v2.4.0.8

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of:

					Fair Value Measurement Level
	Total				Level 1				Level 2				Level 3
(dollars in thousands)
September 30, 2014:
Investment securities available for sale
US Treasury securities	$	300			$	—			$	300			$	—
FNMA and FHLB Agency notes		10,173				—				10,173				—
Agency mortgage-backed securities		124,287				—				124,287				—
Total assets at fair value on a recurring basis	$	134,760			$	—			$	134,760			$	—
December 31, 2013:
Investment securities available for sale
US Treasury securities	$	300			$	—			$	300			$	—
FNMA and FHLB Agency notes		9,780				—				9,780				—
Agency mortgage-backed securities		49,031				—				49,031				—
Total assets at fair value on a recurring basis	$	59,111			$	—			$	59,111			$	—

Regarding Assets Measured at Fair Value on Nonrecurring Basis

Information regarding assets measured at fair value on a nonrecurring basis is set forth in the table below as of:

	September 30, 2014
(dollars in thousands)	Total				Level 1				Level 2				Level 3
Assets at Fair Value:
Impaired Loans	$	3,136			$	—			$	—			$	3,136
REO		334				—				334				—
Total	$	3,470			$	—			$	334			$	3,136

Quantitative and Nonrecurring Information for Level 3 Fair Value Measurements

The following table provides quantitative information about the Company’s nonrecurring Level 3 fair value measurements as of:

(dollars in thousands)

Valuation Technique

Unobservable Input

Estimate Used

Fair Value

June 30, 2014:

Impaired Loans

Third party appraisal

Selling costs

9.0%

$

3,136

December 31, 2013:

REO

Third party appraisal

Selling costs

9.0%

$

375

Carrying Amounts and Estimated Fair Value of Financial Instruments

The following table sets forth the estimated fair values and related carrying amounts of our financial instruments as of:

	Carrying				Fair Value Measurement Level
(dollars in thousands)	Value				1				2				3				Total
September 30, 2014:
Assets:
Cash and cash equivalents	$	28,842			$	28,842			$	—			$	—			$	28,842
Securities AFS		134,760				—				134,760				—				134,760
Loans		1,091,625				—				—				1,138,059				1,138,059
Investment in FHLB stock		9,776				9,776				—				—				9,776
Liabilities:
Deposits		951,164				685,448				265,626				—				951,074
Borrowings		228,682				-				208,000				20,682				228,682
December 31, 2013:
Assets:
Cash and cash equivalents	$	56,954			$	56,954			$	—			$	—			$	56,954
Securities AFS		59,111				—				59,111				—				59,111
Loans		893,730				—				—				933,695				933,695
Investment in FHLB stock		6,721				6,721				—				—				6,721
Liabilities:
Deposits		802,037				556,171				245,920				—				802,091
Borrowings		141,063				—				134,000				7,063				141,063

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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-Publisher FASB

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-Topic 820

-SubTopic 10

-Section 50

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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