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FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of assets measured at fair value on a recurring basis | The following tables provide 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 June 30, 2019 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 1,968 |  |  | $ | — |  |  | $ | 1,968 |  |  | $ | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 16,479 |  |  |  | — |  |  |  | 16,479 |  |  |  | — |
Debt securities |  |  | 2,494 |  |  |  | — |  |  |  | 2,494 |  |  |  | — |
Total securities available for sale |  | $ | 20,941 |  |  | $ | — |  |  | $ | 20,941 |  |  | $ | — |
|  | Fair Value at September 30, 2018 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 1,495 |  |  | $ | — |  |  | $ | 1,495 |  |  | $ | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 18,613 |  |  |  | — |  |  |  | 18,613 |  |  |  | — |
Debt securities |  |  | 2,361 |  |  |  | — |  |  |  | 2,361 |  |  |  | — |
Total securities available for sale |  | $ | 22,469 |  |  | $ | — |  |  | $ | 22,469 |  |  | $ | — |
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 the Company’s assets measured at fair value on a non-recurring basis at June 30, 2019 and September 30, 2018.
|  | Fair Value at June 30, 2019 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Impaired loans |  | $ | 902 |  |  | $ | — |  |  | $ | — |  |  | $ | 902 |
Other real estate owned |  |  | 7,534 |  |  |  | — |  |  |  | — |  |  |  | 7,534 |
Total |  | $ | 8,436 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,436 |
|  | Fair Value at September 30, 2018 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Impaired loans |  | $ | 464 |  |  | $ | — |  |  | $ | — |  |  | $ | 464 |
Other real estate owned |  |  | 8,586 |  |  |  | — |  |  |  | — |  |  |  | 8,586 |
Total |  | $ | 9,050 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,050 |
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 tables present 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 |  |
June 30, 2019 | Estimate | Techniques | Unobservable Input | Range (Weighted Average)
Impaired loans | $ 902 | Appraisal of collateral (1) | Appraisal adjustments (2) | -1.6% to -53.6% (-41.1%)
Other real estate owned | $ 7,534 | Appraisal of collateral (1) | Liquidation expenses (2) | -9.2% to -48.5% (-19.4%)
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
| Fair Value | Valuation |  |
September 30, 2018 | Estimate | Techniques | Unobservable Input | Range (Weighted Average)
Impaired loans | $ 464 | Appraisal of collateral (1) | Appraisal adjustments (2) | -10.2% to -32.0% (-21.3%)
Other real estate owned | $ 8,586 | Appraisal of collateral (1) | Liquidation expenses (2) | -5.6% to -48.5% (-15.4%)
| (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 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 | 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) |
|  | (In thousands) |
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity |  | $ | 32,014 |  |  | $ | 31,771 |  |  | $ | — |  |  | $ | 31,771 |  |  | $ | — |
Loans |  |  | 526,279 |  |  |  | 532,778 |  |  |  | — |  |  |  | — |  |  |  | 532,778 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 112,623 |  |  |  | 113,361 |  |  |  | — |  |  |  | 113,361 |  |  |  | — |
Borrowings |  |  | 50,389 |  |  |  | 50,676 |  |  |  | — |  |  |  | 50,676 |  |  |  | — |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity |  | $ | 33,645 |  |  | $ | 32,151 |  |  | $ | — |  |  | $ | 32,151 |  |  | $ | — |
Loans |  |  | 508,430 |  |  |  | 505,479 |  |  |  | — |  |  |  | — |  |  |  | 505,479 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 130,343 |  |  |  | 130,813 |  |  |  | — |  |  |  | 130,813 |  |  |  | — |
Borrowings |  |  | 35,524 |  |  |  | 34,863 |  |  |  | — |  |  |  | 34,863 |  |  |  | — |

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- 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 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=117815213&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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: 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=117815213&loc=d3e19207-110258 + Details
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- Definition 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 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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=117815213&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=117815213&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=118260190&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=117815213&loc=d3e19207-110258 + Details
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