XML 142 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2012
Assets and Liabilities Measured at Fair Value on Recurring Basis, Including Financial Assets and Liabilities

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:

 

     Fair Value
Measurements at
December 31, 2012
Using
Significant Other
Observable Inputs
(Level 2)		  

Financial Assets:

   

Securities available for sale:

   

Corporate debt

    $ 4,365   

State and municipal

      1,986   

Issued by U.S. government-sponsored entities and agencies:

   

Mortgage-backed securities - residential

      1,486   

Collateralized mortgage obligations

      9,802   
  

 

 

  

Total securities available for sale

    $ 17,639   
  

 

 

  

Loans held for sale

    $ 623   
  

 

 

  

Yield maintenance provisions (embedded derivatives)

    $ 990   
  

 

 

  

Interest rate lock commitments

    $ 45   
  

 

 

  

Financial Liabilities:

   

Interest-rate swaps

    $ 990   
  

 

 

  

 

     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 Measured at Fair Value on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

 

   

Fair Value Measurements at

December 31, 2012 Using

  
         Significant
Unobservable Inputs
(Level 3)		  

Impaired loans:

     

Commercial

      $ 121   

Real Estate:

     

Single-family residential

        57   

Multi-family residential

        2,070   

Commercial:

     

Non-owner occupied

        1,806   

Owner occupied

        1,244   
       —     
       —     
    

 

 

  

Total impaired loans

      $ 5,298   
    

 

 

  

 

     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

      

Land

       $ 1,209   
     

 

 

  
Financial Instruments Measured at Fair Value on Non-Recurring Basis
    Fair Value    

Valuation

Technique(s)

  

Unobservable Inputs

   Range (Weighted
Average)

Impaired loans:

        

Commercial

   $ 121      Income approach   Adjustment for differences in net operating income expectations   -10.0%

Single-family residential

     57      Comparable sales approach   Adjustment for differences between the comparable market transactions   2.3%

Commercial real estate:

        

Multi-family residential

     2,070      Comparable sales approach   Adjustment for differences between the comparable market transactions   -39.0% to -27.1%
(-32.7%)

Commercial:

        

Non-owner occupied

     1,806      Comparable sales approach   Adjustment for differences between the comparable market transactions   -12.2% to 16.7%
(-7.3%)

Owner occupied

     1,244      Comparable sales approach   Adjustment for differences between the comparable market transactions   -6.3% to 0.5%

(-0.8%)

 
Aggregate Fair Value, Contractual Balance (Including Accrued Interest) and Gain or Loss

As of December 31, 2012 and December 31, 2011, the aggregate fair value, contractual balance (including accrued interest) and gain or loss was as follows:

 

     December 31, 2012      December 31, 2011  

Aggregate fair value

    $ 623       $ 1,210   

Contractual balance

      595         1,196   

Gain

      28         14   
Amount of Gains and Losses from Changes in Fair Value Included in Earnings

The total amount of gains and losses from changes in fair value included in earnings for the year ended December 31, 2012, 2011 and 2010 for loans held for sale were:

 

     2012      2011     2010  

Interest income

    $ 46       $ 40      $ 40   

Interest expense

      —           —          —     

Change in fair value

      14         (5 )      19   
  

 

 

     

 

 

    

 

 

  

Total change in fair value

    $ 60       $ 35      $ 59   
  

 

 

     

 

 

    

 

 

  
Carrying Amount and Estimated Fair Values of Financial Instruments

Carrying amount and estimated fair values of financial instruments at year-end were as follows:

 

     Fair Value Measurements at December 31, 2012 Using:  
     Carrying
Value		     Level 1     Level 2     Level 3      Total  

Financial assets

            

Cash and cash equivalents

    $ 25,152      $ 25,152      $ —        $ —         $ 25,152   

Interest-bearing deposits in other financial institutions

      2,726        2,726          —           2,726   

Securities available for sale

      17,639        —          17,639        —           17,639   

Loans held for sale

      623        —          623        —           623   

Loans, net

      153,043        —          —          156,256         156,256   

FHLB stock

      1,942        —          —          —           n/a   

Accrued interest receivable

      105        10        95        —           105   

Yield maintenance provisions (embedded derivatives)

      990        —          990        —           990   

Interest rate lock commitments

      45        —          45        —           45   

Financial liabilities

            

Deposits

    $ (173,508 )    $ (75,340 )    $ (99,946 )    $ —         $ (175,286 ) 

FHLB advances

      (10,000 )      —          (10,338 )      —           (10,338 ) 

Subordinated debentures

      (5,155 )      —          (2,999 )      —           (2,999 ) 

Accrued interest payable

      (98 )      —          (98 )      —           (98 ) 

Interest-rate swaps

      (990 )      —          (990 )      —           (990 ) 

The carrying amounts and estimated fair values of financial instruments at December 31, 2011 were as follows:

 

     December 31, 2011  
     Carrying     Fair  
     Amount     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 )