SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

SECURITIES [Abstract]

Amortized cost and estimated fair value of securities available for sale

Amortized cost and estimated fair value of securities available for sale at December 31, 2013 and 2012 are as follows:

	2013				2012
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	187,098,006	$	188,106,208	$	138,041,393	$	141,591,214
Mortgage-backed securities, residential		104,068,981		104,356,521		29,591,883		31,515,249
Collateralized mortgage obligations		1,000,743		1,014,876		3,494,642		3,543,360
Obligations of states and political subdivisions		37,339,530		38,376,222		39,174,595		40,814,722
Corporate bonds and notes		2,878,813		2,945,807		11,412,167		11,651,635
SBA loan pools		1,470,513		1,487,579		1,682,736		1,724,140
Trust preferred securities		1,898,047		2,033,594		2,519,379		2,470,913
Corporate stocks		444,452		7,695,099		736,495		6,374,530
Total	$	336,199,085	$	346,015,906	$	226,653,290	$	239,685,763

Gross unrealized gains and losses on securities available for sale at December 31, 2013 and 2012, were as follows:

	2013				2012
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	1,914,660	$	906,458	$	3,549,821	$	-
Mortgage-backed securities, residential		1,037,343		749,803		1,923,366		-
Collateralized mortgage obligations		14,133		-		48,718		-
Obligations of states and political subdivisions		1,059,007		22,315		1,641,510		1,383
Corporate bonds and notes		75,672		8,678		239,468		-
SBA loan pools		17,066		-		41,404		-
Trust preferred securities		135,547		-		134,959		183,425
Corporate stocks		7,252,615		1,968		5,645,753		7,718
Total	$	11,506,043	$	1,689,222	$	13,224,999	$	192,526

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

The amortized cost and estimated fair value of debt securities available for sale 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:

	December 31, 2013
	Amortized		Fair
	Cost		Value
Within One Year	$	23,420,022	$	23,680,095
After One, But Within Five Years		188,131,675		190,334,668
After Five, But Within Ten Years		17,662,699		17,447,068
After Ten Years		-		-
Mortgage-backed securities, residential		104,068,981		104,356,521
Collateralized mortgage obligations		1,000,743		1,014,876
SBA loan pools		1,470,513		1,487,579
Total	$	335,754,633	$	338,320,807

Proceeds from sales and calls of securities resulting in gains or losses

The proceeds from sales and calls of securities resulting in gains or losses are listed below:

	2013		2012		2011
Proceeds	$	2,649,993	$	26,210,087	$	35,741,211
Gross gains	$	16,379	$	300,516	$	1,108,091
Tax (benefit) expense	$	6,296	$	115,518	$	423,191

Amortized cost and estimated fair value of securities held to maturity

Amortized cost and estimated fair value of securities held to maturity at December 31, 2013 and 2012 are as follows:

	2013				2012
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Obligations of states and political subdivisions	$	5,471,505	$	5,890,122	$	5,748,453	$	6,421,486
Time Deposits with other financial institutions		1,023,419		1,039,427		-		-
	$	6,494,924	$	6,929,549	$	5,748,453	$	6,421,486

Gross unrealized gains and losses on securities held to maturity at December 31, 2013 and 2012, were as follows:

	2013				2012
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
Obligations of states and political subdivisions	$	418,617	$	-	$	673,033	$	-
Time deposits with other financial institutions		16,008		-		-		-
Total	$	434,625	$	-	$	673,033	$	-

Contractual maturities of securities held to maturity

The contractual maturity of securities held to maturity is as follows at December 31, 2013:

	December 31, 2013
	Amortized Cost		Fair Value
Within One Year	$	2,361,713	$	2,394,183
After One, But Within Five Years		2,841,351		3,052,594
After Five, But Within Ten Years		1,291,860		1,482,772
After Ten Years		-		-
Total	$	6,494,924	$	6,929,549

Investment securities available for sale in an unrealized loss position

The following table summarizes the investment securities available for sale with unrealized losses at December 31, 2013 and December 31, 2012 by aggregated major security type and length of time in a continuous unrealized position:

	Less than 12 months				12 months or longer				Total
2013	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored Enterprises	$	83,839,910	$	867,495	$	1,978,200	$	38,963	$	85,818,110	$	906,458
Mortgage-backed securities, residential		63,115,382		749,803		-		-		63,115,382		749,802
Obligations of states and political subdivisions		4,588,521		22,315		-		-		4,588,521		22,315
Corporate bonds		237,792		8,678		-		-		237,792		8,678
Corporate stocks		-		-		1,669		1968		1,669		1,968
Total temporarily impaired securities	$	151,781,605	$	1,648,290	$	1,979,869	$	40,931	$	153,761,474	$	1,689,221

	Less than 12 months				12 months or longer				Total
2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of states and political subdivisions	$	-	$	-	$	430,166	$	1,383	$	430,166	$	1,383
Trust preferred securities		-		-		445,600		183,425		445,600		183,425
Corporate stocks		-		-		45,912		7,718		45,912		7,718
Total temporarily impaired securities	$	-	$	-	$	921,678	$	192,526	$	921,678	$	192,526

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 periods ended December 31, 2013, 2012 and 2013:

		2013			2012		2011
Beginning balance, January 1,	$	3,506,073		$	3,506,073	$	3,438,673
Amounts related to credit loss for which other-than-temporary      impairment was not previously recognized		-			-		-
Additions/Subtractions:
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		-			-		-
Reductions for previous credit losses realized on securities sold during the year		(1,596,396	)		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		29,025			-		67,400
Ending balance, December 31,	$	1,938,702		$	3,506,073	$	3,506,073

Securities pledged to secure securities sold under agreements to repurchase

The table below shows the securities pledged to secure securities sold under agreements to repurchase at December 31, 2013 and 2012:

	2013				2012
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Obligations of U.S. Government and U. S. Government sponsored enterprises	$	33,745,835	$	34,369,411	$	31,888,493	$	32,812,885
Mortgage-backed securities, residential		11,802,122		12,364,885		16,503,983		17,575,852
Collateralized mortgage obligations		204,842		207,366		756,542		770,625
Total	$	45,752,799	$	46,941,662	$	49,149,018	$	51,159,362