Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2015

Fair Value, Assets Measured on Recurring Basis



December 31, 2015	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	401	$	—	$	401
Mutual funds	961		—		—		961
Total	$	961	$	401	$	—	$	1,362



September 30, 2015	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities

MBS: U.S. government agencies	$	—	$	421	$	—	$	421
Mutual funds	971		—		—		971
Total	$	971	$	421	$	—	$	1,392

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 December 31, 2015 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One-to four-family	$	—	$	—	$	2,119
Commercial	—		—		3,802
Land	—		—		565
Consumer loans:
Home equity and second mortgage	—		—		379
Other					11
Total impaired loans (1)	—		—		6,876
Investment securities – held to maturity (2):
MBS - private label residential	—		13		—
OREO and other repossessed assets (3)	—		—		7,667
Total	$	—	$	13	$	14,543

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 December 31, 2015 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	6,876	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	7,667	Market approach	Lower of appraised value or listing price less selling costs	NA

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2015 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One-to four-family	$	—	$	—	$	2,663
Multi-family	—		—		3,261
Commercial	—		—		5,388
Land	—		—		654
Consumer loans:
Home equity and second mortgage	—		—		383
Other	—		—		12
Total impaired loans (1)	—		—		12,361
Investment securities – held to maturity (2):
MBS - private label residential	—		31		—
OREO and other repossessed assets (3)	—		—		7,854
Total	$	—	$	31	$	20,215

Level 3 Fair Value Measurements, Nonrecurring Basis

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

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



	December 31, 2015
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	93,600	$	93,600	$	93,600	$	—	$	—
CDs held for investment	50,865		50,865		50,865		—		—
Investment securities	9,186		10,047		3,939		6,108		—
FHLB stock	2,699		2,699		2,699		—		—
Loans receivable, net	624,541		629,594		—		—		629,594
Loans held for sale	1,304		1,353		1,353		—		—
Accrued interest receivable	2,234		2,234		2,234		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	142,279		142,279		142,279		—		—
Interest-bearing	555,491		555,741		402,692		—		153,049
Total deposits	697,770		698,020		544,971		—		153,049
FHLB advances	45,000		46,233		—		46,233		—
Accrued interest payable	299		299		299		—		—



	September 30, 2015
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	92,289	$	92,289	$	92,289	$	—	$	—
CDs held for investment	48,611		48,611		48,611		—		—
Investment securities	9,305		10,286		3,996		6,290		—
FHLB stock	2,699		2,699		2,699		—		—
Loans receivable, net	604,277		614,734		—		—		614,734
Loans held for sale	3,051		3,139		3,139		—		—
Accrued interest receivable	2,170		2,170		2,170		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	141,388		141,388		141,388		—		—
Interest-bearing	537,524		538,092		383,419		—		154,673
Total deposits	678,912		679,480		524,807		—		154,673
FHLB advances	45,000		46,742		—		46,742		—
Accrued interest payable	289		289		289		—		—