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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2014 and December 31, 2013: 

						March 31, 2014 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored enterprises		$	55,874			$	—			$	55,874			$	—
Mortgage-backed and asset-backed securities - government-sponsored enterprises		144,048				—				144,048				—
Mortgage-backed and asset-backed securities - private labeled		1,167				—				1,167				—
Other securities		3,780				1,969				—				1,811
Total available for sale securities		204,869				1,969				201,089				1,811
Loans held-for-sale (mandatory pricing agreements)		14,621				—				14,621				—
Forward contracts		32				32				—				—
Interest rate lock commitments		170				—				—				170

						December 31, 2013 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored enterprises		$	56,277			$	—			$	56,277			$	—
Municipals		46,323				—				46,323				—
Mortgage-backed and asset-backed securities - government-sponsored enterprises		73,941				—				73,941				—
Mortgage-backed and asset-backed securities - private labeled		1,232				—				1,232				—
Other securities		3,636				1,963				—				1,673
Total available for sale securities		181,409				1,963				177,773				1,673
Loans held-for-sale (mandatory pricing agreements)		24,254				—				24,254				—
Forward contracts		227				227				—				—
Interest rate lock commitments		79				—				—				79

The following table presents the fair value and aggregate principal balance of loans held-for-sale under the fair value option:

		March 31, 2014												December 31, 2013
		Aggregate Value				Gain				Fair Value				Aggregate Value				Loss				Fair Value
Loans held-for-sale		$	14,424			$	197			$	14,621			$	24,258			$	(4	)		$	24,254

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs:

		Securities Available for Sale				Interest Rate Lock Commitments
Balance, January 1, 2014		$	1,673			$	79
Total realized and unrealized gains
Included in net income		—				91
Included in other comprehensive income		138				—
Balance, March 31, 2014		$	1,811			$	170
Balance, January 1, 2013		$	840			$	—
Total realized and unrealized gains
Included in net income		—				—
Included in other comprehensive income		328				—
Balance, March 31, 2013		$	1,168			$	—

Fair Value Measurements, Nonrecurring

The following tables present the fair value measurements of impaired loans recognized in the accompanying condensed consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at March 31, 2014 and December 31, 2013: 

						March 31, 2014 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans		$	89			$	—			$	—			$	89

						December 31, 2013 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans		$	137			$	—			$	—			$	137

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill.

		Fair Value at March 31, 2014				Valuation Technique		Unobservable Inputs		Range
Other securities		$	1,811			Discounted cash flow		Discount margin Cumulative default % Loss given default % Cumulative prepayment %		5.25% - 10.75% 2% - 100% 85% - 100% 0% - 100%
Collateral dependent impaired loans		$	89			Fair value of collateral		Discount for type of property and current market conditions		0% - 42%
IRLCs		$	170			Discounted cash flow		Loan closing rates		52% - 94%

		Fair Value at December 31, 2013				Valuation Technique		Unobservable Inputs		Range
Other securities		$	1,673			Discounted cash flow		Discount margin Cumulative default % Loss given default % Cumulative prepayment %		6% - 12.5% 2% - 100% 85% – 100% 0% - 100%
Collateral dependent impaired loans		$	137			Fair value of collateral		Discount for type of property and current market conditions		0% - 54%
IRLCs		$	79			Discounted cash flow		Loan closing rates		53% - 97%

Fair Value, by Balance Sheet Grouping

The following schedule includes the carrying value and estimated fair value of all financial assets and liabilities at March 31, 2014 and December 31, 2013:

		March 31, 2014 Fair Value Measurements Using
		Carrying Amount				Quoted Prices In Active Market for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents		$	57,460			$	57,460			$	—			$	—
Interest-bearing time deposits		2,500				2,500				—				—
Loans held-for-sale (best efforts pricing agreements)		2,652				—				2,652				—
Loans receivable – net		526,861				—				—				527,097
Accrued interest receivable		2,662				2,662				—				—
FHLB stock		2,943				—				2,943				—
Deposits		727,652				386,982				—				345,452
FHLB advances		21,819				—				23,247				—
Accrued interest payable		83				83				—				—
Subordinated debt		2,809				—				2,959				—

		December 31, 2013 Fair Value Measurements Using
		Carrying Amount				Quoted Prices In Active Market for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents		$	53,690			$	53,690			$	—			$	—
Interest-bearing time deposits		2,500				2,500				—				—
Loans held-for-sale (best efforts pricing agreements)		4,356				—				4,356				—
Loans receivable - net		495,727				—				—				500,447
Accrued interest receivable		2,904				2,904				—				—
FHLB stock		2,943				—				2,943				—
Deposits		673,095				362,634				—				315,179
FHLB advances		31,793				—				33,415				—
Accrued interest payable		102				102				—				—
Subordinated debt		2,789				—				2,978				—

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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, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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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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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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