Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy at June 30, 2012 and December 31, 2011.

 

  Total  Level 1  Level 2  Level 3 
June 30, 2012                
Available-for-sale securities:                
U.S. Government agencies $8,154,250  $-  $8,154,250  $- 
Mortgage-backed securities  59,269,584   -   59,269,584   - 
Municipals  15,328,822   -   15,328,822   - 
Other  7,000   -   7,000   - 
   82,759,656   -   82,759,656   - 
Mortgage loans held for sale (1)  1,591,851   -   1,591,851   - 
  $84,351,507  $-  $84,351,507  $- 
(1) Carried at the lower of cost or market.                
                 
December 31, 2011                
Available-for-sale securities:                
U.S. Government agencies $3,024,945  $-  $3,024,945  $- 
Mortgage-backed securities  61,560,402   -   61,560,402   - 
Municipals  19,937,971   -   19,937,971   - 
Other  11,000   -   11,000   - 
   84,534,318   -   84,534,318   - 
Mortgage loans held for sale (1)  2,863,297   -   2,863,297   - 
  $87,397,615  $-  $87,397,615  $-
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following table presents the assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2012 and December 31, 2011, aggregated by level in the fair value hierarchy within which those measurements fall.

 

  Total  Level 1  Level 2  Level 3 
June 30, 2012                
Impaired loans receivable $25,116,975  $-  $-  $25,116,975 
Other real estate owned  22,261,300   -    22,261,300   - 
Total assets at fair value $47,378,275  $-  $22,261,300  $25,116,975 
  Total  Level 1  Level 2  Level 3 
December 31, 2011                
Impaired loans receivable $23,837,812  $-  $-  $23,837,812 
Other real estate owned  22,135,921   -   22,135,921   - 
Total assets at fair value $45,973,733  $-  $22,135,921  $23,837,812
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.

 

                Fair Value Measurements  
                Quoted              
                Prices in              
                Active Markets              
                for Identical     Other     Significant  
                Assets or     Observable     Unobservable  
    Carrying     Fair     Liabilities     Inputs     Inputs  
    Amount     Value     (Level 1)     (Level 2)     (Level 3)  
June 30, 2012                                        
                                         
Financial Assets:                                        
Loans receivable   $ 285,982,883     $ 286,531,000     $ -     $ -     $ 286,531,000  
                                         
Financial Liabilities:                                        
Certificates of deposit   $ 182,792,271     $ 185,451,000     $ -     $ 185,451,000     $ -  
Advances from Federal Home Loan Bank     13,000,000       13,087,000       -       13,087,000       -  
                                         
December 31, 2011                                        
                                         
Financial Assets:                                        
Loans receivable   $ 303,398,403     $ 305,701,000     $ -     $ -     $ 305,701,000  
                                         
Financial Liabilities:                                        
Certificates of deposit   $ 210,896,717     $ 215,293,000     $ -     $ 215,293,000     $ -  
Advances from Federal Home Loan Bank     13,000,000       13,050,000       -       13,050,000       -