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FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2022

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