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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2021 and September 30, 2021 were as follows (dollars in thousands):

December 31, 2021			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	56,552					$	—					$	56,552
Investments in equity securities
Mutual funds			946						—						—						946
Total			$	946					$	56,552					$	—					$	57,498

September 30, 2021			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
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 December 31, 2021 (dollars in thousands):

			Estimated Fair Value
			Level 1						Level 2						Level 3
Impaired loans:
Mortgage loans:
Land			$	—					$	—					$	284
Commercial business loans			—						—						123
Total impaired loans			—						—						407
Investment securities – held to maturity:
MBS - private label residential			—						1						—
OREO and other repossessed assets			—						—						157
Total			$	—					$	1					$	564

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
			Level 1						Level 2						Level 3
Impaired loans:
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 December 31, 2021 (dollars in thousands):

Estimated Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Impaired loans

$

407

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, 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 December 31, 2021 and September 30, 2021 (dollars in thousands):

			December 31, 2021
															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	558,328					$	558,328					$	558,328					$	—					$	—
CDs held for investment			24,648						24,648						24,648						—						—
Investment securities			171,152						171,751						67,005						104,746						—
Investments in equity securities			946						946						946						—						—
FHLB stock			2,103						2,103						2,103						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			3,700						3,790						3,790						—						—
Loans receivable, net			994,007						1,004,899						—						—						1,004,899
Accrued interest receivable			3,938						3,938						3,938						—						—
Financial liabilities
Certificates of deposit			132,155						133,005						—						—						133,005
Accrued interest payable			124						124						124						—						—

			September 30, 2021
															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						28,482						28,482						—						—
Investment securities			132,278						133,286						28,670						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			134						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

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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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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-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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 50
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-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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