Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value [Abstract]

Carrying and fair value of financial instruments

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

	Carrying value		Fair value		Level 1		Level 2		Level 3
	(In thousands)
Financial assets
Cash and cash equivalents	$	58,379	$	58,379	$	58,379	$	0	$	0
Investment securities available for sale		85,298		85,298		0		85,254		44
Investment securities held to maturity		903		957		0		957		0
Loans held for sale		6,544		6,759		0		6,759		0
Loans receivable		554,575		544,655		0		0		544,655
Federal Home Loan Bank stock		9,888		9,888		0		0		9,888
Accrued interest receivable		2,631		2,631		0		0		2,631
Financial liabilities
Deposits	$	627,224	$	622,186	$	0	$	622,186	$	0
Advances from the Federal Home Loan Bank		53,297		56,310		0		56,310		0
Repurchase agreements		5,923		5,923		0		5,923		0
Subordinated debentures		5,000		4,976		0		0		4,976
Advances by borrowers for taxes and insurance		2,635		2,635		0		0		2,635
Accrued interest payable		1,692		1,692		0		0		1,692

	Carrying value		Fair value
	(in thousands as of December 31, 2011)
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 for balances at December 31, 2012 and 2011:

	Balance at December  31,		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
	(in thousands)
2012
Securities available for sale
U.S. government sponsored enterprises		$  84,071		$    0		$  84,071		$      0
Corporate equity securities		44		0		0		44
Mortgage-backed securities		1,183		0		1,183		0
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 at, December 31,		Level 1		Level 2		Level 3
2012
Impaired loans	$	22,727	$	0	$	0	$	22,727
Real estate acquired through foreclosure		10,581		0		0		10,581
2011
Impaired loans	$	24,716	$	0	$	0	$	24,716
Real estate acquired through foreclosure		10,888		0		0		10,888