Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Amortized cost and estimated fair value of securities available for sale

Amortized cost and estimated fair value of securities available for sale are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	143,778,752	$	3,581,127	$	8,000	$	147,351,879
Mortgage-backed securities, residential		38,178,813		2,429,367		-		40,608,180
Collateralized Mortgage obligations		5,399,128		90,845		2,917		5,487,056
Obligations of states and political subdivisions		41,695,595		1,737,291		5,541		43,427,345
Corporate bonds and notes		13,435,143		304,121		28,017		13,711,247
SBA loan pools		1,828,325		35,124		-		1,863,449
Trust Preferred securities		2,542,121		197,274		312,610		2,426,785
Corporate stocks		787,807		5,284,374		6,676		6,065,505
Total	$	247,645,684	$	13,659,523	$	363,761	$	260,941,446

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	149,140,715	$	3,022,726	$	83,671	$	152,079,770
Mortgage-backed securities, residential		48,129,271		2,637,334		-		50,766,605
Collateralized mortgage obligations		7,412,470		135,603		11,321		7,536,753
Obligations of states and political subdivisions		44,561,789		1,954,265		3,083		46,512,971
Corporate bonds and notes		13,461,675		418,969		196,446		13,684,198
SBA loan pools		1,915,419		34,187		-		1,949,606
Trust preferred securities		2,538,286		132,516		360,735		2,310,066
Corporate stocks		788,030		5,246,655		4,844		6,029,841
Total	$	267,947,655	$	13,582,255	$	660,100	$	280,869,810

Amortized cost and estimated fair value of securities held to maturity

Amortized cost and estimated fair value of securities held to maturity are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	6,334,331	$	763,815	$	-	$	7,098,146
Total	$	6,334,331	$	763,815	$	-	$	7,098,146

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	8,311,921	$	864,035	$	-	$	9,175,956
Total	$	8,311,921	$	864,035	$	-	$	9,175,956

Amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities are shown below by expected maturity.  Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately:

	June 30, 2012
	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within One Year	$	60,679,329	$	61,410,522	$	1,613,513	$	1,647,827
After One, But Within Five Years		132,755,934		137,107,786		3,293,374		3,663,339
After Five, But Within Ten Years		7,360,703		8,055,913		1,427,444		1,786,980
After Ten Years		655,645		343,035		-		-
Mortgage-backed securities, residential		38,178,813		40,608,180		-		-
Collateralized mortgage obligations		5,399,128		5,487,056		-		-
SBA loan pools		1,828,325		1,863,449		-		-
Total	$	246,857,877	$	254,875,941	$	6,334,331	$	7,098,146

Investment securities in an unrealized loss position

The following table summarizes the investment securities available for sale and held to maturity with unrealized losses at June 30, 2012 and December 31, 2011 by aggregated major security type and length of time in a continuous unrealized loss position:

	Less than 12 months				12 months or longer				Total
June 30, 2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	4,992,000	$	8,000	$	-	$	-	$	4,992,000	$	8,000
Collateralized mortgage obligations		553,923		2,917		-		-		553,923		2,917
Obligations of states and political subdivisions		948,419		5,541		-		-		948,419		5,541
Corporate bonds and notes		4,025,117		17,489		512,734		10,528		4,537,851		28,017
Trust preferred securities		-		-		343,035		312,610		343,035		312,610
Corporate stocks		45,285		4,707		1,670		1,969		46,955		6,676
Total temporarily impaired securities	$	10,564,744	$	38,654	$	857,439	$	325,107	$	11,422,183	$	363,761

	Less than 12 months				12 months or longer				Total
December 31, 2011	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	27,365,920	$	83,671	$	-	$	-	$	27,365,920	$	83,671
Collateralized mortgage obligations		2,546,461		11,321		-		-		2,546,461		11,321
Obligations of states and political subdivisions		947,203		3,083		-		-		947,203		3,083
Corporate bonds and notes		5,261,074		196,446		-		-		5,261,074		196,446
Trust preferred securities		-		-		294,910		360,735		294,910		360,735
Corporate stocks		1,669		1,969		47,117		2,875		48,786		4,844
Total temporarily impaired securities	$	36,122,327	$	296,490	$	342,027	$	363,610	$	36,464,354	$	660,100

Roll forward of the cumulative credit losses recognized in earnings

The table below presents a roll forward of the cumulative credit losses recognized in earnings for the three and six-month periods ending June 30, 2012 and 2011:

	2012		2011
Beginning balance, January 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673
Beginning balance, April 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673