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Fair Value and Interest Rate Risk (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Disclosures [Abstract] |
Financial Assets Measured at Fair Value on Recurring Basis | The following table details the financial assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine fair value:
|  | Quoted Prices in |  |  | Significant |  |  | Significant |  |  |  |
|  | Active Markets |  |  | Observable |  |  | Unobservable |  |  | Balance |
|  | for Identical Assets |  |  | Inputs |  |  | Inputs |  |  | as of |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | September 30, 2013 |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency mortgage- backed securities |  | $ | — |  |  | $ | 22,588,537 |  |  | $ | — |  |  | $ | 22,588,537 |
U.S. Government agency bonds |  |  | — |  |  |  | 7,186,905 |  |  |  | — |  |  |  | 7,186,905 |
Corporate bonds |  |  | — |  |  |  | 8,521,419 |  |  |  | — |  |  |  | 8,521,419 |
Securities available for sale |  | $ | — |  |  | $ | 38,296,861 |  |  | $ | — |  |  | $ | 38,296,861 |
|  | Quoted Prices in |  |  | Significant |  |  | Significant |  |  |  |
|  | Active Markets |  |  | Observable |  |  | Unobservable |  |  | Balance |
|  | for Identical Assets |  |  | Inputs |  |  | Inputs |  |  | as of |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2012 |
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 | The following tables reflect financial assets measured at fair value on a non-recurring basis as of September 30, 2013 and December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
|  | Quoted Prices in |  |  | Significant |  |  | Significant |  |  |  |
|  | Active Markets |  |  | Observable |  |  | Unobservable |  |  |  |
|  | for Identical Assets |  |  | Inputs |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Balance |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans (1) |  | $ | — |  |  | $ | — |  |  | $ | 10,797,658 |  |  | $ | 10,797,658 |
Other real estate owned (2) |  | $ | — |  |  | $ | — |  |  | $ | 3,845,041 |  |  | $ | 3,845,041 |
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 | The following is a summary of the carrying amounts and estimated fair values of the Company’s financial instruments not measured and not reported at fair value on the consolidated balance sheets at September 30, 2013 and December 31, 2012 (in thousands):
|  |  |  | September 30, 2013 |  |  | December 31, 2012 |
|  | Fair Value |  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
|  | Hierarchy |  | Amount |  |  | Fair Value |  |  | Amount |  |  | Fair Value |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and noninterest bearing balances due from banks |  | Level 1 |  | $ | 1,552 |  |  | $ | 1,552 |  |  | $ | 2,736 |  |  | $ | 2,736 |
Interest-bearing deposits due from banks |  | Level 1 |  |  | 21,785 |  |  |  | 21,785 |  |  |  | 67,567 |  |  |  | 67,567 |
Short-term investments |  | Level 1 |  |  | — |  |  |  | — |  |  |  | 711 |  |  |  | 711 |
Other investments |  | Level 2 |  |  | 3,500 |  |  |  | 3,500 |  |  |  | 3,500 |  |  |  | 3,500 |
Federal Reserve Bank stock |  | Level 1 |  |  | 1,518 |  |  |  | 1,518 |  |  |  | 1,730 |  |  |  | 1,730 |
Federal Home Loan Bank stock |  | Level 1 |  |  | 4,143 |  |  |  | 4,143 |  |  |  | 4,344 |  |  |  | 4,344 |
Loans receivable, net |  | Level 3 |  |  | 429,856 |  |  |  | 436,270 |  |  |  | 458,794 |  |  |  | 464,551 |
Accrued interest receivable |  | Level 1 |  |  | 1,551 |  |  |  | 1,551 |  |  |  | 1,894 |  |  |  | 1,894 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | Level 1 |  | $ | 58,110 |  |  | $ | 58,110 |  |  | $ | 65,176 |  |  | $ | 65,176 |
Savings deposits |  | Level 1 |  |  | 82,392 |  |  |  | 82,392 |  |  |  | 77,761 |  |  |  | 77,761 |
Money market deposits |  | Level 1 |  |  | 31,474 |  |  |  | 31,474 |  |  |  | 42,401 |  |  |  | 42,401 |
NOW accounts |  | Level 1 |  |  | 28,562 |  |  |  | 28,562 |  |  |  | 30,191 |  |  |  | 30,191 |
Time deposits |  | Level 2 |  |  | 240,585 |  |  |  | 241,653 |  |  |  | 281,753 |  |  |  | 284,974 |
FHLB Borrowings |  | Level 2 |  |  | 42,000 |  |  |  | 41,996 |  |  |  | 50,000 |  |  |  | 52,448 |
Securities sold under repurchase agreements |  | Level 2 |  |  | — |  |  |  | — |  |  |  | 7,000 |  |  |  | 7,683 |
Subordinated debentures |  | Level 2 |  |  | 8,248 |  |  |  | 8,248 |  |  |  | 8,248 |  |  |  | 8,248 |
Accrued interest payable |  | Level 1 |  |  | 1,312 |  |  |  | 1,312 |  |  |  | 1,241 |  |  |  | 1,241 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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