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Fair Value (Tables)
9 Months Ended
Sep. 30, 2013
Fair Value [Abstract]  
Quantitative Information About Level 3 Inputs [Table Text Block]

 

 

 

 

 

 

 

 

September 30, 2013

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

Discounted Cash Flow

 

Prepayment rate

 

8 through 15

%

10.0 

%

 

 

Default rate

 

10 through 15

%

12.5 

%

 

 

Loss severity

 

10 through 25

%

18.0 

%

 

Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities

 

$

 -

 

$

6,379 

 

$

 -

 

$

6,379 

State and political subdivisions

 

 

 -

 

 

16,614 

 

 

 -

 

 

16,614 

Residential mortgage-backed securities

 

 

 -

 

 

43,669 

 

 

 -

 

 

43,669 

Commercial mortgage-backed securities

 

 

 -

 

 

 -

 

 

1,308 

 

 

1,308 

Corporate and other securities

 

 

 -

 

 

12,956 

 

 

 -

 

 

12,956 

Total securities available for sale

 

$

 -

 

$

79,618 

 

$

1,308 

 

$

80,926 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities

 

$

 -

 

$

2,568 

 

$

 -

 

$

2,568 

State and political subdivisions

 

 

 -

 

 

15,303 

 

 

 -

 

 

15,303 

Residential mortgage-backed securities

 

 

 -

 

 

45,545 

 

 

 -

 

 

45,545 

Commercial mortgage-backed securities

 

 

 -

 

 

 -

 

 

4,463 

 

 

4,463 

Corporate and other securities

 

 

 -

 

 

21,659 

 

 

 -

 

 

21,659 

Total securities available for sale

 

$

 -

 

$

85,075 

 

$

4,463 

 

$

89,538 

 

Schedule Of Fair Value Changes In Level 3 [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

(In thousands)

 

2013

 

2012

 

2013

 

2012

Commercial mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

1,594 

 

$

 -

 

$

4,463 

 

$

 -

Payoffs

 

 

(75)

 

 

 -

 

 

(815)

 

 

 -

Principal paydowns

 

 

(219)

 

 

 -

 

 

(2,301)

 

 

 -

Total net losses included in:

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 -

 

 

(39)

 

 

 -

Balance, end of period

 

$

1,308 

 

$

 -

 

$

1,308 

 

$

 -

 

Assets And Liabilities Carried On The Balance Sheet By Caption And By Level Within The Hierarchy (As Described Above) [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at September 30, 2013

 

Gains (losses) from fair value changes for the

 

Gains (losses) from fair value changes for the

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

three months ended September 30, 2013

 

nine months ended September 30, 2013

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OREO

 

$

 -

 

$

 -

 

$

1,000 

 

$

1,000 

 

$

(390)

 

$

(459)

Impaired collateral-dependent loans

 

 

 -

 

 

 -

 

 

8,782 

 

 

8,782 

 

 

286 

 

 

554 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at September 30, 2012

 

Gains (losses) from fair value changes for the

 

Gains (losses) from fair value changes for the

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

three months ended September 30, 2012

 

nine months ended September 30, 2012

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OREO

 

$

 -

 

$

 -

 

$

281 

 

$

281 

 

$

(362)

 

$

(1,502)

Impaired collateral-dependent loans

 

 

 -

 

 

 -

 

 

12,162 

 

 

12,162 

 

 

1,320 

 

 

2,067 

 

Carrying Amount And Estimated Fair Values Of The Company's Financial Instruments Not Previously Presented [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

December 31, 2012

(In thousands)

 

Fair value level

 

Carrying amount

 

Estimated fair value

 

Carrying amount

 

Estimated fair value

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

Level 1

 

$

74,726 

 

$

74,726 

 

$

94,192 

 

$

94,192 

Securities held to maturity (1)

 

 

Level 2

 

 

25,980 

 

 

25,261 

 

 

21,515 

 

 

22,741 

SBA loans held for sale

 

 

Level 2

 

 

5,893 

 

 

6,376 

 

 

6,937 

 

 

7,582 

Loans, net of allowance for loan losses (2)

 

 

Level 2

 

 

641,174 

 

 

631,628 

 

 

565,341 

 

 

564,528 

Federal Home Loan Bank stock

 

 

Level 2

 

 

3,952 

 

 

3,952 

 

 

3,989 

 

 

3,989 

SBA servicing assets

 

 

Level 3

 

 

383 

 

 

383 

 

 

396 

 

 

396 

Accrued interest receivable

 

 

Level 2

 

 

3,131 

 

 

3,131 

 

 

3,298 

 

 

3,298 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

Level 2

 

 

727,112 

 

 

727,374 

 

 

648,760 

 

 

650,668 

Borrowed funds and subordinated debentures

 

 

Level 2

 

 

90,465 

 

 

98,490 

 

 

90,465 

 

 

100,257 

Accrued interest payable

 

 

Level 2

 

 

430 

 

 

430 

 

 

434 

 

 

434 

 

(1)

Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $6.8 million and $2.7 million at September 30, 2013 and December 31, 2012, respectively, and market values of $6.5 million and $3.2 million at September 30, 2013 and December 31, 2012, respectively.

(2)

Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading. Collateral-dependent impaired loans, net of specific reserves totaled $8.8 million and $8.2 million at September 30, 2013 and December 31, 2012, respectively.