Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

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
March 31, 2019
Securities available-for-sale:
Certificates of deposit	$	—	$	69,011	$	—	$	69,011
Municipal securities	—		511		—		511
Mortgage-backed securities – residential	—		10,207		—		10,207
Collateralized mortgage obligations – residential	—		3,511		—		3,511
	$	—	$	83,240	$	—	$	83,240
December 31, 2018
Securities available-for-sale:
Certificates of deposit	$	—	$	73,507	$	—	$	73,507
Municipal securities	—		509		—		509
Mortgage-backed securities - residential	—		10,478		—		10,478
Collateralized mortgage obligations – residential	—		3,685		—		3,685
	$	—	$	88,179	$	—	$	88,179

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
December 31, 2018
Impaired loans - nonresidential real estate	$	—	$	—	$	243	$	243

Other real estate owned - land	$	—	$	—	$	1	$	1

Other investments ⁽¹⁾	$	—	$	—	$	3,427	$	3,427

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 at December 31, 2018:



	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range (Weighted Average)
Other real estate owned - land	$	1	Sales comparison	Discount applied to valuation	12.3%

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 March 31, 2019 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	78,222	$	12,016	$	66,206	$	—	$	78,222
Securities	83,240		—		83,240		—		83,240
Loans receivable, net of allowance for loan losses	1,306,475		—		—		1,305,976		1,305,976
FHLB and FRB stock	8,026		—		—		—		N/A
Accrued interest receivable	5,411		—		319		5,092		5,411
Financial liabilities
Noninterest-bearing demand deposits	$	222,328	$	—	$	222,328	$	—	$	222,328
NOW and money market accounts	515,059		—		515,059		—		515,059
Savings deposits	155,505		—		155,505		—		155,505
Certificates of deposit	433,854		—		433,096		—		433,096
Borrowings	16,106		—		16,105		—		16,105
Accrued interest payable	146		—		146		—		146



			Fair Value Measurements at December 31, 2018 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	98,204	$	13,805	$	84,399	$	—	$	98,204
Securities	88,179		—		88,179		—		88,179
Loans receivable, net of allowance for loan losses	1,323,793		—		—		1,315,855		1,315,855
FHLB and FRB stock	8,026		—		—		—		N/A
Accrued interest receivable	4,952		—		249		4,703		4,952
Financial liabilities
Noninterest-bearing demand deposits	$	230,041	$	—	$	230,041	$	—	$	230,041
NOW and money market accounts	531,781		—		531,781		—		531,781
Savings deposits	152,334		—		152,334		—		152,334
Certificates of deposit	438,328		—		436,598		—		436,598
Borrowings	21,049		—		21,050		—		21,050
Accrued interest payable	291		—		291		—		291