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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements Tables  
Schedule of significant unobservable inputs used to measure fair value

Significant unobservable inputs at December 31, 2013, used to measure fair value included:

 

Direct annual servicing cost per loan $57
Direct annual servicing cost per loan in process of foreclosure $500
Weighted average prepayment speed: CPR 26.17%
Weighted average prepayment speed: PSA 476.53%
Weighted average cash flow discount rate 7.92%
Asset reinvestment rate 4.00%
Short-term cost of funds 0.25%
Escrow inflation adjustment 1.00%
Servicing cost inflation adjustment 1.00%
Schedule of fair value measured on a recurring basis

Information regarding the fair value of assets and liabilities measured at fair value on a recurring basis as of December 31:

 

      Recurring Fair Value Measurements Using
      Quoted Prices      
      in Active  Significant   
   Assets and  Markets for  Other  Significant
   Liabilities  Identical  Observable  Unobservable
   Measured at  Assets  Inputs  Inputs
   Fair Value  (Level 1)  (Level 2)  (Level 3)
             
2013                    
Assets:                    
Securities available for sale:                    
U.S. Treasury and agency debentures  $999   $0   $999   $0 
U.S. agency issued residential MBS and CMO   59,390    0    59,390    0 
Privately issued residential MBS and CMO   105    0    105    0 
Obligations of states and political subdivisions   159    0    159    0 
Nonrated SBA loan fund   950    0    950    0 
Other equity securities   47    0    0    47 
                     
Total securities available for sale   61,650    0    61,603    47 
Loans held for sale   150    0    150    0 
Mortgage rate lock commitment   14    0    14    0 
Interest rate swap agreements   276    0    276    0 
                     
Total assets  $62,090   $0   $62,043   $47 
                     
Liabilities – Interest rate swap agreements  $714   $0   $714   $0 
                     
2012                    
Assets:                    
Securities available for sale:                    
U.S. Treasury and agency debentures  $10,027   $0   $10,027   $0 
U.S. agency issued residential MBS and CMO   59,640    0    59,640    0 
Privately issued residential MBS and CMO   173    0    173    0 
Nonrated commercial paper   5,500    0    5,500    0 
Other equity securities   47    0    0    47 
                     
Total securities available for sale   75,387    0    75,340    47 
Loans held for sale   884    0    884    0 
Mortgage rate lock commitments   91    0    91    0 
Interest rate swap agreements   673    0    673    0 
                     
Total assets  $77,035   $0   $76,988   $47 
                     
Liabilities – Interest rate swap agreements  $1,372   $0   $1,372   $0 

 
Reconciliation of fair value measurements using significant unobservable inputs

The reconciliation of fair value measurements using significant unobservable inputs during the years ended December 31 is as follows:

 

Balance at January 1, 2012:  $47 
Total realized/unrealized gains (losses):     
Included in earnings   0 
Included in other comprehensive income   0 
Purchases, maturities, and sales   0 
      
Balance at December 31, 2012  $47 
      
Total gains (losses) for the period included in earnings attributable to the change     
in unrealized gains or losses relating to assets still held at December 31, 2012  $0 
      
Balance at January 1, 2013:  $47 
Total realized/unrealized gains (losses):     
Included in earnings   0 
Included in other comprehensive income   0 
Purchases, maturities, and sales   0 
      
Balance at December 31, 2013  $47 
      
Total gains (losses) for the period included in earnings attributable to the change     
in unrealized gains or losses relating to assets still held at December 31, 2013  $0 
Schedule of fair value measured on a nonrecurring basis

Information regarding the fair value of assets and liabilities measured at fair value on a nonrecurring basis as of December 31 follows:

 

      Nonrecurring Fair Value Measurements Using
      Quoted Prices      
      in Active  Significant   
      Markets for  Other  Significant
   Assets  Identical  Observable  Unobservable
   Measured at  Assets  Inputs  Inputs
   Fair Value  (Level 1)  (Level 2)  (Level 3)
             
2013                    
Assets:                    
Impaired loans  $1,720   $0   $0   $1,720 
Foreclosed assets   1,750    0    792    958 
Mortgage servicing rights   1,696    0    0    1,696 
                     
Total assets  $5,166   $0   $792   $4,374 
                     
2012                    
Assets:                    
Impaired loans  $2,973   $0   $328   $2,645 
Foreclosed assets   1,774    0    752    1,022 
Mortgage servicing rights   1,233    0    0    1,233 
                     
Total assets  $5,980   $0   $1,080   $4,900 
                     

 
Schedule of carrying value and estimated fair values of Financial Instruments

The carrying amounts and fair values of PSB’s financial instruments consisted of the following:

 

   December 31, 2013
   Carrying  Estimated  Fair Value Hierarchy Level
   Amount  Fair Value  Level 1  Level 2  Level 3
                
                
Financial assets:                         
                          
Cash and cash equivalents  $31,522   $31,522   $31,522   $0   $0 
Securities   133,279    133,322    0    131,479    1,843 
Bank certificates of deposit   2,236    2,280    0    0    2,280 
Net loans receivable and loans held for sale   510,030    514,309    0    150    514,159 
Accrued interest receivable   2,076    2,076    0    0    2,076 
Mortgage servicing rights   1,696    1,696    0    0    1,696 
Mortgage rate lock commitments   14    14    0    14    0 
FHLB stock   2,556    2,556    0    0    2,556 
Cash surrender value of life insurance   12,826    12,826    0    12,826    0 
Interest rate swap agreements   276    276    0    276    0 
                          
Financial liabilities:                         
                          
Deposits  $577,514   $578,387   $0   $0   $578,387 
FHLB advances   38,049    38,511    0    38,511    0 
Other borrowings   20,441    21,251    0    14,364    6,887 
Senior subordinated notes   4,000    3,489    0    0    3,489 
Junior subordinated debentures   7,732    7,085    0    0    7,085 
Interest rate swap agreements   714    714    0    714    0 
Accrued interest payable   477    477    0    0    477 

 

   December 31, 2012
   Carrying  Estimated  Fair Value Hierarchy Level
   Amount  Fair Value  Level 1  Level 2  Level 3
                
                
Financial assets:                         
                          
Cash and cash equivalents  $48,847   $48,847   $48,847   $0   $0 
Securities   145,209    147,751    0    145,795    1,956 
Bank certificates of deposit   4,465    4,538    0    0    4,538 
Net loans receivable and loans held for sale   478,875    484,925    0    1,212    483,713 
Accrued interest receivable   2,157    2,157    0    0    2,157 
Mortgage servicing rights   1,233    1,233    0    0    1,233 
Mortgage rate lock commitments   91    91    0    91    0 
FHLB stock   2,506    2,506    0    0    2,506 
Cash surrender value of life insurance   11,813    11,813    0    11,813    0 
Interest rate swap agreements   673    673    0    673    0 
                          
Financial liabilities:                         
                          
Deposits  $565,442   $568,014   $0   $0   $568,014 
FHLB advances   50,124    51,590    0    51,590    0 
Other borrowings   20,728    22,118    0    14,890    7,228 
Senior subordinated notes   7,000    7,000    0    0    7,000 
Junior subordinated debentures   7,732    4,911    0    0    4,911 
Interest rate swap agreements   1,372    1,372    0    1,372    0 
Accrued interest payable   697    697    0    0    697