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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Measurements [Abstract]  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using

 

 

Reporting Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
27,519 

 

$

 -

 

$
27,519 

 

$

 -

States and political subdivisions

 

 
63,794 

 

 

 -

 

 
63,794 

 

 

 -

Corporate obligations

 

 
4,754 

 

 

 -

 

 
4,754 

 

 

 -

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

 sponsored agencies

 

 
54,494 

 

 

 -

 

 
54,494 

 

 

 -

Equity securities-financial services

 

 
343 

 

 
343 

 

 

 -

 

 

 -

Total

 

$
150,904 

 

$
343 

 

$
150,561 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
13,092 

 

$

 -

 

$
13,092 

 

$

 -

States and political subdivisions

 

 
58,786 

 

 

 -

 

 
58,786 

 

 

 -

Corporate obligations

 

 
8,868 

 

 

 -

 

 
8,868 

 

 

 -

Mortgage-backed securities-government

 

 

 

 

 

 

 

 
64,325 

 

 

 

 sponsored agencies

 

 
64,325 

 

 

 -

 

 

 

 

 

 -

Equity securities-financial services

 

 
319 

 

 
319 

 

 

 -

 

 

 -

Total

 

$
145,390 

 

$
319 

 

$
145,071 

 

$

 -

 

Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using Reporting Date

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Impaired Loans

 

$
9,369 

 

$

 -

 

$

 -

 

$
9,369 

Foreclosed Real Estate Owned

 

 
993 

 

 

 -

 

 

 -

 

 
993 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

Impaired Loans

 

$
11,616 

 

$

 -

 

$

 -

 

$
11,616 

Foreclosed Real Estate Owned

 

 
852 

 

 

 -

 

 

 -

 

 
852 

 

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

(In thousands)

Fair Value Estimate

 

Valuation Techniques

Unobservable Input

 

Range (Weighted Average)

September 30, 2013

 

 

 

 

 

 

 

Impaired loans

$
9,369 

 

Appraisal of collateral(1)

Appraisal adjustments(2)

 

10% (10.0)%

 

 

 

 

 

 

 

 

Foreclosed real estate owned

$
993 

 

Appraisal of collateral(1)

Liquidation Expenses(2)

 

10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

(In thousands)

Fair Value Estimate

 

Valuation Techniques

Unobservable Input

 

Range (Weighted Average)

December 31, 2012

 

 

 

 

 

 

 

Impaired loans

$
11,616 

 

Appraisal of collateral(1)

Appraisal adjustments(2)

 

0-30% (24.10%)

 

 

 

 

 

 

 

 

Foreclosed real estate owned

$
852 

 

Appraisal of collateral(1)

Liquidation Expenses(2)

 

20%

 

(1)

Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.  The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Fair Value, by Balance Sheet Grouping [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at September 30, 2013

 

 

 

 

 

 

 

Quoted Prices in Active
Markets for Identical Assets

 

Significant Other Observable
Inputs

 

Significant Unobservable Inputs

 

Carrying Amount

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$
27,414 

 

$
27,414 

 

$
27,414 

 

$

 -

 

$

 -

Securities

 
151,078 

 

 
151,080 

 

 
343 

 

 
150,737 

 

 

 -

Loans receivable, net

 
481,409 

 

 
490,413 

 

 

 -

 

 

 -

 

 
490,413 

Mortgage servicing rights

 
210 

 

 
210 

 

 

 -

 

 

 -

 

 
210 

Regulatory Stock

 
2,141 

 

 
2,141 

 

 
2,141 

 

 

 -

 

 

 -

Bank owned life insurance

 
14,653 

 

 
14,653 

 

 
14,653 

 

 

 -

 

 

 -

Accrued interest receivable

 
2,373 

 

 
2,373 

 

 
2,373 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 
548,698 

 

 
549,844 

 

 
346,586 

 

 

 -

 

 
203,258 

Short-term borrowings

 
38,466 

 

 
38,466 

 

 
38,466 

 

 

 -

 

 

 -

Other borrowings

 
19,956 

 

 
22,155 

 

 

 -

 

 

 -

 

 
22,155 

Accrued interest payable

 
1,075 

 

 
1,075 

 

 
1,075 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Off-balance sheet financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit and
outstanding letters of credit

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2012

 

 

 

 

 

 

 

Quoted Prices in Active
Markets for Identical Assets

 

Significant Other Observable
Inputs

 

Significant Unobservable Inputs

 

Carrying Amount

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$
12,295 

 

$
12,295 

 

$
12,295 

 

$

 -

 

$

 -

Securities

 
145,563 

 

 
145,567 

 

 
319 

 

 
145,248 

 

 

 -

Loans receivable, net

 
471,208 

 

 
485,848 

 

 

 -

 

 

-

 

 
485,848 

Mortgage servicing rights

 
243 

 

 
243 

 

 

 -

 

 
243 

 

 

 -

Regulatory stock

 
2,630 

 

 
2,630 

 

 
2,630 

 

 

 -

 

 

 -

Bank owned life insurance

 
15,357 

 

 
15,357 

 

 
15,357 

 

 

 -

 

 

 -

Accrued interest receivable

 
2,393 

 

 
2,393 

 

 
2,393 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 
524,425 

 

 
526,081 

 

 
313,166 

 

 

 -

 

 
212,915 

Short-term borrowings

 
28,697 

 

 
28,697 

 

 
28,697 

 

 

 -

 

 

 -

Other borrowings

 
22,487 

 

 
25,426 

 

 

 -

 

 

 -

 

 
25,426 

Accrued interest payable

 
1,242 

 

 
1,242 

 

 
1,242 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Off-balance sheet financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit and
outstanding letters of  credit

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -