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Fair Value and Interest Rate Risk (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value and Interest Rate Risk [Abstract]

Financial assets measured at fair value on a recurring basis


June 30, 2012	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2012
U.S. Government agency mortgage- backed securities	$	—	$	39,642,765	$	—	$	39,642,765
U.S. Government bonds		—		5,016,920		—		5,016,920
Corporate bonds		—		11,682,945		—		11,682,945

Securities available for sale	$	—	$	56,342,630	$	—	$	56,342,630


December 31, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2011
U.S. Government agency mortgage- backed securities	$	—	$	50,049,429	$	—	$	50,049,429
U.S. Government bonds				5,037,085		—		5,037,085
Corporate bonds		—		11,383,458		—		11,383,458

Securities available for sale	$	—	$	66,469,972	$	—	$	66,469,972

Financial assets measured at fair value on a non-recurring basis


June 30, 2012	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
Impaired Loans ⁽¹⁾	$	—	$	—	$	4,168,705	$	4,168,705

Other real estate owned ⁽²⁾	$	—	$	—	$	288,144	$	288,144

December 31, 2011
Impaired Loans ⁽¹⁾	$	—	$	—	$	13,498,177	$	13,498,177

Other real estate owned ⁽²⁾	$	—	$	—	$	2,762,640	$	2,762,640

⁽¹⁾	Represents carrying value for which adjustments are based on the appraised value of the collateral.

⁽²⁾	Represents carrying value for which adjustments are based on the appraised value of the property.

Carrying amounts and estimated fair values of financial instruments


		June 30, 2012				December 31, 2011
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets:
Cash and noninterest bearing balances due from banks	Level 1	$	3,721	$	3,721	$	4,242	$	4,242
Interest-bearing deposits due from banks	Level 1		58,456		58,456		50,474		50,474
Short-term investments	Level 1		710		710		710		710
Other investments	Level 2		3,500		3,500		3,500		3,500
Federal Reserve Bank stock	Level 1		1,720		1,720		1,707		1,707
Federal Home Loan Bank stock	Level 1		4,344		4,344		4,508		4,508
Loans receivable, net	Level 3		483,858		491,095		501,477		511,648
Accrued interest receivable	Level 1		2,289		2,289		2,453		2,453

Financial Liabilities:
Demand deposits	Level 1	$	71,722	$	71,722	$	65,613	$	65,613
Savings deposits	Level 1		66,862		66,862		59,396		59,396
Money market deposits	Level 1		47,227		47,227		52,890		52,890
NOW accounts	Level 1		24,297		24,297		24,396		24,396
Time deposits	Level 2		311,986		317,852		342,614		347,246
FHLB Borrowings	Level 2		50,000		52,954		50,000		52,645
Securities sold under repurchase agreements	Level 2		7,000		7,683		7,000		8,173
Subordinated debentures	Level 2		8,248		8,248		8,248		8,248
Accrued interest payable	Level 1		1,096		1,096		949		949

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details