| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements during the periods presented): | | | | | | | | | | | | | | | | | | December 31, 2015 | | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Available-for-sale investments: | | | | | | | | Mortgage-backed investments: | | | | | | | | Fannie Mae | $ | 50,321 |
| | $ | — |
| | $ | 50,321 |
| | $ | — |
| Freddie Mac | 26,137 |
| | — |
| | 26,137 |
| | — |
| Ginnie Mae | 13,732 |
| | — |
| | 13,732 |
| | — |
| Municipal bonds | 12,064 |
| | — |
| | 12,064 |
| | — |
| U.S. Government agencies | 13,542 |
| | — |
| | 13,542 |
| | — |
| Corporate bonds | 13,769 |
| | — |
| | 13,769 |
| | — |
| | $ | 129,565 |
| | $ | — |
| | $ | 129,565 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Available-for-sale investments: | | | | | | | | Mortgage-backed investments: | | | | | | | | Fannie Mae | $ | 40,916 |
| | $ | — |
| | $ | 40,916 |
| | $ | — |
| Freddie Mac | 21,946 |
| | — |
| | 21,946 |
| | — |
| Ginnie Mae | 26,013 |
| | — |
| | 26,013 |
| | — |
| Municipal bonds | 644 |
| | — |
| | 644 |
| | — |
| U.S. Government agencies | 16,816 |
| | — |
| | 16,816 |
| | — |
| Corporate bonds | 14,039 |
| | — |
| | 14,039 |
| | — |
| | $ | 120,374 |
| | $ | — |
| | $ | 120,374 |
| | $ | — |
|
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| Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis |
The tables below present the balances of assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015, and 2014. | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | (In thousands) | Impaired loans (included in loans receivable, net)(1) | $ | 42,557 |
| | $ | — |
| | $ | — |
| | $ | 42,557 |
| | OREO | 3,663 |
| | — |
| | — |
| | 3,663 |
| | Total | $ | 46,220 |
| | $ | — |
| | $ | — |
| | $ | 46,220 |
| |
_______________ (1) Total value of impaired loans is net of $732,000 of specific reserves on performing TDRs.
| | | | | | | | | | | | | | | | | | | December 31, 2014 | | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | (In thousands) | Impaired loans (included in loans receivable, net)(1) | $ | 54,444 |
| | $ | — |
| | $ | — |
| | $ | 54,444 |
| | OREO (2) | 9,283 |
| | — |
| | — |
| | 9,283 |
| | Total | $ | 63,727 |
| | $ | — |
| | $ | — |
| | $ | 63,727 |
| |
________________ (1) Total value of impaired loans is net of $1.2 million of specific reserves on performing TDRs.
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| Fair Value, by Balance Sheet Grouping |
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The carrying amounts and estimated fair values of financial instruments at December 31, 2015, and 2014, were as follows: | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Fair Value Measurements Using: | | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | Financial Assets: | | | | | | | | | | Cash on hand and in banks | $ | 5,713 |
| | $ | 5,713 |
| | $ | 5,713 |
| | $ | — |
| | $ | — |
| Interest-earning deposits | 99,998 |
| | 99,998 |
| | 99,998 |
| | — |
| | — |
| Investments available-for-sale | 129,565 |
| | 129,565 |
| | — |
| | 129,565 |
| | — |
| Loans receivable, net | 685,072 |
| | 693,480 |
| | — |
| | — |
| | 693,480 |
| FHLB stock | 6,137 |
| | 6,137 |
| | — |
| | 6,137 |
| | — |
| Accrued interest receivable | 2,968 |
| | 2,968 |
| | — |
| | 2,968 |
| | — |
| | | | | | | | | | | Financial Liabilities: | | | | | |
| | |
| | | Deposits | 285,416 |
| | 285,416 |
| | 285,416 |
| | — |
| | — |
| Certificates of deposit, retail | 323,840 |
| | 324,135 |
| | — |
| | 324,135 |
| | — |
| Certificates of deposit, brokered | 66,151 |
| | 66,947 |
| | — |
| | 66,947 |
| | — |
| Advances from the FHLB | 125,500 |
| | 125,466 |
| | — |
| | 125,466 |
| | — |
| Accrued interest payable | 135 |
| | 135 |
| | — |
| | 135 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | Fair Value Measurements Using: | | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | | | | | | Financial Assets: | | | | | | | | | | Cash on hand and in banks | $ | 5,920 |
| | $ | 5,920 |
| | $ | 5,920 |
| | $ | — |
| | $ | — |
| Interest-earning deposits | 98,129 |
| | 98,129 |
| | 98,129 |
| | — |
| | — |
| Investments available-for-sale | 120,374 |
| | 120,374 |
| | — |
| | 120,374 |
| | — |
| Loans receivable, net | 663,938 |
| | 678,676 |
| | — |
| | — |
| | 678,676 |
| FHLB stock | 6,745 |
| | 6,745 |
| | — |
| | 6,745 |
| | — |
| Accrued interest receivable | 3,265 |
| | 3,265 |
| | — |
| | 3,265 |
| | — |
| | | | | | | | | | | Financial Liabilities: | |
| | |
| | |
| | |
| | | Deposits | 201,539 |
| | 201,539 |
| | 201,539 |
| | — |
| | — |
| Certificates of deposit, retail | 358,159 |
| | 359,049 |
| | — |
| | 359,049 |
| | — |
| Certificates of deposit, brokered | 54,429 |
| | 55,229 |
| | — |
| | 55,229 |
| | — |
| Advances from the FHLB | 135,500 |
| | 135,392 |
| | — |
| | 135,392 |
| | — |
| Accrued interest payable | 142 |
| | 142 |
| | — |
| | 142 |
| | — |
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