CASH 2018 Annual Report

161 The following table summarizes the fair values of securities available for sale and held to maturity at September 30, 2018 and 2017. Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the Consolidated Statements of Financial Condition. Fair Value At September 30, 2018 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 Small business administration securities 44,337 — 44,337 — — — — — Obligations of states and political subdivisions 16,910 — 16,910 — — — — — Non-bank qualified obligations of states and political subdivisions 1,109,885 — 1,109,885 — 153,546 — 153,546 — Asset-backed securities 313,028 — 313,028 — — — — — Mortgage-backed securities 364,065 — 364,065 — 7,428 — 7,428 — Total debt securities 1,848,225 — 1,848,225 — 160,974 — 160,974 — Common equities and mutual funds 3,800 3,800 — — — — — — Total securities $ 1,852,025 $ 3,800 $ 1,848,225 $ — $ 160,974 $ — $ 160,974 $ — Fair Value At September 30, 2017 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 Small business administration securities 57,871 — 57,871 — — — — — Obligations of states and political subdivisions — — — — 19,368 — 19,368 — Non-bank qualified obligations of states and political subdivisions 950,829 — 950,829 — 432,361 — 432,361 — Asset-backed securities 96,832 — 96,832 — — — — — Mortgage-backed securities 586,454 — 586,454 — 112,456 — 112,456 — Total debt securities 1,691,986 — 1,691,986 — 564,185 — 564,185 — Common equities and mutual funds 1,445 1,445 — — — — — — Total securities $ 1,693,431 $ 1,445 $ 1,691,986 $ — $ 564,185 $ — $ 564,185 $ — 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 and Leases. The Company does not record loans and leases at fair value on a recurring basis. However, if a loan or lease is considered impaired, an allowance for loan and lease losses is established. Once a loan or lease is identified as individually impaired, management measures impairment in accordance with ASC 310, Receivables . The following table summarizes the assets of the Company that aremeasured at fair value in the Consolidated Statements of Financial Condition on a non-recurring basis as of September 30, 2018 and 2017.