Fair Value Of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Of Financial Instruments [Abstract]  
Fair Value Measurements On Differing Levels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

Assets at

(Dollars in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

US Government agency obligations

$

 -

$
29,943 

$

 -

$
29,943 

GSE mortgage-backed securities

 

 -

 
48,930 

 

 -

 
48,930 

Collateralized mortgage obligations GSE

 

 -

 
22,886 

 

 -

 
22,886 

Corporate bonds

 

 -

 
16,550 

 

 -

 
16,550 

State and municipal tax-exempt

 

 -

 
2,072 

 

 -

 
2,072 

Certificates of deposit

 

 -

 
1,260 

 

 -

 
1,260 

Equity securities

 
18 

 

 -

 

 -

 
18 

Total assets measured at fair value on a recurring basis

$
18 

$
121,641 

$

 -

$
121,659 

Assets Measured at Fair Value on a Nonrecurring Basis

 

 

 

 

 

 

 

 

Impaired loans

$

 -

$

 -

$
2,829 

$
2,829 

OREO & other repossessed property

 

 -

 

 -

 
124 

 
124 

Total assets measured at fair value on a nonrecurring basis

$

 -

$

 -

$
2,953 

$
2,953 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

Assets at

(Dollars in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

US Government agency obligations

$

 -

$
35,539 

$

 -

$
35,539 

GSE mortgage-backed securities

 

 -

 
22,392 

 

 -

 
22,392 

Collateralized mortgage obligations GSE

 

 -

 
21,650 

 

 -

 
21,650 

Corporate bonds

 

 -

 
41,447 

 

 -

 
41,447 

State and municipal tax-exempt

 

 -

 
3,185 

 

 -

 
3,185 

Asset-backed securities

 

 -

 
9,813 

 

 -

 
9,813 

Certificates of deposit

 

 -

 
1,248 

 

 -

 
1,248 

Equity securities

 
14 

 

 -

 

 -

 
14 

Total assets measured at fair value on a recurring basis

$
14 

$
135,274 

$

 -

$
135,288 

Assets Measured at Fair Value on a Nonrecurring Basis

 

 

 

 

 

 

 

 

Impaired loans

$

 -

$

 -

$
6,823 

$
6,823 

OREO & other repossessed property

 

 -

 

 -

 
213 

 
213 

Total assets measured at fair value on a nonrecurring basis

$

 -

$

 -

$
7,036 

$
7,036 

 

Quantitative Information About Level 3 Fair Value Measurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurement

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Fair Value

Valuation

 

Range (Weighted

 

 

Estimate

Techniques

Unobservable Input

Average)

December 31, 2013

 

 

 

 

 

 

 

 

Impaired loans- Commercial construction

$
2,193 

Appraisal of collateral (1)

Appraisal adj.
0% 

to
0% 
(0%)

 

 

 

 

Disposal costs

-8%

to

-11%

(-9%)

Impaired loans- Commercial mortgage

 
60 

Appraisal of collateral (1)

Appraisal adj.
0% 

to
0% 
(0%)

 

 

 

 

Disposal costs

-7%

to

-21%

(-12%)

Impaired loans- Residential mortgage

 
576 

Appraisal of collateral (1)

Appraisal adj. (2)
0% 

to
0% 
(0%)

 

 

 

 

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loan total

$
2,829 

 

 

 

 

 

 

Other real estate owned*

$
124 

 

Disposal costs (2)

-5%

to

-5%

(-5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurement

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Fair Value

Valuation

 

Range (Weighted

 

 

Estimate

Techniques

Unobservable Input

Average)

December 31, 2012

 

 

 

 

 

 

 

 

Impaired loans- Commercial construction

$
3,487 

Income approach

Appraisal adj. (2)
0% 

to

-40%

(-19%)

 

 

 

 

Disposal costs (2)

-2%

to

-10%

(-7%)

Impaired loans- Commercial mortgage

$
2,538 

Appraisal of collateral (1)

Disposal costs (2)

-5%

to

-7%

(-5%)

Impaired loan total

$
6,025 

 

 

 

 

 

 

*  As of December 31, 2013 there is only 1 OREO property in the table above.

(1)

Fair value is generally determined through independent appraisals or sales contracts of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

(2)

Appraisals are adjusted by management for qualitative factors and disposal costs.

Estimate Of The Fair Value Of All Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

Estimated

 

 

 

 

 

 

 

 

Carrying

 

Fair

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

Financial assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$
34,060 

$
34,060 

$
34,060 

$

 -

$

 -

AFS investment securities

 
121,659 

 
121,659 

 
18 

 
121,641 

 

 -

HTM investment securities

 
65,299 

 
63,402 

 

 -

 
63,402 

 

 -

Restricted stock

 
2,903 

 
2,903 

 

 -

 
2,903 

 

 -

Loans and leases, net of allowance

 
410,731 

 
402,569 

 

 -

 

 -

 
402,569 

Accrued interest receivable

 
2,297 

 
2,297 

 

 -

 
2,297 

 

 -

Financial liabilities

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 
101,853 

 
101,853 

 

 -

 
101,853 

 

 -

Interest-bearing deposits:

 
361,352 

 
361,352 

 

 -

 
361,352 

 

 -

Time

 
95,542 

 
95,648 

 

 -

 
95,648 

 

 -

Repurchase agreements

 
19,854 

 
19,854 

 

 -

 
19,854 

 

 -

FHLBP advances

 
10,000 

 
11,057 

 

 -

 
11,057 

 

 -

Junior subordinated debentures and other borrowings

 
9,279 

 
9,267 

 

 -

 
9,267 

 

 -

Accrued interest payable

 
376 

 
376 

 

 -

 
376 

 

 -

Off-balance sheet instruments

 

 -

 

 -

 

 -

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

Estimated

 

 

 

 

 

 

 

 

Carrying

 

Fair

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

Financial assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$
17,149 

$
17,149 

$
17,149 

$

 -

$

 -

AFS investment securities

 
135,288 

 
135,288 

 
14 

 
135,274 

 

 -

HTM investment securities

 
66,024 

 
68,307 

 

 -

 
68,307 

 

 -

Restricted stock

 
3,426 

 
3,426 

 

 -

 
3,426 

 

 -

Loans and leases, net of allowance

 
389,660 

 
391,533 

 

 -

 

 -

 
391,533 

Accrued interest receivable

 
2,470 

 
2,470 

 

 -

 
2,470 

 

 -

Financial liabilities

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 
85,055 

 
85,055 

 

 -

 
85,055 

 

 -

Interest-bearing deposits:

 
343,053 

 
343,053 

 

 -

 
343,053 

 

 -

Time

 
102,316 

 
103,045 

 

 -

 
103,045 

 

 -

Repurchase agreements

 
17,014 

 
17,014 

 

 -

 
17,014 

 

 -

FHLBP advances

 
20,000 

 
21,592 

 

 -

 
21,592 

 

 -

Junior subordinated debentures and other borrowings

 
9,279 

 
9,256 

 

 -

 
9,256 

 

 -

Accrued interest payable

 
421 

 
421 

 

 -

 
421 

 

 -

Off-balance sheet instruments

 

 -

 

 -

 

 -

 

 -

 

 -