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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2019

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, 2019 and 2018 are as follows (dollars in thousands):

	Estimated Fair Value
September 30, 2019	Level 1				Level 2				Level 3				Total
Available for sale investment securities
MBS: U.S. government agencies	$	—			$	22,532			$	—			$	22,532
Investments in equity securities
Mutual funds	958				—				—				958
Total	$	958			$	22,532			$	—			$	23,490

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

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, 2019 (dollars in thousands):

	Estimated Fair Value
Impaired loans:	Level 1				Level 2				Level 3
Mortgage loans:
Land	$	—			$	—			$	114
Consumer loans:
Other									6
Commercial business loans	—				—				408
Total impaired loans	—				—				528
Investment securities – held to maturity:
MBS - Private label residential	—				2				—
OREO and other repossessed assets	—				—				1,683
Total	$	—			$	2			$	2,211

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

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, 2019 (dollars in thousands):

	Estimated Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
Impaired loans	$	528			Market approach		Appraised value less estimated selling costs		NA
OREO and other repossessed assets	1,683				Market approach		Lower of appraised value or listing price less estimated 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, 2018 (dollars in thousands):

	Estimated Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
Impaired loans	$	226			Market approach		Appraised value less estimated selling costs		NA
OREO and other repossessed assets	1,913				Market approach		Lower of appraised value or listing price less estimated 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, 2019 (dollars in thousands):

									Fair Value Measurements Using:
	Recorded Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents	$	143,015			$	143,015			$	143,015			$	—			$	—
CDs held for investment	78,346				78,346				78,346				—				—
Investment securities	53,634				55,112				3,949				51,163				—
Investments in equity securities	958				958				958				—				—
FHLB stock	1,437				1,437				1,437				—				—
Other investments	3,000				3,000				3,000				—				—
Loans held for sale	6,071				6,260				6,260				—				—
Loans receivable, net	886,662				892,495				—				—				892,495
Accrued interest receivable	3,598				3,598				3,598				—				—
Financial Liabilities
Certificates of deposit	165,655				166,852				—				—				166,852
Accrued interest payable	333				333				333				—				—

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
Certificates of deposit	141,808				140,831				—				—				140,831
Accrued interest payable	225				225				225				—				—

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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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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

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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