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Related Party Transactions
 12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

Note 18. 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 2012 and 2011 are as follows:

 

                 
    2012     2011  

Balance, beginning of year

   $ 2,068,939     $ 3,514,460  

Additional Loans

     483       7,012  

Repayments

     (2,069,300 )      (1,452,533 ) 
   

 

 

    

 

 

  

Balance, end of year

   $ 122     $ 2,068,939  
   

 

 

    

 

 

  

Related party deposits aggregated approximately $3,224,946 and $3,520,901 as of December 31, 2012 and 2011, respectively.

The Company leased office space to a director of the Company under one lease during 2012 and at December 31, 2011 and under two leases in 2010. Rental income under these leases for the years ended December 31, 2012, 2011 and 2010, was approximately $15,266, $25,601 and $26,700 respectively.

During 2012, the Company paid legal fees of approximately $3,725 to an attorney who was a director of the Company during 2012. The Company paid legal fees of approximately $75 for his services during 2011. During 2010, the Company did not have a need for his legal services.

As of December 31, 2012, the Company has approximately $39,000 of receivables due from an affiliate for rent paid on its behalf.