Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

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)
March 31, 2013
Financial assets
Cash and cash equivalents	$	118,212	$	118,212	$	118,212	$	0	$	0
Investment securities available for sale		38,590		38,590		0		38,546		44
Investment securities held to maturity		842		893		0		893		0
Loans held for sale		3,824		3,951		0		3,951		0
Loans receivable		543,648		527,976		0		0		527,976
Federal Home Loan Bank stock		9,888		9,888		0		0		9,888
Accrued interest receivable		2,449		2,449		0		0		2,449
Financial liabilities
Deposits	$	626,741	$	612,601	$	0	$	612,601	$	0
Advances from the Federal Home Loan Bank		53,218		56,054		0		56,054		0
Repurchase agreements		5,763		5,763		0		5,763		0
Subordinated debentures		5,000		4,830		0		0		4,830
Advances by borrowers for taxes and insurance		1,848		1,848		0		0		1,848
Accrued interest payable		1,847		1,847		0		0		1,847

	Carrying value		Fair value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2012
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

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
March 31, 2013
Securities available for sale:
U.S. government sponsored enterprises		$38,471		$ 0		$38,471		$  0
Corporate equity securities		44		0		0		44
Mortgage-backed securities		75		0		75		0
December 31, 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

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
March 31, 2013
Impaired loans		$23,043		0		0		$23,043
Real estate acquired through foreclosure		9,146		0		0		9,146
December 31, 2012
Impaired loans		$22,727		0		0		$22,727
Real estate acquired through foreclosure		10,581		0		0		10,581