Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [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)
September 30, 2013
Financial assets
Cash and cash equivalents	$	17,185	$	17,185	$	17,185	$	0	$	0
Investment securities available for sale		101,211		101,211		0		101,168		43
Investment securities held to maturity		725		760		0		760		0
Loans held for sale		1,831		1,903		0		1,903		0
Loans receivable		577,003		581,629		0		0		581,629
Federal Home Loan Bank stock		9,888		9,888		0		0		9,888
Accrued interest receivable		2,471		2,471		0		0		2,471
Financial liabilities
Deposits	$	609,012	$	580,194	$	0	$	580,194	$	0
Advances from the Federal Home Loan Bank		59,477		61,249		0		61,249		0
Repurchase agreements		6,931		6,931		0		6,931		0
Subordinated debentures		5,000		4,863		0		0		4,863
Advances by borrowers for taxes and insurance		1,718		1,718		0		0		1,718
Accrued interest payable		1,823		1,823		0		0		1,823

	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 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, 2013
Securities available for sale:
U.S. government sponsored enterprises	$	101,100	$	0	$	101,100	$	0
Corporate equity securities		43		0		0		43
Mortgage-backed securities		68		0		68		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
September 30, 2013
Impaired loans	$	22,262	$	0	$	0	$	22,262
Real estate acquired through foreclosure		5,632		0		0		5,632
December 31, 2012
Impaired loans	$	22,727	$	0	$	0	$	22,727
Real estate acquired through foreclosure		10,581		0		0		10,581