Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Values of Financial Instruments [Abstract]

Impaired loans measured at fair value on a nonrecurring basis

	Carrying Value at				Provision for
	December 31,				Loan Losses (2)
	2012		2011		2012		2011
	(In thousands)
Impaired loans (1)	$	11,637	$	7,694	$	1,163	$	438

(1) Carrying value represents our impaired loans net of loan loss reserves. Our carrying value is determined based on management’s assessment of the fair value of the collateral based on numerous factors including operating statistics to the extent available, appraised value of the collateral, tax assessed value and market environment.

(2) Represents the net change in the provision for loan losses included in our consolidated statements of income (loss) related specifically to our impaired loans during the periods presented.

Activity for real estate owned

The following is activity for our REO:

	Years Ended
	December 31,
	2012		2011
	(In thousands)
Value - beginning of year	$	1,259	$	3,477
Foreclosures		1,481		409
Additions		-		17
Cost of sales		(1,660)		(1,757)
Impairment losses		(341)		(887)
Value - end of year	$	739	$	1,259

Estimated fair values of financial instruments

The estimated fair value of our financial instruments was as follows:

	December 31,
	2012				2011
			Estimated				Estimated
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Level
	(In thousands)
Assets:
Loans Receivable Subject To Credit Risk	$	200,642	$	181,112	$	203,951	$	190,255	3
SBA 7(a) loans receivable, subject to secured borrowings		38,349		43,096		30,476		34,140	3
Liabilities:
Structured notes and SBIC debentures payable		17,190		18,027		18,445		19,027	3
Secured borrowings - government guaranteed loans		41,008		41,008		32,546		32,546	3
Revolving credit facility		11,900		11,900		17,800		17,800	3
Junior Subordinated Notes		27,070		22,592		27,070		22,595	3