LOANS (Tables)

9 Months Ended

Sep. 30, 2012

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Loans consist of the following:

	September 30, 2012		December 31, 2011
Commercial real estate	$	406,261,770	$	370,383,885
Residential first mortgages		176,825,516		164,543,309
Construction and land development		31,639,206		36,744,865
Home equity and second mortgage		21,940,441		24,138,324
Commercial loans		86,057,488		101,968,056
Consumer loans		1,047,046		1,000,983
Commercial equipment		17,246,112		19,760,753
		741,017,579		718,540,175
Less:
Deferred loan fees		912,399		796,359
Allowance for loan loss		8,096,152		7,655,041
		9,008,551		8,451,400
	$	732,009,028	$	710,088,775

Allowance for Credit Losses on Financing Receivables [Table Text Block]

The loan receivables are disaggregated on the basis of the Company’s impairment methodology.

	Commercial Real Estate			Residential First Mortgage			Construction and Land Development			Home Equity and Second Mtg.			Commercial Loans			Consumer Loans			Commercial Equipment			Total
At and For the Three Months Ended September 30, 2012
Allowance for loan losses:
Balance at July 1,	$	3,478,458		$	901,505		$	596,854		$	212,791		$	1,968,491		$	18,316		$	287,722		$	7,464,137
Charge-offs		(50,034	)		(10,991	)		(5,995	)		(46,989	)		(413	)		-			(90	)		(114,512	)
Recoveries		-			429			-			-			23			-			-			452
Provisions		683,311			(3,991	)		40,378			18,402			(14,062	)		1,505			20,532			746,075
Balance at September 30,	$	4,111,735		$	886,952		$	631,237		$	184,204		$	1,954,039		$	19,821		$	308,164		$	8,096,152
At and For the Nine Months Ended September 30, 2012
Allowance for loan losses:
Balance at January 1,	$	2,525,199		$	539,205		$	354,385		$	143,543		$	3,850,294		$	19,119		$	223,296		$	7,655,041
Charge-offs		(171,867	)		(10,991	)		(5,995	)		(88,931	)		(693,461	)		(999	)		(149,884	)		(1,122,128	)
Recoveries		-			37,676			-			-			1,983			-			-			39,659
Provisions		1,758,403			321,062			282,847			129,592			(1,204,777	)		1,701			234,752			1,523,580
Balance at September 30,	$	4,111,735		$	886,952		$	631,237		$	184,204		$	1,954,039		$	19,821		$	308,164		$	8,096,152
Ending balance: individually evaluated for impairment	$	1,122,590		$	247,541		$	134,500		$	21,855		$	499,654		$	-		$	4,715		$	2,030,855
Ending balance: collectively evaluated for impairment	$	2,989,145		$	639,411		$	496,737		$	162,349		$	1,454,385		$	19,821		$	303,449		$	6,065,297
Loan receivables:
Ending balance	$	406,261,770		$	176,825,516		$	31,639,206		$	21,940,441		$	86,057,488		$	1,047,046		$	17,246,112		$	741,017,579
Ending balance: individually evaluated for impairment	$	23,039,920		$	4,011,851		$	5,217,025		$	293,855		$	12,972,808		$	60,925		$	4,715		$	45,601,099
Ending balance: collectively evaluated for impairment	$	383,221,850		$	172,813,665		$	26,422,181		$	21,646,586		$	73,084,680		$	986,121		$	17,241,397		$	695,416,480

	Commercial Real Estate			Residential First Mortgage			Construction and Land Development			Home Equity and Second Mtg.		Commercial Loans			Consumer Loans			Commercial Equipment			Total
At and For the Year Ended December 31, 2011
Allowance for loan losses:
Balance at January 1,	$	3,313,983		$	204,073		$	1,266,625		$	97,519	$	2,552,039		$	32,209		$	202,699		$	7,669,147
Charge-offs		(1,249,038	)		(49,002	)		(213,007	)		-		(2,441,076	)		(3,000	)		(150,005	)		(4,105,128	)
Recoveries		-			967			-			-		1,936			968			-			3,871
Provisions		460,254			383,167			(699,233	)		46,024		3,737,395			(11,058	)		170,602			4,087,151
Balance at December 31,	$	2,525,199		$	539,205		$	354,385		$	143,543	$	3,850,294		$	19,119		$	223,296		$	7,655,041
Ending balance: individually evaluated for impairment	$	423,093		$	113,000		$	100,000		$	42,340	$	1,318,502		$	-		$	-		$	1,996,935
Ending balance: collectively evaluated for impairment	$	2,102,106		$	426,205		$	254,385		$	101,203	$	2,531,792		$	19,119		$	223,296		$	5,658,106
Loan receivables:
Ending balance	$	370,383,885		$	164,543,309		$	36,744,865		$	24,138,324	$	101,968,056		$	1,000,983		$	19,760,753		$	718,540,175
Ending balance: individually evaluated for impairment	$	31,166,090		$	5,849,538		$	9,057,433		$	492,319	$	23,896,287		$	82,036		$	371,936		$	70,915,639
Ending balance: collectively evaluated for impairment	$	339,217,795		$	158,693,771		$	27,687,432		$	23,646,005	$	78,071,769		$	918,947		$	19,388,817		$	647,624,536

	Commercial Real Estate			Residential First Mortgage			Construction and Land Development			Home Equity and Second Mtg.			Commercial Loans			Consumer Loans			Commercial Equipment			Total
At and For the Three Months Ended September 30, 2011
Allowance for loan losses:
Balance at July 1,	$	3,470,109		$	359,539		$	855,932		$	96,532		$	2,115,038		$	26,957		$	175,552		$	7,099,659
Charge-offs		(409,895	)		6			24			-			274			(1,000	)		(77,992	)		(488,583	)
Recoveries		-			-			-			-			1,091			77			-			1,168
Provisions		338,322			19,064			(51,701	)		782			270,702			325			67,160			644,654
Balance at September 30,	$	3,398,536		$	378,609		$	804,255		$	97,314		$	2,387,105		$	26,359		$	164,720		$	7,256,898
At and For the Nine Months Ended September 30, 2011
Allowance for loan losses:
Balance at January 1,	$	3,313,983		$	204,073		$	1,266,625		$	97,519		$	2,552,039		$	32,209		$	202,699		$	7,669,147
Charge-offs		(1,189,959	)		(48,998	)		(212,993	)		-			(2,376,920	)		(2,000	)		(125,996	)		(3,956,866	)
Recoveries		-			-			-			-			1,091			2,181			-			3,272
Provisions		1,274,512			223,534			(249,377	)		(205	)		2,210,895			(6,031	)		88,017			3,541,345
Balance at September 30,	$	3,398,536		$	378,609		$	804,255		$	97,314		$	2,387,105		$	26,359		$	164,720		$	7,256,898
Ending balance: individually evaluated for impairment	$	280,000		$	-		$	100,000		$	-		$	1,318,557		$	-		$	-		$	1,698,557
Ending balance: collectively evaluated for impairment	$	3,118,536		$	378,609		$	704,255		$	97,314		$	1,068,548		$	26,359		$	164,720		$	5,558,341
Loan receivables:
Ending balance	$	368,045,487		$	157,753,718		$	31,639,081		$	24,328,456		$	101,834,868		$	1,098,280		$	20,087,754		$	704,787,644
Ending balance: individually evaluated for impairment	$	30,728,200		$	6,264,847		$	8,052,154		$	644,224		$	23,584,917		$	140,595		$	361,720		$	69,776,657
Ending balance: collectively evaluated for impairment	$	337,317,287		$	151,488,871		$	23,586,927		$	23,684,232		$	78,249,951		$	957,685		$	19,726,034		$	635,010,987

Schedule of Financing Receivables, Non Accrual Status [Table Text Block]

Non-accrual loans as of September 30, 2012 and December 31, 2011 were as follows:

	September 30, 2012												December 31, 2011
	Nonperforming 90 or Greater Days Delinquent		Number of Loans		Nonacccrual Performing Loans		Number of Loans		Total Dollars		Total Number of Loans		Nonperforming 90 or Greater Days Delinquent		Total Number of Loans
Commercial real estate	$	2,516,348		10	$	4,905,324		4	$	7,421,672		14	$	2,866,539		11
Residential first mortgages		3,943,364		12		579,157		3		4,522,521		15		2,438,771		7
Construction and land development		326,050		2		-		-		326,050		2		1,413,550		2
Home equity and second mortgage		192,923		4		-		-		192,923		4		291,285		7
Commercial loans		5,866,219		13		2,893,797		2		8,760,016		15		2,263,916		4
Consumer loans		408		1		58,534		1		58,942		2		500		1
Commercial equipment		228,722		4		-		-		228,722		4		236,056		3
	$	13,074,034		46	$	8,436,812		10	$	21,510,846		56	$	9,510,617		35

Past Due Financing Receivables [Table Text Block]

An analysis of past due loans as of September 30, 2012 and December 31, 2011 were as follows:

September 30, 2012	Current		31-60 Days		61-89 Days		90 or Greater Days		Total Past Due		Total Loan Receivables
Commercial real estate	$	402,169,721	$	1,575,701	$	-	$	2,516,348	$	4,092,049	$	406,261,770
Residential first mortgages		172,077,054		805,098		-		3,943,364		4,748,462		176,825,516
Construction and land dev.		31,313,156		-		-		326,050		326,050		31,639,206
Home equity and second mtg.		21,646,168		101,350		-		192,923		294,273		21,940,441
Commercial loans		76,829,762		3,320,417		41,090		5,866,219		9,227,726		86,057,488
Consumer loans		1,046,638		-		-		408		408		1,047,046
Commercial equipment		16,817,535		30,860		168,995		228,722		428,577		17,246,112
Total	$	721,900,034	$	5,833,426	$	210,085	$	13,074,034	$	19,117,545	$	741,017,579
December 31, 2011
Commercial real estate	$	367,415,647	$	101,699	$	-	$	2,866,539	$	2,968,238	$	370,383,885
Residential first mortgages		160,785,337		1,319,201		-		2,438,771		3,757,972		164,543,309
Construction and land dev.		35,331,315		-		-		1,413,550		1,413,550		36,744,865
Home equity and second mtg.		23,618,693		228,346		-		291,285		519,631		24,138,324
Commercial loans		95,961,076		49,781		3,693,283		2,263,916		6,006,980		101,968,056
Consumer loans		991,838		8,645		-		500		9,145		1,000,983
Commercial equipment		19,450,929		24,869		48,899		236,056		309,824		19,760,753
Total	$	703,554,835	$	1,732,541	$	3,742,182	$	9,510,617	$	14,985,340	$	718,540,175

Schedule Of Financing Receivable Recorded Investment Credit Quality Indicatoer [Table Text Block]

Credit Risk Profile by Internally Assigned Grade

	Commercial Real Estate				Construction and Land Dev.
	9/30/2012		12/31/2011		9/30/2012		12/31/2011
Unrated	$	56,083,243	$	1,003,553	$	3,292,288	$	-
Pass		318,983,090		338,952,446		20,354,549		27,687,432
Special mention		-		-		-		-
Substandard		30,755,112		30,391,213		7,992,369		9,057,433
Doubtful		440,325		-		-		-
Loss		-		36,673		-		-
Total	$	406,261,770	$	370,383,885	$	31,639,206	$	36,744,865

	Commercial Loans				Commercial Equipment
	9/30/2012		12/31/2011		9/30/2012		12/31/2011
Unrated	$	10,800,044	$	586,124	$	5,049,612	$	391,786
Pass		58,815,556		78,183,487		12,191,785		19,209,380
Special mention		-		-		-		-
Substandard		16,441,888		23,198,445		4,715		159,587
Doubtful		-		-		-		-
Loss		-		-		-		-
Total	$	86,057,488	$	101,968,056	$	17,246,112	$	19,760,753

Credit Risk Profile Based on Payment Activity

	Residential First Mortgages				Home Equity and Second Mtg.				Consumer Loans
	9/30/2012		12/31/2011		9/30/2012		12/31/2011		9/30/2012		12/31/2011
Performing	$	172,882,152	$	162,104,538	$	21,747,518	$	23,847,039	$	1,046,638	$	1,000,483
Nonperforming		3,943,364		2,438,771		192,923		291,285		408		500
Total	$	176,825,516	$	164,543,309	$	21,940,441	$	24,138,324	$	1,047,046	$	1,000,983

Impaired Financing Receivables [Table Text Block]

Impaired loans, including TDRs, at September 30, 2012 and September 30, 2011, respectively, and at December 31, 2011 were as follows:

September 30, 2012	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Nine Month Average Recorded Investment		Nine Month Interest Income Recognized		Three Month Average Recorded Investment		Three Month Interest Income Recognized
Commercial real estate	$	23,497,570	$	19,699,656	$	3,340,264	$	23,039,920	$	1,122,590	$	23,257,586	$	872,500	$	23,128,253	$	282,740
Residential first mortgages		4,011,851		2,347,285		1,664,567		4,011,851		247,541		4,025,659		121,746		4,021,446		35,750
Construction and land dev.		5,217,025		5,082,525		134,500		5,217,025		134,500		5,701,121		205,509		5,145,911		90,653
Home equity and second mtg.		293,855		272,000		21,855		293,855		21,855		220,572		5,373		246,399		1,870
Commercial loans		13,572,808		12,196,993		775,815		12,972,808		499,654		13,871,661		321,821		13,486,660		105,044
Consumer loans		60,925		60,925		-		60,925		-		70,365		4,500		63,492		1,557
Commercial equipment		4,715		-		4,715		4,715		4,715		5,309		266		4,909		83
Total	$	46,658,749	$	39,659,384	$	5,941,716	$	45,601,099	$	2,030,855	$	47,152,273	$	1,531,715	$	46,097,070	$	517,697

December 31, 2011	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment		Interest Income Recognized
Commercial real estate	$	8,405,656	$	6,404,447	$	1,593,560	$	7,998,006	$	423,093	$	6,880,651	$	375,203
Residential first mortgages		618,206		-		618,206		618,206		113,000		618,835		10,294
Construction and land dev.		3,130,466		1,716,915		1,413,550		3,130,466		100,000		3,193,938		84,107
Home equity and second mtg.		42,340		-		42,340		42,340		42,340		42,340		-
Commercial loans		8,798,072		2,369,329		6,428,743		8,798,072		1,318,502		9,188,371		314,216
Commercial equipment		129,876		129,876		-		129,876		-		147,035		8,905
Total	$	21,124,616	$	10,620,567	$	10,096,399	$	20,716,966	$	1,996,935	$	20,071,170	$	792,725

September 30, 2011	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Nine Month Average Recorded Investment		Nine Month Interest Income Recognized		Three Month Average Recorded Investment		Three Month Interest Income Recognized
Commercial real estate	$	8,525,738	$	6,959,528	$	1,158,560	$	8,118,089	$	280,000	$	6,594,388	$	324,428	$	7,654,133	$	87,015
Construction and land dev.		3,130,466		1,716,915		1,413,550		3,130,466		100,000		3,215,095		75,499		3,130,466		12,983
Commercial loans		8,798,184		2,369,346		6,428,838		8,798,184		1,318,557		9,318,456		270,930		8,481,834		63,592
Commercial equipment		131,165		131,165		-		131,165		-		152,486		7,431		131,554		2,229
Total	$	20,585,553	$	11,176,954	$	9,000,948	$	20,177,904	$	1,698,557	$	19,280,425	$	678,288	$	19,397,987	$	165,819

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

TDRs, included in the impaired loan schedule above, as of September 30, 2012 and December 31, 2011 were as follows:

	September 30, 2012				December 31, 2011
	Dollars		Number of Loans		Dollars		Number of Loans
Commercial real estate	$	2,058,287		7	$	7,696,921		10
Residential first mortgages		907,368		2		-		-
Construction and land development		-		-		1,716,915		1
Commercial loans		-		-		2,369,329		3
Commercial equipment		-		-		129,876		1
	$	2,965,655		9	$	11,913,041		15