4. INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

Schedule Amortized Cost and Fair Value for Securities

The amortized cost and fair value of securities held to maturity are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
December 31, 2013
U. S. Treasuries	$	106,387	$	-	$	-	$	106,387
December 31, 2012
U. S. Treasuries	$	107,234	$	-	$	-	$	107,234

The amortized cost and fair value of securities available for sale are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
December 31, 2013
Government sponsored enterprises	$	29,075,893	$	11,460	$	22,253	$	29,065,100
Mortgage-backed obligations of federal agencies		1,208,533		-		7,852		1,200,681
Marketable equities		-		-		-		-
Corporate bonds		-		-		-		-
Total Securities Available for Sale	$	30,284,426	$	11,460	$	30,105	$	30,265,781
December 31, 2012
Government sponsored enterprises	$	7,012,432	$	18,780	$	482	$	7,030,730
Mortgage-backed obligations of federal agencies		1,609,086		38,185		-		1,647,271
Marketable equities		-		-		-		-
Corporate bonds		-		-		-		-
Total Securities Available for Sale	$	8,621,518	$	56,965	$	482	$	8,678,001

Amortized cost and fair value of securities

The amortized cost and fair value of securities at December 31, 2013, by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities Held to Maturity					Securities Available for Sale
		Amortized		Fair			Amortized		Fair
		Cost		Value			Cost		Value
Due in one year or less		$	106,387	$	106,387		$	20,000,000	$	20,000,000
Due after one year through five years			-		-			9,075,893		9,065,100
Due after five years			-		-			1,208,533		1,200,681
Total		$	106,387	$	106,387		$	30,284,426	$	30,265,781

Schedule of gain and losses on sales of debt and equity securities

There were no sales of debt or equity securities during 2013 or 2012. Following is a table reflecting gains and losses on debt and equity securities in 2011:

	2011
Gains	$	1,110,960
Losses		(86,421	)
Net Gains	$	1,024,539

Schedule of Securities with Unrealized Losses

A summary of these losses (in thousands) is as follows:

	Less than 12 Months					More than 12 Months				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
2013
Government sponsored enterprises	$	4,984	$	(22	)	$	-	$	-	$	4,984	$	(22	)
Mortgage backed obligations		1,191		(8	)		-		-		1,191		(8	)
Total	$	6,175	$	(30	)	$	-	$	-	$	6,175	$	(30	)
2012
Government sponsored enterprises	$	2,000	$	(.5	)	$	-	$	-	$	2,000	$	(.5	)
Mortgage backed obligations		-		-			-		-		-		-
Total	$	2,000	$	(.5	)	$	-	$	-	$	2,000	$	(.5	)