Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Balances of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012:

			Fair Value Measurements at June 30, 2013 Using
Description	Balance		Level 1		Level 2		Level 3
	(unaudited)
Securities available for sale:
U. S. Government agencies	$	9,662,338	$	—	$	9,662,338	$	—
State and municipal obligations		27,366,674		—		27,366,674		—
Certificates of deposit		1,989,401		—		1,989,401		—
Auction rate security		1,032,000		—		—		1,032,000
Total securities available for sale	$	40,050,413	$	—	$	39,018,413	$	1,032,000

				Fair Value Measurements at December  31, 2012 Using
Description	Balance			Level 1			Level 2		Level 3
Securities available for sale:
U. S. Government agencies	$	9,463,815		$	—		$	9,463,815	$	—
State and municipal obligations		23,849,528			—			23,849,528		—
Certificates of deposit		1,987,177			—			1,987,177		—
Auction rate security		1,400,000			—			—		1,400,000
Total securities available for sale	$	36,700,520		$	—		$	35,300,520	$	1,400,000
Defined benefit plan assets:
Cash and cash equivalents		(5,539	)		(5,539	)		—		—
Mutual funds - fixed income		1,091,176			1,091,176			—		—
Mutual funds - equity		1,759,171			1,759,171			—		—
Total defined benefit plan assets	$	2,844,808		$	2,844,808		$	—	$	—

Summary of Company's Assets Measured at Fair Value on 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 June 30, 2013 Using
Description	Balance		Level 1		Level 2		Level 3
	(unaudited)
Impaired Loans, net	$	2,939,932	$	—	$	—	$	2,939,932
Other real estate owned, net		3,351,454		—		—		3,351,454

			Fair Value Measurements at December 31, 2012 Using
Description	Balance		Level 1		Level 2		Level 3
Impaired Loans, net	$	3,308,074	$	—	$	—	$	3,308,074
Other real estate owned, net		3,151,346		—		—		3,151,346

Summary of Quantitative Fair Value Measurements for Level 3

The following table displays quantitative information about Level 3 Fair Value Measurements as of June 30, 2013:

Description	Balance		Valuation Technique		Unobservable Input		Range (Weighted Average)
	(unaudited)
Impaired Loans, net	$	2,939,932		Discounted appraised value		Selling Cost	10% - 20% (11%)
						Lack of Marketability	0% - 100% (32%)
Other real estate owned, net		3,351,454		Discounted appraised value		Selling Cost	6% - 13% (6%)
						Lack of Marketability	10% - 30% (19%)

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 June 30, 2013 Using
Description	Balance as of     June 30, 2013			Level 1		Level 2		Level 3
Financial Assets:		(unaudited	)
Cash and due from banks	$	7,067,371		$	7,067,371	$	—	$	—
Interest-bearing deposits		28,499,652			28,499,652		—		—
Federal funds sold		303,900			303,900		—		—
Securities available-for-sale		40,050,413			—		39,018,413		1,032,000
Restricted securities		1,623,350			—		—		1,623,350
Loans, net		231,867,546			—		—		236,404,000
Accrued interest receivable		1,103,621			—		1,103,621		—
Financial Liabilities:
Non-interest-bearing deposits	$	54,800,212		$	54,800,212	$	—	$	—
Savings and other interest-bearing deposits		114,311,014			—		114,311,014		—
Time deposits		102,063,440			—		—		104,264,000
Securities sold under repurchase agreements		11,355,400			—		11,355,400		—
FHLB advances		15,000,000			—		16,128,428		—
Accrued interest payable		177,207			—		177,207		—

			Fair Value Measurements at December 31, 2012 Using
Description	Balance as of  December 31,2012		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	4,757,889	$	4,757,889	$	—	$	—
Interest-bearing deposits		35,166,448		35,166,448		—		—
Federal funds sold		48,009		48,009		—		—
Securities available-for-sale		36,700,520		—		35,300,520		1,400,000
Restricted securities		1,584,700		—		—		1,584,700
Loans, net		236,144,526		—		—		244,708,821
Accrued interest receivable		1,070,763		—		1,070,763		—
Financial Liabilities:
Non-interest-bearing deposits	$	50,467,907	$	50,467,907	$	—	$	—
Savings and other interest-bearing deposits		117,954,879		—		117,954,879		—
Time deposits		106,751,785		—		—		109,449,974
Securities sold under repurchase agreements		6,459,839		—		6,459,839		—
FHLB advances		15,000,000		—		16,483,342		—
Accrued interest payable		156,812		—		156,812		—