Fair Value Measurements (Tables)

9 Months Ended

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

- 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.

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