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Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Company's financial instruments measured at fair values

The following table sets forth the Company’s financial assets that were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Fair Value
September 30, 2018
Securities:
Certificates of deposit	$	—			$	89,175			$	—			$	89,175
Mortgage-backed securities – residential	—				10,925				—				10,925
Collateralized mortgage obligations – residential	—				3,821				—				3,821
	$	—			$	103,921			$	—			$	103,921
December 31, 2017
Securities:
Certificates of deposit	$	—			$	75,916			$	—			$	75,916
Equity mutual fund	499				—				—				499
Mortgage-backed securities - residential	—				12,472				—				12,472
Collateralized mortgage obligations – residential	—				4,486				—				4,486
SBA-guaranteed loan participation certificates	—				10				—				10
	$	499			$	92,884			$	—			$	93,383

Schedule of Company's financial instruments measured on non recurring at fair values

The following table sets forth the Company’s assets that were measured at fair value on a non-recurring basis:

	Fair Value Measurement Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Fair Value
September 30, 2018
Other real estate owned:
Land	$	—			$	—			$	1			$	1
December 31, 2017
Other real estate owned:
One-to-four family residential real estate	$	—			$	—			$	102			$	102
Nonresidential real estate	—				—				814				814
	$	—			$	—			$	916			$	916

Schedule of fair value quantitative information

The following table presents quantitative information, based on certain empirical data with respect to Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis:

	Fair Value				Valuation Technique(s)		Significant Unobservable Input(s)		Range (Weighted Average)
September 30, 2018
Other real estate owned:
Land	1				Sales comparison		Discount applied to valuation		12.3%
	$	1
December 31, 2017
Other real estate owned
One-to-four family residential real estate	$	102			Sales comparison		Discount applied to valuation		5.6%
Nonresidential real estate	814				Sales comparison		Comparison between sales and income approaches		-3.66% to 15.22% (11.0%)
	$	916

Carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments are as follows:

					Fair Value Measurements at September 30, 2018 Using:
	Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents	$	86,934			$	12,473			$	74,461			$	—			$	86,934
Securities	103,921				—				103,921				—				103,921
Loans receivable, net of allowance for loan losses	1,267,787				—				—				1,265,906				1,265,906
FHLB and FRB stock	8,026				—				—				—				N/A
Accrued interest receivable	4,974				—				4,974				—				4,974
Financial liabilities
Noninterest-bearing demand deposits	$	225,446			$	—			$	225,446			$	—			$	225,446
NOW and money market accounts	549,631				—				549,631				—				549,631
Savings deposits	155,232				—				155,232				—				155,232
Certificates of deposit	365,461				—				362,670				—				362,670
Borrowings	21,232				—				21,214				—				21,214
Accrued interest payable	361				—				361				—				361

					Fair Value Measurements at December 31, 2017 Using:
	Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents	$	127,592			$	13,572			$	114,020			$	—			$	127,592
Securities	93,383				499				92,884				—				93,383
Loans receivable, net of allowance for loan losses	1,314,651				—				1,323,139				—				1,323,139
FHLB and FRB stock	8,290				—				—				—				N/A
Accrued interest receivable	4,619				—				4,619				—				4,619
Financial liabilities
Noninterest-bearing demand deposits	$	234,354			$	—			$	234,354			$	—			$	234,354
NOW and money market accounts	589,238				—				589,238				—				589,238
Savings deposits	160,501				—				160,501				—				160,501
Certificates of deposit	355,958				—				353,969				—				353,969
Borrowings	60,768				—				60,627				—				60,627
Accrued interest payable	147				—				147				—				147

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- Definition

Fair Value, by balance sheet grouping.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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