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Deposits

12 Months Ended

Dec. 31, 2012

Deposits/Regulatory and Operational Matters [Abstract]

Note 7. Deposits

At December 31, 2012 and 2011, deposits consisted of the following:


		Weighted								Weighted
		Average								Average
		Interest Rate				2012				Interest Rate				2011
Non-interest bearing			—			$	65,176,125				—			$	65,613,374

Interest bearing:
Time certificates, less than $100,000			1.37	%			160,610,601				1.57	%			198,207,998
Time certificates, $100,000 or more			1.50	%			121,142,374				1.73	%			144,405,859
Money market			0.20	%			42,401,428				0.13	%			52,889,642
Savings			0.51	%			77,760,967				0.62	%			59,396,310
NOW			0.07	%			30,191,403				0.06	%			24,396,210

Total interest bearing							432,106,773								479,296,019

Total deposits						$	497,282,898							$	544,909,393

Included in time certificates are certificates of deposit through the Certificate of Deposit Account Registry Service (CDARS) network of $0 and $1,361,544 at December 31, 2012 and 2011, respectively. These are considered brokered deposits. Pursuant to the Agreement described in Note 17, 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. Included in total deposits above, approximately $24.7 million is related to deposits held for sale.

Interest expense on deposits consists of the following:


		Year Ended December 31,
		2012				2011				2010
Time certificates, less than $100,000		$	2,706,666			$	3,380,456			$	5,761,993
Time certificates, $100,000 or more			2,225,726				2,567,071				3,961,176
Money market			71,808				88,813				891,710
Savings			330,842				235,628				489,176
NOW			16,435				11,610				74,738

		$	5,351,477			$	6,283,578			$	11,178,793

Contractual maturities of time certificates of deposit as of December 31, 2012 are summarized below:


		Weighted Average Interest Rate
Due within:
1 year			1.09	%		$	203,941,972
1-2 years			2.68	%			46,561,996
2-3 years			2.17	%			17,080,107
3-4 years			1.67	%			5,615,039
4-5 years			1.58	%			8,553,861

			1.45	%		$	281,752,975

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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