Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Assets and Liabilities [Abstract]

Assets and Liabilities Measured at Fair Value

	June 30, 2012
	Total		Level 1		Level 2		Level 3		Total Gains (Losses)
Assets
Recurring fair value measurements:
Debt securities available for sale:
U.S. Government sponsored enterprises (GSEs)	$	1,994,310	$	—	$	1,994,310	$	—
State, county and municipals		10,200,012		—		10,200,012		—
Mortgage-backed securities GSE residential		30,798,664		—		30,798,664		—
Trust preferred securities		365,438		—		—		365,438
Total debt securities available for sale		43,358,424		—		42,992,986		365,438
Equity securities		50,000		—		—		50,000
Investment securities available for sale	$	43,408,424	$	—	$	42,992,986	$	415,438
Nonrecurring fair value measurements:
Impaired loans	$	23,395,570	$	—	$	—	$	23,395,570	$	(245,761	)
Foreclosed real estate		—		—		—		—		—
Total nonrecurring fair value measurements	$	23,395,570	$	—	$	—	$	23,395,570	$	(245,761	)

	December 31, 2011
	Total		Level 1		Level 2		Level 3		Total Gains (Losses)
Assets
Recurring fair value measurements:
Debt securities available for sale:
State, county and municipals	$	15,964,231	$	—	$	15,964,231	$	—
Mortgage-backed securities GSE residential		25,924,471		—		25,924,471		—
Trust preferred securities		627,875		—		—		627,875
Total debt securities available for sale		42,516,577		—		41,888,702		627,875
Equity securities		50,000		—		—		50,000
Investment securities available for sale	$	42,566,577	$	—	$	41,888,702	$	677,875
Nonrecurring fair value measurements:
Impaired loans	$	21,155,090	$	—	$	—	$	21,155,090	$	(2,844,797	)
Foreclosed real estate		998,820		—		—		998,820		(166,680	)
Total nonrecurring fair value measurements	$	22,153,910	$	—	$	—	$	22,153,910	$	(3,011,477	)

Changes in Individual Securities

	June 30, 2012								December 31, 2011
	Debt Securities Available for Sale			Equity Securities		Total			Debt Securities Available for Sale		Equity Securities		Total
Opening balance	$	627,875		$	50,000	$	677,875		$	627,875	$	50,000	$	677,875
Total gains or losses for the period
Loss on OTTI Impairment included in earnings		(262,437	)		—		(262,437	)		—		—		—
Included in other comprehensive income		—			—		—			—		—		—
Closing balance	$	365,438		$	50,000	$	415,438		$	627,875	$	50,000	$	677,875

Carrying amount and fair values for other financial instruments that are not measured at fair value

	June 30, 2012
	Carrying		Fair Value Level
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Interest-bearing deposits at other financial institutions	$	698,819	$	698,819	$	—	$	—	$	698,819
Federal funds sold		2,990,000		2,990,000		—		—		2,990,000
Restricted equity securities		714,500		—		714,500		—		714,500
Loans, net		213,473,537		—		—		215,415,077		215,415,077
Financial liabilities:
Deposits		276,648,251		—		274,242,087		—		274,242,087
Note payable		275,250		—		—		275,250		275,250
Federal Home Loan Bank advances		5,500,000		—		5,500,355		—		5,500,355
Company guaranteed trust preferred securities		3,403,000		—		—		3,403,000		3,403,000

	December 31, 2011				June 30, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Interest-bearing deposits at other financial institutions	$	635,511	$	635,511	$	577,192	$	577,192
Federal funds sold		595,000		595,000		4,130,000		4,130,000
Restricted equity securities		792,900		792,900		910,300		910,300
Loans, net		215,018,097		217,575,824		225,166,605		227,831,633
Financial liabilities:
Deposits		276,898,782		276,218,543		281,808,258		279,833,832
Note payable		275,250		275,250		275,250		275,250
Federal Home Loan Bank advances		5,500,000		5,499,756		5,500,000		5,520,763
Company guaranteed trust preferred securities		3,403,000		3,403,000		3,403,000		3,403,000