Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Fair Value of assets on a Recurring Basis

Assets on the consolidated balance sheets measured at fair value on a recurring basis are summarized below.

(in 000’s)		Fair Value Measurements at Reporting Date Using:
	Assets Measured at Fair Value at June 30, 2012	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investment securities available-for-sale:
Government Sponsored Enterprises residential mortgage-backed securities	$1,031	$ -	$1,031	$    -
Money Market Funds	129	129	-	-
Total	$1,160	$129	$1,031	$    -

(in 000’s)		Fair Value Measurements at Reporting Date Using:
	Assets/Liabilities Measured at Fair Value at December 31, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investment securities available-for-sale:
Government Sponsored Enterprises residential mortgage-backed securities	$1,152	$-	$1,152	-
Money Market Funds	129	129	-	-
Total	$1,281	$129	$1,152

Fair Value of assets on a Nonrecurring Basis

The following table presents the assets carried on the consolidated statements of condition by level within the hierarchy as of June 30, 2012 and December 31, 2011, for which a nonrecurring change in fair value has been recorded during the six months ended June 30, 2012 and year ended December 31, 2011.

Carrying Value at June 30, 2012:

(in 000’s)	Total	Quoted Prices in Active markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total fair value gain (loss) during 6 months ended June 30, 2012
Impaired loans	$166	-	-	$166	$ (190)
Other real estate owned (“OREO”)	$1,333	-	-	$1,333	$ (26)

Carrying Value at December 31, 2011:

(in 000’s)	Total	Quoted Prices in Active markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)	Total fair value gain (loss) during 12 months ended December 31, 2010
Impaired Loans	$ 206	-	-	$ 206	$(308)
Other real estate owned (“OREO”)	1,284	-	-	1,284	-

Fair value of assets and liabilities

The fair value of assets and liabilities are depicted below:

		June 30, 2012		December 31, 2011
(in 000’s)	Level in	Carrying	Fair	Carrying	Fair
	Value Hierarchy	Amount	Value	Amount	Value
(Dollars in thousands)
Assets:
Cash and cash equivalents	Level 1	$8,060	$8,060	$14,497	$14,497
Available for sale securities	(1)	1,160	1,160	1,281	1,281
Held to maturity securities	Level 2	13,081	13,692	17,209	17,738
Loans, net of allowance for loan losses	(2)	41,919	43,271	40,635	40,552
Accrued interest receivable	Level 2	320	320	342	342
Liabilities:
Demand deposits	Level 2	30,497	30,497	31,260	31,260
Savings deposits	Level 2	14,306	14,306	14,689	14,689
Time deposits	Level 2	17,526	17,544	25,352	25,401
Accrued interest payable	Level 2	24	24	58	58

(1) Level 1 for money market funds; Level 2 for all other securities.

(2) Level 2 for non-impaired loans; Level 3 for impaired loans.