Estimated Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2011

Estimated Fair Value Of Financial Instruments [Abstract]

Estimated Fair Value Of Financial Instruments

NOTE 21 - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values of the Company's financial instruments were as follows:

	December 31,
	2011				2010
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
Financial Assets
Cash and due from banks	$	6,803,057	$	6,803,057	$	7,043,911	$	7,043,911
Federal funds sold		12,620,000		12,620,000		5,110,000		5,110,000
Investment securities		28,626,473		28,626,473		24,655,686		24,655,686
Loans, gross		93,381,365		94,402,712		119,914,200		120,947,231
Cash surrender value of life insurance policies		1,975,187		1,975,187		1,908,112		1,908,112
Financial Liabilities
Deposits		138,862,594		137,939,619		140,646,392		139,176,006
Fed Funds purchased and customer sweeps		67,550		67,550		895,937		895,937
Customer repurchase agreements		1,700,000		1,700,000		2,050,000		2,137,395
Borrowings from FHLB		2,441,505		2,615,148		6,592,338		6,731,378
Broker repurchase agreements		3,000,000		3,095,282		5,000,000		5,212,655

     The table below presents the balances of assets measured at fair value on a recurring or nonrecurring basis by level within the hierarchy of inputs that may be used to measure fair value. Assets valued at fair value on a recurring basis are those valued at fair value at each balance sheet date, whereas those valued on a nonrecurring basis are not re-measured as of each balance sheet date. There are no liabilities measured at fair value on a recurring basis.

	December 31, 2011
		Total		Level 1	Level 2			Level 3
Investment securities, recurring	$	28,626,473	$	18,972,486	$	8,770,137	$	883,850
Other real estate owned, nonrecurring	$	16,545,488	$	-	$	-	$	16,545,488
Impaired loans, nonrecurring	$	5,211,888	$	-	$	-	$	5,211,888
	December 31, 2010
		Total		Level 1	Level 2			Level 3
Investment securities, recurring	$	24,655,686	$	15,369,729	$	8,222,607	$	1,063,350
Other real estate owned, nonrecurring	$	10,278,599	$	-	$	-	$	10,278,599
Impaired loans, nonrecurring	$	10,414,838	$	-	$	-	$	10,414,838

The table below represents the activity in Level 3 assets that are measured at fair value on a recurring basis for the period January 1, to December 31,

Other Investments		2011			2010
Beginning balance	$	1,063,350		$	1,142,050
Total realized and unrealized gains or losses:
Included in earnings		-			-
Included in other comprehensive income		-			-
Purchases (Federal Reserve Bank stock)		17,900			-
Sales (redemptions by FHLB)		(197,400	)		(78,700	)
Principal reductions		-			-
Transfers in and/or out of Level 3		-			-
Ending balance	$	883,850		$	1,063,350