FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value and Classification of Derivative Financial Instruments

The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets:



	June 30, 2017		December 31, 2016			Level	Balance Sheet Location
	(in thousands)
Assets (Liabilities):
Interest rate swaps	$	603	$	(509	)	2	Other assets (Other liabilities)

Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets are as follows:



	June 30, 2017				December 31, 2016
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	46,276	$	46,176	$	43,623	$	43,621	3
SBA 7(a) loans receivable, subject to secured borrowings	24,162		24,607		29,524		29,976		3
Other loans receivable	1,356		1,297		2,593		2,550		3
Liabilities:
Mortgages payable (1)	414,672		417,912		530,793		516,892		3
Junior subordinated notes	25,093		25,490		25,055		25,173		3

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(1)	The June 30, 2017 carrying amount and estimated fair value of mortgages payable excludes two mortgage loans that have been classified as liabilities associated with assets held for sale on our consolidated balance sheet at June 30, 2017 (Notes 3 and 8).