Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

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
June 30, 2013			(In thousands)
Financial assets
Cash and cash equivalents	$	27,125	$	27,125	$	27,125	$	0	$	0
Investment securities available for sale		102,737		102,737		0		102,693		44
Investment securities held to maturity		792		837		0		837		0
Loans held for sale		2,697		2,743		0		2,743		0
Loans receivable		560,914		551,933		0		0		551,933
Federal Home Loan Bank stock		9,888		9,888		0		0		9,888
Accrued interest receivable		2,576		2,576		0		0		2,576
Financial liabilities
Deposits	$	614,623	$	598,537	$	0	$	598,537	$	0
Advances from the Federal Home Loan Bank		53,148		55,877		0		55,877		0
Repurchase agreements		7,640		7,640		0		7,640		0
Subordinated debentures		5,000		4,838		0		0		4,838
Advances by borrowers for taxes and insurance		833		833		0		0		833
Accrued interest payable		1,856		1,856		0		0		1,856


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

Fair Value of Assets and Liabilities Measured on 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
June 30, 2013
Securities available for sale:
U.S. government sponsored enterprises	$	102,623	$	0	$	102,623	$	0
Corporate equity securities		44		0		0		44
Mortgage-backed securities		70		0		70		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
June 30, 2013
Impaired loans	$	22,647	$	0	$	0	$	22,647
Real estate acquired through foreclosure		6,919		0		0		6,919
December 31, 2012
Impaired loans	$	22,727		0		0	$	22,727
Real estate acquired through foreclosure		10,581		0		0		10,581

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

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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