Changes in Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss)

Note 12: Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (“AOCI”) balances, including amounts reclassified out of AOCI, are shown in the following table.

	Net Unrealized Gains (Losses) on Securities			Pension and Post-retirement Benefit Plans			Accumulated Other Comprehensive Income (Loss)
Three months ended June 30, 2013 (unaudited)
Beginning balance	$	228,637		$	(659,921	)	$	(431,284	)
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $422,597		(820,336	)		—			(820,336	)
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $50,243		(97,530	)		—			(97,530	)
Balance at June 30, 2013	$	(689,229	)	$	(659,921	)	$	(1,349,150	)
Three months ended June 30, 2012 (unaudited)
Beginning balance	$	683,279		$	(315,391	)	$	367,888
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $110,298		214,107			—			214,107
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $167,945		(326,010	)		—			(326,010	)
Balance at June 30, 2012	$	571,376		$	(315,391	)	$	255,985
Six months ended June 30, 2013 (unaudited)
Beginning balance	$	279,195		$	(659,921	)	$	(380,726	)
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $447,642		(868,953	)		—			(789,753	)
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $51,243		(99,471	)		—			(178,671	)
Balance at June 30, 2013	$	(689,229	)	$	(659,921	)	$	(1,349,150	)
Six months ended June 30, 2012 (unaudited)
Beginning balance	$	760,730		$	(315,391	)	$	445,339
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $73,412		142,505			—			142,505
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $170,957		(331,859	)		—			(331,859	)
Balance at June 30, 2012	$	571,376		$	(315,391	)	$	255,985

Reclassification for previously unrealized gains and impairments on securities are reported in the consolidated statements of income as “Gains on sale of securities available for sale” and “net impairment recognized in income” with the corresponding income tax effect being reflected as a component of income tax expense. During the six months ended June 30, 2013 and 2012, the Company reported net gains on sales of securities of $270,714 and $502,816, respectively; the tax effect of these transactions was $92,043 and $170,957, respectively, which was included as a component of income tax expense. Similarly, for both the six-month and three-month period ended June 30, 2013, the Company recorded a net impairment loss on an other-than-temporarily-impaired security of $120,000, with a corresponding tax effect of $40,800 included as a component of income tax expense.