| Schedule of Estimated Fair Values of Recognized Financial Instruments |
The estimated fair values of recognized financial instruments as of
March 31, 2014 and December 31, 2013 are as follows:
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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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March 31, 2014
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Financial assets:
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Cash and cash equivalents
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$ |
19,292 |
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$ |
19,292 |
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$ |
— |
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$ |
— |
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$ |
19,292 |
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Securities available for sale
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102,934 |
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1,122 |
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101,812 |
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— |
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102,934 |
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Securities held-to-maturity
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43,688 |
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— |
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42,988 |
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— |
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42,988 |
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Restricted stock
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4,613 |
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— |
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4,613 |
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— |
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4,613 |
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Net loans
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402,705 |
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— |
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— |
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406,391 |
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406,391 |
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Bank-owned life insurance
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9,614 |
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9,614 |
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— |
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— |
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9,614 |
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Accrued interest receivable
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1,630 |
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1,630 |
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— |
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— |
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1,630 |
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Financial liabilities:
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Deposits
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$ |
466,573 |
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$ |
337,346 |
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$ |
— |
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$ |
129,922 |
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$ |
467,268 |
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Short-term borrowings
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61,792 |
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61,792 |
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— |
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— |
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61,792 |
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Other borrowings
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17,406 |
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— |
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— |
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17,844 |
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17,844 |
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Accrued interest payable
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93 |
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93 |
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— |
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— |
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93 |
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December 31, 2013
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Financial assets:
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Cash and cash equivalents
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$ |
42,599 |
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$ |
42,599 |
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$ |
— |
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$ |
— |
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$ |
42,599 |
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Securities available for sale
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101,722 |
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1,125 |
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100,597 |
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— |
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101,722 |
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Securities held-to-maturity
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44,350 |
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— |
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42,643 |
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— |
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42,643 |
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Restricted stock
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5,463 |
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— |
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5,463 |
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— |
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5,463 |
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Net loans
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374,040 |
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— |
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— |
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375,055 |
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375,055 |
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Bank-owned life insurance
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9,551 |
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9,551 |
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— |
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— |
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9,551 |
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Accrued interest receivable
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1,374 |
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1,374 |
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— |
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— |
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1,374 |
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Financial liabilities:
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Deposits
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$ |
480,933 |
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$ |
346,589 |
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$ |
— |
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$ |
135,106 |
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$ |
481,695 |
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Short-term borrowings
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48,671 |
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48,671 |
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— |
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— |
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48,671 |
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Other borrowings
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12,459 |
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— |
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— |
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12,559 |
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12,559 |
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Accrued interest payable
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96 |
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96 |
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— |
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— |
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96 |
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