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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2022

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, 2022 and 2021 are as follows (dollars in thousands):

			Estimated Fair Value
September 30, 2022			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	41,415					$	—					$	41,415
Investments in equity securities
Mutual funds			835						—						—						835
Total			$	835					$	41,415					$	—					$	42,250

September 30, 2021
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	63,176					$	—					$	63,176
Investments in equity securities
Mutual funds			955						—						—						955
Total			$	955					$	63,176					$	—					$	64,131

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, 2022 (dollars in thousands):

			Estimated Fair Value
Impaired loans:			Level 1						Level 2						Level 3
Commercial business loans			$	—					$	—					$	123
Total impaired loans			—						—						123
Total			$	—					$	—					$	123

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2021 (dollars in thousands):

			Estimated Fair Value
Impaired loans:			Level 1						Level 2						Level 3
Mortgage loans:
Land			$	—					$	—					$	286
Commercial business loans			—						—						123
Total impaired loans			—						—						409
Investment securities – held to maturity:
MBS - Private label residential			—						10						—
OREO and other repossessed assets			—						—						157
Total			$	—					$	10					$	566

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, 2022 (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

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, 2021 (dollars in thousands):

Estimated Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Impaired loans

$

409

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

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, 2022 (dollars in thousands):

															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents			$	316,755					$	316,755					$	316,755					$	—					$	—
CDs held for investment			22,894						22,519						22,519						—						—
Investment securities			308,023						291,198						158,578						132,620						—
Investments in equity securities			835						835						835						—						—
FHLB stock			2,194						2,194						2,194						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			748						758						758						—						—
Loans receivable, net			1,132,426						1,124,579						—						—						1,124,579
Accrued interest receivable			4,483						4,483						4,483						—						—
Financial Liabilities
Certificates of deposit			122,584						120,807						—						—						120,807
Accrued interest payable			108						108						108						—						—

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2021 (dollars in thousands):

															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents			$	580,196					$	580,196					$	580,196					$	—					$	—
CDs held for investment			28,482						28,771						28,771						—						—
Investment securities			132,278						133,285						28,669						104,616						—
Investments in equity securities			955						955						955						—						—
FHLB stock			2,103						2,103						2,103						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			3,217						3,290						3,290						—						—
Loans receivable, net			968,454						981,905						—						—						981,905
Accrued interest receivable			3,745						3,745						3,745						—						—
Financial Liabilities
Certificates of deposit			134,129						135,178						—						—						135,178
Accrued interest payable			137						134						134						—						—

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
-Topic 820
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-Section 50
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
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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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