XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Mar. 31, 2021

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 March 31, 2021
		Total				Level 1				Level 2				Level 3
		(In thousands)
Assets:
Securities available for sale:
Mortgage-backed securities		$	14,259			$	—			$	14,259			$	—
Debt securities			—				—				—				—
Total securities available for sale			14,259				—				14,259				—
Derivative assets			186				—				186				—
Total Assets		$	14,445			$	—			$	14,445			$	—
Liabilities:
Derivative liabilities		$	186			$	—			$	186			$	—
Total Liabilities		$	186			$	—			$	186			$	—

		Fair Value at September 30, 2020
		Total				Level 1				Level 2				Level 3
		(In thousands)
Assets:
Securities available for sale:
Mortgage-backed securities		$	9,558			$	—			$	9,558			$	—
Debt securities			5,003				—				5,003				—
Total securities available for sale		$	14,561			$	—			$	14,561			$	—

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 March 31, 2021 and September 30, 2020.

		Fair Value at March 31, 2021
		Total				Level 1				Level 2				Level 3
		(In thousands)
Impaired loans		$	12,512			$	—			$	—			$	12,512
Other real estate owned			1,280				—				—				1,280
Total		$	13,792			$	—			$	—			$	13,792

		Fair Value at September 30, 2020
		Total				Level 1				Level 2				Level 3
		(In thousands)
Impaired loans		$	11,874			$	—			$	—			$	11,874
Other real estate owned			2,594				—				—				2,594
Total		$	14,468			$	—			$	—			$	14,468

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
March 31, 2021	Estimate	Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans	$   12,512	Appraisal of collateral (1)	Appraisal adjustments (2)	0% to -50.0% (-10.8%)
Other real estate owned	$     1,280	Appraisal of collateral (1)	Liquidation expenses (2)	-11.7% to -31.2% (-24.6%)

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

	Fair Value	Valuation
September 30, 2020	Estimate	Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans	$   11,874	Appraisal of collateral (1)	Appraisal adjustments (2)	0% to -50.0% (-11.6%)
Other real estate owned	$     2,594	Appraisal of collateral (1)	Liquidation expenses (2)	-6.0% to -27.4% (-14.7%)

(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 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)
March 31, 2021
Financial instruments - assets
Investment securities held to maturity		$	40,797			$	40,484			$	—			$	40,484			$	—
Loans			616,975				627,951				—				—				627,951
Financial instruments - liabilities
Certificates of deposit including retirement certificates			116,049				117,727				—				117,727				—
Borrowings			45,881				46,550				—				46,550				—
September 30, 2020
Financial instruments - assets
Investment securities held-to-maturity		$	30,443			$	30,899			$	—			$	30,899			$	—
Loans			603,110				617,418				—				—				617,418
Financial instruments - liabilities
Certificates of deposit			126,375				128,590				—				128,590				—
Borrowings			67,410				68,386				—				68,386				—

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

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=123874694&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=123874694&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123594938&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration