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Off-balance sheet financial instruments
9 Months Ended
Sep. 30, 2013
Off-balance sheet financial instruments [Abstract]  
Off-balance sheet financial instruments
 
7.Off-balance sheet financial instruments:

The Company does not issue any guarantees that would require liability recognition or disclosure, other than standby letters of credit.  Outstanding letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party.  The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments.  The Company had $14,100 of standby letters of credit at September 30, 2013.  The Company uses the same credit policies in making conditional obligations as it does for on-balance sheet instruments.

The majority of these standby letters of credit expire within the next twelve months.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments.  The Company requires collateral supporting these letters of credit as deemed necessary.  The maximum undiscounted exposure related to these commitments at September 30, 2013 was $14,100 and the approximate value of underlying collateral upon liquidation, that would be expected to cover this maximum potential exposure, was $13,078.