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Deposits

12 Months Ended

Dec. 31, 2011

Deposits [Abstract]

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

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.

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