Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:



	March 31, 2018
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Securities available-for-sale:
U.S. government agency obligations - government-sponsored enterprises	$	—	$	990	$	—	$	990
Municipal obligations	—		8,181		—		8,181
Collateralized mortgage obligations - government issued	—		22,845		—		22,845
Collateralized mortgage obligations - government-sponsored enterprises	—		93,284		—		93,284
Other securities	—		2,661		—		2,661
Interest rate swaps	—		1,511		—		1,511
Liabilities:
Interest rate swaps	—		961		—		961



	December 31, 2017
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Securities available-for-sale:
U.S. government agency obligations - government-sponsored enterprises	$	—	$	1,000	$	—	$	1,000
Municipal obligations	—		9,414		—		9,414
Asset backed securities	—		—		—		—
Collateralized mortgage obligations - government issued	—		22,249		—		22,249
Collateralized mortgage obligations - government-sponsored enterprises	—		90,305		—		90,305
Other securities	—		3,037		—		3,037
Interest rate swaps	—		942		—		942
Liabilities:
Interest rate swaps	—		1,064		—		1,064

Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy are summarized below:



	March 31, 2018
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	4,333	$	6,414	$	10,747
Foreclosed properties	—		1,484		—		1,484



	December 31, 2017
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	10,063	$	5,084	$	15,147
Foreclosed properties	—		1,069		—		1,069

Fair value estimates, methods and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:



	March 31, 2018
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	61,322	$	61,319	$	41,622	$	19,697	$	—
Securities available-for-sale	127,961		127,961		—		127,961		—
Securities held-to-maturity	41,885		41,409		—		41,409		—
Loans held for sale	3,429		3,772		—		3,772		—
Loans and lease receivables, net	1,544,852		1,541,857		—		4,333		1,537,524
Federal Home Loan Bank stock	8,650		N/A		N/A		N/A		N/A
Accrued interest receivable	5,403		5,403		5,403		—		—
Interest rate swaps	1,511		1,511		—		1,511		—
Financial liabilities:
Deposits	1,371,158		1,367,168		1,001,498		365,670		—
Federal Home Loan Bank advances and other borrowings	308,912		305,156		—		305,156		—
Junior subordinated notes	10,022		8,352		—		—		8,352
Accrued interest payable	2,456		2,456		2,456		—		—
Interest rate swaps	961		961		—		961		—
Off-balance-sheet items:
Standby letters of credit	52		52		—		—		52

N/A = The fair value is not applicable due to restrictions placed on transferability



	December 31, 2017
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	52,539	$	52,539	$	35,114	$	17,425	$	—
Securities available-for-sale	126,005		126,005		—		126,005		—
Securities held-to-maturity	37,778		37,696		—		37,696		—
Loans held for sale	2,194		2,413		—		2,413		—
Loans and lease receivables, net	1,482,832		1,482,664		—		10,063		1,472,601
Federal Home Loan Bank stock	5,670		N/A		N/A		N/A		N/A
Accrued interest receivable	5,019		5,019		5,019		—		—
Interest rate swaps	942		942		—		942		—
Financial liabilities:
Deposits	1,394,331		1,391,801		1,010,147		381,654		—
Federal Home Loan Bank advances and other borrowings	207,898		206,441		—		206,441		—
Junior subordinated notes	10,019		8,836		—		—		8,836
Accrued interest payable	2,095		2,095		2,095		—		—
Interest rate swaps	1,064		1,064		—		1,064		—
Off-balance-sheet items:
Standby letters of credit	75		75		—		—		75