SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Summary Of Significant Accounting Policies 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 December 31, 2012 and December 31, 2011 are as follows:

Balance at December 31, 2012
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
US Treasury Notes	$	6,213,750	$	—	$	—	$	6,213,750
Government Sponsored Enterprises	$	—	$	18,344,032	$	—	$	18,344,032
Municipal Securities	$	—	$	33,956,434	$	—	$	33,956,434
Total	$	6,213,750	$	52,300,466	$	—	$	58,514,216

Balance at December 31, 2011
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
US Treasury Notes	$	6,310,782	$	—	$	—	$	6,310,782
Government Sponsored Enterprises	$	—	$	18,434,117	$	—	$	18,434,117
Municipal Securities	$	—	$	34,807,261	$	—	$	34,807,261
Total	$	6,310,782	$	53,241,378	$	—	$	59,552,160

Schedule of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis

The following table presents the assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of December 31, 2012, and 2011, for which a nonrecurring change in fair value has been recorded during the twelve months ended December 31, 2012, and 2011.

December 31, 2012
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	9,499,621	$	9,499,621
Mortgage loans held for sale		—		18,479,878		—		18,479,878
Total	$	—	$	18,479,878	$	9,499,621	$	27,979,499

December 31, 2011
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	5,553,481	$	5,553,481
Mortgage loans held for sale		—		7,578,587		—		7,578,587
Total	$	—	$	7,578,587	$	5,553,481	$	13,132,068

Schedule of nonrecurring measurements valuation inputs

		Inputs
	Valuation Technique	Unobservable Input	General Range of Inputs
Nonrecurring measurements:
Impaired Loans	Discounted Appraisals	Collateral Discounts	0 – 25%

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

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2012 and December 31, 2011. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.

December 31, 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	$	217,128,624	$	217,432,537	$	—	$	—	$	217,432,537
Financial Instruments- Liabilities
Deposits	$	291,073,843	$	291,094,742	$	—	$	291,094,742	$	—

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

	December 31, 2012
	Notional Amount		Fair Value
Off-Balance Sheet Financial
Instruments:
Commitments to extend credit	$	51,444,731	$	—
Standby letters of credit		749,712		—

	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		—