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FAIR VALUE (Tables) | 6 Months Ended
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Mar. 31, 2022
FAIR VALUE |
Assets Measured at Fair Value on Recurring Basis | The following presents fair value measurements on a recurring basis at March 31, 2022 and September 30, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | ​ | ​ | Fair Value Measurements Using:
​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | Significant
​ |  | ​ |  | Active Markets |  | Significant Other |  | Unobservable
​ | ​ | Carrying | ​ | for Identical Assets | ​ | Observable Inputs | ​ | Inputs
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 410 | ​ | $ | — | ​ | $ | 410 | ​ | $ | —
Corporate bonds | ​ |  | 4,660 | ​ |  | — | ​ |  | 4,660 | ​ |  | —
Mortgage servicing rights | ​ |  | 4,028 | ​ |  | — | ​ |  | — | ​ |  | 4,028
Total | ​ | $ | 9,098 | ​ | $ | — | ​ | $ | 5,070 | ​ | $ | 4,028
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | Fair Value Measurements Using:
​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | Significant
​ |  | ​ |  | for Identical |  | Significant Other |  | Unobservable
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 833 | ​ | $ | — | ​ | $ | 833 | ​ | $ | —
Corporate bonds | ​ |  | 6,914 | ​ |  | — | ​ |  | 6,914 | ​ |  | —
Mortgage servicing rights | ​ |  | 3,690 | ​ |  | — | ​ |  | — | ​ |  | 3,690
Total | ​ | $ | 11,437 | ​ | $ | — | ​ | $ | 7,747 | ​ | $ | 3,690
Changes in Mortgage Servicing Rights | The following table presents the changes in mortgage servicing rights for the periods presented:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |  | Six Months Ended March 31,
(in thousands) |  | 2022 |  | 2021 | ​ | 2022 |  | 2021
Balance, October 1 | ​ | $ | 3,741 | ​ | $ | 144 |  | $ | 3,690 | ​ | $ | 155
Additions | ​ |  | 405 | ​ |  | — | ​ |  | 573 | ​ |  | —
Adjustment to fair value | ​ |  | (118) | ​ |  | (14) | ​ |  | (235) | ​ |  | (25)
Balance, March 31 | ​ | $ | 4,028 | ​ | $ | 130 | ​ | $ | 4,028 | ​ | $ | 130
Carrying Amounts and Fair Value of Financial Instruments | The following presents the carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value at March 31, 2022 and September 30, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using: | ​ | ​
​ |  |  | ​ |  | Quoted Prices In |  |  | ​ |  |  | ​ |  |  | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Total Fair
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 127,140 | ​ | $ | 127,140 | ​ | $ | — | ​ | $ | — | ​ | $ | 127,140
Securities held-to-maturity | ​ |  | 4,629 | ​ |  | — | ​ |  | 4,581 | ​ |  | — | ​ |  | 4,581
Securities available-for-sale | ​ |  | 5,070 | ​ |  | — | ​ |  | 5,070 | ​ |  | — | ​ |  | 5,070
Loans, net | ​ |  | 1,279,155 | ​ |  | — | ​ |  | — | ​ |  | 1,260,283 | ​ |  | 1,260,283
FHLB stock | ​ |  | 3,612 | ​ |  | N/A | ​ |  | N/A | ​ |  | N/A | ​ |  | N/A
Accrued interest receivable | ​ |  | 7,894 | ​ |  | — | ​ |  | 105 | ​ |  | 7,789 | ​ |  | 7,894
Financial Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Time deposits | ​ |  | 286,247 | ​ |  | — | ​ |  | 282,653 | ​ |  | — | ​ |  | 282,653
Demand and other deposits | ​ |  | 943,995 | ​ |  | 943,995 | ​ |  | — | ​ |  | — | ​ |  | 943,995
Borrowings | ​ |  | 75,823 | ​ |  | — | ​ |  | 76,057 | ​ |  | — | ​ |  | 76,057
Subordinated debentures | ​ |  | 24,541 | ​ |  | — | ​ |  | 24,666 | ​ |  | — | ​ |  | 24,666
Accrued interest payable | ​ |  | 980 | ​ |  | 1 | ​ |  | 979 | ​ |  | — | ​ |  | 980
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Total Fair
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | $ | 166,544 |  | $ | 166,544 |  | $ | — |  | $ | — |  | $ | 166,544
Securities held-to-maturity | ​ |  | 8,611 | ​ |  | — | ​ |  | 8,865 | ​ |  | — | ​ |  | 8,865
Securities available-for-sale | ​ |  | 7,747 | ​ |  | — | ​ |  | 7,747 | ​ |  | — | ​ |  | 7,747
Loans, net | ​ |  | 1,238,573 | ​ |  | — | ​ |  | — | ​ |  | 1,278,056 | ​ |  | 1,278,056
FHLB stock | ​ |  | 3,714 | ​ |  | N/A | ​ |  | N/A | ​ |  | N/A | ​ |  | N/A
Accrued interest receivable | ​ |  | 9,363 | ​ |  | — | ​ |  | 211 | ​ |  | 9,152 | ​ |  | 9,363
Financial Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Time deposits | ​ |  | 377,836 | ​ |  | — | ​ |  | 378,333 | ​ |  | — | ​ |  | 378,333
Demand and other deposits | ​ |  | 786,826 | ​ |  | 786,826 | ​ |  | — | ​ |  | — | ​ |  | 786,826
Borrowings | ​ |  | 159,642 | ​ |  | — | ​ |  | 159,608 | ​ |  | — | ​ |  | 159,608
Subordinated debentures | ​ | ​ | 24,513 | ​ | ​ | — | ​ | ​ | 27,092 | ​ | ​ | — | ​ | ​ | 27,092
Accrued interest payable | ​ |  | 1,290 | ​ |  | 1 | ​ |  | 713 | ​ |  | 576 | ​ |  | 1,290

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- Definition 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 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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