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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013. The Company had no liabilities measured at fair value as of June 30, 2014 or December 31, 2013.

		Carrying Value
(In thousands)		Level 1				Level 2				Level 3				Total
June 30, 2014
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities		$	0			$	28,105			$	0			$	28,105
Agency CMO			0				17,562				0				17,562
Agency notes and bonds			0				25,179				0				25,179
Municipal obligations			0				34,048				0				34,048
Mutual funds			2,360				0				0				2,360
Total securities available for sale		$	2,360			$	104,894			$	0			$	107,254
Assets Measured on a Nonrecurring Basis
Impaired loans:
Residential real estate		$	0			$	0			$	1,385			$	1,385
Land			0				0				113				113
Construction			0				0				0				0
Commercial real estate			0				0				2,564				2,564
Commercial business			0				0				638				638
Home equity and second mortgage			0				0				96				96
Total impaired loans		$	0			$	0			$	4,796			$	4,796
Loans held for sale		$	0			$	3,824			$	0			$	3,824
Foreclosed real estate:
Residential real estate		$	0			$	0			$	49			$	49
Total foreclosed real estate		$	0			$	0			$	49			$	49
December 31, 2013
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities		$	0			$	18,369			$	0			$	18,369
Agency CMO			0				20,241				0				20,241
Agency notes and bonds			0				30,914				0				30,914
Municipal obligations			0				36,040				0				36,040
Mutual funds			3,198				0				0				3,198
Total securities available for sale		$	3,198			$	105,564			$	0			$	108,762
Assets Measured on a Nonrecurring Basis
Impaired loans:
Residential real estate		$	0			$	0			$	1,928			$	1,928
Land			0				0				120				120
Construction			0				0				0				0
Commercial real estate			0				0				2,441				2,441
Commercial business			0				0				639				639
Home equity and second mortgage			0				0				263				263
Total impaired loans		$	0			$	0			$	5,391			$	5,391
Loans held for sale		$	0			$	1,611			$	0			$	1,611
Foreclosed real estate:
Residential real estate		$	0			$	0			$	466			$	466
Total foreclosed real estate		$	0			$	0			$	466			$	466

Carrying Value and Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments are as follows:

(In thousands)		Carrying				Fair				Fair Vale Measurements Using
		Value				Value				Level 1				Level 2				Level 3
June 30, 2014
Financial assets:
Cash and cash equivalents		$	15,428			$	15,428			$	15,428			$	0			$	0
Interest-bearing time deposits			5,900				6,033				0				6,033				0
Securities available for sale			107,254				107,254				2,360				104,894				0
Securities held to maturity			8				8				0				8				0
Loans held for sale			3,824				3,912				0				3,912				0
Loans, net			297,997				299,088				0				0				299,088
FHLB stock			2,820				2,820				0				2,820				0
Accrued interest receivable			1,551				1,551				0				1,551				0
Cost method investment (included in other assets)			711				711				0				711				0
Financial liabilities:
Deposits			386,753				386,680				0				0				386,680
Retail repurchase agreements			10,617				10,617				0				10,617				0
Advances from FHLB			5,000				5,000				0				5,000				0
Accrued interest payable			155				155				0				155				0
December 31, 2013:
Financial assets:
Cash and cash equivalents		$	11,136			$	11,136			$	11,136			$	0			$	0
Interest-bearing time deposits			4,425				4,458				0				4,458				0
Securities available for sale			108,762				108,762				3,198				105,564				0
Securities held to maturity			9				9				0				9				0
Loans held for sale			1,611				1,644				0				1,644				0
Loans, net			288,506				287,753				0				0				287,753
FHLB stock			2,820				2,820				0				2,820				0
Accrued interest receivable			1,716				1,716				0				1,716				0
Cost method investment (included in other assets)			540				540				0				540				0
Financial liabilities:
Deposits			373,830				373,883				0				0				373,883
Retail repurchase agreements			9,310				9,310				0				9,310				0
Advances from FHLB			5,500				5,500				0				5,500				0
Accrued interest payable			192				192				0				192				0

X

- 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



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-Publisher FASB

-Name Accounting Standards Codification

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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

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-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611



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