Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2016

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at March 31, 2016 and September 30, 2015 are as follows (dollars in thousands):



March 31, 2016	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	391	$	—	$	391
Mutual funds	974		—		—		974
Total	$	974	$	391	$	—	$	1,365



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 March 31, 2016 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One-to four-family	$	—	$	—	$	1,445
Commercial	—		—		3,358
Land	—		—		528
Consumer loans:
Home equity and second mortgage	—		—		476
Other					17
Total impaired loans	—		—		5,824
Investment securities – held to maturity:
MBS - private label residential	—		49		—
OREO and other repossessed assets	—		—		5,458
Total	$	—	$	49	$	11,282

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	—		—		12,361
Investment securities – held to maturity:
MBS - private label residential	—		31		—
OREO and other repossessed assets	—		—		7,854
Total	$	—	$	31	$	20,215

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, 2016 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	5,824	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	5,458	Market approach	Lower of appraised value or listing price less selling costs	NA

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 September 30, 2015 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	12,361	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	7,854	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, 2016 and September 30, 2015 (dollars in thousands):



	March 31, 2016
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	110,029	$	110,029	$	110,029	$	—	$	—
CDs held for investment	52,524		52,524		52,524		—		—
Investment securities	9,108		9,993		3,998		5,995		—
FHLB stock	2,804		2,804		2,804		—		—
Loans receivable, net	622,851		630,306		—		—		630,306
Loans held for sale	1,584		1,631		1,631		—		—
Accrued interest receivable	2,232		2,232		2,232		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	148,980		148,980		148,980		—		—
Interest-bearing	563,058		563,459		412,062		—		151,397
Total deposits	712,038		712,439		561,042		—		151,397
FHLB advances	45,000		46,288		—		46,288		—
Accrued interest payable	311		311		311		—		—



	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		—		—