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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Measurements [Abstract]  
Assets measured at fair value on a recurring basis
                                 
          Fair Value Measurements  

June 30, 2012:

   Fair Value     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		     Other
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Assets:

                                

U.S. treasury

   $ 2,040,781     $ —       $ 2,040,781     $ —    

Government sponsored enterprises

     71,048,653       —         71,048,653       —    

Asset-backed securities

     120,889,297       —         120,889,297       —    

Obligations of states and political subdivisions

     34,291,010       —         34,291,010       —    

Mortgage servicing rights

     2,666,498                       2,666,498  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 230,936,239     $ —       $ 228,269,741     $ 2,666,498  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                                 
          Fair Value Measurements  

December 31, 2011:

   Fair Value     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		     Other
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Assets:

                                

U.S. treasury

   $ 2,054,102     $ —       $ 2,054,102     $ —    

Government sponsored enterprises

     70,313,978       —         70,313,978       —    

Asset-backed securities

     107,328,618       —         107,328,618       —    

Obligations of states and political subdivisions

     34,109,303       —         34,109,303       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 213,806,001     $ —       $ 213,806,001     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
                 
    Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)
Mortgage Servicing Rights		  
    Three Months Ended
June 30, 2012		     Six Months Ended
June 30, 2012		  

Balance at beginning of period

   $ 2,746,606     $ 2,512,103  

Total gains or losses (realized/unrealized):

                

Included in earnings

     (80,108 )      154,395  

Included in other comprehensive income

     —         —    
   

 

 

    

 

 

  

Balance at end of period

   $ 2,666,498     $ 2,666,498  
   

 

 

    

 

 

  

Total gains or losses for the three and six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2012

   $ 106,045     $ 275,627  
   

 

 

    

 

 

  
Valuation methodologies used for assets and liabilities recorded at fair value on a nonrecurring basis
                                         
    Fair Value Measurements Using  

Description

   Fair Value
June 30,
2012		     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		     Other
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		     Total Gains
(Losses)*		  

Impaired loans:

                                        

Commercial, financial, & agricultural

   $ 2,242,464     $ —       $ —       $ 2,242,464     $ (48,634 ) 

Real estate construction - residential

     129,980       —         —         129,980       —    

Real estate construction - commercial

     5,553,002       —         —         5,553,002       —    

Real estate mortgage - residential

     2,260,515       —         —         2,260,515       (545,454 ) 

Real estate mortgage - commercial

     12,842,110       —         —         12,842,110       (1,022,597 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 23,028,071     $ —       $ —       $ 23,028,071     $ (1,616,685 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other real estate owned and repossessed assets

   $ 21,582,893     $ —       $ —       $ 21,582,893     $ (408,527 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                         
    Fair Value Measurements Using  

Description

   Fair Value
December 31,
2011		     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		     Other
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		     Total Gains
(Losses)*		  

Impaired loans:

                                        

Commercial, financial, & agricultural

   $ 642,745     $ —       $ —       $ 642,745     $ (2,135,996 ) 

Real estate construction - residential

     396,460       —         —         396,460       (1,556,738 ) 

Real estate construction - commercial

     6,028,792       —         —         6,028,792       (279,088 ) 

Real estate mortgage - residential

     3,600,744       —         —         3,600,744       (1,509,328 ) 

Real estate mortgage - commercial

     15,980,238       —         —         15,980,238       (5,841,988 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 26,648,979     $ —       $ —       $ 26,648,979     $ (11,323,138 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other real estate owned and repossessed assets

   $ 16,020,023     $ —       $ —       $ 16,020,023     $ (2,111,929 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* Total gains (losses) reported for other real estate owned and repossessed assets includes charge offs, valuation write downs, and net losses taken during the periods reported.