Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2017 are presented in the following table ($ in thousands).

	Fair Value Measurement at Report Date Using
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets For		Observable		Unobservable		Total
	Identical Assets		Inputs		Inputs		As Of
Item	(Level 1)		(Level 2)		(Level 3)		December 31, 2017
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	$	—	$	—	$	—	$	—
REO acquired through foreclosure during the year	$	—	$	—	$	—	$	—
REO for which a valuation reserve has been recorded in the year	$	—	$	1,778	$	—	$	1,778

Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2016 are presented in the following table ($ in thousands).

	Fair Value Measurement at Report Date Using
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets For		Observable		Unobservable		Total
	Identical Assets		Inputs		Inputs		As Of
Item	(Level 1)		(Level 2)		(Level 3)		12/31/2016
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	$	—	$	—	$	—	$	—
REO acquired through foreclosure during the year⁽¹⁾	$	—	$	416	$	—	$	416
REO for which a valuation reserve has been recorded in the year	$	—	$	4,445	$	—	$	4,445

(1)

The dollar amount presented is net of the fair value of the property at acquisition of the REO and the principal and interest owing on the first mortgage assumed of approximately $926,000. The mortgage was paid off in June 2016.