FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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:



	September 30, 2017		December 31, 2016			Level	Balance Sheet Location
	(in thousands)
Assets (Liabilities):
Interest rate swaps	$	936	$	(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:



	September 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	$	49,925	$	49,768	$	43,623	$	43,621	3
SBA 7(a) loans receivable, subject to secured borrowings	21,989		22,424		29,524		29,976		3
Other loans receivable	429		355		2,593		2,550		3
Liabilities:
Mortgages payable (1)	414,718		411,016		530,793		516,892		3
Junior subordinated notes	25,113		25,508		25,055		25,173		3

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