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Fair Value Measurements
 6 Months Ended
Jun. 30, 2011
Fair Value Measurements  
Fair Value Measurements
(7) Fair Value Measurements. Securities available for sale measured at fair value on a recurring basis are summarized below (in thousands):

 

     Fair Value Measurements at Reporting Date Using  
     Fair
Value		      Quoted Prices
In Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

As of June 30, 2011-

            

Mortgage-backed securities

    $ 38,851         0         38,851         0   
  

 

 

     

 

 

     

 

 

     

 

 

  

There were no transfers of securities between levels of inputs for the six months ended June 30, 2011. There were no securities available for sale as of December 31, 2010.

 

Impaired collateral-dependent loans are carried at fair value when the current collateral value less estimated selling costs is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

 

    

 

At June 30, 2011

      Losses
Recorded in
Operations
For the Six
Months Ended		  
     Fair
Value		      Level 1      Level 2      Level 3      Total
Losses		      June 30,
2011		  

Residential real estate-

                  

Closed-end first mortgages

    $ 3,836       $ 0       $ 0       $ 3,836       $ 869       $ 308   

Commercial real estate:

                  

Owner-occupied

      291         0         0         291         8         8   

Non-owner-occupied

      8,465         0         0         8,465         2,546         0   

Land and construction

      6,031         0         0         6,031         1,632         920   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 18,623       $ 0       $ 0       $ 18,623       $ 5,055       $ 1,236   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     At December 31, 2010     

Losses
Recorded in
Operations
For the

Year Ended

  
     Fair
Value		      Level 1      Level 2      Level 3      Total
Losses		      December 31,
2010		  

Residential real estate-

                  

Closed-end first mortgages

    $ 4,136       $ 0       $ 0       $ 4,136       $ 561       $ 561   

Commercial real estate:

                  

Owner-occupied

      70         0         0         70         20         20   

Non-owner-occupied

      8,893         0         0         8,893         2,583         1,857   

Land and construction

      7,231         0         0         7,231         1,815         1,363   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 20,330       $ 0       $ 0       $ 20,330       $ 4,979       $ 3,801   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Loans with a carrying value of $11,221,000 and $15,796,000 at June 30, 2011 and December 31, 2010, respectively, were measured for impairment using Level 3 inputs and had a fair value in excess of carrying value.

 

Foreclosed real estate is recorded at fair value less estimated costs to sell. Foreclosed real estate which is measured at fair value on a nonrecurring basis is as follows (in thousands):

 

     Fair
Value		      Level 1      Level 2      Level 3      Total
Losses		      Losses
Recorded
During the
Period		  

At June 30, 2011

    $ 5,734       $ 0       $ 0       $ 5,734       $ 704       $ 704   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

At December 31, 2010

    $ 3,215       $ 0       $ 0       $ 3,215       $ 0       $ 0   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

The estimated fair values of the Company's financial instruments were as follows (in thousands):

 

     At June 30, 2011      At December 31, 2010  
     Carrying
Amount		      Fair
Value		      Carrying
Amount		      Fair
Value		  

Financial assets:

            

Cash and cash equivalents

    $ 22,288       $ 22,288       $ 14,367       $ 14,367   

Securities available for sale

      38,851         38,851         0         0   

Securities held to maturity

      100         100         51,057         48,839   

Loans

      102,138         102,184         113,542         113,513   

Federal Home Loan Bank stock

      2,672         2,672         3,173         3,173   

Accrued interest receivable

      597         597         644         644   

Financial liabilities:

            

Deposit liabilities

      137,571         138,338         148,238         148,929   

Federal Home Loan Bank advances

      31,700         33,583         31,700         33,425   

Junior subordinated debenture

      5,155         4,727         5,155         4,740   

Off-balance sheet financial instruments

      0         0         0         0   

Discussion regarding the assumptions used to compute the fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2010.