Rendering

Component: (Network and Table)
Network
2316301 - Disclosure - Fair Value of Financial Instruments and Fair Value Measurement (Tables)
(http://www.charterbk.com/role/FairValueOfFinancialInstrumentsAndFairValueMeasurementTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Fair Value Disclosures [Abstract]Period [Axis]
2015-10-01 - 2016-09-30
Fair Value Disclosures [Abstract]
 
Estimated Fair Value of On-Balance Sheet Financial Instruments
The estimated fair value of the Company’s remaining on-balance sheet financial instruments as of September 30, 2016 and 2015 are summarized below.
 
September 30, 2016
 
 
 
 
 
Estimated Fair Value
 
Carrying Value
 
Total Estimated Fair Value
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Financial assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
91,849,499

 
$
91,849,499

 
$
91,849,499

 
$
—

 
$
—

Certificates of deposit held at other financial institutions
14,496,410

 
14,496,410

 
—

 
14,496,410

 
—

Investments available for sale
206,336,287

 
206,336,287

 
—

 
206,336,287

 
—

FHLB stock
3,361,800

 
3,361,800

 
—

 
3,361,800

 
—

Restricted securities, at cost
279,000

 
279,000

 
—

 
279,000

 
—

Loans receivable, net
994,052,491

 
994,739,059

 
—

 
—

 
994,739,059

Loans held for sale
2,941,982

 
2,991,756

 
—

 
2,991,756

 
—

Mortgage servicing rights
820,557

 
820,557

 
—

 
820,557

 
—

Assets held for sale
975,300

 
975,300

 
—

 
—

 
975,300

Accrued interest and dividends receivable
3,442,051

 
3,442,051

 
—

 
611,010

 
2,831,041

Financial liabilities:
 
 
 

 
 
 
 
 
 
Deposits
$
1,161,843,586

 
$
1,165,687,674

 
$
—

 
$
1,165,687,674

 
$
—

FHLB advances
50,000,000

 
52,282,107

 
—

 
52,282,107

 
—

Floating rate junior subordinated debt
6,587,549

 
6,587,549

 
—

 
6,587,549

 
—

Accrued interest payable
709,629

 
709,629

 
—

 
709,629

 
—

 
September 30, 2015
 
 
 
 
 
Estimated Fair Value
 
Carrying Value
 
Total Estimated Fair Value
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Financial assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
30,343,225

 
$
30,343,225

 
$
30,343,225

 
$
—

 
$
—

Investments available for sale
184,404,089

 
184,404,089

 
—

 
184,404,089

 
—

FHLB stock
3,515,600

 
3,515,600

 
—

 
3,515,600

 
—

Loans receivable, net
714,761,210

 
710,729,157

 
—

 
—

 
710,729,157

Loans held for sale
1,406,902

 
1,444,042

 
—

 
1,444,042

 
—

Mortgage servicing rights
390,356

 
390,356

 
—

 
390,356

 
—

Assets held for sale
1,657,084

 
1,657,084

 
—

 
—

 
1,657,084

Accrued interest and dividends receivable
2,668,406

 
2,668,406

 
—

 
517,509

 
2,150,897

Financial liabilities:
 
 
 

 
 
 
 
 
 
Deposits
$
738,855,076

 
$
739,513,754

 
$
—

 
$
739,513,754

 
$
—

FHLB advances
62,000,000

 
65,418,947

 
—

 
65,418,947

 
—

Accrued interest payable
221,476

 
221,476

 
—

 
221,476

 
—

 
 
Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below.
 
September 30, 2016
 
Estimated Fair Value
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Investment securities available for sale:
 
 
 
 
 
 
 
State and municipal securities
$
2,524,167

 
$
—

 
$
2,524,167

 
$
—

Collateralized loan obligations
39,706,728

 
—

 
39,706,728

 
—

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC certificates
28,024,985

 
—

 
28,024,985

 
—

FNMA certificates
127,403,392

 
—

 
127,403,392

 
—

GNMA certificates
1,512,957

 
—

 
1,512,957

 
—

Private-label mortgage securities:
 
 
 
 
 
 
 
Investment grade
811,468

 
—

 
811,468

 
—

Split rating (1)
547,986

 
—

 
547,986

 
—

Non-investment grade
5,804,604

 
—

 
5,804,604

 
—

Total investment securities available for sale
206,336,287

 
—

 
206,336,287

 
—

Mortgage servicing rights
820,557

 
—

 
820,557

 
—

Assets held for sale
975,300

 
—

 
—

 
975,300

Total recurring assets at fair value
$
208,132,144

 
$
—

 
$
207,156,844

 
$
975,300

________________________________
(1)
Bonds with split ratings represent securities with both investment and non-investment grades.
 
September 30, 2015
 
Estimated Fair Value
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Investment securities available for sale:
 
 
 
 
 
 
 
Collateralized loan obligations
$
39,496,117

 
$
—

 
$
39,496,117

 
$
—

Mortgage–backed securities:
 
 
 
 
 
 
 
FHLMC certificates
35,991,442

 
—

 
35,991,442

 
—

FNMA certificates
98,218,049

 
—

 
98,218,049

 
—

GNMA certificates
1,558,595

 
—

 
1,558,595

 
—

Collateralized mortgage obligations:
 
 
 
 
 
 
 
FHLMC
39,214

 
—

 
39,214

 
—

FNMA
63,315

 
—

 
63,315

 
—

Private-label mortgage securities:
 
 
 
 
 
 
 
Investment grade
1,031,316

 
—

 
1,031,316

 
—

Split rating (1)
875,416

 
—

 
875,416

 
—

Non-investment grade
7,130,625

 
—

 
7,130,625

 
—

Total investment securities available for sale
184,404,089

 
—

 
184,404,089

 
—

Mortgage servicing rights
390,356

 
—

 
390,356

 
—

Assets held for sale
1,657,084

 
—

 
—

 
1,657,084

Total recurring assets at fair value
$
186,451,529

 
$
—

 
$
184,794,445

 
$
1,657,084

________________________________
(1)
Bonds with split ratings represent securities with both investment and non-investment grades.
 
 
Changes in Carrying Value of FDIC Receivable
A reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis is as follows:
 
Year Ended September 30,
 
2016
 
2015
 
 
 
 
Fair value, beginning balance
$
1,657,084

 
$
1,744,584

Sales
(356,780
)
 
—

Valuation loss recognized in noninterest expense
(325,004
)
 
(87,500
)
Transfers in and/or out of Level 3
—

 
—

Fair value, ending balance
$
975,300

 
$
1,657,084

 
 
Assets and Liabilities Measured on Nonrecurring Basis
Assets and liabilities measured at fair value on a nonrecurring basis are summarized below.
 
Fair value measurements using:
 
Estimated Fair Value
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
September 30, 2016
 
 
 
 
 
 
 
Impaired loans
$
2,875,691

 
$
—

 
$
—

 
$
2,875,691

Other real estate owned
2,706,461

 
—

 
—

 
2,706,461

September 30, 2015
 
 
 
 
 
 
 
Impaired loans
3,357,250

 
—

 
—

 
3,357,250

Other real estate owned
3,410,538

 
—

 
—

 
3,410,538

 
 
Quantitative Information about Level 3 Fair Value Measurements
The following table provides information describing the valuation processes used to determine recurring and nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy.
 
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value
 
Valuation Technique
 
Unobservable Input
 
General Range (Discount)
 
Weighted Average Discount
Impaired Loans
$
2,875,691

 
Property appraisals
 
Management discount for property type and recent market volatility
 
19%
 
—
 
63%
 
38%
OREO
$
2,706,461

 
Property appraisals
 
Management discount for property type and recent market volatility
 
14%
 
—
 
65%
 
31%
Assets Held for Sale
$
975,300

 
Valuation analysis
 
Management discount for property type and recent market volatility
 
44%
 
—
 
53%
 
45%