3. SECURITIES


Securities available-for-sale as of March 31, 2012 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		(Losses)			Fair Value

Debt securities:
U.S. Government agencies	$	5,249,999	$	40,096	$	(780	)	$	5,289,315
Mortgage-backed securities(1)		16,512,384		554,824		-			17,067,208
Collateralized mortgage obligations(1)		24,368,437		407,061		(5,137	)		24,770,361
State and local obligations		16,576,574		380,808		(96,988	)		16,860,394
Corporate bonds		3,607,804		70,608		-			3,678,412
Total	$	66,315,198	$	1,453,397	$	(102,905	)	$	67,665,690


Securities available-for-sale as of December 31, 2011 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		(Losses)			Fair Value

Debt securities:
U.S. Government agencies	$	5,249,999	$	50,496	$	-		$	5,300,495
Mortgage-backed securities(1)		17,709,321		550,073		-			18,259,394
Collateralized mortgage obligations(1)		26,190,653		485,319		(19,124	)		26,656,848
State and local obligations		13,768,845		389,826		(5,468	)		14,153,203
Corporate bonds		3,615,538		4,750		(23,271	)		3,597,017
Total	$	66,534,356	$	1,480,464	$	(47,863	)	$	67,966,957

(1) All mortgage backed securities and collateralized mortgage obligations consist of securities issued by FNMA, FHLMC or
GNMA and are backed by residential mortgage loans.

Gross unrealized losses and estimated fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of March 31, 2012 and December 31, 2011, are summarized as follows:



	March 31, 2012
	Less than 12 Months					12 Months or More				Total
			Unrealized					Unrealized				Unrealized
	Fair Value		Losses			Fair Value		Losses		Fair Value		Losses
Debt securities:
U.S. Government agencies	$	249,220	$	(780	)	$	-	$	-	$	249,220	$	(780	)
Collateralized mortgage obligations		1,472,255		(5,137	)		-		-		1,472,255		(5,137	)
State and local obligations		1,927,008		(96,988	)		-		-		1,927,008		(96,988	)
Total	$	3,648,483	$	(102,905	)	$	-	$	-	$	3,648,483	$	(102,905	)


	December 31, 2011
	Less than 12 Months					12 Months or More				Total
			Unrealized					Unrealized				Unrealized
	Fair Value		Losses			Fair Value		Losses		Fair Value		Losses
Debt securities:
Collateralized mortgage obligations	$	3,333,267	$	(19,124	)	$	-	$	-	$	3,333,267	$	(19,124	)
State and local obligations		1,121,587		(5,468	)		-		-		1,121,587		(5,468	)
Corporate bonds		2,337,518		(23,271	)		-		-		2,337,518		(23,271	)
Total	$	6,792,372	$	(47,863	)	$	-	$	-	$	6,792,372	$	(47,863	)

The total number of securities in the investment portfolio in an unrealized loss position at March 31, 2012 and December 31, 2011 was nine. The Company conducts quarterly reviews to identify and evaluate each investment that has an unrealized loss. The unrealized losses for the above investment securities are generally due to changes in interest rates and, as such, are considered to be temporary by the Company. The review takes into consideration the intent of the Company to not sell the security or whether it is more-likely-than-not that the Company will be required to sell the security before its anticipated recovery, as well as other qualitative factors.

The amortized cost and fair value of debt securities as of March 31, 2012 by contractual maturity is shown below. Certain securities have call features, which allow the issuer to call the security prior to maturity. Maturities may differ from contractual maturities in mortgage-backed securities and collateralized mortgage obligations because the mortgage underlying the securities may be called or repaid without any penalties. Therefore, these securities are not included in the maturity categories in the following maturity summary:


	Debt Securities Available-for-Sale
	March 31, 2012
	Amortized
	Cost		Fair Value

Due in one year or less	$	815,000	$	818,194
Due from one to five years		8,168,731		8,289,302
Due from five to ten years		6,188,797		6,366,918
Due over 10 years		10,261,848		10,353,707
Mortgage-backed securities and
collateralized mortgage obligations		40,880,821		41,837,569
	$	66,315,197	$	67,665,690