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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023 and September 30, 2023 were as follows (dollars in thousands):

December 31, 2023			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	40,446					$	—					$	40,446
Investments in equity securities
Mutual funds			848						—						—						848
Total			$	848					$	40,446					$	—					$	41,294

September 30, 2023			Estimated Fair Value
			Level 1						Level 2						Level 3						Total
Available for sale investment securities
MBS: U.S. government agencies			$	—					$	41,771					$	—					$	41,771
Investments in equity securities
Mutual funds			811						—						—						811
Total			$	811					$	41,771					$	—					$	42,582

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, 2023 and September 30, 2023 (dollars in thousands):

			Estimated Fair Value
December 31, 2023			Level 1						Level 2						Level 3
Individually evaluated loans:
Commercial business loans			$	—					$	—					$	1,401
Total			$	—					$	—					$	1,401

			Estimated Fair Value
September 30, 2023			Level 1						Level 2						Level 3
Impaired loans:
Commercial business loans			$	—					$	—					$	122
Total			$	—					$	—					$	122

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, 2023 and September 30, 2023 (dollars in thousands):

Valuation Technique(s)

Unobservable Input(s)

Range

Individually evaluated and impaired loans

Market approach

Appraised value less estimated selling costs

N/A

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, 2023 and September 30, 2023 (dollars in thousands):

			December 31, 2023
															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	158,021					$	158,021					$	158,021					$	—					$	—
CDs held for investment			12,449						12,449						12,449						—						—
Investment securities			306,531						294,807						162,401						132,406						—
Investments in equity securities			848						848						848						—						—
FHLB stock			2,001						2,001						2,001						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			1,425						1,426						1,426						—						—
Loans receivable, net			1,336,283						1,286,383						—						—						1,286,383
Accrued interest receivable			6,731						6,731						6,731						—						—
Financial liabilities
Certificates of deposit			318,907						317,531						—						—						317,531
FHLB borrowings			20,000						19,877						—						—						19,877
Accrued interest payable			1,683						1,683						1,683						—						—

			September 30, 2023
															Fair Value Measurements Using:
			Recorded Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	128,721					$	128,721					$	128,721					$	—					$	—
CDs held for investment			15,188						15,188						15,188						—						—
Investment securities			311,989						295,538						161,538						134,000						—
Investments in equity securities			811						811						811						—						—
FHLB stock			3,602						3,602						3,602						—						—
Other investments			3,000						3,000						3,000						—						—
Loans held for sale			400						407						407						—						—
Loans receivable, net			1,302,305						1,246,538						—						—						1,246,538
Accrued interest receivable			6,004						6,004						6,004						—						—
Financial liabilities
Certificates of deposit			300,100						297,542						—						—						297,542
FHLB borrowings			35,000						34,747						—						—						34,747
Accrued interest payable			1,397						1,397						1,397						—						—

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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-Name Accounting Standards Codification
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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

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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