Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value

Summary of assets measured at fair value on recurring basis

	Fair Value Measurements at March 31, 2015
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
Assets:
Securities available-for-sale - residential mortgage-backed	$	-	$	14,503	$	-	$	14,503
Securities available-for-sale - U.S. Government and federal agency	1,983		-		-		1,983

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
Assets:
Securities available-for-sale - residential mortgage-backed	$	-	$	15,118	$	-	$	15,118
Securities available-for-sale - U.S. Government and federal agency		1,957		-		-		1,957

Schedule of carrying values of assets measured at fair value on non-recurring basis

	March 31, 2015		December 31, 2014
	(In thousands)
Assets:
Loans receivable held for sale:
Multi-family	$	19,982	$	19,679
Impaired loans carried at fair value of collateral:
Single family	521		549
Multi-family	-		323
Commercial real estate	1,126		1,177
Church	2,874		3,779
Real estate owned:
Church	2,479		2,082

Schedule of quantitative information on financial instruments measured on non-recurring basis

	March 31, 2015
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
	(Dollars in thousands)
Impaired loans – single family	$	521	Sales comparison approach	Adjustment for differences between the comparable sales	-9% to -3% (-6%)
Impaired loans – commercial real estate	1,126		Sales comparison approach	Adjustment for differences between the comparable sales	0% to 1% (0%)
			Income approach	Capitalization rate	4.75% to 7.25% (6.57%)
Impaired loans – church	2,874		Sales comparison approach	Adjustment for differences between the comparable sales	-12% to 18% (5%)
Real estate owned – church	2,479		Sales comparison approach	Adjustment for differences between the comparable sales	-2% to -1% (-1%)

	December 31, 2014
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
	(Dollars in thousands)
Impaired loans – single family	$	549	Sales comparison approach	Adjustment for differences between the comparable sales	-1% to 9% (-4%)
Impaired loans – multi-family	323		Sales comparison approach	Adjustment for differences between the comparable sales	-18%
			Income approach	Capitalization rate	7%
Impaired loans – commercial real estate	1,177		Sales comparison approach	Adjustment for differences between the comparable sales	0% to 1% (0%)
			Income approach	Capitalization rate	5% to 7.25% (6.64%)
Impaired loans – church	3,779		Sales comparison approach	Adjustment for differences between the comparable sales	-12% to 18% (5%)
			Income approach	Capitalization rate	6%
Real estate owned – church	2,082		Sales comparison approach	Adjustment for differences between the comparable sales	-1% to 2% (0%)

Schedule of carrying amounts and estimated fair values of financial instruments

				Fair Value Measurements at March 31, 2015
	Carrying Value			Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	28,549		$	28,549	$	-	$	-	$	28,549
Securities available-for-sale	16,486			1,983		14,503		-		16,486
Loans receivable held for sale	19,813			-		19,982		-		19,982
Loans receivable held for investment	272,514			-		-		272,864		272,864
Accrued interest receivable	1,172			12		37		1,123		1,172
Federal Home Loan Bank stock	3,972			-		-		-		N/A
Financial Liabilities:
Deposits	$		222,092	$	-	$	215,316	$	-	$	215,316
Federal Home Loan Bank advances	84,500			-		86,817		-		86,817
Junior subordinated debentures	5,100			-		-		2,980		2,980
Accrued interest payable	42			-		36		6		42

			Fair Value Measurements at December 31, 2014
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	20,790	$	20,790	$	-	$	-	$	20,790
Securities available-for-sale	17,075		1,957		15,118		-		17,075
Loans receivable held for sale	19,481		-		19,679		-		19,679
Loans receivable held for investment	276,643		-		-		277,000		277,000
Accrued interest receivable	1,216		6		39		1,171		1,216
Federal Home Loan Bank stock	4,254		-		-		-		N/A
Financial Liabilities:
Deposits	$	217,867	$	-	$	210,181	$	-	$	210,181
Federal Home Loan Bank advances	86,000		-		88,246		-		88,246
Junior subordinated debentures	5,100		-		-		2,034		2,034
Accrued interest payable	69		-		39		30		69