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100410 - Disclosure - Fair Value Measurements (Tables)
(http://www.bankofguam.com/20161231/taxonomy/role/DisclosureFairValueMeasurementsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001527383 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Fair Value, Assets Measured on Recurring Basis

Financial assets measured at fair value on a recurring basis as of December 31, 2016 and 2015, are as follows:

 

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

Total

 

At December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury notes and bonds

 

$

72,378

 

 

$

-

 

 

$

-

 

 

$

72,378

 

U.S. government agency and sponsored

   enterprise (GSE) debt securities

 

 

-

 

 

 

52,053

 

 

 

-

 

 

 

52,053

 

U.S. government agency pool securities

 

 

-

 

 

 

237,126

 

 

 

-

 

 

 

237,126

 

U.S. government agency or GSE

 

 

-

 

 

 

58,323

 

 

 

-

 

 

 

58,323

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSRs

 

 

-

 

 

 

-

 

 

 

1,527

 

 

 

1,527

 

Total fair value

 

$

72,378

 

 

$

347,502

 

 

$

1,527

 

 

$

421,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury notes and bonds

 

$

106,022

 

 

$

-

 

 

$

-

 

 

$

106,022

 

U.S. government agency and sponsored

   enterprise (GSE) debt securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

U.S. government agency pool securities

 

 

-

 

 

 

50,904

 

 

 

-

 

 

 

50,904

 

U.S. government agency or GSE

 

 

-

 

 

 

70,609

 

 

 

-

 

 

 

70,609

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSRs

 

 

-

 

 

 

-

 

 

 

1,462

 

 

 

1,462

 

Total fair value

 

$

106,022

 

 

$

121,513

 

 

$

1,462

 

 

$

228,997

 

 

  
Assets Measured at Fair Value on Recurring Basis

During the periods ended December 31, 2016, 2015 and 2014, the changes in Level 3 assets (consisting solely of MSRs) measured at fair value on a recurring basis are as follows:

 

 

 

Twelve Months Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Beginning balance

 

$

1,462

 

 

$

1,405

 

 

$

1,354

 

Realized and unrealized net gains:

 

 

 

 

 

 

 

 

 

 

 

 

Included in net income

 

 

64

 

 

 

21

 

 

 

21

 

Included in other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

Purchases, issuance and settlements

 

 

 

 

 

 

 

 

 

 

 

 

Purchases

 

 

-

 

 

 

-

 

 

 

-

 

Issuances

 

 

1

 

 

 

36

 

 

 

30

 

Settlements

 

 

-

 

 

 

-

 

 

 

-

 

Ending balance

 

$

1,527

 

 

$

1,462

 

 

$

1,405

 

 

  
Summary of Valuation Techniques and Unobservable Inputs

 

The following table presents quantitative information about the valuation technique and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:

 

 

Estimated Fair Value

 

 

Valuation Technique

 

Unobservable Inputs

 

Range of Inputs

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Financial instrument:

 

 

 

 

 

 

 

 

 

 

 

 

MSRs

 

$

1,527

 

 

Discounted

Cash Flow

 

Discount Rate

 

6.08% - 9.25%

 

 

 

 

 

 

 

 

 

Weighted Average Prepayment Rate (Public Securities Association)

 

 

125%

 

 

  
Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the financial instruments carried on the consolidated statements of condition by caption and by level in the fair value hierarchy at December 31, 2016 and 2015, for which a nonrecurring change in fair value has been recorded:

 

 

 

Quoted Prices

in Active

Markets for Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable Inputs

(Level 3)

 

 

Total

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impaired loans

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

$

-

 

 

$

-

 

 

$

2,746

 

 

$

2,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impaired loans

 

$

-

 

 

$

-

 

 

$

5

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

$

-

 

 

$

-

 

 

$

3,460

 

 

$

3,460

 

 

  
Fair Value of Other Financial Instruments

The estimated fair values of the Bank’s other financial instruments, excluding those assets recorded at fair value on a recurring basis on the Bank’s consolidated statements of condition, are as follows:

 

 

 

 

 

 

 

Estimated fair value

 

 

 

Carrying Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2016

 

(Dollars in thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

176,651

 

 

$

176,651

 

 

$

-

 

 

$

-

 

Restricted cash

 

 

400

 

 

 

400

 

 

 

-

 

 

 

-

 

Federal Home Loan Bank stock

 

 

1,855

 

 

 

-

 

 

 

1,855

 

 

 

-

 

Investment securities held-to-maturity

 

 

96,167

 

 

 

-

 

 

 

97,063

 

 

 

-

 

Loans

 

 

1,158,045

 

 

 

-

 

 

 

-

 

 

 

1,149,937

 

Total

 

$

1,433,118

 

 

$

177,051

 

 

$

98,918

 

 

$

1,149,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,778,670

 

 

 

-

 

 

 

-

 

 

 

1,767,345

 

Total

 

$

1,778,670

 

 

$

-

 

 

$

-

 

 

$

1,767,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

(Dollars in thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

100,799

 

 

$

100,799

 

 

$

-

 

 

$

-

 

Restricted cash

 

 

400

 

 

 

400

 

 

 

-

 

 

 

-

 

Federal Home Loan Bank stock

 

 

1,762

 

 

 

-

 

 

 

1,762

 

 

 

-

 

Investment securities held-to-maturity

 

 

100,519

 

 

 

-

 

 

 

101,924

 

 

 

-

 

Loans

 

 

1,054,250

 

 

 

-

 

 

 

-

 

 

 

1,046,589

 

Total

 

$

1,257,730

 

 

$

101,199

 

 

$

103,686

 

 

$

1,046,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,422,671

 

 

$

-

 

 

$

-

 

 

$

1,416,843

 

Total

 

$

1,422,671

 

 

$

-

 

 

$

-

 

 

$

1,416,843