FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

FAIR VALUE MEASUREMENTS

Schedule of assets measured at fair value on a recurring basis segregated by fair value hierarchy level

	Fair Value Measurements at September 30, 2013 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	(Level 1)		(Level 2)		(Level 3)		Total
Securities:
U.S. government agency obligations	$	—	$	32,338,410	$	—	$	32,338,410
State and municipal securities	—		42,459,962		—		42,459,962
Other securities	—		248,501		—		248,501
Mortgage-backed: residential	—		34,778,454		—		34,778,454
Total securities available for sale	$	—	$	109,825,327	$	—	$	109,825,327

	Fair Value Measurements at December 31, 2012 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	(Level 1)		(Level 2)		(Level 3)		Total
Securities:
U.S. government agency obligations	$	—	$	19,793,502	$	—	$	19,793,502
State and municipal securities	—		36,403,923		—		36,403,923
Other securities	—		248,501		—		248,501
Mortgage-backed: residential	—		31,834,154		—		31,834,154
Total securities available for sale	$	—	$	88,280,080	$	—	$	88,280,080

Schedule of assets measured at fair value on a nonrecurring basis by fair value hierarchy level

	Fair Value Measurements at September 30, 2013 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	(Level 1)		(Level 2)		(Level 3)		Total
Foreclosed assets:
Real estate:
One-to-four family	$	—	$	—	$	103,500	$	103,500
Multi-family	—		—		118,100		118,100
Commercial	—		—		788,070		788,070
Construction and land	—		—		2,687,740		2,687,740
Total foreclosed assets	$	—	$	—	$	3,697,410	$	3,697,410
Impaired loans:
Real estate loans:
One-to-four family	$	—	$	—	$	1,026,195	$	1,026,195
Commercial	—		—		878,549		878,549
	—		—		1,904,744		1,904,744
Commercial business	—		—		89,836		89,836
Consumer:
Home Equity	—		—		29,591		29,591
	—		—		29,591		29,591
Total impaired loans	$	—	$	—	$	2,024,171	$	2,024,171

	Fair Value Measurements at December 31, 2012 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	(Level 1)		(Level 2)		(Level 3)		Total
Foreclosed assets:
Real estate:
Commercial	$	—	$	—	$	755,000	$	755,000
Construction and land	—		—		2,926,988		2,926,988
Total foreclosed assets	$	—	$	—	$	3,681,988	$	3,681,988
Impaired loans:
Real estate loans:
One-to-four family	$	—	$	—	$	1,355,785	$	1,355,785
Multi-family	—		—		2,255,959		2,255,959
Commercial	—		—		500,590		500,590
	—		—		4,112,334		4,112,334
Commercial business	—		—		235,183		235,183
Consumer:
Automobile and other	—		—		7,163		7,163
	—		—		7,163		7,163
Total impaired loans	$	—	$	—	$	4,354,680	$	4,354,680

Schedule of quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2013:

	Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Foreclosed assets:
Real estate:
One-to-four family	$	103,500	Sales Comparison	Adjustment for difference between comparable sales	-2% to 20%	8.3	%
Multi-family	118,100		Sales Comparison	Adjustment for difference between comparable sales	2% to 26%	21.3	%
Commercial	788,070		Sales Comparison	Adjustment for difference between comparable sales	1% to 24%	10.5	%
Construction and land	2,687,740		Sales Comparison	Adjustment for difference between comparable sales	-59% to 47%	-3.1	%
Impaired loans:
Real estate loans:
One-to-four family	1,026,195		Sales Comparison	Adjustment for difference between comparable sales	-10% to 27%	4.2	%
Commercial	878,549		Sales Comparison	Adjustment for difference between comparable sales	-83% to 67%	-37.7	%
Commercial business	89,836		Sales Comparison	Adjustment for difference between comparable sales	-17% to 16%	2.7	%
Home Equity	29,591		Sales Comparison	Adjustment for difference between comparable sales	-9% to -3%	-5.6	%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2012:

	Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Foreclosed assets:
Real estate:
Commercial	$	755,000	Sales Comparison	Adjustment for difference between comparable sales	1% to 24%	10.5	%
Construction and land	2,926,988		Sales Comparison	Adjustment for difference between comparable sales	-4% to 47%	19.3	%
Impaired loans:
Real estate loans:
One-to-four family	$	1,355,785	Sales Comparison	Adjustment for difference between comparable sales	-5% to 9%	5.7	%
Multi-family	2,255,959		Sales Comparison	Adjustment for difference between comparable sales	1% to 18%	10.0	%
Commercial	500,590		Sales Comparison	Adjustment for difference between comparable sales	5% to 17%	12.3	%
Commercial business	235,183		Sales Comparison	Adjustment for difference between comparable sales	4% to 50%	22.8	%
Automobile and other	7,163		Liquidation Value	Adjustment to reflect realizable value	-50% to 0%	-50.0	%