Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Balance of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011:

			Fair Value Measurements at September 30, 2012 Using
Description	Balance as of September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
U. S. Government agencies	$	8,282,190	$	—	$	8,282,190	$	—
State and municipal obligations		22,979,830		—		22,979,830		—
			Fair Value Measurements at December 31, 2011 Using
Description	Balance as of December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U. S. Government agencies	$	8,795,066	$	—	$	8,795,066	$	—
State and municipal obligations		33,004,055		—		33,004,055		—

Summary of Company's assets measured at fair value on a nonrecurring basis

The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis during the period.

			Fair value measurements at September 30, 2012 using
Description	Balance as of September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
Impaired Loans, net of valuation allowance	$	4,222,978	$	—	$	3,565,109	$	657,869
Other real estate owned	$	3,205,788	$	—	$	3,205,788	$	—
			Fair value measurements at December 31, 2011 using
Description	Balance as of December 31,2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans, net of valuation allowance	$	4,310,746	$	—	$	2,057,314	$	2,253,432
Other real estate owned	$	2,279,935	$	—	$	2,279,935	$	—

Estimated fair values of financial instruments

The estimated fair values of financial instruments are shown in the following table. The carrying amounts in the table are included in the balance sheet under the applicable captions.

			Fair Value Measurements at September 30, 2012 Using
September 30, 2012 (unaudited)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and due from banks	$	14,579,593	$	14,579,593	$	—	$	—
Interest-bearing deposits		10,439,404		—		10,439,404		—
Federal funds sold		182,007		—		182,007		—
Securities available-for-sale		31,262,020		—		31,262,020		—
Restricted securities		1,584,700		—		1,584,700		—
Loans, net		239,488,487		—		242,263,979		657,869
Accrued interest receivable		1,005,306		—		1,005,306		—
Liabilities:
Non-interest-bearing deposits	$	46,851,845	$	—	$	46,851,845	$	—
Savings and other interest-bearing deposits		108,981,477		—		108,981,477		—
Time deposits		112,171,274		—		115,279,026		—
Securities sold under repurchase agreements		6,028,593		—		6,028,593		—
FHLB advances		15,000,000		—		16,607,680		—
Accrued interest payable		158,800		—		158,800		—
			Fair Value Measurements at December 31, 2011 Using
December 31, 2011	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and due from banks	$	4,728,895	$	4,728,895	$	—	$	—
Interest-bearing deposits		10,369,075		—		10,369,075		—
Federal funds sold		2,136,375		—		2,136,375		—
Securities available-for-sale		41,799,121		—		41,799,121		—
Restricted securities		1,991,200		—		1,991,200		—
Loans, net		233,501,821		—		231,681,647		2,253,432
Accrued interest receivable		1,161,191		—		1,161,191		—
Liabilities:
Non-interest-bearing deposits	$	43,803,349	$	—	$	43,803,349	$	—
Savings and other interest-bearing deposits		105,269,889		—		105,269,889		—
Time deposits		116,444,867		—		118,668,679		—
Securities sold under repurchase agreements		5,277,158		—		5,277,158		—
FHLB advances		15,000,000		—		16,651,084		—
Accrued interest payable		168,628		—		168,628		—