Fair Value Measurements

6 Months Ended

Jun. 30, 2017

(8)

Fair Value Measurements

Securities available for sale measured at fair value on a recurring basis are summarized below (in thousands):


At June 30, 2017:	Fair Value		Level 1		Level 2		Level 3
U.S. Government enterprise and agency obligations	$	16,427		—	$	16,427		—
Agency Mortgage-backed securities		90,029		—		90,029		—

Total	$	106,456		—	$	106,456		—


At December 31, 2016:	Fair Value		Level 1		Level 2		Level 3
Federal Home Loan Bank obligations	$	3,002		—	$	3,002		—
U.S. Government enterprise and agency obligations		15,253		—		15,253		—
Agency Mortgage-backed securities		91,413		—		91,413		—

Total	$	109,668		—	$	109,668		—

During the three and the six month periods ended June 30, 2017 and 2016 no securities were transferred in or out of Levels 1, 2, or 3.

Impaired collateral-dependent loans are carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis, excluding purchased credit impaired loans are as follows (in thousands):


	At Period End								Total Losses		Losses Recorded During the Period
	Fair Value		Level 1		Level 2		Level 3		Total Losses		Losses Recorded During the Period
*At June 30, 2017:*
One-to-four-family residential	$	298		—		—	$	298	$	13		—
Commercial and Multifamily		221		—		—		221		408		—
Commercial		386		—		—		386		31		—

Total	$	905		—		—	$	905	$	452		—

*At December 31, 2016:*
Commercial and Multifamily	$	587		—		—	$	587	$	718	$	73
Commercial		427		—		—		427		72		—

Total	$	1,014		—		—	$	1,014	$	790	$	73

Other real estate owned which is measured at fair value on a nonrecurring basis is summarized below (in thousands):


	At Period End								Total Losses		Losses Recorded During the Period
	Fair Value		Level 1		Level 2		Level 3		Total Losses		Losses Recorded During the Period
*At June 30, 2017*
Other real estate owned	$	32		—		—	$	32		—		—

*At December 31, 2016*
Other real estate owned	$	32		—		—	$	32		—		—

Sunshine Bancorp, Inc. 10-Q