Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2016

Fair Value, Assets Measured on Recurring Basis

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



December 31, 2016	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	344	$	—	$	344
Mutual funds	944		—		—		944
Total	$	944	$	344	$	—	$	1,288



September 30, 2016	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	366	$	—	$	366
Mutual funds	976		—		—		976
Total	$	976	$	366	$	—	$	1,342

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, 2016 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One- to four-family	$	—	$	—	$	1,229
Commercial	—		—		3,317
Land	—		—		517
Consumer loans:
Home equity and second mortgage	—		—		377
Other	—		—		16
Total impaired loans	—		—		5,456
Investment securities – held to maturity:
MBS - private label residential	—		7		—
OREO and other repossessed assets	—		—		3,254
Total	$	—	$	7	$	8,710

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2016 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
One- to four-family	$	—	$	—	$	1,280
Commercial	—		—		3,330
Land	—		—		522
Consumer loans:
Home equity and second mortgage	—		—		370
Other	—		—		17
Total impaired loans	—		—		5,519
Investment securities – held to maturity:
MBS - private label residential	—		20		—
OREO and other repossessed assets	—		—		4,117
Total	$	—	$	20	$	9,636

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 December 31, 2016 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	5,456	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	3,254	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, 2016 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	5,519	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	4,117	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 recorded amounts and estimated fair values of financial instruments were as follows as of December 31, 2016 and September 30, 2016 (dollars in thousands):



	December 31, 2016
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	135,470	$	135,470	$	135,470	$	—	$	—
CDs held for investment	53,432		53,432		53,432		—		—
Investment securities	8,706		9,422		3,929		5,493		—
FHLB stock	2,204		2,204		2,204		—		—
Loans receivable, net	669,140		669,287		—		—		669,287
Loans held for sale	2,008		2,054		2,054		—		—
Accrued interest receivable	2,443		2,443		2,443		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	176,382		176,382		176,382		—		—
Interest-bearing	613,593		613,841		467,477		—		146,364
Total deposits	789,975		790,223		643,859		—		146,364
FHLB borrowings	30,000		30,336		—		30,336		—
Accrued interest payable	263		263		263		—		—



	September 30, 2016
			Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	108,941	$	108,941	$	108,941	$	—	$	—
CDs held for investment	53,000		53,000		53,000		—		—
Investment securities	8,853		9,737		4,029		5,708		—
FHLB stock	2,204		2,204		2,204		—		—
Loans receivable, net	663,146		671,017		—		—		671,017
Loans held for sale	3,604		3,714		3,714		—		—
Accrued interest receivable	2,348		2,348		2,348		—		—

Financial liabilities
Deposits:
Non-interest-bearing demand	172,283		172,283		172,283		—		—
Interest-bearing	589,251		589,762		441,277		—		148,485
Total deposits	761,534		762,045		613,560		—		148,485
FHLB borrowings	30,000		30,684		—		30,684		—
Accrued interest payable	247		247		247		—		—