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Net Income Per Common Share | 9 Months Ended
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Jun. 30, 2016
Earnings Per Share [Abstract] |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed conversion of outstanding stock options and the outstanding warrant to purchase common stock. Shares owned by the Bank’s ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted net income per common share. At June 30, 2016 and 2015, there were 111,500 and 149,734 shares, respectively, that had not been allocated under the Bank’s ESOP. Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2016 and 2015 is as follows (dollars in thousands, except per share amounts):
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Basic net income per common share computation |  |  |  |  |  |  |
Numerator – net income | $ | 2,547 |  |  | $ | 2,159 |  |  | $ | 7,455 |  |  | $ | 5,337 |
Denominator – weighted average common shares outstanding | 6,822,608 |  |  | 6,902,067 |  |  | 6,846,373 |  |  | 6,897,381 |
Basic net income per common share | $ | 0.37 |  |  | $ | 0.31 |  |  | $ | 1.09 |  |  | $ | 0.77 |
Diluted net income per common share computation |  |  |  |  |  |  |  |  |
Numerator – net income | $ | 2,547 |  |  | $ | 2,159 |  |  | $ | 7,455 |  |  | $ | 5,337 |
Denominator – weighted average shares outstanding | 6,822,608 |  |  | 6,902,067 |  |  | 6,846,373 |  |  | 6,897,381 |
Effect of dilutive stock options (1) | 93,041 |  |  | 36,490 |  |  | 69,291 |  |  | 36,680 |
Effect of dilutive stock warrant (2) | 195,550 |  |  | 132,664 |  |  | 175,997 |  |  | 134,760 |
Weighted average common shares and common stock equivalents | 7,111,199 |  |  | 7,071,221 |  |  | 7,091,661 |  |  | 7,068,821 |
Diluted net income per common share | $ | 0.36 |  |  | $ | 0.31 |  |  | $ | 1.05 |  |  | $ | 0.76 |
____________________________________________ (1) For the nine months ended June 30, 2016, average options to purchase 56,358 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For the three months ended June 30, 2016 all outstanding options were included in the computation of diluted net income per share. For the three and nine months ended June 30, 2015, average options to purchase 172,945 and 138,982 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. (2) Represents a warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018 (the "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors.

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