Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2019

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at June 30, 2019 and September 30, 2018 were as follows (dollars in thousands):



June 30, 2019	Estimated Fair Value
	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	2,028	$	—	$	2,028
Investments in equity securities
Mutual funds	951		—		—		951
Total	$	951	$	2,028	$	—	$	2,979




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
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 June 30, 2019 (dollars in thousands):



	Estimated Fair Value
	Level 1		Level 2		Level 3
Impaired loans:
Mortgage loans:
Land	$	—	$	—	$	106
Consumer loans:
Other	—		—		6
Commercial business loans	—		—		335
Total impaired loans	—		—		447
Investment securities – held to maturity:
MBS - private label residential	—		17		—

OREO and other repossessed assets	—		—		1,719
Total	$	—	$	17	$	2,166

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
Consumer loans:
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 June 30, 2019 (dollars in thousands):



	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	447	Market approach	Appraised value less estimated selling costs	NA

OREO and other repossessed assets	$	1,719	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 June 30, 2019 and September 30, 2018 (dollars in thousands):



	June 30, 2019
					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	170,835	$	170,835	$	170,835	$	—	$	—
CDs held for investment	81,184		81,184		81,184		—		—
Investment securities	40,624		42,070		8,931		33,139		—
FHLB stock	1,437		1,437		1,437		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	3,338		3,411		3,411		—		—
Loans receivable, net	873,982		873,520		—		—		873,520
Accrued interest receivable	3,759		3,759		3,759		—		—

Financial liabilities
Time deposits	164,193		165,086		—		—		165,086
Accrued interest payable	310		310		310		—		—



	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		—		—