Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2023

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at September 30, 2023 and 2022 are as follows (dollars in thousands):


	Estimated Fair Value
September 30, 2023	Level 1		Level 2		Level 3		Total
Available for sale investment securities

MBS: U.S. government agencies	$	—	$	41,771	$	—	$	41,771

Investments in equity securities
Mutual funds	811		—		—		811
Total	$	811	$	41,771	$	—	$	42,582



September 30, 2022
Available for sale investment securities

MBS: U.S. government agencies	$	—	$	41,415	$	—	$	41,415

Investments in equity securities
Mutual funds	835		—		—		835
Total	$	835	$	41,415	$	—	$	42,250

Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2023 and 2022 (dollars in thousands):


	Total Estimated		Estimated Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Level 3
September 30, 2023

Impaired loans	$	122	$	—	$	—	$	122

September 30, 2022

Impaired loans	$	123	$	—	$	—	$	123

The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a non-recurring basis at September 30, 2023 and 2022:

Valuation Technique

Significant Unobservable Inputs

Range

Impaired loans

Market approach

Appraised value less selling costs

N/A

Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2023 (dollars in thousands):


					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	128,721	$	128,721	$	128,721	$	—	$	—
CDs held for investment	15,188		15,188		15,188		—		—
Investment securities	311,989		295,538		161,538		134,000		—
Investments in equity securities	811		811		811		—		—
FHLB stock	3,602		3,602		3,602		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	400		407		407		—		—
Loans receivable, net	1,302,305		1,246,538		—		—		1,246,538
Accrued interest receivable	6,004		6,004		6,004		—		—

Financial Liabilities
Certificates of deposit	300,100		297,542		—		—		297,542
FHLB borrowings	35,000		34,747		—		—		34,747
Accrued interest payable	1,397		1,397		1,397		—		—

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2022 (dollars in thousands):


					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	316,755	$	316,755	$	316,755	$	—	$	—
CDs held for investment	22,894		22,519		22,519		—		—
Investment securities	308,023		291,198		158,578		132,620		—
Investments in equity securities	835		835		835		—		—
FHLB stock	2,194		2,194		2,194		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	748		758		758		—		—
Loans receivable, net	1,132,426		1,124,579		—		—		1,124,579
Accrued interest receivable	4,483		4,483		4,483		—		—

Financial Liabilities
Certificates of deposit	122,584		120,807		—		—		120,807

Accrued interest payable	108		108		108		—		—