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Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
Related Party Transactions

Note 17. Related Party Transactions

In the normal course of business, the Company grants loans to executive officers, directors and members of their immediate families, as defined, and to entities in which these individuals have more than a 10% equity ownership. Such loans are transacted at terms, including interest rates, similar to those available to unrelated customers.

Changes in loans outstanding to such related parties during 2011 and 2010 are as follows:

 

                 
    2011     2010  

Balance, beginning of year

   $ 3,514,460     $ 3,540,593  

Additional Loans

     7,012       184,257  

Repayments

     (1,452,533 )      (210,390 ) 
   

 

 

    

 

 

  

Balance, end of year

   $ 2,068,939     $ 3,514,460  
   

 

 

    

 

 

  

Related party deposits aggregated approximately $3,520,901 and $3,131,000 as of December 31, 2011 and 2010, respectively.

The Company leases office space to a director of the Company under one lease at December 31, 2011 and under two leases in 2010 and 2009. Rental income under these leases for the years ended December 31, 2011, 2010 and 2009, was approximately $25,601, $26,700 and $26,700 respectively.

During 2009, the Company paid legal fees of approximately $2,700 to an attorney who is a director of the Company. During 2010, the Company did not have a need for his legal services. The Company paid legal fees of approximately $75 for his services during 2011.