 ) Current year-to-date other comprehensive income (loss), net of tax 620 8 628 Ending balance, September 30, 2015 $ (249 ) $ 35 $ (214 ) |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , and condensed statements of operations and cash flows for each of the years in the three-year period ended September 30, 2015 , 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, 2015 2014 ASSETS Cash and cash equivalents $ 676 $ 235 Investment in subsidiary 59,859 57,058 Total assets $ 60,535 $ 57,293 STOCKHOLDERS’ EQUITY Total stockholders’ equity $ 60,535 $ 57,293 STATEMENTS OF OPERATIONS 2015 2014 2013 Income—interest and dividends $ — $ — $ — Expenses—other 146 182 107 Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary (146 ) (182 ) (107 ) Benefit for income taxes (58 ) (73 ) (43 ) Loss before equity in undistributed net income (loss) of subsidiary (88 ) (109 ) (64 ) Equity in undistributed net income of subsidiary 2,702 1,892 1,111 Net income $ 2,614 $ 1,783 $ 1,047 STATEMENTS OF CASH FLOWS 2015 2014 2013 Change in cash and cash equivalents: Cash flows from operating activities: Net income $ 2,614 $ 1,783 $ 1,047 Stock based compensation expense 59 43 31 Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary (2,702 ) (1,892 ) (1,111 ) Net cash used in operating activities (29 ) (66 ) (33 ) Cash flows from financing activities: Surrendered vested shares of common stock (36 ) (22 ) (5 ) Exercise of common stock options 299 — — Cash dividend from Bank to Holding Company 625 300 — Cash dividends paid (418 ) (207 ) (103 ) Net cash provided by (used in) financing activities 470 71 (108 ) Net increase (decrease) in cash and cash equivalents 441 5 (141 ) Cash and cash equivalents at beginning of year 235 230 371 Cash and cash equivalents at end of year $ 676 $ 235 $ 230 |
Nature of Business and Summar26
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
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, foreclosed and repossessed assets, 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, 2015 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 balance sheet. 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 net income 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. 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 net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance of these loans. 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 our loan portfolio; known and inherent risks in our 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. For TDR's or substandard loans deemed to be impaired, a specific ALL allocation may be established so that the loan is reported, net, at the lower of (a) its outstanding principal balance; (b) the present value of the loan's estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan 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 substandard loans 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 for these particular loans. Large groups of smaller balance homogeneous loans, such as non-TDR commercial, consumer and residential real estate loans, are collectively evaluated for ALLL purposes, and accordingly, are not separately identified for ALLL 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. 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 are paid on FHLB stock owned by members as a condition for required membership and also on stock owned based on activity. Membership stock quarterly cash dividends were paid at an annualized dividend rate of 0.50% in all quarters. Activity stock quarterly cash dividends were paid in November 2014 at an annualized dividend rate of 2.00% . Activity stock quarterly cash dividends were paid in February 2015, May 2015 and in August 2015 at an annualized dividend rate of 2.25% 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 our Consolidated Statements of Operations. |
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. |
Interest Bearing Deposits | Interest Bearing Deposits— Other interest bearing deposits are certificate of deposit investments made by the Bank with other financial institutions that are carried at cost and mature within three to seven years. Balances over $250 in those institutions are not insured by the FDIC and therefore pose a potential risk in the event the institution were to fail. |
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. |
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 includes the dilutive effect of additional potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans that have an exercise price that is less than the Company's stock price on the reporting date. |
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 gains and 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 our 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 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 consolidated results of operations, financial position or cash flows. In May, 2014, the 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. The effective dates for ASU 2014-09 were deferred one year when the FASB issued ASU 2015-14 - "Revenue from Contracts with Customers (Topic (606) Deferral of the Effective Date", in August 2015. 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, 2017. Early adoption is not permitted. The Company expects the adoption of ASU 2014-09 to have no material effect on the Company's consolidated results of operations, financial position or cash flows. In January, 2014, the 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, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured on a Recurring Basis | The following tables present the financial instruments measured at fair value on a recurring basis as of September 30, 2015 and 2014 . Fair Value Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 Investment securities: U.S. government agency obligations $ 15,020 $ — $ 15,020 $ — Obligations of states and political subdivisions 27,407 — 27,407 — Mortgage-backed securities 37,440 — 37,440 — Federal Agricultural Mortgage Corporation 54 — 54 — Total $ 79,921 $ — $ 79,921 $ — September 30, 2014 Investment securities: U.S. government agency obligations $ 22,103 $ — $ 22,103 $ — Obligations of states and political subdivisions 11,194 — 11,194 — Mortgage-backed securities 28,827 — 28,827 — Federal Agricultural Mortgage Corporation 65 — 65 — Total $ 62,189 $ — $ 62,189 $ — |
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, 2015 and 2014 : Twelve Months Ended September 30, 2015 September 30, 2014 Balance beginning of period $ — $ 1,226 Total gains or losses (realized/unrealized): Included in earnings — (274 ) Included in other comprehensive income (loss) — 615 Sales — (1,321 ) Payments, accretion and amortization — (246 ) Balance end of period $ — $ — |
Assets Measured on a Nonrecurring Basis | Fair Value Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 Foreclosed and repossessed assets, net $ 902 $ — $ — $ 902 Impaired loans with allocated allowances 2,349 — — 2,349 Total $ 3,251 $ — $ — $ 3,251 September 30, 2014 Foreclosed and repossessed assets, net $ 1,050 $ — $ — $ 1,050 Impaired loans with allocated allowances 2,929 — — 2,929 Total $ 3,979 $ — $ — $ 3,979 |
Carrying amount and estimated fair value of financial instruments | The carrying amount and estimated fair value of the Company's financial instruments as of the dates indicated below were as follows: September 30, 2015 September 30, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents $ 23,872 $ 23,872 $ 11,434 $ 11,434 Interest-bearing deposits 2,992 3,022 245 245 Investment securities 87,933 88,140 70,974 70,997 Non-marketable equity securities, at cost 4,626 4,626 5,515 5,515 Loans receivable, net 444,014 462,227 463,860 479,961 Accrued interest receivable 1,574 1,574 1,478 1,478 Financial liabilities: Deposits $ 456,298 $ 460,450 $ 449,767 $ 454,170 FHLB advances 58,891 59,357 58,891 59,331 Accrued interest payable 4,098 4,098 13 13 |
Loans, Allowance for Loan Los28
Loans, Allowance for Loan Losses and Impaired Loans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Major classifications of loans | Major classifications of loans as of September 30, 2015 and 2014 , respectively, were as follows: September 30, 2015 September 30, 2014 Real estate loans: Consumer $ 181,206 $ 223,025 Commercial/Agricultural 63,266 39,061 Total real estate loans 244,472 262,086 Consumer and other loans: Automobile 14,113 12,810 Other secured personal loans 186,591 188,911 Unsecured personal loans 2,904 3,512 Total consumer and other loans 203,608 205,233 Gross loans 448,080 467,319 Less: Net deferred loan costs (fees) 2,430 3,047 Allowance for loan losses (6,496 ) (6,506 ) Loans receivable, net $ 444,014 $ 463,860 |
Schedule of loans by risk rating | Below is a breakdown of loans by risk rating as of September 30, 2015 : 1 to 5 6 7 8 9 TOTAL Real estate loans: Consumer $ 179,946 $ — $ 1,260 $ — $ — $ 181,206 Commercial/Agricultural 63,266 — — — — 63,266 Total real estate loans 243,212 — 1,260 — — 244,472 Consumer and other loans: 203,054 — 547 — 7 203,608 Gross loans $ 446,266 $ — $ 1,807 $ — $ 7 $ 448,080 Net deferred loan costs (fees) 2,430 Allowance for loan losses (6,496 ) Loans receivable, net $ 444,014 Below is a breakdown of loans by risk rating as of September 30, 2014 : 1 to 5 6 7 8 9 TOTAL Real estate loans: Consumer $ 220,579 $ — $ 2,343 $ — $ 103 $ 223,025 Commercial/Agricultural 39,061 — — — — 39,061 Total real estate loans 259,640 — 2,343 — 103 262,086 Consumer and other loans: 204,688 — 525 — 20 205,233 Gross loans $ 464,328 $ — $ 2,868 $ — $ 123 $ 467,319 Net deferred loan costs (fees) 3,047 Allowance for loan losses (6,506 ) Loans receivable, net $ 463,860 |
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 2015 and 2014 . A summary of the changes in those loans during the last two fiscal years is as follows: September 30, 2015 2014 Balance—beginning of year $ 129 $ 131 New loan originations 137 17 Repayments (34 ) (19 ) Balance—end of year $ 232 $ 129 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: Consumer Real Estate Commercial/Agriculture Real Estate Consumer and Other Unallocated Total Year Ended September 30, 2015: Allowance for Loan Losses: Beginning balance, October 1, 2014 $ 2,759 $ — $ 3,747 $ — $ 6,506 Charge-offs (405 ) — (601 ) — (1,006 ) Recoveries 69 — 271 — 340 Provision 382 16 258 — 656 Allowance allocation adjustment (441 ) 1,601 (1,412 ) 252 — Ending balance, September 30, 2015 $ 2,364 $ 1,617 $ 2,263 $ 252 $ 6,496 Allowance for Loan Losses at September 30, 2015: Amount of allowance for loan losses arising from loans individually evaluated for impairment $ 463 — $ 119 — $ 582 Amount of allowance for loan losses arising from loans collectively evaluated for impairment $ 1,901 $ 1,617 $ 2,144 $ 252 $ 5,914 Loans Receivable as of September 30, 2015: Ending balance $ 180,693 $ 63,266 $ 206,551 $ — $ 450,510 Ending balance: individually evaluated for impairment $ 4,466 $ — $ 848 $ — $ 5,314 Ending balance: collectively evaluated for impairment $ 176,227 $ 63,266 $ 205,703 $ — $ 445,196 Consumer Real Estate Commercial/Agriculture Real Estate Consumer and Other Unallocated 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 $ 222,254 $ 39,061 $ 209,051 $ — $ 470,366 Ending balance: individually evaluated for impairment $ 6,542 $ — $ 1,267 $ — $ 7,809 Ending balance: collectively evaluated for impairment $ 215,712 $ 39,061 $ 207,784 $ — $ 462,557 |
Loans receivable | Loans receivable by loan type as of the end of the periods shown below were as follows: Consumer Real Estate Loans Commercial/Agriculture Real Estate Loans Consumer and Other Loans Total Loans September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Performing loans Performing TDR loans $ 3,206 $ 4,535 — — $ 472 $ 797 $ 3,678 $ 5,332 Performing loans other 176,650 216,503 63,266 39,061 205,695 207,885 445,611 463,449 Total performing loans 179,856 221,038 63,266 39,061 206,167 208,682 449,289 468,781 Nonperforming loans (1) Nonperforming TDR loans 273 202 — — 59 47 332 249 Nonperforming loans other 564 1,014 — — 325 322 889 1,336 Total nonperforming loans $ 837 $ 1,216 — — $ 384 $ 369 $ 1,221 $ 1,585 Total loans $ 180,693 $ 222,254 63,266 39,061 $ 206,551 $ 209,051 $ 450,510 $ 470,366 (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 consumer real estate, commercial/agriculture real estate, consumer and other loans and purchased third party loans as of September 30, 2015 and 2014 , respectively, was as follows: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Total Past Due Current Total Loans Recorded September 30, 2015 Consumer real estate $ 555 $ 500 $ 387 $ 1,442 $ 179,251 $ 180,693 $ 244 Commercial/Agriculture real estate — — — — 63,266 63,266 — Consumer and other loans 386 65 135 586 166,260 166,846 52 Purchased third party loans 238 189 177 604 39,101 39,705 177 Total $ 1,179 $ 754 $ 699 $ 2,632 $ 447,878 $ 450,510 $ 473 September 30, 2014 Real estate loans $ 678 $ 80 $ 989 $ 1,747 $ 220,507 $ 222,254 $ 228 Commercial/Agriculture real estate — — — — 39,061 39,061 — Consumer and other loans 354 73 177 604 175,635 176,239 99 Purchased third party loans 190 136 74 400 32,412 32,812 74 Total $ 1,222 $ 289 $ 1,240 $ 2,751 $ 467,615 $ 470,366 $ 401 |
Bank impaired loans | A summary of the Company’s impaired loans as of September 30, 2015 and September 30, 2014 was as follows: With No Related Allowance Recorded With An Allowance Recorded Totals Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total Recorded investment at September 30, 2015 $ 2,494 $ — $ 471 $ 2,965 $ 1,972 $ — $ 377 $ 2,349 $ 4,466 $ — $ 848 $ 5,314 Unpaid balance at September 30, 2015 2,494 — 471 2,965 1,972 — 377 2,349 4,466 — 848 5,314 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 Average recorded investment; twelve months ended September 30, 2015 3,178 — 485 3,663 2,220 — 556 2,776 5,398 — 1,041 6,439 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 Interest income received; twelve months ended September 30, 2015 136 — 35 171 61 — 23 84 197 — 58 255 Interest income received; twelve months ended September 30, 2014 149 — 32 181 68 — 24 92 217 — 56 273 |
Troubled Debt Restructuring | A summary of loans by loan type modified in a troubled debt restructuring as of September 30, 2015 and September 30, 2014 , and during each of the twelve months then ended, was as follows: Consumer Real Estate Commercial/Agricultural Real Estate Consumer and Other Total September 30, 2015 and Twelve Months then Ended: Accruing / Performing: Beginning balance $ 4,535 $ — $ 797 $ 5,332 Principal payments (945 ) — (301 ) (1,246 ) Charge-offs — — (8 ) (8 ) Advances 12 — 1 13 New restructured (1) 17 — 52 69 Class transfers out (2) (181 ) — — (181 ) Transfers between accrual/non-accrual (232 ) — (69 ) (301 ) Ending balance $ 3,206 $ — $ 472 $ 3,678 Non-accrual / Non-performing: Beginning balance $ 202 $ — $ 47 $ 249 Principal payments (120 ) — (11 ) (131 ) Charge-offs (41 ) — (46 ) (87 ) Advances — — — — New restructured (1) — — — — Class transfers out (2) — — — — Transfers between accrual/non-accrual 232 — 69 301 Ending balance $ 273 $ — $ 59 $ 332 Totals: Beginning balance $ 4,737 $ — $ 844 $ 5,581 Principal payments (1,065 ) — (312 ) (1,377 ) Charge-offs (41 ) — (54 ) (95 ) Advances 12 — 1 13 New restructured (1) 17 — 52 69 Class transfers out (2) (181 ) — — (181 ) Transfers between accrual/non-accrual — — — — Ending balance $ 3,479 $ — $ 531 $ 4,010 (1) “New restructured” represent loans restructured during the applicable period that met TDR criteria in accordance with the Bank’s policy at the time of the restructuring. (2) “Class transfers out” represent previously restructured loans that are in compliance with the modified terms for a minimum of one year, are yielding a market rate and conform to normal underwriting standards. Consumer Real Estate Commercial/Agricultural 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 out (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 out (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 out (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 out” represent previously restructured loans that are in compliance with the modified terms for a minimum of one year, are yielding a market rate and conform to normal underwriting standards. September 30, 2015 September 30, 2014 Number of Modifications Recorded Investment Number of Modifications Recorded Investment Troubled debt restructurings: Consumer Real Estate 34 $ 3,479 47 $ 4,737 Commercial/Agriculture Real Estate — — — — Consumer and other 39 531 53 844 73 $ 4,010 100 $ 5,581 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and September 30, 2014 , respectively, were as follows: Available for sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2015 U.S. government agency obligations $ 15,240 $ — $ 220 $ 15,020 Obligations of states and political subdivisions 27,573 81 247 27,407 Mortgage-backed securities 37,451 133 144 37,440 Federal Agricultural Mortgage Corporation 71 — 17 54 Total available for sale securities $ 80,335 $ 214 $ 628 $ 79,921 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 |
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 September 30, 2015 Obligations of states and political subdivisions $ 1,319 $ 3 $ 4 $ 1,318 Mortgage-backed securities 6,693 208 — 6,901 Total held to maturity securities $ 8,012 $ 211 $ 4 $ 8,219 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 |
The estimated fair value of securities by contractual maturity | The estimated fair value of securities at September 30, 2015 , 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 Cost Estimated Fair Value Due after one year through five years $ 6,451 $ 6,437 Due after five years through ten years 22,667 22,457 Due after ten years 51,217 51,027 Total available for sale securities $ 80,335 $ 79,921 Held to maturity securities Amortized Cost Estimated Fair Value Due after one year through five years $ 1,144 $ 1,143 Due after five years through ten years 175 175 Due after ten years 6,693 6,901 Total held to maturity securities $ 8,012 $ 8,219 |
Available for sale securities with unrealized losses | Securities with unrealized losses at September 30, 2015 and 2014 , 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 Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2015 U.S. government agency obligations $ 4,960 $ 14 $ 10,060 $ 206 $ 15,020 $ 220 Obligations of states and political subdivisions 13,864 155 2,234 92 16,098 247 Mortgage-backed securities 22,018 93 3,590 51 25,608 144 Federal Agricultural Mortgage Corporation — — 54 17 54 17 Total temporarily impaired $ 40,842 $ 262 $ 15,938 $ 366 $ 56,780 $ 628 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 |
Held to maturity securities with unrealized losses | Less than 12 Months 12 Months or More Total Held to maturity securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2015 Obligations of states and political subdivisions $ 904 $ 4 $ — $ — $ 904 $ 4 Mortgage-backed securities — — — — — — Total temporarily impaired $ 904 $ 4 $ — $ — $ 904 $ 4 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 |
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 net income for the years ended September 30, 2015 and 2014 follows: 2015 2014 Beginning balance of the amount of OTTI related to credit losses $ — $ 1,250 Credit portion of OTTI on securities for which OTTI was not previously recognized 91 Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI — (13 ) Credit portion of OTTI on securities in default for which OTTI was previously recognized — — Credit portion of OTTI previously recognized on securities sold during the period — (1,328 ) Ending balance of the amount of OTTI related to credit losses $ — $ — |
Office Properties and Equipme30
Office Properties and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 Land $ 510 $ 510 Buildings 2,338 2,284 Furniture, equipment, and vehicles 6,872 7,672 Subtotals 9,720 10,466 Less—Accumulated depreciation (7,051 ) (6,741 ) Office properties and equipment—net $ 2,669 $ 3,725 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 Balance at beginning of year $ 161 $ 218 Capitalized — — Amortization (57 ) (57 ) Balance at end of year $ 104 $ 161 |
Estimated future aggregate amortization expense | At September 30, 2015 , the estimated future aggregate amortization expense for the core deposit intangibles is as follows: 2016 57 2017 31 2018 15 After 2018 1 Total $ 104 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , respectively: 2015 2014 Non-interest bearing demand deposits $ 19,354 $ 19,669 Interest bearing demand deposits 22,547 17,696 Savings accounts 29,395 29,277 Money market accounts 146,201 136,666 Certificate accounts 238,801 246,459 Total deposits $ 456,298 $ 449,767 Brokered deposits included above: $ 22,773 $ 11,960 |
Scheduled maturities of time deposits | At September 30, 2015 , the scheduled maturities of time deposits were as follows: 2016 $ 94,508 2017 72,703 2018 42,112 2019 19,058 2020 10,420 After 2020 — Total $ 238,801 |
Federal Home Loan Bank Advanc33
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
A summary of Federal Home Loan Bank advances | A summary of Federal Home Loan Bank advances at September 30, 2015 and 2014 is as follows: Weighted Average Rate Weighted Average Rate Maturing during the fiscal year Ended September 30, 2015 2014 2016 $ 33,600 0.67 % $ 31,100 0.78 % 2017 15,461 1.46 % 12,961 1.57 % 2018 6,100 2.24 % 6,100 2.24 % 2019 3,730 1.87 % 3,730 1.87 % 2020 — — % — — % Total fixed maturity $ 58,891 $ 53,891 Advances with amortizing principal — — % 5,000 0.30 % Total advances $ 58,891 $ 58,891 Irrevocable standby letters of credit $ 24,040 $ 23,100 Total credit outstanding $ 82,931 $ 81,991 |
Capital Matters (Tables)
Capital Matters (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , respectively, are presented below: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015 Total capital (to risk weighted assets) $ 64,930,000 16.5 % $ 31,443,000 > = 8.0 % $ 39,304,000 > = 10.0 % Tier 1 capital (to risk weighted assets) 59,997,000 15.3 % 23,583,000 > = 6.0 % 31,443,000 > = 8.0 % Common equity tier 1 capital (to risk weighted assets) 59,997,000 15.3 % 17,687,000 > = 4.5 % $ 25,548,000 > = 6.5 % Tier 1 leverage ratio (to adjusted total assets) 59,997,000 10.4 % 23,031,000 > = 4.0 % 28,788,000 > = 5.0 % As of September 30, 2014 Total capital (to risk weighted assets) $ 62,116,000 16.1 % $ 30,793,000 > = 8.0 % $ 38,491,000 > = 10.0 % Tier 1 capital (to risk weighted assets) 57,283,000 14.9 % 15,396,000 > = 4.0 % 23,095,000 > = 6.0 % Tier 1 capital (to adjusted total assets) 57,283,000 10.0 % 22,991,000 > = 4.0 % 28,739,000 > = 5.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , respectively. Contract or Notional Amount at September 30, 2015 2014 Commitments to extend credit: Consumer - fixed rate 3.74% - 8.74% in 2015, and 3.30% - 11.99% in 2014 $ 2,816 $ 2,820 Commercial - Fixed rate 3.88% - 5.75% in 2015, and 3.25% - 5.50% in 2014 11,018 7,172 Commercial standby letter of credit — 20 Unused lines of credit: Home equity lines of credit 1,873 1,622 Kwik cash and lines of credit 1,196 1,227 Consumer construction — 119 Commercial construction 3,301 947 Commercial lines of credit 3,893 2,192 Totals $ 24,097 $ 16,119 |
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: 2016 $ 1,268 2017 991 2018 836 2019 404 2020 311 After 2020 980 Total $ 4,790 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Components of Retirement plans | The components of the SERP and Directors’ Retirement plans’ cost at September 30, 2015 , 2014 and 2013 , respectively, are summarized as follows: 2015 2014 2013 Beginning accrued benefit cost $ 1,154 $ 1,181 $ 2,363 Service cost — — — Interest cost 46 51 45 Amortization of prior service costs 1 1 1 Net periodic benefit cost 47 52 46 Benefits paid (81 ) (79 ) (1,228 ) Curtailment and settlement — — — Ending accrued benefit cost $ 1,120 $ 1,154 $ 1,181 |
Change in projected benefit obligation and change in plan assets | The following table sets forth the SERP and Directors’ Retirement plans, 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 consolidated balance sheet at September 30, 2015 , 2014 and 2013 , respectively: 2015 2014 2013 Change in benefit obligation: Projected benefit obligation, beginning of year $ 1,109 $ 1,117 $ 2,381 Service cost — — — Interest cost 46 51 45 Curtailment and settlement — — — Actuarial loss (gain) (12 ) 20 (81 ) Benefits paid (81 ) (79 ) (1,228 ) Projected benefit obligation, end of year $ 1,062 $ 1,109 $ 1,117 Change in plan assets: Plan assets at fair value, beginning of year $ — $ — $ — Actual return on plan assets — — — Company contributions 81 79 1,228 Benefits paid (81 ) (79 ) (1,228 ) 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, 2015 , 2014 and 2013 , (in actual dollars) were as follows: 2015 2014 2013 Benefit obligation actuarial assumptions: Discount Rate 4.25 % 4.25 % 4.75 % Rate of compensation increase N/A N/A N/A Net pension cost actuarial assumption Discount rate 4.25 % 4.25 % 4.75 % 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, 2015 , which reflect expected future service, as appropriate, are as follows: 2016 $ 78 2017 $ 111 2018 $ 118 2019 $ 110 2020 $ 120 2021-2025 $ 583 |
Schedule of amounts recognized in balance sheet | Amounts recognized in consolidated balance sheets as of September 30: 2015 2014 Pension obligation $ 1,062 $ 1,109 Prior service cost $ 4 $ 4 Net loss (gain) (61 ) (49 ) Total accumulated other comprehensive income, before tax $ (57 ) $ (45 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of restricted stock awards | Restricted Common Stock Awards 2015 2014 Number of Shares Weighted Number of Shares Weighted Restricted Shares Unvested and outstanding at beginning of year 41,014 $ 6.51 34,671 $ 5.62 Granted 17,500 9.20 15,000 8.00 Vested (11,657 ) 6.18 (8,657 ) 5.55 Forfeited — — — — Unvested and outstanding at end of year 46,857 $ 7.59 41,014 $ 6.51 |
Summary of stock option activity | Common Stock Option Awards Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value 2015 Outstanding at beginning of year 179,192 $ 6.52 Granted 50,000 9.20 Exercised (51,955 ) Forfeited or expired (5,500 ) Outstanding at end of year 171,737 $ 7.46 7.58 $ — Exercisable at end of year 63,764 $ 6.79 5.33 Fully vested and expected to vest 171,737 $ 7.46 7.58 2014 Outstanding at beginning of year 150,932 $ 6.15 Granted 45,000 8.00 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 |
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: 2015 2014 2013 Intrinsic value of options exercised $ 180 $ — $ — Cash received from options exercised $ 299 $ — $ — Tax benefit realized from options exercised $ 9 $ — $ — |
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: 2015 2014 2013 Dividend yield 0.88 % 0 % 0 % Risk-free interest rate 2.1 % 2.7 % 1.7 % Weighted average expected life (years) 10 10 10 Expected volatility 2 % 3 % 14 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | Income tax expense (benefit) for each of the periods shown below consisted of the following: 2015 2014 2013 Current tax provision Federal $ 1,694 $ 97 $ 227 State 267 7 17 1,961 104 244 Deferred tax provision (benefit) Federal (439 ) 798 322 State (32 ) 145 69 (471 ) 943 391 Total $ 1,490 $ 1,047 $ 635 |
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: 2015 2014 2013 Amount Rate Amount Rate Amount Rate Tax expense at statutory rate $ 1,395 34.00 % $ 962 34.00 % $ 572 34.00 % State income taxes net of federal 235 5.72 % 152 5.37 % 86 5.10 % Tax exempt interest (79 ) (1.92 )% (46 ) (1.64 )% (31 ) (1.87 )% Other (61 ) (1.50 )% (21 ) (0.73 )% 8 0.51 % Total $ 1,490 36.30 % $ 1,047 37.00 % $ 635 37.74 % |
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, 2015 and September 30, 2014 , respectively: 2015 2014 Deferred tax assets: Allowance for loan losses $ 2,544 $ 2,562 Deferred loan costs/fees 145 217 Director/officer compensation plans 536 551 Net unrealized loss on securities available for sale 166 579 Other 520 233 Deferred tax assets $ 3,911 $ 4,142 Deferred tax liabilities: Office properties and equipment (114 ) (397 ) Other (110 ) (111 ) Deferred tax liabilities (224 ) (508 ) Net deferred tax assets $ 3,687 $ 3,634 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 2013 Basic Net income $ 2,614 $ 1,783 $ 1,047 Weighted average common shares outstanding 5,208,708 5,163,373 5,151,413 Basic earnings per share $ 0.50 $ 0.35 $ 0.20 Diluted Net income $ 2,614 $ 1,783 $ 1,047 Weighted average common shares outstanding 5,208,708 5,163,373 5,151,413 for basic earnings per share Add: Dilutive stock options outstanding 31,234 33,333 11,767 Average shares and dilutive potential common shares 5,239,942 5,196,706 5,163,180 Diluted earnings per share $ 0.50 $ 0.34 $ 0.20 Additional common stock option shares that have not been included due to their antidilutive effect 93,503 145,859 139,165 |
Other Comprehensive Income (L40
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Tax Effects Allocated to Each Component of Other Comprehensive Income | The following table shows the tax effects allocated to each component of other comprehensive income (loss) for the years ended September 30, 2015 , 2014 and 2013 : 2015 2014 2013 Before-Tax Amount Tax Expense Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Unrealized gains (losses) on securities: Net unrealized gains (losses) arising during the period $ 973 (389 ) $ 584 $ 2,515 $ (1,006 ) $ 1,509 $ (4,654 ) $ 1,861 $ (2,793 ) Less: reclassification adjustment for gains included in net income 60 (24 ) 36 (168 ) 67 (101 ) 552 (220 ) 332 Changes for realized losses on securities available for sale for OTTI write-down — — — 78 (31 ) 47 797 (319 ) 478 Defined benefit plans: Amortization of unrecognized prior service costs and net gains (losses) 13 (5 ) 8 (18 ) 7 (11 ) 82 (33 ) 49 Other comprehensive income (loss) $ 1,046 $ (418 ) $ 628 $ 2,407 $ (963 ) $ 1,444 $ (3,223 ) $ 1,289 $ (1,934 ) |
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, 2015 and 2014 were as follows: Unrealized Gains (Losses) on Securities Defined Benefit Plans Other Comprehensive Income (Loss) Balance, October 1, 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 ) Current year-to-date other comprehensive income (loss), net of tax 620 8 628 Ending balance, September 30, 2015 $ (249 ) $ 35 $ (214 ) |
Condensed Financial Informati41
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS September 30, 2015 2014 ASSETS Cash and cash equivalents $ 676 $ 235 Investment in subsidiary 59,859 57,058 Total assets $ 60,535 $ 57,293 STOCKHOLDERS’ EQUITY Total stockholders’ equity $ 60,535 $ 57,293 |
Statements of Operations | STATEMENTS OF OPERATIONS 2015 2014 2013 Income—interest and dividends $ — $ — $ — Expenses—other 146 182 107 Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary (146 ) (182 ) (107 ) Benefit for income taxes (58 ) (73 ) (43 ) Loss before equity in undistributed net income (loss) of subsidiary (88 ) (109 ) (64 ) Equity in undistributed net income of subsidiary 2,702 1,892 1,111 Net income $ 2,614 $ 1,783 $ 1,047 |
Statements of Cash flows | STATEMENTS OF CASH FLOWS 2015 2014 2013 Change in cash and cash equivalents: Cash flows from operating activities: Net income $ 2,614 $ 1,783 $ 1,047 Stock based compensation expense 59 43 31 Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary (2,702 ) (1,892 ) (1,111 ) Net cash used in operating activities (29 ) (66 ) (33 ) Cash flows from financing activities: Surrendered vested shares of common stock (36 ) (22 ) (5 ) Exercise of common stock options 299 — — Cash dividend from Bank to Holding Company 625 300 — Cash dividends paid (418 ) (207 ) (103 ) Net cash provided by (used in) financing activities 470 71 (108 ) Net increase (decrease) in cash and cash equivalents 441 5 (141 ) Cash and cash equivalents at beginning of year 235 230 371 Cash and cash equivalents at end of year $ 676 $ 235 $ 230 |
Nature of Business and Summar42
Nature of Business and Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Jan. 31, 2016Location | Sep. 30, 2015USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015USD ($)LocationService_Office | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Oct. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||||
Total number of service offices | Service_Office | 18 | ||||||||||||
Number of stand-alone locations | Location | 7 | ||||||||||||
Number of in-store branch locations | Location | 11 | ||||||||||||
Loans purchased | $ 448,080,000 | $ 448,080,000 | $ 467,319,000 | ||||||||||
Deposits | 456,298,000 | $ 456,298,000 | 449,767,000 | ||||||||||
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 | ||||||||||||
Percentage of Dividend Rate | 2.25% | 2.25% | |||||||||||
Intangible assets | 104,000 | $ 104,000 | 161,000 | ||||||||||
Amortization | 57,000 | 57,000 | $ 56,000 | ||||||||||
Uninsured deposits | 0 | 0 | 0 | ||||||||||
Advertising Expense | 570,000 | 370,000 | 233,000 | ||||||||||
Core Deposits | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Intangible assets | 104,000 | 104,000 | 161,000 | $ 218,000 | |||||||||
Amortization | 57,000 | 57,000 | |||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,416,000 | $ 2,416,000 | $ 2,359,000 | ||||||||||
Minimum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Maturity of certificate of deposit investments, in years | 3 years | ||||||||||||
Minimum | Core Deposits | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||||||||||
Maximum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Maturity of certificate of deposit investments, in years | 7 years | ||||||||||||
Maximum | Core Deposits | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||
Buildings and Components | Minimum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Useful lives assets | 10 years | ||||||||||||
Buildings and Components | Maximum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Useful lives assets | 40 years | ||||||||||||
Furniture Fixtures and Equipment | Minimum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Useful lives assets | 3 years | ||||||||||||
Furniture Fixtures and Equipment | Maximum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Useful lives assets | 10 years | ||||||||||||
Commercial Loan | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Interest income discontinued over delinquent days | 90 days | ||||||||||||
Closed End Consumer Loan | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Interest income discontinued over delinquent days | 120 days | ||||||||||||
Real Estate and Open Ended Consumer Loans | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Interest income discontinued over delinquent days | 180 days | ||||||||||||
FHLB Membership Stock | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Percentage of Dividend Rate | 0.50% | 0.50% | 0.50% | 0.50% | |||||||||
FLHB Activity Stock | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Percentage of Dividend Rate | 2.25% | 2.00% | |||||||||||
Scenario, Forecast | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of in-store branches closing | Location | 3 | ||||||||||||
Subsequent Event | Central Bank Of Golden Valley | Purchased third party loans | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Loans purchased | $ 14,000,000 | ||||||||||||
Subsequent Event | Central Bank Rice and Barron branch | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Deposits | $ 30,000,000 |
Fair Value Accounting (Details)
Fair Value Accounting (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | $ 79,921 | $ 62,189 |
U.S. government agency obligations | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 15,020 | 22,103 |
Fair Value, Measurements, Recurring | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 79,921 | 62,189 |
Fair Value, Measurements, Recurring | U.S. government agency obligations | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 15,020 | 22,103 |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 27,407 | 11,194 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 37,440 | 28,827 |
Fair Value, Measurements, Recurring | Federal Agricultural Mortgage Corporation | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 54 | 65 |
Fair Value, Measurements, Recurring | 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 | 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 | 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 | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Mortgage-backed securities | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Federal Agricultural Mortgage Corporation | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 79,921 | 62,189 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency obligations | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 15,020 | 22,103 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 27,407 | 11,194 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 37,440 | 28,827 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Federal Agricultural Mortgage Corporation | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 54 | 65 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | 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 | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Assets Measured on a Recurring Basis | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value Accounting (Details
Fair Value Accounting (Details 1) - Asset-backed Securities - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of residential mortgage-backed securities | ||
Balance beginning of period | $ 0 | $ 1,226 |
Total gains or losses (realized/unrealized): | ||
Included in earnings | 0 | (274) |
Included in other comprehensive income (loss) | 0 | 615 |
Sales | 0 | (1,321) |
Payments, accretion and amortization | 0 | (246) |
Balance end of period | $ 0 | $ 0 |
Fair Value Accounting (Detail45
Fair Value Accounting (Details 2) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Assets Measured on a Nonrecurring Basis | ||
Foreclosed and repossessed assets, net | $ 902 | $ 1,050 |
Impaired loans with allocated allowances | 2,349 | 2,929 |
Total | 3,251 | 3,979 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||
Assets Measured on a Nonrecurring Basis | ||
Foreclosed and repossessed assets, net | 0 | |
Impaired loans with allocated allowances | 0 | |
Total | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets Measured on a Nonrecurring Basis | ||
Foreclosed and repossessed assets, net | 0 | 0 |
Impaired loans with allocated allowances | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets Measured on a Nonrecurring Basis | ||
Foreclosed and repossessed assets, net | 902 | 1,050 |
Impaired loans with allocated allowances | 2,349 | 2,929 |
Total | $ 3,251 | $ 3,979 |
Fair Value Accounting (Detail46
Fair Value Accounting (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Financial assets: | ||||
Cash and cash equivalents, Carrying Amount | $ 23,872 | $ 11,434 | $ 17,601 | $ 23,259 |
Cash and cash equivalents, Estimated Fair Value | 23,872 | 11,434 | ||
Interest Bearing Deposits Carrying Value | 2,992 | 245 | ||
Interest Bearing Deposits, Estimated Fair Value | 3,022 | 245 | ||
Investment securities, Carrying Amount | 87,933 | 70,974 | ||
Investment securities, Estimated Fair Value | 88,140 | 70,997 | ||
Non-marketable equity securities, at cost, Carrying Amount | 4,626 | 5,515 | ||
Non-marketable equity securities, at cost, Estimated Fair Value | 4,626 | 5,515 | ||
Loans receivable Carrying Amount | 444,014 | 463,860 | ||
Loans receivable, Estimated Fair Value | 462,227 | 479,961 | ||
Accrued interest receivable Carrying Amount | 1,574 | 1,478 | ||
Accrued Interest Receivables, Estimated Fair Value | 1,574 | 1,478 | ||
Financial liabilities: | ||||
Deposits, Carrying Amount | 456,298 | 449,767 | ||
Deposits, Estimated Fair Value | 460,450 | 454,170 | ||
FHLB advances, Carrying Amount | 58,891 | 58,891 | ||
FHLB advances, Estimated Fair Value | 59,357 | 59,331 | ||
Accrued Interest Payable, Carrying Amount | 4,098 | 13 | ||
Accrued Interest Payable, Estimated Fair Value | $ 4,098 | $ 13 |
Loans, Allowance for Loan Los47
Loans, Allowance for Loan Losses and Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | $ 448,080 | $ 467,319 | |
Net deferred loan costs (fees) | 2,430 | 3,047 | |
Allowance for loan losses | (6,496) | (6,506) | $ (6,180) |
Loans receivable, net | 444,014 | 463,860 | |
Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 244,472 | 262,086 | |
Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 181,206 | 223,025 | |
Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 63,266 | 39,061 | |
Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 203,608 | 205,233 | |
Consumer and other loans: | Automobile | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 14,113 | 12,810 | |
Consumer and other loans: | Other secured personal loans | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 186,591 | 188,911 | |
Consumer and other loans: | Unsecured personal loans | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | $ 2,904 | $ 3,512 |
Loans, Allowance for Loan Los48
Loans, Allowance for Loan Losses and Impaired Loans (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | $ 448,080 | $ 467,319 | |
Net deferred loan costs (fees) | 2,430 | 3,047 | |
Allowance for loan losses | (6,496) | (6,506) | $ (6,180) |
Loans receivable, net | 444,014 | 463,860 | |
Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 244,472 | 262,086 | |
Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 181,206 | 223,025 | |
Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 63,266 | 39,061 | |
Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 203,608 | 205,233 | |
1 to 5 | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 446,266 | 464,328 | |
1 to 5 | Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 243,212 | 259,640 | |
1 to 5 | Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 179,946 | 220,579 | |
1 to 5 | Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 63,266 | 39,061 | |
1 to 5 | Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 203,054 | 204,688 | |
6 | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
6 | Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
6 | Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
6 | Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
6 | Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
7 | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 1,807 | 2,868 | |
7 | Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 1,260 | 2,343 | |
7 | Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 1,260 | 2,343 | |
7 | Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
7 | Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 547 | 525 | |
8 | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
8 | Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
8 | Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
8 | Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
8 | Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
9 | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 7 | 123 | |
9 | Real estate loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 103 | |
9 | Real estate loans: | Consumer | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 103 | |
9 | Real estate loans: | Commercial/Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | 0 | 0 | |
9 | Consumer and other loans: | |||
Mortgage Loans on Real Estate [Line Items] | |||
Gross loans | $ 7 | $ 20 |
Loans, Allowance for Loan Los49
Loans, Allowance for Loan Losses and Impaired Loans (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||||
Balance—beginning of year | $ 232 | $ 129 | $ 232 | $ 129 | $ 131 |
New loan originations | 137 | 17 | |||
Repayments | (34) | (19) | |||
Balance—end of year | $ 232 | $ 129 | |||
Available and unused lines of credit | $ 18 | $ 18 |
Loans, Allowance for Loan Los50
Loans, Allowance for Loan Losses and Impaired Loans (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Loan Losses: | |||
Beginning balance | $ 6,506 | $ 6,180 | |
Charge-offs | (1,006) | (1,927) | |
Recoveries | 340 | 343 | |
Provision | 656 | 1,910 | $ 3,143 |
Allowance allocation adjustment | 0 | ||
Ending balance | 6,496 | 6,506 | 6,180 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 582 | 732 | |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 5,914 | 5,774 | |
Loans Receivable: | |||
Ending balance | 450,510 | 470,366 | |
Ending balance: individually evaluated for impairment | 5,314 | 7,809 | |
Ending balance: collectively evaluated for impairment | 445,196 | 462,557 | |
Consumer Real Estate | |||
Allowance for Loan Losses: | |||
Beginning balance | 2,759 | 2,541 | |
Charge-offs | (405) | (1,238) | |
Recoveries | 69 | 94 | |
Provision | 382 | 1,362 | |
Allowance allocation adjustment | (441) | ||
Ending balance | 2,364 | 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 | 463 | 525 | |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 1,901 | 2,234 | |
Loans Receivable: | |||
Ending balance | 180,693 | 222,254 | |
Ending balance: individually evaluated for impairment | 4,466 | 6,542 | |
Ending balance: collectively evaluated for impairment | 176,227 | 215,712 | |
Commercial/Agricultural | |||
Allowance for Loan Losses: | |||
Beginning balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 16 | 0 | |
Allowance allocation adjustment | 1,601 | ||
Ending balance | 1,617 | 0 | 0 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 0 | 0 | |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 1,617 | 0 | |
Loans Receivable: | |||
Ending balance | 63,266 | 39,061 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 63,266 | 39,061 | |
Consumer and Other | |||
Allowance for Loan Losses: | |||
Beginning balance | 3,747 | 3,639 | |
Charge-offs | (601) | (689) | |
Recoveries | 271 | 249 | |
Provision | 258 | 548 | |
Allowance allocation adjustment | (1,412) | ||
Ending balance | 2,263 | 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 | 119 | 207 | |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 2,144 | 3,540 | |
Loans Receivable: | |||
Ending balance | 206,551 | 209,051 | |
Ending balance: individually evaluated for impairment | 848 | 1,267 | |
Ending balance: collectively evaluated for impairment | 205,703 | 207,784 | |
Unallocated | |||
Allowance for Loan Losses: | |||
Beginning balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 0 | 0 | |
Allowance allocation adjustment | 252 | ||
Ending balance | 252 | 0 | $ 0 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | 0 | 0 | |
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | 252 | 0 | |
Loans Receivable: | |||
Ending balance | 0 | 0 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 |
Loans, Allowance for Loan Los51
Loans, Allowance for Loan Losses and Impaired Loans (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Loans receivable | ||
Loans receivable, net | $ 450,510 | $ 470,366 |
Real Estate Loans | ||
Loans receivable | ||
Loans receivable, net | 180,693 | 222,254 |
Commercial/Agricultural | ||
Loans receivable | ||
Loans receivable, net | 63,266 | 39,061 |
Consumer and other | ||
Loans receivable | ||
Loans receivable, net | 206,551 | 209,051 |
Performing loans | ||
Loans receivable | ||
TDR loans | 3,678 | 5,332 |
Other loans | 445,611 | 463,449 |
Loans receivable, net | 449,289 | 468,781 |
Performing loans | Real Estate Loans | ||
Loans receivable | ||
TDR loans | 3,206 | 4,535 |
Other loans | 176,650 | 216,503 |
Loans receivable, net | 179,856 | 221,038 |
Performing loans | Commercial/Agricultural | ||
Loans receivable | ||
TDR loans | 0 | 0 |
Other loans | 63,266 | 39,061 |
Loans receivable, net | 63,266 | 39,061 |
Performing loans | Consumer and other | ||
Loans receivable | ||
TDR loans | 472 | 797 |
Other loans | 205,695 | 207,885 |
Loans receivable, net | 206,167 | 208,682 |
Nonperforming loans | ||
Loans receivable | ||
TDR loans | 332 | 249 |
Other loans | 889 | 1,336 |
Loans receivable, net | 1,221 | 1,585 |
Nonperforming loans | Real Estate Loans | ||
Loans receivable | ||
TDR loans | 273 | 202 |
Other loans | 564 | 1,014 |
Loans receivable, net | 837 | 1,216 |
Nonperforming loans | Commercial/Agricultural | ||
Loans receivable | ||
TDR loans | 0 | 0 |
Other loans | 0 | 0 |
Loans receivable, net | 0 | 0 |
Nonperforming loans | Consumer and other | ||
Loans receivable | ||
TDR loans | 59 | 47 |
Other loans | 325 | 322 |
Loans receivable, net | $ 384 | $ 369 |
Loans, Allowance for Loan Los52
Loans, Allowance for Loan Losses and Impaired Loans (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | $ 2,632 | $ 2,751 |
Current | 447,878 | 467,615 |
Total Loans | 450,510 | 470,366 |
Recorded Investment 89 Days and Accruing | 473 | 401 |
Consumer real estate | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 1,442 | 1,747 |
Current | 179,251 | 220,507 |
Total Loans | 180,693 | 222,254 |
Recorded Investment 89 Days and Accruing | 244 | 228 |
Commercial/Agricultural | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 0 | 0 |
Current | 63,266 | 39,061 |
Total Loans | 63,266 | 39,061 |
Recorded Investment 89 Days and Accruing | 0 | 0 |
Consumer and other loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 586 | 604 |
Current | 166,260 | 175,635 |
Total Loans | 166,846 | 176,239 |
Recorded Investment 89 Days and Accruing | 52 | 99 |
Purchased third party loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 604 | 400 |
Current | 39,101 | 32,412 |
Total Loans | 39,705 | 32,812 |
Recorded Investment 89 Days and Accruing | 177 | 74 |
30-59 Days Past Due | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 1,179 | 1,222 |
30-59 Days Past Due | Consumer real estate | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 555 | 678 |
30-59 Days Past Due | Commercial/Agricultural | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Consumer and other loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 386 | 354 |
30-59 Days Past Due | Purchased third party loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 238 | 190 |
60-89 Days Past Due | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 754 | 289 |
60-89 Days Past Due | Consumer real estate | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 500 | 80 |
60-89 Days Past Due | Commercial/Agricultural | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Consumer and other loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 65 | 73 |
60-89 Days Past Due | Purchased third party loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 189 | 136 |
Greater Than 89 Days | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 699 | 1,240 |
Greater Than 89 Days | Consumer real estate | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 387 | 989 |
Greater Than 89 Days | Commercial/Agricultural | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 0 | 0 |
Greater Than 89 Days | Consumer and other loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | 135 | 177 |
Greater Than 89 Days | Purchased third party loans | ||
Aging analysis of the Bank's real estate and consumer loans | ||
Total Past Due | $ 177 | $ 74 |
Loans, Allowance for Loan Los53
Loans, Allowance for Loan Losses and Impaired Loans (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2014 | |
Bank impaired loans | ||
With no related allowance recorded, Recorded investment | $ 2,965 | $ 4,880 |
With an allowance recorded, Recorded investment | 2,349 | 2,929 |
Recorded investment, Total | 5,314 | 7,809 |
With no related allowance recorded, unpaid principal balance | 2,965 | 4,880 |
With an allowance recorded, unpaid principal balance | 2,349 | 2,929 |
Unpaid principal balance, Total | 5,314 | 7,809 |
With no related allowance recorded, Average recorded investment | 3,663 | 5,336 |
With an allowance recorded, Average recorded investment | 2,776 | 3,960 |
Average recorded investment, Total | 6,439 | 9,296 |
With no related allowance recorded, Interest income recognized | 171 | 181 |
With an allowance recorded, Interest income recognized | 84 | 92 |
Interest income recognized, Total | 255 | 273 |
Consumer Real Estate | ||
Bank impaired loans | ||
With no related allowance recorded, Recorded investment | 2,494 | 4,345 |
With an allowance recorded, Recorded investment | 1,972 | 2,197 |
Recorded investment, Total | 4,466 | 6,542 |
With no related allowance recorded, unpaid principal balance | 2,494 | 4,345 |
With an allowance recorded, unpaid principal balance | 1,972 | 2,197 |
Unpaid principal balance, Total | 4,466 | 6,542 |
With no related allowance recorded, Average recorded investment | 3,178 | 4,722 |
With an allowance recorded, Average recorded investment | 2,220 | 3,137 |
Average recorded investment, Total | 5,398 | 7,859 |
With no related allowance recorded, Interest income recognized | 136 | 149 |
With an allowance recorded, Interest income recognized | 61 | 68 |
Interest income recognized, Total | 197 | 217 |
Commercial/Agricultural | ||
Bank impaired loans | ||
With no related allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Recorded investment | 0 | 0 |
Recorded investment, Total | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Unpaid principal balance, Total | 0 | 0 |
With no related allowance recorded, Average recorded investment | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Average recorded investment, Total | 0 | 0 |
With no related allowance recorded, Interest income recognized | 0 | 0 |
With an allowance recorded, Interest income recognized | 0 | 0 |
Interest income recognized, Total | 0 | 0 |
Consumer and Other | ||
Bank impaired loans | ||
With no related allowance recorded, Recorded investment | 471 | 535 |
With an allowance recorded, Recorded investment | 377 | 732 |
Recorded investment, Total | 848 | 1,267 |
With no related allowance recorded, unpaid principal balance | 471 | 535 |
With an allowance recorded, unpaid principal balance | 377 | 732 |
Unpaid principal balance, Total | 848 | 1,267 |
With no related allowance recorded, Average recorded investment | 485 | 614 |
With an allowance recorded, Average recorded investment | 556 | 823 |
Average recorded investment, Total | 1,041 | 1,437 |
With no related allowance recorded, Interest income recognized | 35 | 32 |
With an allowance recorded, Interest income recognized | 23 | 24 |
Interest income recognized, Total | $ 58 | $ 56 |
Loans, Allowance for Loan Los54
Loans, Allowance for Loan Losses and Impaired Loans (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Troubled Debt Restructuring | ||
Beginning balance | $ 5,581 | $ 8,618 |
Principal payments | (1,377) | (2,568) |
Charge-offs | (95) | (519) |
Advances | 13 | 10 |
New restructured | 69 | 80 |
Class transfers out | (181) | (40) |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 4,010 | 5,581 |
Consumer Real Estate | ||
Troubled Debt Restructuring | ||
Beginning balance | 4,737 | 7,441 |
Principal payments | (1,065) | (2,272) |
Charge-offs | (41) | (437) |
Advances | 12 | 10 |
New restructured | 17 | 40 |
Class transfers out | (181) | (45) |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 3,479 | 4,737 |
Commercial/Agricultural | ||
Troubled Debt Restructuring | ||
Beginning balance | 0 | 0 |
Principal payments | 0 | 0 |
Charge-offs | 0 | 0 |
Advances | 0 | 0 |
New restructured | 0 | 0 |
Class transfers out | 0 | 0 |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 0 | 0 |
Consumer and other | ||
Troubled Debt Restructuring | ||
Beginning balance | 844 | 1,177 |
Principal payments | (312) | (296) |
Charge-offs | (54) | (82) |
Advances | 1 | 0 |
New restructured | 52 | 40 |
Class transfers out | 0 | 5 |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 531 | 844 |
Performing loans | ||
Troubled Debt Restructuring | ||
Beginning balance | 5,332 | 7,355 |
Principal payments | (1,246) | (1,015) |
Charge-offs | (8) | (41) |
Advances | 13 | 7 |
New restructured | 69 | 64 |
Class transfers out | (181) | (60) |
Transfers between accrual/non-accrual | (301) | (978) |
Ending balance | 3,678 | 5,332 |
Performing loans | Consumer Real Estate | ||
Troubled Debt Restructuring | ||
Beginning balance | 4,535 | 6,254 |
Principal payments | (945) | (757) |
Charge-offs | 0 | (11) |
Advances | 12 | 7 |
New restructured | 17 | 40 |
Class transfers out | (181) | (60) |
Transfers between accrual/non-accrual | (232) | (938) |
Ending balance | 3,206 | 4,535 |
Performing loans | Commercial/Agricultural | ||
Troubled Debt Restructuring | ||
Beginning balance | 0 | 0 |
Principal payments | 0 | 0 |
Charge-offs | 0 | 0 |
Advances | 0 | 0 |
New restructured | 0 | 0 |
Class transfers out | 0 | 0 |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 0 | 0 |
Performing loans | Consumer and other | ||
Troubled Debt Restructuring | ||
Beginning balance | 797 | 1,101 |
Principal payments | (301) | (258) |
Charge-offs | (8) | (30) |
Advances | 1 | 0 |
New restructured | 52 | 24 |
Class transfers out | 0 | 0 |
Transfers between accrual/non-accrual | (69) | (40) |
Ending balance | 472 | 797 |
Non Performing Loans | ||
Troubled Debt Restructuring | ||
Beginning balance | 249 | 1,263 |
Principal payments | (131) | (1,553) |
Charge-offs | (87) | (478) |
Advances | 0 | 3 |
New restructured | 0 | 16 |
Class transfers out | 0 | 20 |
Transfers between accrual/non-accrual | 301 | 978 |
Ending balance | 332 | 249 |
Non Performing Loans | Consumer Real Estate | ||
Troubled Debt Restructuring | ||
Beginning balance | 202 | 1,187 |
Principal payments | (120) | (1,515) |
Charge-offs | (41) | (426) |
Advances | 0 | 3 |
New restructured | 0 | 0 |
Class transfers out | 0 | 15 |
Transfers between accrual/non-accrual | 232 | 938 |
Ending balance | 273 | 202 |
Non Performing Loans | Commercial/Agricultural | ||
Troubled Debt Restructuring | ||
Beginning balance | 0 | 0 |
Principal payments | 0 | 0 |
Charge-offs | 0 | 0 |
Advances | 0 | 0 |
New restructured | 0 | 0 |
Class transfers out | 0 | 0 |
Transfers between accrual/non-accrual | 0 | 0 |
Ending balance | 0 | 0 |
Non Performing Loans | Consumer and other | ||
Troubled Debt Restructuring | ||
Beginning balance | 47 | 76 |
Principal payments | (11) | (38) |
Charge-offs | (46) | (52) |
Advances | 0 | 0 |
New restructured | 0 | 16 |
Class transfers out | 0 | 5 |
Transfers between accrual/non-accrual | 69 | 40 |
Ending balance | $ 59 | $ 47 |
Loans, Allowance for Loan Los55
Loans, Allowance for Loan Losses and Impaired Loans (Details 8) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2013USD ($) | |
Troubled Debt Restructuring | |||
Number of Modifications | Contract | 73 | 100 | |
Recorded Investment | $ 4,010 | $ 5,581 | $ 8,618 |
Consumer Real Estate | |||
Troubled Debt Restructuring | |||
Number of Modifications | Contract | 34 | 47 | |
Recorded Investment | $ 3,479 | $ 4,737 | 7,441 |
Commercial/Agricultural | |||
Troubled Debt Restructuring | |||
Number of Modifications | Contract | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | 0 |
Consumer and other | |||
Troubled Debt Restructuring | |||
Number of Modifications | Contract | 39 | 53 | |
Recorded Investment | $ 531 | $ 844 | $ 1,177 |
Loans, Allowance for Loan Los56
Loans, Allowance for Loan Losses and Impaired Loans (Details Textual) | 12 Months Ended | ||||
Sep. 30, 2015USD ($)TDR | Sep. 30, 2014USD ($)TDR | Dec. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Oct. 31, 2012USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Board of Director limit on purchase of loans under loan purchase agreement | $ 50,000,000 | $ 40,000,000 | |||
Loans and Leases Receivable, Gross | $ 450,510,000 | $ 470,366,000 | |||
Percentage of loan amounts deposited into cash reserve account | 3.00% | ||||
Maximum restricted reserve account balance | $ 1,000,000 | ||||
Cash reserve account balance | 1,000,000 | ||||
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | |||||
Impaired TDR loans | 4,010,000 | 5,581,000 | $ 8,618,000 | ||
Total impaired loans | $ 5,314,000 | $ 7,809,000 | |||
Number of delinquent TDR | TDR | 5 | 4 | |||
Recorded investment in delinquent TDR | $ 75,000 | $ 191,000 | |||
Non Performing Loans | |||||
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | |||||
Impaired TDR loans | 332,000 | $ 249,000 | 1,263,000 | ||
Substandard | |||||
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | |||||
Impaired TDR loans | $ 1,304,000 | ||||
TDR Loan [Member] | |||||
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | |||||
Past due, minimum period | 90 days | 90 days | |||
Performing loans | |||||
Loans allowance for loan losses and impaired loans (Textual) [Abstract] | |||||
Impaired TDR loans | $ 3,678,000 | $ 5,332,000 | $ 7,355,000 | ||
Purchased third party loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 39,705,000 | $ 32,812,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ||
Amortized Cost | $ 80,335 | $ 63,637 |
Gross Unrealized Gains | 214 | 155 |
Gross Unrealized Losses | 628 | 1,603 |
Estimated Fair Value | 79,921 | 62,189 |
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 | 15,240 | 23,076 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 220 | 973 |
Estimated Fair Value | 15,020 | 22,103 |
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 | 27,573 | 11,432 |
Gross Unrealized Gains | 81 | 17 |
Gross Unrealized Losses | 247 | 255 |
Estimated Fair Value | 27,407 | 11,194 |
Mortgage-backed securities | ||
Summary of amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale | ||
Amortized Cost | 37,451 | 29,058 |
Gross Unrealized Gains | 133 | 138 |
Gross Unrealized Losses | 144 | 369 |
Estimated Fair Value | 37,440 | 28,827 |
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 | 71 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 17 | 6 |
Estimated Fair Value | $ 54 | $ 65 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 8,012 | $ 8,785 |
Gross Unrealized Gains | 211 | 37 |
Gross Unrealized Losses | 4 | 14 |
Estimated Fair Value | 8,219 | 8,808 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,319 | 1,465 |
Gross Unrealized Gains | 3 | 4 |
Gross Unrealized Losses | 4 | 5 |
Estimated Fair Value | 1,318 | 1,464 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,693 | 7,320 |
Gross Unrealized Gains | 208 | 33 |
Gross Unrealized Losses | 0 | 9 |
Estimated Fair Value | $ 6,901 | $ 7,344 |
Investment Securities (Detail59
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost, Due after one year through five years | $ 6,451 | |
Amortized Cost, Due after five years through ten years | 22,667 | |
Amortized Cost, Due after ten years | 51,217 | |
Amortized Cost | 80,335 | $ 63,637 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value, Due after one year through five years | 6,437 | |
Estimated Fair Value, Due after five years through ten years | 22,457 | |
Estimated Fair Value, Due after ten years | 51,027 | |
Estimated Fair Value, Total available for sale securities | 79,921 | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized Cost, Due after one year through five years | 1,144 | |
Amortized Cost, Due after five years through ten years | 175 | |
Amortized Cost, Due after ten years | 6,693 | |
Amortized Cost, Total held to maturity securities | 8,012 | 8,785 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value, Due after one year through five years | 1,143 | |
Estimated Fair Value, Due after five years through ten years | 175 | |
Estimated Fair Value, Due after ten years | 6,901 | |
Estimated Fair Value, Total held to maturity securities | $ 8,219 | $ 8,808 |
Investment Securities (Detail60
Investment Securities (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | $ 40,842 | $ 8,806 |
Fair Value, 12 Months or More | 15,938 | 43,438 |
Fair Value, Total | 56,780 | 52,244 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 262 | 73 |
Unrealized Loss, 12 Months or More | 366 | 1,530 |
Unrealized Loss, Total | 628 | 1,603 |
U.S. government agency obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 4,960 | 0 |
Fair Value, 12 Months or More | 10,060 | 22,103 |
Fair Value, Total | 15,020 | 22,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 14 | 0 |
Unrealized Loss, 12 Months or More | 206 | 973 |
Unrealized Loss, Total | 220 | 973 |
Obligations of states and political subdivisions | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 13,864 | 574 |
Fair Value, 12 Months or More | 2,234 | 8,817 |
Fair Value, Total | 16,098 | 9,391 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 155 | 1 |
Unrealized Loss, 12 Months or More | 92 | 254 |
Unrealized Loss, Total | 247 | 255 |
Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 22,018 | 8,167 |
Fair Value, 12 Months or More | 3,590 | 12,518 |
Fair Value, Total | 25,608 | 20,685 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 93 | 66 |
Unrealized Loss, 12 Months or More | 51 | 303 |
Unrealized Loss, Total | 144 | 369 |
Federal Agricultural Mortgage Corporation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 0 | 65 |
Fair Value, 12 Months or More | 54 | 0 |
Fair Value, Total | 54 | 65 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 0 | 6 |
Unrealized Loss, 12 Months or More | 17 | 0 |
Unrealized Loss, Total | $ 17 | $ 6 |
Investment Securities (Detail61
Investment Securities (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | $ 904 | $ 3,709 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 904 | 3,709 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 4 | 14 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | 4 | 14 |
Obligations of states and political subdivisions | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 904 | 345 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 904 | 345 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 4 | 5 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | 4 | 5 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 0 | 3,364 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 3,364 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] [Abstract] | ||
Unrealized Loss, Less than 12 Months | 0 | 9 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | $ 0 | $ 9 |
Investment Securities (Detail62
Investment Securities (Details 5) - Available-for-sale securities - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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 | $ 0 | $ 1,250 |
Credit portion of OTTI on securities for which OTTI was not previously recognized | 91 | |
Cash payments received on a security in excess of the security’s book value adjusted for the previously recognized credit portion of OTTI | $ 0 | (13) |
Credit portion of OTTI on securities in default for which OTTI was previously recognized | 0 | 0 |
Credit portion of OTTI previously recognized on securities sold during the period | 0 | (1,328) |
Ending balance of the amount of OTTI related to credit losses | $ 0 | $ 0 |
Office Properties and Equipme63
Office Properties and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Office Properties and Equipment | ||
Office properties and equipment, gross | $ 9,720 | $ 10,466 |
Less—Accumulated depreciation | (7,051) | (6,741) |
Office properties and equipment—net | 2,669 | 3,725 |
Land | ||
Office Properties and Equipment | ||
Office properties and equipment, gross | 510 | 510 |
Buildings | ||
Office Properties and Equipment | ||
Office properties and equipment, gross | 2,338 | 2,284 |
Furniture, equipment, and vehicles | ||
Office Properties and Equipment | ||
Office properties and equipment, gross | $ 6,872 | $ 7,672 |
Office Properties and Equipme64
Office Properties and Equipment Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,382 | $ 1,116 | $ 1,079 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance at beginning of year | $ 161 | ||
Amortization | (57) | $ (57) | $ (56) |
Balance at end of year | 104 | 161 | |
Core Deposits | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance at beginning of year | 161 | 218 | |
Capitalized | 0 | 0 | |
Amortization | (57) | (57) | |
Balance at end of year | $ 104 | $ 161 | $ 218 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 57 | |
2,017 | 31 | |
2,018 | 15 | |
After 2,018 | 1 | |
Total | $ 104 | $ 161 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Non-interest bearing demand deposits | $ 19,354 | $ 19,669 |
Interest bearing demand deposits | 22,547 | 17,696 |
Savings accounts | 29,395 | 29,277 |
Money market accounts | 146,201 | 136,666 |
Certificate accounts | 238,801 | 246,459 |
Total deposits | 456,298 | 449,767 |
Brokered deposits included above: | $ 22,773 | $ 11,960 |
Deposits (Details 1)
Deposits (Details 1) $ in Thousands | Sep. 30, 2015USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2,016 | $ 94,508 |
2,017 | 72,703 |
2,018 | 42,112 |
2,019 | 19,058 |
2,020 | 10,420 |
After 2,020 | 0 |
Total | $ 238,801 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deposits held from various parties | $ 537 | $ 696 |
Federal Home Loan Bank Advanc70
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Summary of Federal Home Loan Bank advances | ||
Maturing during 2016 | $ 33,600 | $ 31,100 |
Maturing during 2017 | 15,461 | 12,961 |
Maturing during 2018 | 6,100 | 6,100 |
Maturing during 2019 | 3,730 | 3,730 |
Maturing during 2020 | $ 0 | $ 0 |
Weighted Average Rate 2016 | 0.67% | 0.78% |
Weighted Average Rate 2017 | 1.46% | 1.57% |
Weighted Average Rate 2018 | 2.24% | 2.24% |
Weighted Average Rate 2019 | 1.87% | 1.87% |
Weighted Average Rate 2020 | 0.00% | 0.00% |
Total fixed maturity | $ 58,891 | $ 53,891 |
Advances with amortizing principal | 0 | 5,000 |
Total advances | 58,891 | 58,891 |
Total credit outstanding | $ 82,931 | $ 81,991 |
Federal Home Loan Bank Advances | ||
Summary of Federal Home Loan Bank advances | ||
Advances with amortizing principal, Weighted Average Rate | 0.00% | 0.30% |
Letter of Credit | ||
Summary of Federal Home Loan Bank advances | ||
Total credit outstanding | $ 24,040 | $ 23,100 |
Federal Home Loan Bank Advanc71
Federal Home Loan Bank Advances (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Federal Home Loan Bank Advances (Textual) [Abstract] | ||
Banks available and unused portion of borrowing agreement | $ 66,459 | |
Maximum month-end amounts outstanding | 58,891 | $ 75,891 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Federal Home Loan Bank advances | 58,891 | $ 58,891 |
Mortgage Loans on Real Estate | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Federal Home Loan Bank advances | $ 198,657 |
Capital Matters (Details)
Capital Matters (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Total capital (to risk weighted assets), Actual, Amount | $ 64,930,000 | $ 62,116,000 |
Total capital (to risk weighted assets), Actual, Ratio | 16.50% | 16.10% |
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 31,443,000 | $ 30,793,000 |
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 | $ 39,304,000 | $ 38,491,000 |
Total capital (to risk weighted assets), To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), Actual, Amount | $ 59,997,000 | $ 57,283,000 |
Tier 1 capital (to risk weighted assets), Actual, Ratio | 15.30% | 14.90% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 23,583,000 | $ 15,396,000 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Amount | $ 31,443,000 | $ 23,095,000 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Ratio | 8.00% | 6.00% |
Common equity tier 1 (to risk weighted assets), Actual, Amount | $ 59,997,000 | |
Common equity tier 1 (to risk weighted assets), Actual, Ratio | 15.30% | |
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 17,687,000 | |
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 4.50% | |
Common equity tier 1 (to risk weighted assets), To Be Well Capitalized, Amount | $ 25,548,000 | |
Common equity tier 1 (to risk weighted assets), To Be Well Capitalized, Ratio | 6.50% | |
Tier 1 capital (to adjusted total assets), Actual, Amount | $ 59,997,000 | $ 57,283,000 |
Tier 1 capital (to adjusted total assets), Actual, Ratio | 10.40% | 10.00% |
Tier 1 capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 23,031,000 | $ 22,991,000 |
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 | $ 28,788,000 | $ 28,739,000 |
Tier 1 capital (to adjusted total assets), To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Commitments and Contingencies73
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | $ 24,097 | $ 16,119 |
Commitments to extend credit | Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | 2,816 | 2,820 |
Commitments to extend credit | Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | 11,018 | 7,172 |
Standby letter of credit | Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | 0 | 20 |
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 | 1,873 | 1,622 |
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 | 1,196 | 1,227 |
Unused lines of credit | Consumer construction | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | 0 | 119 |
Unused lines of credit | Commercial construction | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | 3,301 | 947 |
Unused lines of credit | Commercial lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off Balance Sheet Instruments Contractual Amount | $ 3,893 | $ 2,192 |
Minimum | Commitments to extend credit | Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate | 3.74% | 3.30% |
Minimum | Commitments to extend credit | Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate | 3.88% | 3.25% |
Maximum | Commitments to extend credit | Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate | 8.74% | 11.99% |
Maximum | Commitments to extend credit | Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate | 5.75% | 5.50% |
Commitments and Contingencies74
Commitments and Contingencies (Details1) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,268 |
2,017 | 991 |
2,018 | 836 |
2,019 | 404 |
2,020 | 311 |
After 2,020 | 980 |
Total | $ 4,790 |
Commitments and Contingencies75
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Commitments and Contingencies (Textual) [Abstract] | |||
Rent expense under operating leases | $ 1,146 | $ 1,186 | $ 1,138 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning of year | $ 1,109 | $ 1,117 | $ 2,381 |
Service cost | 0 | 0 | 0 |
Interest cost | 46 | 51 | 45 |
Benefits paid | (81) | (79) | (1,228) |
Projected benefit obligation, end of year | 1,062 | 1,109 | 1,117 |
Defined Benefit Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning of year | 1,154 | 1,181 | 2,363 |
Service cost | 0 | 0 | 0 |
Interest cost | 46 | 51 | 45 |
Amortization of prior service costs | 1 | 1 | 1 |
Net periodic benefit cost | 47 | 52 | 46 |
Benefits paid | (81) | (79) | (1,228) |
Curtailment and settlement | 0 | 0 | 0 |
Projected benefit obligation, end of year | $ 1,120 | $ 1,154 | $ 1,181 |
Retirement Plans (Details 1)
Retirement Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning of year | $ 1,109 | $ 1,117 | $ 2,381 |
Service cost | 0 | 0 | 0 |
Interest cost | 46 | 51 | 45 |
Curtailment and settlement | 0 | 0 | 0 |
Actuarial loss (gain) | (12) | 20 | (81) |
Benefits paid | (81) | (79) | (1,228) |
Projected benefit obligation, end of year | 1,062 | 1,109 | 1,117 |
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 | 81 | 79 | 1,228 |
Benefits paid | (81) | (79) | (1,228) |
Projected benefit obligation, end of year | $ 0 | $ 0 | $ 0 |
Retirement Plans (Details 2)
Retirement Plans (Details 2) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Regulatory Liabilities [Line Items] | |||
Benefit obligation actuarial assumptions: Discount Rate | 4.25% | 4.25% | 4.75% |
Benefit obligation actuarial assumptions: Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Net pension cost actuarial assumption, Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Net pension cost actuarial assumption, Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pension Cost | |||
Regulatory Liabilities [Line Items] | |||
Net pension cost actuarial assumption, Discount rate | 4.25% | 4.25% | 4.75% |
Retirement Plans (Details 3)
Retirement Plans (Details 3) $ in Thousands | Sep. 30, 2015USD ($) |
Asset Retirement Obligation Disclosure [Abstract] | |
2,016 | $ 78 |
2,017 | 111 |
2,018 | 118 |
2,019 | 110 |
2,020 | 120 |
2021-2025 | $ 583 |
Retirement Plans (Details 4)
Retirement Plans (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Pension obligation | $ 1,062 | $ 1,109 | $ 1,117 | $ 2,381 |
Prior service cost | 4 | 4 | ||
Net loss (gain) | (61) | (49) | ||
Total accumulated other comprehensive income, before tax | $ (57) | $ (45) |
Retirement Plans (Details Textu
Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Employer matching contributions | $ 198 | $ 193 | $ 189 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2005 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 50,000 | 45,000 | 26,143 | |
Expiry period of unexercised nonqualified incentive stock options | 15 years | |||
Expiry period of unexercised incentive stock options | 10 years | |||
2004 Stock Option and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 284,778 | |||
Options granted (in shares) | 284,778 | |||
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 597,605 | |||
Options granted (in shares) | 95,000 | |||
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 (in shares) | 170,745 | |||
2004 Recognition and Retention Plan and 2008 Equity incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 113,910 | |||
Restricted shares | 2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 32,500 | |||
Vesting period of awards granted | 5 years | |||
Restricted shares | 2004 Recognition and Retention Plan and 2008 Equity incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 113,910 | |||
Compensation expense related to awards | $ 96 | $ 66 | $ 45 | |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of awards granted | 5 years | |||
Employee Stock Option | 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to awards | $ 59 | $ 43 | $ 31 |
Stock-Based Compensation Detail
Stock-Based Compensation Details (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted shares outstanding, beginning of period | 41,014 | 34,671 |
Granted (in shares) | 17,500 | 15,000 |
Vested (in shares) | (11,657) | (8,657) |
Forfeited (in shares) | 0 | 0 |
Restricted shares outstanding, end of period | 46,857 | 41,014 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted shares, weighted average, beginning of period (in usd per share) | $ 6.51 | $ 5.62 |
Restricted shares granted, weighted average (in usd per share) | 9.20 | 8 |
Restricted shares vested, weighted average (in usd per share) | 6.18 | 5.55 |
Restricted shares forfeited, weighted average (in usd per share) | 0 | 0 |
Restricted shares, weighted average, end of period (in usd per share) | $ 7.59 | $ 6.51 |
Stock-Based Compensation (Det84
Stock-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning or year, shares | 179,192 | 150,932 | 124,789 |
Granted, shares | 50,000 | 45,000 | 26,143 |
Exercised, shares | (51,955) | 0 | 0 |
Forfeited or expired, shares | (5,500) | (16,740) | 0 |
Outstanding at end of year, shares | 171,737 | 179,192 | 150,932 |
Exercisable at end of year, shares | 63,764 | 91,203 | 88,927 |
Fully vested and expected to vest, shares | 171,737 | 179,192 | 150,932 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Outstanding at beginning of year (usd per share) | $ 6.52 | $ 6.15 | $ 6.26 |
Weighted Average Exercise Price, Granted (usd per share) | 9.20 | 8 | 5.62 |
Weighted Average Exercise Price, Outstanding at ending of year (usd per share) | 7.46 | 6.52 | 6.15 |
Weighted Average Exercise Price, Exercisable at end of year (usd per share) | 6.79 | 6.35 | 6.63 |
Weighted Average Exercise Price, Fully vested and expected to vest (usd per share) | $ 7.46 | $ 6.52 | $ 6.15 |
Weighted Average Remaining Contractual Term, Outstanding at end of year | 7 years 6 months 29 days | 6 years 11 months 16 days | 7 years 22 days |
Weighted Average Remaining Contractual Term, Exercisable at end of year | 5 years 3 months 29 days | 5 years 6 months 7 days | 6 years 25 days |
Weighted Average Remaining Contractual Term, Fully vested and expected to vest | 7 years 6 months 29 days | 6 years 11 months 16 days | 7 years 22 days |
Aggregate Intrinsic Value, Outstanding at end of year | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation (Det85
Stock-Based Compensation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of options exercised | $ 180 | $ 0 | $ 0 |
Cash received from options exercised | 299 | 0 | 0 |
Tax benefit realized from options exercised | $ 9 | $ 0 | $ 0 |
Stock-Based Compensation (Det86
Stock-Based Compensation (Details 3) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 0.88% | 0.00% | 0.00% |
Risk-free interest rate | 2.10% | 2.70% | 1.70% |
Weighted average expected life (years) | 10 years | 10 years | 10 years |
Expected volatility | 2.00% | 3.00% | 14.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current tax provision | |||
Federal | $ 1,694 | $ 97 | $ 227 |
State | 267 | 7 | 17 |
Current Income Tax Expense (Benefit), Total | 1,961 | 104 | 244 |
Deferred tax provision (benefit) | |||
Federal | (439) | 798 | 322 |
State | (32) | 145 | 69 |
Deferred Income Tax Expense (Benefit), Total | (471) | 943 | 391 |
Total | $ 1,490 | $ 1,047 | $ 635 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
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 | $ 1,395 | $ 962 | $ 572 |
State income taxes net of exception | 235 | 152 | 86 |
Tax exempt interest | (79) | (46) | (31) |
Other | (61) | (21) | 8 |
Total | $ 1,490 | $ 1,047 | $ 635 |
Tax expense at statutory rate in percent | 34.00% | 34.00% | 34.00% |
State income taxes net of exception in percent | 5.72% | 5.37% | 5.10% |
Tax exempt interest in percent | (1.92%) | (1.64%) | (1.87%) |
Other in percent | (1.50%) | (0.73%) | 0.51% |
Total, in percent | 36.30% | 37.00% | 37.74% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,544 | $ 2,562 |
Deferred loan costs/fees | 145 | 217 |
Director/officer compensation plans | 536 | 551 |
Net unrealized loss on securities available for sale | 166 | 579 |
Other | 520 | 233 |
Deferred tax assets | 3,911 | 4,142 |
Deferred tax liabilities: | ||
Office properties and equipment | (114) | (397) |
Other | (110) | (111) |
Deferred tax liabilities | (224) | (508) |
Net deferred tax assets | $ 3,687 | $ 3,634 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes (Textual) [Abstract] | |||
Valuation allowance | $ 0 | $ 0 | |
Percentage of likelihood | 50.00% | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | 0 | $ 22,000 |
Accrual for the payments of interest and penalties related to income tax issues | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Basic | |||
Net income | $ 2,614 | $ 1,783 | $ 1,047 |
Weighted average common shares outstanding (in shares) | 5,208,708 | 5,163,373 | 5,151,413 |
Basic earnings per share (in dollars per share) | $ 0.50 | $ 0.35 | $ 0.20 |
Diluted | |||
Net income | $ 2,614 | $ 1,783 | $ 1,047 |
Weighted average common shares outstanding (in shares) | 5,208,708 | 5,163,373 | 5,151,413 |
Add: Dilutive stock options outstanding (in shares) | 31,234 | 33,333 | 11,767 |
Average shares and dilutive potential common shares (in shares) | 5,239,942 | 5,196,706 | 5,163,180 |
Diluted earnings per share (in dollars per share) | $ 0.50 | $ 0.34 | $ 0.20 |
Additional common stock option shares that have not been included due to their antidilutive effect (in shares) | 93,503 | 145,859 | 139,165 |
Other Comprehensive Income (L92
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Unrealized gains (losses) on securities: | |||
Net unrealized gains (losses) arising during period Before- Tax Amount | $ 973 | $ 2,515 | $ (4,654) |
Net unrealized gains (losses) arising during period Tax Expense | (389) | (1,006) | 1,861 |
Net unrealized gains (losses) arising during the period, Net-of-Tax Amount | 584 | 1,509 | (2,793) |
Less: reclassification adjustment for gains included in net income Before- Tax Amount | 60 | (168) | 552 |
Less: reclassification adjustment for gains included in net income Tax Expense | (24) | 67 | (220) |
Less: reclassification adjustment for gains included in net income Net of Tax Amount | 36 | (101) | 332 |
Changes for realized losses on securities available for sale for OTTI write-down Before- Tax Amount | 0 | 78 | 797 |
Changes for realized losses on securities available for sale for OTTI write-down Tax Expense | 0 | (31) | (319) |
Changes for realized losses on securities available for sale for OTTI write-down Tax Expense, Net of Tax Amount | 0 | 47 | 478 |
Defined benefit plans: | |||
Amortization of unrecognized prior service costs and net gains (losses), Before-Tax Amount | 13 | (18) | 82 |
Amortization of unrecognized prior service costs and net gains (losses), Tax Expense | (5) | 7 | (33) |
Amortization of unrecognized prior service costs and net gains (losses), Net-of-Tax | 8 | (11) | 49 |
Other comprehensive income (loss) Before- Tax Amount | 1,046 | 2,407 | (3,223) |
Other comprehensive income (loss) Tax Expense | (418) | (963) | 1,289 |
Total other comprehensive income (loss), net of tax | $ 628 | $ 1,444 | $ (1,934) |
Other Comprehensive Income (L93
Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Changes in the accumulated balances for each component of other comprehensive income | |||
Beginning Balance | $ (842) | $ (2,286) | |
Current period other comprehensive income (loss), net of tax | 628 | 1,444 | $ (1,934) |
Ending Balance | (214) | (842) | (2,286) |
Unrealized Gains Losses on Securities | |||
Changes in the accumulated balances for each component of other comprehensive income | |||
Beginning Balance | (869) | (2,324) | |
Current period other comprehensive income (loss), net of tax | 620 | 1,455 | |
Ending Balance | (249) | (869) | (2,324) |
Defined Benefit Plans | |||
Changes in the accumulated balances for each component of other comprehensive income | |||
Beginning Balance | 27 | 38 | |
Current period other comprehensive income (loss), net of tax | 8 | (11) | |
Ending Balance | $ 35 | $ 27 | $ 38 |
Condensed Financial Informati94
Condensed Financial Information - Parent Company Only (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 23,872 | $ 11,434 | $ 17,601 | $ 23,259 |
TOTAL ASSETS | 580,148 | 569,815 | ||
STOCKHOLDERS’ EQUITY | ||||
Total stockholders’ equity | 60,535 | 57,293 | 54,185 | 55,103 |
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 676 | 235 | $ 230 | $ 371 |
Investment in subsidiary | 59,859 | 57,058 | ||
TOTAL ASSETS | 60,535 | 57,293 | ||
STOCKHOLDERS’ EQUITY | ||||
Total stockholders’ equity | $ 60,535 | $ 57,293 |
Condensed Financial Informati95
Condensed Financial Information - Parent Company Only (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Income—interest and dividends | $ 23,004 | $ 24,033 | $ 24,575 |
Expenses—other | 1,404 | 2,098 | 1,530 |
Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary | 4,104 | 2,830 | 1,682 |
Benefit for income taxes | 1,490 | 1,047 | 635 |
Net income attributable to common stockholders | 2,614 | 1,783 | 1,047 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Income—interest and dividends | 0 | 0 | 0 |
Expenses—other | 146 | 182 | 107 |
Loss before provision for income taxes and equity in undistributed net income (loss) of subsidiary | (146) | (182) | (107) |
Benefit for income taxes | (58) | (73) | (43) |
Loss before equity in undistributed net income (loss) of subsidiary | (88) | (109) | (64) |
Equity in undistributed net income of subsidiary | 2,702 | 1,892 | 1,111 |
Net income attributable to common stockholders | $ 2,614 | $ 1,783 | $ 1,047 |
Condensed Financial Informati96
Condensed Financial Information - Parent Company Only (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 2,614 | $ 1,783 | $ 1,047 |
Stock based compensation expense | 59 | 43 | 31 |
Net cash provided by operating activities | 5,777 | 7,836 | 6,743 |
Cash flows from financing activities: | |||
Surrendered vested shares of common stock | (36) | (22) | (4) |
Exercise of common stock options | 299 | 0 | 0 |
Cash dividends paid | (418) | (207) | (103) |
Net cash provided by financing activities | 6,376 | 11,031 | 25,983 |
Net increase (decrease) in cash and cash equivalents | 12,438 | (6,167) | (5,658) |
Cash and cash equivalents at beginning of period | 11,434 | 17,601 | 23,259 |
Cash and cash equivalents at end of period | 23,872 | 11,434 | 17,601 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 2,614 | 1,783 | 1,047 |
Stock based compensation expense | 59 | 43 | 31 |
Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary | (2,702) | (1,892) | (1,111) |
Net cash provided by operating activities | (29) | (66) | (33) |
Cash flows from financing activities: | |||
Surrendered vested shares of common stock | (36) | (22) | (5) |
Exercise of common stock options | 299 | 0 | 0 |
Cash dividend from Bank to Holding Company | 625 | 300 | 0 |
Cash dividends paid | (418) | (207) | (103) |
Net cash provided by financing activities | 470 | 71 | (108) |
Net increase (decrease) in cash and cash equivalents | 441 | 5 | (141) |
Cash and cash equivalents at beginning of period | 235 | 230 | 371 |
Cash and cash equivalents at end of period | $ 676 | $ 235 | $ 230 |