Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

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
September 30, 2017
Securities:
Certificates of deposit	$	—	$	80,360	$	—	$	80,360
Equity mutual fund	502		—		—		502
Mortgage-backed securities – residential	—		13,188		—		13,188
Collateralized mortgage obligations – residential	—		4,725		—		4,725
SBA-guaranteed loan participation certificates	—		12		—		12
	$	502	$	98,285	$	—	$	98,787
December 31, 2016
Securities:
Certificates of deposit	$	—	$	85,938	$	—	$	85,938
Equity mutual fund	499		—		—		499
Mortgage-backed securities - residential	—		15,184		—		15,184
Collateralized mortgage obligations – residential	—		5,574		—		5,574
SBA-guaranteed loan participation certificates	—		17		—		17
	$	499	$	106,713	$	—	$	107,212

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
September 30, 2017
Other real estate owned:
One-to-four family residential real estate	$	—	$	—	$	1,421	$	1,421
Nonresidential real estate	—		—		844		844
	$	—	$	—	$	2,265	$	2,265

December 31, 2016
Impaired loans:
Nonresidential real estate	—		—		234		234
	$	—	$	—	$	234	$	234
Other real estate owned:
One-to-four family residential real estate	$	—	$	—	$	1,282	$	1,282
Nonresidential real estate	—		—		553		553
Land	—		—		47		47
	$	—	$	—	$	1,882	$	1,882

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 September 30, 2017:



	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range (Weighted Average)
Other real estate owned:
One-to-four family residential real estate	$	1,421	Sales comparison	Discount applied to valuation	5.6% - 6.6% (6.5%)
Nonresidential real estate loans	$	844	Sales comparison	Comparison between sales and income approaches	-3.66% - 15.22% (10.9%)
Other real estate owned	$	2,265

Carrying amount and estimated fair value of financial instruments

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



			Fair Value Measurements at September 30, 2017 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	125,661	$	10,620	$	115,041	$	—	$	125,661
Securities	98,787		502		98,285		—		98,787
Loans receivable, net of allowance for loan losses	1,335,631		—		1,340,957		—		1,340,957
FHLBC and FRB stock	8,290		—		—		—		N/A
Accrued interest receivable	4,569		—		4,569		—		4,569
Financial liabilities
Noninterest-bearing demand deposits	$	231,049	$	—	$	231,049	$	—	$	231,049
Savings deposits	158,696		—		158,696		—		158,696
NOW and money market accounts	585,316		—		585,316		—		585,316
Certificates of deposit	396,028		—		394,888		—		394,888
Borrowings	60,928		—		60,932		—		60,932
Accrued interest payable	180		—		180		—		180



			Fair Value Measurements at December 31, 2016 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	96,684	$	13,053	$	83,631	$	—	$	96,684
Securities	107,212		499		106,713		—		107,212
Loans receivable, net of allowance for loan losses	1,312,952		—		1,322,713		234		1,322,947
FHLBC and FRB stock	11,650		—		—		—		N/A
Accrued interest receivable	4,381		—		4,381		—		4,381
Financial liabilities
Noninterest-bearing demand deposits	$	249,539	$	—	$	249,539	$	—	$	249,539
Savings deposits	160,002		—		160,002		—		160,002
NOW and money market accounts	578,237		—		578,237		—		578,237
Certificates of deposit	351,612		—		350,593		—		350,593
Borrowings	51,069		—		50,015		—		50,015
Accrued interest payable	102		—		102		—		102