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FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of assets measured at fair value on a recurring basis

The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis at September 30, 2017 and 2016:

 

   Fair Value at September 30, 2017 
   Total   Level 1   Level 2   Level 3 
   (Dollars in thousands) 
Securities available for sale:                    
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed securities-residential  $9,326   $—   $9,326   $— 
Debt securities   2,449    —    2,449    — 
Private label mortgage-backed securities-residential   40    —    40    — 
            Total securities available for sale  $11,815   $—   $11,815   $— 

 

   Fair Value at September 30, 2016 
   Total   Level 1   Level 2   Level 3 
   (Dollars in thousands) 
Securities available for sale:                    
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed securities-residential  $5,127   $—   $5,127   $— 
Private label mortgage-backed securities-residential   107    —    107    — 
            Total securities available for sale  $5,234   $—   $5,234   $—
Schedule of assets measured at fair value on a non-recurring basis

The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2017 and 2016:

 

   Fair Value at September 30, 2017 
   Total   Level 1   Level 2   Level 3 
   (In thousands) 
                 
Impaired loans  $909   $—   $—   $909 
Other real estate owned   11,056    —    —    11,056 
   $11,965   $—   $—   $11,965 

 

   Fair Value at September 30, 2016 
   Total   Level 1   Level 2   Level 3 
   (In thousands) 
                 
Impaired loans  $958   $—   $—   $958 
Other real estate owned   12,082    —    —    12,082 
   $13,040   $—   $—   $13,040 
Schedule of quantitative information about assets measured at fair value on a nonrecurring bassis for which Level 3 inputs were used to determine fair value

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value:

 

Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
         
  Fair Value Valuation    
September 30, 2017 Estimate Techniques Unobservable Input Range (Weighted Average)
         
Impaired loans  $        909 Appraisal of
collateral (1)		 Appraisal adjustments (2) -7.9% to -35.2% (-22.3%)
Other real estate owned  $   11,056 Appraisal of
collateral (1)		 Liquidation expenses (2) -8.0% to -55.4% (-25.0%)

 

 

Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
         
  Fair Value Valuation    
September 30, 2016 Estimate Techniques Unobservable Input Range (Weighted Average)
         
Mortgage servicing rights  $          —      
Impaired loans  $        958 Appraisal of
collateral (1)		 Appraisal adjustments (2) -5.8% to -36.5% (-19.5%)
Other real estate owned  $   12,082 Appraisal of
collateral (1)		 Liquidation expenses (2) -3.9% to -41.6% (-22.4%)

 

(1)Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Schedule of the carrying amount, fair value, and placement in the fair value hierarchy of financial instruments carried at cost or amortized cost

For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.

 

   Carrying   Fair   Fair Value Measurement Placement 
   Amount   Value   (Level 1)   (Level 2)   (Level 3) 
   (Dollars in thousands) 
September 30, 2017                    
Financial instruments - assets                         
Investment securities held-to-maturity  $51,368   $51,241   $—   $51,241   $— 
Loans   470,693    473,538    —    —    473,538 
Financial instruments - liabilities                         
Certificate of deposit   128,028    128,750    —    128,750    — 
Borrowings   31,905    31,865    —    31,865    — 
                          
September 30, 2016                         
Financial instruments - assets                         
Investment securities held-to-maturity  $52,934   $53,849   $—   $53,849   $— 
Loans   455,031    462,868    —    —    462,868 
Financial instruments - liabilities                         
Certificate of deposit   133,979    135,162    —    135,162    — 
Borrowings   36,040    36,473    —    36,473    —