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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2013
Assets Measured at Fair Value on Recurring and Nonrecurring Basis | The table below presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2013 and December 31, 2012. The Company had no liabilities measured at fair value as of September 30, 2013 or December 31, 2012.
|  | Carrying Value |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Measured on a Recurring Basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 0 |  |  | $ | 18,347 |  |  | $ | 0 |  |  | $ | 18,347 |
Agency CMO |  |  | 0 |  |  |  | 21,522 |  |  |  | 0 |  |  |  | 21,522 |
Agency notes and bonds |  |  | 0 |  |  |  | 34,279 |  |  |  | 0 |  |  |  | 34,279 |
Municipal obligations |  |  | 0 |  |  |  | 35,688 |  |  |  | 0 |  |  |  | 35,688 |
Mutual funds |  |  | 2,453 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,453 |
Total securities available for sale |  | $ | 2,453 |  |  | $ | 109,836 |  |  | $ | 0 |  |  | $ | 112,289 |
Assets Measured on a Nonrecurring Basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,285 |  |  | $ | 1,285 |
Land |  |  | 0 |  |  |  | 0 |  |  |  | 123 |  |  |  | 123 |
Construction |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial real estate |  |  | 0 |  |  |  | 0 |  |  |  | 958 |  |  |  | 958 |
Commercial business |  |  | 0 |  |  |  | 0 |  |  |  | 653 |  |  |  | 653 |
Home equity and second mortgage |  |  | 0 |  |  |  | 0 |  |  |  | 98 |  |  |  | 98 |
Total impaired loans |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,117 |  |  | $ | 3,117 |
Loans held for sale |  | $ | 0 |  |  | $ | 700 |  |  | $ | 0 |  |  | $ | 700 |
Foreclosed real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 331 |  |  | $ | 331 |
Land |  |  | 0 |  |  |  | 0 |  |  |  | 33 |  |  |  | 33 |
Total foreclosed real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 364 |  |  | $ | 364 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Measured on a Recurring Basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 0 |  |  | $ | 23,206 |  |  | $ | 0 |  |  | $ | 23,206 |
Agency CMO |  |  | 0 |  |  |  | 22,660 |  |  |  | 0 |  |  |  | 22,660 |
Agency notes and bonds |  |  | 0 |  |  |  | 38,553 |  |  |  | 0 |  |  |  | 38,553 |
Municipal obligations |  |  | 0 |  |  |  | 34,317 |  |  |  | 0 |  |  |  | 34,317 |
Mutual funds |  |  | 4,237 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,237 |
Total securities available for sale |  | $ | 4,237 |  |  | $ | 118,736 |  |  | $ | 0 |  |  | $ | 122,973 |
Assets Measured on a Nonrecurring Basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,157 |  |  | $ | 2,157 |
Land |  |  | 0 |  |  |  | 0 |  |  |  | 125 |  |  |  | 125 |
Construction |  |  | 0 |  |  |  | 0 |  |  |  | 403 |  |  |  | 403 |
Commercial real estate |  |  | 0 |  |  |  | 0 |  |  |  | 2,561 |  |  |  | 2,561 |
Commercial business |  |  | 0 |  |  |  | 0 |  |  |  | 678 |  |  |  | 678 |
Home equity and second mortgage |  |  | 0 |  |  |  | 0 |  |  |  | 7 |  |  |  | 7 |
Total impaired loans |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,931 |  |  | $ | 5,931 |
Loans held for sale |  | $ | 0 |  |  | $ | 3,609 |  |  | $ | 0 |  |  | $ | 3,609 |
Foreclosed real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 258 |  |  | $ | 258 |
Land |  |  | 0 |  |  |  | 0 |  |  |  | 37 |  |  |  | 37 |
Total foreclosed real estate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 295 |  |  | $ | 295 |
Carrying Value and Estimated Fair Value of Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows:
|  | Carrying |  |  | Fair |  |  | Fair Value Measurements Using |
(In thousands) |  | Value |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16,808 |  |  | $ | 16,808 |  |  | $ | 16,808 |  |  | $ | 0 |  |  | $ | 0 |
Securities available for sale |  |  | 112,289 |  |  |  | 112,289 |  |  |  | 2,453 |  |  |  | 109,836 |  |  |  | 0 |
Securities held to maturity |  |  | 10 |  |  |  | 10 |  |  |  | 0 |  |  |  | 10 |  |  |  | 0 |
Loans held for sale |  |  | 700 |  |  |  | 722 |  |  |  | 0 |  |  |  | 722 |  |  |  | 0 |
Loans, net |  |  | 288,937 |  |  |  | 288,662 |  |  |  | 0 |  |  |  | 0 |  |  |  | 288,662 |
FHLB stock |  |  | 2,820 |  |  |  | 2,820 |  |  |  | 0 |  |  |  | 2,820 |  |  |  | 0 |
Accrued interest receivable |  |  | 1,675 |  |  |  | 1,675 |  |  |  | 0 |  |  |  | 1,675 |  |  |  | 0 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 377,007 |  |  |  | 377,245 |  |  |  | 0 |  |  |  | 0 |  |  |  | 377,245 |
Retail repurchase agreements |  |  | 10,437 |  |  |  | 10,437 |  |  |  | 0 |  |  |  | 10,437 |  |  |  | 0 |
Advances from FHLB |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 0 |  |  |  | 5,000 |  |  |  | 0 |
Accrued interest payable |  |  | 225 |  |  |  | 225 |  |  |  | 0 |  |  |  | 225 |  |  |  | 0 |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 23,211 |  |  | $ | 23,211 |  |  | $ | 23,211 |  |  | $ | 0 |  |  | $ | 0 |
Securities available for sale |  |  | 122,973 |  |  |  | 122,973 |  |  |  | 4,237 |  |  |  | 118,736 |  |  |  | 0 |
Securities held to maturity |  |  | 12 |  |  |  | 12 |  |  |  | 0 |  |  |  | 12 |  |  |  | 0 |
Loans held for sale |  |  | 3,609 |  |  |  | 3,705 |  |  |  | 0 |  |  |  | 3,705 |  |  |  | 0 |
Loans, net |  |  | 280,407 |  |  |  | 287,609 |  |  |  | 0 |  |  |  | 0 |  |  |  | 287,609 |
FHLB stock |  |  | 2,820 |  |  |  | 2,820 |  |  |  | 0 |  |  |  | 2,820 |  |  |  | 0 |
Accrued interest receivable |  |  | 1,757 |  |  |  | 1,757 |  |  |  | 0 |  |  |  | 1,757 |  |  |  | 0 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 384,343 |  |  |  | 385,212 |  |  |  | 0 |  |  |  | 0 |  |  |  | 385,212 |
Retail repurchase agreements |  |  | 14,092 |  |  |  | 14,092 |  |  |  | 0 |  |  |  | 14,092 |  |  |  | 0 |
Advances from FHLB |  |  | 5,100 |  |  |  | 5,100 |  |  |  | 0 |  |  |  | 5,100 |  |  |  | 0 |
Accrued interest payable |  |  | 290 |  |  |  | 290 |  |  |  | 0 |  |  |  | 290 |  |  |  | 0 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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