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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements Tables

Schedule of fair value measured on a recurring basis

The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2014 and December 31, 2013:

						Fair Value Measurement Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
June 30, 2014
U.S. government agencies		$	132			$	—			$	132			$	—
Mortgage-backed securities of government sponsored entities			88,450				—				88,450				—
Private-label collateralized mortgage obligations			596				—				596				—
State and political subdivisions			22,427				—				22,427				—

						Fair Value Measurement Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
December 31, 2013
U.S. government agencies		$	137			$	—			$	137			$	—
Mortgage-backed securities of government sponsored entities			80,357				—				80,357				—
Private-label collateralized mortgage obligations			704				—				704				—
State and political subdivisions			22,427				—				22,427				—

Schedule of fair value measured on a nonrecurring basis

he following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2013. There were no assets measured at fair value on a nonrecurring basis at June 30, 2014.

						Fair Value Measurement Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
December 31, 2013
Collateral-dependent impaired loans		$	289			$	—			$	—			$	289

Schedule of Level 3 fair value measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements in thousands.

		Fair Value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
December 31, 2013
Collateral-dependent impaired loans		$	289			Present value of cashflows		Discount Rate		6.22%

Schedule of fair value of financial instruments

The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

						Fair Value Measurements Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
June 30, 2014
Financial assets
Cash and cash equivalents		$	12,091			$	12,091			$	—			$	—
Held-to-maturity securities			6,581				—				6,279				—
Loans, net of allowance for loan losses			260,056				—				—				267,626
Federal Home Loan Bank stock			4,226				—				4,226				—
Interest receivable			1,219				—				1,219				—

Financial liabilities
Deposits			349,448				32,131				294,902				—
Other short-term borrowings			6,146				—				6,146				—
Federal Home Loan Bank advances			16,395				—				16,666				—
Advances from borrowers for taxes and insurance			166				—				166				—
Interest payable			61				—				61				—

						Fair Value Measurements Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
										(In thousands)
December 31, 2013
Financial assets
Cash and cash equivalents		$	13,381			$	13,381			$	—			$	—
Held-to-maturity securities			6,623				—				6,121
Loans, net of allowance for loan losses			261,130				—				—				266,530
Federal Home Loan Bank stock			5,025				—				5,025				—
Interest receivable			1,184				—				1,184				—

Financial liabilities
Deposits			337,571				30,145				275,357				—
Other short-term Borrowings			7,212				—				7,212				—
Federal Home Loan Bank Advances			22,336				—				22,801				—
Advances from borrowers for taxes and insurance			1,105				—				1,105				—
Interest payable			68				—				68				—

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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