FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value, Assets Measured on Recurring Basis



	September 30, 2013
Description of Asset	Fair Value	Level 1	Level 2	Level 3
Available for sale securities
Asset-backed securities issued by GSEs
Collateralized Mortgage Obligations ("CMOs")	$ 46,471,000	$ -	$ 46,471,000	$ -
Mortgage Backed Securities ("MBS")	198,713	-	198,713	-
Corporate equity securities	38,698	-	38,698	-
Bond mutual funds	4,161,079	-	4,161,079	-
Total available for sale securities	$ 50,869,490	$ -	$ 50,869,490	$ -



	December 31, 2012
Description of Asset	Fair Value	Level 1	Level 2	Level 3
Available for sale securities
Asset-backed securities issued by GSEs
CMOs	$ 42,655,799	$ -	$ 42,655,799	$ -
MBS	231,386	-	231,386	-
Corporate equity securities	37,332	-	37,332	-
Bond mutual funds	4,281,146	-	4,281,146	-
Total available for sale securities	$ 47,205,663	$ -	$ 47,205,663	$ -

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis



	September 30, 2013
Description of Asset	Fair Value	Level 1	Level 2	Level 3
Loans with impairment
Commercial real estate	$ 3,411,781	$ -	$ 3,411,781	$ -
Residential first mortgage	530,170	-	530,170	-
Commercial loans	429,000	-	429,000	-
Total loans with impairment	$ 4,370,951	$ -	$ 4,370,951	$ -

Other real estate owned	$ 7,058,504	$ -	$ 7,058,504	$ -



	December 31, 2012
Description of Asset	Fair Value	Level 1	Level 2	Level 3
Loans with impairment
Commercial real estate	$ 2,028,534	$ -	$ 2,028,534	$ -
Residential first mortgage	602,290	-	602,290	-
Commercial loans	94,355	-	94,355	-
Total loans with impairment	$ 2,725,179	$ -	$ 2,725,179	$ -

Other real estate owned	$ 6,891,353	$ -	$ 6,891,353	$ -

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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