Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Summary of financial assets measured at fair value

The following table presents a summary of financial assets and liabilities measured at fair value at June 30, 2012 and September 30, 2011:

	Level 1		Level 2		Level 3		Total		Total Losses
June 30, 2012
Securities available for sale:
Mortgage-backed securities invested in Government Agencies	$	—	$	6,422,700	$	—	$	6,422,700	$	—
Impaired loans		—		—		1,294,316		1,294,316		—
Foreclosed assets						778,000		778,000		(550	)
September 30, 2011
Securities available for sale:
Mortgage-backed securities invested in Government Agencies	$	—	$	6,168,351	$	—	$	6,168,351	$	—
Impaired loans		—		—		717,648		717,648		—
Foreclosed assets		—				884,000		884,000		(114,427	)

Fair Value Measurements for certain financial assets measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a non-recurring basis for June 30, 2012 and September 30, 2011:

	Quantitative Information about Level 3 Fair Value Measurements for June 30, 2012 and September 30, 2011
	Valuation Techniques	Unobservable Input	Range
Assets:
Impaired loans	Discounted appraised value	Selling costs	6-12%
Foreclosed assets	Discounted appraised value	Selling costs	6-12%

Reconciliation of the beginning and ending balances for Level 3 assets

The following table presents a reconciliation of the beginning and ending balances for Level 3 assets;

	Impaired Loans			Foreclosed Assets
Balance, September 30, 2010	$	734,105		$	35,000
Purchases, settlements and charge-offs		(573,427	)		849,000
Transfers in and/or out of Level 3		556,970			—
Balance, September 30, 2011		717,648			884,000
Purchases, settlements and charge-offs (unaudited)		(170,000	)		(106,000	)
Transfers in and/or out of Level 3 (unaudited)		746,668			—
Balance, June 30, 2012 (unaudited)	$	1,294,316		$	778,000

Estimated fair values of the Company's financial instruments

The estimated fair values of the Company’s financial instruments were as follows:

			Fair Value Measurements at June 30, 2012 Using
	Carrying Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
	(in thousands)
Financial assets:
Cash and cash equivalents	$	6,107	$	6,107	$	—	$	—	$	6,107
Certificates of deposit		2,788		2,788		—		—		2,788
Securities available for sale		6,423		—		6,423		—		6,423
Securities held to maturity		4,991		—		5,165		—		5,165
Federal Home Loan Bank stock		518		—		518		—		518
Loans receivable, net		53,729		—		53,376		1,294		54,670
Foreclosed assets		778		—		—		778		778
Accrued interest receivable		259		—		259		—		259
Financial liabilities:
Deposits		58,166		—		58,207		—		58,207
Federal Home Loan Bank advances		8,000		—		8,937		—		8,937
Accrued interest payable		42		—		42		—		42
Off-Balance sheet financial instruments		—		—				—		—

			Fair Value Measurements at September 30, 2011 Using
	Carrying Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
	(in thousands)
Financial assets:
Cash and cash equivalents	$	6,189	$	6,189	$	—	$	—	$	6,189
Securities available for sale		6,168		—		6,168		—		6,168
Securities held to maturity		1,637		—		1,753		—		1,753
Federal Home Loan Bank stock		604		—		604		—		604
Loans receivable, net		53,758		—		56,970		717		57,687
Foreclosed assets		884		—		—		884		884
Accrued interest receivable		247		—		247		—		247
Financial liabilities:
Deposits		50,947		—		51,578		—		51,578
Federal Home Loan Bank advances		10,000		—		10,681		—		10,681
Accrued interest payable		42		—		42		—		42
Off-Balance sheet financial instruments		—		—				—		—