DIMECO INC - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - September 14, 2011

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10-Q/A - QUARTERLY REPORT AMENDMENT - DIMECO INCv232331_10qa.htm
v2.3.0.11
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2011
FAIR VALUE MEASUREMENTS
NOTE 6 – FAIR VALUE MEASUREMENTS

The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad levels defined by U.S. generally accepted accounting principles are as follows:

Level I:
Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

Level II:
Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed.

Level III:
Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

This hierarchy requires the use of observable market data when available. 

The following is a description of the valuation methodologies the Company uses for financial instruments recorded at fair value on either a recurring or nonrecurring basis:

Securities Available for Sale

Securities available for sale consists of both debt and equity securities.  These securities are recorded at fair value on a recurring basis.  At June 30, 2011 and December 31, 2010, all of these securities used valuation methodologies involving market based or market derived information, collectively Level I and Level II measurements, to measure fair value.

The Company closely monitors market conditions involving assets that have become less actively traded.  If the fair value measurement is based upon recent observable market activity of such assets or comparable assets (other than forced or distressed transactions) that occur in sufficient volume, and do not require significant adjustment using unobservable inputs, those assets are classified as Level I or Level II; if not, they are classified as Level III.  Making this assessment requires significant judgment.

The Company uses prices from independent pricing services and, to a lesser extent, indicative (non-binding) quotes from independent brokers to measure securities.

The following tables present the assets reported on the consolidated statements of financial condition at their fair value as of June 30, 2011 and December 31, 2010 by level within the fair value hierarchy.  As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands).

   
June 30, 2011
  
   
Level I
    
Level II
    
Level III
    
Total
  
Assets:
                        
U.S. government agencies
   $ -     $ 12,377     $ -     $ 12,377  
Mortgage-backed securities of government- sponsored entities
     -       26,121       -       26,121  
Collateralized mortgage obligations of government-sponsored entities
     -       2,714       -       2,714  
Obligations of states and political subdivisions:
                                
Taxable
     -       1,289       -       1,289  
Tax-exempt
     -       33,135       -       33,135  
Corporate securities
     -       3,669       -       3,669  
Commercial paper
     7,399       -       -       7,399  
Total debt securities
     7,399       79,305       -       86,704  
                                 
Equity securities
     136       -       -       136  
Equity securities of financial institutions
     432       -       -       432  
Total
   $ 7,967     $ 79,305     $ -     $ 87,272  
 
    December 31, 2010  
   
Level I
    
Level II
    
Level III
    
Total
  
Assets:
                        
U.S. government agencies
   $ -     $ 12,774     $ -     $ 12,774  
Mortgage-backed securities of government-
     -       24,274       -       24,274  
Obligations of states and political subdivisions:
                                
Taxable
     -       1,199       -       1,199  
Tax-exempt
     -       27,979       -       27,979  
Corporate securities
     -       4,730       -       4,730  
Commercial paper
     8,099       -       -       8,099  
Total debt securities
     8,099       70,956       -       79,055  
                                 
Equity securities
     145                       145  
Equity securities of financial institutions
     455       -       -       455  
Total
   $ 8,699     $ 70,956     $ -     $ 79,655  

The following table presents the assets measured on a nonrecurring basis on the consolidated statements of financial condition at their fair value as of June 30, 2011 and December 31, 2010, by level within the fair value hierarchy.  Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral that secure the impaired loan include: quoted market prices for identical assets classified as Level I inputs; observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs.  In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs (in thousands).

    June 30, 2011  
   
Level I
    
Level II
    
Level III
    
Total
  
Assets measured on a nonrecurring basis:
                        
Impaired loans
   $ -     $ -     $ 11,154     $ 11,154  
Other real estate owned
   $ -     $ -     $ 4,192     $ 4,192  
Mortgage servicing rights
   $ -     $ -     $ 580     $ 580  

    December 31, 2010  
   
Level I
    
Level II
    
Level III
    
Total
  
Assets measured on a nonrecurring basis:
                        
Impaired loans
   $ -     $ 13,755     $ -     $ 13,755  
Other real estate owned
   $ -     $ 960     $ -     $ 960  
Mortgage servicing rights
   $ -     $ -     $ 549     $ 549  
 

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