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Fair Value and Interest Rate Risk (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value and Interest Rate Risk [Abstract]

Financial Assets Measured at Fair Value on Recurring Basis


March 31, 2013	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2013
U.S. Government agency mortgage-backed securities	$	—	$	24,992,943	$	—	$	24,992,943
U.S. Government agency bonds		—		7,515,768		—		7,515,768
Corporate bonds		—		8,596,419		—		8,596,419

Securities available for sale	$	—	$	41,105,130	$	—	$	41,105,130


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
U.S. Government agency mortgage-backed securities	$	—	$	25,706,891	$	—	$	25,706,891
U.S. Government agency bonds				7,526,170		—		7,526,170
Corporate bonds		—		8,486,259		—		8,486,259

Securities available for sale	$	—	$	41,719,320	$	—	$	41,719,320

Financial Assets Measured at Fair Value on Non-Recurring Basis


March 31, 2013	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
Impaired Loans ⁽¹⁾	$	—	$	—	$	8,341,629	$	8,341,629

Other real estate owned ⁽²⁾	$	—	$	—	$	3,764,640	$	3,764,640

December 31, 2012
Impaired Loans ⁽¹⁾	$	—	$	—	$	8,424,786	$	8,424,786

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

⁽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


			March 31, 2013				December 31, 2012
	Fair Value Hierarchy		Carrying		Estimated		Carrying		Estimated
	Fair Value Hierarchy		Amount		Fair Value		Amount		Fair Value
Financial Assets:
Cash and noninterest bearing balances due from banks		Level 1	$	3,338	$	3,338	$	2,736	$	2,736
Interest-bearing deposits due from banks		Level 1		57,714		57,714		67,567		67,567
Short-term investments		Level 1		711		711		711		711
Other investments		Level 2		3,500		3,500		3,500		3,500
Federal Reserve Bank stock		Level 1		1,694		1,694		1,730		1,730
Federal Home Loan Bank stock		Level 1		4,143		4,143		4,344		4,344
Loans receivable, net		Level 3		455,941		460,601		458,794		464,551
Accrued interest receivable		Level 1		1,886		1,886		1,894		1,894
Financial Liabilities:
Demand deposits		Level 1	$	59,814	$	59,814	$	65,176	$	65,176
Savings deposits		Level 1		95,438		95,438		77,761		77,761
Money market deposits		Level 1		39,026		39,026		42,401		42,401
NOW accounts		Level 1		28,497		28,497		30,191		30,191
Time deposits		Level 2		268,911		271,515		281,753		284,974
FHLB Borrowings		Level 2		50,000		52,312		50,000		52,448
Securities sold under repurchase agreements		Level 2		7,000		7,642		7,000		7,683
Subordinated debentures		Level 2		8,248		8,248		8,248		8,248
Accrued interest payable		Level 1		1,306		1,306		1,241		1,241

- 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