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Securities | 9 Months Ended
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Sep. 30, 2014
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 September 30, 2014 and December 31, 2013 are summarized as follows:
|  | September 30, 2014 |
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 665,442 |  | $ | 1,129 |  | $ | - |  | $ | 666,571 |
State and municipal securities |  |  | 8,531,200 |  |  | 379,818 |  |  | (9,352) |  |  | 8,901,666 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA or FNMA |  |  | 5,007,711 |  |  | 28,201 |  |  | (2,176) |  |  | 5,033,736 |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 63,878,188 |  |  | 103,753 |  |  | (334,242) |  |  | 63,647,699 |
|  | $ | 78,082,541 |  | $ | 512,901 |  | $ | (345,770) |  | $ | 78,249,672 |
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA or FNMA |  | $ | 29,374 |  | $ | 269 |  | $ | - |  | $ | 29,643 |
|  | December 31, 2013 |
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 3,433,216 |  | $ | 48,119 |  | $ | - |  | $ | 3,481,335 |
State and municipal securities |  |  | 14,908,761 |  |  | 425,021 |  |  | (84,544) |  |  | 15,249,238 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA or FNMA |  |  | 7,047,076 |  |  | 85,203 |  |  | - |  |  | 7,132,279 |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 66,408,975 |  |  | 205,025 |  |  | (268,180) |  |  | 66,345,820 |
|  | $ | 91,798,028 |  | $ | 763,368 |  | $ | (352,724) |  | $ | 92,208,672 |
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage guaranteed by GNMA or FNMA |  | $ | 34,165 |  | $ | 862 |  | $ | - |  | $ | 35,027 |
At September 30, 2014, securities with a fair value totaling approximately $69.8 million were pledged to secure public funds, securities sold under agreements to repurchase, as collateral for federal funds purchased from other financial institutions and serve as collateral for borrowings at the Federal Home Loan Bank. For the nine months ended September 30, 2014 and 2013, there were available-for-sale securities sold with proceeds totaling $11,303,167 and $5,328,170, respectively, which resulted in gross gains realized of $571,510 and $424,971, respectively. For the three months ended September 30 2014, there were available-for-sale securities sold with proceeds totaling $2,074,000 which resulted in gross gains realized of $169,037. For the three months ended September 30, 2013, there were no securities sold. The amortized cost and estimated market value of securities at September 30, 2014, 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 |  |  | 899,608 |  |  | 941,779 |  |  | - |  |  | - |
Due from five years to ten years |  |  | 2,273,458 |  |  | 2,377,974 |  |  | - |  |  | - |
Due after ten years |  |  | 6,023,576 |  |  | 6,248,484 |  |  | - |  |  | - |
|  |  | 9,196,642 |  |  | 9,568,237 |  |  | - |  |  | - |
Mortgage-backed securities |  |  | 68,885,899 |  |  | 68,681,435 |  |  | 29,374 |  |  | 29,643 |
|  | $ | 78,082,541 |  | $ | 78,249,672 |  | $ | 29,374 |  | $ | 29,643 |
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 September 30, 2014 and as of December 31, 2013:
|  | As of September 30, 2014 |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total |
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
State and municipal securities |  | $ | - |  | $ | - |  | $ | 1,186,827 |  | $ | (9,352) |  | $ | 1,186,827 |  | $ | (9,352) |
Residential mortgage guaranteed by GNMA or FNMA |  |  | 1,378,605 |  |  | (2,176) |  |  | - |  |  | - |  |  | 1,378,605 |  |  | (2,176) |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 4,791,083 |  |  | (12,038) |  |  | 42,589,031 |  |  | (322,204) |  |  | 47,380,114 |  |  | (334,242) |
|  | $ | 6,169,688 |  | $ | (14,214) |  | $ | 43,775,858 |  | $ | (331,556) |  | $ | 49,945,546 |  | $ | (345,770) |
|  | As of December 31, 2013 |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total |
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
State and municipal securities |  | $ | 3,025,250 |  | $ | (84,544) |  | $ | - |  | $ | - |  | $ | 3,025,250 |  | $ | (84,544) |
Collateralized mortgage obligations issued or guaranteed by U.S. Government agencies or sponsored agencies |  |  | 27,782,942 |  |  | (221,827) |  |  | 8,761,049 |  |  | (46,353) |  |  | 36,543,991 |  |  | (268,180) |
|  | $ | 30,808,192 |  | $ | (306,371) |  | $ | 8,761,049 |  | $ | (46,353) |  | $ | 39,569,241 |  | $ | (352,724) |
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 September 30, 2014 or December 31, 2013. At September 30, 2014 and December 31, 2013, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows: State and municipal securities: At September 30, 2014, 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 do 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 until maturity, the Bank does not consider those investments to be other-than-temporarily impaired at September 30, 2014. Mortgage-backed securities: At September 30, 2014, nineteen 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 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 September 30, 2014.

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