We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prudenital Bancorp Inc of Pennsylvania | NASDAQ:PBIP | 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% | 15.13 | 14.63 | 16.08 | 0 | 01:00:00 |
(Mark One)
|
||
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the quarterly period ended
|
June 30, 2014 | |
OR
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from
|
to
|
Commission file number:
|
000-55084
|
Prudential Bancorp, Inc.
|
|||
(Exact Name of Registrant as Specified in Its Charter)
|
|||
Pennsylvania
|
46-2935427
|
||
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
||
1834 Oregon Avenue
Philadelphia, Pennsylvania
|
19145
|
||
(Address of Principal Executive Offices)
|
Zip Code | ||
(215) 755-1500
|
|||
(Registrant’s Telephone Number, Including Area Code)
|
1 |
PRUDENTIAL BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
2 |
PRUDENTIAL BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||||||
INTEREST INCOME:
|
||||||||||||||||
Interest on loans
|
$ | 3,184 | $ | 3,134 | $ | 9,489 | $ | 9,522 | ||||||||
Interest on mortgage-backed securities
|
378 | 405 | 1,054 | 1,583 | ||||||||||||
Interest and dividends on investments
|
553 | 566 | 1,639 | 1,594 | ||||||||||||
Interest on interest-bearing assets
|
21 | 21 | 108 | 77 | ||||||||||||
Total interest income
|
4,136 | 4,126 | 12,290 | 12,776 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
826 | 1,037 | 2,583 | 3,396 | ||||||||||||
Total interest expense
|
826 | 1,037 | 2,583 | 3,396 | ||||||||||||
NET INTEREST INCOME
|
3,310 | 3,089 | 9,707 | 9,380 | ||||||||||||
PROVISION FOR LOAN LOSSES
|
- | - | - | - | ||||||||||||
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES
|
3,310 | 3,089 | 9,707 | 9,380 | ||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and other service charges
|
103 | 103 | 289 | 298 | ||||||||||||
Gain on sale of securities available for sale, net
|
- | 852 | 274 | 868 | ||||||||||||
Total other-than-temporary impairment losses
|
(1 | ) | (8 | ) | (16 | ) | (33 | ) | ||||||||
Portion of loss recognized in other
comprehensive income, before taxes
|
- | 1 | - | 6 | ||||||||||||
Net impairment losses recognized in earnings
|
(1 | ) | (7 | ) | (16 | ) | (27 | ) | ||||||||
Other
|
92 | 129 | 221 | 352 | ||||||||||||
Total non-interest income
|
194 | 1,077 | 768 | 1,491 | ||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
1,578 | 1,475 | 4,747 | 4,433 | ||||||||||||
Data processing
|
103 | 106 | 323 | 329 | ||||||||||||
Professional services
|
196 | 246 | 719 | 690 | ||||||||||||
Office occupancy
|
122 | 100 | 365 | 292 | ||||||||||||
Depreciation
|
81 | 85 | 244 | 257 | ||||||||||||
Payroll taxes
|
85 | 79 | 293 | 267 | ||||||||||||
Director compensation
|
70 | 77 | 241 | 249 | ||||||||||||
Deposit insurance
|
54 | 154 | 202 | 473 | ||||||||||||
Real estate owned expense
|
87 | 56 | 151 | 442 | ||||||||||||
Advertising
|
18 | 67 | 162 | 223 | ||||||||||||
Other
|
362 | 272 | 1,066 | 944 | ||||||||||||
Total non-interest expense
|
2,756 | 2,717 | 8,513 | 8,599 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
748 | 1,449 | 1,962 | 2,272 | ||||||||||||
INCOME TAXES:
|
||||||||||||||||
Current expense (benefit)
|
321 | 43 | 496 | (392 | ) | |||||||||||
Deferred (benefit) expense
|
(94 | ) | 721 | 72 | 1,693 | |||||||||||
Total income tax expense
|
227 | 764 | 568 | 1,301 | ||||||||||||
NET INCOME
|
$ | 521 | $ | 685 | $ | 1,394 | $ | 971 | ||||||||
BASIC EARNINGS PER SHARE
|
$ | 0.06 | $ | 0.08 | $ | 0.15 | $ | 0.11 | ||||||||
DILUTED EARNINGS PER SHARE
|
$ | 0.06 | $ | 0.07 | $ | 0.15 | $ | 0.11 | ||||||||
DIVIDENDS PER SHARE
|
$ | 0.03 | $ | 0.00 | $ | 0.03 | $ | 0.00 | ||||||||
3 |
PRUDENTIAL BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
Three months ended June 30,
|
Nine months ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Net income
|
$ | 521 | $ | 685 | $ | 1,394 | $ | 971 | ||||||||
Unrealized holding gains (losses) on av ailable-for-sale securities
|
932 | (2,117 | ) | 1,232 | (2,683 | ) | ||||||||||
Tax effect
|
(317 | ) | 720 | (419 | ) | 914 | ||||||||||
Reclassification adjustment for net gains realized in net income
|
- | (852 | ) | (274 | ) | (868 | ) | |||||||||
Tax effect
|
- | 290 | 93 | 295 | ||||||||||||
Reclassification adjustment for other-than-temporary impairment losses
on debt securities
|
1 | 7 | 16 | 27 | ||||||||||||
Tax effect
|
- | (2 | ) | (5 | ) | (9 | ) | |||||||||
Total other comprehensiv e income (loss)
|
616 | (1,954 | ) | 643 | (2,324 | ) | ||||||||||
Comprehensiv e Income (Loss)
|
$ | 1,137 | $ | (1,269 | ) | $ | 2,037 | $ | (1,353 | ) |
4 |
PRUDENTIAL BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
|
5 |
PRUDENTIAL BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Nine Months Ended June 30, | ||||||||
2014
|
2013
|
|||||||
OPERATING ACTIVITIES:
|
(Dollars in Thousands)
|
|||||||
Net income
|
$ | 1,394 | $ | 971 | ||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
|
||||||||
Depreciation
|
244 | 257 | ||||||
Net accretion of premiums/discounts
|
(264 | ) | (508 | ) | ||||
Net amortization (accretion) of deferred loan fees and costs
|
177 | (22 | ) | |||||
Impairment charge on investment and mortgage-backed securities
|
16 | 27 | ||||||
Share-based compensation expense
|
292 | 546 | ||||||
Gain on sale of investment and mortgage-backed securities
|
(274 | ) | (868 | ) | ||||
Loss on sale of real estate owned
|
- | 46 | ||||||
Income from bank owned life insurance
|
(169 | ) | (152 | ) | ||||
Compensation expense of ESOP
|
263 | 128 | ||||||
Deferred income tax expense
|
72 | 1,693 | ||||||
Excess tax benefit related to stock compensation plans
|
(69 | ) | (90 | ) | ||||
Changes in assets and liabilities which used cash:
|
||||||||
Accrued interest receivable
|
(34 | ) | (208 | ) | ||||
Prepaid expenses and other assets
|
1,183 | 1,459 | ||||||
Accrued interest payable
|
(612 | ) | (1,157 | ) | ||||
Accounts payable and accrued expenses
|
73 | (788 | ) | |||||
Net cash (used) provided by operating activities
|
2,292 | 1,334 | ||||||
INVESTING ACTIVITIES:
|
||||||||
Purchase of investment and mortgage-backed securities held to maturity
|
(7,000 | ) | (33,462 | ) | ||||
Purchase of investment and mortgage-backed securities available for sale
|
(17,452 | ) | (16,955 | ) | ||||
Loans originated or acquired
|
(54,178 | ) | (65,025 | ) | ||||
Principal collected on loans
|
38,756 | 33,035 | ||||||
Principal payments received on investment and mortgage-backed securities:
|
||||||||
Held-to-maturity
|
7,142 | 11,798 | ||||||
Available-for-sale
|
2,856 | 21,215 | ||||||
Purchases of FHLB stock
|
(40 | ) | - | |||||
Proceeds from redemption of FHLB stock
|
- | 1,056 | ||||||
Proceeds from sale of investment and mortgage-backed securities
|
1,321 | 16,158 | ||||||
Purchase of bank owned life insurance
|
(5,000 | ) | - | |||||
Proceeds from sale of loans
|
- | 9,240 | ||||||
Proceeds from sale of real estate owned
|
29 | 1,226 | ||||||
Purchases of equipment
|
(93 | ) | (80 | ) | ||||
Net cash used in investing activities
|
(33,659 | ) | (21,794 | ) | ||||
FINANCING ACTIVITIES:
|
||||||||
Net (decrease) increase in demand deposits, NOW accounts,
and savings accounts
|
(2,382 | ) | 2,900 | |||||
Redemption of funds held in escrow relating to second-step conversion
|
(145,675 | ) | - | |||||
Net decrease in certificates of deposit
|
(17,789 | ) | (25,546 | ) | ||||
Repayment of advances from Federal Home Loan Bank
|
- | (143 | ) | |||||
Decrease in advances from borrowers for taxes and insurance
|
889 | 958 | ||||||
Cash dividends paid
|
(286 | ) | ||||||
Issuance of common stock relating to second-step conversion
|
38,702 | - | ||||||
Cancelation of treasury stock
|
31,625 | - | ||||||
Purchase of stock for ESOP
|
(3,089 | ) | - | |||||
Excess tax benefit related to stock compensation plans
|
69 | 90 | ||||||
Net cash used in financing activities
|
(97,936 | ) | (21,741 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(129,303 | ) | (42,201 | ) | ||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
158,984 | 81,273 | ||||||
CASH AND CASH EQUIVALENTS—End of period
|
$ | 29,681 | $ | 39,072 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
|
||||||||
INFORMATION:
|
||||||||
Interest paid on deposits and advances from Federal
|
||||||||
Home Loan Bank
|
$ | 3,195 | $ | 4,553 | ||||
Income taxes paid
|
$ | - | $ | - | ||||
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS:
|
||||||||
Real estate acquired in settlement of loans
|
$ | 83 | $ | 282 | ||||
1.
|
SIGNIFICANT ACCOUNTING POLICIES
|
7 |
8 |
9 |
2.
|
EARNINGS PER SHARE
|
10 |
Three Months Ended June 30,
|
||||||||||||||||
2014
|
2013 | |||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
|||||||||||||
(Dollars in Thousands Except Per Share Data)
|
||||||||||||||||
Net income
|
$ | 521 | $ | 521 | $ | 685 | $ | 685 | ||||||||
Weighted average shares outstanding
|
8,971,874 | 8,971,874 | 9,130,332 | 9,130,332 | ||||||||||||
Effect of common stock equivalents
|
- | 216,541 | - | 84,433 | ||||||||||||
Adjusted weighted average shares used in earnings
per share computation
|
8,971,874 | 9,188,415 | 9,130,332 | 9,214,765 | ||||||||||||
Earnings per share - basic and diluted
|
$ | 0.06 | $ | 0.06 | $ | 0.08 | $ | 0.07 |
Nine Months Ended June 30, | ||||||||||||||||
2014
|
2013 | |||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
|||||||||||||
(Dollars in Thousands Except Per Share Data)
|
||||||||||||||||
Net income
|
$ | 1,394 | $ | 1,394 | $ | 971 | $ | 971 | ||||||||
Weighted average shares outstanding
|
9,088,086 | 9,088,086 | 9,112,866 | 9,112,866 | ||||||||||||
Effect of common stock equivalents
|
- | 211,429 | - | 83,583 | ||||||||||||
Adjusted weighted average shares used in earnings
per share computation
|
9,088,086 | 9,299,515 | 9,112,866 | 9,196,449 | ||||||||||||
Earnings per share - basic and diluted
|
$ | 0.15 | $ | 0.15 | $ | 0.11 | $ | 0.11 |
11 |
3.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
Three Months Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands) | ||||||||
Unrealized gains (losses)
|
Unrealized gains (losses)
|
|||||||
on available for sale
|
on available for sale
|
|||||||
securities (a)
|
securities (a)
|
|||||||
Beginning Balance
|
$ | (1,265 | ) | $ | 913 | |||
Other comprehensive income (loss) before reclassification
|
615 | (1,397 | ) | |||||
Amount reclassified from accumulated other comprehensive income (loss)
|
1 | (557 | ) | |||||
Total other comprehensive income(loss)
|
616 | (1,954 | ) | |||||
Ending Balance
|
$ | (649 | ) | $ | (1,041 | ) |
Nine Months Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands) | ||||||||
Unrealized gains (losses)
|
Unrealized gains (losses)
|
|||||||
on available for sale
|
on available for sale
|
|||||||
securities (a)
|
securities (a)
|
|||||||
Beginning Balance
|
$ | (1,292 | ) | $ | 1,283 | |||
Other
comprehensive income (loss) gain before reclassification
|
813 | (1,769 | ) | |||||
Amount reclassified from accumulated other comprehensive income (loss)
|
(170 | ) | (555 | ) | ||||
Total other comprehensive income(loss)
|
643 | (2,324 | ) | |||||
Ending Balance
|
$ | (649 | ) | $ | (1,041 | ) |
12 |
13 |
4.
|
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
June 30, 2014 | ||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. government and agency obligations
|
$ | 18,987 | $ | - | $ | (1,161 | ) | $ | 17,826 | |||||||
Mortgage-backed securities - U.S.
government agencies
|
36,598 | 245 | (389 | ) | 36,454 | |||||||||||
Mortgage-backed securities - non-agency (1)
|
1,918 | 237 | (11 | ) | 2,144 | |||||||||||
Total debt securities available for sale
|
57,503 | 482 | (1,561 | ) | 56,424 | |||||||||||
FHLMC preferred stock
|
6 | 97 | - | 103 | ||||||||||||
Total securities available for sale
|
$ | 57,509 | $ | 579 | $ | (1,561 | ) | $ | 56,527 | |||||||
Securities Held to Maturity:
|
||||||||||||||||
U.S. government and agency obligations
|
$ | 68,933 | $ | 555 | $ | (3,576 | ) | $ | 65,912 | |||||||
Mortgage-backed securities - U.S.
government agencies
|
14,689 | 1,164 | (74 | ) | 15,779 | |||||||||||
Total securities held to maturity
|
$ | 83,622 | $ | 1,719 | $ | (3,650 | ) | $ | 81,691 |
14 |
September 30, 2013 | ||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. government and agency obligations
|
$ | 18,986 | $ | - | $ | (1,727 | ) | $ | 17,259 | |||||||
Mortgage-backed securities - U.S.
government agencies
|
21,433 | 230 | (704 | ) | 20,959 | |||||||||||
Mortgage-backed securities - non-agency (1)
|
3,319 | 301 | (90 | ) | 3,530 | |||||||||||
Total debt securities available for sale
|
43,738 | 531 | (2,521 | ) | 41,748 | |||||||||||
FHLMC preferred stock
|
6 | 27 | - | 33 | ||||||||||||
Total securities available for sale
|
$ | 43,744 | $ | 558 | $ | (2,521 | ) | $ | 41,781 | |||||||
Securities Held to Maturity:
|
||||||||||||||||
U.S. government and agency obligations
|
$ | 66,934 | $ | 559 | $ | (4,855 | ) | $ | 62,638 | |||||||
Mortgage-backed securities - U.S.
government agencies
|
16,798 | 1,222 | (76 | ) | 17,944 | |||||||||||
Total securities held to maturity
|
$ | 83,732 | $ | 1,781 | $ | (4,931 | ) | $ | 80,582 |
15 |
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||||||||
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||||||||||
U.S. government and agency obligations
|
$ | - | $ | - | $ | (1,161 | ) | $ | 17,826 | $ | (1,161 | ) | $ | 17,826 | ||||||||||
Mortgage-backed securities - U.S.
government agencies
|
(52 | ) | 9,039 | (337 | ) | 14,348 | (389 | ) | 23,387 | |||||||||||||||
Mortgage-backed securities - non-agency
|
(1 | ) | 116 | (10 | ) | 416 | (11 | ) | 532 | |||||||||||||||
Total securities available for sale
|
(53 | ) | 9,155 | (1,508 | ) | 32,590 | (1,561 | ) | 41,745 | |||||||||||||||
Securities Held to Maturity:
|
||||||||||||||||||||||||
U.S. government and agency obligations
|
(4 | ) | 1,996 | (3,572 | ) | 51,367 | (3,576 | ) | 53,363 | |||||||||||||||
Mortgage-backed securities - U.S.
government agencies
|
(74 | ) | 4,746 | - | - | (74 | ) | 4,746 | ||||||||||||||||
Total securities held to maturity
|
(78 | ) | 6,742 | (3,572 | ) | 51,367 | (3,650 | ) | 58,109 | |||||||||||||||
Total
|
$ | (131 | ) | $ | 15,897 | $ | (5,080 | ) | $ | 83,957 | $ | (5,211 | ) | $ | 99,854 |
16 |
Less than 12 months
|
More than 12 months
|
Total | ||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||||||||
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||||||||||
U.S. government and agency obligations
|
$ | (1,727 | ) | $ | 17,259 | $ | - | $ | - | $ | (1,727 | ) | $ | 17,259 | ||||||||||
Mortgage-backed securities - agency
|
(704 | ) | 17,449 | - | - | (704 | ) | 17,449 | ||||||||||||||||
Mortgage-backed securities - non-agency
|
(10 | ) | 415 | (80 | ) | 460 | (90 | ) | 875 | |||||||||||||||
Total securities available for sale
|
(2,441 | ) | 35,123 | (80 | ) | 460 | (2,521 | ) | 35,583 | |||||||||||||||
Securities Held to Maturity:
|
||||||||||||||||||||||||
U.S. government and agency obligations
|
(3,817 | ) | 40,126 | (1,038 | ) | 9,956 | (4,855 | ) | 50,082 | |||||||||||||||
Mortgage-backed securities - agency
|
(76 | ) | 5,253 | - | - | (76 | ) | 5,253 | ||||||||||||||||
Total securities held to maturity
|
(3,893 | ) | 45,379 | (1,038 | ) | 9,956 | (4,931 | ) | 55,335 | |||||||||||||||
Total
|
$ | (6,334 | ) | $ | 80,502 | $ | (1,118 | ) | $ | 10,416 | $ | (7,452 | ) | $ | 90,918 |
17 |
Three Months Ended
|
||||
June 30, 2014
|
||||
(Dollars in Thousands)
|
||||
Credit component of OTTI as of April 1, 2014
|
$ | 1,614 | ||
Additions for credit-related OTTI charges on previously unimpaired
securities
|
- | |||
Additional increase as a result of impairment charges recognized on
investments for which an OTTI charge was previously recognized
|
1 | |||
Credit component of OTTI as of June 30, 2014
|
$ | 1,615 | ||
Nine Months Ended
|
||||
June 30, 2014
|
||||
(Dollars in Thousands)
|
||||
Credit component of OTTI as of October 1, 2013
|
$ | 1,599 | ||
Additions for credit-related OTTI charges on previously unimpaired
securities
|
- | |||
Additional
increase as a result of impairment charges recognized on
investments for which an OTTI charge was previously
recognized
|
16 | |||
Credit component of OTTI as of June 30, 2014
|
$ | 1,615 |
18 |
June 30, 2014 | ||||||||||||||||
Held to Maturity
|
Available for Sale
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Due within one year
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Due after one through five years
|
5,999 | 6,338 | - | - | ||||||||||||
Due after five through ten years
|
12,495 | 12,233 | 1,999 | 1,922 | ||||||||||||
Due after ten years
|
50,439 | 47,341 | 16,988 | 15,904 | ||||||||||||
Total
|
$ | 68,933 | $ | 65,912 | $ | 18,987 | $ | 17,826 |
19 |
June 30,
|
September 30,
|
||||||||
2014
|
2013
|
||||||||
(Dollars in Thousands)
|
|||||||||
One-to-four family residential
|
$ | 282,674 | $ | 270,791 | |||||
Multi-family residential
|
6,740 | 5,716 | |||||||
Commercial real estate
|
16,469 | 19,506 | |||||||
Construction and land development
|
23,863 | 11,356 | |||||||
Commercial business
|
569 | 588 | |||||||
Consumer
|
404 | 438 | |||||||
Total loans
|
330,719 | 308,395 | |||||||
Undisbursed portion of loans-in-process
|
(9,265 | ) | (1,676 | ) | |||||
Deferred loan costs
|
2,410 | 2,151 | |||||||
Allowance for loan losses
|
(2,185 | ) | (2,353 | ) | |||||
Net loans
|
$ | 321,679 | $ | 306,517 |
One- to-four
family residential |
Multi-family
residential |
Commercial real
estate |
Construction
and land development |
Commercial
business |
Consumer
|
Total
|
||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 10,798 | $ | 370 | $ | 3,351 | $ | 7,414 | $ | - | $ | - | $ | 21,933 | ||||||||||||||
Collectively evaluated for impairment
|
271,876 | 6,370 | 13,118 | 16,449 | 569 | 404 | 308,786 | |||||||||||||||||||||
Total loans
|
$ | 282,674 | $ | 6,740 | $ | 16,469 | $ | 23,863 | $ | 569 | $ | 404 | $ | 330,719 |
20 |
One- to-
four family residential |
Multi-family
residential |
Commercial real
estate |
Construction
and land development |
Commercial
business |
Consumer
|
Total
|
|||||||||||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 10,754 | $ | 383 | $ | 2,776 | $ | 1,205 | $ | - | $ | - | $ | 15,118 | |||||||||||||||
Collectively evaluated for impairment
|
260,037 | 5,333 | 16,730 | 10,151 | 588 | 438 | 293,277 | ||||||||||||||||||||||
Total loans
|
$ | 270,791 | $ | 5,716 | $ | 19,506 | $ | 11,356 | $ | 588 | $ | 438 | $ | 308,395 |
Impaired Loans with
Specific Allowance
|
Impaired
Loans with
|
Total Impaired Loans
|
||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Recorded
|
Related
|
Recorded
|
Recorded
|
Unpaid
Principal
|
||||||||||||||||
Investment
|
Allowance
|
Investment
|
Investment
|
Balance
|
||||||||||||||||
One-to-four family residential
|
$ | - | $ | - | $ | 10,798 | $ | 10,798 | $ | 11,497 | ||||||||||
Multi-family residential
|
- | - | 370 | 370 | 370 | |||||||||||||||
Commercial real estate
|
- | - | 3,351 | 3,351 | 3,351 | |||||||||||||||
Construction and land development
|
- | - | 7,414 | 7,414 | 7,414 | |||||||||||||||
Total Loans
|
$ | - | $ | - | $ | 21,933 | $ | 21,933 | $ | 22,632 |
21 |
Impaired Loans with
Specific Allowance
|
Impaired
Loans with
|
Total Impaired Loans
|
||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Recorded
|
Related
|
Recorded
|
Recorded
|
Unpaid
Principal
|
||||||||||||||||
Investment
|
Allowance
|
Investment
|
Investment
|
Balance
|
||||||||||||||||
One-to-four family residential
|
$ | - | $ | - | $ | 10,754 | $ | 10,754 | $ | 10,754 | ||||||||||
Multi-family residential
|
- | - | 383 | 383 | 383 | |||||||||||||||
Commercial real estate
|
- | - | 2,776 | 2,776 | 2,776 | |||||||||||||||
Construction and land development
|
- | - | 1,205 | 1,205 | 1,205 | |||||||||||||||
Total Loans
|
$ | - | $ | - | $ | 15,118 | $ | 15,118 | $ | 15,118 |
Three Months Ended June 30, 2014
|
||||||||||||
Average
Recorded Investment |
Income Recognized on
Accrual Basis |
Income
Recognized on Cash Basis |
||||||||||
(Dollars in Thousands)
|
||||||||||||
One-to-four family residential
|
$ | 10,030 | $ | 78 | $ | 85 | ||||||
Multi-family residential
|
188 | 7 | - | |||||||||
Commercial real estate
|
1,468 | 8 | 7 | |||||||||
Construction and land development
|
4,052 | 34 | - | |||||||||
Total Loans
|
$ | 15,738 | $ | 127 | $ | 92 |
22 |
Nine Months Ended June 30, 2014
|
||||||||||||
Average
Recorded Investment |
Income Recognized
on Accrual Basis |
Income
Recognized on Cash Basis |
||||||||||
(Dollars in Thousands)
|
||||||||||||
One-to-four family residential
|
$ | 10,342 | $ | 242 | $ | 136 | ||||||
Multi-family residential
|
285 | 20 | 7 | |||||||||
Commercial real estate
|
1,926 | 18 | 14 | |||||||||
Construction and land development
|
2,628 | 70 | - | |||||||||
Total Loans
|
$ | 15,181 | $ | 350 | $ | 157 |
Three Months Ended June 30, 2013
|
||||||||||||
Average
Recorded Investment |
Income Recognized
on Accrual Basis |
Income
Recognized on Cash Basis |
||||||||||
(Dollars in Thousands)
|
||||||||||||
One-to-four family residential
|
$ | 13,622 | $ | 115 | $ | 2 | ||||||
Multi-family residential
|
561 | 7 | - | |||||||||
Commercial real estate
|
2,614 | 8 | 2 | |||||||||
Construction and land development
|
1,295 | 22 | - | |||||||||
Consumer
|
6 | - | - | |||||||||
Total Loans
|
$ | 18,098 | $ | 152 | $ | 4 |
23 |
Nine Months Ended June 30, 2013
|
|||||||||||||
Average
Recorded Investment |
Income Recognized
on Accrual Basis |
Income
Recognized on Cash Basis |
|||||||||||
(Dollars in Thousands)
|
|||||||||||||
One-to-four family residential
|
$ | 17,117 | $ | 440 | $ | 71 | |||||||
Multi-family residential
|
793 | 40 | - | ||||||||||
Commercial real estate
|
1,917 | 38 | 14 | ||||||||||
Construction and land development
|
1,585 | 85 | - | ||||||||||
Consumer
|
2 | - | - | ||||||||||
Total Loans
|
$ | 21,414 | $ | 603 | $ | 85 |
June 30, 2014
|
||||||||||||||||
Special
|
Total
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Multi-family residential
|
$ | 6,370 | $ | - | $ | 370 | $ | 6,740 | ||||||||
Commercial real estate
|
12,125 | 993 | 3,351 | 16,469 | ||||||||||||
Construction and land development
|
16,449 | - | 7,414 | 23,863 | ||||||||||||
Commercial business
|
569 | - | - | 569 | ||||||||||||
Total Loans
|
$ | 35,513 | $ | 993 | $ | 11,135 | $ | 47,641 |
24 |
September 30, 2013
|
|||||||||||||||||
Special
|
Total
|
||||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||
Multi-family residential
|
$ | 5,333 | $ | - | $ | 383 | $ | 5,716 | |||||||||
Commercial real estate
|
15,273 | 1,457 | 2,776 | 19,506 | |||||||||||||
Construction and land development
|
2,633 | 7,518 | 1,205 | 11,356 | |||||||||||||
Commercial business
|
588 | - | - | 588 | |||||||||||||
Total Loans
|
$ | 23,827 | $ | 8,975 | $ | 4,364 | $ | 37,166 |
June 30, 2014
|
|||||||||||||
Non-
|
Total
|
||||||||||||
Performing
|
Performing
|
Loans
|
|||||||||||
(Dollars in Thousands)
|
|||||||||||||
One-to-four family residential
|
$ | 277,307 | $ | 5,367 | $ | 282,674 | |||||||
Consumer
|
404 | - | 404 | ||||||||||
Total Loans
|
$ | 277,711 | $ | 5,367 | $ | 283,078 |
September 30, 2013
|
|||||||||||||
Non-
|
Total
|
||||||||||||
Performing
|
Performing
|
Loans
|
|||||||||||
(Dollars in Thousands)
|
|||||||||||||
One-to-four family residential
|
$ | 266,532 | $ | 4,259 | $ | 270,791 | |||||||
Consumer
|
438 | - | 438 | ||||||||||
Total Loans
|
$ | 266,970 | $ | 4,259 | $ | 271,229 |
25 |
June 30, 2014
|
||||||||||||||||||||||||||||
90 Days+
|
Total
|
|||||||||||||||||||||||||||
30-89 Days
|
90 Days +
|
Past Due
|
Past Due
|
Total
|
Non-
|
|||||||||||||||||||||||
Current
|
Past Due
|
Past Due
|
and Accruing
|
and Accruing
|
Loans
|
Accrual
|
||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$ | 277,623 | $ | 1,401 | $ | 3,650 | $ | - | $ | 1,401 | $ | 282,674 | $ | 5,367 | ||||||||||||||
Multi-family residential
|
6,740 | - | - | - | - | 6,740 | - | |||||||||||||||||||||
Commercial real estate
|
16,021 | - | 448 | - | - | 16,469 | 1,907 | |||||||||||||||||||||
Construction and land development
|
23,863 | - | - | - | - | 23,863 | - | |||||||||||||||||||||
Commercial business
|
569 | - | - | - | - | 569 | - | |||||||||||||||||||||
Consumer
|
404 | - | - | - | - | 404 | - | |||||||||||||||||||||
Total Loans
|
$ | 325,220 | $ | 1,401 | $ | 4,098 | $ | - | $ | 1,401 | $ | 330,719 | $ | 7,274 |
September 30, 2013
|
||||||||||||||||||||||||||||
90 Days+
|
Total
|
|||||||||||||||||||||||||||
30-89 Days
|
90 Days +
|
Past Due
|
Past Due
|
Total
|
Non-
|
|||||||||||||||||||||||
Current
|
Past Due
|
Past Due
|
and Accruing
|
and Accruing
|
Loans
|
Accrual
|
||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$ | 264,272 | $ | 3,589 | $ | 2,930 | $ | - | $ | 3,589 | $ | 270,791 | $ | 4,259 | ||||||||||||||
Multi-family residential
|
5,716 | - | - | - | - | 5,716 | - | |||||||||||||||||||||
Commercial real estate
|
18,686 | 355 | 465 | - | 355 | 19,506 | 2,375 | |||||||||||||||||||||
Construction and land development
|
11,356 | - | - | - | - | 11,356 | - | |||||||||||||||||||||
Commercial business
|
588 | - | - | - | - | 588 | - | |||||||||||||||||||||
Consumer
|
437 | 1 | - | - | 1 | 438 | - | |||||||||||||||||||||
Total Loans
|
$ | 301,055 | $ | 3,945 | $ | 3,395 | $ | - | $ | 3,945 | $ | 308,395 | $ | 6,634 |
26 |
Three Months Ended June 30, 2014
|
||||||||||||||||||||||||||||||||
One- to four-family residential
|
Multi-family residential
|
Commercial real estate
|
Construction and land development
|
Commercial business
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
ALLL balance at March 31, 2014.
|
$ | 1,425 | $ | 64 | $ | 141 | $ | 523 | $ | 4 | $ | 3 | $ | 230 | $ | 2,390 | ||||||||||||||||
Charge-offs
|
(205 | ) | - | - | - | - | - | - | (205 | ) | ||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Provision
|
66 | (6 | ) | (16 | ) | (11 | ) | (1 | ) | (2 | ) | (30 | ) | - | ||||||||||||||||||
ALLL balance at June 30, 2014
|
$ | 1,286 | $ | 58 | $ | 125 | $ | 512 | $ | 3 | $ | 1 | $ | 200 | $ | 2,185 | ||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Collectively evaluated for impairment
|
$ | 1,286 | $ | 58 | $ | 125 | $ | 512 | $ | 3 | $ | 1 | $ | 200 | $ | 2,185 |
Nine Months Ended June 30, 2014
|
||||||||||||||||||||||||||||||||
One- to four-family residential
|
Multi-family residential
|
Commercial real estate
|
Construction and land development
|
Commercial business
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2013.
|
$ | 1,384 | $ | 22 | $ | 70 | $ | 653 | $ | 4 | $ | 2 | $ | 218 | $ | 2,353 | ||||||||||||||||
Charge-offs
|
(215 | ) | - | - | - | - | - | - | (215 | ) | ||||||||||||||||||||||
Recoveries
|
47 | - | - | - | - | - | - | 47 | ||||||||||||||||||||||||
Provision
|
70 | 36 | 55 | (141 | ) | (1 | ) | (1 | ) | (18 | ) | - | ||||||||||||||||||||
ALLL balance at June 30, 2014
|
$ | 1,286 | $ | 58 | $ | 125 | $ | 512 | $ | 3 | $ | 1 | $ | 200 | $ | 2,185 | ||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Collectively evaluated for impairment
|
$ | 1,286 | $ | 58 | $ | 125 | $ | 512 | $ | 3 | $ | 1 | $ | 200 | $ | 2,185 |
27 |
Three Months Ended June 30, 2013
|
||||||||||||||||||||||||||||||||
One- to four-family residential
|
Multi-family residential
|
Commercial real estate
|
Construction and land development
|
Commercial business
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
ALLL balance at March 31, 2013
|
$ | 801 | $ | 7 | $ | 175 | $ | 1,297 | $ | 3 | $ | 1 | $ | 228 | $ | 2,512 | ||||||||||||||||
Charge-offs
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Recoveries
|
- | - | - | 139 | - | - | - | 139 | ||||||||||||||||||||||||
Provision
|
(10 | ) | - | - | - | - | 10 | - | - | |||||||||||||||||||||||
ALLL balance at June 30, 2013
|
$ | 791 | $ | 7 | $ | 175 | $ | 1,436 | $ | 3 | $ | 11 | $ | 228 | $ | 2,651 | ||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 10 | $ | - | $ | 10 | ||||||||||||||||
Collectively evaluated for impairment
|
$ | 791 | $ | 7 | $ | 175 | $ | 1,436 | $ | 3 | $ | 1 | $ | 228 | $ | 2,641 |
Nine Months Ended June 30, 2013
|
||||||||||||||||||||||||||||||||
One- to four-family residential
|
Multi-family residential
|
Commercial real estate
|
Construction and land development
|
Commercial business
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2012
|
$ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | ||||||||||||||||
Charge-offs
|
(154 | ) | - | - | - | - | - | - | (154 | ) | ||||||||||||||||||||||
Recoveries
|
25 | - | - | 899 | - | - | - | 924 | ||||||||||||||||||||||||
Provision
|
90 | - | 50 | (208 | ) | - | 10 | 58 | - | |||||||||||||||||||||||
ALLL balance at June 30, 2013
|
$ | 791 | $ | 7 | $ | 175 | $ | 1,436 | $ | 3 | $ | 11 | $ | 228 | $ | 2,651 | ||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 10 | $ | - | $ | 10 | ||||||||||||||||
Collectively evaluated for impairment
|
$ | 791 | $ | 7 | $ | 175 | $ | 1,436 | $ | 3 | $ | 1 | $ | 228 | $ | 2,641 |
28 |
Three Months Ended June 30, 2014
|
||||||||||
(Dollars in Thousands)
|
Number of
Loans
|
Pre- Modification
Outstanding
Recorded
Investment
|
Post-Modification Outstanding Recorded Investment
|
|||||||
Commercial
|
1 | $ | 453 | $ | 800 | |||||
1 | $ | 453 | $ | 800 |
Nine Months Ended June 30, 2014
|
||||||||||
(Dollars in Thousands)
|
Number of
Loans
|
Pre- Modification
Outstanding
Recorded
Investment
|
Post-Modification Outstanding Recorded Investment
|
|||||||
One-to-four family
|
1 | $ | 1,468 | $ | 1,468 | |||||
Commercial
|
1 | 453 | 800 | |||||||
2 | $ | 1,921 | $ | 2,268 |
Three Months Ended June 30, 2013
|
||||||||||
(Dollars in Thousands)
|
Number of
Loans
|
Pre- Modification
Outstanding
Recorded
Investment
|
Post-Modification Outstanding Recorded Investment
|
|||||||
One-to-four family
|
- | - | - | |||||||
- | - | - |
Nine Months Ended June 30, 2013
|
||||||||||
(Dollars in Thousands)
|
Number of
Loans
|
Pre- Modification
Outstanding
Recorded
Investment
|
Post-Modification Outstanding Recorded Investment
|
|||||||
One-to-four family
|
1 | $ | 1,321 | $ | 1,321 | |||||
1 | $ | 1,321 | $ | 1,321 |
29 |
June 30,
|
September 30,
|
|||||||||||||||
2014
|
2013
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Money market deposit accounts
|
$ | 66,627 | 17.7 | % | $ | 65,298 | 12.0 | % | ||||||||
Interest-bearing checking accounts
|
36,929 | 9.8 | 36,063 | 6.6 | ||||||||||||
Non-interest bearing checking accounts
|
2,806 | 0.7 | 3,474 | 0.6 | ||||||||||||
Passbook, club and statement savings (1)
|
74,031 | 19.6 | 223,615 | 41.3 | ||||||||||||
Certificates maturing in six months or less
|
29,714 | 7.9 | 65,831 | 12.1 | ||||||||||||
Certificates maturing in more than six months
|
166,795 | 44.3 | 148,467 | 27.4 | ||||||||||||
Total
|
$ | 376,902 | 100.0 | % | $ | 542,748 | 100.0 | % |
|
Certificates of $100,000 and over totaled $71.7 million as of June 30, 2014 and $78.7 million as of September 30, 2013.
|
30 |
7.
|
INCOME TAXES
|
June 30,
|
September 30,
|
||||||||
2014
|
2013
|
||||||||
Deferred tax assets:
|
(Dollars in Thousands)
|
||||||||
Allowance for loan losses
|
$ | 1,040 | $ | 1,037 | |||||
Real estate owned expenses
|
51 | - | |||||||
Nonaccrual interest
|
125 | 125 | |||||||
Accrued vacation
|
96 | 86 | |||||||
Capital loss carryforward
|
321 | 1,423 | |||||||
Impairment loss
|
938 | 1,117 | |||||||
Split dollar life insurance
|
21 | 21 | |||||||
Post-retirement benefits
|
132 | 136 | |||||||
Unrealized loss on available for sale securities
|
334 | 666 | |||||||
Employee benefit plans
|
369 | 455 | |||||||
Total deferred tax assets
|
3,427 | 5,066 | |||||||
Valuation allowance
|
(1,259 | ) | (2,540 | ) | |||||
Total deferred tax assets, net of valuation allowance
|
2,168 | 2,526 | |||||||
Deferred tax liabilities:
|
|||||||||
Property
|
447 | 461 | |||||||
Deferred loan fees
|
819 | 759 | |||||||
Total deferred tax liabilities
|
1,266 | 1,220 | |||||||
Net deferred tax asset
|
$ | 902 | $ | 1,306 |
31 |
Nine Months Ended
June 30, 2014
|
||||||||
Number of
Shares (1) |
Weighted Average
Grant Date Fair
Value
|
|||||||
Nonvested stock awards at October 1, 2013
|
79,477 | $ | 9.56 | |||||
Issued
|
- | - | ||||||
Forfeited
|
- | - | ||||||
Vested
|
(41,422 | ) | 10.93 | |||||
Nonvested stock awards at the June 30, 2014
|
38,055 | $ | 8.07 |
32 |
Nine Months Ended
June 30, 2014 |
||||||||
Number of
Shares (1) |
Weighted Average
Exercise Price
|
|||||||
Outstanding at October 1, 2013
|
516,739 | $ | 10.86 | |||||
Granted
|
13,545 | 10.68 | ||||||
Exercised
|
- | - | ||||||
Forfeited
|
- | - | ||||||
Outstanding at June 30, 2014
|
530,284 | $ | 10.86 | |||||
Exercisable at June 30, 2014
|
417,767 | $ | 11.57 | |||||
(1) Amounts reflected on a post-conversion basis.
|
9.
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
33 |
10.
|
FAIR VALUE MEASUREMENT
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities.
|
Level 2
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
Category Used for Fair Value Measurement
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. Government and agency obligations
|
$ | - | $ | 17,826 | $ | - | $ | 17,826 | ||||||||
Mortgage-backed securities - U.S. Government agencies
|
- | 36,454 | - | 36,454 | ||||||||||||
Mortgage-backed securities - Non-agency
|
- | 2,144 | - | 2,144 | ||||||||||||
FHLMC preferred stock
|
103 | - | - | 103 | ||||||||||||
Total
|
$ | 103 | $ | 56,424 | $ | - | $ | 56,527 |
34 |
Category Used for Fair Value Measurement
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. Government and agency obligations
|
$ | - | $ | 17,259 | $ | - | $ | 17,259 | ||||||||
Mortgage-backed securities - U.S. Government agencies
|
- | 20,959 | - | 20,959 | ||||||||||||
Mortgage-backed securities - Non-agency
|
- | 3,530 | - | 3,530 | ||||||||||||
FHLMC preferred stock
|
33 | - | - | 33 | ||||||||||||
Total
|
$ | 33 | $ | 41,748 | $ | - | $ | 41,781 |
35 |
At June 30, 2014
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 21,933 | $ | 21,933 | ||||||||
Real estate owned
|
- | - | 460 | $ | 460 | |||||||||||
Total
|
$ | - | $ | - | $ | 22,393 | $ | 22,393 |
At September 30, 2013
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 15,118 | $ | 15,118 | ||||||||
Real estate owned
|
- | - | 406 | $ | 406 | |||||||||||
Total
|
$ | - | $ | - | $ | 15,524 | $ | 15,524 | ||||||||
At June 30, 2014
|
|||||||||
(Dollars in Thousands)
|
|||||||||
Valuation
|
|||||||||
Fair Value
|
Technique
|
Unobservable Input
|
Range
|
||||||
Impaired loans
|
$ | 21,933 |
Property appraisals
|
Management discount for selling costs, property type and market volatility
|
10% - 20% discount
|
||||
Real estate owned
|
$ | 460 |
Property appraisals
|
Management discount for selling costs, property type and market volatility
|
10% - 20% discount
|
At
September 30, 2013
|
|||||||||
(Dollars in Thousands)
|
|||||||||
Valuation
|
|||||||||
Fair Value
|
Technique
|
Unobservable Input
|
Range
|
||||||
Impaired loans
|
$ | 15,118 |
Property appraisals
|
Management discount for selling costs, property type and market volatility
|
10% - 20% discount
|
||||
Real estate owned
|
$ | 406 |
Property appraisals
|
Management discount for selling costs, property type and market volatility
|
10% - 20% discount
|
36 |
Fair Value Measurements at
|
||||||||||||||||||||
June 30, 2014
|
||||||||||||||||||||
Carrying
|
Fair
|
|||||||||||||||||||
Amount
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 29,681 | $ | 29,681 | $ | 29,681 | $ | - | $ | - | ||||||||||
Investment and mortgage-backed
securities available for sale
|
56,527 | 56,527 | 103 | 56,424 | - | |||||||||||||||
Investment and mortgage-backed
securities held to maturity
|
83,622 | 81,691 | - | 81,691 | - | |||||||||||||||
Loans receivable, net
|
321,679 | 323,475 | - | - | 323,475 | |||||||||||||||
Accrued interest receivable
|
1,825 | 1,825 | 1,825 | - | - | |||||||||||||||
Federal Home Loan Bank stock
|
1,221 | 1,221 | 1,221 | - | - | |||||||||||||||
Bank owned life insurance
|
12,288 | 12,288 | 12,288 | - | - | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Checking accounts
|
39,735 | 39,735 | 39,735 | - | - | |||||||||||||||
Money market deposit accounts
|
66,627 | 66,627 | 66,627 | - | - | |||||||||||||||
Passbook, club and statement
savings accounts
|
74,031 | 74,031 | 74,031 | - | - | |||||||||||||||
Certificates of deposit
|
196,509 | 200,502 | - | - | 200,502 | |||||||||||||||
Advances from Federal Home
Loan Bank
|
340 | 340 | 340 | - | - | |||||||||||||||
Accrued interest payable
|
1,054 | 1,054 | 1,054 | - | - | |||||||||||||||
Advances from borrowers for taxes and
insurance
|
2,369 | 2,369 | 2,369 | - | - |
37 |
Fair Value Measurements at
|
||||||||||||||||||||
September 30, 2013
|
||||||||||||||||||||
Carrying
|
Fair
|
|||||||||||||||||||
Amount
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Assets:
|
|
|||||||||||||||||||
Cash and cash equivalents
|
$ | 158,984 | $ | 158,984 | $ | 158,984 | $ | - | $ | - | ||||||||||
Investment and mortgage-backed
securities available for sale
|
41,781 | 41,781 | 33 | 41,748 | - | |||||||||||||||
Investment and mortgage-backed
securities held to maturity
|
83,732 | 80,582 | - | 80,582 | - | |||||||||||||||
Loans receivable, net
|
306,517 | 308,606 | - | - | 308,606 | |||||||||||||||
Accrued interest receivable
|
1,791 | 1,791 | 1,791 | - | - | |||||||||||||||
Federal Home Loan Bank stock
|
1,181 | 1,181 | 1,181 | - | - | |||||||||||||||
Bank owned life insurance
|
7,119 | 7,119 | 7,119 | - | - | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Checking accounts
|
39,537 | 39,537 | 39,537 | - | - | |||||||||||||||
Money market deposit accounts
|
65,298 | 65,298 | 65,298 | - | - | |||||||||||||||
Passbook, club and statement
savings accounts
|
223,615 | 223,615 | 223,615 | - | - | |||||||||||||||
Certificates of deposit
|
214,298 | 218,572 | - | - | 218,572 | |||||||||||||||
Advances from Federal Home
Loan Bank
|
340 | 340 | 340 | - | - | |||||||||||||||
Accrued interest payable
|
1,666 | 1,666 | 1,666 | - | - | |||||||||||||||
Advances from borrowers for taxes and
insurance
|
1,480 | 1,480 | 1,480 | - | - |
38 |
39 |
|
●
|
Levels of past due, classified, criticized and non-accrual loans, troubled debt restructurings and loan modifications;
|
|
●
|
Nature and volume of loans;
|
|
●
|
Changes in lending policies and procedures, underwriting standards, collections, charge-offs and recoveries and for commercial loans, the level of loans being approved with exceptions to lending policy;
|
|
●
|
Experience, ability and depth of management and staff;
|
|
●
|
National and local economic and business conditions, including various market segments;
|
|
●
|
Quality of the Company’s loan review system and degree of Board oversight;
|
|
●
|
Concentrations of credit and changes in levels of such concentrations; and
|
|
●
|
Effect of external factors on the level of estimated credit losses in the current portfolio.
|
40 |
41 |
42 |
43 |
44 |
Three Months
|
||||||||||||||||||||||||
Ended June 30,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Rate (1)
|
Balance
|
Interest
|
Yield/Rate (1)
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities
|
$ | 87,985 | $ | 551 | 2.51 | % | $ | 92,209 | $ | 566 | 2.46 | % | ||||||||||||
Mortgage-backed securities
|
49,624 | 378 | 3.06 | 46,862 | 405 | 3.47 | ||||||||||||||||||
Loans receivable(2)
|
320,060 | 3,185 | 3.99 | 279,172 | 3,134 | 4.50 | ||||||||||||||||||
Other interest-earning assets
|
35,875 | 22 | 0.25 | 39,458 | 21 | 0.21 | ||||||||||||||||||
Total interest-earning assets
|
493,544 | 4,136 | 3.36 | 457,701 | 4,126 | 3.62 | ||||||||||||||||||
Cash and non-interest-bearing balances
|
2,426 | 2,639 | ||||||||||||||||||||||
Other non-interest-earning assets
|
17,908 | 15,922 | ||||||||||||||||||||||
Total assets
|
$ | 513,878 | $ | 476,262 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 78,404 | 62 | 0.32 | $ | 76,571 | 63 | 0.33 | ||||||||||||||||
Money market deposit and NOW accounts
|
101,031 | 88 | 0.35 | 100,623 | 88 | 0.35 | ||||||||||||||||||
Certificates of deposit
|
199,399 | 675 | 1.36 | 229,933 | 885 | 1.54 | ||||||||||||||||||
Total deposits
|
378,834 | 825 | 0.87 | 407,127 | 1,036 | 1.02 | ||||||||||||||||||
Advances from Federal Home Loan Bank
|
340 | - | 0.00 | 340 | - | 0.00 | ||||||||||||||||||
Advances from borrowers for taxes and
|
||||||||||||||||||||||||
insurance
|
1,865 | 1 | 0.22 | 1,692 | 1 | 0.24 | ||||||||||||||||||
Total interest-bearing liabilities
|
381,039 | 826 | 0.87 | 409,159 | 1,037 | 1.02 | ||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing demand accounts
|
2,552 | 3,449 | ||||||||||||||||||||||
Other liabilities
|
4,665 | 3,946 | ||||||||||||||||||||||
Total liabilities
|
388,256 | 416,554 | ||||||||||||||||||||||
Stockholders
’
equity
|
125,622 | 59,708 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 513,878 | $ | 476,262 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 112,505 | $ | 48,542 | ||||||||||||||||||||
Net interest income; interest rate spread
|
$ | 3,310 | 2.49 | % | $ | 3,089 | 2.60 | % | ||||||||||||||||
Net interest margin(3)
|
2.69 | % | 2.71 | % | ||||||||||||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||||||
interest-bearing liabilities
|
129.53 | % | 111.86 | % |
(1) Yields and rates for the three month periods are annualized.
|
(2) Includes non-accrual loans. Calculated net of unamortized deferred fees, undisbursed portion of loans-in-process and the allowance for loan losses.
|
(3) Equals net interest income divided by average interest-earning assets.
|
45 |
Nine Months
|
||||||||||||||||||||||||
Ended June 30,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Rate (1)
|
Balance
|
Interest
|
Yield/Rate (1)
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities
|
$ | 86,972 | $ | 1,639 | 2.52 | % | $ | 83,415 | $ | 1,594 | 2.55 | % | ||||||||||||
Mortgage-backed securities
|
44,100 | 1,054 | 3.20 | 57,820 | 1,583 | 3.66 | ||||||||||||||||||
Loans receivable(2)
|
318,410 | 9,489 | 3.98 | 273,416 | 9,522 | 4.66 | ||||||||||||||||||
Other interest-earning assets
|
55,234 | 108 | 0.26 | 46,411 | 77 | 0.22 | ||||||||||||||||||
Total interest-earning assets
|
504,716 | 12,290 | 3.26 | 461,062 | 12,776 | 3.70 | ||||||||||||||||||
Cash and non-interest-bearing balances
|
2,470 | 2,571 | ||||||||||||||||||||||
Other non-interest-earning assets
|
14,557 | 16,214 | ||||||||||||||||||||||
Total assets
|
$ | 521,743 | $ | 479,847 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 79,420 | 197 | 0.33 | $ | 72,050 | 182 | 0.34 | ||||||||||||||||
Money market deposit and NOW accounts
|
100,196 | 260 | 0.35 | 100,780 | 269 | 0.36 | ||||||||||||||||||
Certificates of deposit
|
205,667 | 2,123 | 1.38 | 238,965 | 2,941 | 1.65 | ||||||||||||||||||
Total deposits
|
385,283 | 2,580 | 0.90 | 411,795 | 3,392 | 1.10 | ||||||||||||||||||
Advances from Federal Home Loan Bank
|
340 | - | 0.00 | 353 | - | 0.00 | ||||||||||||||||||
Advances from borrowers for taxes and
|
||||||||||||||||||||||||
insurance
|
2,044 | 3 | 0.20 | 1,798 | 4 | 0.30 | ||||||||||||||||||
Total interest-bearing liabilities
|
387,667 | 2,583 | 0.89 | 413,946 | 3,396 | 1.10 | ||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing demand accounts
|
2,528 | 3,362 | ||||||||||||||||||||||
Other liabilities
|
5,496 | 3,192 | ||||||||||||||||||||||
Total liabilities
|
395,691 | 420,500 | ||||||||||||||||||||||
Stockholders’ equity
|
126,052 | 59,347 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 521,743 | $ | 479,847 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 117,049 | $ | 47,116 | ||||||||||||||||||||
Net interest income; interest rate spread
|
$ | 9,707 | 2.36 | % | $ | 9,380 | 2.60 | % | ||||||||||||||||
Net interest margin(3)
|
2.57 | % | 2.72 | % | ||||||||||||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||||||
interest-bearing liabilities
|
130.19 | % | 111.38 | % |
(1) Yields and rates for the nine month periods are annualized.
|
(2) Includes non-accrual loans. Calculated net of unamortized deferred fees, undisbursed portion of loans-in-process and the allowance for loan losses.
|
(3) Equals net interest income divided by average interest-earning assets.
|
46 |
47 |
June 30,
2014 |
September 30,
2013 |
|||||||
(Dollars in Thousands)
|
||||||||
Non-accruing loans:
|
||||||||
One-to-four family residential
|
$ | 6,5367 | $ | 4,259 | ||||
Commercial real estate
|
1,907 | 2,375 | ||||||
Total non-accruing loans
|
7,274 | 6,634 | ||||||
Real estate owned, net: (1)
|
460 | 406 | ||||||
Total non-performing assets
|
$ | 7,734 | $ | 7,040 | ||||
Total non-performing loans as a percentage of loans, net
|
2.26 | % | 2.15 | % | ||||
Total non-performing loans as a percentage of total assets
|
1.42 | % | 1.09 | % | ||||
Total non-performing assets as a percentage of total assets
|
1.51 | % | 1.12 | % |
|
(1)
|
Real estate owned balances are shown net of related loss allowances and consist solely of real property.
|
The Company currently has one loan of approximately $10 million classified as a TDR which has performed in accordance with the new terms for more than six consecutive months and is reported as a performing loan.
48 |
49 |
To Be
|
||||||||||||
Well Capitalized
|
||||||||||||
Required for
|
Under Prompt
|
|||||||||||
Capital Adequacy
|
Corrective Action
|
|||||||||||
Actual Ratio
|
Purposes
|
Provisions
|
||||||||||
June 30, 2014:
|
||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||
The Company
|
25.32 | % | 4.0 | % | N/A | |||||||
The Bank
|
17.82 | % | 4.0 | % | 5.0 | % | ||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||
The Company
|
54.27 | % | 4.0 | % | N/A | |||||||
The Bank
|
38.25 | % | 4.0 | % | 6.0 | % | ||||||
Total capital (to risk-weighted assets)
|
||||||||||||
The Company
|
55.18 | % | 8.0 | % | N/A | |||||||
The Bank
|
39.16 | % | 8.0 | % | 10.0 | % | ||||||
September 30, 2013:
|
||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||
Company
|
12.54 | % | 4.0 | % | N/A | |||||||
Bank
|
11.81 | % | 4.0 | % | 5.0 | % | ||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||
Company
|
26.69 | % | 4.0 | % | N/A | |||||||
Bank
|
25.69 | % | 4.0 | % | 6.0 | % | ||||||
Total capital (to risk-weighted assets)
|
||||||||||||
Company
|
27.72 | % | 8.0 | % | N/A | |||||||
Bank
|
26.18 | % | 8.0 | % | 10.0 | % |
50 |
51 |
More than
|
More than
|
More than
|
||||||||||||||||||||||
3 Months
|
3 Months
|
1 Year
|
3 Years
|
More than
|
Total
|
|||||||||||||||||||
or Less
|
to 1 Year
|
to 3 Years
|
to 5 Years
|
5 Years
|
Amount
|
|||||||||||||||||||
|
||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Interest-earning assets(1):
|
||||||||||||||||||||||||
Investment and mortgage-backed securities(2)
|
$ | 5,317 | $ | 7,043 | $ | 13,055 | $ | 14,153 | $ | 101,564 | $ | 141,132 | ||||||||||||
Loans receivable(3)
|
23,938 | 47,394 | 83,963 | 61,168 | 104,992 | 321,455 | ||||||||||||||||||
Other interest-earning assets(4)
|
28,809 | - | - | - | - | 28,809 | ||||||||||||||||||
Total interest-earning assets
|
$ | 58,064 | $ | 54,437 | $ | 97,018 | $ | 75,321 | $ | 206,556 | $ | 491,396 | ||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 2,250 | $ | 5,689 | $ | 9,646 | $ | 9,310 | $ | 48,482 | $ | 75,377 | ||||||||||||
Money market deposit and NOW accounts
|
3,763 | 11,289 | 18,626 | 15,048 | 53,159 | 101,885 | ||||||||||||||||||
Certificates of deposit
|
29,714 | 58,859 | 62,310 | 45,951 | - | 196,834 | ||||||||||||||||||
Advances from Federal Home Loan Bank
|
- | 340 | - | - | - | 340 | ||||||||||||||||||
Advances from borrowers for taxes and insurance
|
2,369 | - | - | - | - | 2,369 | ||||||||||||||||||
Total interest-bearing liabilities
|
$ | 38,096 | $ | 76,177 | $ | 90,582 | $ | 70,309 | $ | 101,641 | $ | 376,805 | ||||||||||||
Interest-earning assets
|
||||||||||||||||||||||||
less interest-bearing liabilities
|
$ | 19,968 | ($ | 21,740 | ) | $ | 6,436 | $ | 5,012 | $ | 104,915 | $ | 114,591 | |||||||||||
Cumulative interest-rate sensitivity gap (5)
|
$ | 19,968 | ($ | 1,772 | ) | $ | 4,664 | $ | 9,676 | $ | 114,591 | |||||||||||||
Cumulative interest-rate gap as a
|
||||||||||||||||||||||||
percentage of total assets at June 30, 2014
|
3.90 | % | -0.35 | % | 0.91 | % | 1.89 | % | 22.38 | % | ||||||||||||||
Cumulative interest-earning assets
as a percentage of cumulative interest-bearing liabilities at June 30, 2014
|
152.41 | % | 98.45 | % | 102.28 | % | 103.52 | % | 130.41 | % |
(1)
|
Interest-earning assets are included in the period in which the balances are expected to be redeployed and/or repriced as a result of anticipated prepayments, scheduled rate adjustments and contractual maturities.
|
(2)
|
For purposes of the gap analysis, investment securities are reflected at amortized cost.
|
(3)
|
For purposes of the gap analysis, loans receivable includes non-performing loans and is gross of the allowance for loan losses and unamortized deferred loan fees, but net of the undisbursed portion of loans-in-process.
|
(4)
|
Includes FHLB stock.
|
(5)
|
Cumulative interest-rate sensitivity gap represents the difference between interest-earning assets and interest-bearing liabilities.
|
52 |
Change in
|
NPV as % of Portfolio
|
|||||||||||||||||||
Interest Rates
|
Net Portfolio Value
|
Value of Assets
|
||||||||||||||||||
In Basis Points
|
||||||||||||||||||||
(Rate Shock)
|
Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
300
|
$ | 105,629 | $ | (38,770 | ) | (26.85 | )% | 23.98 | % | (4.48 | )% | |||||||||
200
|
118,073 | (26,326 | ) | (18.23 | )% | 25.57 | % | (2.89 | )% | |||||||||||
100
|
131,255 | (13,144 | ) | (9.10 | )% | 27.10 | % | (1.36 | )% | |||||||||||
Static
|
144,399 | - | - | 28.46 | % | - | ||||||||||||||
(100)
|
153,219 | 8,820 | 6.11 | % | 29.11 | % | 0.65 | % | ||||||||||||
(200)
|
154,024 | 9,625 | 6.67 | % | 28.75 | % | 0.29 | % | ||||||||||||
(300)
|
155,510 | 11,111 | 7.69 | % | 28.57 | % | 0.11 | % |
53 |
54 |
|
(a)
|
Not applicable
|
|
(b)
|
Not applicable
|
|
(c)
|
There were no repurchases of common stock by the Company during the quarter ended June 30, 2014.
|
Exhibit No. | Description | ||||
10.1
|
Endorsement Split Dollar Insurance Agreement dated May 14
th
2014 between Jeffrey T. Hanuscin and Prudential Savings Bank
|
||||
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
||||
31.2 |
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
||||
32.0 |
Section 1350 Certifications
|
||||
101.INS | XBRL Instance Document.* | ||||
101.SCH | XBRL Taxonomy Extension Schema Document.* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.* | ||||
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document.* |
55 |
Date: August 14, 2014 | |||
By: | /s/ Thomas A. Vento | ||
Thomas A. Vento | |||
Chairman, President and Chief Executive Officer |
Date: August 14, 2014 | |||
By: | /s/ Joseph R. Corrato | ||
Joseph R. Corrato | |||
Executive Vice President and Chief Financial Officer |
1 Year Prudenital Bancorp Inc o... Chart |
1 Month Prudenital Bancorp Inc o... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions