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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Charter Financial Corp. (delisted) | NASDAQ:CHFN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.90 | 24.86 | 31.25 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
90-0947148
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
|
1233 O.G. Skinner Drive, West Point, Georgia
|
31833
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
(Do not check if smaller reporting company)
|
Smaller reporting company
|
x
|
|
|
Page No.
|
|
||
|
|
|
Item 1.
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
|
|
|
|
(unaudited)
|
|
(audited)
|
||||
|
June 30, 2014
|
|
September 30, 2013
|
||||
|
|
|
|
||||
Assets
|
|||||||
Cash and amounts due from depository institutions
|
$
|
6,961,232
|
|
|
$
|
10,069,875
|
|
Interest-earning deposits in other financial institutions
|
142,307,370
|
|
|
151,382,606
|
|
||
Cash and cash equivalents
|
149,268,602
|
|
|
161,452,481
|
|
||
Loans held for sale, fair value of $2,380,651 and $1,883,244
|
2,332,156
|
|
|
1,857,393
|
|
||
Securities available for sale
|
185,040,274
|
|
|
215,118,407
|
|
||
Federal Home Loan Bank stock
|
3,442,900
|
|
|
3,940,300
|
|
||
Loans receivable:
|
|
|
|
|
|
||
Not covered under FDIC loss sharing agreements
|
521,035,113
|
|
|
480,152,265
|
|
||
Covered under FDIC loss sharing agreements
|
71,883,355
|
|
|
112,915,868
|
|
||
Allowance for loan losses (covered loans)
|
(657,133
|
)
|
|
(3,924,278
|
)
|
||
Unamortized loan origination fees, net (non-covered loans)
|
(1,252,972
|
)
|
|
(1,100,666
|
)
|
||
Allowance for loan losses (non-covered loans)
|
(8,605,698
|
)
|
|
(8,188,896
|
)
|
||
Loans receivable, net
|
582,402,665
|
|
|
579,854,293
|
|
||
Other real estate owned:
|
|
|
|
|
|
||
Not covered under FDIC loss sharing agreements
|
1,331,356
|
|
|
1,615,036
|
|
||
Covered under FDIC loss sharing agreements
|
8,014,010
|
|
|
14,068,846
|
|
||
Accrued interest and dividends receivable
|
2,424,460
|
|
|
2,728,902
|
|
||
Premises and equipment, net
|
20,739,910
|
|
|
21,750,756
|
|
||
Goodwill
|
4,325,282
|
|
|
4,325,282
|
|
||
Other intangible assets, net of amortization
|
503,372
|
|
|
803,886
|
|
||
Cash surrender value of life insurance
|
46,851,349
|
|
|
39,825,881
|
|
||
FDIC receivable for loss sharing agreements
|
14,921,803
|
|
|
29,941,862
|
|
||
Deferred income taxes
|
10,750,880
|
|
|
11,350,745
|
|
||
Other assets
|
7,888,340
|
|
|
771,779
|
|
||
Total assets
|
$
|
1,040,237,359
|
|
|
$
|
1,089,405,849
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|||||||
Liabilities:
|
|
|
|
|
|
||
Deposits
|
$
|
729,608,889
|
|
|
$
|
751,296,668
|
|
FHLB advances
|
55,000,000
|
|
|
60,000,000
|
|
||
Advance payments by borrowers for taxes and insurance
|
931,770
|
|
|
1,054,251
|
|
||
Other liabilities
|
11,282,376
|
|
|
3,277,094
|
|
||
Total liabilities
|
796,823,035
|
|
|
815,628,013
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.01 par value; 19,959,971 shares issued and outstanding at June 30, 2014 and 22,752,214 shares issued and outstanding at September 30, 2013
|
199,600
|
|
|
227,522
|
|
||
Preferred stock, $0.01 par value; 50,000,000 shares authorized at June 30, 2014 and September 30, 2013
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
138,090,060
|
|
|
171,729,570
|
|
||
Unearned compensation – ESOP
|
(5,984,317
|
)
|
|
(6,480,949
|
)
|
||
Retained earnings
|
111,784,129
|
|
|
110,141,286
|
|
||
Accumulated other comprehensive loss
|
(675,148
|
)
|
|
(1,839,593
|
)
|
||
Total stockholders’ equity
|
243,414,324
|
|
|
273,777,836
|
|
||
|
|
|
|
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,040,237,359
|
|
|
$
|
1,089,405,849
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans receivable
|
$
|
8,833,596
|
|
|
$
|
9,642,115
|
|
|
$
|
25,564,268
|
|
|
$
|
29,969,312
|
|
Mortgage-backed securities and collateralized mortgage obligations
|
871,899
|
|
|
816,602
|
|
|
2,794,019
|
|
|
2,285,175
|
|
||||
Federal Home Loan Bank stock
|
35,601
|
|
|
29,307
|
|
|
102,778
|
|
|
95,097
|
|
||||
Other investment securities available for sale
|
18,286
|
|
|
41,817
|
|
|
56,314
|
|
|
136,289
|
|
||||
Interest-earning deposits in other financial institutions
|
97,321
|
|
|
123,869
|
|
|
266,816
|
|
|
225,263
|
|
||||
Amortization of FDIC loss share receivable
|
(849,919
|
)
|
|
—
|
|
|
(1,596,310
|
)
|
|
—
|
|
||||
Total interest income
|
9,006,784
|
|
|
10,653,710
|
|
|
27,187,885
|
|
|
32,711,136
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
790,011
|
|
|
1,001,276
|
|
|
2,479,856
|
|
|
3,307,644
|
|
||||
Borrowings
|
595,829
|
|
|
741,881
|
|
|
1,872,357
|
|
|
2,391,919
|
|
||||
Total interest expense
|
1,385,840
|
|
|
1,743,157
|
|
|
4,352,213
|
|
|
5,699,563
|
|
||||
Net interest income
|
7,620,944
|
|
|
8,910,553
|
|
|
22,835,672
|
|
|
27,011,573
|
|
||||
Provision for loan losses, not covered under FDIC loss sharing agreements
|
—
|
|
|
500,000
|
|
|
300,000
|
|
|
1,100,000
|
|
||||
Provision for covered loan losses
|
(834,086
|
)
|
|
41,838
|
|
|
(885,664
|
)
|
|
94,321
|
|
||||
Net interest income after provision for loan losses
|
8,455,030
|
|
|
8,368,715
|
|
|
23,421,336
|
|
|
25,817,252
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts
|
1,463,698
|
|
|
1,277,072
|
|
|
4,263,639
|
|
|
3,952,695
|
|
||||
Bankcard fees
|
906,013
|
|
|
637,943
|
|
|
2,596,743
|
|
|
1,790,922
|
|
||||
Gain on securities available for sale
|
200,704
|
|
|
—
|
|
|
200,704
|
|
|
219,913
|
|
||||
Bank owned life insurance
|
278,487
|
|
|
211,491
|
|
|
925,467
|
|
|
694,431
|
|
||||
Gain on sale of loans and loan servicing release fees
|
298,405
|
|
|
407,176
|
|
|
737,236
|
|
|
1,142,387
|
|
||||
Brokerage commissions
|
124,128
|
|
|
153,205
|
|
|
452,479
|
|
|
468,543
|
|
||||
FDIC receivable for loss sharing agreements accretion (impairment)
|
68,400
|
|
|
(114,993
|
)
|
|
61,533
|
|
|
218,918
|
|
||||
Other
|
(104,205
|
)
|
|
90,602
|
|
|
1,330,929
|
|
|
362,959
|
|
||||
Total noninterest income
|
3,235,630
|
|
|
2,662,496
|
|
|
10,568,730
|
|
|
8,850,768
|
|
||||
Noninterest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
4,969,325
|
|
|
4,460,128
|
|
|
14,522,114
|
|
|
13,502,879
|
|
||||
Occupancy
|
1,863,131
|
|
|
1,845,412
|
|
|
5,629,280
|
|
|
5,324,176
|
|
||||
Legal and professional
|
369,360
|
|
|
458,735
|
|
|
1,309,946
|
|
|
1,275,322
|
|
||||
Marketing
|
339,774
|
|
|
335,708
|
|
|
976,048
|
|
|
927,110
|
|
||||
Federal insurance premiums and other regulatory fees
|
199,167
|
|
|
254,002
|
|
|
701,428
|
|
|
356,718
|
|
||||
Net cost (benefit) of operations of real estate owned
|
87,846
|
|
|
(22,205
|
)
|
|
374,538
|
|
|
977,302
|
|
||||
Furniture and equipment
|
225,753
|
|
|
203,276
|
|
|
550,200
|
|
|
615,235
|
|
||||
Postage, office supplies and printing
|
239,874
|
|
|
282,903
|
|
|
646,500
|
|
|
807,034
|
|
||||
Core deposit intangible amortization expense
|
94,454
|
|
|
116,317
|
|
|
300,514
|
|
|
364,716
|
|
||||
Other
|
646,682
|
|
|
829,473
|
|
|
1,805,148
|
|
|
2,694,791
|
|
||||
Total noninterest expenses
|
9,035,366
|
|
|
8,763,749
|
|
|
26,815,716
|
|
|
26,845,283
|
|
||||
Income before income taxes
|
2,655,294
|
|
|
2,267,462
|
|
|
7,174,350
|
|
|
7,822,737
|
|
||||
Income tax expense
|
870,116
|
|
|
649,513
|
|
|
2,261,294
|
|
|
2,486,092
|
|
||||
Net income
|
$
|
1,785,178
|
|
|
$
|
1,617,949
|
|
|
$
|
4,913,056
|
|
|
$
|
5,336,645
|
|
Basic net income per share
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.26
|
|
Diluted net income per share
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
$
|
0.22
|
|
|
$
|
0.26
|
|
Weighted average number of common shares outstanding
|
20,746,759
|
|
|
21,747,891
|
|
|
21,486,082
|
|
|
20,165,850
|
|
||||
Weighted average number of common and potential common shares outstanding
|
21,300,951
|
|
|
21,878,502
|
|
|
22,040,274
|
|
|
20,296,461
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
1,785,178
|
|
|
$
|
1,617,949
|
|
|
$
|
4,913,056
|
|
|
$
|
5,336,645
|
|
Less reclassification adjustment for net gains realized in net income, net of taxes of $(77,472), $0, $(77,472) and $(84,887), respectively
|
|
(123,232
|
)
|
|
—
|
|
|
(123,232
|
)
|
|
(135,026
|
)
|
||||
Net unrealized holding gains (losses) on investment and mortgage securities available for sale arising during the period, net of taxes of $778,224, $(1,044,576), $809,517 and $(1,389,447), respectively
|
|
1,237,900
|
|
|
(1,661,580
|
)
|
|
1,287,677
|
|
|
(2,210,157
|
)
|
||||
Comprehensive income
|
|
$
|
2,899,846
|
|
|
$
|
(43,631
|
)
|
|
$
|
6,077,501
|
|
|
$
|
2,991,462
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Number of shares
|
|
Amount
|
|
Additional paid-in capital
|
|
Treasury stock
|
|
Unearned compensation ESOP
|
|
Retained earnings
|
|
Accumulated other comprehensive income (loss)
|
|
Total stockholders' equity
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at September 30, 2012 (audited)
|
19,859,219
|
|
|
$
|
198,592
|
|
|
$
|
73,483,605
|
|
|
$
|
(39,362,686
|
)
|
|
$
|
(3,571,121
|
)
|
|
$
|
111,568,998
|
|
|
$
|
203,380
|
|
|
$
|
142,520,768
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,256,417
|
|
|
—
|
|
|
6,256,417
|
|
|||||||
Dividends paid, $0.35 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,684,129
|
)
|
|
—
|
|
|
(7,684,129
|
)
|
|||||||
Elimination of First Charter, MHC entity
|
—
|
|
|
—
|
|
|
229,564
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
229,564
|
|
|||||||
Change in unrealized loss on securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,042,973
|
)
|
|
(2,042,973
|
)
|
|||||||
Allocation of ESOP common stock
|
—
|
|
|
—
|
|
|
31,592
|
|
|
—
|
|
|
179,282
|
|
|
—
|
|
|
—
|
|
|
210,874
|
|
|||||||
Interest capitalization into ESOP loan
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,279
|
)
|
|
—
|
|
|
—
|
|
|
(50,279
|
)
|
|||||||
Effect of restricted stock awards
|
—
|
|
|
—
|
|
|
(700,380
|
)
|
|
753,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,042
|
|
|||||||
Stock option expense
|
—
|
|
|
—
|
|
|
69,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,581
|
|
|||||||
Issuance of common stock in offering
|
2,892,995
|
|
|
28,930
|
|
|
98,615,608
|
|
|
39,772,779
|
|
|
(3,038,831
|
)
|
|
—
|
|
|
—
|
|
|
135,378,486
|
|
|||||||
Repurchase of shares and conversion expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,163,515
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
(1,163,515
|
)
|
|||||||
Balance at September 30, 2013 (audited)
|
22,752,214
|
|
|
$
|
227,522
|
|
|
$
|
171,729,570
|
|
|
$
|
—
|
|
|
$
|
(6,480,949
|
)
|
|
$
|
110,141,286
|
|
|
$
|
(1,839,593
|
)
|
|
$
|
273,777,836
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,913,056
|
|
|
—
|
|
|
4,913,056
|
|
|||||||
Dividends paid, $0.15 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,270,213
|
)
|
|
—
|
|
|
(3,270,213
|
)
|
|||||||
Change in unrealized loss on securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,164,445
|
|
|
1,164,445
|
|
|||||||
Allocation of ESOP common stock
|
—
|
|
|
—
|
|
|
96,225
|
|
|
—
|
|
|
496,632
|
|
|
—
|
|
|
—
|
|
|
592,857
|
|
|||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
464,382
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
464,382
|
|
|||||||
Stock option expense
|
—
|
|
|
—
|
|
|
226,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
226,411
|
|
|||||||
Issuance of common stock, restricted stock
|
360,751
|
|
|
3,608
|
|
|
(3,608
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of shares
|
(3,152,994
|
)
|
|
(31,530
|
)
|
|
(34,422,920
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,454,450
|
)
|
|||||||
Balance at June 30, 2014 (unaudited)
|
19,959,971
|
|
|
$
|
199,600
|
|
|
$
|
138,090,060
|
|
|
$
|
—
|
|
|
$
|
(5,984,317
|
)
|
|
$
|
111,784,129
|
|
|
$
|
(675,148
|
)
|
|
$
|
243,414,324
|
|
|
|||||||
|
Nine Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
4,913,056
|
|
|
$
|
5,336,645
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Provision for loan losses, not covered under FDIC loss sharing agreements
|
300,000
|
|
|
1,100,000
|
|
||
Provision for covered loan losses
|
(885,664
|
)
|
|
94,321
|
|
||
Provision for FDIC receivable impairment
|
225,000
|
|
|
—
|
|
||
Depreciation and amortization
|
1,061,183
|
|
|
1,199,400
|
|
||
Deferred income tax expense (benefit)
|
—
|
|
|
(463,068
|
)
|
||
Accretion and amortization of premiums and discounts, net
|
1,534,790
|
|
|
2,181,840
|
|
||
Accretion of fair value discounts related to covered loans
|
(4,288,711
|
)
|
|
(7,129,470
|
)
|
||
Accretion of fair value discounts related to FDIC receivable
|
(286,533
|
)
|
|
(218,918
|
)
|
||
Amortization of FDIC loss share receivable
|
1,596,310
|
|
|
—
|
|
||
Write down of asset held for sale
|
271,146
|
|
|
—
|
|
||
Gain on sale of loans and loan servicing release fees
|
(737,236
|
)
|
|
(1,142,387
|
)
|
||
Proceeds from sale of loans
|
30,154,817
|
|
|
41,438,733
|
|
||
Originations and purchases of loans held for sale
|
(29,892,344
|
)
|
|
(40,647,353
|
)
|
||
Gain on sale of mortgage-backed securities, collateralized mortgage obligations and other investments
|
(200,704
|
)
|
|
(219,913
|
)
|
||
Write down of real estate owned
|
341,182
|
|
|
1,536,183
|
|
||
Gain on sale of real estate owned
|
(145,283
|
)
|
|
(480,216
|
)
|
||
Restricted stock award expense
|
464,382
|
|
|
41,022
|
|
||
Stock option expense
|
226,411
|
|
|
69,581
|
|
||
Increase in cash surrender value on bank owned life insurance
|
(925,467
|
)
|
|
(694,431
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Decrease in accrued interest and dividends receivable
|
304,442
|
|
|
290,175
|
|
||
Decrease in other assets
|
993,834
|
|
|
1,179,087
|
|
||
Increase (decrease) in other liabilities
|
763,627
|
|
|
(3,731,684
|
)
|
||
Net cash provided by (used in) operating activities
|
5,788,238
|
|
|
(260,453
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Proceeds from sales of securities available for sale
|
9,373,962
|
|
|
13,952,478
|
|
||
Principal collections on securities available for sale
|
20,612,236
|
|
|
35,243,573
|
|
||
Purchase of securities available for sale
|
(9,590,241
|
)
|
|
(101,314,868
|
)
|
||
Proceeds from maturities or calls of securities available for sale
|
10,112,400
|
|
|
9,431,500
|
|
||
Proceeds from redemption of FHLB stock
|
497,400
|
|
|
882,900
|
|
||
Net (increase) decrease in loans receivable
|
(2,568,653
|
)
|
|
21,456,997
|
|
||
Net decrease (increase) in FDIC receivable
|
13,281,350
|
|
|
(3,022,147
|
)
|
||
Proceeds from sale of real estate owned
|
11,241,205
|
|
|
19,431,516
|
|
||
Purchase of bank owned life insurance
|
(6,100,000
|
)
|
|
(5,500,000
|
)
|
||
Purchases of premises and equipment
|
(296,853
|
)
|
|
(372,371
|
)
|
||
Net cash provided by investing activities
|
46,562,806
|
|
|
(9,810,422
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Purchase of treasury stock and conversion expense
|
—
|
|
|
(1,163,515
|
)
|
||
First Charter elimination
|
—
|
|
|
229,564
|
|
||
Repurchase of shares
|
(34,454,450
|
)
|
|
—
|
|
||
Issuance of common stock in offering
|
—
|
|
|
135,378,486
|
|
CHARTER FINANCIAL CORPORATION AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
|
|||||||
|
Nine Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
|
|
|
|
||||
Dividends paid
|
(3,270,213
|
)
|
|
(1,097,161
|
)
|
||
Decrease in deposits
|
(21,687,779
|
)
|
|
(30,480,820
|
)
|
||
Principal payments on Federal Home Loan Bank advances
|
(5,000,000
|
)
|
|
(11,000,000
|
)
|
||
Net (decrease) increase in advance payments by borrowers for taxes and insurance
|
(122,481
|
)
|
|
33,162
|
|
||
Net cash (used in) provided by financing activities
|
(64,534,923
|
)
|
|
91,899,716
|
|
||
Net increase in cash and cash equivalents
|
(12,183,879
|
)
|
|
81,828,841
|
|
||
Cash and cash equivalents at beginning of period
|
161,452,481
|
|
|
108,828,220
|
|
||
Cash and cash equivalents at end of period
|
$
|
149,268,602
|
|
|
$
|
190,657,061
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
4,375,577
|
|
|
$
|
5,785,008
|
|
Supplemental disclosure of noncash activities:
|
|
|
|
||||
Issuance of common stock under stock benefit plan
|
592,857
|
|
|
210,874
|
|
||
Unrealized gain (loss) on securities available for sale, net
|
1,164,445
|
|
|
(2,345,183
|
)
|
|
June 30, 2014
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Other investment securities:
|
|
|
|
|
|
|
|
||||||||
Tax-free municipals
|
$
|
17,538,934
|
|
|
$
|
41,692
|
|
|
$
|
—
|
|
|
$
|
17,580,626
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC certificates
|
46,220,504
|
|
|
449,391
|
|
|
(401,937
|
)
|
|
46,267,958
|
|
||||
FNMA certificates
|
108,664,681
|
|
|
636,465
|
|
|
(1,806,152
|
)
|
|
107,494,994
|
|
||||
GNMA certificates
|
1,604,982
|
|
|
117,934
|
|
|
—
|
|
|
1,722,916
|
|
||||
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
53,221
|
|
|
4,308
|
|
|
—
|
|
|
57,529
|
|
||||
FNMA
|
82,447
|
|
|
1,919
|
|
|
—
|
|
|
84,366
|
|
||||
Private-label mortgage securities:
(1)
|
|
|
|
|
|
|
|
||||||||
Investment grade
|
1,586,789
|
|
|
15,154
|
|
|
(49,376
|
)
|
|
1,552,567
|
|
||||
Split rating
(2)
|
1,127,126
|
|
|
3,714
|
|
|
—
|
|
|
1,130,840
|
|
||||
Non-investment grade
|
9,184,541
|
|
|
52,731
|
|
|
(88,794
|
)
|
|
9,148,478
|
|
||||
Total
|
$
|
186,063,225
|
|
|
$
|
1,323,308
|
|
|
$
|
(2,346,259
|
)
|
|
$
|
185,040,274
|
|
(1)
|
Credit ratings are current as of
June 30, 2014
.
|
(2)
|
Bonds with split ratings represent securities with both investment and non-investment grades.
|
|
September 30, 2013
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Other investment securities:
|
|
|
|
|
|
|
|
||||||||
Tax-free municipals
|
$
|
14,897,685
|
|
|
$
|
16,733
|
|
|
$
|
(826
|
)
|
|
$
|
14,913,592
|
|
U.S. government sponsored entities
|
5,025,898
|
|
|
4,145
|
|
|
—
|
|
|
5,030,043
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FNMA certificates
|
118,466,995
|
|
|
526,825
|
|
|
(2,692,511
|
)
|
|
116,301,309
|
|
||||
GNMA certificates
|
1,727,789
|
|
|
117,828
|
|
|
—
|
|
|
1,845,617
|
|
||||
FHLMC certificates
|
53,419,411
|
|
|
330,921
|
|
|
(584,915
|
)
|
|
53,165,417
|
|
||||
Collateralized mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FNMA
|
7,189,766
|
|
|
66,719
|
|
|
—
|
|
|
7,256,485
|
|
||||
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
||||||||
FNMA
|
2,207,643
|
|
|
66,727
|
|
|
—
|
|
|
2,274,370
|
|
||||
FHLMC
|
372,444
|
|
|
35,410
|
|
|
—
|
|
|
407,854
|
|
||||
Private-label mortgage securities:
|
|
|
|
|
|
|
|
||||||||
Investment grade
|
2,010,627
|
|
|
29,388
|
|
|
(90,020
|
)
|
|
1,949,995
|
|
||||
Split rating
(1)
|
1,292,942
|
|
|
—
|
|
|
(54,434
|
)
|
|
1,238,508
|
|
||||
Non-investment grade
|
11,294,468
|
|
|
—
|
|
|
(559,251
|
)
|
|
10,735,217
|
|
||||
Total
|
$
|
217,905,668
|
|
|
$
|
1,194,696
|
|
|
$
|
(3,981,957
|
)
|
|
$
|
215,118,407
|
|
(1)
|
Bonds with split ratings represent securities with both investment and non-investment grades.
|
|
Amortized Cost
|
|
Estimated Fair Value
|
||||
|
|
|
|
||||
Less than 1 year
|
$
|
—
|
|
|
$
|
—
|
|
1-5 years
|
2,984,743
|
|
|
2,991,741
|
|
||
Greater than 5 years
|
14,554,191
|
|
|
14,588,885
|
|
||
Mortgage-backed securities
|
168,524,291
|
|
|
167,459,648
|
|
||
Total
|
$
|
186,063,225
|
|
|
$
|
185,040,274
|
|
|
June 30, 2014
|
||||||||||
|
Amortized Cost
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||
Collateralized mortgage obligations:
|
|
|
|
|
|
||||||
Private-label mortgage securities
|
$
|
2,215,233
|
|
|
$
|
(55,997
|
)
|
|
$
|
2,159,236
|
|
Total
|
$
|
2,215,233
|
|
|
$
|
(55,997
|
)
|
|
$
|
2,159,236
|
|
|
September 30, 2013
|
||||||||||
|
Amortized Cost
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||
Other investment securities:
|
|
|
|
|
|
||||||
Tax-free municipals
|
$
|
722,803
|
|
|
$
|
(51
|
)
|
|
$
|
722,752
|
|
Mortgage-backed securities:
|
|
|
|
|
|
||||||
FHLMC certificates
|
21,328,101
|
|
|
(584,915
|
)
|
|
20,743,186
|
|
|||
FNMA certificates
|
92,575,581
|
|
|
(2,692,511
|
)
|
|
89,883,070
|
|
|||
Collateralized mortgage obligations:
|
|
|
|
|
|
||||||
Private-label mortgage securities
|
3,764,878
|
|
|
(147,843
|
)
|
|
3,617,035
|
|
|||
Total
|
$
|
118,391,363
|
|
|
$
|
(3,425,320
|
)
|
|
$
|
114,966,043
|
|
|
June 30, 2014
|
||||||||||
|
Amortized Cost
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
||||||
FHLMC certificates
|
$
|
19,552,348
|
|
|
$
|
(401,937
|
)
|
|
$
|
19,150,411
|
|
FNMA certificates
|
79,363,160
|
|
|
(1,806,152
|
)
|
|
77,557,008
|
|
|||
Collateralized mortgage obligations:
|
|
|
|
|
|
||||||
Private-label mortgage securities
|
4,400,049
|
|
|
(82,173
|
)
|
|
4,317,876
|
|
|||
Total
|
$
|
103,315,557
|
|
|
$
|
(2,290,262
|
)
|
|
$
|
101,025,295
|
|
|
September 30, 2013
|
||||||||||
|
Amortized Cost
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||
Other investment securities:
|
|
|
|
|
|
||||||
Tax-free municipals
|
$
|
253,404
|
|
|
$
|
(775
|
)
|
|
$
|
252,629
|
|
Collateralized mortgage obligations:
|
|
|
|
|
|
||||||
Private-label mortgage securities
|
9,971,596
|
|
|
(555,862
|
)
|
|
9,415,734
|
|
|||
Total
|
$
|
10,225,000
|
|
|
$
|
(556,637
|
)
|
|
$
|
9,668,363
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Beginning balance of credit losses previously recognized in earnings
|
$
|
380,446
|
|
|
$
|
380,446
|
|
|
$
|
380,446
|
|
|
$
|
380,446
|
|
Amount related to credit losses for securities for which an other-than-temporary impairment was not previously recognized in earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amount related to credit losses for securities for which an other-than-temporary impairment was previously recognized in earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance of cumulative credit losses recognized in earnings
|
$
|
380,446
|
|
|
$
|
380,446
|
|
|
$
|
380,446
|
|
|
$
|
380,446
|
|
(1)
|
Credit ratings are current as of
June 30, 2014
.
|
|
Unrealized Losses on Available-for-Sale Securities
|
||||||||||||||
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(1,789,816
|
)
|
|
$
|
(480,223
|
)
|
|
$
|
(1,839,593
|
)
|
|
$
|
203,380
|
|
Other comprehensive income (loss) before reclassifications
|
1,237,900
|
|
|
(1,661,580
|
)
|
|
1,287,677
|
|
|
(2,210,157
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
(123,232
|
)
|
|
—
|
|
|
(123,232
|
)
|
|
(135,026
|
)
|
||||
Net current-period other comprehensive income (loss)
|
1,114,668
|
|
|
(1,661,580
|
)
|
|
1,164,445
|
|
|
(2,345,183
|
)
|
||||
Ending balance
|
$
|
(675,148
|
)
|
|
$
|
(2,141,803
|
)
|
|
$
|
(675,148
|
)
|
|
$
|
(2,141,803
|
)
|
|
June 30, 2014
|
|
September 30, 2013
|
||||
Loans not covered by loss sharing agreements:
|
|
|
|
||||
1-4 family residential real estate
|
$
|
139,803,283
|
|
|
$
|
124,571,147
|
|
Commercial real estate
|
284,590,745
|
|
|
269,609,005
|
|
||
Commercial
|
21,171,528
|
|
|
23,773,942
|
|
||
Real estate construction
|
58,459,401
|
|
|
44,653,355
|
|
||
Consumer and other
|
17,010,156
|
|
|
17,544,816
|
|
||
Loans receivable, net of undisbursed proceeds of loans in process
|
521,035,113
|
|
|
480,152,265
|
|
||
Less:
|
|
|
|
|
|
||
Unamortized loan origination fees, net
|
1,252,972
|
|
|
1,100,666
|
|
||
Allowance for loan losses
|
8,605,698
|
|
|
8,188,896
|
|
||
Total loans not covered, net
|
$
|
511,176,443
|
|
|
$
|
470,862,703
|
|
|
June 30, 2014
|
||||||||||
|
Impaired Loans at Acquisition
|
|
All Other Acquired Loans
|
|
Total Covered Loans
|
||||||
Loans covered by loss sharing agreements:
|
|
|
|
|
|
||||||
1-4 family residential real estate
|
$
|
4,186,100
|
|
|
$
|
5,242,694
|
|
|
$
|
9,428,794
|
|
Commercial real estate
|
31,242,777
|
|
|
35,631,745
|
|
|
66,874,522
|
|
|||
Commercial
|
1,917,149
|
|
|
2,179,777
|
|
|
4,096,926
|
|
|||
Real estate construction
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
562,127
|
|
|
2,143,856
|
|
|
2,705,983
|
|
|||
Loans receivable, gross
|
37,908,153
|
|
|
45,198,072
|
|
|
83,106,225
|
|
|||
Less:
|
|
|
|
|
|
|
|
|
|||
Nonaccretable difference
|
4,406,774
|
|
|
770,864
|
|
|
5,177,638
|
|
|||
Allowance for covered loan losses
|
100,074
|
|
|
557,059
|
|
|
657,133
|
|
|||
Accretable discount
|
3,377,453
|
|
|
2,496,255
|
|
|
5,873,708
|
|
|||
Discount on acquired performing loans
|
—
|
|
|
151,234
|
|
|
151,234
|
|
|||
Unamortized loan origination fees, net
|
—
|
|
|
20,290
|
|
|
20,290
|
|
|||
Total loans covered, net
|
$
|
30,023,852
|
|
|
$
|
41,202,370
|
|
|
$
|
71,226,222
|
|
|
September 30, 2013
|
||||||||||
|
Impaired Loans at Acquisition
|
|
All Other Acquired Loans
|
|
Total Covered Loans
|
||||||
Loans covered by loss sharing agreements:
|
|
|
|
|
|
||||||
1-4 family residential real estate
|
$
|
4,316,008
|
|
|
$
|
6,285,647
|
|
|
$
|
10,601,655
|
|
Commercial real estate
|
46,170,021
|
|
|
61,572,581
|
|
|
107,742,602
|
|
|||
Commercial
|
2,844,456
|
|
|
4,039,892
|
|
|
6,884,348
|
|
|||
Real estate construction
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
500,382
|
|
|
2,894,282
|
|
|
3,394,664
|
|
|||
Loans receivable, gross
|
53,830,867
|
|
|
74,792,402
|
|
|
128,623,269
|
|
|||
Less:
|
|
|
|
|
|
|
|
|
|||
Nonaccretable difference
|
7,757,070
|
|
|
3,076,192
|
|
|
10,833,262
|
|
|||
Allowance for covered loan losses
|
705,446
|
|
|
3,218,832
|
|
|
3,924,278
|
|
|||
Accretable discount
|
3,508,430
|
|
|
1,164,941
|
|
|
4,673,371
|
|
|||
Discount on acquired performing loans
|
—
|
|
|
177,858
|
|
|
177,858
|
|
|||
Unamortized loan origination fees, net
|
—
|
|
|
22,910
|
|
|
22,910
|
|
|||
Total loans covered, net
|
$
|
41,859,921
|
|
|
$
|
67,131,669
|
|
|
$
|
108,991,590
|
|
|
Impaired Loans At Acquisition
|
|
All Other Acquired Loans
|
|
Total Covered Loans
|
||||||
|
|
|
|
|
|
||||||
Balance, September 30, 2012
|
$
|
9,869,297
|
|
|
$
|
3,055,050
|
|
|
$
|
12,924,347
|
|
Loan accretion
|
(6,834,946
|
)
|
|
(1,957,057
|
)
|
|
(8,792,003
|
)
|
|||
Transfer from nonaccretable difference
|
474,079
|
|
|
66,948
|
|
|
541,027
|
|
|||
Balance, September 30, 2013
|
3,508,430
|
|
|
1,164,941
|
|
|
4,673,371
|
|
|||
Loan accretion
|
(2,580,977
|
)
|
|
(1,707,734
|
)
|
|
(4,288,711
|
)
|
|||
Transfer from nonaccretable difference
|
2,450,000
|
|
|
3,039,048
|
|
|
5,489,048
|
|
|||
Balance, June 30, 2014
|
$
|
3,377,453
|
|
|
$
|
2,496,255
|
|
|
$
|
5,873,708
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
2,268,000
|
|
|
$
|
6,951,125
|
|
|
$
|
3,924,278
|
|
|
$
|
10,340,815
|
|
Loans charged off, gross
|
(385,900
|
)
|
|
(1,489,057
|
)
|
|
(524,784
|
)
|
|
(6,123,063
|
)
|
||||
Recoveries on loans previously charged off
|
9,119
|
|
|
—
|
|
|
93,269
|
|
|
10,650
|
|
||||
(Benefit) provision for loan losses (reversed) charged to FDIC receivable
|
—
|
|
|
224,919
|
|
|
(1,549,966
|
)
|
|
1,406,102
|
|
||||
Transfer of allowance on acquired NCB non-single family loans
|
(400,000
|
)
|
|
—
|
|
|
(400,000
|
)
|
|
—
|
|
||||
(Benefit) provision for loan losses (reversed) charged to operations
|
(834,086
|
)
|
|
41,838
|
|
|
(885,664
|
)
|
|
94,321
|
|
||||
Balance, end of period
|
$
|
657,133
|
|
|
$
|
5,728,825
|
|
|
$
|
657,133
|
|
|
$
|
5,728,825
|
|
|
Nine Months Ended
June 30, 2014 |
|
Year Ended
September 30, 2013 |
||||
|
|
|
|
||||
Balance, beginning of period
|
$
|
29,941,862
|
|
|
$
|
35,135,533
|
|
Payments received from FDIC
|
(9,110,380
|
)
|
|
(480,550
|
)
|
||
Accretion of fair value adjustment
|
286,533
|
|
|
675,696
|
|
||
Impairment
|
(225,000
|
)
|
|
(642,461
|
)
|
||
Amortization
|
(1,596,310
|
)
|
|
—
|
|
||
Recovery of previous loss reimbursements
|
(5,198,225
|
)
|
|
(12,847,769
|
)
|
||
Reduction in previous loss estimates
|
(1,549,966
|
)
|
|
(3,426,783
|
)
|
||
Provision for estimated losses on covered assets recognized in noninterest expense
|
566,435
|
|
|
7,691,463
|
|
||
External expenses qualifying under loss sharing agreements
|
1,806,854
|
|
|
3,836,733
|
|
||
Balance, end of period
|
$
|
14,921,803
|
|
|
$
|
29,941,862
|
|
|
June 30, 2014
(1)
|
|
September 30, 2013
|
||||
|
|
|
|
||||
1-4 family residential real estate
|
$
|
1,102,400
|
|
|
$
|
1,507,760
|
|
Commercial real estate
|
2,902,285
|
|
|
1,120,938
|
|
||
Commercial
|
180,463
|
|
|
161,036
|
|
||
Consumer and other
|
58,131
|
|
|
84,208
|
|
||
Total
|
$
|
4,243,279
|
|
|
$
|
2,873,942
|
|
(1)
|
Acquired Neighborhood Community Bank FAS ASC 310-30 loans that are no longer covered under the commercial loss sharing agreement with the FDIC are excluded from this table. Due to the recognition of accretion income established at the time of acquisition, the FAS ASC 310-30 loans that are greater than 90 days delinquent are regarded as accruing loans.
|
|
|
30-89 Days Past Due
|
|
Greater than 90 Days Past Due
|
|
Total Past Due
|
|
Current
|
|
Total Loans
|
|
Loans > 90 Days Accruing
(1)
|
||||||||||||
1-4 family residential real estate
|
|
$
|
1,745,765
|
|
|
$
|
390,621
|
|
|
$
|
2,136,386
|
|
|
$
|
137,666,897
|
|
|
$
|
139,803,283
|
|
|
$
|
237,541
|
|
Commercial real estate
|
|
2,297,923
|
|
|
1,674,934
|
|
|
3,972,857
|
|
|
280,617,888
|
|
|
284,590,745
|
|
|
1,124,260
|
|
||||||
Commercial
|
|
101,760
|
|
|
17,600
|
|
|
119,360
|
|
|
21,052,168
|
|
|
21,171,528
|
|
|
234
|
|
||||||
Real estate construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,459,401
|
|
|
58,459,401
|
|
|
—
|
|
||||||
Consumer and other
|
|
124,439
|
|
|
30,334
|
|
|
154,773
|
|
|
16,855,383
|
|
|
17,010,156
|
|
|
—
|
|
||||||
|
|
$
|
4,269,887
|
|
|
$
|
2,113,489
|
|
|
$
|
6,383,376
|
|
|
$
|
514,651,737
|
|
|
$
|
521,035,113
|
|
|
$
|
1,362,035
|
|
(1)
|
Previously covered loans in the amount of
$1,124,494
are now reflected in the Greater than 90 Days Accruing column. These loans which are accounted for under ASC 310-30 are reported as accruing loans because of accretable discounts established at the time of acquisition.
|
|
|
30-89 Days Past Due
|
|
Greater than 90 Days Past Due
|
|
Total Past Due
|
|
Current
|
|
Total Loans
|
|
Loans > 90 Days Accruing
|
||||||||||||
1-4 family residential real estate
|
|
$
|
1,116,477
|
|
|
$
|
47,283
|
|
|
$
|
1,163,760
|
|
|
$
|
123,407,387
|
|
|
$
|
124,571,147
|
|
|
$
|
47,283
|
|
Commercial real estate
|
|
524,803
|
|
|
836,510
|
|
|
1,361,313
|
|
|
268,247,692
|
|
|
269,609,005
|
|
|
—
|
|
||||||
Commercial
|
|
113,019
|
|
|
—
|
|
|
113,019
|
|
|
23,660,923
|
|
|
23,773,942
|
|
|
—
|
|
||||||
Real estate construction
|
|
37,312
|
|
|
—
|
|
|
37,312
|
|
|
44,616,043
|
|
|
44,653,355
|
|
|
—
|
|
||||||
Consumer and other
|
|
144,990
|
|
|
—
|
|
|
144,990
|
|
|
17,399,826
|
|
|
17,544,816
|
|
|
—
|
|
||||||
|
|
$
|
1,936,601
|
|
|
$
|
883,793
|
|
|
$
|
2,820,394
|
|
|
$
|
477,331,871
|
|
|
$
|
480,152,265
|
|
|
$
|
47,283
|
|
|
|
30-89 Days Past Due
|
|
Greater than 90 Days Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
Loans
(1)
|
|
Loans > 90 Days
Accruing
(2)
|
||||||||||||
1-4 family residential real estate
|
|
$
|
153,428
|
|
|
$
|
939,931
|
|
|
$
|
1,093,359
|
|
|
$
|
7,387,609
|
|
|
$
|
8,480,968
|
|
|
$
|
939,931
|
|
Commercial real estate
|
|
1,505,008
|
|
|
1,769,255
|
|
|
3,274,263
|
|
|
59,525,687
|
|
|
62,799,950
|
|
|
1,769,255
|
|
||||||
Commercial
|
|
260,825
|
|
|
446,653
|
|
|
707,478
|
|
|
2,816,241
|
|
|
3,523,719
|
|
|
446,653
|
|
||||||
Real estate construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer and other
|
|
96,965
|
|
|
—
|
|
|
96,965
|
|
|
2,369,853
|
|
|
2,466,818
|
|
|
—
|
|
||||||
|
|
$
|
2,016,226
|
|
|
$
|
3,155,839
|
|
|
$
|
5,172,065
|
|
|
$
|
72,099,390
|
|
|
$
|
77,271,455
|
|
|
$
|
3,155,839
|
|
(1)
|
Covered loan balances are net of nonaccretable differences and allowance for covered loan losses and have not been reduced by
$6,024,942
of accretable discounts and discounts on acquired performing loans.
|
(2)
|
Covered loans contractually past due greater than ninety days are reported as accruing loans because of accretable discounts established at the time of acquisition.
|
|
|
30-89 Days Past Due
|
|
Greater than 90 Days Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
Loans
(1)
|
|
Loans > 90 Days
Accruing (2) |
||||||||||||
1-4 family residential real estate
|
|
$
|
414,577
|
|
|
$
|
937,974
|
|
|
$
|
1,352,551
|
|
|
$
|
7,991,686
|
|
|
$
|
9,344,237
|
|
|
$
|
937,974
|
|
Commercial real estate
|
|
2,948,186
|
|
|
6,926,620
|
|
|
9,874,806
|
|
|
87,261,044
|
|
|
97,135,850
|
|
|
6,926,620
|
|
||||||
Commercial
|
|
534,363
|
|
|
611,305
|
|
|
1,145,668
|
|
|
3,950,836
|
|
|
5,096,504
|
|
|
611,305
|
|
||||||
Real estate construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer and other
|
|
2,901
|
|
|
97,747
|
|
|
100,648
|
|
|
2,188,490
|
|
|
2,289,138
|
|
|
97,747
|
|
||||||
|
|
$
|
3,900,027
|
|
|
$
|
8,573,646
|
|
|
$
|
12,473,673
|
|
|
$
|
101,392,056
|
|
|
$
|
113,865,729
|
|
|
$
|
8,573,646
|
|
(1)
|
Covered loan balances are net of nonaccretable differences and allowance for covered loan losses and have not been reduced by
$4,851,229
of accretable discounts and discounts on acquired performing loans.
|
(2)
|
Covered loans contractually past due greater than ninety days are reported as accruing loans because of accretable discounts established at the time of acquisition.
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014 |
|
Nine Months Ended
June 30, 2014 |
||||||||||||||||||
|
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Investment in Impaired Loans
|
|
Interest Income Recognized
|
|
Average Investment in Impaired Loans
|
|
Interest Income Recognized
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1-4 family residential real estate
|
|
$
|
1,567,956
|
|
|
$
|
2,025,245
|
|
|
$
|
—
|
|
|
$
|
1,621,124
|
|
|
$
|
6,054
|
|
|
$
|
1,710,023
|
|
|
$
|
19,534
|
|
Commercial real estate
|
|
10,195,006
|
|
|
12,173,949
|
|
|
—
|
|
|
10,239,457
|
|
|
103,741
|
|
|
10,319,152
|
|
|
315,560
|
|
|||||||
Commercial
|
|
180,463
|
|
|
210,343
|
|
|
—
|
|
|
187,559
|
|
|
—
|
|
|
196,454
|
|
|
196
|
|
|||||||
Real estate construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total:
|
|
$
|
11,943,425
|
|
|
$
|
14,409,537
|
|
|
$
|
—
|
|
|
$
|
12,048,140
|
|
|
$
|
109,795
|
|
|
$
|
12,225,629
|
|
|
$
|
335,290
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30, 2013
|
||||||||||||
|
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Investment in Impaired Loans
|
|
Interest Income Recognized
|
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential real estate
|
|
$
|
1,614,765
|
|
|
$
|
1,931,968
|
|
|
$
|
—
|
|
|
$
|
1,699,236
|
|
|
$
|
5,901
|
|
Commercial real estate
|
|
11,863,525
|
|
|
14,090,218
|
|
|
—
|
|
|
13,561,174
|
|
|
583,465
|
|
|||||
Commercial
|
|
1,661,036
|
|
|
1,681,641
|
|
|
—
|
|
|
2,299,878
|
|
|
74,935
|
|
|||||
Real estate construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total:
|
|
$
|
15,139,326
|
|
|
$
|
17,703,827
|
|
|
$
|
—
|
|
|
$
|
17,560,288
|
|
|
$
|
664,301
|
|
|
1-4 family residential real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass (1-4)
|
$
|
138,349,964
|
|
|
$
|
254,410,414
|
|
|
$
|
18,635,576
|
|
|
$
|
58,459,401
|
|
|
$
|
16,939,147
|
|
|
$
|
486,794,502
|
|
Special Mention (5)
|
—
|
|
|
5,035,029
|
|
|
1,025,682
|
|
|
—
|
|
|
—
|
|
|
6,060,711
|
|
||||||
Substandard (6)
|
1,453,319
|
|
|
24,016,011
|
|
|
1,503,843
|
|
|
—
|
|
|
71,009
|
|
|
27,044,182
|
|
||||||
Doubtful (7)
|
—
|
|
|
1,129,291
|
|
|
6,427
|
|
|
—
|
|
|
—
|
|
|
1,135,718
|
|
||||||
Loss (8)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total not covered loans
|
$
|
139,803,283
|
|
|
$
|
284,590,745
|
|
|
$
|
21,171,528
|
|
|
$
|
58,459,401
|
|
|
$
|
17,010,156
|
|
|
$
|
521,035,113
|
|
|
1-4 family residential real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass (1-4)
|
$
|
117,274,336
|
|
|
$
|
245,346,763
|
|
|
$
|
20,708,908
|
|
|
$
|
44,628,569
|
|
|
$
|
16,756,882
|
|
|
$
|
444,715,458
|
|
Special Mention (5)
|
2,438,309
|
|
|
2,094,817
|
|
|
996,970
|
|
|
—
|
|
|
471,186
|
|
|
6,001,282
|
|
||||||
Substandard (6)
|
4,858,502
|
|
|
22,167,425
|
|
|
2,068,064
|
|
|
24,786
|
|
|
315,848
|
|
|
29,434,625
|
|
||||||
Doubtful (7)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
900
|
|
||||||
Loss (8)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total not covered loans
|
$
|
124,571,147
|
|
|
$
|
269,609,005
|
|
|
$
|
23,773,942
|
|
|
$
|
44,653,355
|
|
|
$
|
17,544,816
|
|
|
$
|
480,152,265
|
|
|
1-4 family residential real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Numerical risk rating (1-4)
|
$
|
5,868,301
|
|
|
$
|
34,157,819
|
|
|
$
|
1,922,108
|
|
|
$
|
—
|
|
|
$
|
1,830,219
|
|
|
$
|
43,778,447
|
|
Numerical risk rating (5)
|
158,271
|
|
|
9,564,945
|
|
|
535,167
|
|
|
—
|
|
|
—
|
|
|
10,258,383
|
|
||||||
Numerical risk rating (6)
|
2,454,396
|
|
|
18,781,513
|
|
|
948,752
|
|
|
—
|
|
|
636,599
|
|
|
22,821,260
|
|
||||||
Numerical risk rating (7)
|
—
|
|
|
295,673
|
|
|
117,692
|
|
|
—
|
|
|
—
|
|
|
413,365
|
|
||||||
Numerical risk rating (8)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total covered loans
(1)
|
$
|
8,480,968
|
|
|
$
|
62,799,950
|
|
|
$
|
3,523,719
|
|
|
$
|
—
|
|
|
$
|
2,466,818
|
|
|
$
|
77,271,455
|
|
(1)
|
Covered loan balances are net of nonaccretable differences and allowances for covered loan losses and have not been reduced by
$6,024,942
of accretable discounts and discounts on acquired performing loans.
|
|
1-4 family residential real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Numerical risk rating (1-4)
|
$
|
5,318,294
|
|
|
$
|
45,762,355
|
|
|
$
|
2,988,721
|
|
|
$
|
—
|
|
|
$
|
1,658,075
|
|
|
$
|
55,727,445
|
|
Numerical risk rating (5)
|
1,094,186
|
|
|
20,231,874
|
|
|
454,554
|
|
|
—
|
|
|
440,058
|
|
|
22,220,672
|
|
||||||
Numerical risk rating (6)
|
2,925,433
|
|
|
29,491,113
|
|
|
1,058,143
|
|
|
—
|
|
|
190,171
|
|
|
33,664,860
|
|
||||||
Numerical risk rating (7)
|
6,324
|
|
|
1,650,508
|
|
|
595,086
|
|
|
—
|
|
|
834
|
|
|
2,252,752
|
|
||||||
Numerical risk rating (8)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total covered loans
(1)
|
$
|
9,344,237
|
|
|
$
|
97,135,850
|
|
|
$
|
5,096,504
|
|
|
$
|
—
|
|
|
$
|
2,289,138
|
|
|
$
|
113,865,729
|
|
(1)
|
Covered loan balances are net of nonaccretable differences and allowances for covered loan losses and have not been reduced by
$4,851,229
of accretable discounts and discounts on acquired performing loans.
|
|
Three Months Ended June 30, 2014
|
||||||||||||||||||||||||||
|
1-4 family real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Unallocated
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance at beginning of period
|
$
|
671,496
|
|
|
$
|
6,498,419
|
|
|
$
|
441,323
|
|
|
$
|
405,500
|
|
|
$
|
51,580
|
|
|
$
|
362,299
|
|
|
$
|
8,430,617
|
|
Charge-offs
|
(89,600
|
)
|
|
(49,202
|
)
|
|
—
|
|
|
—
|
|
|
(99,414
|
)
|
|
—
|
|
|
(238,216
|
)
|
|||||||
Recoveries
|
—
|
|
|
—
|
|
|
12,828
|
|
|
—
|
|
|
469
|
|
|
—
|
|
|
13,297
|
|
|||||||
Provision
|
179,933
|
|
|
(690,453
|
)
|
|
(74,832
|
)
|
|
40,611
|
|
|
100,849
|
|
|
443,892
|
|
|
—
|
|
|||||||
Transfer of allowance on previously covered NCB non-single family loans
|
1,596
|
|
|
394,791
|
|
|
3,470
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
400,000
|
|
|||||||
Balance at end of period
|
$
|
763,425
|
|
|
$
|
6,153,555
|
|
|
$
|
382,789
|
|
|
$
|
446,111
|
|
|
$
|
53,627
|
|
|
$
|
806,191
|
|
|
$
|
8,605,698
|
|
|
Nine Months Ended June 30, 2014
|
||||||||||||||||||||||||||
|
1-4 family real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Unallocated
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance at beginning of period
|
$
|
862,043
|
|
|
$
|
5,446,357
|
|
|
$
|
455,833
|
|
|
$
|
387,302
|
|
|
$
|
124,717
|
|
|
$
|
912,644
|
|
|
$
|
8,188,896
|
|
Charge-offs
|
(189,979
|
)
|
|
(79,639
|
)
|
|
(22,035
|
)
|
|
—
|
|
|
(107,062
|
)
|
|
—
|
|
|
(398,715
|
)
|
|||||||
Recoveries
|
—
|
|
|
70,231
|
|
|
41,890
|
|
|
—
|
|
|
3,396
|
|
|
—
|
|
|
115,517
|
|
|||||||
Provision
|
89,765
|
|
|
321,815
|
|
|
(96,369
|
)
|
|
58,809
|
|
|
32,433
|
|
|
(106,453
|
)
|
|
300,000
|
|
|||||||
Transfer of allowance on previously covered NCB non-single family loans
|
1,596
|
|
|
394,791
|
|
|
3,470
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
400,000
|
|
|||||||
Balance at end of period
|
$
|
763,425
|
|
|
$
|
6,153,555
|
|
|
$
|
382,789
|
|
|
$
|
446,111
|
|
|
$
|
53,627
|
|
|
$
|
806,191
|
|
|
$
|
8,605,698
|
|
Ending balance: individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ending balance
|
$
|
139,803,283
|
|
|
$
|
284,590,745
|
|
|
$
|
21,171,528
|
|
|
$
|
58,459,401
|
|
|
$
|
17,010,156
|
|
|
|
|
|
$
|
521,035,113
|
|
|
Ending balance: individually evaluated for impairment
|
$
|
1,567,956
|
|
|
$
|
10,195,006
|
|
|
$
|
180,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
11,943,425
|
|
|
Three Months Ended June 30, 2013
|
||||||||||||||||||||||||||
|
1-4 family real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Unallocated
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance at beginning of period
|
$
|
958,862
|
|
|
$
|
5,512,924
|
|
|
$
|
576,976
|
|
|
$
|
432,493
|
|
|
$
|
147,927
|
|
|
$
|
916,602
|
|
|
$
|
8,545,784
|
|
Charge-offs
|
(40,684
|
)
|
|
(557,053
|
)
|
|
(39,765
|
)
|
|
—
|
|
|
(67,309
|
)
|
|
—
|
|
|
(704,811
|
)
|
|||||||
Recoveries
|
—
|
|
|
28,021
|
|
|
10,557
|
|
|
—
|
|
|
899
|
|
|
—
|
|
|
39,477
|
|
|||||||
Provision
|
27,057
|
|
|
730,196
|
|
|
(144,550
|
)
|
|
(116,623
|
)
|
|
41,373
|
|
|
(37,453
|
)
|
|
500,000
|
|
|||||||
Balance at end of period
|
$
|
945,235
|
|
|
$
|
5,714,088
|
|
|
$
|
403,218
|
|
|
$
|
315,870
|
|
|
$
|
122,890
|
|
|
$
|
879,149
|
|
|
$
|
8,380,450
|
|
|
Nine Months Ended June 30, 2013
|
||||||||||||||||||||||||||
|
1-4 family real estate
|
|
Commercial real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer and other
|
|
Unallocated
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at beginning of period
|
$
|
879,854
|
|
|
$
|
5,480,132
|
|
|
$
|
711,594
|
|
|
$
|
287,129
|
|
|
$
|
79,627
|
|
|
$
|
751,559
|
|
|
$
|
8,189,895
|
|
Charge-offs
|
(139,222
|
)
|
|
(825,940
|
)
|
|
(46,498
|
)
|
|
—
|
|
|
(88,644
|
)
|
|
—
|
|
|
(1,100,304
|
)
|
|||||||
Recoveries
|
58,784
|
|
|
92,750
|
|
|
30,766
|
|
|
6,875
|
|
|
1,684
|
|
|
—
|
|
|
190,859
|
|
|||||||
Provision
|
145,819
|
|
|
967,146
|
|
|
(292,644
|
)
|
|
21,866
|
|
|
130,223
|
|
|
127,590
|
|
|
1,100,000
|
|
|||||||
Balance at end of period
|
$
|
945,235
|
|
|
$
|
5,714,088
|
|
|
$
|
403,218
|
|
|
$
|
315,870
|
|
|
$
|
122,890
|
|
|
$
|
879,149
|
|
|
$
|
8,380,450
|
|
Ending balance: individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ending balance
|
$
|
113,255,214
|
|
|
$
|
254,742,622
|
|
|
$
|
19,214,808
|
|
|
$
|
47,903,639
|
|
|
$
|
17,876,981
|
|
|
|
|
|
$
|
452,993,264
|
|
|
Ending balance: individually evaluated for impairment
|
$
|
2,023,286
|
|
|
$
|
11,883,249
|
|
|
$
|
1,684,368
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
15,590,903
|
|
|
Accruing Loans
|
|
Nonaccrual Loans
|
||||||||||||||||
|
Nine Months Ended June 30, 2014
|
|
Nine Months Ended June 30, 2014
|
||||||||||||||||
|
Number of
Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of
Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||
Payment structure modification:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3
|
|
$
|
905,513
|
|
|
$
|
905,513
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
3
|
|
$
|
905,513
|
|
|
$
|
905,513
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Accruing Loans
|
|
Nonaccrual Loans
|
||||||||||||||||
|
Nine Months Ended June 30, 2013
|
|
Nine Months Ended June 30, 2013
|
||||||||||||||||
|
Number of
Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of
Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||
Payment structure modification:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
80,462
|
|
|
$
|
41,080
|
|
Total
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
80,462
|
|
|
$
|
41,080
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
1,785,178
|
|
|
$
|
1,617,949
|
|
|
$
|
4,913,056
|
|
|
$
|
5,336,645
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
20,746,759
|
|
|
21,747,891
|
|
|
21,486,082
|
|
|
20,165,850
|
|
||||
Common stock equivalents
|
554,192
|
|
|
130,611
|
|
|
554,192
|
|
|
130,611
|
|
||||
Diluted shares
|
$
|
21,300,951
|
|
|
$
|
21,878,502
|
|
|
$
|
22,040,274
|
|
|
$
|
20,296,461
|
|
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.26
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
$
|
0.22
|
|
|
$
|
0.26
|
|
Non-covered real estate owned:
|
|
|
|
||||
|
Nine Months Ended June 30, 2014
|
|
Year Ended September 30, 2013
|
||||
|
|
|
|
||||
Balance, beginning of period
|
$
|
1,615,036
|
|
|
$
|
2,106,757
|
|
Real estate acquired through foreclosure of loans receivable
|
1,504,389
|
|
|
1,540,046
|
|
||
Proceeds from real estate sold
|
(2,055,247
|
)
|
|
(1,542,186
|
)
|
||
Write down of real estate owned
|
(201,387
|
)
|
|
(611,054
|
)
|
||
Gain on sale of real estate owned
|
48,566
|
|
|
121,473
|
|
||
Transfer of previously covered NCB non-single family OREO
|
419,999
|
|
|
—
|
|
||
Balance, end of period
|
$
|
1,331,356
|
|
|
$
|
1,615,036
|
|
Covered real estate owned:
|
|
|
|
||||
|
Nine Months Ended June 30, 2014
|
|
Year Ended September 30, 2013
|
||||
|
|
|
|
||||
Balance, beginning of period
|
$
|
14,068,846
|
|
|
$
|
21,903,204
|
|
Real estate acquired through foreclosure of loans receivable
|
3,390,267
|
|
|
15,771,880
|
|
||
Proceeds from real estate sold
|
(9,185,958
|
)
|
|
(20,260,362
|
)
|
||
Gain on real estate sold recognized in noninterest expense
|
96,717
|
|
|
460,189
|
|
||
Gain on real estate sold payable to (receivable from) the FDIC
|
770,367
|
|
|
4,214,243
|
|
||
Provision for losses on real estate owned recognized in noninterest expense
|
(139,795
|
)
|
|
(1,072,288
|
)
|
||
Increase of FDIC receivable for loss sharing agreements
|
(566,435
|
)
|
|
(6,948,020
|
)
|
||
Transfer of previously covered NCB non-single family OREO
|
(419,999
|
)
|
|
—
|
|
||
Balance, end of period
|
$
|
8,014,010
|
|
|
$
|
14,068,846
|
|
|
|
971,680 Options
|
||
|
|
|
||
Risk-free interest rate
|
|
1.71
|
%
|
|
Dividend yield
|
|
1.85
|
%
|
|
Expected life at date of grant (months)
|
|
66 months
|
|
|
Volatility
|
|
20.75
|
%
|
|
Weighted average grant-date fair value
|
|
$
|
1.86
|
|
|
Shares
|
|
Weighted average exercise
price/share
|
|
Weighted average remaining life (years)
|
||||
|
|
|
|
|
|
||||
Options outstanding - September 30, 2013
|
660,059
|
|
|
$
|
8.44
|
|
|
6
|
|
Option exercised
|
659
|
|
|
8.82
|
|
|
5
|
|
|
Options forfeited
|
3,341
|
|
|
8.82
|
|
|
5
|
|
|
Options granted
|
971,680
|
|
|
10.89
|
|
|
10
|
|
|
Options outstanding - June 30, 2014
|
1,627,739
|
|
|
$
|
9.90
|
|
|
8
|
|
Options exercisable - June 30, 2014
|
395,540
|
|
|
$
|
8.82
|
|
|
5
|
|
|
Number of shares
outstanding at
June 30, 2014
|
|
|
|
Remaining contractual
life in years
|
|
|
|
Exercise price
per share
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
393,545
|
|
|
|
|
|
5
|
|
|
|
$
|
8.82
|
|
|
|
|
174,594
|
|
|
|
|
|
6
|
|
|
|
$
|
8.18
|
|
|
|
|
66,720
|
|
|
|
|
|
6
|
|
|
|
$
|
7.22
|
|
|
|
|
16,212
|
|
|
|
|
|
8
|
|
|
|
$
|
7.34
|
|
|
|
|
4,988
|
|
|
|
|
|
8
|
|
|
|
$
|
7.79
|
|
|
|
|
971,680
|
|
|
|
|
|
10
|
|
|
|
$
|
10.89
|
|
|
|
|
1,627,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Weighted average grant date fair value per award
|
|||
|
|
|
|
|||
Unvested restricted stock awards - September 30, 2013
|
14,965
|
|
|
$
|
8.18
|
|
Granted
|
360,092
|
|
|
10.89
|
|
|
Vested
|
5,610
|
|
|
8.18
|
|
|
Canceled or expired
|
—
|
|
|
—
|
|
|
Unvested restricted stock awards - June 30, 2014
|
369,447
|
|
|
$
|
10.82
|
|
|
June 30, 2014
|
||||||||||||||
|
Estimated fair value
|
|
Quoted prices in active markets for identical assets
(Level 1 inputs)
|
|
Quoted prices for similar assets
(Level 2 inputs)
|
|
Significant unobservable inputs
(Level 3 inputs)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Tax free municipals
|
$
|
17,580,626
|
|
|
$
|
—
|
|
|
$
|
17,580,626
|
|
|
$
|
—
|
|
Mortgage–backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC certificates
|
46,267,958
|
|
|
—
|
|
|
46,267,958
|
|
|
—
|
|
||||
FNMA certificates
|
107,494,994
|
|
|
—
|
|
|
107,494,994
|
|
|
—
|
|
||||
GNMA certificates
|
1,722,916
|
|
|
—
|
|
|
1,722,916
|
|
|
—
|
|
||||
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
57,529
|
|
|
—
|
|
|
57,529
|
|
|
—
|
|
||||
FNMA
|
84,366
|
|
|
—
|
|
|
84,366
|
|
|
—
|
|
||||
Private-label mortgage securities:
|
|
|
|
|
|
|
|
||||||||
Investment grade
|
1,552,567
|
|
|
—
|
|
|
1,552,567
|
|
|
—
|
|
||||
Split rating
(1)
|
1,130,840
|
|
|
—
|
|
|
1,130,840
|
|
|
—
|
|
||||
Non-investment grade
|
9,148,478
|
|
|
—
|
|
|
9,148,478
|
|
|
—
|
|
||||
Total investment securities available for sale
|
185,040,274
|
|
|
—
|
|
|
185,040,274
|
|
|
—
|
|
||||
Assets held for sale
|
2,020,468
|
|
|
—
|
|
|
—
|
|
|
2,020,468
|
|
||||
Total recurring assets at fair value
|
$
|
187,060,742
|
|
|
$
|
—
|
|
|
$
|
185,040,274
|
|
|
$
|
2,020,468
|
|
(1)
|
Bonds with split ratings represent securities with both investment and non-investment grades.
|
|
September 30, 2013
|
||||||||||||||
|
Estimated fair value
|
|
Quoted prices in active markets for identical assets
(Level 1 inputs)
|
|
Quoted prices for similar assets
(Level 2 inputs) |
|
Significant unobservable inputs
(Level 3 inputs) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Tax free municipals
|
$
|
14,913,592
|
|
|
$
|
—
|
|
|
$
|
14,913,592
|
|
|
$
|
—
|
|
U.S. government sponsored entities
|
5,030,043
|
|
|
—
|
|
|
5,030,043
|
|
|
—
|
|
||||
Mortgage–backed securities:
|
|
|
|
|
|
|
|
||||||||
FNMA certificates
|
116,301,309
|
|
|
—
|
|
|
116,301,309
|
|
|
—
|
|
||||
GNMA certificates
|
1,845,617
|
|
|
—
|
|
|
1,845,617
|
|
|
—
|
|
||||
FHLMC certificates
|
53,165,417
|
|
|
—
|
|
|
53,165,417
|
|
|
—
|
|
||||
Collateralized mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FNMA
|
7,256,485
|
|
|
—
|
|
|
7,256,485
|
|
|
—
|
|
||||
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
||||||||
FNMA
|
2,274,370
|
|
|
—
|
|
|
2,274,370
|
|
|
—
|
|
||||
FHLMC
|
407,854
|
|
|
—
|
|
|
407,854
|
|
|
—
|
|
||||
Private-label mortgage securities:
|
|
|
|
|
|
|
|
||||||||
Investment grade
|
1,949,995
|
|
|
—
|
|
|
1,949,995
|
|
|
—
|
|
||||
Split rating
(1)
|
1,238,508
|
|
|
—
|
|
|
1,238,508
|
|
|
—
|
|
||||
Non-investment grade
|
10,735,217
|
|
|
—
|
|
|
10,735,217
|
|
|
—
|
|
||||
Total investment securities available for sale
|
215,118,407
|
|
|
—
|
|
|
215,118,407
|
|
|
—
|
|
||||
Assets held for sale
|
1,744,584
|
|
|
—
|
|
|
—
|
|
|
1,744,584
|
|
||||
Total recurring assets at fair value
|
$
|
216,862,991
|
|
|
$
|
—
|
|
|
$
|
215,118,407
|
|
|
$
|
1,744,584
|
|
(1)
|
Bonds with split ratings represent securities with both investment and non-investment grades.
|
|
Nine Months Ended June 30, 2014
|
|
Year Ended September 30, 2013
|
||||
|
|
|
|
||||
Fair value, beginning balance
|
$
|
1,744,584
|
|
|
$
|
1,054,280
|
|
Purchases
|
—
|
|
|
—
|
|
||
Sales
|
—
|
|
|
—
|
|
||
Settlements
|
—
|
|
|
—
|
|
||
Change in unrealized loss recognized in other comprehensive income
|
—
|
|
|
—
|
|
||
Valuation loss recognized in noninterest expense
|
—
|
|
|
(467,841
|
)
|
||
Total realized losses included in income
|
—
|
|
|
—
|
|
||
Transfers in and/or out of level 3
|
275,884
|
|
|
1,158,145
|
|
||
Fair value, ending balance
|
$
|
2,020,468
|
|
|
$
|
1,744,584
|
|
|
|
|
Fair value measurements using:
|
||||||||||||
|
|
|
Quoted prices in active markets for identical assets
|
|
Quoted prices for similar assets
|
|
Significant unobservable inputs
|
||||||||
|
Fair value
|
|
(Level 1 inputs)
|
|
(Level 2 inputs)
|
|
(Level 3 inputs)
|
||||||||
June 30, 2014
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Not covered under loss share
|
$
|
3,595,987
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,595,987
|
|
Other real estate owned:
|
|
|
|
|
|
|
|
||||||||
Not covered under loss share
|
1,331,356
|
|
|
—
|
|
|
—
|
|
|
1,331,356
|
|
||||
Covered under loss share
|
8,014,010
|
|
|
—
|
|
|
—
|
|
|
8,014,010
|
|
||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Not covered under loss share
|
3,338,298
|
|
|
—
|
|
|
—
|
|
|
3,338,298
|
|
||||
Other real estate owned:
|
|
|
|
|
|
|
|
||||||||
Not covered under loss share
|
1,615,036
|
|
|
—
|
|
|
—
|
|
|
1,615,036
|
|
||||
Covered under loss share
|
14,068,846
|
|
|
—
|
|
|
—
|
|
|
14,068,846
|
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
||||||||||||||
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
General Range (Discount)
|
|
Average Discount
|
||||||
Impaired Loans
|
$
|
3,595,987
|
|
|
Property appraisals
|
|
Management discount for property type and recent market volatility
|
|
13%
|
|
—
|
|
38%
|
|
24%
|
OREO
|
$
|
9,345,366
|
|
|
Property appraisals
|
|
Management discount for property type and recent market volatility
|
|
26%
|
|
—
|
|
34%
|
|
30%
|
Assets Held for Sale
|
$
|
2,020,468
|
|
|
Valuation analysis
|
|
Management discount for property type and recent market volatility
|
|
0%
|
|
—
|
|
50%
|
|
34%
|
|
June 30, 2014
|
||||||||||||||||||
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||
|
Carrying Value
|
|
Total Estimated Fair Value
|
|
Quoted Prices In Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
149,268,602
|
|
|
$
|
149,268,602
|
|
|
$
|
149,268,602
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investments available for sale
|
185,040,274
|
|
|
185,040,274
|
|
|
—
|
|
|
185,040,274
|
|
|
—
|
|
|||||
FHLB Stock
|
3,442,900
|
|
|
3,442,900
|
|
|
—
|
|
|
3,442,900
|
|
|
—
|
|
|||||
Loans receivable, net
|
582,402,665
|
|
|
585,751,651
|
|
|
—
|
|
|
—
|
|
|
585,751,651
|
|
|||||
Loans held for sale
|
2,332,156
|
|
|
2,380,651
|
|
|
—
|
|
|
2,380,651
|
|
|
—
|
|
|||||
Cash surrender value of life insurance
|
46,851,349
|
|
|
46,851,349
|
|
|
—
|
|
|
46,851,349
|
|
|
—
|
|
|||||
FDIC receivable for loss sharing arrangements
|
14,921,803
|
|
|
12,558,289
|
|
|
—
|
|
|
—
|
|
|
12,558,289
|
|
|||||
Assets held for sale
|
2,020,468
|
|
|
2,020,468
|
|
|
—
|
|
|
—
|
|
|
2,020,468
|
|
|||||
Accrued interest and dividends receivable
|
2,424,460
|
|
|
2,424,460
|
|
|
—
|
|
|
585,338
|
|
|
1,839,122
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
729,608,889
|
|
|
$
|
731,472,966
|
|
|
$
|
—
|
|
|
$
|
731,472,966
|
|
|
$
|
—
|
|
FHLB advances
|
55,000,000
|
|
|
60,092,820
|
|
|
—
|
|
|
60,092,820
|
|
|
—
|
|
|||||
Accrued interest payable
|
176,809
|
|
|
176,809
|
|
|
—
|
|
|
176,809
|
|
|
—
|
|
|
September 30, 2013
|
||||||||||||||||||
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||
|
Carrying Value
|
|
Total Estimated Fair Value
|
|
Quoted Prices In Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
161,452,481
|
|
|
$
|
161,452,481
|
|
|
$
|
161,452,481
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investments available for sale
|
215,118,407
|
|
|
215,118,407
|
|
|
—
|
|
|
215,118,407
|
|
|
—
|
|
|||||
FHLB Stock
|
3,940,300
|
|
|
3,940,300
|
|
|
—
|
|
|
3,940,300
|
|
|
—
|
|
|||||
Loans receivable, net
|
579,854,293
|
|
|
549,751,987
|
|
|
—
|
|
|
—
|
|
|
549,751,987
|
|
|||||
Loans held for sale
|
1,857,393
|
|
|
1,883,244
|
|
|
—
|
|
|
1,883,244
|
|
|
—
|
|
|||||
Cash surrender value of life insurance
|
39,825,881
|
|
|
39,825,881
|
|
|
—
|
|
|
39,825,881
|
|
|
—
|
|
|||||
FDIC receivable for loss sharing arrangements
|
29,941,862
|
|
|
29,369,037
|
|
|
—
|
|
|
—
|
|
|
29,369,037
|
|
|||||
Assets held for sale
|
1,744,584
|
|
|
1,744,584
|
|
|
—
|
|
|
—
|
|
|
1,744,584
|
|
|||||
Accrued interest and dividends receivable
|
2,728,902
|
|
|
2,728,902
|
|
|
—
|
|
|
642,244
|
|
|
2,086,658
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
751,296,668
|
|
|
$
|
724,702,400
|
|
|
$
|
—
|
|
|
$
|
724,702,400
|
|
|
$
|
—
|
|
FHLB advances
|
60,000,000
|
|
|
66,297,123
|
|
|
—
|
|
|
66,297,123
|
|
|
—
|
|
|||||
Accrued interest payable
|
200,173
|
|
|
200,173
|
|
|
—
|
|
|
200,173
|
|
|
—
|
|
|
Non-covered
(1)
|
|
Covered
(2)
|
|
Total
|
||||||
|
(dollars in thousands)
|
||||||||||
Loan Balances:
|
|
|
|
|
|
||||||
June 30, 2014
(3)
|
$
|
511,176
|
|
|
$
|
71,227
|
|
|
$
|
582,403
|
|
March 31, 2014
|
481,907
|
|
|
90,133
|
|
|
572,040
|
|
|||
December 31, 2013
|
476,466
|
|
|
100,101
|
|
|
576,567
|
|
|||
September 30, 2013
|
470,863
|
|
|
108,991
|
|
|
579,854
|
|
|||
June 30, 2013
|
443,581
|
|
|
120,712
|
|
|
564,293
|
|
|||
March 31, 2013
|
421,175
|
|
|
131,359
|
|
|
552,534
|
|
|||
December 31, 2012
|
426,370
|
|
|
149,268
|
|
|
575,638
|
|
|||
September 30, 2012
|
427,676
|
|
|
166,228
|
|
|
593,904
|
|
|||
June 30, 2012
|
430,292
|
|
|
186,545
|
|
|
616,837
|
|
(1)
|
Non-covered loans are shown net of deferred loan fees and allowance for loan losses.
|
(2)
|
Covered loans are shown net of deferred loan fees, allowances, nonaccretable differences and accretable discounts.
|
(3)
|
$8.6 million
of non-single family loans, net, were transferred from covered to non-covered loans due to the expiration of the NCB non-single family loss sharing agreement with the FDIC in June 2014.
|
|
|
|
Deposit Balances
|
||||||||||||||||||||||||||||
|
Deposit & Bankcard Fees
|
|
Transaction Accounts
|
|
Savings
|
|
Money Market
|
|
Total Core Deposits
|
|
Retail Certificates of Deposit
|
|
Wholesale Certificates of Deposit
|
|
Total Deposits
|
||||||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||||||||||
June 30, 2014
|
$
|
2,370
|
|
|
$
|
312,962
|
|
|
$
|
48,752
|
|
|
$
|
124,678
|
|
|
$
|
486,392
|
|
|
$
|
243,217
|
|
|
$
|
—
|
|
|
$
|
729,609
|
|
March 31, 2014
|
2,235
|
|
|
314,788
|
|
|
48,775
|
|
|
128,022
|
|
|
491,585
|
|
|
250,479
|
|
|
—
|
|
|
742,064
|
|
||||||||
December 31, 2013
|
2,256
|
|
|
295,848
|
|
|
47,531
|
|
|
131,010
|
|
|
474,389
|
|
|
258,265
|
|
|
5,000
|
|
|
737,654
|
|
||||||||
September 30, 2013
|
2,011
|
|
|
296,453
|
|
|
48,324
|
|
|
130,649
|
|
|
475,426
|
|
|
270,475
|
|
|
5,396
|
|
|
751,297
|
|
||||||||
June 30, 2013
|
1,915
|
|
|
302,471
|
|
|
49,681
|
|
|
129,078
|
|
|
481,230
|
|
|
280,372
|
|
|
8,179
|
|
|
769,781
|
|
||||||||
March 31, 2013
(1)
|
1,878
|
|
|
293,143
|
|
|
49,890
|
|
|
131,523
|
|
|
474,556
|
|
|
292,650
|
|
|
13,215
|
|
|
780,421
|
|
||||||||
December 31, 2012
|
1,950
|
|
|
284,509
|
|
|
48,685
|
|
|
130,151
|
|
|
463,345
|
|
|
312,026
|
|
|
30,747
|
|
|
806,118
|
|
||||||||
September 30, 2012
|
1,950
|
|
|
275,998
|
|
|
51,192
|
|
|
129,103
|
|
|
456,293
|
|
|
323,105
|
|
|
20,864
|
|
|
800,262
|
|
||||||||
June 30, 2012
|
1,715
|
|
|
281,358
|
|
|
52,703
|
|
|
133,807
|
|
|
467,868
|
|
|
332,707
|
|
|
20,958
|
|
|
821,533
|
|
(1)
|
March 31, 2013 core deposits were reduced by $138.6 million of deposits held by the Bank for stock orders from the second-step conversion which closed on April 8, 2013.
|
|
|
Loan Accretion (Amortization) Income
|
||||||||||||||||||||||||||||||||||||
|
|
2009
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
|
1Q 2014
|
|
2Q 2014
|
|
3Q 2014
|
|
|
Remaining
(1)
|
||||||||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||
NCB
|
|
$
|
1,698
|
|
|
$
|
4,519
|
|
|
$
|
2,272
|
|
|
$
|
751
|
|
|
$
|
844
|
|
|
|
$
|
86
|
|
|
$
|
59
|
|
|
$
|
57
|
|
|
|
$
|
105
|
|
MCB
|
|
—
|
|
|
3,242
|
|
|
5,742
|
|
|
3,740
|
|
|
3,086
|
|
|
|
418
|
|
|
900
|
|
|
861
|
|
|
|
2,846
|
|
|||||||||
FNB
|
|
—
|
|
|
—
|
|
|
252
|
|
|
4,497
|
|
|
4,993
|
|
|
|
688
|
|
|
519
|
|
|
727
|
|
|
|
3,074
|
|
|||||||||
Total
|
|
1,698
|
|
|
7,761
|
|
|
8,266
|
|
|
8,988
|
|
|
8,923
|
|
|
|
1,192
|
|
|
1,478
|
|
|
1,645
|
|
|
|
6,025
|
|
|||||||||
Amortization
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
(746
|
)
|
|
(850
|
)
|
|
|
(2,455
|
)
|
|||||||||
Net
|
|
$
|
1,698
|
|
|
$
|
7,761
|
|
|
$
|
8,266
|
|
|
$
|
8,988
|
|
|
$
|
8,923
|
|
|
|
$
|
1,192
|
|
|
$
|
732
|
|
|
$
|
795
|
|
|
|
$
|
3,570
|
|
(1)
|
Based on revised estimated cash flows related to covered loans, as of
June 30, 2014
, it was determined that approximately
$2.5 million
of the FDIC indemnification asset will be amortized into interest income over the remaining life of the acquired loan pools or the agreements with the FDIC, whichever is shorter.
$850,000
was amortized as an offset to loan interest income in the quarter ended
June 30, 2014
and
$1.6 million
during the nine months ended
June 30, 2014
.
|
(2)
|
Amortization of the FDIC indemnification asset due to improved estimated cash flows related to covered loans.
|
|
Three Months Ended
|
|||||||||||||
|
June 30, 2014
|
|
March 31, 2014
|
|
December 31, 2013
|
|
September 30, 2013
|
|
June 30, 2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Yield on Loans
|
5.44
|
%
|
|
5.41
|
%
|
|
5.55
|
%
|
|
6.14
|
%
|
|
6.83
|
%
|
Yield on Mortgage Securities
|
1.98
|
%
|
|
2.06
|
%
|
|
2.01
|
%
|
|
1.83
|
%
|
|
1.77
|
%
|
Yield on Assets
|
3.85
|
%
|
|
3.78
|
%
|
|
3.95
|
%
|
|
4.13
|
%
|
|
4.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of Deposits
|
0.49
|
%
|
|
0.49
|
%
|
|
0.53
|
%
|
|
0.55
|
%
|
|
0.57
|
%
|
Cost of CD's
|
1.04
|
%
|
|
1.02
|
%
|
|
1.09
|
%
|
|
1.11
|
%
|
|
1.12
|
%
|
Cost of NOW Accounts
|
0.11
|
%
|
|
0.11
|
%
|
|
0.11
|
%
|
|
0.12
|
%
|
|
0.13
|
%
|
Cost of Rewards Checking
|
0.24
|
%
|
|
0.24
|
%
|
|
0.25
|
%
|
|
0.26
|
%
|
|
0.34
|
%
|
Cost of Savings
|
0.02
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
0.04
|
%
|
|
0.05
|
%
|
Cost of MMDA
|
0.21
|
%
|
|
0.23
|
%
|
|
0.21
|
%
|
|
0.21
|
%
|
|
0.19
|
%
|
Cost of Borrowings
|
4.33
|
%
|
|
4.25
|
%
|
|
4.34
|
%
|
|
4.29
|
%
|
|
4.24
|
%
|
Cost of Liabilities
|
0.79
|
%
|
|
0.79
|
%
|
|
0.85
|
%
|
|
0.89
|
%
|
|
0.90
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan/Deposit Spread
|
4.95
|
%
|
|
4.92
|
%
|
|
5.02
|
%
|
|
5.59
|
%
|
|
6.26
|
%
|
Asset/Liability Spread
|
3.06
|
%
|
|
2.99
|
%
|
|
3.10
|
%
|
|
3.24
|
%
|
|
3.43
|
%
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||
|
Average Balance
|
|
Interest
|
|
Average Yield/Cost
(10)
|
|
Average Balance
|
|
Interest
|
|
Average Yield/Cost
(10)
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning deposits in other financial institutions
|
$
|
151,348
|
|
|
$
|
97
|
|
|
0.26
|
%
|
|
$
|
203,091
|
|
|
$
|
124
|
|
|
0.24
|
%
|
FHLB common stock and other equity securities
|
3,443
|
|
|
36
|
|
|
4.14
|
|
|
4,407
|
|
|
29
|
|
|
2.66
|
|
||||
Mortgage-backed securities and collateralized mortgage obligations available for sale
(1)
|
176,194
|
|
|
872
|
|
|
1.98
|
|
|
184,833
|
|
|
817
|
|
|
1.77
|
|
||||
Other investment securities available for sale
(1)
|
18,290
|
|
|
18
|
|
|
0.40
|
|
|
25,986
|
|
|
42
|
|
|
0.64
|
|
||||
Loans receivable
(1)(2)(3)(4)
|
586,797
|
|
|
7,189
|
|
|
4.90
|
|
|
564,863
|
|
|
7,543
|
|
|
5.34
|
|
||||
Accretion and amortization of loss share loans receivable
(5)
|
|
|
795
|
|
|
0.54
|
|
|
|
|
2,099
|
|
|
1.49
|
|
||||||
Total interest-earning assets
|
936,072
|
|
|
9,007
|
|
|
3.85
|
|
|
983,180
|
|
|
10,654
|
|
|
4.33
|
|
||||
Total noninterest-earning assets
|
123,453
|
|
|
|
|
|
|
|
170,008
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
1,059,525
|
|
|
|
|
|
|
|
$
|
1,153,188
|
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NOW accounts
|
$
|
178,771
|
|
|
$
|
51
|
|
|
0.11
|
%
|
|
$
|
162,665
|
|
|
$
|
54
|
|
|
0.13
|
%
|
Reward accounts
|
48,429
|
|
|
29
|
|
|
0.24
|
|
|
51,863
|
|
|
44
|
|
|
0.34
|
|
||||
Savings accounts
|
48,482
|
|
|
2
|
|
|
0.02
|
|
|
49,702
|
|
|
6
|
|
|
0.05
|
|
||||
Money market deposit accounts
|
120,903
|
|
|
65
|
|
|
0.21
|
|
|
141,723
|
|
|
68
|
|
|
0.19
|
|
||||
Certificate of deposit accounts
|
247,197
|
|
|
643
|
|
|
1.04
|
|
|
296,014
|
|
|
829
|
|
|
1.12
|
|
||||
Total interest-bearing deposits
|
643,782
|
|
|
790
|
|
|
0.49
|
|
|
701,967
|
|
|
1,001
|
|
|
0.57
|
|
||||
Borrowed funds
|
55,000
|
|
|
596
|
|
|
4.33
|
|
|
69,978
|
|
|
742
|
|
|
4.24
|
|
||||
Total interest-bearing liabilities
|
698,782
|
|
|
1,386
|
|
|
0.79
|
|
|
771,945
|
|
|
1,743
|
|
|
0.90
|
|
||||
Noninterest-bearing deposits
|
85,061
|
|
|
|
|
|
|
|
101,677
|
|
|
|
|
|
|
||||||
Other noninterest-bearing liabilities
|
11,979
|
|
|
|
|
|
|
|
7,498
|
|
|
|
|
|
|
||||||
Total noninterest-bearing liabilities
|
97,040
|
|
|
|
|
|
|
|
109,175
|
|
|
|
|
|
|
||||||
Total liabilities
|
795,822
|
|
|
|
|
|
|
|
881,120
|
|
|
|
|
|
|
||||||
Total stockholders' equity
|
263,703
|
|
|
|
|
|
|
|
272,068
|
|
|
|
|
|
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,059,525
|
|
|
|
|
|
|
|
$
|
1,153,188
|
|
|
|
|
|
|
||||
Net interest income
|
|
|
|
$
|
7,621
|
|
|
|
|
|
|
|
|
$
|
8,911
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest-earning assets
(6)
|
|
|
|
$
|
237,290
|
|
|
|
|
|
|
|
|
$
|
211,235
|
|
|
|
|
||
Net interest rate spread
(7)
|
|
|
|
|
|
|
3.06
|
%
|
|
|
|
|
|
|
|
3.43
|
%
|
||||
Net interest margin
(8)
|
|
|
|
|
|
|
3.26
|
%
|
|
|
|
|
|
|
|
3.63
|
%
|
||||
Net interest margin, excluding the effects of purchase accounting
(9)
|
|
|
|
|
2.90
|
%
|
|
|
|
|
|
2.75
|
%
|
||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
|
|
|
|
133.96
|
%
|
|
|
|
|
|
127.36
|
%
|
(1)
|
Tax exempt or tax-advantaged securities and loans are shown at their contractual yields and are not shown at a tax equivalent yield.
|
(2)
|
Includes net loan fees deferred and accreted pursuant to applicable accounting requirements.
|
(3)
|
Interest income on loans is interest income as recorded in the income statement and, therefore, does not include interest income on nonaccrual loans.
|
(4)
|
Interest income on loans excludes discount accretion and amortization of the indemnification asset.
|
(5)
|
Accretion of accretable purchase discount on loans acquired in FDIC-assisted acquisitions and amortization of the overstatement of FDIC indemnification asset.
|
(6)
|
Net interest-earning assets represent total average interest-earning assets less total average interest-bearing liabilities.
|
(7)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
|
(8)
|
Net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(9)
|
Net interest income excluding accretion and amortization of loss share loans receivable divided by net interest earning assets excluding loan accretable discounts in the amount of $5.5 million and $7.9 million for the quarter ended June 30, 2014 and June 30, 2013, respectively.
|
(10)
|
Annualized.
|
|
For the Three Months Ended June 30, 2014
Compared to the Three Months Ended June 30, 2013
|
||||||||||||||
|
Increase/(Decrease) Due to
|
||||||||||||||
|
Volume
|
|
Rate
|
|
Combined
|
|
Net
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Interest Income:
|
|
|
|
|
|
|
|
||||||||
Interest-earning deposits in other financial institutions
|
$
|
(32
|
)
|
|
$
|
7
|
|
|
$
|
(2
|
)
|
|
$
|
(27
|
)
|
FHLB common stock and other equity securities
|
(6
|
)
|
|
17
|
|
|
(4
|
)
|
|
7
|
|
||||
Mortgage-backed securities and collateralized mortgage obligations available for sale
|
(38
|
)
|
|
98
|
|
|
(5
|
)
|
|
55
|
|
||||
Other investment securities available for sale
|
(12
|
)
|
|
(16
|
)
|
|
4
|
|
|
(24
|
)
|
||||
Loans receivable
|
374
|
|
|
(1,957
|
)
|
|
(75
|
)
|
|
(1,658
|
)
|
||||
Total interest-earnings assets
|
$
|
286
|
|
|
$
|
(1,851
|
)
|
|
$
|
(82
|
)
|
|
$
|
(1,647
|
)
|
Interest Expense
|
|
|
|
|
|
|
|
||||||||
NOW accounts
|
$
|
6
|
|
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
(18
|
)
|
Savings accounts
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Money market deposit accounts
|
(10
|
)
|
|
8
|
|
|
(1
|
)
|
|
(3
|
)
|
||||
Certificate of deposit accounts
|
(137
|
)
|
|
(59
|
)
|
|
10
|
|
|
(186
|
)
|
||||
Total interest-bearing deposits
|
(141
|
)
|
|
(78
|
)
|
|
8
|
|
|
(211
|
)
|
||||
Borrowed funds
|
(159
|
)
|
|
16
|
|
|
(3
|
)
|
|
(146
|
)
|
||||
Total Interest-bearing Liabilities
|
$
|
(300
|
)
|
|
$
|
(62
|
)
|
|
$
|
5
|
|
|
$
|
(357
|
)
|
Net Change in net interest income
|
$
|
586
|
|
|
$
|
(1,789
|
)
|
|
$
|
(87
|
)
|
|
$
|
(1,290
|
)
|
|
For the Three Months Ended
|
||||||||||||||||||
|
June 30, 2014
|
|
March 31, 2014
|
|
December 31, 2013
|
|
September 30, 2013
|
|
June 30, 2013
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||
Service charges on deposit accounts
|
$
|
1,464
|
|
|
$
|
1,372
|
|
|
$
|
1,428
|
|
|
$
|
1,364
|
|
|
$
|
1,277
|
|
Bankcard fees
|
906
|
|
|
863
|
|
|
828
|
|
|
647
|
|
|
638
|
|
|||||
Gain on the sale of loans
|
298
|
|
|
266
|
|
|
172
|
|
|
192
|
|
|
407
|
|
|||||
Brokerage commissions
|
124
|
|
|
184
|
|
|
145
|
|
|
120
|
|
|
153
|
|
|||||
Bank owned life insurance
|
278
|
|
|
339
|
|
|
308
|
|
|
300
|
|
|
211
|
|
|||||
Gain on sale of investments, net
|
201
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|||||
FDIC receivable accretion (net impairment)
|
68
|
|
|
83
|
|
|
(90
|
)
|
|
(186
|
)
|
|
(115
|
)
|
|||||
Other income
|
(103
|
)
|
|
110
|
|
|
1,325
|
|
|
335
|
|
|
91
|
|
|||||
Total Noninterest Income
|
$
|
3,236
|
|
|
$
|
3,217
|
|
|
$
|
4,116
|
|
|
$
|
2,802
|
|
|
$
|
2,662
|
|
|
For the Three Months Ended
|
||||||||||||||||||
|
June 30, 2014
|
|
March 31, 2014
|
|
December 31, 2013
|
|
September 30, 2013
|
|
June 30, 2013
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||
Compensation and employee benefits
|
$
|
4,969
|
|
|
$
|
4,852
|
|
|
$
|
4,701
|
|
|
$
|
4,956
|
|
|
$
|
4,460
|
|
Occupancy
|
1,863
|
|
|
1,874
|
|
|
1,892
|
|
|
1,979
|
|
|
1,845
|
|
|||||
Legal and professional
|
369
|
|
|
387
|
|
|
554
|
|
|
647
|
|
|
459
|
|
|||||
Marketing
|
340
|
|
|
337
|
|
|
300
|
|
|
367
|
|
|
336
|
|
|||||
Furniture and equipment
|
226
|
|
|
158
|
|
|
166
|
|
|
213
|
|
|
203
|
|
|||||
Postage, office supplies, and printing
|
240
|
|
|
181
|
|
|
226
|
|
|
275
|
|
|
283
|
|
|||||
Core deposit intangible amortization expense
|
94
|
|
|
100
|
|
|
106
|
|
|
112
|
|
|
116
|
|
|||||
Federal insurance premiums and other regulatory fees
|
199
|
|
|
251
|
|
|
251
|
|
|
233
|
|
|
254
|
|
|||||
Net cost (benefit) of operations of other real estate owned
|
88
|
|
|
(2
|
)
|
|
289
|
|
|
40
|
|
|
(22
|
)
|
|||||
Other
|
647
|
|
|
442
|
|
|
715
|
|
|
647
|
|
|
830
|
|
|||||
Total Noninterest Expense
|
$
|
9,035
|
|
|
$
|
8,580
|
|
|
$
|
9,200
|
|
|
$
|
9,469
|
|
|
$
|
8,764
|
|
|
For the Nine Months Ended June 30,
|
||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||
|
Average Balance
|
|
Interest
|
|
Average Yield/Cost
(10)
|
|
Average Balance
|
|
Interest
|
|
Average Yield/Cost
(10)
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning deposits in other financial institutions
|
$
|
146,869
|
|
|
$
|
267
|
|
|
0.24
|
%
|
|
$
|
134,628
|
|
|
$
|
225
|
|
|
0.22
|
%
|
FHLB common stock and other equity securities
|
3,748
|
|
|
103
|
|
|
3.66
|
%
|
|
4,965
|
|
|
95
|
|
|
2.55
|
%
|
||||
Mortgage-backed securities and collateralized mortgage obligations available for sale
(1)
|
184,775
|
|
|
2,794
|
|
|
2.02
|
%
|
|
169,320
|
|
|
2,285
|
|
|
1.80
|
%
|
||||
Other investment securities available for sale
(1)
|
19,126
|
|
|
56
|
|
|
0.39
|
%
|
|
25,141
|
|
|
137
|
|
|
0.73
|
%
|
||||
Loans receivable
(1)(2)(3)(4)
|
584,630
|
|
|
21,249
|
|
|
4.85
|
%
|
|
577,277
|
|
|
22,840
|
|
|
5.28
|
%
|
||||
Accretion and amortization of loss share loans receivable
(5)
|
|
|
2,719
|
|
|
0.62
|
%
|
|
|
|
7,129
|
|
|
1.64
|
%
|
||||||
Total interest-earning assets
|
939,148
|
|
|
27,188
|
|
|
3.86
|
%
|
|
911,331
|
|
|
32,711
|
|
|
4.79
|
%
|
||||
Total noninterest-earning assets
|
134,998
|
|
|
|
|
|
|
153,793
|
|
|
|
|
|
||||||||
Total assets
|
$
|
1,074,146
|
|
|
|
|
|
|
$
|
1,065,124
|
|
|
|
|
|
||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW accounts
|
$
|
175,754
|
|
|
$
|
149
|
|
|
0.11
|
%
|
|
$
|
154,547
|
|
|
$
|
155
|
|
|
0.13
|
%
|
Rewards checking
|
48,342
|
|
|
87
|
|
|
0.24
|
%
|
|
52,035
|
|
|
146
|
|
|
0.37
|
%
|
||||
Savings accounts
|
48,243
|
|
|
8
|
|
|
0.02
|
%
|
|
49,596
|
|
|
18
|
|
|
0.05
|
%
|
||||
Money market deposit accounts
|
127,567
|
|
|
211
|
|
|
0.22
|
%
|
|
133,077
|
|
|
245
|
|
|
0.25
|
%
|
||||
Certificate of deposit accounts
|
256,980
|
|
|
2,025
|
|
|
1.05
|
%
|
|
317,961
|
|
|
2,743
|
|
|
1.15
|
%
|
||||
Total interest-bearing deposits
|
656,886
|
|
|
2,480
|
|
|
0.50
|
%
|
|
707,216
|
|
|
3,307
|
|
|
0.62
|
%
|
||||
Borrowed funds
|
57,956
|
|
|
1,872
|
|
|
4.31
|
%
|
|
76,418
|
|
|
2,392
|
|
|
4.17
|
%
|
||||
Total interest-bearing liabilities
|
714,842
|
|
|
4,352
|
|
|
0.81
|
%
|
|
783,634
|
|
|
5,699
|
|
|
0.97
|
%
|
||||
Noninterest-bearing deposits
|
77,572
|
|
|
|
|
|
|
88,018
|
|
|
|
|
|
||||||||
Other noninterest-bearing liabilities
|
11,459
|
|
|
|
|
|
|
6,781
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities
|
89,031
|
|
|
|
|
|
|
94,799
|
|
|
|
|
|
||||||||
Total liabilities
|
803,873
|
|
|
|
|
|
|
878,433
|
|
|
|
|
|
||||||||
Total stockholders' equity
|
270,273
|
|
|
|
|
|
|
186,691
|
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity
|
$
|
1,074,146
|
|
|
|
|
|
|
$
|
1,065,124
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
22,836
|
|
|
|
|
|
|
$
|
27,012
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest earning assets
(6)
|
|
|
$
|
224,306
|
|
|
|
|
|
|
$
|
127,697
|
|
|
|
||||||
Net interest rate spread
(7)
|
|
|
|
|
3.05
|
%
|
|
|
|
|
|
3.82
|
%
|
||||||||
Net interest margin
(8)
|
|
|
|
|
3.24
|
%
|
|
|
|
|
|
3.95
|
%
|
||||||||
Net interest margin, excluding the effects of purchase accounting
(9)
|
|
|
|
|
2.84
|
%
|
|
|
|
|
|
2.88
|
%
|
||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
|
|
|
|
131.38
|
%
|
|
|
|
|
|
116.30
|
%
|
(1)
|
Tax exempt or tax-advantaged securities and loans are shown at their contractual yields and are not shown at a tax equivalent yield.
|
(2)
|
Includes net loan fees deferred and accreted pursuant to applicable accounting requirements.
|
(3)
|
Interest income on loans is interest income as recorded in the income statement and, therefore, does not include interest income on nonaccrual loans.
|
(4)
|
Interest income on loans excludes discount accretion and amortization of the indemnification asset.
|
(5)
|
Accretion of accretable purchase discount on loans acquired in FDIC-assisted acquisitions and amortization of the overstatement of FDIC indemnification asset.
|
(6)
|
Net interest-earning assets represent total average interest-earning assets less total average interest-bearing liabilities.
|
(7)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
|
(8)
|
Net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(9)
|
Net interest income excluding accretion and amortization of loss share loans receivable divided by net interest earning assets excluding loan accretable discounts in the amount of $4.5 million and $10.3 million for the nine months ended June 30, 2014 and 2013, respectively.
|
(10)
|
Annualized.
|
|
For the Nine Months Ended June 30, 2014
Compared to the Nine Months Ended June 30, 2013
|
||||||||||||||
|
Increase/(Decrease) Due to
|
||||||||||||||
|
Volume
|
|
Rate
|
|
Combined
|
|
Net
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Interest Income:
|
|
|
|
|
|
|
|
||||||||
Interest-earning deposits in other financial institutions
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
$
|
42
|
|
FHLB common stock and other equity securities
|
(23
|
)
|
|
41
|
|
|
(10
|
)
|
|
8
|
|
||||
Mortgage-backed securities and collateralized mortgage obligations available for sale
|
209
|
|
|
275
|
|
|
25
|
|
|
509
|
|
||||
Other investment securities available for sale
|
(33
|
)
|
|
(63
|
)
|
|
15
|
|
|
(81
|
)
|
||||
Loans receivable
|
382
|
|
|
(6,303
|
)
|
|
(80
|
)
|
|
(6,001
|
)
|
||||
Total interest-earnings assets
|
$
|
555
|
|
|
$
|
(6,030
|
)
|
|
$
|
(48
|
)
|
|
$
|
(5,523
|
)
|
Interest Expense
|
|
|
|
|
|
|
|
||||||||
NOW accounts
|
$
|
26
|
|
|
$
|
(84
|
)
|
|
$
|
(7
|
)
|
|
$
|
(65
|
)
|
Savings accounts
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Money market deposit accounts
|
(10
|
)
|
|
(25
|
)
|
|
1
|
|
|
(34
|
)
|
||||
Certificate of deposit accounts
|
(526
|
)
|
|
(237
|
)
|
|
45
|
|
|
(718
|
)
|
||||
Total interest-bearing deposits
|
(510
|
)
|
|
(356
|
)
|
|
39
|
|
|
(827
|
)
|
||||
Borrowed funds
|
(578
|
)
|
|
77
|
|
|
(19
|
)
|
|
(520
|
)
|
||||
Total Interest-Bearing Liabilities
|
$
|
(1,088
|
)
|
|
$
|
(279
|
)
|
|
$
|
20
|
|
|
$
|
(1,347
|
)
|
Net Change in net interest income
|
$
|
1,643
|
|
|
$
|
(5,751
|
)
|
|
$
|
(68
|
)
|
|
$
|
(4,176
|
)
|
|
At June 30, 2014
|
|
At September 30, 2013
|
||||
|
(dollars in thousands)
|
||||||
Nonaccrual loans:
(1)
|
|
|
|
||||
One- to four-family residential real estate
|
$
|
1,102
|
|
|
$
|
1,508
|
|
Commercial real estate
|
2,903
|
|
|
1,121
|
|
||
Real estate construction
|
—
|
|
|
—
|
|
||
Commercial
|
180
|
|
|
161
|
|
||
Consumer and other loans
|
58
|
|
|
84
|
|
||
Total nonaccrual loans
|
4,243
|
|
|
2,874
|
|
||
Loans delinquent 90 days or greater and still accruing:
(2)
|
|
|
|
||||
One- to four-family residential real estate
|
238
|
|
|
47
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Real estate construction
|
—
|
|
|
—
|
|
||
Commercial
|
—
|
|
|
—
|
|
||
Consumer and other loans
|
—
|
|
|
—
|
|
||
Total loans delinquent 90 days or greater and still accruing
|
238
|
|
|
47
|
|
||
Total nonperforming loans
|
$
|
4,481
|
|
|
$
|
2,921
|
|
Other real estate owned:
|
|
|
|
||||
One- to four-family residential real estate
|
$
|
496
|
|
|
$
|
1,175
|
|
Commercial real estate
|
835
|
|
|
440
|
|
||
Real estate construction
|
—
|
|
|
—
|
|
||
Commercial
|
—
|
|
|
—
|
|
||
Consumer and other loans
|
—
|
|
|
—
|
|
||
Total real estate owned
|
1,331
|
|
|
1,615
|
|
||
Total nonperforming assets
|
$
|
5,812
|
|
|
$
|
4,536
|
|
Ratios:
|
|
|
|
||||
Nonperforming loans as a percentage of total non-covered loans
|
0.86
|
%
|
|
0.61
|
%
|
||
Nonperforming assets as a percentage of total non-covered assets
|
0.62
|
%
|
|
0.49
|
%
|
(1)
|
Included in nonaccrual loans is $2.1 million of troubled debt restructured loans.
|
(2)
|
Acquired Neighborhood Community Bank (“NCB”) FAS ASC 310-30 loans that are no longer covered under the non-single family loss sharing agreement with the FDIC are not included in this table. Due to the recognition of accretion income related to these loans, FAS ASC 310-30 loans that are greater than 90 days delinquent are regarded as accruing loans.
|
|
Nine Months Ended June 30, 2014
|
||||||||||||||||||||||||||
|
1-4 family
real estate
|
|
Commercial
real estate
|
|
Commercial
|
|
Real estate
construction
|
|
Consumer
and other
|
|
Unallocated
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at beginning of period
|
$
|
862,043
|
|
|
$
|
5,446,357
|
|
|
$
|
455,833
|
|
|
$
|
387,302
|
|
|
$
|
124,717
|
|
|
$
|
912,644
|
|
|
$
|
8,188,896
|
|
Charge-offs
|
(189,979
|
)
|
|
(79,639
|
)
|
|
(22,035
|
)
|
|
—
|
|
|
(107,062
|
)
|
|
—
|
|
|
(398,715
|
)
|
|||||||
Recoveries
|
—
|
|
|
70,231
|
|
|
41,890
|
|
|
—
|
|
|
3,396
|
|
|
—
|
|
|
115,517
|
|
|||||||
Provision
|
89,765
|
|
|
321,815
|
|
|
(96,369
|
)
|
|
58,809
|
|
|
32,433
|
|
|
(106,453
|
)
|
|
300,000
|
|
|||||||
Transfer of allowance on previously covered NCB non-single family loans
|
1,596
|
|
|
394,791
|
|
|
3,470
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
400,000
|
|
|||||||
Balance at end of period
|
$
|
763,425
|
|
|
$
|
6,153,555
|
|
|
$
|
382,789
|
|
|
$
|
446,111
|
|
|
$
|
53,627
|
|
|
$
|
806,191
|
|
|
$
|
8,605,698
|
|
Ending balance: individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ending balance
|
$
|
139,803,283
|
|
|
$
|
284,590,745
|
|
|
$
|
21,171,528
|
|
|
$
|
58,459,401
|
|
|
$
|
17,010,156
|
|
|
|
|
|
$
|
521,035,113
|
|
|
Ending balance: individually evaluated for impairment
|
$
|
1,567,956
|
|
|
$
|
10,195,006
|
|
|
$
|
180,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
11,943,425
|
|
|
|
Actual
|
|
For Capital Adequacy Purposes
|
|
To be Well Capitalized Under Prompt Corrective Action Provisions
|
|||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
|
(dollars in thousands)
|
|||||||||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk Based Capital (to Risk-Weighted Assets)
|
|
$
|
209,299
|
|
|
32.9
|
%
|
|
$
|
50,843
|
|
|
8.0
|
%
|
|
$
|
63,554
|
|
|
10.0
|
%
|
Tier 1 Capital (to Risk Weighted Assets)
|
|
201,338
|
|
|
31.7
|
|
|
25,422
|
|
|
4.0
|
|
|
38,133
|
|
|
6.0
|
|
|||
Tier 1 Capital (to Average Assets)
|
|
201,338
|
|
|
19.5
|
|
|
41,272
|
|
|
4.0
|
|
|
51,590
|
|
|
5.0
|
|
|||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk Based Capital (to Risk-Weighted Assets)
|
|
$
|
209,930
|
|
|
33.8
|
%
|
|
$
|
49,648
|
|
|
8.0
|
%
|
|
$
|
62,060
|
|
|
10.0
|
%
|
Tier 1 Capital (to Risk Weighted Assets)
|
|
202,119
|
|
|
32.6
|
|
|
24,824
|
|
|
4.0
|
|
|
37,236
|
|
|
6.0
|
|
|||
Tier 1 Capital (to Average Assets)
|
|
202,119
|
|
|
18.6
|
|
|
43,572
|
|
|
4.0
|
|
|
54,465
|
|
|
5.0
|
|
•
|
selling fixed rate mortgages we originate to the secondary market;
|
•
|
maintaining the diversity of our existing loan portfolio by originating commercial real estate and consumer loans, which typically have adjustable rates and/or shorter terms than residential mortgages;
|
•
|
emphasizing loans with adjustable interest rates;
|
•
|
maintaining fixed rate borrowings from the Federal Home Loan Bank of Atlanta; and
|
•
|
increasing retail transaction deposit accounts, which typically have long durations.
|
Change in Interest
Rates (bp)
(1)
|
|
Estimated NPV
(2)
|
|
Estimated Increase (Decrease) in NPV
|
|
Percentage Change
in NPV
|
|
NPV Ratio as a Percent of Present Value of Assets
(3)(4)
|
|
Increase (Decrease) in NPV Ratio as a
Percent or Present Value of Assets
(3)(4)
|
||||
(dollars in thousands)
|
||||||||||||||
300
|
|
$
|
187,165
|
|
|
$
|
(20,880
|
)
|
|
(10.0)%
|
|
18.0%
|
|
(2.0)%
|
200
|
|
$
|
194,055
|
|
|
$
|
(13,991
|
)
|
|
(6.7)%
|
|
18.7%
|
|
(1.3)%
|
100
|
|
$
|
201,003
|
|
|
$
|
(7,042
|
)
|
|
(3.4)%
|
|
19.4%
|
|
(0.6)%
|
—
|
|
$
|
208,045
|
|
|
$
|
—
|
|
|
—%
|
|
20.0%
|
|
—%
|
(100)
|
|
$
|
219,068
|
|
|
$
|
11,022
|
|
|
5.3%
|
|
21.1%
|
|
1.1%
|
(1)
|
Assumes an instantaneous uniform change in interest rates at all maturities.
|
(2)
|
NPV is the difference between the present value of an institution’s assets and liabilities.
|
(3)
|
Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
|
(4)
|
NPV Ratio represents NPV divided by the present value of assets.
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
(c)
|
The following table presents a summary of the Company's share repurchases during the quarter ended
June 30, 2014
:
|
Shares repurchased in the:
|
|
Total number of share repurchases
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced program
(1)
|
|
Maximum number of shares that may yet be purchased under the program
(1)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
April 1- April 30, 2014
|
|
61,831
|
|
|
$
|
10.82
|
|
|
571,577
|
|
|
4,280,000
|
|
May 1- May 31, 2014
|
|
1,055,415
|
|
|
10.87
|
|
|
1,626,992
|
|
|
3,224,585
|
|
|
June 1- June 30, 2014
|
|
1,526,002
|
|
|
11.03
|
|
|
3,152,994
|
|
|
1,698,583
|
|
|
Total
|
|
2,643,248
|
|
|
$
|
10.96
|
|
|
3,152,994
|
|
|
1,698,583
|
|
31.1
|
Rule 13a-14(a)/15d-14(c) Certification of Chief Executive Officer
|
31.2
|
Rule 13a-14(a)/15d-14(c) Certification of Chief Financial Officer
|
32.1
|
Section 1350 Certifications
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Statements of Financial Condition as of June 30, 2014 and September 30, 2013, (ii) the Unaudited Condensed Consolidated Statements of Income for the three and nine months ended June 30, 2014 and 2013, (iii) the Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended June 30, 2014 and the year ended September 30, 2013 (iv) the Unaudited Condensed Consolidated Comprehensive Income for the three and nine months ended June 30, 2014 and 2013, (v) the Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2014 and 2013, and (vi) the Notes to the Unaudited Condensed Consolidated Financial Statements.
|
|
|
CHARTER FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
Date:
|
August 12, 2014
|
By:
|
/s/ Robert L. Johnson
|
|
|
|
|
Robert L. Johnson
|
|
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
|
|
|
|
Date:
|
August 12, 2014
|
By:
|
/s/ Curtis R. Kollar
|
|
|
|
|
Curtis R. Kollar
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
1 Year Charter Financial Corp. (delisted) Chart |
1 Month Charter Financial Corp. (delisted) Chart |
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