NOTES TO THE CONSOLIDATED FEVANCIAL STATEMENTS  December 31,2012  BLUE RIDGE BANKSHARES, EVC.  Note 12. Disclosures About Fair Value of Financial Instruments  (Continued)  27  Investment securities: Fair values for investment securities are based on quoted market prices, if  available. If market prices are not available, quoted market prices of similar securities are used.  Cash and short term investments: The carrying amount for cash and short-term investments is a  reasonable estimate of fair value. Short-term investments consist of certificates of deposit in other  banks.  The following methods and assumptions are used to estimate the fair value of financial instmments:  2012  2011  Carrying  Amount  3,672.032  3,648,000  56,372,941  10,792,727  125,345,870  697,128  2,215,300  168,737,648  20,334,123  - 184,428  Fair Value  $ 3,672,032  3,648,000  57,124,197  10,792,727  132,812,000  697,128  2,215,300  170,474,000  20,999,000  - 184,428  Carrying  Amount  $ 3,344,344  - 63,096,827  9,609,881  115,416,996  611,229  2,143,800  163,439,704  17,592,857  752,000  150,130  Fair Value  - 63,311,205  9,609,881  123,133,171  611,229  2,143,800  165,839,000  18,465,000  752,000  150,130  Financial Assets  Cash and short-term investments  Federal funds sold  Investment Securities  Loans held for sale  Net loans held for investment  Accrued interest receivable  Bank-owned life insurance  Financial Liabilities  Deposits  Other borrowed funds  Federal funds purchased  Accrued interest payable  The following table represents the estimates  December 31, 2012 and 2011:  of fair value of financial instmments as of  U.S. GAAP excludes certain items from the disclosure requirements, and accordingly, the aggregate fair  value of amounts presented do not represent the underlying value ofthe Company. Management does  not have the intention to dispose of a significant portion of its financial instmments and, therefore, the  unrealized gains or losses should not be interpreted as a forecast of future eamings and cash flows.  In accordance with the requirements of U.S. GAAP, fair value disclosure estimates are being made for  like kind financial instruments. Fair value estimates are based on present value of expected future cash  flows, quoted market prices of similar fmancial instmments, if available, and other valuation techniques.  These valuations are significantly affected by the discount rates, cash flow assumptions and risk  assumptions used. Therefore, the fair value estimates may not be substantiated by comparison to  independent markets and are not intended to reflect the proceeds that may be realizable in an immediate  settlement ofthe financial instruments. 