CASH 2017 Annual Report

143 Fair Value At September 30, 2016 Available For Sale Held to Maturity (Dollars in Thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt securities Trust preferred and corporate securities $ 12,978 $ — $ 12,978 $ — $ — $ — $ — $ — Small business administration securities 80,719 — 80,719 — — — — — Obligations of states and political subdivisions — — — — 20,937 — 20,937 — Non-bank qualified obligations of states and political subdivisions 698,672 — 698,672 — 477,202 — 477,202 — Asset-backed securities 116,815 — 116,815 — — — — — Mortgage-backed securities 558,940 — 558,940 — 134,435 — 134,435 — Total debt securities 1,468,124 — 1,468,124 — 632,574 — 632,574 — Common equities and mutual funds 1,125 1,125 — — — — — — Total securities $1,469,249 $ 1,125 $1,468,124 $ — $ 632,574 $ — $ 632,574 $ — Foreclosed Real Estate and Repossessed Assets . Real estate properties and repossessed assets are initially recorded at the fair value less selling costs at the date of foreclosure, establishing a new cost basis. The carrying amount represents the lower of the new cost basis or the fair value less selling costs of foreclosed assets that were measured at fair value subsequent to their initial classification as foreclosed assets. Loans. The Company does not record loans at fair value on a recurring basis. However, if a loan is considered impaired, an allowance for loan losses is established. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, Receivables . The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of September 30, 2017 and 2016. Fair Value at September 30, 2017 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired Loans, net Foreclosed Assets, net 292 — — 292 Total $ 292 $ — $ — $ 292 Fair Value At September 30, 2016 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired Loans, net 1-4 family real estate $ 68 $ — $ — $ 68 Total 68 — — 68 Foreclosed Assets, net 76 — — 76 Total $ 144 $ — $ — $ 144