DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Disclosures Regarding Fair Value Of Financial Instruments Tables

Schedule of Fair Value of Financial Instruments

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of December 31, 2012 and 2011:

	2012
	Carrying Amount		Estimated Fair Value
Financial Assets:
Cash and due from banks	$	5,137,888	$	5,137,888
Interest bearing deposits in other banks		25,903,960		25,903,960
Investments available for sale		58,514,216		58,514,216
Mortgage loans to be sold		18,479,878		18,479,878
Loans		217,128,624		217,432,537
Financial Liabilities:
Deposits		291,073,843		291,094,742
Short-term borrowings		—		—
		Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	51,144,731	$	—
Standby letters of credit		749,712		—

	2011
	Carrying Amount		Estimated Fair Value
Financial Assets:
Cash and due from banks	$	4,559,194	$	4,559,194
Interest bearing deposits in other banks		47,504,282		47,504,282
Investments available for sale		59,552,160		59,552,160
Mortgage loans to be sold		7,578,587		7,578,587
Loans		213,709,112		214,294,224
Financial Liabilities:
Deposits		301,127,515		301,830,957
Short-term borrowings		—		—
		Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	47,629,822	$	—
Standby letters of credit		875,679		—