CONDENSED FINANCIAL STATEMENTS- PARENT COMPANY ONLY (Tables)

12 Months Ended

Dec. 31, 2012

CONDENSED FINANCIAL STATEMENTS- PARENT COMPANY ONLY

Schedule of condensed statements of financial condition - Parent Company Only

	December 31,
	2012		2011
ASSETS
CASH AND CASH EQUIVALENTS:
Cash	$	2,054,321	$	1,751,571
Mortgage-backed securities - available for sale at fair value	—		987,983
Accrued interest receivable on investments	—		4,046
Deferred tax asset	37,849		31,997
Investment in wholly owned subsidiaries	52,953,921		51,642,535
Other assets	677,648		11,091
TOTAL ASSETS	$	55,723,739	$	54,429,223
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Accounts payable, accrued expenses and other liabilities	$	398,177	$	156,213
Total Liabilities	398,177		156,213
STOCKHOLDERS’ EQUITY:
Preferred stock, no stated par value; 10,000,000 shared authorized; none issued and outstanding	—		—
Common stock authorized, 20,000,000 shares at $.0001 par value 8,016,607 and 7,995,232 shares issued and outstanding	802		799
Additional paid-in capital	11,206,794		11,095,646
Retained earnings - substantially restricted	43,256,158		42,230,566
Accumulated other comprehensive income	861,808		945,999
Total stockholders’ equity	55,325,562		54,273,010
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	55,723,739	$	54,429,223

Schedule of condensed statement of statement of operations - Parent Company Only

Condensed Statement of Operations

	Years Ended December 31,
	2012			2011
INTEREST INCOME:
Interest on mortgage-backed securities	$	29,046		$	67,717
Total interest income	29,046			67,717
NON-INTEREST EXPENSES:
Salaries and benefits	63,600			60,000
Professional services	297,746			159,865
Other taxes	80,996			133,957
Other expenses	163,290			122,356
Total non-interest expenses	605,632			476,178
LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARIES	(576,586		)	(408,461		)
INCOME TAX BENEFIT	217,042			159,600
EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARIES	1,385,136			1,497,670
NET EARNINGS	$	1,025,592		$	1,248,809

Schedule of condensed statement of statement of cash flows - Parent Company Only

Condensed Statement of Cash Flows

	Year Ended December 31,
	2012			2011
Cash Flows from Operating Activities
Net earnings	$	1,025,592		$	1,248,809
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Equity in undistributed income of subsidiaries	(1,385,136		)	(1,497,670		)
Excess tax benefits from share based payment	—			(2,450		)
Accretion of (discounts)/premiums on MBS	(370		)	(2,035		)
Decrease in other assets	(662,511		)	(96,569		)
Decrease in income tax receivable	—			336,060
Deferred income tax benefit	947			12,637
Increase in current liabilities	241,964			27,690
Net cash (used in) provided by operating activities	(779,514		)	26,472
Cash Flows from Investing Activities
Repayment and proceeds from sale on MBS available for sale	971,112			791,400
Net cash provided by investing activities	971,112			791,400
Cash Flows from Financing Activities
Exercise of stock options	111,151			220,642
Excess tax benefits from tax-based compensation	—			2,450
Net cash provided by financing activities	111,151			223,092
INCREASE IN CASH	302,749			1,040,964
CASH AT THE BEGINNING OF YEAR	1,751,572			710,608
CASH AT END OF YEAR	$	2,054,321		$	1,751,572