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Fair Value and Interest Rate Risk (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value and Interest Rate Risk [Abstract]

Financial Assets Measured at Fair Value on Recurring Basis

December 31, 2012

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, 2012

Corporate bonds

$

—

$

8,486,259

$

—

$

8,486,259

U.S. Government agency mortgage-backed securities

—

25,706,891

—

25,706,891

U.S. Government agency bonds

—

7,526,170

—

7,526,170

Securities available for sale

$

—

$

41,719,320

$

—

$

41,719,320


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
Corporate bonds		$	—			$	11,383,458			$	—			$	11,383,458
U.S. Government agency mortgage-backed securities			—				50,049,429				—				50,049,429
U.S. Government bonds			—				5,037,085				—				5,037,085

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

Financial Assets Measured at Fair Value on Non-Recurring Basis


		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance
December 31, 2012
Impaired Loans ⁽¹⁾		$	—			$	—			$	8,424,786			$	8,424,786

Other real estate owned ⁽²⁾		$	—			$	—			$	4,873,844			$	4,873,844

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

2012

2011

Fair Value
Hierarchy

Carrying
Amount

Estimated
Fair Value

Carrying
Amount

Estimated
Fair Value

Financial Assets:

Cash and noninterest bearing deposits due from banks

Level 1

$

2,736

$

2,736

$

4,242

$

4,242

Interest-bearing deposits due from banks

Level 1

67,567

67,567

50,474

50,474

Short-term investments

Level 1

711

711

710

710

Other Investments

Level 2

3,500

3,500

3,500

3,500

Federal Reserve Bank stock

Level 1

1,730

1,730

1,707

1,707

Federal Home Loan Bank stock

Level 1

4,344

4,344

4,508

4,508

Loans receivable, net

Level 3

458,794

464,551

501,477

511,648

Accrued interest receivable

Level 1

1,894

1,894

2,453

2,453

Financial Liabilities:

Demand deposits

Level 1

$

65,176

$

65,176

$

65,613

$

65,613

Savings deposits

Level 1

77,761

77,761

59,396

59,396

Money market deposits

Level 1

42,401

42,401

52,890

52,890

NOW accounts

Level 1

30,191

30,191

24,396

24,396

Time deposits

Level 2

281,753

284,974

342,614

347,246

FHLB borrowings

Level 2

50,000

52,448

50,000

52,645

Securities sold under repurchase agreements

Level 2

7,000

7,683

7,000

8,173

Subordinated debt

Level 2

8,248

8,248

8,248

8,248

Accrued interest payable

Level 1

1,241

1,241

949

949

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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