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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value [Abstract]  
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities

 

 

 

 

 

 

 

Fair Value Measurements at September 30, 2013 Using

 

Significant Other Observable Inputs(Level 2)

Financial Assets:

 

 

Securities available for sale:

 

 

Corporate debt

$
4,373 

State and municipal

 
1,926 

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

 

 

Mortgage-backed securities - residential

 
1,109 

Collateralized mortgage obligations

 
3,136 

Total securities available for sale

$
10,544 

 

 

 

Loans held for sale

 
4,856 

 

 

 

Yield maintenance provisions (embedded derivatives)

$
678 

 

 

 

Interest rate lock commitments

$
26 

 

 

 

Financial Liabilities:

 

 

Interest-rate swaps

$
678 

 

 

 

 

 

 

 

 

 

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 

 

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

 

 

 

 

 

 

Fair Value Measurements at September 30, 2013 Using

Significant Unobservable Inputs (Level 3)

 

 

 

Impaired loans:

 

 

Commercial

$

-  

Real Estate:

 

 

Single-family residential

 
283 

Multi-family residential

 
1,167 

Commercial:

 

 

Non-owner occupied

 
236 

Owner occupied

 

 

Total impaired loans

$
1,686 

 

 

 

 

 

 

 

 

 

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 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

Range (Weighted Average)

Impaired loans:

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

Single-family residential

 
283 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

-5.80%

 

 

 

 

 

 

 

 

 

Multi-family residential

 
1,167 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

-32.60%

Commercial:

 

 

 

 

 

 

 

 

Non-owner occupied

 
236 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

-12.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measures at fair value on a non-recurring basis at December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

Range (Weighted Average)

Impaired loans:

 

 

 

 

 

 

 

 

Commercial

$
121 

 

Income approach

 

Adjustment for differences in net operating income expectations

 

-10.00%

Commercial real estate:

 

 

 

 

 

 

 

 

Single -family residential

 
57 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

2.30%

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

 

December 31, 2012

 

 

 

 

 

 

Aggregate fair value

$
4,856 

 

$
623 

Contractual balance

 
4,822 

 

 
595 

Gain (loss)

 
34 

 

 
28 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2013

 

2012

 

2013

 

2012

 

Interest income

$
13 

 

$
15 

 

$
29 

 

$
34 

 

Interest expense

 

-  

 

 

-  

 

 

-  

 

 

-  

 

Change in fair value

 
26 

 

 
9 

 

 
6 

 

 
13 

 

Total change in fair value

$
39 

 

$
24 

 

$
35 

 

$
47 

 

 

Carrying amounts and estimated fair values of financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at September 30, 2013 Using:

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

Level 1

 

Level 2

 

Level 3

 

Total

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$
46,785 

 

$
46,785 

 

$

-  

 

$

-  

 

$
46,785 

Interest-bearing deposits in other financial institutions

 
1,982 

 

 
1,982 

 

 

-  

 

 

-  

 

 
1,982 

Securities available for sale

 
10,544 

 

 

-  

 

 
10,544 

 

 

-  

 

 
10,544 

Loans held for sale

 
4,856 

 

 

-  

 

 
4,856 

 

 

-  

 

 
4,856 

Loans, net

 
170,325 

 

 

-  

 

 

-  

 

 
171,820 

 

 
171,820 

FHLB stock

 
1,942 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

Accrued interest receivable

 
74 

 

 
4 

 

 
70 

 

 

-  

 

 
74 

Yield maintenance provisions (embedded derivatives)

 
678 

 

 

-  

 

 
678 

 

 

-  

 

 
678 

Interest rate lock commitments

 
26 

 

 

-  

 

 
26 

 

 

-  

 

 
26 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$
(210,676)

 

$
(91,226)

 

$
(120,545)

 

$

-  

 

$
(211,771)

FHLB advances

 
(10,000)

 

 

-  

 

 
(10,121)

 

 

-  

 

 
(10,121)

Subordinated debentures

 
(5,155)

 

 

-  

 

 
(2,991)

 

 

-  

 

 
(2,991)

Accrued interest payable

 
(228)

 

 

-  

 

 
(228)

 

 

-  

 

 
(228)

Interest-rate swaps

 
(678)

 

 

-  

 

 
(678)

 

 

-  

 

 
(678)

 

The carrying amounts and estimated fair values of financial instruments at December 31, 2012 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

 

 

n/a

 

 

n/a

 

 

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)