FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of carrying values and estimated fair values of financial instruments

	March 31, 2013
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	3,595,330	$	3,595,330	$	3,595,330	$	—	$	—
Interest bearing balances	17,813,864		17,813,864		17,813,864		—		—
Securities available-for-sale	94,699,269		94,699,269		—		94,699,269		—
Nonmarketable equity securities	1,449,400		1,449,400		—		—		1,449,400
Mortgage loans held for sale	—		—		—		—		—
Loans receivable	339,840,759		338,882,000		—		53,802,515		285,079,485

Financial Liabilities:
Demand deposit, interest-bearing transaction, and savings accounts	$	182,499,132	$	182,499,132	$	—	$	182,499,132	$	—
Certificates of deposit and other time deposits	273,120,180		272,888,000		—		272,888,000		—
Securities sold under agreements to repurchase	10,000,000		11,408,000		—		11,408,000		—
Advances from Federal Home Loan Bank	17,000,000		17,477,000		—		17,477,000		—
Junior subordinated debentures	14,434,000		14,494,554		—		—		14,494,554
ESOP borrowings	1,175,000		1,175,000		—		1,175,000		—

	December 31, 2012
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	1,977,621	$	1,977,621	$	1,977,621	$	—	$	—
Interest bearing balances	43,411,347		43,411,347		43,411,347		—		—
Securities available-for-sale	82,929,671		82,929,671		—		82,929,671		—
Nonmarketable equity securities	2,383,750		2,383,750		—		—		2,383,750
Mortgage loans held for sale	385,000		385,000		—		385,000		—
Loans receivable	339,727,732		340,179,000		—		54,421,546		285,757,454

Financial Liabilities:
Demand deposit, interest-bearing transaction, and savings accounts	$	171,453,057	$	171,453,057	$	—	$	171,453,057	$	—
Certificates of deposit and other time deposits	279,440,972		279,672,000		—		279,672,000		—
Securities sold under agreements to repurchase	10,000,000		11,508,000		—		11,508,000		—
Advances from Federal Home Loan Bank	34,000,000		34,478,000		—		34,478,000		—
Junior subordinated debentures	14,434,000		14,586,827		—		—		14,586,827
ESOP borrowings	1,225,000		1,225,000		—		1,225,000		—

	March 31, 2013				December 31, 2012
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	16,081,970	$	—	$	15,191,625	$	—
Letters of credit	418,058		—		399,041		—

Schedule of assets measured at fair value on a recurring basis

	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
March 31, 2013
Government sponsored enterprises	$	—	$	6,984,618	$	—
Mortgage-backed securities	—		83,363,776		—
SBA loan pools	—		4,350,875		—
Available-for-sale investment securities	—		94,699,269		—
Total	$	—	$	94,699,269	$	—

December 31, 2012
Government sponsored enterprises	$	—	$	21,929,021	$	—
Mortgage-backed securities	—		61,000,650		—
Available-for-sale investment securities	—		82,929,671		—
Total	$	—	$	82,929,671	$	—

Schedule of assets measured at fair value on a nonrecurring basis

	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
March 31, 2013
Impaired loans	$	—	$	53,802,515	$	—
Other real estate owned	—		22,474,363		—
Mortgage loans held for sale	—		—		—
Total	$	—	$	76,276,878	$	—

December 31, 2012
Impaired loans	$	—	$	54,421,546	$	—
Other real estate owned	—		22,646,747		—
Mortgage loans held for sale	—		385,000		—
Total	$	—	$	77,453,293	$	—

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

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