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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Investment Securities [Abstract]  
Investment securities
Investment securities as of December 31, 2012 are summarized as follows:

 
Amortized
Cost
 
 
Gross
Unrealized
Gains
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Government Agencies Mortgage-Backed
 
$
263,186,852
 
 
$
833,920
 
 
$
(961,698
)
 
$
263,059,074
 
  State, County and Municipal
 
 
3,973,926
 
 
 
34,670
 
 
 
(4,586
)
 
 
4,004,010
 
  Corporate Obligations
 
 
1,000,000
 
 
 
104,900
 
 
 
-
 
 
 
1,104,900
 
  Asset-Backed Securities
 
 
366,623
 
 
 
-
 
 
 
(234,196
)
 
 
132,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
268,527,401
 
 
$
973,490
 
 
$
(1,200,480
)
 
$
268,300,411
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  State, County and Municipal
 
$
41,467
 
 
$
442
 
 
$
-
 
 
$
41,909
 

Investment securities as of December 31, 2011 are summarized as follows:

 
Amortized
Cost
 
 
Gross
Unrealized
Gains
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Government Agencies Mortgage-Backed
 
$
291,096,606
 
 
$
3,152,095
 
 
$
(187,902
)
 
$
294,060,799
 
  State, County and Municipal
 
 
7,474,500
 
 
 
132,226
 
 
 
(23,035
)
 
 
7,583,691
 
  Corporate Obligations
 
 
2,000,000
 
 
 
123,930
 
 
 
(10,000
)
 
 
2,113,930
 
  Asset-Backed Securities
 
 
426,191
 
 
 
-
 
 
 
(293,764
)
 
 
132,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
300,997,297
 
 
$
3,408,251
 
 
$
(514,701
)
 
$
303,890,847
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  State, County and Municipal
 
$
46,111
 
 
$
-
 
 
$
(476
)
 
$
45,635
 
Amortized cost and fair value of investment securities by contractual maturity
The amortized cost and fair value of investment securities as of December 31, 2012, by contractual maturity, are shown hereafter.  Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.  This is often the case with mortgage-backed securities, which are disclosed separately in the table below.

 
Securities
 
 
Available for Sale
 
 
Held to Maturity
 
 
Amortized
Cost
 
 
Fair
Value
 
 
Amortized
Cost
 
 
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Due in One Year or Less
 
$
125,000
 
 
$
125,665
 
 
$
-
 
 
$
-
 
Due After One Year Through Five Years
 
 
2,758,034
 
 
 
2,892,955
 
 
 
41,467
 
 
 
41,909
 
Due After Five Years Through Ten Years
 
 
1,882,647
 
 
 
1,882,228
 
 
 
-
 
 
 
-
 
Due After Ten Years
 
 
574,868
 
 
 
340,489
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,340,549
 
 
 
5,241,337
 
 
 
41,467
 
 
 
41,909
 
Mortgage-Backed Securities
 
 
263,186,852
 
 
 
263,059,074
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
268,527,401
 
 
$
268,300,411
 
 
$
41,467
 
 
$
41,909
 
 
Invested securities in a continuous unrealized loss position
Information pertaining to securities with gross unrealized losses at December 31, 2012 and 2011 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 
Less Than 12 Months
 
 
12 Months or Greater
 
 
Total
 
 
Fair
Value
 
 
Gross Unrealized Losses
 
 
Fair
Value
 
 
Gross Unrealized Losses
 
 
Fair
Value
 
 
Gross Unrealized Losses
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Government Agencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mortgage-Backed
 
$
142,103,991
 
 
$
(961,698
)
 
$
-
 
 
$
-
 
 
$
142,103,991
 
 
$
(961,698
)
  State, County and Municipal
 
 
1,430,512
 
 
 
(4,586
)
 
 
-
 
 
 
-
 
 
 
1,430,512
 
 
 
(4,586
)
  Asset-Backed Securities
 
 
-
 
 
 
-
 
 
 
132,427
 
 
 
(234,196
)
 
 
132,427
 
 
 
(234,196
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
143,534,503
 
 
$
(966,284
)
 
$
132,427
 
 
$
(234,196
)
 
$
143,666,930
 
 
$
(1,200,480
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Government Agencies Mortgage-Backed
 
$
26,439,317
 
 
$
(187,902
)
 
$
-
 
 
$
-
 
 
$
26,439,317
 
 
$
(187,902
)
  State, County and Municipal
 
 
1,224,119
 
 
 
(21,704
)
 
 
73,193
 
 
 
(1,807
)
 
 
1,297,312
 
 
 
(23,511
)
  Corporate Obligations
 
 
-
 
 
 
-
 
 
 
990,000
 
 
 
(10,000
)
 
 
990,000
 
 
 
(10,000
)
  Asset-Backed Securities
 
 
-
 
 
 
-
 
 
 
132,427
 
 
 
(293,764
)
 
 
132,427
 
 
 
(293,764
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
27,663,436
 
 
$
(209,606
)
 
$
1,195,620
 
 
$
(305,571
)
 
$
28,859,056
 
 
$
(515,177
)