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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at

March 31, 2015 (in thousands):

	Estimated Fair Value
	Level 1				Level 2				Level 3				Total
Available for sale investment securities
MBS:
U.S. government agencies	$	—			$	511			$	—			$	511
Mutual funds	975				—				—				975
Total	$	975			$	511			$	—			$	1,486

There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2015.

The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at September 30, 2014 (in thousands):

	Estimated Fair Value
	Level 1				Level 2				Level 3				Total
Available for sale investment securities
MBS:
U.S. government agencies	$	—			$	1,899			$	—			$	1,899
Mutual funds	958				—				—				958
Total	$	958			$	1,899			$	—			$	2,857

Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at March 31, 2015, and the total losses resulting from these estimated fair value adjustments for the six months ended March 31, 2015 (in thousands):

	Estimated Fair Value
	Level 1				Level 2				Level 3				Total Losses
Impaired loans:
Mortgage loans:
One-to four-family	$	—			$	—			$	3,900			$	157
Multi-family	—				—				3,281				—
Commercial	—				—				1,581				—
Construction – custom and owner/builder	—				—				49				—
Land	—				—				2,378				4
Consumer loans:
Home equity and second mortgage	—				—				283				20
Other									12				5
Total impaired loans (1)	—				—				11,484				186
Investment securities – held to maturity (2):
MBS - private label residential	—				20				—				1
OREO and other repossessed assets (3)	—				—				7,866				405
Total	$	—			$	20			$	19,350			$	592

_______________________

(1) The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral, net of estimated costs to sell, if applicable.

(2) The loss represents OTTI credit-related charges on held to maturity MBS.

(3) The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell.

The following table summarizes the balances of assets and liabilities measured at estimated fair value on a non-recurring basis at September 30, 2014, and the total losses resulting from these estimated fair value adjustments for the year ended September 30, 2014 (in thousands):

	Estimated Fair Value
	Level 1				Level 2				Level 3				Total Losses
Impaired loans:
Mortgage loans:
One-to four-family	$	—			$	—			$	3,655			$	1,106
Multi-family	—				—				3,278				—
Commercial	—				—				5,334				463
Land	—				—				3,779				260
Consumer loans:
Home equity and second mortgage	—				—				284				47
Total impaired loans (1)	—				—				16,330				1,876
Investment securities – held to maturity (2):
MBS - private label residential	—				40				—				31
OREO and other repossessed assets (3)	—				—				9,092				605
Total	$	—			$	40			$	25,422			$	2,512

_______________________

(1) The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral, net of estimated costs to sell, if applicable. Fair value is the recorded investment less the related allowance.

(2) The loss represents OTTI credit-related charges on held to maturity MBS.

(3) The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell.

Level 3 Fair Value Measurements, Nonrecurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of March 31, 2015 (dollars in thousands):

	Estimated Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
Impaired loans	$	11,484			Market approach		Appraised value of underlying collateral less selling costs		NA
OREO and other repossessed assets	$	7,866			Market approach		Lower of appraised value or listing price less selling costs		NA

Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis

The estimated fair values of financial instruments were as follows as of March 31, 2015 and September 30, 2014 (in thousands):

	March 31, 2015
					Fair Value Measurements Using:
	Recorded Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	82,093			$	82,093			$	82,093			$	—			$	—
CDs held for investment	41,868				41,868				41,868				—				—
Investment securities	6,592				7,621				975				6,646				—
FHLB stock	5,135				5,135				5,135				—				—
Loans receivable, net	582,020				591,724				—				—				591,724
Loans held for sale	2,252				2,305				2,305				—				—
Accrued interest receivable	2,060				2,060				2,060				—				—
Financial liabilities
Deposits:
Non-interest-bearing demand	$	117,481			$	117,481			$	117,481			$	—			$	—
Interest-bearing	525,792				525,150				363,208				—				161,942
Total deposits	643,273				642,631				480,689				—				161,942
FHLB advances	45,000				47,249				—				47,249				—
Accrued interest payable	305				305				305				—				—

	September 30, 2014
					Fair Value Measurements Using:
	Recorded Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	72,354			$	72,354			$	72,354			$	—			$	—
CDs held for investment	35,845				35,845				35,845				—				—
Investment securities	8,155				9,131				958				8,173				—
FHLB stock	5,246				5,246				5,246				—				—
Loans receivable, net	564,853				571,411				—				—				571,411
Loans held for sale	899				921				921				—				—
Accrued interest receivable	1,910				1,910				1,910				—				—
Financial liabilities
Deposits:
Non-interest-bearing demand	$	106,417			$	106,417			$	106,417			$	—			$	—
Interest-bearing	508,699				509,406				345,412				—				163,994
Total deposits	615,116				615,823				451,829				—				163,994
FHLB advances	45,000				47,279				—				47,279				—
Accrued interest payable	298				298				298				—				—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258



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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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