Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The table below presents the balances of assets and liabilities measured at fair value on a recurring basis at December 31, 2017 and 2016. | | | | | | | | | | | | | | | | | | Financial Assets | | Level 1 | | Level 2 | | Level 3 | | Total | | | (Amounts in thousands) | Securities Available for Sale | | | | | | | | | As of December 31, 2017 | | | | | | | | | Corporate debt obligations | | $ | — |
| | $ | 1,033 |
| | $ | — |
| | $ | 1,033 |
| Residential mortgage-backed securities | | — |
| | 36,863 |
| | — |
| | 36,863 |
| Collateralized mortgage-backed securities | | — |
| | 95 |
| | — |
| | 95 |
| Total | | $ | — |
| | $ | 37,991 |
| | $ | — |
| | $ | 37,991 |
| As of December 31, 2016 | | |
| | |
| | |
| | |
| Corporate debt obligations | | $ | — |
| | $ | 1,011 |
| | $ | — |
| | $ | 1,011 |
| Residential mortgage-backed securities | | — |
| | 43,240 |
| | — |
| | 43,240 |
| Collateralized mortgage-backed securities | | — |
| | 166 |
| | — |
| | 166 |
| Collateralized debt obligations | | — |
| | — |
| | 437 |
| | 437 |
| Total | | $ | — |
| | $ | 44,417 |
| | $ | 437 |
| | $ | 44,854 |
|
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Fair Value on a Non-recurring Basis |
Fair Value on a Non-Recurring Basis:
Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). | | | | | | | | | | | | | | | | | | Financial Assets | | Level 1 | | Level 2 | | Level 3 | | Total | | | (Amounts in thousands) | As of December 31, 2017 | | | | | | | | | Collateral dependent impaired loans | | $ | — |
| | $ | — |
| | $ | 9,093 |
| | $ | 9,093 |
| OREO | | $ | — |
| | $ | — |
| | $ | 7,248 |
| | $ | 7,248 |
| As of December 31, 2016 | | |
| | |
| | |
| | |
| Collateral dependent impaired loans | | $ | — |
| | $ | — |
| | $ | 16,070 |
| | $ | 16,070 |
| OREO | | $ | — |
| | $ | — |
| | $ | 10,528 |
| | $ | 10,528 |
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Summary of Carrying Value and Fair Value of Financial Instruments |
The following table summarizes the carrying amounts and fair values for financial instruments at December 31, 2017 and December 31, 2016: | | | | | | | | | | | | | | | | | | | | Level in Fair Value Hierarchy | | December 31, 2017 | | December 31, 2016 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | (Amounts in thousands) | Financial Assets: | | | | | | | | | | Cash and cash equivalents | Level 1 | | $ | 42,113 |
| | $ | 42,113 |
| | $ | 70,720 |
| | $ | 70,720 |
| Investment securities AFS | (1) | | 37,991 |
| | 37,991 |
| | 44,854 |
| | 44,854 |
| Investment securities HTM | Level 2 | | 2,268 |
| | 2,468 |
| | 2,224 |
| | 2,411 |
| Restricted stock | Level 2 | | 6,172 |
| | 6,172 |
| | 4,658 |
| | 4,658 |
| Loans held for sale | Level 2 | | 1,541 |
| | 1,541 |
| | — |
| | — |
| Loans, net | (2) | | 995,184 |
| | 1,001,655 |
| | 836,373 |
| | 844,290 |
| Accrued interest receivable | Level 2 | | 4,025 |
| | 4,025 |
| | 3,117 |
| | 3,117 |
| Financial Liabilities: | | | | | | | | | | Demand and savings deposits | Level 2 | | $ | 498,522 |
| | $ | 498,522 |
| | $ | 446,026 |
| | $ | 446,027 |
| Time deposits | Level 2 | | 367,861 |
| | 368,863 |
| | 342,668 |
| | 344,300 |
| Borrowings | Level 2 | | 128,053 |
| | 127,552 |
| | 93,053 |
| | 90,362 |
| Accrued interest payable | Level 2 | | 719 |
| | 719 |
| | 655 |
| | 655 |
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(1) See the recurring fair value table above. (2) For non-impaired loans, Level 2; for impaired loans, Level 3.
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