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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Dec. 31, 2016

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.

		Fair Value at December 31, 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		$	8,127			$	—			$	8,127			$	—
Debt securities			2,417				—				2,417				—
Private label mortgage-backed securities-residential			87				—				87				—
Total securities available for sale		$	10,631			$	—			$	10,631			$	—

		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 table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at December 31, 2016 and September 30, 2016.

		Fair Value at December 31, 2016
		Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
Impaired loans		$	741			$	—			$	—			$	741
Other real estate owned			11,962				—				—				11,962
		$	12,703			$	—			$	—			$	12,703

		Fair Value at September 30, 2016
		Total				Level 1				Level 2				Level 3
		(Dollars 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
December 31, 2016		Estimate				Techniques		Unobservable Input		Range (Weighted Average)
Impaired loans		$	741			Appraisal of collateral (1)		Appraisal adjustments (2)		-7.9% to -34.4% (-28.2%)
Other real estate owned		$	11,962			Appraisal of collateral (1)		Liquidation expenses (2)		-36.4% to -36.4% (-36.4%)

		Fair Value				Valuation
September 30, 2016		Estimate				Techniques		Unobservable Input		Range (Weighted Average)
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

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of December 31, 2016 and September 30, 2016.  This table excludes financial instruments for which the carrying amount approximates level 1 fair value.  For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.  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 being payable on demand and having no stated maturity.

		Carrying				Fair				Fair Value Measurement Placement
		Value				Value				(Level 1)				(Level 2)				(Level 3)
		(Dollars in thousands)
December 31, 2016
Financial instruments - assets
Investment securities held to maturity		$	52,035			$	51,745			$	—			$	51,745			$	—
Loans			461,697				467,340				—				—				467,340
Financial instruments - liabilities
Certificates of deposit including retirement certificates			130,565				131,557				—				131,557				—
Borrowings			34,040				34,010				—				34,010				—
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
Certificates of deposit including retirement certificates			133,979				135,162				—				135,162				—
Borrowings			36,040				36,473				—				36,473				—

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

+ 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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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