Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2018

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at December 31, 2018 and September 30, 2018 were as follows (dollars in thousands):



December 31, 2018	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	2,197	$	—	$	2,197
Investments in equity securities
Mutual funds	925		—		—		925
Total	$	925	$	2,197	$	—	$	3,122




September 30, 2018	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	237	$	—	$	237
Investments in equity securities
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, 2018 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
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 December 31, 2018 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
Land	$	—	$	—	$	317
Commercial business loans	—		—		127
Total impaired loans	—		—		444
Investment securities – held to maturity:
MBS - private label residential	—		7		—

OREO and other repossessed assets	—		—		2,026
Total	$	—	$	7	$	2,470

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 December 31, 2018 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	444	Market approach	Appraised value less selling costs	NA

OREO and other repossessed assets	$	2,026	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, 2018 and September 30, 2018 (dollars in thousands):



	December 31, 2018
					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	161,743	$	161,743	$	161,743	$	—	$	—
CDs held for investment	65,830		65,830		65,830		—		—
Investment securities	35,072		35,594		8,844		26,750		—
FHLB stock	1,395		1,395		1,395		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	2,988		3,044		3,044		—		—
Loans receivable, net	857,070		843,968		—		—		843,968
Accrued interest receivable	3,497		3,497		3,497		—		—

Financial liabilities
Time deposits	154,773		153,836		—		—		153,836
Accrued interest payable	295		295		295		—		—



	September 30, 2018
					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
Time deposits	141,808		140,831		—		—		140,831
Accrued interest payable	225		225		225		—		—