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Fair Value and Interest Rate Risk (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value and Interest Rate Risk [Abstract]

Financial assets measured at fair value on a recurring basis


September 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 September 30, 2012
U.S. Government agency mortgage- backed securities	$	—	$	2,505,107	$	—	$	2,505,107
U.S. Government bonds		—		7,491,913		—		7,491,913
Corporate bonds		—		8,317,911		—		8,317,911

Securities available for sale	$	—	$	18,314,931	$	—	$	18,314,931


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


September 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⁾	$	-	$	-	$	7,088,845	$	7,088,845

Other real estate owned ⁽²⁾	$	-	$	-	$	1,252,024	$	1,252,024

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

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

Carrying amounts and estimated fair values of financial instruments


			September 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	$	3,320	$	3,320	$	4,242	$	4,242
Interest-bearing deposits due from banks		Level 1		40,510		40,510		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		1,744		1,744		1,707		1,707
Federal Home Loan Bank stock		Level 1		4,344		4,344		4,508		4,508
Loans receivable, net		Level 3		493,110		503,121		501,477		511,648
Accrued interest receivable		Level 1		1,979		1,979		2,453		2,453

Financial Liabilities:
Demand deposits		Level 1	$	59,310	$	59,310	$	65,613	$	65,613
Savings deposits		Level 1		70,808		70,808		59,396		59,396
Money market deposits		Level 1		44,093		44,093		52,890		52,890
NOW accounts		Level 1		24,860		24,860		24,396		24,396
Time deposits		Level 2		284,884		288,818		342,614		347,246
FHLB Borrowings		Level 2		60,000		63,068		50,000		52,645
Securities sold under repurchase agreements		Level 2		7,000		7,737		7,000		8,173
Subordinated debentures		Level 2		8,248		8,248		8,248		8,248
Accrued interest payable		Level 1		1,166		1,166		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).

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