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Fair Value (Tables)

9 Months Ended

Sep. 30, 2014

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, 2014 using Significant Other Observable Inputs(Level 2)
Financial Assets:
Securities available for sale:
Corporate debt	$	4,321
State and municipal		1,884
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities - residential		768
Collateralized mortgage obligations		1,170
Total securities available for sale	$	8,143
Loans held for sale		2,568
Yield maintenance provisions (embedded derivatives)	$	318
Interest rate lock commitments	$	44
Financial Liabilities:
Interest-rate swaps	$	318

	Fair Value Measurements at December 31, 2013 using Significant Other Observable Inputs(Level 2)
Financial Assets:
Securities available for sale:
Corporate debt	$	4,363
State and municipal		1,919
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities - residential		983
Collateralized mortgage obligations		2,407
Total securities available for sale	$	9,672
Loans held for sale		3,285
Yield maintenance provisions (embedded derivatives)	$	599
Interest rate lock commitments	$	16
Financial Liabilities:
Interest-rate swaps	$	599

Assets measured at fair value on a non-recurring basis

Fair Value Measurements at September 30, 2014 Using
Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial	$	-
Real Estate:
Single-family residential		300
Multi-family residential		1,301
Commercial:
Non-owner occupied		-
Owner occupied		223
Land		158
Total impaired loans	$	1,982

Fair Value Measurements at December 31, 2013 Using
Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial	$	-
Real Estate:
Single-family residential		316
Multi-family residential		1,301
Commercial:
Non-owner occupied		-
Owner occupied		234
Land		629
Total impaired loans	$	2,480

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

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2014:

		Fair Value		Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial real estate:
Single-family residential		300		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-17.67%,  2.35%) -8.33%
Multi-family residential		1,301		Comparable sales approach		Adjustment for differences between the comparable market transactions		-20.59%
Commercial:
Owner occupied		223		Comparable sales approach		Adjustment for differences between the comparable market transactions		-12.21%
Land		158		Comparable sales approach		Adjustment for differences between the comparable market transactions		8.10%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013:

		Fair Value		Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial real estate:
Single -family residential		316		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-17.67%,  2.35%) -8.33%
Multi-family residential		1,301		Comparable sales approach		Adjustment for differences between the comparable market transactions		-20.59%
Commercial:
Owner occupied		234		Comparable sales approach		Adjustment for differences between the comparable market transactions		-12.21%
Land		629		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-8.59% , 8.10%) 1.44%

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

		September 30, 2014			December 31, 2013
Aggregate fair value	$	2,568		$	3,285
Contractual balance		2,540			3,270
Gain (loss)		28			15

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

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Interest income	$	31		$	13		$	84		$	29
Interest expense		-			-			-			-
Change in fair value		(3)			26			13			6
Total change in fair value	$	28		$	39		$	97		$	35

Carrying amounts and estimated fair values of financial instruments

	Fair Value Measurements at September 30, 2014 Using:
	Carrying
	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	30,184		$	30,184		$	-		$	-		$	30,184
Interest-bearing deposits in other financial institutions		742			742			-			-			742
Securities available for sale		8,143			-			8,143			-			8,143
Loans held for sale		5,861			-			2,568			-			2,568
Loans, net		248,168			-			-			249,017			249,017
FHLB stock		1,942			n/a			n/a			n/a			n/a
Accrued interest receivable		64			4			60			-			64
Yield maintenance provisions (embedded derivatives)		318			-			318			-			318
Interest rate lock commitments		44			-			44			-			44
Financial liabilities
Deposits	$	(250,963)		$	(105,025)		$	(146,478)		$	-		$	(251,503)
FHLB advances and other borrowings		(14,500)			-			(14,574)			-			(14,574)
Advances by borrowers for taxes and insurance		(212)			-			-			(212)			(212)
Subordinated debentures		(5,155)			-			(2,786)			-			(2,786)
Accrued interest payable		(48)			-			(48)			-			(48)
Interest-rate swaps		(318)			-			(318)			-			(318)

The carrying amounts and estimated fair values of financial instruments at December 31, 2013 were as follows:

	Fair Value Measurements at December 31, 2013 Using:
	Carrying
	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	19,160		$	19,160		$	-		$	-		$	19,160
Interest-bearing deposits in other financial institutions		1,982			1,982			-			-			1,982
Securities available for sale		9,672			-			9,672			-			9,672
Loans held for sale		3,285			-			3,285			-			3,285
Loans, net		207,141			-			-			207,445			207,445
FHLB stock		1,942			n/a			n/a			n/a			n/a
Accrued interest receivable		50			4			46			-			50
Yield maintenance provisions (embedded derivatives)		599			-			599			-			599
Interest rate lock commitments		16			-			16			-			16
Financial liabilities
Deposits	$	(208,309)		$	(89,266)		$	(119,933)		$	-		$	(209,199)
FHLB advances and other borrowings		(16,526)			-			(10,051)			(6,526)			(16,577)
Subordinated debentures		(5,155)			-			(3,004)			-			(3,004)
Accrued interest payable		(255)			-			(255)			-			(255)
Interest-rate swaps		(599)			-			(599)			-			(599)

X

- Definition

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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-Topic 820

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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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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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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