FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of estimated fair values of the company's financial instruments

			Fair Value Measurements at December 31, 2012 Using:
	Carrying		Quoted Prices in  Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair
	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	71,414,598	$	71,414,598	$	—	$	—	$	71,414,598
Interest-earning time deposits	1,749,744		—		1,749,744		—		1,749,744
Federal Home Loan Bank stock	2,887,763		—		—		—		N/A
Loans, net (excluding impaired loans at fair value)	390,513,946		—		—		398,541,271		398,541,271
Accrued interest receivable	1,592,307		—		445,151		1,147,156		1,592,307
Financial liabilities:
Non-interest bearing deposits	60,330,245		60,330,245		—		—		60,330,245
Interest-bearing deposits	400,043,801		249,519,944		151,235,158		—		400,755,102
Federal Home Loan Bank advances	21,966,750		—		22,222,771		—		22,222,771
Securities sold under agreement to repurchase	34,494,579		—		34,494,579		—		34,494,579
Subordinated debentures	4,000,000		—		4,000,000		—		4,000,000
Accrued interest payable	284,270		27,481		256,789		—		284,270

	December 31, 2011
	Carrying		Fair
	Amount		Value
Financial assets:
Cash and cash equivalents	$	39,361,409	$	39,361,409
Interest-earning time deposits	1,738,498		1,738,498
Federal Home Loan Bank stock	6,306,273		N/A
Loans, net (excluding impaired loans at fair value)	377,014,617		388,315,138
Accrued interest receivable	1,726,319		1,726,319
Financial liabilities:
Non-interest bearing deposits	39,256,851		39,256,851
Interest-bearing deposits	375,501,432		376,697,157
Federal Home Loan Bank advances	26,944,000		27,208,915
Securities sold under agreement to repurchase	36,874,298		36,874,298
Subordinated debentures	4,000,000		4,000,000
Accrued interest payable	417,828		417,828