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Fair Value (Tables )

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities

		Fair Value Measurements at June 30, 2012 Using Significant Other Observable Inputs (Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities — residential		$	1,755
Collateralized mortgage obligations			15,557
Total securities available for sale		$	17,312
Loans held for sale		$	1,573
Yield maintenance provisions (embedded derivatives)		$	1,055
Interest rate lock commitments		$	40
Financial Liabilities:
Interest-rate swaps		$	1,055

		Fair Value Measurements at December 31, 2011 Using Significant Other Observable Inputs (Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities—residential		$	1,673
Collateralized mortgage obligations			16,843
Total securities available for sale		$	18,516
Loans held for sale		$	1,210
Yield maintenance provisions (embedded derivatives)		$	999
Interest rate lock commitments		$	39
Financial Liabilities:
Interest-rate swaps		$	999

Assets and liabilities measured at fair value on a non-recurring basis

		Fair Value Measurements at June 30, 2012 Using
		Significant Other  Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Loan servicing rights		$	1
Impaired loans:
Commercial						$	132
Real Estate:
Multi-family residential							3,943
Commercial:
Non-owner occupied							1,882
Owner occupied							409
Land							162
Total impaired loans						$	6,528
Foreclosed assets
Real Estate:
Single-family residential						$	48
Commercial:
Non-owner occupied							985
Land							1,209
Total foreclosed assets						$	2,242

		Fair Value Measurements at December 31, 2011 Using
		Significant Other  Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Loan servicing rights		$	9
Impaired loans:
Commercial						$	108
Real Estate:
Multi-family residential							3,065
Commercial:
Non-owner occupied							2,887
Owner occupied							516
Land							233
Total impaired loans						$	6,809
Foreclosed assets
Real Estate:
Commercial:
Land						$	1,209
Total foreclosed assets						$	1,209

Financial instruments measured at fair value on a non-recurring basis

		Fair Value				Valuation Technique(s)		Unobservable Inputs		Range (Weighted Average)
Impaired loans:
Commercial		$	132			Income approach		Adjustment for differences in net operating income expectations		-10.0%
Commercial real estate:
Multi-family residential			3,943			Comparable sales approach		Adjustment for differences between the comparable sales transactions		-39.0% to -27.1% (-32.7%)
Commercial:
Non-owner occupied			1,882			Comparable sales approach		Adjustment for differences between the comparable sales transactions		-9.7% to 16.7% (3.2%)
Owner occupied			409			Comparable sales approach		Adjustment for differences between the comparable sales transactions		-6.3%
Land			162			Income approach		Adjustment for differences in land contract cash flow expectations		0.0%
						Comparable sales approach		Adjustment for differences between the comparable sales transactions		8.1%
Foreclosed assets:
Real-estate
Single-family			48			Market approach		See note (1)		0.0%
Commercial:
Non-owner occupied			985			Market approach		See note (1)		0.0%
Land			1,209			Comparable sales approach		Adjustment for differences between the comparable sales transactions		-31.7%

Note (1)—The market approach reflects values represented by sales contracts related to these foreclosed assets. The actual sales had not closed as of June 30, 2012.

Aggregate fair value, contractual balance (including accrued interest) and gain or loss

		June 30, 2012				December 31, 2011
Aggregate fair value		$	1,573			$	1,210
Contractual balance			1,555				1,196
Gain			18				14

Amount of gains and losses from changes in fair value included in earnings

		Three months ended June 30,								Six months ended June 30,
		2012				2011				2012				2011
Interest income		$	7			$	7			$	19			$	18
Change in fair value			13				—				4				(12	)
Total change in fair value		$	20			$	7			$	23			$	6

Carrying amounts and estimated fair values of financial instruments

		Fair Value Measurements at June 30, 2012 Using:
		Carrying Value				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	55,209			$	55,209			$	—			$	—			$	55,209
Interest-bearing deposits in other financial institutions			1,984				1,984								—				1,984
Securities available for sale			17,312				—				17,312				—				17,312
Loans held for sale			1,573				—				1,573				—				1,573
Loans, net			132,352				—				—				136,132				136,132
FHLB stock			1,942				—				—				—				n/a
Accrued interest receivable			83				14				69				—				83
Yield maintenance provisions (embedded derivatives)			1,055				—				1,055				—				1,055
Interest rate lock commitments			40				—				40				—				40
Financial liabilities
Deposits		$	(198,352	)		$	(80,407	)		$	(119,849	)		$	—			$	(200,256	)
FHLB advances			(10,000	)			—				(10,442	)			—				(10,442	)
Subordinated debentures			(5,155	)			—				(2,861	)			—				(2,861	)
Accrued interest payable			(388	)			—				(388	)			—				(388	)
Interest-rate swaps			(1,055	)			—				(1,055	)			—				(1,055	)

		December 31, 2011
		Carrying Amount				Fair Value
Financial assets
Cash and cash equivalents		$	61,436			$	61,436
Interest-bearing deposits in other financial institutions			1,984				1,984
Securities available for sale			18,516				18,516
Loans held for sale			1,210				1,210
Loans, net			151,160				155,159
FHLB stock			1,942				n/a
Accrued interest receivable			92				92
Yield maintenance provisions (embedded derivatives)			999				999
Interest rate lock commitments			39				39
Financial liabilities
Deposits		$	(217,049	)		$	(219,235	)
FHLB advances			(15,742	)			(16,327	)
Subordinated debentures			(5,155	)			(2,810	)
Accrued interest payable			(300	)			(300	)
Interest-rate swaps			(999	)			(999	)

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Carrying amounts and estimated fair values of financial instruments.

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Fair value of assets and liabilities measured on non-recurring basis.

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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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-Publisher FASB

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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-Number 159

-Paragraph 22

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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