HVBC 2016 Annual Report

HV Bancorp, Inc. and Subsidiary Notes to the Consolidated Financial Statements Years Ended June 30, 2017 and 2016 84 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, 2016 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 15,427 $ 15,427 $ 15,427 $ — $ — Investment securities available-for-sale 33,281 33,281 — 33,281 — Investment securities held-to-maturity 5,825 5,941 — 5,941 — Loans held for sale at fair value 24,676 24,676 — 24,676 — Loans receivable, net 93,450 93,907 — — 93,907 Restricted investment in bank stock 1,108 1,108 — — 1,108 Accrued interest receivable 527 527 — 527 — Forward loan sales commitments 408 408 — 408 — TBA securities — — — — — Interest rate lock commitments 1,084 1,084 — — 1,084 Liabilities: Deposits $ 141,771 $ 138,711 $ — $ 138,711 $ — Advances from the FHLB 20,000 20,040 — 20,040 — Securities sold under agreements to repurchase 3,929 3,929 — 3,929 — Forward loan sales commitments 48 48 — 48 — TBA securities 166 166 — 166 — Interest rate lock commitments 32 32 — — 32 Accrued interest payable 19 19 — 19 — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. Significant observable inputs that the Bank relied upon to classify certain investment securities as Level 2 in prior periods are no longer sufficiently observable at June 30, 2017. Therefore, at June 30, 2017, certain investment securities were transferred into a Level 3 valuation. There were no changes in methodologies or transfers between levels during the years ended 2016.