Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments Debt And Equity Securities [Abstract]

Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities Portfolio

The aggregate amortized costs and fair values of the available-for-sale securities portfolio are as follows:


Available-for-sale securities June 30, 2013 (unaudited)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value

U.S. Government agencies	$	9,690,312	$	15,727	$	(43,701	)	$	9,662,338
State and municipal obligations		28,339,387		113,600		(1,086,313	)		27,366,674
Certificates of deposits		1,985,000		7,440		(3,039	)		1,989,401
Auction rate securities		1,080,000		—		(48,000	)		1,032,000

	$	41,094,699	$	136,767	$	(1,181,053	)	$	40,050,413


Available-for-sale securities December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value

U.S. Government agencies	$	9,411,627	$	78,178	$	(25,990	)	$	9,463,815
State and municipal obligations		23,480,871		412,759		(44,102	)		23,849,528
Certificates of deposits		1,985,000		3,271		(1,094	)		1,987,177
Auction rate securities		1,400,000		—		—			1,400,000

	$	36,277,498	$	494,208	$	(71,186	)	$	36,700,520

Gross Realized Gains and Gross Realized Losses on Sales of Securities

Gross realized gains and gross realized losses on sales of securities were as follows:


	For the three months ended June 30,				For the six months ended June 30,
	2013		2012		2013			2012
Gross realized gains	$	267,773	$	493,955	$	272,295		$	504,644
Gross realized losses		—		—		(1,581	)		(1,828	)

Net realized gains (losses)	$	267,773	$	493,955	$	270,714		$	502,816

Aggregate Amortized Cost and Market Values of the Investment Securities Portfolio by Contractual Maturity

The aggregate amortized cost and market values of the investment securities portfolio by contractual maturity at June 30, 2013 are show below:


	Amortized Cost		Fair Value
Due one year or less	$	4,007,574	$	4,013,758
Due after one year through five years		18,430,486		18,415,158
Due after five years through ten years		13,291,387		12,629,823
Due after ten years		5,365,252		4,991,674

	$	41,094,699	$	40,050,413

Unrealized Loss Positions

Bonds with unrealized loss positions at December 31, 2012 included three certificates of deposit, 10 municipals and two federal agencies. The tables are shown below.


	Less than 12 months				12 months or more				Total
June 30, 2013 (unaudited)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government agencies	$	5,367,622	$	43,701	$	—	$	—	$	5,367,622	$	43,701
States and municipal obligations		13,379,481		1,077,115		1,026,974		9,198		14,406,455		1,086,313
Certificates of deposits		492,961		3,039		—		—		492,961		3,039
Auction rate securities		1,032,000		48,000		—		—		1,032,000		48,000

Total temporarily impaired securities	$	20,272,064	$	1,171,855	$	1,026,974	$	9,198	$	21,299,038	$	1,181,053


	Less than 12 months				12 months or more				Total
December 31, 2012	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government agencies	$	1,080,438	$	25,990	$	—	$	—	$	1,080,438	$	25,990
States and municipal obligations		2,863,106		37,731		1,037,825		6,371		3,900,931		44,102
Certificates of deposits		742,906		1,094		—		—		742,906		1,094
Auction rate securities		—		—		—		—		—		—

Total temporarily impaired securities	$	4,686,450	$	64,815	$	1,037,825	$	6,371	$	5,724,275	$	71,186

Cumulative Credit Related Other-Than Temporary Impairment Losses Recognized on One Debt Security

The following table summarized cumulative credit related other-than-temporary impairment losses recognized on one debt security held by the Company:


	For the three and six months ended June 30, 2013
Balance, beginning of the period	$	—
Impairment losses recognized during the period		120,000
Realized losses from sales		—

Balance, end of period	$	120,000

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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