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LOANS (Tables)
 12 Months Ended
Dec. 31, 2012
Loans Tables  
Schedule of Loans Receivable

Major classifications of loans are as follows:

 

   DECEMBER 31, 
   2012   2011 
         
Commercial loans  $54,664,286   $55,565,525 
Commercial Real Estate:          
Commercial real estate construction   2,276,532    3,564,327 
Commercial real estate other   108,575,415    106,408,621 
Consumer:          
Consumer real estate   46,703,454    43,185,861 
Consumer other   4,908,937    4,984,778 
    217,128,624    213,709,112 
Allowance for loan losses   (3,432,844)   (3,106,884)
           
Loans, net  $213,695,780   $210,602,228 

 
Schedule of changes in Allowance for Loan Losses

Changes in the Allowance for Loan Losses are summarized as follows:

 

 

   YEARS ENDED DECEMBER 31, 
   2012   2011   2010 
             
Balance at beginning of year  $3,106,884   $2,938,588   $3,026,997 
Provision for loan losses   350,000    480,000    670,000 
Charge offs   (172,288)   (383,714)   (778,820)
Recoveries   148,248    72,010    20,411 
Balance at end of year  $3,432,844   $3,106,884   $2,938,588 

 
Schedule of non-accrual loans

The following is a summary of the non-accrual loans as of December 31, 2012 and December 31, 2011.

 

Loans Receivable on Non-Accrual
December 31, 2012
Commercial  $4,085 
Commercial
Real Estate:		     
Commercial
Real Estate -
Construction		   — 
Commercial
Real Estate - Other		   3,921,750 
Consumer:     
Consumer -
Real Estate		   67,981 
Consumer - Other   — 
      
Total  $3,993,816 

  

Loans Receivable on Non-Accrual
December 31, 2011
Commercial  $4,018 
Commercial
Real Estate:		     
Commercial
Real Estate -
Construction		   — 
Commercial
Real Estate - Other		   851,672 
Consumer:   — 
Consumer -
Real Estate		   67,981 
Consumer - Other   — 
      
Total  $923,671 

 
Schedule of Bank's delinquent loans,excluding mortgage loans held for sale

The following is a schedule of the Bank’s delinquent loans, excluding mortgage loans held for sale, as of December 31, 2012 and December 31, 2011.

 

December 31, 2012
    30-59 Days Past Due    60-89 Days Past Due    Greater Than 90 Days    Total Past Due    Current    Total Loans Receivable    Recorded Investment > 90 Days and Accruing 
Commercial  $104,766    —    —    104,766    54,559,520    54,664,286    — 
Commercial Real Estate:                                   
Commercial Real Estate - Construction   —    —    —    —    2,276,532    2,276,532    — 
Commercial Real Estate - Other   93,487    336,315    3,074,397    3,504,199    105,071,216    108,575,415    — 
Consumer:                                   
Consumer Real Estate   —    —    —    —    46,703,454    46,703,454    — 
Consumer -
Other		   6,549    —    985    7,534    4,901,403    4,908,937    — 
Total  $204,802    336,315    3,075,382    3,616,499    213,512,125    217,128,624    — 

  

December 31, 2011
    30-59 Days Past Due    60-89 Days Past Due    Greater Than 90 Days    Total Past Due    Current    Total Loans Receivable    Recorded Investment > 90 Days and Accruing 
Commercial  $50,892    —    —    50,892    55,514,633    55,565,525    — 
Commercial Real Estate:                                   
Commercial Real Estate - Construction   —    —    —    —    3,564,327    3,564,327    — 
Commercial Real Estate -
Other		   1,268,321    —    788,167    2,056,488    104,352,133    106,408,621    282,173 
Consumer:                                   
Consumer Real Estate   —    —    —    —    43,185,861    43,185,861    — 
Consumer-
Other		   4,401    30,319    605    35,325    4,949,453    4,984,778    — 
Total  $1,323,614    30,319    788,772    2,142,705    211,566,407    213,709,112    282,173 

 
Schedule of loans individually evaluated and considered impaired

As of December 31, 2012 and 2011, loans individually evaluated and considered impaired are presented in the following table:

Impaired and Restructured Loans
For the Year Ended December 31, 2012
With no related allowance recorded:  Unpaid Principal Balance   Recorded Investment   Related Allowance   Average Recorded Investment   Interest Income Recognized 
Commercial  $296,350   $140,575   $—   $150,913   $51,151 
Commercial Real Estate   8,733,779    5,578,231    —    6,499,933    2,019,907 
Consumer Real Estate   319,536    311,543    —    315,763    61,381 
Consumer Other   —    —    —    —    — 
                          
Total  $9,349,665   $6,030,349   $—   $6,966,609   $2,132,439 
                          
With an allowance recorded:                         
Commercial  $1,360,535   $1,251,462   $1,251,462   $1,287,204   $168,739 
Commercial Real Estate   3,355,954    3,287,773    169,243    3,295,385    363,187 
Consumer Real Estate   882,750    879,252    528,510    879,391    344,262 
Consumer Other   50,000    49,443    49,443    49,570    6,009 
                          
Total  $5,649,239   $5,467,930   $1,998,658   $5,511,550   $882,197 
Grand Total  $14,998,904   $11,498,279   $1,998,658   $12,478,159   $3,014,636 

 

Impaired and Restructured Loans
For the Year Ended December 31, 2011
With no related allowance recorded:  Unpaid Principal Balance   Recorded Investment   Related Allowance   Average Recorded Investment   Interest Income Recognized 
Commercial  $83,350   $4,018   $—   $8,625   $315 
Commercial Real Estate   4,289,820    4,321,755    —    4,299,045    99,046 
Consumer Real Estate   319,536    315,926    —    317,776    12,596 
Consumer-Other   —    —    —    —    — 
Total  $4,692,706   $4,641,699   $—   $4,625,446   $111,957 
                          
With an allowance recorded:                         
 Commercial  $1,360,535   $1,281,462   $1,281,462   $1,298,891   $57,458 
Commercial Real Estate Construction   668,950    625,648    187,713    634,511    9,957 
Consumer Real Estate   822,750    819,341    345,494    819,423    34,636 
Consumer Other   50,000    49,742    49,742    49,742    — 
                          
Total  $2,902,235   $2,776,193   $1,864,411   $2,802,567   $102,051 
Grand Total  $7,594,941   $7,417,892   $1,864,411   $7,428,013   $214,008 
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at December 31, 2012 and December 31, 2011.

 

December 31, 2012 
     Commercial    

Commercial Real Estate Construction

    

Commercial Real Estate Other

    

Consumer – Real Estate

    Consumer – Other    Total 
                               
Pass  $47,803,837   $1,806,765   $94,779,321   $41,738,572   $4,197,256   $190,325,751 
Watch   4,551,804    —    2,554,099    2,971,631    344,583    10,422,117 
OAEM   561,563    469,767    4,957,130    650,412    205,638    6,844,510 
Sub-Standard   1,747,082    —    6,284,865    1,342,839    161,460    9,536,246 
Doubtful   —    —    —    —    —    — 
Loss   —    —    —    —    —    — 
                               
Total  $54,664,286   $2,276,532   $108,575,415   $46,703,454   $4,908,937   $217,128,624 

 

December 31, 2011 
    Commercial    

Commercial Real Estate Construction

    

Commercial Real Estate Other

    

Consumer – Real Estate

    

Consumer – Other

    Total 
                               
Pass  $48,160,256   $3,088,190   $93,889,871   $38,551,256   $4,390,391   $188,079,964 
Watch   4,000,123    476,137    4,581,885    3,312,679    214,617    12,585,441 
OAEM   2,071,137    —    1,905,745    212,545    311,905    4,501,332 
Sub-Standard   1,334,009    —    6,031,120    1,109,381    67,865    8,542,375 
Doubtful   —    —    —    —    —    — 
Loss   —    —    —    —    —    — 
                               
Total  $55,565,525   $3,564,327   $106,408,621   $43,185,861   $4,984,778   $213,709,112 

 
Schedule of changes in the allowance and an allocation of the allowance by loan category

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category at December 31, 2012 and December 31, 2011. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above.

 

December 31, 2012
    

Commercial

    

Commercial Real Estate

    

Consumer Real Estate

    

Consumer Other

    

Unallocated

    

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,586,510   $420,367   $450,338   $91,402   $558,267   $3,106,884 
Charge-offs   (60,042)   (43,734)   (56,487)   (12,025)   —    (172,288)
Recoveries   109,569    13,228    10,000    15,451    —    148,248 
Provisions   (321,502)   (109,086)   340,476    (6,762)   446,874    350,000 
Ending Balance   1,314,535    280,775    744,327    88,066    1,005,141    3,432,844 
Ending Balances:                              
Individually evaluated for impairment   1,392,037    8,866,004    1,190,795    49,443    —    11,498,279 
Collectively evaluated for impairment  $53,272,249   $101,985,943   $45,512,659   $4,859,494   $—   $205,630,345 

 

December 31, 2011
    

Commercial

    

Commercial Real Estate

    

Consumer Real Estate

    

Consumer Other

    

Unallocated

    

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,502,298   $128,334   $218,897   $27,200   $1,061,859   $2,938,588 
Charge-offs   (17,943)   (303,403)   —    (62,368)   —    (383,714)
Recoveries   42,662    28,838    —    510    —    72,010 
Provisions   59,493    566,598    231,441    126,060    (503,592)   480,000 
Ending Balance   1,586,510    420,367    450,338    91,402    558,267    3,106,884 
Ending Balances:                              
Individually evaluated for impairment   1,285,480    4,947,403    1,135,267    49,742    —    7,417,892 
Collectively evaluated for impairment  $54,280,045   $105,025,545   $42,050,594   $4,935,036   $—   $206,291,220 

 
Schedule of troubled debt restructurings

 

Restructured loans (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $1,618,278 and $491,153 at December 31, 2012 and December 31, 2011, respectively, and are illustrated in the following table.

 

Modification
As of December 31, 2012
   Number of Contracts   Pre-Modification Outstanding Recorded Investment   Post-Modification Outstanding Recorded Investment 
Troubled Debt Restructurings               
Commercial   1   $134,814   $134,814 
Commercial Real Estate   3   $1,371,983   $1,371,983 
Commercial Real Estate Construction       $    $  
Consumer Real Estate-Prime   1   $111,481   $111,481 
Consumer Real Estate-Subprime   —   $—   $— 
Consumer Other   —   $—   $— 
Troubled Debt Restructurings That Subsequently Defaulted               
Commercial   —   $—   $— 
Commercial Real Estate   —   $—   $— 
Commercial Real Estate Construction   —   $—   $— 
Consumer Real Estate-Prime   —   $—   $— 
Consumer Real Estate-Subprime   —   $—   $— 
Consumer Other   —   $—   $— 

 

Modification
As of December 31, 2011
   Number of Contracts   Pre-Modification Outstanding Recorded Investment   Post-Modification Outstanding Recorded Investment 
Troubled Debt Restructurings               
Commercial   —    —    — 
Commercial Real Estate   1   $375,323   $375,323 
Commercial Real Estate Construction   —   $—   $— 
Consumer Real Estate-Prime   1   $153,830   $153,830 
Consumer Real Estate-Subprime   —   $—   $— 
Consumer Other   —   $—   $— 
                
Troubled Debt Restructurings That Subsequently Defaulted               
Commercial   —   $—   $— 
Commercial Real Estate   1   $153,015   $153,015 
Commercial Real Estate Construction   —   $—   $— 
Consumer Real Estate-Prime   —   $—   $— 
Consumer Real Estate-Subprime   —   $—   $— 
Consumer Other   —   $—   $—