Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Company's financial instruments measured at fair values

The following table sets forth the Company’s financial assets that were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2015
Securities:
Certificates of deposit	$	—	$	87,901	$	—	$	87,901
Equity mutual fund	507		—		—		507
Mortgage-backed securities – residential	—		19,180		—		19,180
Collateralized mortgage obligations – residential	—		7,142		—		7,142
SBA-guaranteed loan participation certificates	—		23		—		23
	$	507	$	114,246	$	—	$	114,753
December 31, 2014
Securities:
Certificates of deposit	$	—	$	86,049	$	—	$	86,049
Equity mutual fund	509		—		—		509
Mortgage-backed securities - residential	—		24,611		—		24,611
Collateralized mortgage obligations – residential	—		9,976		—		9,976
SBA-guaranteed loan participation certificates	—		29		—		29
	$	509	$	120,665	$	—	$	121,174

Schedule of Company's financial instruments measured on non recurring at fair values

The following table sets forth the Company’s assets that were measured at fair value on a non-recurring basis:



	Fair Value Measurement Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2015
Impaired loans:
Multi-family mortgage	$	—	$	—	$	477	$	477
Nonresidential real estate	—		—		36		36
Impaired loans	$	—	$	—	$	513	$	513
Other real estate owned:
One–to–four family residential real estate	$	—	$	—	$	42	$	42
Multi-family mortgage	—		—		354		354
Nonresidential real estate	—		—		474		474
Land	—		—		794		794
Other real estate owned	$	—	$	—	$	1,664	$	1,664

Mortgage servicing rights	$	—	$	281	$	—	$	281

December 31, 2014
Impaired loans:
One–to–four family residential real estate	$	—	$	—	$	70	$	70
Multi-family mortgage	—		—		1,905		1,905
Nonresidential real estate	—		—		2,369		2,369
Impaired loans	$	—	$	—	$	4,344	$	4,344
Other real estate owned:
One–to–four family residential real estate	$	—	$	—	$	55	$	55
Multi-family mortgage	—		—		1,265		1,265
Nonresidential real estate	—		—		126		126
Land	—		—		753		753
Other real estate owned	$	—	$	—	$	2,199	$	2,199

Mortgage servicing rights	$	—	$	160	$	—	$	160

Schedule of fair value quantitative information

The following table presents quantitative information, based on certain empirical data with respect to Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2015:



	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans
Multi-family mortgage	$	477	Sales comparison	Comparison between sales and income approaches	39.3%
			Income approach	Cap Rate	8.75%
Nonresidential real estate	36		Sales comparison	Comparison between sales and income approaches	1.2%
	$	513
Other real estate owned
One-to-four family residential real estate	42		Sales comparison	Discount applied to valuation	-0.35% to 2.8% (0.03%)
Multi-family mortgage	354		Sales comparison	Comparison between sales and income approaches	-67.74% to 10.37% (-13%)
Nonresidential real estate	474		Sales comparison	Comparison between sales and income approaches	-15.6% to 1.46% (-5%)
Land	794		Sales comparison	Discount applied to valuation	-7.7%-17.24% (6%)
	$	1,664

Carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments is as follows:



			Fair Value Measurements at December 31, 2015 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	59,377	$	13,192	$	46,185	$	—	$	59,377
Securities	114,753		507		114,246		—		114,753
Loans receivable, net of allowance for loan losses	1,232,257		—		1,240,791		513		1,241,304
FHLBC stock	6,257		—		—		—		N/A
Accrued interest receivable	4,226		—		4,226		—		4,226
Financial liabilities
Noninterest-bearing demand deposits	$	254,830	$	—	$	254,830	$	—	$	254,830
Savings deposits	156,752		—		156,752		—		156,752
NOW and money market accounts	578,636		—		578,636		—		578,636
Certificates of deposit	222,701		—		222,026		—		222,026
Borrowings	64,318		—		64,318		—		64,318
Accrued interest payable	39		—		39		—		39



			Fair Value Measurements at December 31, 2014 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	59,581	$	9,693	$	49,888	$	—	$	59,581
Securities	121,174		509		120,665		—		121,174
Loans receivable, net of allowance for loan losses	1,172,356		—		1,166,181		4,344		1,170,525
FHLBC stock	6,257		—		—		—		N/A
Accrued interest receivable	3,926		—		3,926		—		3,926
Financial liabilities
Noninterest-bearing demand deposits	$	134,129	$	—	$	134,129	$	—	$	134,129
Savings deposits	154,532		—		154,532		—		154,532
NOW and money market accounts	690,193		—		690,193		—		690,193
Certificates of deposit	232,859		—		232,588		—		232,588
Borrowings	12,921		—		12,908		—		12,908
Accrued interest payable	89		—		89		—		89