| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The table below presents the recorded amount of assets and
liabilities measured at fair value on a recurring basis as of
June 30, 2015 and December 31, 2014.
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June 30, 2015
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mortgage-backed securities
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$ |
— |
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25,405 |
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— |
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25,405 |
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Municipal securities
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|
— |
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4,572 |
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— |
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|
4,572 |
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Total investment securities available-for-sale
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$ |
— |
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29,977 |
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— |
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29,977 |
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Derivative assets
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$ |
— |
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|
239 |
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— |
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|
239 |
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Derivative liabilities
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$ |
— |
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|
379 |
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— |
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|
379 |
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December 31, 2014
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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U.S. Treasury securities
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$ |
1,501 |
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— |
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— |
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1,501 |
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Mortgage-backed securities
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|
— |
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28,750 |
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— |
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28,750 |
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Municipal securities
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— |
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4,681 |
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— |
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4,681 |
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Investment in mutual fund
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— |
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— |
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— |
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— |
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Total investment securities available-for-sale
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$ |
1,501 |
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33,431 |
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— |
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34,932 |
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Derivative assets
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$ |
— |
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105 |
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— |
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105 |
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Derivative liabilities
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$ |
— |
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425 |
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— |
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425 |
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| Summary of Assets Measured at Fair Value on a Nonrecurring Basis |
Assets measured at fair value on a nonrecurring basis are included
in the table below as of June 30, 2015 and December 31,
2014.
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June 30, 2015
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Other real estate and repossessed assets
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$ |
— |
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— |
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1,636 |
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1,636 |
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Impaired loans
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— |
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— |
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5,483 |
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5,483 |
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December 31, 2014
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Other real estate and repossessed assets
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$ |
— |
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— |
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1,380 |
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1,380 |
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Impaired loans
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— |
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— |
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4,865 |
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4,865 |
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| Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments |
The carrying amounts and estimated fair values of the
Company’s financial instruments at June 30, 2015 and
December 31, 2014 were as follows:
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Carrying |
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Estimated Fair Value |
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June 30, 2015
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
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Cash and cash equivalents
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$ |
142,393 |
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142,393 |
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— |
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— |
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Investment securities held-to-maturity
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12,609 |
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— |
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12,122 |
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— |
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Investment securities available-for-sale
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29,977 |
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— |
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29,977 |
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— |
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Other investments
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5,844 |
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— |
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5,844 |
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— |
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Loans, net
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961,379 |
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— |
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|
955,947 |
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5,483 |
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Mortgage loans held-for-sale
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13,750 |
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— |
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|
13,750 |
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— |
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Bank owned life insurance
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11,848 |
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— |
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11,848 |
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— |
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Derivative assets
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|
239 |
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— |
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|
239 |
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— |
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Liabilities:
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|
|
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Deposits
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|
1,051,483 |
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— |
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1,022,470 |
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— |
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Federal Home Loan Bank advances
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22,000 |
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— |
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|
22,601 |
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— |
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Derivative liabilities
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|
379 |
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— |
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|
379 |
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— |
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Carrying |
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Estimated Fair Value |
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December 31, 2014
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
|
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|
|
|
|
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|
|
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|
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Cash and cash equivalents
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$ |
123,435 |
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|
123,435 |
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|
— |
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|
— |
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Investment securities available-for-sale
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|
34,932 |
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|
1,501 |
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33,431 |
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|
— |
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Other investments
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|
|
5,421 |
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|
— |
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|
5,421 |
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— |
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Loans, net
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878,919 |
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|
— |
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|
873,125 |
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|
4,865 |
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Mortgage loans held-for-sale
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|
9,329 |
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|
|
— |
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|
9,329 |
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|
— |
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Bank owned life insurance
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|
|
10,641 |
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|
|
— |
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|
10,641 |
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|
— |
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|
Derivative assets
|
|
|
105 |
|
|
|
— |
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|
105 |
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— |
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Liabilities:
|
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Deposits
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971,060 |
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— |
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949,621 |
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— |
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Federal Home Loan Bank advances
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|
|
22,000 |
|
|
|
— |
|
|
|
22,677 |
|
|
|
— |
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|
Derivative liabilities
|
|
|
425 |
|
|
|
— |
|
|
|
425 |
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|
— |
|
|