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Deposits | 12 Months Ended
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Dec. 31, 2011
Deposits [Abstract] |
Deposits | Note 7. Deposits At December 31, 2011 and 2010, deposits consisted of the following:
|  | Weighted |  |  |  |  |  | Weighted |  |  |  |
|  | Average |  |  |  |  |  | Average |  |  |  |
|  | Interest Rate |  |  | 2011 |  |  | Interest Rate |  |  | 2010 |
Non-interest bearing |  |  | — |  |  | $ | 65,613,374 |  |  |  | — |  |  | $ | 51,058,373 |
Interest bearing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time certificates, less than $100,000 |  |  | 1.57 | % |  |  | 198,207,998 |  |  |  | 1.79 | % |  |  | 251,296,558 |
Time certificates, $100,000 or more |  |  | 1.73 | % |  |  | 144,405,859 |  |  |  | 1.91 | % |  |  | 175,431,252 |
Money market |  |  | 0.13 | % |  |  | 52,889,642 |  |  |  | 0.15 | % |  |  | 92,683,478 |
Savings |  |  | 0.62 | % |  |  | 59,396,310 |  |  |  | 0.42 | % |  |  | 57,041,943 |
NOW |  |  | 0.06 | % |  |  | 24,396,210 |  |  |  | 0.08 | % |  |  | 19,297,225 |
Total interest bearing |  |  |  |  |  |  | 479,296,019 |  |  |  |  |  |  |  | 595,750,456 |
Total deposits |  |  |  |  |  | $ | 544,909,393 |  |  |  |  |  |  | $ | 646,808,829 |
Included in time certificates are certificates of deposit through the Certificate of Deposit Account Registry Service (CDARS) network of $1,361,544 and $2,879,838 at December 31, 2011 and 2010, respectively. These are considered brokered deposits. Pursuant to the Agreement described in Note 16, the level of deposits accepted from Bank customers, and the Bank’s participation in the CDARS program as an issuer of deposits to customers of other banks in the CDARS program, may not exceed 10% of total deposits. Interest expense on deposits consists of the following:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Time certificates, less than $100,000 |  | $ | 3,380,456 |  |  | $ | 5,761,993 |  |  | $ | 11,696,972 |
Time certificates, $100,000 or more |  |  | 2,567,071 |  |  |  | 3,961,176 |  |  |  | 7,131,275 |
Money market |  |  | 88,813 |  |  |  | 891,710 |  |  |  | 1,916,938 |
Savings |  |  | 235,628 |  |  |  | 489,176 |  |  |  | 1,119,982 |
NOW |  |  | 11,610 |  |  |  | 74,738 |  |  |  | 156,088 |
|  | $ | 6,283,578 |  |  | $ | 11,178,793 |  |  | $ | 22,021,255 |
Contractual maturities of time certificates of deposit as of December 31, 2011 are summarized below:
|  | Weighted Average |  |  |  |
|  | Interest Rate |  |  |  |
Due within: |  |  |  |  |  |  |  |
1 year |  |  | 1.02 | % |  | $ | 244,560,265 |
1-2 years |  |  | 3.56 | % |  |  | 41,199,563 |
2-3 years |  |  | 3.28 | % |  |  | 36,365,192 |
3-4 years |  |  | 2.44 | % |  |  | 15,006,481 |
4-5 years |  |  | 1.72 | % |  |  | 5,482,356 |
|  |  | 1.64 | % |  | $ | 342,613,857 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479006&loc=d3e64164-112818 + Details
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