Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value [Abstract]

Fair value of the financial instruments

Based on the foregoing methods and assumptions, the carrying value and fair value of the Corporation’s financial instruments are as follows:

(in thousands as of September 30, 2012)	Carrying value		Fair value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	26,920	$	26,920	$	26,920	$	0	$	0
Investment securities available for sale		79,709		79,709		0		79,665		44
Investment securities held to maturity		939		997		0		997		0
Loans held for sale		6,341		6,519		0		6,519		0
Loans receivable		579,522		574,682		0		0		574,682
Federal Home Loan Bank stock		9,888		9,888		0		0		9,888
Accrued interest receivable		2,742		2,742		0		0		2,742
Financial liabilities
Deposits	$	630,304	$	625,293	$	68,321	$	556,972	$	0
Advances from the Federal Home Loan Bank		53,371		56,684		0		56,684		0
Repurchase agreements		6,095		6,095		0		0		6,095
Subordinated debentures		5,000		4,938		0		0		4,938
Advances by borrowers for taxes and insurance		1,553		1,553		0		0		1,553
Accrued interest payable		1,704		1,704		0		0		1,704

(in thousands as of December 31, 2011)	Carrying value		Fair value
Financial assets
Cash and cash equivalents	$	38,374	$	38,374
Investment securities available for sale		17,845		17,845
Investment securities held to maturity		3,083		3,135
Loans held for sale		8,090		8,250
Loans receivable		639,177		639,477
Federal Home Loan Bank stock		9,888		9,888
Accrued interest receivable		2,945		2,945
Financial liabilities
Deposits	$	629,259	$	623,145
Advances from the Federal Home Loan Bank		63,604		67,951
Repurchase agreements		11,681		11,681
Subordinated debentures		5,000		4,928
Advances by borrowers for taxes and insurance		2,100		2,100
Accrued interest payable		1,693		1,693

Fair value of assets and liabilities measured on a recurring and non-recurring basis

The following table presents financial assets and liabilities measured on a recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	Balance		Level 1		Level 2		Level 3
September 30, 2012
Securities available for sale:
U.S. government sponsored enterprises	$	74,083	$	0	$	74,083	$	0
Corporate equity securities		44		0		0		44
Corporate bonds		4,307		0		4,307		0
Mortgage-backed securities		1,275		0		1,275		0
December 31, 2011
Securities available for sale:
U.S. government sponsored enterprises	$	16,292	$	0	$	16,292	$	0
Corporate equity securities		52		0		0		52
Mortgage-backed securities		1,501		0		1,501		0

The following table presents financial assets and liabilities measured on a non-recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	Balance		Level 1		Level 2		Level 3
September 30, 2012
Impaired loans	$	25,071	$	0	$	0	$	25,071
Real estate acquired through foreclosure		11,886		0		0		11,886
December 31, 2011
Impaired loans	$	22,956	$	0	$	0	$	22,956
Real estate acquired through foreclosure		10,888		0		0		10,888