Loans Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable, net, consisted of the following as of the dates shown:



	March 31, 2013		December 31, 2012
Residential Real Estate Loans	$	90,039,701	$	90,677,625
Consumer Loans	54,944,279		56,595,093
Commercial Business	7,113,335		8,063,901
Commercial Real Estate	241,953,458		250,924,094
Total Loans Held For Investment	394,050,773		406,260,713
Loans Held For Sale	2,262,202		4,770,760
Total Loans Receivable, Gross	396,312,975		411,031,473
Less:
Allowance For Loan Losses	11,105,226		11,318,371
Loans In Process	2,188,137		2,002,595
Deferred Loan Fees	2,447		4,687
	13,295,810		13,325,653
Total Loans Receivable, Net	$	383,017,165	$	397,705,820

Schedule of Allowance for Loan Losses

Changes in the allowance for loan losses for the three months ended March 31, 2013 and 2012 are summarized as follows:



	Three Months Ended March 31,
	2013			2012
Balance At Beginning Of Period	$	11,318,371		$	14,261,374
Provision For Loan Losses	1,145,381			1,950,000
Charge Offs	(1,385,460		)	(1,617,510		)
Recoveries	26,934			21,334
Total Allowance For Loan Losses	$	11,105,226		$	14,615,198

Financing Receivable Credit Quality Indicators

The following tables list the loan grades used by the Company as credit quality indicators and the balance in each category at the dates presented, excluding loans held for sale.



	Credit Quality Measures
March 31, 2013	Pass		Caution		Special Mention		Substandard		Total Loans
Residential Real Estate	$	82,024,814	$	489,538	$	291,660	$	7,233,689	$	90,039,701
Consumer	53,532,784		151,495		180,951		1,079,049		54,944,279
Commercial Business	5,714,074		244,999		583,401		570,861		7,113,335
Commercial Real Estate	156,432,330		37,623,987		13,684,717		34,212,424		241,953,458
Total	$	297,704,002	$	38,510,019	$	14,740,729	$	43,096,023	$	394,050,773

9. Loans Receivable, Net, Continued



	Credit Quality Measures
December 31, 2012	Pass		Caution		Special Mention		Substandard		Total Loans
Residential Real Estate	$	82,565,630	$	222,046	$	293,079	$	7,596,870	$	90,677,625
Consumer	54,899,665		152,368		184,731		1,358,329		56,595,093
Commercial Business	7,256,607		151,521		514,253		141,520		8,063,901
Commercial Real Estate	162,570,021		32,049,447		17,417,778		38,886,848		250,924,094
Total	$	307,291,923	$	32,575,382	$	18,409,841	$	47,983,567	$	406,260,713

Past Due Financing Receivables

The following table presents an age analysis of past due balances by category at March 31, 2013.



	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans Receivable
Residential Real Estate	$	1,519,094	$	134,425	$	3,442,273	$	5,095,792	$	84,943,909	$	90,039,701
Consumer	803,800		66,855		563,615		1,434,270		53,510,009		54,944,279
Commercial Business	23,801		—		32,559		56,360		7,056,975		7,113,335
Commercial Real Estate	5,113,535		3,393,772		10,717,862		19,225,169		222,728,289		241,953,458
Total	$	7,460,230	$	3,595,052	$	14,756,309	$	25,811,591	$	368,239,182	$	394,050,773

The following table presents an age analysis of past due balances by category at December 31, 2012.



	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans Receivable
Residential Real Estate	$	—	$	1,794,644	$	3,757,801	$	5,552,445	$	85,125,180	$	90,677,625
Consumer	1,862,611		211,756		646,136		2,720,503		53,874,590		56,595,093
Commercial Business	445,113		36,079		86,991		568,183		7,495,718		8,063,901
Commercial Real Estate	2,432,423		4,852,227		13,913,190		21,197,840		229,726,254		250,924,094
Total	$	4,740,147	$	6,894,706	$	18,404,118	$	30,038,971	$	376,221,742	$	406,260,713

Schedule of Financing Receivables, Non Accrual Status

The following table shows non-accrual loans by category at March 31, 2013 compared to December 31, 2012.

9. Loans Receivable, Net, Continued



	At March 31, 2013				At December 31, 2012				$			%
	Amount		Percent ⁽¹⁾		Amount		Percent ⁽¹⁾		Increase (Decrease)			Increase (Decrease)
Non-accrual Loans:
Residential Real Estate	$	3,442,273	0.9	%	$	3,757,801	0.9	%	$	(315,528	)	(8.4	)%
Commercial Business	32,559		—		86,991		—		(54,432		)	(62.6	)
Commercial Real Estate	10,717,862		2.7		13,913,190		3.4		(3,195,328		)	(23.0	)
Consumer	563,615		0.1		646,136		0.2		(82,521		)	(12.8	)
Total Non- accrual Loans	$	14,756,309	3.7	%	$	18,404,118	4.5	%	$	(3,647,809	)	(19.8	)%

^{(1) PERCENT OF GROSS LOANS RECEIVABLE, NET OF DEFERRED FEES AND LOANS IN PROCESS AND LOANS HELD FOR SALE.}

Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent

The following tables show the activity in the allowance for loan losses by category for the periods indicated.



	For the Three Months Ended March 31, 2013
	Residential Real Estate			Consumer			Commercial Business			Commercial Real Estate			Total
Beginning Balance	$	1,521,559		$	1,001,271		$	618,919		$	8,176,622		$	11,318,371
Provision	99,571			(81,813		)	(77,066		)	1,204,689			1,145,381
Charge-Offs	(29,246		)	(19,576		)	(4,436		)	(1,332,202		)	(1,385,460		)
Recoveries	—			8,511			5,486			12,937			26,934
Ending Balance	$	1,591,884		$	908,393		$	542,903		$	8,062,046		$	11,105,226



	For the Three Months Ended March 2012
	Residential Real Estate			Consumer			Commercial Business			Commercial Real Estate			Total
Beginning Balance	$	2,416,356		$	996,780		$	720,405		$	10,127,833		$	14,261,374
Provision	(222,048		)	1,542,300			(76,075		)	705,823			1,950,000
Charge-Offs	(265,683		)	(1,061,778		)	—			(290,049		)	(1,617,510		)
Recoveries	—			20,809			525			—			21,334
Ending Balance	$	1,928,625		$	1,498,111		$	644,855		$	10,543,607		$	14,615,198

Allowance for Credit Losses on Financing Receivables

The following tables present information related to impaired loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable for the periods indicated.



	Loans Receivable
March 31, 2013	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	4,265,092	$	85,774,609	$	90,039,701
Consumer	316,900		54,627,379		54,944,279
Commercial Business	32,559		7,080,776		7,113,335
Commercial Real Estate	33,379,159		208,574,299		241,953,458
Total	$	37,993,710	$	356,057,063	$	394,050,773



	Loans Receivable
December 31, 2012	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	4,500,902	$	86,176,723	$	90,677,625
Consumer	322,588		56,272,505		56,595,093
Commercial Business	7,853		8,056,048		8,063,901
Commercial Real Estate	35,115,195		215,808,899		250,924,094
Total	$	39,946,538	$	366,314,175	$	406,260,713

The following tables present information related to impaired loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses.



	Allowance For Loan Losses
March 31, 2013	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	—	$	1,591,884	$	1,591,884
Consumer	—		908,393		908,393
Commercial Business	—		542,903		542,903
Commercial Real Estate	563,075		7,498,971		8,062,046
Total	$	563,075	$	10,542,151	$	11,105,226

9. Loans Receivable, Net, Continued



	Allowance For Loan Losses
December 31, 2012	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	—	$	1,521,559	$	1,521,559
Consumer	—		1,001,271		1,001,271
Commercial Business	—		618,919		618,919
Commercial Real Estate	440,000		7,736,622		8,176,622
Total	$	440,000	$	10,878,371	$	11,318,371

Impaired Financing Receivables

The following tables are a summary of information related to impaired loans as of and for the three months ended March 31, 2013 and 2012 and the nine months ended December 31, 2012.



			At				For The Three Months Ended March 31,
	March 31, 2013						2013				2012
Impaired Loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With No Related Allowance Recorded:
Residential Real Estate	$	4,265,092	$	4,376,063	$	—	$	4,289,656	$	10,686	$	1,933,259	$	59,319
Consumer Loans	316,900		380,900		—		318,396		1,445		2,470,969		7,083
Commercial Business	32,559		32,559		—		34,316		—		111,165		—
Commercial Real Estate	30,408,364		34,466,445		—		30,937,044		336,089		24,756,622		716,441
With An Allowance Recorded:
Residential Real Estate	—		—		—		—		—		1,301,687		6,137
Consumer Loans	—		—		—		—		—		9,784		—
Commercial Business	—		—		—		—		—		148,610		956
Commercial Real Estate	2,970,795		3,211,695		563,075		2,970,219		20,743		5,675,189		185,521
Total
Residential Real Estate	4,265,092		4,376,063		—		4,289,656		10,686		3,234,946		65,456
Consumer Loans	316,900		380,900		—		318,396		1,445		2,480,753		7,083
Commercial Business	32,559		32,559		—		34,316		—		259,775		956
Commercial Real Estate	33,379,159		37,678,140		563,075		33,907,263		356,832		30,431,811		901,962
Total	$	37,993,710	$	42,467,662	$	563,075	$	38,549,631	$	368,963	$	36,407,285	$	975,457

9. Loans Receivable, Net, Continued



	December 31, 2012
Impaired Loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With No Related Allowance Recorded:
Residential Real Estate	$	4,500,902	$	4,611,873	$	—	$	4,531,543	$	130,896
Consumer Loans	322,588		386,588		—		342,916		28,419
Commercial Business	7,853		7,853		—		12,236		—
Commercial Real Estate	31,808,577		35,373,833		—		32,963,079		1,036,344
With An Allowance Recorded:
Residential Real Estate	—		—		—		—		—
Consumer Loans	—		—		—		—		—
Commercial Business	—		—		—		—		—
Commercial Real Estate	3,306,618		4,766,031		440,000		3,705,660		—
Total
Residential Real Estate	4,500,902		4,611,873		—		4,531,543		130,896
Consumer Loans	322,588		386,588		—		342,916		28,419
Commercial Business	7,853		7,853		—		12,236		—
Commercial Real Estate	35,115,195		40,139,864		440,000		36,668,739		1,036,344
Total	$	39,946,538	$	45,146,178	$	440,000	$	41,555,434	$	1,195,659

Troubled Debt Restructurings on Financing Receivables

The following table is a summary of loans restructured as TDRs during the periods indicated:



	For the Three Months Ended March 31, 2013					For the Three Months Ended March 31, 2012
Troubled Debt Restructurings	Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Residential Real Estate	—	$	—	$	—	—	$	—	$	—
Consumer Loans	—	—		—		1	15,358		15,358
Commercial Business	—	—		—		—	—		—
Commercial Real Estate	3	1,321,024		1,321,024		9	7,871,114		7,871,114
Total	3	$	1,321,024	$	1,321,024	10	$	7,886,472	$	7,886,472