Loan Servicing

12 Months Ended

Dec. 31, 2011

Loan Serving [Abstract]

Loan servicing

LOAN SERVICING

Mortgage loans serviced for others, consisting of loans sold to Fannie Mae and Freddie Mac, are not included in the accompanying balance sheets. Mortgage loan portfolios serviced for Fannie Mae and Freddie Mac were $244,629,625 and $245,139,672 at December 31, 2011 and 2010, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Total servicing fees received were $608,513, $522,491 and $498,979 during 2011, 2010 and 2009, respectively, and were included in mortgage banking income (loss). At December 31, 2011 and 2010, mortgage servicing rights were $1,871,244 and $2,144,139 respectively and are included in other assets on the consolidated balance sheets. Servicing rights recorded on loans originated and sold by the Bank and the changes in the fair value were recorded in the consolidated statements of income (loss) under the caption, mortgage banking income.

	2011			2010
Mortgage servicing assets, beginning of year	$	2,144,139		$	1,917,941
Capitalized	286,499			657,548
Change in fair value	(559,394		)	(431,350		)
Mortgage servicing assets, end of year	$	1,871,244		$	2,144,139