Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Schedule of Assets Recorded at Fair Value on a Recurring Basis

Assets Recorded at Fair Value on a Recurring Basis:

The table below presents the recorded amount of assets measured at fair value on a recurring basis as of June 30, 2012.

		Level 1		Level 2		Level 3		Total
Investment securities available for sale:
State and municipal securities	$	0	$	1,331,596	$	0	$	1,331,596
Residential mortgage-backed securities		0		12,781,164		0		12,781,164
Equity securities		130,400		0		0		130,400
Total	$	130,400	$	14,112,760	$	0	$	14,243,160

Schedule of Fair Value of Assets Recorded on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of June 30, 2012.

		Level 1		Level 2		Level 3		Total
Foreclosed assets	$	0	$	2,009,595	$	0	$	2,009,595
Impaired loans		0		2,194,230		0		2,194,230
Total assets at fair value	$	0	$	4,203,825	$	0	$	4,203,825

Schedule of Estimated Carrying and Fair Value of Assets and Liabilities

The carrying amount and estimated fair values of the Corporation’s assets and liabilities which are required to be either disclosed or recorded at fair value at June 30, 2012, and December 31, 2011, are as follows:

	June 30, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(Dollars in thousands)				(Dollars in thousands)
Assets:
Cash and cash equivalents	$	26,008	$	26,008	$	21,050	$	21,050
Investment securities available for sale		14,243		14,243		28,641		28,641
Investment securities held to maturity		57,778		59,774		52,339		54,159
Federal Home Loan Bank stock		1,594		1,594		1,787		1,787
Loans	$	191,429	$	189,722	$	178,202	$	177,178
Liabilities:
Deposits	$	259,260	$	259,734	$	248,911	$	249,211
FHLB advances	$	24,000	$	24,831	$	24,000	$	25,130