| Fair Value, by Balance Sheet Grouping |
The carrying amounts and estimated fair values of financial instruments that are reported on the balance sheet are as follows: | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2016 | | Carrying
Amount | | Estimated Fair Value | | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets | (Dollars in thousands) | Cash and cash equivalents | $ | 142,098 |
| | $ | 142,098 |
| | $ | — |
| | $ | — |
| | $ | 142,098 |
| Available for sale securities | 316,455 |
| | — |
| | 316,455 |
| | — |
| | 316,455 |
| Loans held for investment, net of allowance | 1,873,724 |
| | — |
| | — |
| | 1,872,056 |
| | 1,872,056 |
| FHLB Stock | 13,175 |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
| Accrued interest receivable | 9,007 |
| | 3 |
| | 3,616 |
| | 5,388 |
| | 9,007 |
| | | | | | | | | | | Financial liabilities | |
| | |
| | |
| | |
| | |
| Total deposits | $ | 1,870,183 |
| | $ | — |
| | $ | 1,868,429 |
| | $ | — |
| | $ | 1,868,429 |
| Accrued interest payable | 285 |
| | — |
| | 285 |
| | — |
| | 285 |
| Short-term borrowings | 85,000 |
| | — |
| | 85,000 |
| | — |
| | 85,000 |
| Other borrowed funds | 200,569 |
| | — |
| | 199,989 |
| | — |
| | 199,989 |
| Subordinated debentures | 9,196 |
| | — |
| | 9,196 |
| | — |
| | 9,196 |
|
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2015 | | Carrying
Amount | | Estimated Fair Value | | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets | (Dollars in thousands) | Cash and cash equivalents | $ | 148,431 |
| | $ | 148,431 |
| | $ | — |
| | $ | — |
| | $ | 148,431 |
| Available for sale securities | 165,097 |
| | — |
| | 165,097 |
| | — |
| | 165,097 |
| Loans held for sale | 27,887 |
| | — |
| | — |
| | 27,887 |
| | 27,887 |
| Loans held for investment, net of allowance | 1,640,067 |
| | — |
| | — |
| | 1,641,862 |
| | 1,641,862 |
| FHLB Stock | 2,569 |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
| Accrued interest receivable | 6,518 |
| | — |
| | 1,780 |
| | 4,738 |
| | 6,518 |
| | | | | | | | | | | Financial liabilities | |
| | |
| | |
| | |
| | |
| Total deposits | 1,759,133 |
| | — |
| | 1,759,728 |
| | — |
| | 1,759,728 |
| Accrued interest payable | 124 |
| | — |
| | 124 |
| | — |
| | 124 |
| Short-term borrowings | 50,000 |
| | — |
| | 50,000 |
| | — |
| | 50,000 |
| Other borrowed funds | 569 |
| | — |
| | 569 |
| | — |
| | 569 |
| Subordinated debentures | 9,089 |
| | — |
| | 9,089 |
| | — |
| | 9,089 |
|
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present fair values for assets measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | As of December 31, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | | (Dollars in thousands) | Available for sale securities: | |
| | |
| | |
| | |
| U.S. Government and agency securities | $ | — |
| | $ | 6,149 |
| | $ | — |
| | $ | 6,149 |
| Municipal securities | — |
| | 237,802 |
| | — |
| | 237,802 |
| Agency mortgage-backed pass-through securities | — |
| | 27,324 |
| | — |
| | 27,324 |
| Corporate bonds | — |
| | 45,180 |
| | — |
| | 45,180 |
| | $ | — |
| | $ | 316,455 |
| | $ | — |
| | $ | 316,455 |
|
| | | | | | | | | | | | | | | | | | As of December 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | | (Dollars in thousands) | Available for sale securities: | |
| | |
| | |
| | |
| U.S. Government and agency securities | $ | — |
| | $ | 9,086 |
| | $ | — |
| | $ | 9,086 |
| Municipal securities | — |
| | 126,349 |
| | — |
| | 126,349 |
| Agency mortgage-backed pass-through securities | — |
| | 29,662 |
| | — |
| | 29,662 |
| | $ | — |
| | $ | 165,097 |
| | $ | — |
| | $ | 165,097 |
|
|