XML 52 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

MBS And Other Investments | 6 Months Ended
--- | ---
Mar. 31, 2014
Investments [Abstract] |
MBS And Other Investments | MBS AND OTHER INVESTMENTS MBS and other investments have been classified according to management’s intent and are as follows as of March 31, 2014 and September 30, 2013 (dollars in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2014 |  |  |  |  |  |  |
Held to Maturity |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |
U.S. government agencies | $ | 1,098 |  |  | $ | 30 |  |  | $ | (2 | ) |  | $ | 1,126 |
Private label residential | 1,396 |  |  | 796 |  |  | (15 | ) |  | 2,177 |
U.S. agency securities | 3,017 |  |  | 1 |  |  | (29 | ) |  | 2,989 |
Total | $ | 5,511 |  |  | $ | 827 |  |  | $ | (46 | ) |  | $ | 6,292 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 1,941 |  |  | $ | 104 |  |  | $ | (2 | ) |  | $ | 2,043 |
Mutual funds | 1,000 |  |  | — |  |  | (52 | ) |  | 948 |
Total | $ | 2,941 |  |  | $ | 104 |  |  | $ | (54 | ) |  | $ | 2,991 |
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 |
The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of March 31, 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 | $ | 2,991 |  |  | $ | (30 | ) |  | 5 |  |  | $ | 81 |  |  | $ | (1 | ) |  | 7 |  |  | $ | 3,072 |  |  | $ | (31 | )
Private label residential | 25 |  |  | (2 | ) |  | 2 |  |  | 210 |  |  | (13 | ) |  | 12 |  |  | 235 |  |  | (15 | )
Total | $ | 3,016 |  |  | $ | (32 | ) |  | 7 |  |  | $ | 291 |  |  | $ | (14 | ) |  | 19 |  |  | $ | 3,307 |  |  | $ | (46 | )
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 63 |  |  | $ | (2 | ) |  | 2 |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 63 |  |  | $ | (2 | )
Mutual Funds | 948 |  |  | (52 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 948 |  |  | (52 | )
Total | $ | 1,011 |  |  | $ | (54 | ) |  | 3 |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 1,011 |  |  | $ | (54 | )
The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time the unrealized losses existed 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 | )
During the three months ended March 31, 2014 and 2013, the Company recorded net recoveries (OTTI) through earnings on residential MBS of $89,000 and ($25,000), respectively. During the six months ended March 31, 2014 and 2013, the Company recorded net recoveries (OTTI) through earnings of $87,000 and ($35,000) respectively. The Company provides for the bifurcation of OTTI into (i) amounts related to credit losses which are recognized through earnings, and (ii)amounts related to all other factors which are recognized as a component of other comprehensive income. To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of each 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 and prepayment speeds included in 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 estimate of the credit loss component on OTTI securities as of March 31, 2014 and September 30, 2013:
| Range |  | Weighted
| Minimum |  | Maximum |  | Average
March 31, 2014 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 9.13 | %
Collateral default rate | 0.45 | % |  | 19.23 | % |  | 6.96 | %
Loss severity rate | 12.54 | % |  | 73.69 | % |  | 47.76 | %
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 | %
The following tables present the recoveries (OTTI) for the three and six months ended March 31, 2014 and 2013 (dollars in thousands):
| Three Months Ended March 31, 2014 |  | Three Months Ended March 31, 2013
| Held To Maturity |  | Available For Sale |  | Held To Maturity |  | Available For Sale
Total recoveries (OTTI) | $ | 89 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Adjustment for portion recorded as (transferred from) other comprehensive income (loss) before taxes (1) | — |  |  | — |  |  | (29 | ) |  | — |
Net recoveries (OTTI) recognized in earnings (2) | $ | 89 |  |  | $ | — |  |  | $ | (25 | ) |  | $ | — |
| Six Months Ended March 31, 2014 |  | Six Months Ended March 31, 2013
| Held To Maturity |  | Available For Sale |  | Held To Maturity |  | Available For Sale
Total recoveries (OTTI) | $ | 86 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | (1 | )
Adjustment for portion recorded as (transferred from) other comprehensive income (loss) before taxes (1) | 1 |  |  | — |  |  | (32 | ) |  | — |
Net recoveries (OTTI) recognized in earnings (2) | $ | 87 |  |  | $ | — |  |  | $ | (34 | ) |  | $ | (1 | )
________________________
(1) | Represents OTTI related to all other factors.
(2) | Represents net recoveries (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 and the remaining impairment loss related to all other factors recognized in other comprehensive income for the six months ended March 31, 2014 and 2013 (dollars in thousands):
| Six Months Ended March 31,
| 2014 |  |  | 2013 |
Beginning balance of credit loss | $ | 2,084 |  |  | $ | 2,703 |
Additions: |  |  |  |  |
Credit losses for which OTTI was not previously recognized | 2 |  |  | 5 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | — |  |  | 30 |
Subtractions: |  |  |  |  |
Realized losses previously recorded as credit losses | (492 | ) |  | (384 | )
Recovery of prior credit loss | 87 |  |  | — |
Ending balance of credit loss | $ | 1,681 |  |  | $ | 2,354 |
There was a $32,000 realized loss on sale of securities for the three and six months ended March 31, 2014. There was no realized loss on sale of securities for the three and six months ended March 31, 2013. During the three months ended March 31, 2014, the Company recorded a net $365,000 realized loss (as a result of the securities being deemed worthless) on 12 held to maturity residential MBS and five available for sale residential MBS, of which the entire amount had been recognized previously as a credit loss. During the six months ended March 31, 2014, the Company recorded a net $405,000 realized loss (as a result of securities being deemed worthless) on 15 held to maturity residential MBS and six available for sale MBS, of which the entire amount had been recognized previously as a credit loss. During the three months ended March 31, 2013, the Company recorded a $152,000 realized loss (as a result of the securities being deemed worthless) on 15 held to maturity residential MBS and six available for sale residential MBS, of which the entire amount had been recognized previously as a credit loss. During the six months ended March 31, 2013, the Company recorded a $384,000 realized loss (as a result of securities being deemed worthless) on 17 held to maturity residential MBS and six available for sale MBS, of which the entire amount had been recognized previously as a credit loss. The amortized cost of residential mortgage-backed and agency securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral, retail repurchase agreements and other non-profit organization deposits totaled $6.49 million and $4.54 million at March 31, 2014 and September 30, 2013, respectively. The contractual maturities of debt securities at March 31, 2014 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities as a result of the prepayment of principal or call provisions.
| Held to Maturity |  | Available for Sale
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due within one year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Due after one year to five years | 20 |  |  | 21 |  |  | 24 |  |  | 23 |
Due after five to ten years | 3,017 |  |  | 2,988 |  |  | 32 |  |  | 33 |
Due after ten years | 2,474 |  |  | 3,283 |  |  | 1,885 |  |  | 1,987 |
Total | $ | 5,511 |  |  | $ | 6,292 |  |  | $ | 1,941 |  |  | $ | 2,043 |

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 Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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 3: 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 4: 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 5: 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=6872113&loc=d3e27161-111563 Reference 6: 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=6872113&loc=d3e27357-111563 Reference 7: 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=6872113&loc=d3e27290-111563 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=6872113&loc=d3e27405-111563 Reference 9: 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=6872113&loc=d3e27232-111563 Reference 10: 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