Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2016

Fair Value, Assets Measured on Recurring Basis

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



June 30, 2016	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	383	$	—	$	383
Mutual funds	980		—		—		980
Total	$	980	$	383	$	—	$	1,363



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 June 30, 2016 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One-to four-family	$	—	$	—	$	1,285
Commercial	—		—		3,342
Land	—		—		524
Consumer loans:
Home equity and second mortgage	—		—		478
Other					17
Total impaired loans	—		—		5,646
Investment securities – held to maturity:
MBS - private label residential	—		8		—
OREO and other repossessed assets	—		—		4,762
Total	$	—	$	8	$	10,408

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 June 30, 2016 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	5,646	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	4,762	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 June 30, 2016 and September 30, 2015 (dollars in thousands):



	June 30, 2016
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	89,173	$	89,173	$	89,173	$	—	$	—
CDs held for investment	52,435		52,435		52,435		—		—
Investment securities	8,981		9,898		4,031		5,867		—
FHLB stock	2,804		2,804		2,804		—		—
Loans receivable, net	647,366		656,784		—		—		656,784
Loans held for sale	4,885		5,004		5,004		—		—
Accrued interest receivable	2,270		2,270		2,270		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	149,575		149,575		149,575		—		—
Interest-bearing	565,806		566,279		416,997		—		149,282
Total deposits	715,381		715,854		566,572		—		149,282
FHLB advances	45,000		46,098		—		46,098		—
Accrued interest payable	305		305		305		—		—



	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		—		—