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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2021

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 June 30, 2021 and September 30, 2020 were as follows (dollars in thousands):

June 30, 2021			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	67,491					$	—					$	67,491
Investments in equity securities
Mutual funds			960						—						—						960
Total			$	960					$	67,491					$	—					$	68,451

September 30, 2020			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	57,907					$	—					$	57,907
Investments in equity securities
Mutual funds			977						—						—						977
Total			$	977					$	57,907					$	—					$	58,884

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, 2021 (dollars in thousands):

			Estimated Fair Value
			Level 1						Level 2						Level 3
Impaired loans:
Commercial business loans			$	—					$	—					$	123
Total impaired loans			—						—						123
Investment securities – held to maturity:
MBS - private label residential			—						9						—
OREO and other repossessed assets			—						—						157
Total			$	—					$	9					$	280

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2020 (dollars in thousands):

			Estimated Fair Value
			Level 1						Level 2						Level 3
Impaired loans:
Mortgage loans:
One- to four-family			$	—					$	—					$	481
Commercial business loans			—						—						210
Total impaired loans			—						—						691
Investment securities – held to maturity:
MBS - private label residential			—						8						—
OREO and other repossessed assets			—						—						1,050
Total			$	—					$	8					$	1,741

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, 2021 (dollars in thousands):

Estimated Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Impaired loans

$

123

Market approach

Appraised value less estimated selling costs

NA

OREO and other repossessed assets

$

157

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, 2020 (dollars in thousands):

Estimated Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Impaired loans

$

691

Market approach

Appraised value less estimated selling costs

NA

OREO and other repossessed assets

$

1,050

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, 2021 and September 30, 2020 (dollars in thousands):

			June 30, 2021
															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	503,726					$	503,726					$	503,726					$	—					$	—
CDs held for investment			31,218						31,218						31,218						—						—
Investment securities			119,805						121,087						18,816						102,271						—
Investments in equity securities			960						960						960						—						—
FHLB stock			2,103						2,103						2,103						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			3,359						3,467						3,467						—						—
Loans receivable, net			1,001,565						1,022,389						—						—						1,022,389
Accrued interest receivable			4,260						4,260						4,260						—						—
Financial liabilities
Certificates of deposit			139,965						141,225						—						—						141,225
FHLB borrowings			5,000						5,039						—						—						5,039
Accrued interest payable			154						154						154						—						—

			September 30, 2020
															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	314,452					$	314,452					$	314,452					$	—					$	—
CDs held for investment			65,545						65,545						65,545						—						—
Investment securities			85,797						87,734						—						87,235						499
Investments in equity securities			977						977						977						—						—
FHLB stock			1,922						1,922						1,922						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			4,509						4,664						4,664						—						—
Loans receivable, net			1,013,875						1,034,876						—						—						1,034,876
Accrued interest receivable			4,484						4,484						4,484						—						—
Financial liabilities
Certificates of deposit			158,524						160,921						—						—						160,921
FHLB borrowings			10,000						10,167						—						—						10,167
Accrued interest payable			274						274						274						—						—

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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