| 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, 2016 | | 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 | $ | 41,332 |
| | $ | — |
| | $ | 41,332 |
| | $ | — |
| Freddie Mac | 18,009 |
| | — |
| | 18,009 |
| | — |
| Ginnie Mae | 18,634 |
| | — |
| | 18,634 |
| | — |
| Municipal bonds | 13,107 |
| | — |
| | 13,107 |
| | — |
| U.S. Government agencies | 15,857 |
| | — |
| | 15,857 |
| | — |
| Corporate bonds | 22,321 |
| | — |
| | 22,321 |
| | — |
| Total available-for-sale investments | 129,260 |
| | — |
| | 129,260 |
| | — |
| Derivative fair value asset | 1,333 |
| | — |
| | 1,333 |
| | — |
| | $ | 130,593 |
| | $ | — |
| | $ | 130,593 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | 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 |
| | $ | — |
|
|
|
| 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, 2016, and 2015. | | | | | | | | | | | | | | | | | | December 31, 2016 | | 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) | $ | 30,632 |
| | $ | — |
| | $ | — |
| | $ | 30,632 |
| OREO | 2,331 |
| | — |
| | — |
| | 2,331 |
| Total | $ | 32,963 |
| | $ | — |
| | $ | — |
| | $ | 32,963 |
|
_______________ (1) Total value of impaired loans is net of $309,000 of specific reserves on performing TDRs.
| | | | | | | | | | | | | | | | | | 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 (2) | 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.
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|
| Fair Value, by Balance Sheet Grouping |
|
The carrying amounts and estimated fair values of financial instruments at December 31, 2016, and 2015, were as follows: | | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | | 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 | $ | 5,779 |
| | $ | 5,779 |
| | $ | 5,779 |
| | $ | — |
| | $ | — |
| Interest-earning deposits | 25,573 |
| | 25,573 |
| | 25,573 |
| | — |
| | — |
| Investments available-for-sale | 129,260 |
| | 129,260 |
| | — |
| | 129,260 |
| | — |
| Loans receivable, net | 815,043 |
| | 818,054 |
| | — |
| | — |
| | 818,054 |
| FHLB stock | 8,031 |
| | 8,031 |
| | — |
| | 8,031 |
| | — |
| Accrued interest receivable | 3,147 |
| | 3,147 |
| | — |
| | 3,147 |
| | — |
| Derivative fair value asset | 1,333 |
| | 1,333 |
| | — |
| | 1,333 |
| | — |
| | | | | | | | | | | Financial Liabilities: | | | | | |
| | |
| | | Deposits | 285,335 |
| | 285,335 |
| | 285,335 |
| | — |
| | — |
| Certificates of deposit, retail | 356,653 |
| | 356,723 |
| | — |
| | 356,723 |
| | — |
| Certificates of deposit, brokered | 75,488 |
| | 75,431 |
| | — |
| | 75,431 |
| | — |
| Advances from the FHLB | 171,500 |
| | 170,221 |
| | — |
| | 170,221 |
| | — |
| Accrued interest payable | 231 |
| | 231 |
| | — |
| | 231 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | 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 |
| | — |
|
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