| Assets Measured at Fair Value on Recurring and Nonrecurring Basis |
The table below presents the balances of assets measured at fair
value on a recurring and nonrecurring basis as of March 31,
2014 and December 31, 2013. The Company had no liabilities
measured at fair value as of March 31, 2014 or
December 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Carrying Value |
|
| (In thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Measured on a Recurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$ |
0 |
|
|
$ |
21,817 |
|
|
$ |
0 |
|
|
$ |
21,817 |
|
|
Agency CMO
|
|
|
0 |
|
|
|
19,087 |
|
|
|
0 |
|
|
|
19,087 |
|
|
Agency notes and bonds
|
|
|
0 |
|
|
|
29,502 |
|
|
|
0 |
|
|
|
29,502 |
|
|
Municipal obligations
|
|
|
0 |
|
|
|
36,046 |
|
|
|
0 |
|
|
|
36,046 |
|
|
Mutual funds
|
|
|
2,141 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$ |
2,141 |
|
|
$ |
106,452 |
|
|
$ |
0 |
|
|
$ |
108,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Measured on a Nonrecurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
1,568 |
|
|
$ |
1,568 |
|
|
Land
|
|
|
0 |
|
|
|
0 |
|
|
|
118 |
|
|
|
118 |
|
|
Construction
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
0 |
|
|
|
0 |
|
|
|
2,596 |
|
|
|
2,596 |
|
|
Commercial business
|
|
|
0 |
|
|
|
0 |
|
|
|
639 |
|
|
|
639 |
|
|
Home equity and second mortgage
|
|
|
0 |
|
|
|
0 |
|
|
|
206 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
5,127 |
|
|
$ |
5,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
|
$ |
0 |
|
|
$ |
511 |
|
|
$ |
0 |
|
|
$ |
511 |
|
|
Foreclosed real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
249 |
|
|
$ |
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total foreclosed real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
249 |
|
|
$ |
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Measured on a Recurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$ |
0 |
|
|
$ |
18,369 |
|
|
$ |
0 |
|
|
$ |
18,369 |
|
|
Agency CMO
|
|
|
0 |
|
|
|
20,241 |
|
|
|
0 |
|
|
|
20,241 |
|
|
Agency notes and bonds
|
|
|
0 |
|
|
|
30,914 |
|
|
|
0 |
|
|
|
30,914 |
|
|
Municipal obligations
|
|
|
0 |
|
|
|
36,040 |
|
|
|
0 |
|
|
|
36,040 |
|
|
Mutual funds
|
|
|
3,198 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$ |
3,198 |
|
|
$ |
105,564 |
|
|
$ |
0 |
|
|
$ |
108,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Measured on a Nonrecurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
1,928 |
|
|
$ |
1,928 |
|
|
Land
|
|
|
0 |
|
|
|
0 |
|
|
|
120 |
|
|
|
120 |
|
|
Construction
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
0 |
|
|
|
0 |
|
|
|
2,441 |
|
|
|
2,441 |
|
|
Commercial business
|
|
|
0 |
|
|
|
0 |
|
|
|
639 |
|
|
|
639 |
|
|
Home equity and second mortgage
|
|
|
0 |
|
|
|
0 |
|
|
|
263 |
|
|
|
263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
5,391 |
|
|
$ |
5,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
|
$ |
0 |
|
|
$ |
1,611 |
|
|
$ |
0 |
|
|
$ |
1,611 |
|
|
Foreclosed real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
466 |
|
|
$ |
466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total foreclosed real estate
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
466 |
|
|
$ |
466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Carrying Value and Estimated Fair Value of Financial Instruments |
The estimated fair values of the Company’s financial
instruments are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Carrying |
|
|
Fair |
|
|
Fair Vale Measurements
Using |
|
| (In thousands) |
|
Value |
|
|
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
18,888 |
|
|
$ |
18,888 |
|
|
$ |
18,888 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Interest-bearing time deposits
|
|
|
4,425 |
|
|
|
4,425 |
|
|
|
0 |
|
|
|
4,425 |
|
|
|
0 |
|
|
Securities available for sale
|
|
|
108,593 |
|
|
|
108,593 |
|
|
|
2,141 |
|
|
|
106,452 |
|
|
|
0 |
|
|
Securities held to maturity
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
8 |
|
|
|
0 |
|
|
Loans held for sale
|
|
|
511 |
|
|
|
520 |
|
|
|
0 |
|
|
|
520 |
|
|
|
0 |
|
|
Loans, net
|
|
|
287,224 |
|
|
|
287,522 |
|
|
|
0 |
|
|
|
0 |
|
|
|
287,522 |
|
|
FHLB stock
|
|
|
2,820 |
|
|
|
2,820 |
|
|
|
0 |
|
|
|
2,820 |
|
|
|
0 |
|
|
Accrued interest receivable
|
|
|
1,598 |
|
|
|
1,598 |
|
|
|
0 |
|
|
|
1,598 |
|
|
|
0 |
|
|
Cost method investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(included in other assets)
|
|
|
540 |
|
|
|
540 |
|
|
|
0 |
|
|
|
540 |
|
|
|
0 |
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
383,088 |
|
|
|
383,019 |
|
|
|
0 |
|
|
|
0 |
|
|
|
383,019 |
|
|
Retail repurchase agreements
|
|
|
8,832 |
|
|
|
8,832 |
|
|
|
0 |
|
|
|
8,832 |
|
|
|
0 |
|
|
Accrued interest payable
|
|
|
167 |
|
|
|
167 |
|
|
|
0 |
|
|
|
167 |
|
|
|
0 |
|
|
December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
11,136 |
|
|
$ |
11,136 |
|
|
$ |
11,136 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Interest-bearing time deposits
|
|
|
4,425 |
|
|
|
4,458 |
|
|
|
0 |
|
|
|
4,458 |
|
|
|
0 |
|
|
Securities available for sale
|
|
|
108,762 |
|
|
|
108,762 |
|
|
|
3,198 |
|
|
|
105,564 |
|
|
|
0 |
|
|
Securities held to maturity
|
|
|
9 |
|
|
|
9 |
|
|
|
0 |
|
|
|
9 |
|
|
|
0 |
|
|
Loans held for sale
|
|
|
1,611 |
|
|
|
1,644 |
|
|
|
0 |
|
|
|
1,644 |
|
|
|
0 |
|
|
Loans, net
|
|
|
288,506 |
|
|
|
287,753 |
|
|
|
0 |
|
|
|
0 |
|
|
|
287,753 |
|
|
FHLB stock
|
|
|
2,820 |
|
|
|
2,820 |
|
|
|
0 |
|
|
|
2,820 |
|
|
|
0 |
|
|
Accrued interest receivable
|
|
|
1,716 |
|
|
|
1,716 |
|
|
|
0 |
|
|
|
1,716 |
|
|
|
0 |
|
|
Cost method investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(included in other assets)
|
|
|
540 |
|
|
|
540 |
|
|
|
0 |
|
|
|
540 |
|
|
|
0 |
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
373,830 |
|
|
|
373,883 |
|
|
|
0 |
|
|
|
0 |
|
|
|
373,883 |
|
|
Retail repurchase agreements
|
|
|
9,310 |
|
|
|
9,310 |
|
|
|
0 |
|
|
|
9,310 |
|
|
|
0 |
|
|
Advances from FHLB
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
0 |
|
|
|
5,500 |
|
|
|
0 |
|
|
Accrued interest payable
|
|
|
192 |
|
|
|
192 |
|
|
|
0 |
|
|
|
192 |
|
|
|
0 |
|
|