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Loans Receivable And Allowance For Loan Losses | 12 Months Ended
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Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Loans Receivable And Allowance For Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable and loans held for sale by portfolio segment consisted of the following at September 30, 2014 and 2013 (dollars in thousands):
| 2014 |  |  | 2013 |
Mortgage loans: |  |  |
One- to four-family | $ | 97,635 |  |  | $ | 102,387 |
Multi-family | 46,206 |  |  | 51,108 |
Commercial | 294,354 |  |  | 291,297 |
Construction – custom and owner/builder | 59,752 |  |  | 40,811 |
Construction – speculative one- to four-family | 2,577 |  |  | 1,428 |
Construction – commercial | 3,310 |  |  | 2,239 |
Construction – multi-family | 2,840 |  |  | 143 |
Construction – land development | — |  |  | 515 |
Land | 29,589 |  |  | 31,144 |
Total mortgage loans | 536,263 |  |  | 521,072 |
Consumer loans: |  |  |  |  |
Home equity and second mortgage | 34,921 |  |  | 33,014 |
Other | 4,699 |  |  | 5,981 |
Total consumer loans | 39,620 |  |  | 38,995 |
Commercial business loans | 30,559 |  |  | 17,499 |
Total loans receivable | 606,442 |  |  | 577,566 |
Less: |  |  |  |  |
Undisbursed portion of construction loans in process | 29,416 |  |  | 18,527 |
Deferred loan origination fees | 1,746 |  |  | 1,710 |
Allowance for loan losses | 10,427 |  |  | 11,136 |
| 41,589 |  |  | 31,373 |
Loans receivable, net | 564,853 |  |  | 546,193 |
Loans held for sale (one- to four-family) | 899 |  |  | 1,911 |
Total loans receivable and loans held for sale, net | $ | 565,752 |  |  | $ | 548,104 |
Certain related parties of the Company, principally Bank directors and officers, are loan customers of the Bank in the ordinary course of business. Such related party loans were performing according to their repayment terms at September 30, 2014 and 2013. Activity in related party loans during the years ended September 30, 2014, 2013 and 2012 was as follows (dollars in thousands):
| 2014 |  |  | 2013 |  |  | 2012
Balance, beginning of year | $ | 1,095 |  |  | $ | 1,113 |  |  | $ | 2,498 |
New loans or advances | 40 |  |  | 276 |  |  | 175 |
Repayments and reclassifications | (208 | ) |  | (294 | ) |  | (1,560 | )
Balance, end of year | $ | 927 |  |  | $ | 1,095 |  |  | $ | 1,113 |
Loan Segment Risk Characteristics The Company believes that its loan classes are the same as its loan segments. One- To Four-Family Residential Lending: The Company originates both fixed rate and adjustable rate loans secured by one- to four-family residences. A portion of the fixed-rate one- to four-family loans are sold in the secondary market for asset/liability management purposes and to generate non-interest income. The Company’s lending policies generally limit the maximum loan-to-value on one- to four-family loans to 90% of the lesser of the appraised value or the purchase price. However, the Company usually obtains private mortgage insurance on the portion of the principal amount that exceeds 80% of the appraised value of the property. Multi-Family Lending: The Company originates loans secured by multi-family dwelling units (more than four units). Multi-family lending generally affords the Company an opportunity to receive interest at rates higher than those generally available from one- to four-family residential lending. However, loans secured by multi-family properties usually are greater in amount, more difficult to evaluate and monitor and, therefore, involve a greater degree of risk than one- to four-family residential mortgage loans. Because payments on loans secured by multi-family properties are often dependent on the successful operation and management of the properties, repayment of such loans may be affected by adverse conditions in the real estate market or economy. The Company attempts to minimize these risks by scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. Commercial Mortgage Lending: The Company originates commercial real estate loans secured by properties such as office buildings, retail/wholesale facilities, motels, restaurants, mini-storage facilities and other commercial properties. Commercial real estate lending generally affords the Company an opportunity to receive interest at higher rates than those available from one- to four-family residential lending. However, loans secured by such properties usually are greater in amount, more difficult to evaluate and monitor and, therefore, involve a greater degree of risk than one- to four-family residential mortgage loans. Because payments on loans secured by commercial properties are often dependent on the successful operation and management of the properties, repayment of these loans may be affected by adverse conditions in the real estate market or economy. The Company attempts to mitigate these risks by generally limiting the maximum loan-to-value ratio to 80% and scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. Construction Lending: The Company currently originates the following types of construction loans: custom construction loans, owner/builder construction loans, speculative construction loans (on a very limited basis), commercial real estate construction loans, and multi-family construction loans. The Company is not currently originating land development loans. Construction lending affords the Company the opportunity to achieve higher interest rates and fees with shorter terms to maturity than does its single-family permanent mortgage lending. Construction lending, however, is generally considered to involve a higher degree of risk than one-to four family residential lending because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost of the project. The nature of these loans is such that they are generally more difficult to evaluate and monitor. If the estimated cost of construction proves to be inaccurate, the Company may be required to advance funds beyond the amount originally committed to complete the project. If the estimate of value upon completion proves to be inaccurate, the Company may be confronted with a project whose value is insufficient to assure full repayment, and the Company may incur a loss. Projects may also be jeopardized by disagreements between borrowers and builders and by the failure of builders to pay subcontractors. Loans to construct homes for which no purchaser has been identified carry more risk because the payoff for the loan depends on the builder’s ability to sell the property prior to the time that the construction loan is due. The Company attempts to mitigate these risks by adhering to its underwriting policies, disbursement procedures, and monitoring practices. Construction Lending – Custom and Owner/Builder: Custom construction loans are made to home builders who, at the time of construction, have a signed contract with a home buyer who has a commitment to purchase the finished home. Owner/builder construction loans are originated to home owners rather than home builders and are typically refinanced into permanent loans at the completion of construction. Construction Lending – Speculative One- To Four-Family: Speculative one-to four-family construction loans are made to home builders and are termed “speculative” because the home builder does not have, at the time of the loan origination, a signed contract with a home buyer who has a commitment for permanent financing with the Company or another lender for the finished home. The home buyer may be identified either during or after the construction period. The Company is currently originating speculative one-to four-family construction loans on a very limited basis. Construction Lending – Commercial: Commercial construction loans are originated to construct properties such as office buildings, hotels, retail rental space and mini-storage facilities. Construction Lending – Multi-Family: Multi-family construction loans are originated to construct apartment buildings and condominium projects. Construction Lending – Land Development: The Company historically originated loans to real estate developers for the purpose of developing residential subdivisions. The Company is not currently originating any land development loans. Land Lending: The Company has historically originated loans for the acquisition of land upon which the purchaser can then build or make improvements necessary to build or to sell as improved lots. Currently, the Company is originating new land loans on a very limited basis. Loans secured by undeveloped land or improved lots involve greater risks than one- to four-family residential mortgage loans because these loans are more difficult to evaluate. If the estimate of value proves to be inaccurate, in the event of default or foreclosure, the Company may be confronted with a property value which is insufficient to assure full repayment. The Company attempts to minimize this risk by generally limiting the maximum loan-to-value ratio on land loans to 75%. Consumer Lending – Home Equity and Second Mortgages: The Company originates home equity lines of credit and second mortgage loans. Home equity lines of credit and second mortgage loans have a greater credit risk than one- to four-family residential mortgage loans because they are secured by mortgages subordinated to the existing first mortgage on the property, which may or may not be held by the Company. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the collateral and the credit-worthiness of the borrower. Consumer Lending – Other: The Company originates other consumer loans, which include automobile loans, boat loans, motorcycle loans, recreational vehicle loans, savings account loans and unsecured loans. Other consumer loans generally have shorter terms to maturity than mortgage loans. Other consumer loans generally involve a greater degree of risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by rapidly depreciating assets such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the credit-worthiness of the borrower. Commercial Business Lending: The Company originates commercial business loans which are generally secured by business equipment, accounts receivable, inventory or other property. The Company also generally obtains personal guarantees from the business owners based on a review of personal financial statements. Commercial business lending generally involves risks that are different from those associated with residential and commercial real estate lending. Real estate lending is generally considered to be collateral based lending with loan amounts based on predetermined loan to collateral values, and liquidation of the underlying real estate collateral is viewed as the primary source of repayment in the event of borrower default. Although commercial business loans are often collateralized by equipment, inventory, accounts receivable, or other business assets, the liquidation of collateral in the event of a borrower default is often an insufficient source of repayment, because accounts receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. Accordingly, the repayment of a commercial business loan depends primarily on the credit-worthiness of the borrower (and any guarantors), while the liquidation of collateral is a secondary and potentially insufficient source of repayment. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the management of the business and the credit-worthiness of the borrowers and the guarantors. Allowance for Loan Losses The following table sets forth information for the year ended September 30, 2014 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):
| Beginning Allowance |  | Provision (Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,449 |  |  | $ | 1,113 |  |  | $ | 1,106 |  |  | $ | 194 |  |  | $ | 1,650 |
Multi-family | 749 |  |  | (362 | ) |  | — |  |  | — |  |  | 387 |
Commercial | 5,275 |  |  | 20 |  |  | 463 |  |  | 4 |  |  | 4,836 |
Construction – custom and owner/builder | 262 |  |  | 188 |  |  | — |  |  | — |  |  | 450 |
Construction – speculative one- to four-family | 96 |  |  | (44 | ) |  | — |  |  | — |  |  | 52 |
Construction – commercial | 56 |  |  | 22 |  |  | — |  |  | — |  |  | 78 |
Construction – multi-family | — |  |  | (226 | ) |  | — |  |  | 251 |  |  | 25 |
Construction – land development | — |  |  | (287 | ) |  | — |  |  | 287 |  |  | — |
Land | 1,940 |  |  | (664 | ) |  | 260 |  |  | 418 |  |  | 1,434 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 782 |  |  | 137 |  |  | 47 |  |  | 7 |  |  | 879 |
Other | 200 |  |  | (20 | ) |  | 6 |  |  | 2 |  |  | 176 |
Commercial business loans | 327 |  |  | 123 |  |  | 14 |  |  | 24 |  |  | 460 |
Total | $ | 11,136 |  |  | $ | — |  |  | $ | 1,896 |  |  | $ | 1,187 |  |  | $ | 10,427 |
The following table sets forth information for the year ended September 30, 2013 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):
| Beginning Allowance |  | Provision (Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,558 |  |  | $ | 565 |  |  | $ | 769 |  |  | $ | 95 |  |  | $ | 1,449 |
Multi-family | 1,156 |  |  | (407 | ) |  | — |  |  | — |  |  | 749 |
Commercial | 4,247 |  |  | 1,640 |  |  | 667 |  |  | 55 |  |  | 5,275 |
Construction – custom and owner/builder | 386 |  |  | (124 | ) |  | 26 |  |  | 26 |  |  | 262 |
Construction – speculative one- to four-family | 128 |  |  | (32 | ) |  | — |  |  | — |  |  | 96 |
Construction – commercial | 429 |  |  | (373 | ) |  | — |  |  | — |  |  | 56 |
Construction – multi-family | — |  |  | 116 |  |  | 116 |  |  | — |  |  | — |
Construction – land development | — |  |  | (129 | ) |  | 17 |  |  | 146 |  |  | — |
Land | 2,392 |  |  | 1,801 |  |  | 2,307 |  |  | 54 |  |  | 1,940 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 759 |  |  | 202 |  |  | 184 |  |  | 5 |  |  | 782 |
Other | 254 |  |  | (40 | ) |  | 14 |  |  | — |  |  | 200 |
Commercial business loans | 516 |  |  | (294 | ) |  | — |  |  | 105 |  |  | 327 |
Total | $ | 11,825 |  |  | $ | 2,925 |  |  | $ | 4,100 |  |  | $ | 486 |  |  | $ | 11,136 |
The following table sets forth information for the year ended September 30, 2012 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):
| Beginning Allowance |  | Provision (Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 760 |  |  | $ | 1,000 |  |  | $ | 276 |  |  | $ | 74 |  |  | $ | 1,558 |
Multi-family | 1,076 |  |  | 80 |  |  | 14 |  |  | 14 |  |  | 1,156 |
Commercial | 4,035 |  |  | 1,427 |  |  | 1,215 |  |  | — |  |  | 4,247 |
Construction – custom and owner/builder | 222 |  |  | 164 |  |  | — |  |  | — |  |  | 386 |
Construction – speculative one- to four-family | 169 |  |  | (42 | ) |  | — |  |  | 1 |  |  | 128 |
Construction – commercial | 794 |  |  | 257 |  |  | 622 |  |  | — |  |  | 429 |
Construction – multi-family | 354 |  |  | (780 | ) |  | 24 |  |  | 450 |  |  | — |
Construction – land development | 79 |  |  | 106 |  |  | 239 |  |  | 54 |  |  | — |
Land | 2,795 |  |  | 751 |  |  | 1,251 |  |  | 97 |  |  | 2,392 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 460 |  |  | 517 |  |  | 232 |  |  | 14 |  |  | 759 |
Other | 415 |  |  | (137 | ) |  | 24 |  |  | — |  |  | 254 |
Commercial business loans | 787 |  |  | 157 |  |  | 430 |  |  | 2 |  |  | 516 |
Total | $ | 11,946 |  |  | $ | 3,500 |  |  | $ | 4,327 |  |  | $ | 706 |  |  | $ | 11,825 |
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2014 (dollars in thousands):
| Allowance for Loan Losses |  | Recorded Investment in Loans
| Individually Evaluated for Impairment |  | Collectively Evaluated for Impairment |  | Total |  | Individually Evaluated for Impairment |  | Collectively Evaluated for Impairment |  | Total
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 709 |  |  | $ | 941 |  |  | $ | 1,650 |  |  | $ | 7,011 |  |  | $ | 91,523 |  |  | $ | 98,534 |
Multi-family | 39 |  |  | 348 |  |  | 387 |  |  | 3,317 |  |  | 42,889 |  |  | 46,206 |
Commercial | 797 |  |  | 4,039 |  |  | 4,836 |  |  | 17,188 |  |  | 277,166 |  |  | 294,354 |
Construction – custom and owner/ builder | — |  |  | 450 |  |  | 450 |  |  | — |  |  | 34,553 |  |  | 34,553 |
Construction – speculative one- to four-family | — |  |  | 52 |  |  | 52 |  |  | — |  |  | 1,204 |  |  | 1,204 |
Construction – commercial | — |  |  | 78 |  |  | 78 |  |  | — |  |  | 2,887 |  |  | 2,887 |
Construction – multi-family | — |  |  | 25 |  |  | 25 |  |  | — |  |  | 419 |  |  | 419 |
Land | 300 |  |  | 1,134 |  |  | 1,434 |  |  | 5,158 |  |  | 24,431 |  |  | 29,589 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 162 |  |  | 717 |  |  | 879 |  |  | 797 |  |  | 34,124 |  |  | 34,921 |
Other | — |  |  | 176 |  |  | 176 |  |  | 3 |  |  | 4,696 |  |  | 4,699 |
Commercial business loans | — |  |  | 460 |  |  | 460 |  |  | — |  |  | 30,559 |  |  | 30,559 |
Total | $ | 2,007 |  |  | $ | 8,420 |  |  | $ | 10,427 |  |  | $ | 33,474 |  |  | $ | 544,451 |  |  | $ | 577,925 |
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2013 (dollars in thousands):
| Allowance for Loan Losses |  | Recorded Investment in Loans
| Individually Evaluated for Impairment |  | Collectively Evaluated for Impairment |  | Total |  | Individually Evaluated for Impairment |  | Collectively Evaluated for Impairment |  | Total
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 600 |  |  | $ | 849 |  |  | $ | 1,449 |  |  | $ | 8,984 |  |  | $ | 95,314 |  |  | $ | 104,298 |
Multi-family | 334 |  |  | 415 |  |  | 749 |  |  | 5,184 |  |  | 45,924 |  |  | 51,108 |
Commercial | 1,763 |  |  | 3,512 |  |  | 5,275 |  |  | 19,510 |  |  | 271,787 |  |  | 291,297 |
Construction – custom and owner/ builder | — |  |  | 262 |  |  | 262 |  |  | — |  |  | 22,788 |  |  | 22,788 |
Construction – speculative one- to four-family | 88 |  |  | 8 |  |  | 96 |  |  | 687 |  |  | 236 |  |  | 923 |
Construction – commercial | — |  |  | 56 |  |  | 56 |  |  | — |  |  | 2,239 |  |  | 2,239 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | 143 |  |  | 1 |  |  | 144 |
Construction – land development | — |  |  | — |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Land | 234 |  |  | 1,706 |  |  | 1,940 |  |  | 2,391 |  |  | 28,753 |  |  | 31,144 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 57 |  |  | 725 |  |  | 782 |  |  | 679 |  |  | 32,335 |  |  | 33,014 |
Other | — |  |  | 200 |  |  | 200 |  |  | 6 |  |  | 5,975 |  |  | 5,981 |
Commercial business loans | — |  |  | 327 |  |  | 327 |  |  | — |  |  | 17,499 |  |  | 17,499 |
Total | $ | 3,076 |  |  | $ | 8,060 |  |  | $ | 11,136 |  |  | $ | 38,099 |  |  | $ | 522,851 |  |  | $ | 560,950 |
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2014 (dollars in thousands):
| 30–59 Days Past Due |  | 60-89 Days Past Due |  | Non- Accrual(1) |  | Past Due 90 Days or More and Still Accruing |  | Total Past Due |  | Current |  | Total Loans
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | — |  |  | $ | 577 |  |  | $ | 4,376 |  |  | $ | — |  |  | $ | 4,953 |  |  | $ | 93,581 |  |  | $ | 98,534 |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46,206 |  |  | 46,206 |
Commercial | — |  |  | 695 |  |  | 1,468 |  |  | 812 |  |  | 2,975 |  |  | 291,379 |  |  | 294,354 |
Construction – custom and owner/ builder | — |  |  | 156 |  |  | — |  |  | — |  |  | 156 |  |  | 34,397 |  |  | 34,553 |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,204 |  |  | 1,204 |
Construction – commercial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,887 |  |  | 2,887 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 419 |  |  | 419 |
Land | 357 |  |  | 27 |  |  | 4,564 |  |  | — |  |  | 4,948 |  |  | 24,641 |  |  | 29,589 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 62 |  |  | 44 |  |  | 498 |  |  | — |  |  | 604 |  |  | 34,317 |  |  | 34,921 |
Other | 42 |  |  | — |  |  | 3 |  |  | — |  |  | 45 |  |  | 4,654 |  |  | 4,699 |
Commercial business loans | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | 30,538 |  |  | 30,559 |
Total | $ | 482 |  |  | $ | 1,499 |  |  | $ | 10,909 |  |  | $ | 812 |  |  | $ | 13,702 |  |  | $ | 564,223 |  |  | $ | 577,925 |
__________________
(1) | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual.
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2013 (dollars in thousands):
| 30–59 Days Past Due |  | 60-89 Days Past Due |  | Non- Accrual(1) |  | Past Due 90 Days or More and Still Accruing |  | Total Past Due |  | Current |  | Total Loans
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 14 |  |  | $ | 1,218 |  |  | $ | 6,985 |  |  | $ | — |  |  | $ | 8,217 |  |  | $ | 96,081 |  |  | $ | 104,298 |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,108 |  |  | 51,108 |
Commercial | — |  |  | 2,537 |  |  | 3,435 |  |  | — |  |  | 5,972 |  |  | 285,325 |  |  | 291,297 |
Construction – custom and owner/ builder | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,788 |  |  | 22,788 |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 923 |  |  | 923 |
Construction – commercial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,239 |  |  | 2,239 |
Construction – multi-family | — |  |  | — |  |  | 144 |  |  | — |  |  | 144 |  |  | — |  |  | 144 |
Construction – land development | — |  |  | — |  |  | 515 |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Land | — |  |  | — |  |  | 2,146 |  |  | 284 |  |  | 2,430 |  |  | 28,714 |  |  | 31,144 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 101 |  |  | 20 |  |  | 380 |  |  | 152 |  |  | 653 |  |  | 32,361 |  |  | 33,014 |
Other | 1 |  |  | 39 |  |  | 5 |  |  | — |  |  | 45 |  |  | 5,936 |  |  | 5,981 |
Commercial business loans | 83 |  |  | 15 |  |  | — |  |  | — |  |  | 98 |  |  | 17,401 |  |  | 17,499 |
Total | $ | 199 |  |  | $ | 3,829 |  |  | $ | 13,610 |  |  | $ | 436 |  |  | $ | 18,074 |  |  | $ | 542,876 |  |  | $ | 560,950 |
___________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. Credit Quality Indicators The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio: Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards. Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower or its industry segment or the general economic environment. Special Mention: Special mention loans are defined as those loans deemed by management to have some potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the payment prospects of the loan. Assets in this category do not expose the Company to sufficient risk to warrant a substandard classification. Substandard: Substandard loans are defined as those loans that are inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. If the weakness or weaknesses are not corrected, there is the distinct possibility that some loss will be sustained. Loss: Loans in this classification are considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless loan even though partial recovery may be realized in the future. The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2014 (dollars in thousands). At September 30, 2014 and 2013, there were no loans classified as loss.
| Loan Grades
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Total
Mortgage loans: |  |  |  |  |  |  |  |  |
One- to four-family | $ | 90,340 |  |  | $ | 1,749 |  |  | $ | 1,045 |  |  | $ | 5,400 |  |  | $ | 98,534 |
Multi-family | 37,336 |  |  | 1,697 |  |  | 6,410 |  |  | 763 |  |  | 46,206 |
Commercial | 266,467 |  |  | 5,819 |  |  | 15,946 |  |  | 6,122 |  |  | 294,354 |
Construction – custom and owner / builder | 34,553 |  |  | — |  |  | — |  |  | — |  |  | 34,553 |
Construction – speculative one- to four-family | 1,204 |  |  | — |  |  | — |  |  | — |  |  | 1,204 |
Construction – commercial | 2,887 |  |  | — |  |  | — |  |  | — |  |  | 2,887 |
Construction – multi-family | 419 |  |  | — |  |  | — |  |  | — |  |  | 419 |
Land | 21,084 |  |  | 114 |  |  | 3,586 |  |  | 4,805 |  |  | 29,589 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 33,207 |  |  | 724 |  |  | 27 |  |  | 963 |  |  | 34,921 |
Other | 4,657 |  |  | 39 |  |  | — |  |  | 3 |  |  | 4,699 |
Commercial business loans | 30,355 |  |  | 112 |  |  | 92 |  |  | — |  |  | 30,559 |
Total | $ | 522,509 |  |  | $ | 10,254 |  |  | $ | 27,106 |  |  | $ | 18,056 |  |  | $ | 577,925 |
The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2013 (dollars in thousands):
| Loan Grades
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Total
Mortgage loans: |  |  |  |  |  |  |  |  |
One- to four-family | $ | 91,291 |  |  | $ | 4,032 |  |  | $ | 769 |  |  | $ | 8,206 |  |  | $ | 104,298 |
Multi-family | 41,863 |  |  | 132 |  |  | 8,337 |  |  | 776 |  |  | 51,108 |
Commercial | 262,502 |  |  | 3,309 |  |  | 12,522 |  |  | 12,964 |  |  | 291,297 |
Construction – custom and owner / builder | 22,788 |  |  | — |  |  | — |  |  | — |  |  | 22,788 |
Construction – speculative one- to four-family | 236 |  |  | 687 |  |  | — |  |  | — |  |  | 923 |
Construction – commercial | 2,239 |  |  | — |  |  | — |  |  | — |  |  | 2,239 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | 144 |  |  | 144 |
Construction – land development | — |  |  | — |  |  | — |  |  | 515 |  |  | 515 |
Land | 20,627 |  |  | 5,101 |  |  | 1,129 |  |  | 4,287 |  |  | 31,144 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 31,096 |  |  | 782 |  |  | 55 |  |  | 1,081 |  |  | 33,014 |
Other | 5,937 |  |  | 39 |  |  | — |  |  | 5 |  |  | 5,981 |
Commercial business loans | 17,029 |  |  | 366 |  |  | 104 |  |  | — |  |  | 17,499 |
Total | $ | 495,608 |  |  | $ | 14,448 |  |  | $ | 22,916 |  |  | $ | 27,978 |  |  | $ | 560,950 |
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2014 (dollars in thousands):
| September 30, 2014 |  | For the Year Ended September 30, 2014
| Recorded Investment |  | Unpaid Principal Balance (Loan Balance Plus Charge Off) |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 2,647 |  |  | $ | 3,301 |  |  | $ | — |  |  | $ | 3,763 |  |  | $ | — |  |  | $ | — |
Multi-family | — |  |  | 857 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial | 11,057 |  |  | 14,184 |  |  | — |  |  | 7,859 |  |  | 414 |  |  | 325 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  | — |
Construction – land development | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | — |
Land | 1,079 |  |  | 1,674 |  |  | — |  |  | 1,044 |  |  | 12 |  |  | 10 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 351 |  |  | 574 |  |  | — |  |  | 276 |  |  | — |  |  | — |
Other | 3 |  |  | 3 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 10 |  |  | — |  |  | 22 |  |  | — |  |  | — |
Subtotal | 15,137 |  |  | 20,603 |  |  | — |  |  | 13,169 |  |  | 426 |  |  | 335 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 4,364 |  |  | 4,364 |  |  | 709 |  |  | 4,140 |  |  | 146 |  |  | 110 |
Multi-family | 3,317 |  |  | 3,317 |  |  | 39 |  |  | 4,157 |  |  | 220 |  |  | 165 |
Commercial | 6,131 |  |  | 6,131 |  |  | 797 |  |  | 10,083 |  |  | 541 |  |  | 423 |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | 275 |  |  | 11 |  |  | 7 |
Land | 4,079 |  |  | 4,079 |  |  | 300 |  |  | 3,780 |  |  | 18 |  |  | 16 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 446 |  |  | 446 |  |  | 162 |  |  | 404 |  |  | 16 |  |  | 12 |
Subtotal | 18,337 |  |  | 18,337 |  |  | 2,007 |  |  | 22,839 |  |  | 952 |  |  | 733 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 7,011 |  |  | 7,665 |  |  | 709 |  |  | 7,903 |  |  | 146 |  |  | 110 |
Multi-family | 3,317 |  |  | 4,174 |  |  | 39 |  |  | 4,157 |  |  | 220 |  |  | 165 |
Commercial | 17,188 |  |  | 20,315 |  |  | 797 |  |  | 17,942 |  |  | 955 |  |  | 748 |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | 275 |  |  | 11 |  |  | 7 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  | — |
Construction – land development | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | — |
Land | 5,158 |  |  | 5,753 |  |  | 300 |  |  | 4,824 |  |  | 30 |  |  | 26 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 797 |  |  | 1,020 |  |  | 162 |  |  | 680 |  |  | 16 |  |  | 12 |
Other | 3 |  |  | 3 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 10 |  |  | — |  |  | 22 |  |  | — |  |  | — |
Total | $ | 33,474 |  |  | $ | 38,940 |  |  | $ | 2,007 |  |  | $ | 36,008 |  |  | $ | 1,378 |  |  | $ | 1,068 |
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2013 (dollars in thousands):
| September 30, 2013 |  | For the Year Ended September 30, 2013
| Recorded Investment |  | Unpaid Principal Balance (Loan Balance Plus Charge Off) |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 5,342 |  |  | $ | 5,775 |  |  | $ | — |  |  | $ | 2,661 |  |  | $ | 18 |  |  | $ | 13 |
Multi-family | — |  |  | 982 |  |  | — |  |  | 473 |  |  | 3 |  |  | 3 |
Commercial | 4,879 |  |  | 8,005 |  |  | — |  |  | 8,781 |  |  | 322 |  |  | 267 |
Construction – custom and owner / builder | — |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | — |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |
Construction – multi-family | 143 |  |  | 608 |  |  | — |  |  | 293 |  |  | — |  |  | — |
Construction – land development | 515 |  |  | 3,279 |  |  | — |  |  | 534 |  |  | — |  |  | — |
Land | 1,188 |  |  | 2,133 |  |  | — |  |  | 3,519 |  |  | 9 |  |  | 8 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 380 |  |  | 556 |  |  | — |  |  | 266 |  |  | — |  |  | — |
Other | 6 |  |  | 6 |  |  | — |  |  | 8 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | 12,453 |  |  | 21,377 |  |  | — |  |  | 16,697 |  |  | 352 |  |  | 291 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 3,642 |  |  | 3,726 |  |  | 600 |  |  | 4,397 |  |  | 91 |  |  | 68 |
Multi-family | 5,184 |  |  | 5,184 |  |  | 334 |  |  | 5,960 |  |  | 301 |  |  | 230 |
Commercial | 14,631 |  |  | 15,297 |  |  | 1,763 |  |  | 9,052 |  |  | 526 |  |  | 420 |
Construction – custom and owner / builder | — |  |  | — |  |  | — |  |  | 60 |  |  | — |  |  | — |
Construction – speculative one- to four-family | 687 |  |  | 687 |  |  | 88 |  |  | 695 |  |  | 29 |  |  | 16 |
Construction – commercial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land | 1,203 |  |  | 1,226 |  |  | 234 |  |  | 1,962 |  |  | 27 |  |  | 27 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 299 |  |  | 299 |  |  | 57 |  |  | 352 |  |  | 16 |  |  | 12 |
Subtotal | 25,646 |  |  | 26,419 |  |  | 3,076 |  |  | 22,478 |  |  | 990 |  |  | 773 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 8,984 |  |  | 9,501 |  |  | 600 |  |  | 7,058 |  |  | 109 |  |  | 81 |
Multi-family | 5,184 |  |  | 6,166 |  |  | 334 |  |  | 6,433 |  |  | 304 |  |  | 233 |
Commercial | 19,510 |  |  | 23,302 |  |  | 1,763 |  |  | 17,833 |  |  | 848 |  |  | 687 |
Construction – custom and owner / builder | — |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | — |
Construction – speculative one- to four-family | 687 |  |  | 687 |  |  | 88 |  |  | 760 |  |  | 29 |  |  | 16 |
Construction – multi-family | 143 |  |  | 608 |  |  | — |  |  | 293 |  |  | — |  |  | — |
Construction – land development | 515 |  |  | 3,279 |  |  | — |  |  | 534 |  |  | — |  |  | — |
Land | 2,391 |  |  | 3,359 |  |  | 234 |  |  | 5,481 |  |  | 36 |  |  | 35 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 679 |  |  | 855 |  |  | 57 |  |  | 618 |  |  | 16 |  |  | 12 |
Other | 6 |  |  | 6 |  |  | — |  |  | 8 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 38,099 |  |  | $ | 47,796 |  |  | $ | 3,076 |  |  | $ | 39,175 |  |  | $ | 1,342 |  |  | $ | 1,064 |
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2012 (dollars in thousands):
| September 30, 2012 |  | For the Year Ended September 30, 2012
| Recorded Investment |  | Unpaid Principal Balance (Loan Balance Plus Charge Off) |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |  | Cash Basis Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 1,510 |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 1,838 |  |  | $ | 20 |  |  | $ | 16 |
Multi-family | — |  |  | 982 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Commercial | 7,596 |  |  | 8,664 |  |  | — |  |  | 14,491 |  |  | 543 |  |  | 348 |
Construction – custom and owner / builder | 208 |  |  | 208 |  |  | — |  |  | 209 |  |  | — |  |  | — |
Construction – speculative one- to four-family | 327 |  |  | 327 |  |  | — |  |  | 65 |  |  | — |  |  | — |
Construction – commercial | — |  |  | 2,066 |  |  |  |  |  | — |  |  | 14 |  |  | 14 |
Construction – multi-family | 345 |  |  | 810 |  |  | — |  |  | 338 |  |  | — |  |  | — |
Construction – land development | 589 |  |  | 3,497 |  |  | — |  |  | 1,089 |  |  | 14 |  |  | 14 |
Land | 5,989 |  |  | 8,247 |  |  | — |  |  | 6,279 |  |  | 28 |  |  | 16 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 261 |  |  | 383 |  |  | — |  |  | 482 |  |  | — |  |  | — |
Other | 7 |  |  | 7 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 166 |  |  | — |  |  | 32 |  |  | 2 |  |  | 2 |
Subtotal | 16,832 |  |  | 26,962 |  |  | — |  |  | 24,828 |  |  | 622 |  |  | 411 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 3,772 |  |  | 3,772 |  |  | 678 |  |  | 2,520 |  |  | 81 |  |  | 62 |
Multi-family | 6,879 |  |  | 6,879 |  |  | 711 |  |  | 6,618 |  |  | 294 |  |  | 189 |
Commercial | 9,596 |  |  | 9,596 |  |  | 667 |  |  | 5,043 |  |  | 60 |  |  | 39 |
Construction – custom and owner / builder | 101 |  |  | 101 |  |  | 15 |  |  | 106 |  |  | — |  |  | — |
Construction – speculative one- to four-family | 700 |  |  | 700 |  |  | 109 |  |  | 700 |  |  | 29 |  |  | 20 |
Construction – commercial | — |  |  | — |  |  | — |  |  | 3,248 |  |  | 230 |  |  | 146 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | 74 |  |  | — |  |  | — |
Land | 2,624 |  |  | 2,811 |  |  | 686 |  |  | 3,307 |  |  | 37 |  |  | 36 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 301 |  |  | 301 |  |  | 36 |  |  | 515 |  |  | 31 |  |  | 23 |
Commercial business loans | — |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | — |
Subtotal | 23,973 |  |  | 24,160 |  |  | 2,902 |  |  | 22,186 |  |  | 762 |  |  | 515 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 5,282 |  |  | 5,377 |  |  | 678 |  |  | 4,358 |  |  | 101 |  |  | 78 |
Multi-family | 6,879 |  |  | 7,861 |  |  | 711 |  |  | 6,618 |  |  | 295 |  |  | 190 |
Commercial | 17,192 |  |  | 18,260 |  |  | 667 |  |  | 19,534 |  |  | 603 |  |  | 387 |
Construction – custom and owner / builder | 309 |  |  | 309 |  |  | 15 |  |  | 315 |  |  | — |  |  | — |
Construction – speculative one- to four-family | 1,027 |  |  | 1,027 |  |  | 109 |  |  | 765 |  |  | 29 |  |  | 20 |
Construction – commercial | — |  |  | 2,066 |  |  | — |  |  | 3,248 |  |  | 244 |  |  | 160 |
Construction – multi-family | 345 |  |  | 810 |  |  | — |  |  | 412 |  |  | — |  |  | — |
Construction – land development | 589 |  |  | 3,497 |  |  | — |  |  | 1,089 |  |  | 14 |  |  | 14 |
Land | 8,613 |  |  | 11,058 |  |  | 686 |  |  | 9,586 |  |  | 65 |  |  | 52 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 562 |  |  | 684 |  |  | 36 |  |  | 997 |  |  | 31 |  |  | 23 |
Other | 7 |  |  | 7 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Commercial business loans | — |  |  | 166 |  |  | — |  |  | 87 |  |  | 2 |  |  | 2 |
Total | $ | 40,805 |  |  | $ | 51,122 |  |  | $ | 2,902 |  |  | $ | 47,014 |  |  | $ | 1,384 |  |  | $ | 926 |
Troubled debt restructured loans are considered impaired loans and are individually evaluated for impairment. Troubled debt restructured loans can be classified as either accrual or non-accrual. The Company had $19,088,000 in troubled debt restructured loans included in impaired loans at September 30, 2014 and had no commitments to lend additional funds on these loans. The Company had $22,604,000 in troubled debt restructured loans included in impaired loans at September 30, 2013 and had $1,000 in commitments to lend additional funds on these loans. The allowance for loan losses allocated to troubled debt restructured loans at September 30, 2014 and 2013 was $994,000 and $2,371,000, respectively. The following tables set forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of September 30, 2014 and 2013 (dollars in thousands):
| 2014
| Accruing |  | Non- Accrual |  | Total
Mortgage loans: |  |  |  |  |
One- to four-family | $ | 2,634 |  |  | $ | 233 |  |  | $ | 2,867 |
Multi-family | 3,317 |  |  | — |  |  | 3,317 |
Commercial | 9,960 |  |  | 1,468 |  |  | 11,428 |
Land | 594 |  |  | 431 |  |  | 1,025 |
Consumer loans: |  |  |  |  |  |  |  |
Home equity and second mortgage | 299 |  |  | 152 |  |  | 451 |
Total | $ | 16,804 |  |  | $ | 2,284 |  |  | $ | 19,088 |
| 2013
| Accruing |  | Non- Accrual |  | Total
Mortgage loans: |  |  |  |  |
One- to four-family | $ | 1,999 |  |  | $ | 198 |  |  | $ | 2,197 |
Multi-family | 5,184 |  |  | — |  |  | 5,184 |
Commercial | 10,160 |  |  | 1,574 |  |  | 11,734 |
Construction – speculative one- to four-family | 687 |  |  | — |  |  | 687 |
Construction – land development | — |  |  | 515 |  |  | 515 |
Land | 244 |  |  | 1,564 |  |  | 1,808 |
Consumer loans: |  |  |  |  |  |  |  |
Home equity and second mortgage | 299 |  |  | 180 |  |  | 479 |
Total | $ | 18,573 |  |  | $ | 4,031 |  |  | $ | 22,604 |
The following tables set forth information with respect to the Company’s troubled debt restructured loans by portfolio segment that occurred during the years ended September 30, 2014, 2013 and 2012 (dollars in thousands):
2014 | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment |  | End of Period Balance
One-to four-family (1) | 1 |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 42 |
Land (1) | 1 |  |  | 157 |  |  | 157 |  |  | 153 |
Total | 2 |  |  | $ | 199 |  |  | $ | 199 |  |  | $ | 195 |
___________________________ (1) Modifications were a result of a reduction in the stated interest rate.
2013 | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment |  | End of Period Balance
One-to four-family (1) | 2 |  |  | $ | 353 |  |  | $ | 353 |  |  | $ | 350 |
Commercial (2) | 2 |  |  | 2,327 |  |  | 2,327 |  |  | 2,318 |
Total | 4 |  |  | $ | 2,680 |  |  | $ | 2,680 |  |  | $ | 2,668 |
_______________________________
(1) | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate and an extension of the maturity at an interest rate below current market).
(2) Modifications were a result of a reduction in the stated interest rate.
2012 | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment |  | End of Period Balance
One-to four-family (1) | 1 |  |  | $ | 373 |  |  | $ | 373 |  |  | $ | 372 |
Commercial (1) | 1 |  |  | 2,718 |  |  | 2,718 |  |  | 2,657 |
Land (2) | 1 |  |  | 249 |  |  | 249 |  |  | 233 |
Total | 3 |  |  | $ | 3,340 |  |  | $ | 3,340 |  |  | $ | 3,262 |
(1) | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals).
(2) | Modification was a result of a reduction in the stated interest rate.
No troubled debt restructured loans were recorded that subsequently defaulted during the years ended September 30, 2014, 2013 and 2012.

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