Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investment securities as of December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities Available for Sale
U.S. Government Agencies Mortgage-Backed	$	273,029,073	$	118,843	$	(13,799,858	)	$	259,348,058
State, County and Municipal		3,978,857		14,963		(83,988	)		3,909,832

	$	277,007,930	$	133,806	$	(13,883,846	)	$	263,257,890
Securities Held to Maturity
State, County and Municipal	$	37,062	$	247	$	-		$	37,309

Amortized cost and fair value of investment securities by contractual maturity

The amortized cost and fair value of investment securities as of December 31, 2013, 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	$	272,219	$	274,166	$	-	$	-
Due After One Year Through Five Years		1,755,607		1,768,121		37,062		37,309
Due After Five Years Through Ten Years		1,298,122		1,265,127		-		-
Due After Ten Years		652,909		602,418		-		-

		3,978,857		3,909,832		37,062		37,309
Mortgage-Backed Securities		273,029,073		259,348,058		-		-

	$	277,007,930	$	263,257,890	$	37,062	$	37,309

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

Invested securities in a continuous unrealized loss position

Information pertaining to securities with gross unrealized losses at December 31, 2013 and 2012 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, 2013
U.S. Government Agencies Mortgage-Backed	$	190,063,827	$	(9,440,663	)	$	63,193,601	$	(4,359,195	)	$	253,257,428	$	(13,799,858	)
State, County and Municipal		1,647,043		(83,988	)		-		-			1,647,043		(83,988	)

	$	191,710,870	$	(9,524,651	)	$	63,193,601	$	(4,359,195	)	$	254,904,471	$	(13,883,846	)

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	)