| Schedule of estimated fair values of recognized financial instruments |
The estimated fair values of recognized financial instruments as of September 30, 2012 and
December 31, 2011 are as follows:
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September 30, 2012 |
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| (Dollars in thousands) |
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Carrying
Value |
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Level 1 |
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Level II |
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Level III |
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Total Fair
Value |
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Financial assets:
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Cash and cash equivalents
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$ |
54,675 |
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$ |
54,675 |
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$ |
0 |
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$ |
0 |
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$ |
54,675 |
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Securities
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134,889 |
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166 |
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134,723 |
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0 |
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134,889 |
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Loans held for sale
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540 |
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540 |
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0 |
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0 |
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540 |
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Net loans
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348,087 |
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0 |
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0 |
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353,559 |
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353,559 |
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Bank-owned life insurance
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8,237 |
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8,237 |
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0 |
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0 |
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8,237 |
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Regulatory stock
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5,463 |
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0 |
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5,463 |
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0 |
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5,463 |
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Accrued interest receivable
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1,463 |
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1,463 |
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0 |
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0 |
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1,463 |
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Financial liabilities:
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Deposits
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$ |
454,299 |
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$ |
293,229 |
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$ |
0 |
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$ |
162,577 |
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$ |
455,806 |
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Short-term borrowings
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43,011 |
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43,011 |
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0 |
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0 |
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43,011 |
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Federal Home Loan Bank advances
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16,738 |
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0 |
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0 |
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17,969 |
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17,969 |
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Accrued interest payable
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153 |
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153 |
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0 |
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0 |
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153 |
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December 31, 2011 |
|
| (Dollars in thousands) |
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Carrying
value |
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Fair value |
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Financial assets:
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Cash and cash equivalents
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$ |
82,258 |
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$ |
82,258 |
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Securities available for sale
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123,026 |
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123,026 |
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Net loans
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320,100 |
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327,138 |
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Bank-owned life insurance
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3,068 |
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3,068 |
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Regulatory stock
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5,463 |
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5,463 |
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Accrued interest receivable
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1,349 |
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1,349 |
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Financial liabilities:
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Deposits
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$ |
443,553 |
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$ |
445,587 |
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Short-term borrowings
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37,073 |
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37,073 |
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Federal Home Loan Bank advances
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19,161 |
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20,087 |
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Accrued interest payable
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182 |
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182 |
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