XML 53 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Securities | 6 Months Ended
--- | ---
Jun. 30, 2012
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Securities The amortized cost and fair value of securities available-for-sale and held-to-maturity at June 30, 2012 and December 31, 2011 are summarized as follows:
|  | June 30, 2012 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
Debt securities available-for-sale: |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Government agencies |  | $ | 4,061,088 |  |  | $ | 13,153 |  |  | $ | - |  |  | $ | 4,074,241 |
State and municipal securities |  |  | 22,022,213 |  |  |  | 1,946,691 |  |  |  | (32,142 | ) |  |  | 23,936,762 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA |  |  | 10,627,424 |  |  |  | 149,250 |  |  |  | - |  |  |  | 10,776,674 |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 47,685,221 |  |  |  | 77,942 |  |  |  | (12,780 | ) |  |  | 47,750,383 |
|  | $ | 84,395,946 |  |  | $ | 2,187,036 |  |  | $ | (44,922 | ) |  | $ | 86,538,060 |
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA |  | $ | 56,879 |  |  | $ | 1,515 |  |  | $ | - |  |  | $ | 58,394 |
|  | December 31, 2011 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
Debt securities available-for-sale: |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Government agencies |  | $ | 4,176,301 |  |  | $ | 13,978 |  |  | $ | - |  |  | $ | 4,190,279 |
State and municipal securities |  |  | 22,902,892 |  |  |  | 1,584,284 |  |  |  | (50,919 | ) |  |  | 24,436,257 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA |  |  | 11,723,499 |  |  |  | 150,767 |  |  |  | (3,096 | ) |  |  | 11,871,170 |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 45,431,456 |  |  |  | 131,215 |  |  |  | (2,940 | ) |  |  | 45,559,731 |
|  | $ | 84,234,148 |  |  | $ | 1,880,244 |  |  | $ | (56,955 | ) |  | $ | 86,057,437 |
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA |  | $ | 68,643 |  |  | $ | 1,841 |  |  | $ | - |  |  | $ | 70,484 |
At June 30, 2012, securities with a fair value totaling approximately $77 million were pledged to secure public funds, securities sold under agreements to repurchase, the Federal Home Loan Bank (sometimes referred to herein as “FHLB”) as collateral for the Bank’s borrowings, as collateral for federal funds purchased from other financial institutions and serve as collateral for borrowings at the Federal Reserve Discount Window. The amortized cost and estimated market value of securities at June 30, 2012, 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 Available-for-Sale |  |  | Securities Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due in one year or less |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Due from one year to five years |  |  | 873,503 |  |  |  | 963,408 |  |  |  | - |  |  |  | - |
Due from five years to ten years |  |  | 5,727,473 |  |  |  | 6,335,499 |  |  |  | - |  |  |  | - |
Due after ten years |  |  | 19,482,325 |  |  |  | 20,712,096 |  |  |  | - |  |  |  | - |
|  | $ | 26,083,301 |  |  | $ | 28,011,003 |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 58,312,645 |  |  |  | 58,527,057 |  |  |  | 56,879 |  |  |  | 58,394 |
|  | $ | 84,395,946 |  |  | $ | 86,538,060 |  |  | $ | 56,879 |  |  | $ | 58,394 |
The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available for sale have been in a continuous unrealized loss position, as of June 30, 2012 and as of December 31, 2011:
|  | As of June 30, 2012 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities |  | $ | 951,674 |  |  | $ | (32,142 | ) |  | $ | - |  |  | $ | - |  |  | $ | 951,674 |  |  | $ | (32,142 | )
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 14,709,818 |  |  |  | (10,543 | ) |  |  | 5,114,933 |  |  |  | (2,237 | ) |  |  | 19,824,751 |  |  |  | (12,780 | )
|  | $ | 15,661,492 |  |  | $ | (42,685 | ) |  | $ | 5,114,933 |  |  | $ | (2,237 | ) |  | $ | 20,776,425 |  |  | $ | (44,922 | )
|  | As of December 31, 2011 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities |  | $ | 1,735,771 |  |  | $ | (50,919 | ) |  | $ | - |  |  | $ | - |  |  | $ | 1,735,771 |  |  | $ | (50,919 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA |  |  | - |  |  |  | - |  |  |  | 3,133,826 |  |  |  | (3,096 | ) |  |  | 3,133,826 |  |  |  | (3,096 | )
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | - |  |  |  | - |  |  |  | 6,954,999 |  |  |  | (2,939 | ) |  |  | 6,954,999 |  |  |  | (2,940 | )
|  | $ | 1,735,771 |  |  | $ | (50,919 | ) |  | $ | 10,088,825 |  |  | $ | (6,036 | ) |  | $ | 11,824,596 |  |  | $ | (56,955 | )
Upon acquisition of a security, the Bank determines the appropriate impairment model that is applicable. If the security is a beneficial interest in securitized financial assets, the Bank uses the beneficial interests in securitized financial assets impairment model. If the security is not a beneficial interest in securitized financial assets, the Bank uses the debt and equity securities impairment model. The Bank conducts periodic reviews to evaluate each security to determine whether an other-than-temporary impairment has occurred. The Bank does not have any securities that have been classified as other-than-temporarily-impaired at June 30, 2012 or December 31, 2011. At June 30, 2012 and December 31, 2011, the significant categories of temporarily impaired securities, and management’s evaluation of those securities are as follows: State and municipal securities: At June 30, 2012, two investments in obligations of state and municipal securities had unrealized losses. The Bank believes the unrealized losses on those investments were caused by the interest rate environment and does not relate to the underlying credit quality of the issuers. Because the Bank has the intent and ability to hold those investments for a time necessary to recover their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at June 30, 2012. Mortgage-backed securities: At June 30, 2012, seven investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed or issued by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not deem those investments to be other-than-temporarily impaired at June 30, 2012.

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration