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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at September 30, 2018 and 2017 are as follows (dollars in thousands):

	Estimated Fair Value
September 30, 2018	Level 1				Level 2				Level 3				Total
Available for sale investment securities
MBS: U.S. government agencies	$	—			$	237			$	—			$	237
Mutual funds	917				—				—				917
Total	$	917			$	237			$	—			$	1,154

September 30, 2017
Available for sale investment securities
MBS: U.S. government agencies	$	—			$	289			$	—			$	289
Mutual funds	952				—				—				952
Total	$	952			$	289			$	—			$	1,241

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 September 30, 2018 (dollars in thousands):

	Estimated Fair Value
Impaired loans:	Level 1				Level 2				Level 3
Mortgage loans:
Land	$	—			$	—			$	119
Commercial business loans	—				—				107
Total impaired loans	—				—				226
Investment securities – held to maturity:
MBS - Private label residential	—				3				—
OREO and other repossessed assets	—				—				1,913
Total	$	—			$	3			$	2,139

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2017 (dollars in thousands):

	Estimated Fair Value
Impaired loans:	Level 1				Level 2				Level 3
Mortgage loans:
Commercial	$	—			$	—			$	1,880
Land	—				—				697
Consumer loans:
Home equity and second mortgage	—				—				109
Total impaired loans	—				—				2,686
Investment securities – held to maturity:
MBS - Private label residential	—				125				—
OREO and other repossessed assets	—				—				3,301
Total	$	—			$	125			$	5,987

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 September 30, 2018 (dollars in thousands):

	Estimated Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
Impaired loans	$	226			Market approach		Appraised value less selling costs		NA
OREO and other repossessed assets	1,913				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, 2017 (dollars in thousands):

	Estimated Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
Impaired loans	$	2,686			Market approach		Appraised value less selling costs		NA
OREO and other repossessed assets	3,301				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 September 30, 2018 (dollars in thousands):

									Fair Value Measurements Using:
	Recorded Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents	$	148,864			$	148,864			$	148,864			$	—			$	—
CDs held for investment	63,290				63,290				63,290				—				—
Investment securities	13,964				14,418				8,812				5,606				—
FHLB stock	1,190				1,190				1,190				—				—
Other investments	3,000				3,000				3,000				—				—
Loans held for sale	1,785				1,814				1,814				—				—
Loans receivable, net	725,391				711,071				—				—				711,071
Accrued interest receivable	2,877				2,877				2,877				—				—
Financial Liabilities
Deposits:
Non-interest-bearing demand	233,258				233,258				233,258				—				—
Interest-bearing	656,248				655,271				514,440				—				140,831
Total deposits	889,506				888,529				747,698				—				140,831
Accrued interest payable	225				225				225				—				—

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2017 (dollars in thousands):

									Fair Value Measurements Using:
	Recorded Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents	$	148,188			$	148,188			$	148,188			$	—			$	—
CDs held for investment	43,034				43,034				43,034				—				—
Investment securities	8,380				8,985				3,954				5,031				—
FHLB stock	1,107				1,107				1,107				—				—
Other investments	3,000				3,000				3,000				—				—
Loans held for sale	3,599				3,619				3,619				—				—
Loans receivable, net	690,364				688,332				—				—				688,332
Accrued interest receivable	2,520				2,520				2,520				—				—
Financial Liabilities
Deposits:
Non-interest-bearing demand	205,952				205,952				205,952				—				—
Interest-bearing	631,946				632,629				492,305				—				140,324
Total deposits	837,898				838,581				698,257				—				140,324
Accrued interest payable	161				161				161				—				—

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 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: 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=66048111&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

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)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: 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=66048111&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

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=66048111&loc=d3e19190-110258

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