Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis.

(in thousands)
September 30, 2013	Total		Level 1		Level 2		Level 3
Government-sponsored enterprises	$	3,499	$	—	$	3,499	$	—
Mortgage-backed securities		35		—		35		—
Corporate bonds		451		—		—		451
Equities and mutual funds		543		543		—		—
Total assets at fair value	$	4,528	$	543	$	3,534	$	451
Total liabilities at fair value	$	—	$	—	$	—	$	—

(in thousands)
December 31, 2012	Total		Level 1		Level 2		Level 3
Government-sponsored enterprises	$	2,505	$	—	$	2,505	$	—
Mortgage-backed securities		43		—		43		—
Corporate bonds		443		—		—		443
Equities and mutual funds		512		512		—		—
Total assets at fair value	$	3,503	$	512	$	2,548	$	443
Total liabilities at fair value	$	—	$	—	$	—	$	—

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For the nine months ended September 30, 2013 and 2012, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

	Level 3
	2013		2012
(in thousands)	Fair Value		Fair Value
Corporate Bonds – Available for Sale
Balance, January 1	$	443	$	451
Total unrealized gain (loss) included in income		—		—
Total unrealized gain (loss) included in other comprehensive income		8		—
Balance, September 30	$	451	$	451

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

Assets and liabilities measured at fair value on a nonrecurring basis are included in the table below.

(in thousands)
September 30, 2013	Total		Level 1		Level 2		Level 3
Loans-commercial and industrial	$	810	$	—	$	—	$	810
Loans-nonfarm, non-residential		1,267		—		—		1,267
Loans-1-4 family residential		64		—		—		64
Foreclosed assets		88		—		—		88
Servicing assets		263		—		—		263
Total assets at fair value	$	2,492	$	—	$	—	$	2,492
Total liabilities at fair value	$	—	$	—	$	—	$	—
(in thousands)
December 31, 2012	Total		Level 1		Level 2		Level 3
Loans-commercial and industrial	$	805	$	—	$	—	$	805
Loans-nonfarm, non-residential		1,485		—		—		1,485
Foreclosed assets		491		—		—		491
Servicing assets		63		—		—		63
Total assets at fair value	$	2,884	$	—	$	—	$	2,884
Total liabilities at fair value	$	—	$	—	$	—	$	—

Estimated Fair Values of Financial Instruments

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012.  

					Fair Value Measurements
(dollars in thousands)	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2013
Financial Instruments – Assets
Loans	$	178,519	$	178,779	$	—	$	—	$	178,779
Financial Instruments – Liabilities
Deposits		193,695		176,159		—		176,159		—
Long-Term Debt		7,750		8,141		—		8,141		—
December 31, 2012
Financial Instruments – Assets
Loans	$	173,578	$	173,813	$	—	$	—	$	173,813
Financial Instruments – Liabilities
Deposits		187,823		180,777		—		180,777		—
Long-Term Debt		7,750		8,291		—		8,291