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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2012
Fair Value Disclosures [Abstract] |
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 September 30, 2012- |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 21,588 |  |  | $ | 0 |  |  | $ | 21,588 |  |  | $ | 0 |
As of December 31, 2011- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 28,907 |  |  | $ | 0 |  |  | $ | 28,907 |  |  | $ | 0 |
| There were no transfers of securities between levels of inputs for the nine months ended September 30, 2012 and 2011.
| 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):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses Recorded in Operations For the Nine Months Ended September 30, 2012 |
|  | At September 30, 2012 |  |  |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Losses |  |  |
Residential real estate- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Closed-end first mortgages |  | $ | 1,294 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,294 |  |  | $ | 451 |  |  | $ | 0 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner-occupied |  |  | 8,997 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,997 |  |  |  | 2,484 |  |  |  | 0 |
Land and construction |  |  | 905 |  |  |  | 0 |  |  |  | 0 |  |  |  | 905 |  |  |  | 449 |  |  |  | 0 |
|  | $ | 11,196 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 11,196 |  |  | $ | 3,384 |  |  | $ | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses Recorded in Operations For the Year Ended December 31, 2011 |
|  | At December 31, 2011 |  |  |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Losses |  |  |
Residential real estate- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Closed-end first mortgages |  | $ | 1,591 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,591 |  |  | $ | 545 |  |  | $ | 308 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner-occupied |  |  | 291 |  |  |  | 0 |  |  |  | 0 |  |  |  | 291 |  |  |  | 8 |  |  |  | 8 |
Non-owner-occupied |  |  | 6,540 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,540 |  |  |  | 2,652 |  |  |  | 150 |
Land and construction |  |  | 6,793 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,793 |  |  |  | 1,511 |  |  |  | 834 |
|  | $ | 15,215 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 15,215 |  |  | $ | 4,716 |  |  | $ | 1,300 |
| 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):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |
|  | Fair |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | During the |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Losses |  |  | Period |
At September 30, 2012 |  | $ | 10,444 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 10,444 |  |  | $ | 842 |  |  | $ | 70 |
At December 31, 2011 |  | $ | 7,646 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 7,646 |  |  | $ | 772 |  |  | $ | 772 |
| The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands):
|  | At September 30, 2012 |  |  | At December 31, 2011 |
|  | Carrying |  |  | Fair |  |  |  |  |  | Carrying |  |  | Fair |  |  |  |
|  | Amount |  |  | Value |  |  | Level |  |  | Amount |  |  | Value |  |  | Level |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 27,367 |  |  | $ | 27,367 |  |  |  | 1 |  |  | $ | 22,776 |  |  | $ | 22,776 |  |  |  | 1 |
Securities available for sale |  |  | 21,588 |  |  |  | 21,588 |  |  |  | 2 |  |  |  | 28,907 |  |  |  | 28,907 |  |  |  | 2 |
Loans |  |  | 85,451 |  |  |  | 85,298 |  |  |  | 3 |  |  |  | 89,217 |  |  |  | 89,069 |  |  |  | 3 |
Federal Home Loan Bank stock |  |  | 1,478 |  |  |  | 1,478 |  |  |  | 3 |  |  |  | 2,159 |  |  |  | 2,159 |  |  |  | 3 |
Accrued interest receivable |  |  | 477 |  |  |  | 477 |  |  |  | 3 |  |  |  | 499 |  |  |  | 499 |  |  |  | 3 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities |  |  | 105,526 |  |  |  | 106,065 |  |  |  | 1,3 |  |  |  | 107,895 |  |  |  | 108,461 |  |  |  | 1,3 |
Federal Home Loan Bank advances |  |  | 27,700 |  |  |  | 29,884 |  |  |  | 3 |  |  |  | 31,700 |  |  |  | 33,920 |  |  |  | 3 |
Junior subordinated debenture |  |  | 5,155 |  |  |  | 4,836 |  |  |  | 3 |  |  |  | 5,155 |  |  |  | 4,734 |  |  |  | 3 |
Off-balance sheet financial instruments |  |  | 0 |  |  |  | 0 |  |  |  | 3 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3 |
| Discussion regarding the assumptions used to compute the estimated 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, 2011.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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