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Loans Receivable And Allowance For Loan Losses | 9 Months Ended
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Jun. 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 consisted of the following at June 30, 2014 and September 30, 2013 (dollars in thousands):
| June 30, 2014 |  | September 30, 2013
| Amount |  | Percent |  | Amount |  | Percent
Mortgage loans: |  |  |  |  |  |  |
One- to four-family (1) | $ | 100,085 |  |  | 16.9 | % |  | $ | 104,298 |  |  | 18.0 | %
Multi-family | 47,077 |  |  | 8.0 |  |  | 51,108 |  |  | 8.8 |
Commercial | 299,707 |  |  | 50.7 |  |  | 291,297 |  |  | 50.3 |
Construction and land development | 53,695 |  |  | 9.1 |  |  | 45,136 |  |  | 7.8 |
Land | 28,442 |  |  | 4.8 |  |  | 31,144 |  |  | 5.4 |
Total mortgage loans | 529,006 |  |  | 89.5 |  |  | 522,983 |  |  | 90.3 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 31,832 |  |  | 5.4 |  |  | 33,014 |  |  | 5.7 |
Other | 5,229 |  |  | 0.8 |  |  | 5,981 |  |  | 1.0 |
Total consumer loans | 37,061 |  |  | 6.2 |  |  | 38,995 |  |  | 6.7 |
Commercial business loans | 25,341 |  |  | 4.3 |  |  | 17,499 |  |  | 3.0 |
Total loans receivable | 591,408 |  |  | 100.0 | % |  | 579,477 |  |  | 100.0 | %
Less: |  |  |  |  |  |  |  |  |  |  |
Undisbursed portion of construction loans in process | (21,463 | ) |  |  |  |  | (18,527 | ) |  |  |
Deferred loan origination fees | (1,687 | ) |  |  |  |  | (1,710 | ) |  |  |
Allowance for loan losses | (10,563 | ) |  |  |  |  | (11,136 | ) |  |  |
Total loans receivable, net | $ | 557,695 |  |  |  |  |  | $ | 548,104 |  |  |  |
________________________ (1) Includes loans held for sale. Construction and Land Development Loan Portfolio Composition The following table sets forth the composition of the Company’s construction and land development loan portfolio at June 30, 2014 and September 30, 2013 (dollars in thousands):
| June 30, 2014 |  | September 30, 2013
| Amount |  | Percent |  | Amount |  | Percent
Custom and owner/builder | $ | 48,212 |  |  | 89.8 | % |  | $ | 40,811 |  |  | 90.4 | %
Speculative one- to four-family | 2,307 |  |  | 4.3 |  |  | 1,428 |  |  | 3.2 |
Commercial real estate | 2,736 |  |  | 5.1 |  |  | 2,239 |  |  | 5.0 |
Multi-family (including condominiums) | 440 |  |  | 0.8 |  |  | 143 |  |  | 0.3 |
Land development | — |  |  | — |  |  | 515 |  |  | 1.1 |
Total construction and land development loans | $ | 53,695 |  |  | 100.0 | % |  | $ | 45,136 |  |  | 100.0 | %
Allowance for Loan Losses The following tables set forth information for the three and nine months ended June 30, 2014 and 2013 regarding activity in the allowance for loan losses (dollars in thousands):
| Three Months Ended June 30, 2014
| Beginning Allowance |  | Provision /(Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,751 |  |  | $ | 213 |  |  | $ | 356 |  |  | $ | 42 |  |  | $ | 1,650 |
Multi-family | 433 |  |  | (31 | ) |  | — |  |  | — |  |  | 402 |
Commercial | 5,168 |  |  | (4 | ) |  | — |  |  | — |  |  | 5,164 |
Construction – custom and owner/builder | 348 |  |  | (15 | ) |  | — |  |  | — |  |  | 333 |
Construction – speculative one- to four-family | 46 |  |  | 10 |  |  | — |  |  | — |  |  | 56 |
Construction – commercial | 25 |  |  | 13 |  |  | — |  |  | — |  |  | 38 |
Construction – multi-family | — |  |  | (110 | ) |  | — |  |  | 125 |  |  | 15 |
Land | 1,568 |  |  | (83 | ) |  | 5 |  |  | 4 |  |  | 1,484 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 868 |  |  | (7 | ) |  | — |  |  | — |  |  | 861 |
Other | 194 |  |  | (4 | ) |  | 2 |  |  | 2 |  |  | 190 |
Commercial business loans | 348 |  |  | 18 |  |  | — |  |  | 4 |  |  | 370 |
Total | $ | 10,749 |  |  | $ | — |  |  | $ | 363 |  |  | $ | 177 |  |  | $ | 10,563 |
| Nine Months Ended June 30, 2014
| Beginning Allowance |  | Provision /(Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,449 |  |  | $ | 987 |  |  | $ | 979 |  |  | $ | 193 |  |  | $ | 1,650 |
Multi-family | 749 |  |  | (347 | ) |  | — |  |  | — |  |  | 402 |
Commercial | 5,275 |  |  | 348 |  |  | 463 |  |  | 4 |  |  | 5,164 |
Construction – custom and owner/builder | 262 |  |  | 71 |  |  | — |  |  | — |  |  | 333 |
Construction – speculative one- to four-family | 96 |  |  | (40 | ) |  | — |  |  | — |  |  | 56 |
Construction – commercial | 56 |  |  | (18 | ) |  | — |  |  | — |  |  | 38 |
Construction – multi-family | — |  |  | (236 | ) |  | — |  |  | 251 |  |  | 15 |
Construction – land development | — |  |  | (287 | ) |  | — |  |  | 287 |  |  | — |
Land | 1,940 |  |  | (607 | ) |  | 260 |  |  | 411 |  |  | 1,484 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 782 |  |  | 100 |  |  | 28 |  |  | 7 |  |  | 861 |
Other | 200 |  |  | (8 | ) |  | 4 |  |  | 2 |  |  | 190 |
Commercial business loans | 327 |  |  | 37 |  |  | 14 |  |  | 20 |  |  | 370 |
Total | $ | 11,136 |  |  | $ | — |  |  | $ | 1,748 |  |  | $ | 1,175 |  |  | $ | 10,563 |
| Three Months Ended June 30, 2013
| Beginning Allowance |  | Provision /(Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,846 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 19 |  |  | $ | 1,863 |
Multi-family | 815 |  |  | (1) |  |  | — |  |  | — |  |  | 814
Commercial | 4,497 |  |  | 179 |  |  | 11 |  |  | 3 |  |  | 4,668
Construction – custom and owner/builder | 284 |  |  | (29) |  |  | 26 |  |  | — |  |  | 229
Construction – speculative one- to four-family | 141 |  |  | (58) |  |  | — |  |  | — |  |  | 83
Construction – commercial | 85 |  |  | 5 |  |  | — |  |  | — |  |  | 90
Construction – land development | 12 |  |  | (2) |  |  | 10 |  |  | — |  |  | — |
Land | 2,197 |  |  | 1,311 |  |  | 1,543 |  |  | 1 |  |  | 1,966
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 781 |  |  | (2) |  |  | — |  |  | 5 |  |  | 784
Other | 239 |  |  | 2 |  |  | 8 |  |  | — |  |  | 233
Commercial business loans | 416 |  |  | (21) |  |  | — |  |  | 1 |  |  | 396
Total | $ | 11,313 |  |  | $ | 1,385 |  |  | $ | 1,601 |  |  | $ | 29 |  |  | $ | 11,126 |
| Nine Months Ended June 30, 2013
| Beginning Allowance |  | Provision /(Credit) |  | Charge- offs |  | Recoveries |  | Ending Allowance
Mortgage loans: |  |  |  |  |  |  |  |  |
One-to four-family | $ | 1,558 |  |  | $ | 792 |  |  | $ | 527 |  |  | $ | 40 |  |  | $ | 1,863 |
Multi-family | 1,156 |  |  | (227) |  |  | 116 |  |  | 1 |  |  | 814
Commercial | 4,247 |  |  | 1,035 |  |  | 667 |  |  | 53 |  |  | 4,668
Construction – custom and owner/builder | 386 |  |  | (131) |  |  | 26 |  |  | — |  |  | 229
Construction – speculative one- to four-family | 128 |  |  | (45) |  |  | — |  |  | — |  |  | 83
Construction – commercial | 429 |  |  | (339) |  |  | — |  |  | — |  |  | 90
Construction – land development | — |  |  | (130) |  |  | 16 |  |  | 146 |  |  | — |
Land | 2,392 |  |  | 1,821 |  |  | 2,250 |  |  | 3 |  |  | 1,966
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 759 |  |  | 204 |  |  | 184 |  |  | 5 |  |  | 784
Other | 254 |  |  | (7) |  |  | 14 |  |  | — |  |  | 233
Commercial business loans | 516 |  |  | (213) |  |  | — |  |  | 93 |  |  | 396
Total | $ | 11,825 |  |  | $ | 2,760 |  |  | $ | 3,800 |  |  | $ | 341 |  |  | $ | 11,126 |
The following tables presents information on the loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses at June 30, 2014 and 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
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 798 |  |  | $ | 852 |  |  | $ | 1,650 |  |  | $ | 7,520 |  |  | $ | 92,565 |  |  | $ | 100,085 |
Multi-family | 50 |  |  | 352 |  |  | 402 |  |  | 3,326 |  |  | 43,751 |  |  | 47,077 |
Commercial | 1,423 |  |  | 3,741 |  |  | 5,164 |  |  | 17,440 |  |  | 282,267 |  |  | 299,707 |
Construction – custom and owner/builder | — |  |  | 333 |  |  | 333 |  |  | — |  |  | 28,982 |  |  | 28,982 |
Construction – speculative one- to four-family | — |  |  | 56 |  |  | 56 |  |  | — |  |  | 1,445 |  |  | 1,445 |
Construction – commercial | — |  |  | 38 |  |  | 38 |  |  | — |  |  | 1,520 |  |  | 1,520 |
Construction – multi-family | — |  |  | 15 |  |  | 15 |  |  | — |  |  | 285 |  |  | 285 |
Land | 383 |  |  | 1,101 |  |  | 1,484 |  |  | 5,446 |  |  | 22,996 |  |  | 28,442 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 193 |  |  | 668 |  |  | 861 |  |  | 670 |  |  | 31,162 |  |  | 31,832 |
Other | — |  |  | 190 |  |  | 190 |  |  | 8 |  |  | 5,221 |  |  | 5,229 |
Commercial business loans | — |  |  | 370 |  |  | 370 |  |  | — |  |  | 25,341 |  |  | 25,341 |
Total | $ | 2,847 |  |  | $ | 7,716 |  |  | $ | 10,563 |  |  | $ | 34,410 |  |  | $ | 535,535 |  |  | $ | 569,945 |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 ongoing 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, 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 bankable assets 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 loan even though partial recovery may be realized in the future. The following table lists the loan credit risk grades utilized by the Company that serve as credit quality indicators at June 30, 2014 and September 30, 2013 (dollars in thousands):
| Loan Grades |  |
June 30, 2014 | Pass |  | Watch |  | Special Mention |  | Substandard |  | Total
Mortgage loans: |  |  |  |  |  |  |  |  |
One- to four-family | $ | 91,467 |  |  | $ | 1,835 |  |  | $ | 880 |  |  | $ | 5,903 |  |  | $ | 100,085 |
Multi-family | 38,171 |  |  | 1,704 |  |  | 6,435 |  |  | 767 |  |  | 47,077 |
Commercial | 271,593 |  |  | 3,179 |  |  | 18,622 |  |  | 6,313 |  |  | 299,707 |
Construction – custom and owner/builder | 28,982 |  |  | — |  |  | — |  |  | — |  |  | 28,982 |
Construction – speculative one- to four-family | 1,445 |  |  | — |  |  | — |  |  | — |  |  | 1,445 |
Construction – commercial | 1,520 |  |  | — |  |  | — |  |  | — |  |  | 1,520 |
Construction – multi-family | 285 |  |  | — |  |  | — |  |  | — |  |  | 285 |
Land | 19,628 |  |  | 115 |  |  | 2,492 |  |  | 6,207 |  |  | 28,442 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 29,938 |  |  | 729 |  |  | 326 |  |  | 839 |  |  | 31,832 |
Other | 5,182 |  |  | 39 |  |  | — |  |  | 8 |  |  | 5,229 |
Commercial business loans | 25,140 |  |  | 106 |  |  | 95 |  |  | — |  |  | 25,341 |
Total | $ | 513,351 |  |  | $ | 7,707 |  |  | $ | 28,850 |  |  | $ | 20,037 |  |  | $ | 569,945 |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 tables present an age analysis of past due status of loans by category at June 30, 2014 and September 30, 2013 (dollars in thousands):
| 30–59 Days Past Due |  | 60-89 Days Past Due |  | Non- Accrual |  | Past Due 90 Days or More and Still Accruing |  | Total Past Due |  | Current |  | Total Loans
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | — |  |  | $ | 163 |  |  | $ | 4,873 |  |  | $ | — |  |  | $ | 5,036 |  |  | $ | 95,049 |  |  | $ | 100,085 |
Multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,077 |  |  | 47,077 |
Commercial | — |  |  | 812 |  |  | 1,631 |  |  | — |  |  | 2,443 |  |  | 297,264 |  |  | 299,707 |
Construction – custom and owner/builder | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,982 |  |  | 28,982 |
Construction – speculative one- to four- family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,445 |  |  | 1,445 |
Construction – commercial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,520 |  |  | 1,520 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 285 |  |  | 285 |
Land | 48 |  |  | — |  |  | 5,204 |  |  | — |  |  | 5,252 |  |  | 23,190 |  |  | 28,442 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | — |  |  | — |  |  | 371 |  |  | 150 |  |  | 521 |  |  | 31,311 |  |  | 31,832 |
Other | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  | 5,221 |  |  | 5,229 |
Commercial business loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,341 |  |  | 25,341 |
Total | $ | 48 |  |  | $ | 975 |  |  | $ | 12,087 |  |  | $ | 150 |  |  | $ | 13,260 |  |  | $ | 556,685 |  |  | $ | 569,945 |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Impaired Loans A loan is considered impaired when it is probable that the Company will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. Impaired loans are measured based on the estimated fair value of the collateral less estimated cost to sell if the loan is considered collateral dependent. Impaired loans that are not considered to be collateral dependent are measured based on the present value of expected future cash flows. The categories of non-accrual loans and impaired loans overlap, although they are not coextensive. The Company considers all circumstances regarding the loan and borrower on an individual basis when determining whether an impaired loan should be placed on non-accrual status, such as the financial strength of the borrower, the estimated collateral value, reasons for the delay, payment record, the amount past due and the number of days past due. ollowing is a summary of information related to impaired loans as of June 30, 2014 and for the three and nine months then ended (in thousands):
| Recorded Investment |  | Unpaid Principal Balance (Loan Balance Plus Charge Off) |  | Related Allowance |  | QTD Average Recorded Investment (1) |  | YTD Average Recorded Investment (2) |  | QTD Interest Income Recognized (1) |  | YTD Interest Income Recognized (2) |  | QTD Cash Basis Interest Income Recognized (1) |  | YTD Cash Basis Interest Income Recognized (2)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 2,635 |  |  | $ | 3,300 |  |  | $ | — |  |  | $ | 2,749 |  |  | $ | 3,767 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Multi-family | — |  |  | 857 |  |  | — |  |  | — |  |  | 158 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial | 9,047 |  |  | 12,342 |  |  | — |  |  | 9,077 |  |  | 7,704 |  |  | 151 |  |  | 267 |  |  | 122 |  |  | 210 |
Construction – custom and owner/builder | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – multi-family | — |  |  | 338 |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – land development | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | — |  |  | — |  |  | — |
Land | 1,039 |  |  | 1,819 |  |  | — |  |  | 1,003 |  |  | 1,080 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 7 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 185 |  |  | 389 |  |  | — |  |  | 211 |  |  | 251 |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 8 |  |  | 8 |  |  | — |  |  | 10 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business loans | — |  |  | 14 |  |  | — |  |  | 53 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | 12,914 |  |  | 19,067 |  |  | — |  |  | 13,103 |  |  | 13,363 |  |  | 154 |  |  | 276 |  |  | 124 |  |  | 217 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | 4,885 |  |  | 4,903 |  |  | 798 |  |  | 4,925 |  |  | 4,336 |  |  | 39 |  |  | 109 |  |  | 31 |  |  | 81 |
Multi-family | 3,326 |  |  | 3,326 |  |  | 50 |  |  | 3,675 |  |  | 4,580 |  |  | 45 |  |  | 175 |  |  | 34 |  |  | 132 |
Commercial | 8,393 |  |  | 8,393 |  |  | 1,423 |  |  | 8,425 |  |  | 10,370 |  |  | 117 |  |  | 440 |  |  | 90 |  |  | 347 |
Construction – custom and owner/builder | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | — |  |  | 413 |  |  | — |  |  | 11 |  |  | — |  |  | 7 |
Construction – multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction - land development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land | 4,407 |  |  | 4,407 |  |  | 383 |  |  | 4,477 |  |  | 3,225 |  |  | 6 |  |  | 12 |  |  | 6 |  |  | 12 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 485 |  |  | 485 |  |  | 193 |  |  | 488 |  |  | 375 |  |  | 4 |  |  | 12 |  |  | 3 |  |  | 9 |
Other | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business loans | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | 21,496 |  |  | 21,514 |  |  | 2,847 |  |  | 21,990 |  |  | 23,299 |  |  | 211 |  |  | 759 |  |  | 164 |  |  | 588 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family | $ | 7,520 |  |  | $ | 8,203 |  |  | $ | 798 |  |  | $ | 7,674 |  |  | $ | 8,103 |  |  | $ | 39 |  |  | $ | 109 |  |  | $ | 31 |  |  | $ | 81 |
Multi-family | 3,326 |  |  | 4,183 |  |  | 50 |  |  | 3,675 |  |  | 4,738 |  |  | 45 |  |  | 175 |  |  | 34 |  |  | 132 |
Commercial | 17,440 |  |  | 20,735 |  |  | 1,423 |  |  | 17,502 |  |  | 18,074 |  |  | 268 |  |  | 707 |  |  | 212 |  |  | 557 |
Construction – custom and owner/builder | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – speculative one- to four-family | — |  |  | — |  |  | — |  |  | — |  |  | 413 |  |  | — |  |  | 11 |  |  | — |  |  | 7 |
Construction – multi-family | — |  |  | 338 |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  | — |  |  | — |  |  | — |
Construction – land development | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | — |  |  | — |  |  | — |
Land | 5,446 |  |  | 6,226 |  |  | 383 |  |  | 5,480 |  |  | 4,305 |  |  | 9 |  |  | 21 |  |  | 8 |  |  | 19 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 670 |  |  | 874 |  |  | 193 |  |  | 699 |  |  | 626 |  |  | 4 |  |  | 12 |  |  | 3 |  |  | 9 |
Other | 8 |  |  | 8 |  |  | — |  |  | 10 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial business loans | — |  |  | 14 |  |  | — |  |  | 53 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 34,410 |  |  | $ | 40,581 |  |  | $ | 2,847 |  |  | $ | 35,093 |  |  | $ | 36,662 |  |  | $ | 365 |  |  | $ | 1,035 |  |  | $ | 288 |  |  | $ | 805 |
________________________________________________
(1) | For the three months ended June 30, 2014
(2) | For the nine months ended June 30, 2014
The following is a summary of information related to impaired loans as of and for the year ended September 30, 2013 (in thousands):
| Recorded Investment |  | Unpaid Principal Balance (Loan Balance Plus Charge Off) |  | Related Allowance |  | YTD Average Recorded Investment (1) |  | YTD Interest Income Recognized (1) |  | YTD Cash Basis Interest Income Recognized (1)
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 – multi-family | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction - land development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land | 1,203 |  |  | 1,226 |  |  | 234 |  |  | 1,962 |  |  | 27 |  |  | 27 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 299 |  |  | 299 |  |  | 57 |  |  | 352 |  |  | 16 |  |  | 12 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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 |
______________________________________________ (1) For the year ended September 30, 2013 The following table sets forth information with respect to the Company’s non-performing assets at June 30, 2014 and September 30, 2013 (dollars in thousands):
| June 30, 2014 |  |  | September 30, 2013 |
Loans accounted for on a non-accrual basis: |  |  |
Mortgage loans: |  |  |
One- to four-family | $ | 4,873 |  |  | $ | 6,985 |
Commercial | 1,631 |  |  | 3,435 |
Construction – multi-family | — |  |  | 144 |
Construction – land development | — |  |  | 515 |
Land | 5,204 |  |  | 2,146 |
Consumer loans: |  |  |  |  |
Home equity and second mortgage | 371 |  |  | 380 |
Other | 8 |  |  | 5 |
Commercial business loans | — |  |  | — |
Total loans accounted for on a non-accrual basis | 12,087 |  |  | 13,610 |
Accruing loans which are contractually past due 90 days or more | 150 |  |  | 436 |
Total of non-accrual and 90 days past due loans | 12,237 |  |  | 14,046 |
Non-accrual investment securities | 1,162 |  |  | 2,187 |
OREO and other repossessed assets, net | 11,172 |  |  | 11,720 |
Total non-performing assets (1) | $ | 24,571 |  |  | $ | 27,953 |
Troubled debt restructured loans on accrual status (2) | $ | 16,524 |  |  | $ | 18,573 |
Non-accrual and 90 days or more past due loans as a percentage of loans receivable | 2.15 | % |  | 2.51 | %
Non-accrual and 90 days or more past due loans as a percentage of total assets | 1.68 | % |  | 1.88 | %
Non-performing assets as a percentage of total assets | 3.38 | % |  | 3.75 | %
Loans receivable (3) | $ | 568,258 |  |  | $ | 559,240 |
Total assets | $ | 727,631 |  |  | $ | 745,648 |
___________________________________ (1) Does not include troubled debt restructured loans on accrual status. (2) Does not include troubled debt restructured loans totaling $2.9 million and $4.0 million reported as non-accrual loans at June 30, 2014 and September 30, 2013, respectively. (3) Includes loans held for sale and before the allowance for loan losses. Troubled debt restructured loans are loans for which the Company, for economic or legal reasons related to the borrower’s financial condition, has granted a significant concession to the borrower that it would otherwise not consider. The loan terms which have been modified or restructured due to a borrower’s financial difficulty include but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals. 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. Troubled debt restructured loans are classified as non-performing loans unless they have been performing in accordance with their modified terms for a period of at least six months. The Company had $19.44 million in troubled debt restructured loans included in impaired loans at June 30, 2014 and had no commitments to lend additional funds on these loans. The Company had $22.60 million 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 June 30, 2014 and September 30, 2013 was $1.72 million and $2.37 million, respectively. The following table sets forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of June 30, 2014 and September 30, 2013 (dollars in thousands):
| June 30, 2014
| Accruing |  | Non- Accrual |  | Total
Mortgage loans: |  |  |  |  |
One- to four-family | $ | 2,647 |  |  | $ | 193 |  |  | $ | 2,840 |
Multi-family | 3,327 |  |  | — |  |  | 3,327 |
Commercial | 10,009 |  |  | 1,495 |  |  | 11,504 |
Land | 242 |  |  | 1,075 |  |  | 1,317 |
Consumer loans: |  |  |  |  |  |  |  |
Home equity and second mortgage | 299 |  |  | 152 |  |  | 451 |
Total | $ | 16,524 |  |  | $ | 2,915 |  |  | $ | 19,439 |
| September 30, 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 table sets forth information with respect to the Company’s troubled debt restructured loans by portfolio segment that occurred during the nine months ended June 30, 2014 and the year ended September 30, 2013 (dollars in thousands):
June 30, 2014 | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment |  | End of Period Balance
Land (1) | 1 |  |  | $ | 157 |  |  | $ | 157 |  |  | $ | 156 |
Total | 1 |  |  | $ | 157 |  |  | $ | 157 |  |  | $ | 156 |
September 30, 2013 | Number of Contracts |  | Pre-Modification Outstanding Recorded Investment |  | Post- Modification Outstanding Recorded Investment |  | End of Period Balance
One-to four-family (2) | 2 |  |  | $ | 353 |  |  | $ | 353 |  |  | $ | 350 |
Commercial (1) | 2 |  |  | 2,327 |  |  | 2,327 |  |  | 2,318 |
Total | 4 |  |  | $ | 2,680 |  |  | $ | 2,680 |  |  | $ | 2,668 |
___________________________
(1) | Modifications were a result of a reduction in the stated interest rate.
(2) 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).

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