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Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities



	Fair Value Measurements at June 30, 2013 Using
	Significant Other Observable Inputs(Level 2)
Financial Assets:
Securities available for sale:
Corporate debt	$	4,374
State and municipal		1,936
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities - residential		1,217
Collateralized mortgage obligations		4,628
Total securities available for sale	$	12,155

Loans held for sale		629

Yield maintenance provisions (embedded derivatives)	$	716

Interest rate lock commitments	$	28

Financial Liabilities:
Interest-rate swaps	$	716

Assets and liabilities measured at fair value on a non-recurring basis



Fair Value Measurements at June 30, 2013 Using
Significant Unobservable Inputs (Level 3)

Impaired loans:
Commercial	$	121
Real Estate:
Single-family residential		368
Multi-family residential		1,342
Commercial:
Non-owner occupied		1,505
Owner occupied		1,159
Total impaired loans	$	4,495

Financial instruments measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2013:



		Fair Value	Valuation Technique(s)	Unobservable Inputs	Range (Weighted Average)
Impaired loans:
Commercial	$	121	Income approach	Adjustment for differences in net operating income expectations	-10.00%
Commercial real estate:
Single-family residential		368	Comparable sales approach	Adjustment for differences between the comparable market transactions	2.30%

Multi-family residential		1,342	Comparable sales approach	Adjustment for differences between the comparable market transactions	-39.0% to -27.1% (-32.7%)
Commercial:
Non-owner occupied		1,505	Comparable sales approach	Adjustment for differences between the comparable market transactions	-9.74% to 9.18% (-1.25%)

Owner occupied		1,159	Comparable sales approach	Adjustment for differences between the comparable market transactions	-6.3% to 0.5% (-0.8%)

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measures at fair value on a non-recurring basis at December 31, 2012:


		Fair Value	Valuation Technique(s)	Unobservable Inputs	Range (Weighted Average)
Impaired loans:
Commercial	$	121	Income approach	Adjustment for differences in net operating income expectations	-10.00%
Commercial real estate:
Single -family residential		57	Comparable sales approach	Adjustment for differences between the comparable market transactions	2.30%

Multi-family residential		2,070	Comparable sales approach	Adjustment for differences between the comparable market transactions	-39.0% to -27.1% (-32.7%)
Commercial:
Non-owner occupied		1,806	Comparable sales approach	Adjustment for differences between the comparable market transactions	-12.2% to 16.7% (7.3%)

Owner occupied		1,244	Comparable sales approach	Adjustment for differences between the comparable market transactions	6.3% to 0.5% (-0.8%)

Aggregate fair value, contractual balance (including accrued interest) and gain or loss



		June 30, 2013		December 31, 2012

Aggregate fair value	$	629	$	623
Contractual balance		621		595
Gain (loss)		8		28

Amount of gains and losses from changes in fair value included in earnings



	Three months ended June 30,				Six month ended June 30,
	2013		2012		2013		2012
Interest income	$	11	$	7	$	16	$	19
Interest expense		-		-		-		-
Change in fair value		(9)		13		(20)		4
Total change in fair value	$	2	$	20	$	(4)	$	23

Carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2013 were as follows:



	Fair Value Measurements at June 30, 2013 Using:
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	33,197	$	33,197	$	-	$	-	$	33,197
Interest-bearing deposits in other financial institutions		2,726		2,726		-		-		2,726
Securities available for sale		12,155		-		12,155		-		12,155
Loans held for sale		629		-		629		-		629
Loans, net		179,877		-		-		182,221		182,221
FHLB stock		1,942		-		-		-		n/a
Accrued interest receivable		69		11		59		-		70
Yield maintenance provisions (embedded derivatives)		716		-		716		-		716
Interest rate lock commitments		28		-		28		-		28

Financial liabilities
Deposits	$	(204,679)	$	(88,665)	$	(117,168)	$	-	$	(205,833)
FHLB advances		(10,000)		-		(10,187)		-		(10,187)
Subordinated debentures		(5,155)		-		(2,979)		-		(2,979)
Accrued interest payable		(202)		(1)		(201)		-		(202)
Interest-rate swaps		(716)		-		(716)		-		(716)

The carrying amounts and estimated fair values of financial instruments at December 31, 2012 were as follows:

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 32

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 22

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a),(c)(1),(d)(1)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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