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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Mar. 31, 2018

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 March 31, 2018
		Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		$	1,573			$	—			$	1,573			$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential			19,739				—				19,739				—
Debt securities			2,381				—				2,381				—
Private label mortgage-backed securities-residential			15				—				15				—
Total securities available for sale		$	23,708			$	—			$	23,708			$	—

		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			$	—

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 March 31, 2018 and September 30, 2017.

		Fair Value at March 31, 2018
		Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
Impaired loans		$	871			$	—			$	—			$	871
Other real estate owned			10,151				—				—				10,151
		$	11,022			$	—			$	—			$	11,022

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

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

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value

Valuation

March 31, 2018

Estimate

Techniques

Unobservable Input

Range (Weighted Average)

Impaired loans

$

871

Appraisal of collateral (1)

Appraisal adjustments (2)

0.0% to -22.6% (-11.3%)

Other real estate owned

$

10,151

Appraisal of collateral (1)

Liquidation expenses (2)

-3.1% to -75.8% (-14.7%)

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%)

(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 downward 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

		Carrying				Fair				Fair Value Measurement Placement
		Value				Value				(Level 1)				(Level 2)				(Level 3)
		(Dollars in thousands)
March 31, 2018
Financial instruments - assets
Investment securities held to maturity		$	37,082			$	35,851			$	—			$	35,851			$	—
Loans			483,665				481,374				—				—				481,374
Financial instruments - liabilities
Certificates of deposit including retirement certificates			118,139				118,635				—				118,635				—
Borrowings			33,905				33,407				—				33,407				—
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
Certificates of deposit including retirement certificates			128,028				128,750				—				128,750				—
Borrowings			31,905				31,865				—				31,865				—

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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-Section 50
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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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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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