XML 102 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

MBS And Other Investments | 12 Months Ended
--- | ---
Sep. 30, 2014
Investments [Abstract] |
MBS And Other Investments | Held to maturity and available for sale securities were as follows as of September 30, 2014 and 2013 (dollars in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2014 |  |  |  |  |  |  |
Held to Maturity |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |
U.S. government agencies | $ | 1,002 |  |  | $ | 32 |  |  | $ | (2 | ) |  | $ | 1,032 |
Private label residential | 1,280 |  |  | 965 |  |  | (7 | ) |  | 2,238 |
U.S. agency securities | 3,016 |  |  | 1 |  |  | (13 | ) |  | 3,004 |
Total | $ | 5,298 |  |  | $ | 998 |  |  | $ | (22 | ) |  | $ | 6,274 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 1,801 |  |  | $ | 100 |  |  | $ | (2 | ) |  | $ | 1,899 |
Mutual funds | 1,000 |  |  | — |  |  | (42 | ) |  | 958 |
Total | $ | 2,801 |  |  | $ | 100 |  |  | $ | (44 | ) |  | $ | 2,857 |
September 30, 2013 |  |  |  |  |  |  |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 1,202 |  |  | $ | 31 |  |  | $ | (2 | ) |  | $ | 1,231 |
Private label residential | 1,521 |  |  | 781 |  |  | (15 | ) |  | 2,287 |
U.S. agency securities | 14 |  |  | 1 |  |  | — |  |  | 15 |
Total | $ | 2,737 |  |  | $ | 813 |  |  | $ | (17 | ) |  | $ | 3,533 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 2,144 |  |  | $ | 87 |  |  | $ | (2 | ) |  | $ | 2,229 |
Private label residential | 804 |  |  | 120 |  |  | (10 | ) |  | 914 |
Mutual funds | 1,000 |  |  | — |  |  | (42 | ) |  | 958 |
Total | $ | 3,948 |  |  | $ | 207 |  |  | $ | (54 | ) |  | $ | 4,101 |
Held to maturity and available for sale securities with unrealized losses were as follows as of September 30, 2014 (dollars in thousands):
| Less Than 12 Months |  | 12 Months or Longer |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Qty |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Qty |  | Estimated Fair Value |  | Gross Unrealized Losses
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | — |  |  | $ | — |  |  | — |  |  | $ | 76 |  |  | $ | (2 | ) |  | 8 |  |  | $ | 76 |  |  | $ | (2 | )
Private label residential | 9 |  |  | — |  |  | 1 |  |  | 188 |  |  | (7 | ) |  | 11 |  |  | 197 |  |  | (7 | )
U.S. agency securities | 2,989 |  |  | (13 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 2,989 |  |  | (13 | )
Total | $ | 2,998 |  |  | $ | (13 | ) |  | 2 |  |  | $ | 264 |  |  | $ | (9 | ) |  | 19 |  |  | $ | 3,262 |  |  | $ | (22 | )
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 19 |  |  | $ | — |  |  | 1 |  |  | $ | 40 |  |  | $ | (2 | ) |  | 1 |  |  | $ | 59 |  |  | $ | (2 | )
Mutual funds | — |  |  | — |  |  | — |  |  | 958 |  |  | (42 | ) |  | 1 |  |  | 958 |  |  | (42 | )
Total | $ | 19 |  |  | $ | — |  |  | 1 |  |  | $ | 998 |  |  | $ | (44 | ) |  | 2 |  |  | $ | 1,017 |  |  | $ | (44 | )
Held to maturity and available for sale securities with unrealized losses were as follows as of September 30, 2013 (dollars in thousands):
| Less Than 12 Months |  | 12 Months or Longer |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Qty |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Qty |  | Estimated Fair Value |  | Gross Unrealized Losses
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 3 |  |  | $ | — |  |  | 6 |  |  | $ | 88 |  |  | $ | (2 | ) |  | 4 |  |  | $ | 91 |  |  | $ | (2 | )
Private label residential | 80 |  |  | (4 | ) |  | 4 |  |  | 239 |  |  | (11 | ) |  | 14 |  |  | 319 |  |  | (15 | )
Total | $ | 83 |  |  | $ | (4 | ) |  | 10 |  |  | $ | 327 |  |  | $ | (13 | ) |  | 18 |  |  | $ | 410 |  |  | $ | (17 | )
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 96 |  |  | $ | (2 | ) |  | 3 |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 96 |  |  | $ | (2 | )
Private label residential | — |  |  | — |  |  | — |  |  | 108 |  |  | (10 | ) |  | 2 |  |  | 108 |  |  | (10 | )
Mutual funds | 958 |  |  | (42 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 958 |  |  | (42 | )
Total | $ | 1,054 |  |  | $ | (44 | ) |  | 4 |  |  | $ | 108 |  |  | $ | (10 | ) |  | 3 |  |  | $ | 1,162 |  |  | $ | (54 | )
The Company has evaluated these securities and has determined that the decline in their value is temporary. The unrealized losses are primarily due to changes in market interest rates and spreads in the market for mortgage-related products. The fair value of these securities is expected to recover as the securities approach their maturity dates and/or as the pricing spreads narrow on mortgage-related securities. The Company has the ability and the intent to hold the investments until the market value recovers. Furthermore, as of September 30, 2014, management does not have the intent to sell any of the securities classified as available for sale where the estimated fair value is below the recorded value and believes that it is more likely than not that the Company will not have to sell such securities before a recovery of cost or recorded value if previously written down. In accordance with GAAP, the Company bifurcates OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2014, 2013 and 2012:
| Range |  | Weighted
| Minimum |  | Maximum |  | Average
September 30, 2014 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 10.59 | %
Collateral default rate | 0.01 | % |  | 22.34 | % |  | 7.41 | %
Loss severity rate | 0.16 | % |  | 75.17 | % |  | 45.81 | %
September 30, 2013 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 12.33 | %
Collateral default rate | 0.73 | % |  | 22.53 | % |  | 7.84 | %
Loss severity rate | 20.48 | % |  | 75.02 | % |  | 52.69 | %
September 30, 2012 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 8.77 | %
Collateral default rate | 0.06 | % |  | 28.40 | % |  | 8.74 | %
Loss severity rate | 0.52 | % |  | 76.03 | % |  | 48.28 | %
The following table presents the OTTI losses for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands):
| 2014 |  | 2013 |  | 2012
| Held To Maturity |  | Available For Sale |  | Held To Maturity |  | Available For Sale |  | Held To Maturity |  | Available For Sale
Total recoveries (OTTI) | $ | (83 | ) |  | $ | 90 |  |  | $ | (13 | ) |  | $ | (2 | ) |  | $ | (156 | ) |  | $ | (50 | )
Adjustments for portion of OTTI recorded as (transferred from) other comprehensive loss (before taxes)(1) | 52 |  |  | — |  |  | (32 | ) |  | — |  |  | (8 | ) |  | — |
Net recoveries (OTTI) recognized in earnings (2) | $ | (31 | ) |  | $ | 90 |  |  | $ | (45 | ) |  | $ | (2 | ) |  | $ | (164 | ) |  | $ | (50 | )
________________________
(1) | Represents OTTI related to all other factors.
(2) | Represents OTTI related to credit losses.
The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands):
| 2014 |  |  | 2013 |  |  | 2012 |
Balance, beginning of year | $ | 2,084 |  |  | $ | 2,703 |  |  | $ | 3,361 |
Additions: |  |  |  |  |  |  |  |
Credit losses for which OTTI was not previously recognized | 2 |  |  | 7 |  |  | 81 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | 33 |  |  | 45 |  |  | 134 |
Subtractions: |  |  |  |  |  |  |
Realized losses previously recorded as credit losses | (555 | ) |  | (671 | ) |  | (873 | )
Recovery of prior credit loss | 90 |  |  | — |  |  | — |
Balance, end of year | $ | 1,654 |  |  | $ | 2,084 |  |  | $ | 2,703 |
During the year ended September 30, 2014 there were $32,000 in realized losses on five available for sale securities. During the year ended September 30, 2013 there were no realized gains on sales of available for sale securities. During the year ended September 30, 2012, there was a realized gain on one available for sale security in the amount of $22,000. During the year ended September 30, 2014, the Company recorded a $465,000 net realized loss (as a result of securities being deemed worthless) on fifteen held to maturity and six available for sale residential MBS, all of which had been recognized previously as a credit loss. During the year ended September 30, 2013, the Company recorded a $671,000 realized loss (as a result of securities being deemed worthless) on eighteen held to maturity and five available for sale residential MBS, all of which had been recognized previously as a credit loss. During the year ended September 30, 2012, the Company recorded a $873,000 realized loss (as a result of securities being deemed worthless) on twenty-five held to maturity and five available for sale residential MBS all of which had been recognized previously as a credit loss. The recorded amount of residential mortgage-backed and agency securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $6,221,000 and $4,537,000 at September 30, 2014 and 2013, respectively. The contractual maturities of debt securities at September 30, 2014, are as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions.
| Held to Maturity |  | Available for Sale
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due after one year to five years | $ | 3,020 |  |  | $ | 3,008 |  |  | $ | 19 |  |  | $ | 19 |
Due after five years to ten years | 16 |  |  | 17 |  |  | 33 |  |  | 34 |
Due after ten years | 2,262 |  |  | 3,249 |  |  | 1,749 |  |  | 1,846 |
Total | $ | 5,298 |  |  | $ | 6,274 |  |  | $ | 1,801 |  |  | $ | 1,899 |

X
- Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration