Fair value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements Tables

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and December 31, 2011 are as follows:

	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2012
US Treasury Note	$	6,240,938	$	—	$	—	$	6,240,938
Government Sponsored Enterprises	$	—	$	18,446,092	$	—	$	18,446,092
Municipal Securities	$	—	$	34,275,641	$	—	$	34,275,641
Mortgage loans held for sale	$	—	$	14,092,588	$	—	$	14,092,588
Total	$	6,240,938	$	66,814,321	$	—	$	73,055,259

	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2011
US Treasury Note	$	6,310,782	$	—	$	—	$	6,310,782
Government Sponsored Enterprises	$	—	$	18,434,117	$	—	$	18,434,117
Municipal Securities	$	—	$	34,807,261	$	—	$	34,807,261
Mortgage loans held for sale	$	—	$	7,578,587	$	—	$	7,578,587
Total	$	6,310,782	$	60,819,965	$	—	$	67,130,747

Schedule Of Fair Value Measured on a Nonrecurring Basis

	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2012
Impaired loans	$	—	$	—	$	9,994,793	$	9,994,793
Total	$	—	$	—	$	9,994,793	$	9,994,793

	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2011
Impaired loans	$	—	$	—	$	5,553,481	$	5,553,481
Total	$	—	$	—	$	5,553,481	$	5,553,481

Schedule of carrying amount,estimated fair value and the financial hierarchy of entity's financial instruments

September 30, 2012
Fair Value Measurement
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Instruments-Assets
Loans	$	213,698,894	$	214,100,918	$	—	$	—	$	214,100,918
Financial Instruments- Liabilities
Deposits	$	272,945,109	$	272,971,679	$	—	$	272,971,679	$	—

December 31, 2011
Fair Value Measurement
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Instruments-Assets
Loans	$	213,709,112	$	214,294,224	$	—	$	—	$	214,294,224
Financial Instruments- Liabilities
Deposits	$	301,127,515	$	301,830,957	$	—	$	301,830,957	$	—

Schedule of Off Balance Sheet Financial Instruments

	September 30, 2012
	Notional Amount		Fair Value
Off Balance Sheet Financial
Instruments:
Commitments to extend credit	$	50,450,944	$	—
Standby letters of credit		862,662		—

	December 31, 2011
	Notional Amount		Fair Value
Off Balance Sheet Financial
Instruments:
Commitments to extend credit	$	47,629,822	$	—
Standby letters of credit		875,679		—