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Loans Receivable And Allowance For Loan Losses (Tables)

3 Months Ended

Dec. 31, 2014

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Schedule of Loans receivable and Loans held for sale

Loans receivable and loans held for sale consisted of the following at December 31, 2014 and September 30, 2014

(dollars in thousands):

	December 31, 2014							September 30, 2014
	Amount				Percent			Amount				Percent
Mortgage loans:
One- to four-family (1)	$	103,021			16.7	%		$	98,534			16.2	%
Multi-family	45,423				7.4			46,206				7.6
Commercial	295,113				48.0			294,354				48.5
Construction and land development	69,235				11.3			68,479				11.3
Land	28,633				4.7			29,589				4.9
Total mortgage loans	541,425				88.1			537,162				88.5
Consumer loans:
Home equity and second mortgage	35,754				5.8			34,921				5.7
Other	4,453				0.7			4,699				0.8
Total consumer loans	40,207				6.5			39,620				6.5
Commercial business loans	32,957				5.4			30,559				5.0
Total loans receivable	614,589				100.0	%		607,341				100.0	%
Less:
Undisbursed portion of construction  loans in process	(28,832		)					(29,416		)
Deferred loan origination fees	(1,840		)					(1,746		)
Allowance for loan losses	(10,322		)					(10,427		)
Total loans receivable, net	$	573,595						$	565,752

________________________

(1)    Includes loans held for sale.

Schedule of Composition of Construction and Land Development Loan Portfolio

The following table sets forth the composition of the Company’s construction and land development loan portfolio at December 31, 2014 and September 30, 2014 (dollars in thousands):

	December 31, 2014							September 30, 2014
	Amount				Percent			Amount				Percent
Custom and owner/builder	$	62,548			90.3	%		$	59,752			87.3	%
Speculative one- to four-family	2,287				3.3			2,577				3.8
Commercial real estate	1,560				2.3			3,310				4.8
Multi-family (including condominiums)	2,840				4.1			2,840				4.1
Total construction and  land development loans	$	69,235			100.0	%		$	68,479			100.0	%

Schedule of Allowance for Loan Losses

The following tables set forth information for the three months ended December 31, 2014 and 2013 regarding activity in the allowance for loan losses (in thousands):

	Three Months Ended December 31, 2014
	Beginning Allowance				Provision /(Credit)				Charge- offs				Recoveries				Ending Allowance
Mortgage loans:
One-to four-family	$	1,650			$	(47	)		$	118			$	19			$	1,504
Multi-family	387				(19		)		—				—				368
Commercial	4,836				(1,190		)		—				—				3,646
Construction – custom and owner/builder	450				10				—				—				460
Construction – speculative one- to four-family	52				(2		)		—				—				50
Construction – commercial	78				(50		)		—				—				28
Construction – multi-family	25				50				—				—				75
Land	1,434				1,379				4				8				2,817
Consumer loans:
Home equity and second mortgage	879				(67		)		11				—				801
Other	176				(17		)		1				1				159
Commercial business loans	460				(47		)		—				1				414
Total	$	10,427			$	—			$	134			$	29			$	10,322

	Three Months Ended December 31, 2013
	Beginning Allowance				Provision /(Credit)				Charge- offs				Recoveries				Ending Allowance
Mortgage loans:
One-to four-family	$	1,449			$	214			$	350			$	8			$	1,321
Multi-family	749				(198)				—				—				551
Commercial	5,275				130				295				3				5,113
Construction – custom and owner/builder	262				70				—				—				332
Construction – speculative one- to four-family	96				22				—				—				118
Construction – commercial	56				24				—				—				80
Construction – land development	—				(69)				—				69				—
Land	1,940				(282)				93				300				1,865
Consumer loans:
Home equity and second mortgage	782				55				28				—				809
Other	200				8				—				—				208
Commercial business loans	327				26				14				9				348
Total	$	11,136			$	—			$	780			$	389			$	10,745

Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses

The following tables present information on the loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses at December 31, 2014 and September 30, 2014 (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
December 31, 2014
Mortgage loans:
One- to four-family	$	603			$	901			$	1,504			$	6,920			$	96,101			$	103,021
Multi-family	27				341				368				3,306				42,117				45,423
Commercial	77				3,569				3,646				12,527				282,586				295,113
Construction – custom and owner/builder	—				460				460				157				36,887				37,044
Construction – speculative one- to four-family	—				50				50				—				1,191				1,191
Construction – commercial	—				28				28				—				1,042				1,042
Construction –  multi-family	—				75				75				—				1,126				1,126
Land	1,724				1,093				2,817				5,107				23,526				28,633
Consumer loans:
Home equity and second mortgage	158				643				801				862				34,892				35,754
Other	—				159				159				—				4,453				4,453
Commercial business loans	—				414				414				—				32,957				32,957
Total	$	2,589			$	7,733			$	10,322			$	28,879			$	556,878			$	585,757
September 30, 2014
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

Financing Receivable Credit Quality Indicators

The following table lists the loan credit risk grades utilized by the Company that serve as credit quality indicators by portfolio segment at December 31, 2014 and September 30, 2014 (in thousands):

	Loan Grades
December 31, 2014	Pass				Watch				Special Mention				Substandard				Total
Mortgage loans:
One- to four-family	$	94,450			$	2,074			$	1,041			$	5,456			$	103,021
Multi-family	36,589				1,690				6,384				760				45,423
Commercial	272,745				5,791				9,822				6,755				295,113
Construction – custom and owner/builder	36,888				—				—				156				37,044
Construction – speculative one- to four-family	1,191				—				—				—				1,191
Construction – commercial	1,042				—				—				—				1,042
Construction – multi-family	1,126				—				—				—				1,126
Land	20,201				112				3,565				4,755				28,633
Consumer loans:
Home equity and second mortgage	34,037				672				24				1,021				35,754
Other	4,410				38				—				5				4,453
Commercial business loans	32,761				107				89				—				32,957
Total	$	535,440			$	10,484			$	20,925			$	18,908			$	585,757
September 30, 2014
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

Past Due Status of Loans Receivable

The following tables present an age analysis of past due status of loans by portfolio segment at December 31, 2014 and September 30, 2014 (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
December 31, 2014
Mortgage loans:
One- to four-family	$	440			$	—			$	4,296			$	—			$	4,736			$	98,285			$	103,021
Multi-family	—				760				—				—				760				44,663				45,423
Commercial	—				692				1,439				—				2,131				292,982				295,113
Construction – custom and owner/builder	—				—				156				—				156				36,888				37,044
Construction – speculative one- to four- family	—				—				—				—				—				1,191				1,191
Construction – commercial	—				—				—				—				—				1,042				1,042
Construction – multi-family	—				—				—				—				—				1,126				1,126
Land	14				—				4,357				—				4,371				24,262				28,633
Consumer loans:
Home equity and second mortgage	49				—				564				—				613				35,141				35,754
Other	38				—				—				—				38				4,415				4,453
Commercial business loans	—				19				—				—				19				32,938				32,957
Total	$	541			$	1,471			$	10,812			$	—			$	12,824			$	572,933			$	585,757
September 30, 2014
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

Impaired Loans Receivable

ollowing is a summary of information related to impaired loans by portfolio segment as of December 31, 2014 and for the three months then ended (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	$	2,753			$	3,507			$	—				$	3,245				$	6			$	6
Multi-family	—				857				—					—					—				—
Commercial	10,973				12,034				—					9,078					152				126
Construction – custom and owner/     builder	157				157				—					31					—				—
Construction – multi-family	—								—					29					—				—
Construction – land development	—								—					38					—				—
Land	1,028				1,585				—					1,012					9				7
Consumer loans:
Home equity and second mortgage	419				653				—					283					—				—
Other	—								—					6					—				—
Commercial business loans	—				9				—					22					—				—
Subtotal	15,330				18,802				—					13,744					167				139
With an allowance recorded:
Mortgage loans:
One- to four-family	4,167				4,168				603					4,245					38				29
Multi-family	3,306				3,306				27					3,781					44				33
Commercial	1,554				1,554				77					7,468					31				24
Construction – speculative one- to four-family	—				—				—					137
Land	4,079				4,079				1,724					4,356					7				6
Consumer loans:
Home equity and second mortgage	443				443				158					433					4				4
Subtotal	13,549				13,550				2,589					20,420					124				96
Total
Mortgage loans:
One- to four-family	$	6,920			$	7,675			$	603				$	7,490				$	44			$	35
Multi-family	3,306				4,163				27					3,781					44				33
Commercial	12,527				13,588				77					16,546					183				150
Construction – custom and owner/     builder	157				157				—					31					—				—
Construction – speculative one- to four-family	—				—				—					137					—				—
Construction – multi-family	—				—				—					29					—				—
Construction – land development	—				—				—					38					—				—
Land	5,107				5,664				1,724					5,368					16				13
Consumer loans:
Home equity and second mortgage	862				1,096				158					716					4				4
Other	—				—				—					6					—				—
Commercial business loans	—				9				—					22					—				—
Total	$	28,879			$	32,352			$	2,589				$	34,164				$	291			$	235

________________________________________________

(1) For the three months ended December 31, 2014

The following is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2014 (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	$	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

______________________________________________

(1) For the year ended September 30, 201

Schedule of Non-performing Assets, Loans Receivable

The following table sets forth information with respect to the Company’s non-performing assets at December 31, 2014 and September 30, 2014 (dollars in thousands):

	December 31, 2014				September 30, 2014
Loans accounted for on a non-accrual basis:
Mortgage loans:
One- to four-family	$	4,296			$	4,376
Commercial	1,439				1,468
Construction – custom and owner/builder	156				—
Land	4,357				4,564
Consumer loans:
Home equity and second mortgage	564				498
Other	—				3
Total loans accounted for on a non-accrual basis	10,812				10,909
Accruing loans which are contractually past due 90 days or more	—				812
Total of non-accrual and 90 days past due loans	10,812				11,721
Non-accrual investment securities	1,057				1,101
OREO and other repossessed assets, net	8,220				9,092
Total non-performing assets (1)	$	20,089			$	21,914
Troubled debt restructured loans on accrual status (2)	$	12,337			$	16,804
Non-accrual and 90 days or more past due loans as a percentage of loans receivable	1.85		%		2.03		%
Non-accrual and 90 days or more past due loans as a percentage of total assets	1.44		%		1.57		%
Non-performing assets as a percentage of total assets	2.68		%		2.94		%
Loans receivable (3)	$	583,917			$	576,179
Total assets	$	749,917			$	745,565

___________________________________

(1) Does not include troubled debt restructured loans on accrual status.

(2) Does not include troubled debt restructured loans totaling $2.0 million and $2.3 million reported as non-accrual loans at December 31, 2014 and September 30, 2014, respectively.

(3)  Includes loans held for sale and before the allowance for loan losses.

Schedule of Troubled Debt Restructured Loans by Interest Accrual Status

The following table sets forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of December 31, 2014 and September 30, 2014

(in thousands):

	December 31, 2014
	Accruing				Non- Accrual				Total
Mortgage loans:
One- to four-family	$	2,624			$	171			$	2,795
Multi-family	3,306				—				3,306
Commercial	5,359				1,439				6,798
Land	750				272				1,022
Consumer loans:
Home equity and second mortgage	298				152				450
Total	$	12,337			$	2,034			$	14,371

	September 30, 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

Schedule of Troubled Debt Restructurings by Portfolio Segment

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Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 11B

-URI http://asc.fasb.org/extlink&oid=35738203&loc=SL6953423-111524

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=35738203&loc=SL6953659-111524



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 55

-Paragraph 19

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

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