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DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2011
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS |
(20) | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table summarizes the carrying value and estimated fair value of financial instruments at December 31, 2011 and 2010:
|  | 2011 |  |  | 2010 |
|  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
(In thousands) |  | Value |  |  | Value |  |  | Value |  |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 18,923 |  |  | $ | 18,923 |  |  | $ | 21,575 |  |  | $ | 21,575 |
Securities available for sale |  |  | 111,440 |  |  |  | 111,440 |  |  |  | 100,851 |  |  |  | 100,851 |
Securities held to maturity |  |  | 16 |  |  |  | 16 |  |  |  | 32 |  |  |  | 32 |
Loans held for sale |  |  | 2,909 |  |  |  | 2,966 |  |  |  | 4,375 |  |  |  | 4,453 |
Loans, net of allowance for loan losses |  |  | 276,047 |  |  |  | 287,624 |  |  |  | 294,550 |  |  |  | 307,083 |
Federal Home Loan Bank stock |  |  | 2,820 |  |  |  | 2,820 |  |  |  | 3,194 |  |  |  | 3,194 |
Accrued interest receivable |  |  | 1,801 |  |  |  | 1,801 |  |  |  | 1,894 |  |  |  | 1,894 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 364,374 |  |  |  | 367,359 |  |  |  | 378,003 |  |  |  | 380,713 |
Retail repurchase agreements |  |  | 9,125 |  |  |  | 9,125 |  |  |  | 8,669 |  |  |  | 8,669 |
Advances from Federal Home Loan Bank |  |  | 12,350 |  |  |  | 12,840 |  |  |  | 15,729 |  |  |  | 16,483 |
Accrued interest payable |  |  | 413 |  |  |  | 413 |  |  |  | 649 |  |  |  | 649 |
Off-balance-sheet financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset related to commitments to extend credit |  |  | 0 |  |  |  | 48 |  |  |  | 0 |  |  |  | 49 |
The carrying amounts in the preceding table are included in the consolidated balance sheets under the applicable captions. The contractual or notional amounts of financial instruments with off-balance-sheet risk are disclosed in Note 16. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value: Cash and Cash Equivalents For cash and cash equivalents, including cash and due from banks, interest-bearing deposits with banks, and federal funds sold, the carrying amount is a reasonable estimate of fair value. Debt and Equity Securities For marketable equity securities, the fair values are based on quoted market prices. For debt securities, the Company obtains fair value measurements from an independent pricing service and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. For Federal Home Loan Bank stock, a restricted equity security, the carrying amount is a reasonable estimate of fair value because it is not marketable. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The carrying amount of accrued interest receivable approximates its fair value. The fair value of loans held for sale is based on specific prices of underlying contracts for sale to investors. Deposits The fair value of demand deposits, savings accounts, money market deposit accounts and other transaction accounts is the amount payable on demand at the balance sheet date. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest payable approximates its fair value. Borrowed Funds The carrying amount of retail repurchase agreements approximates its fair value. The fair value of advances from Federal Home Loan Bank is estimated by discounting the future cash flows using the current rates at which similar loans with the same remaining maturities could be obtained. Commitments to Extend Credit The majority of commitments to extend credit would result in loans with a market rate of interest if funded. The fair value of these commitments are the fees that would be charged to customers to enter into similar agreements. For fixed rate loan commitments, the fair value also considers the difference between current levels of interest rates and the committed rates.

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- Definition Description of the fair value measurement of assets and liabilities as required under fair value measurement guidelines. This element also includes the description of risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of, methodologies and assumptions used in determining the amounts of such items; as well as the disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments, whether from an individual counterparty or groups of counterparties. + References No definition available. + Details
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