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Investment Securities | 12 Months Ended
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Dec. 31, 2011
Investment Securities [Abstract] |
Investment Securities | (3) Investment Securities Investment securities as of December 31, 2011 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies Mortgage-Backed |  | $ | 291,096,606 |  |  | $ | 3,152,095 |  |  | $ | (187,902 | ) |  | $ | 294,060,799 |
State, County and Municipal |  |  | 7,474,500 |  |  |  | 132,226 |  |  |  | (23,035 | ) |  |  | 7,583,691 |
Corporate Obligations |  |  | 2,000,000 |  |  |  | 123,930 |  |  |  | (10,000 | ) |  |  | 2,113,930 |
Asset-Backed Securities |  |  | 426,191 |  |  |  | - |  |  |  | (293,764 | ) |  |  | 132,427 |
|  | $ | 300,997,297 |  |  | $ | 3,408,251 |  |  | $ | (514,701 | ) |  | $ | 303,890,847 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State, County and Municipal |  | $ | 46,111 |  |  | $ | - |  |  | $ | (476 | ) |  | $ | 45,635 |
The amortized cost and fair value of investment securities as of December 31, 2011, by contractual maturity, are shown hereafter. Expected maturities will differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities |
|  | Available for Sale |  |  | Held to Maturity |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due After One Year Through Five Years |  | $ | 2,684,705 |  |  | $ | 2,830,842 |  |  | $ | 46,111 |  |  | $ | 45,635 |
Due After Five Years Through Ten Years |  |  | 4,473,468 |  |  |  | 4,550,705 |  |  |  | - |  |  |  | - |
Due After Ten Years |  |  | 2,742,518 |  |  |  | 2,448,501 |  |  |  | - |  |  |  | - |
|  |  | 9,900,691 |  |  |  | 9,830,048 |  |  |  | 46,111 |  |  |  | 45,635 |
Mortgage-Backed Securities |  |  | 291,096,606 |  |  |  | 294,060,799 |  |  |  | - |  |  |  | - |
|  | $ | 300,997,297 |  |  | $ | 303,890,847 |  |  | $ | 46,111 |  |  | $ | 45,635 |
Investment securities as of December 31, 2010 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies Mortgage-Backed |  | $ | 299,018,595 |  |  | $ | 1,763,198 |  |  | $ | (2,319,337 | ) |  | $ | 298,462,456 |
State, County and Municipal |  |  | 3,248,533 |  |  |  | 34,391 |  |  |  | (26,691 | ) |  |  | 3,256,233 |
Corporate Obligations |  |  | 2,000,000 |  |  |  | 101,920 |  |  |  | (115,430 | ) |  |  | 1,986,490 |
Asset-Backed Securities |  |  | 479,249 |  |  |  | - |  |  |  | (346,822 | ) |  |  | 132,427 |
|  | $ | 304,746,377 |  |  | $ | 1,899,509 |  |  | $ | (2,808,280 | ) |  | $ | 303,837,606 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State, County and Municipal |  | $ | 48,412 |  |  | $ | 4,529 |  |  | $ | - |  |  | $ | 52,941 |
Proceeds from sales of investments available for sale were $342,672,937 in 2011, $286,387,727 in 2010 and $368,575,701 in 2009. Gross realized gains totaled $2,978,193 in 2011, $2,617,062 in 2010 and $3,204,669 in 2009. Gross realized losses totaled $54,592 in 2011, $0 in 2010 and $578,802 in 2009. Nonaccrual securities are securities for which principal and interest are doubtful of collection in accordance with original terms and for which accruals of interest have been discontinued due to payment delinquency. Fair value of securities on nonaccrual status totaled $132,000 as of December 31, 2011 and 2010. Investment securities having a carrying value totaling $136,838,456 and $123,789,118 as of December 31, 2011 and 2010, respectively, were pledged to secure public deposits and for other purposes. Information pertaining to securities with gross unrealized losses at December 31, 2011 and 2010 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies Mortgage-Backed |  | $ | 26,439,317 |  |  | $ | (187,902 | ) |  | $ | - |  |  | $ | - |  |  | $ | 26,439,317 |  |  | $ | (187,902 | )
State, County and Municipal |  |  | 1,224,119 |  |  |  | (21,704 | ) |  |  | 73,193 |  |  |  | (1,807 | ) |  |  | 1,297,312 |  |  |  | (23,511 | )
Corporate Obligations |  |  | - |  |  |  | - |  |  |  | 990,000 |  |  |  | (10,000 | ) |  |  | 990,000 |  |  |  | (10,000 | )
Asset-Backed Securities |  |  | - |  |  |  | - |  |  |  | 132,427 |  |  |  | (293,764 | ) |  |  | 132,427 |  |  |  | (293,764 | )
|  | $ | 27,663,436 |  |  | $ | (209,606 | ) |  | $ | 1,195,620 |  |  | $ | (305,571 | ) |  | $ | 28,859,056 |  |  | $ | (515,177 | )
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies Mortgage-Backed |  | $ | 152,286,738 |  |  | $ | (2,319,337 | ) |  | $ | - |  |  | $ | - |  |  | $ | 152,286,738 |  |  | $ | (2,319,337 | )
State, County and Municipal |  |  | 1,776,763 |  |  |  | (26,691 | ) |  |  | - |  |  |  | - |  |  |  | 1,776,763 |  |  |  | (26,691 | )
Corporate Obligations |  |  | - |  |  |  | - |  |  |  | 884,570 |  |  |  | (115,430 | ) |  |  | 884,570 |  |  |  | (115,430 | )
Asset-Backed Securities |  |  | - |  |  |  | - |  |  |  | 132,427 |  |  |  | (346,822 | ) |  |  | 132,427 |  |  |  | (346,822 | )
|  | $ | 154,063,501 |  |  | $ | (2,346,028 | ) |  | $ | 1,016,997 |  |  | $ | (462,252 | ) |  | $ | 155,080,498 |  |  | $ | (2,808,280 | )
Management evaluates securities for other than temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2011, the debt securities with unrealized losses have depreciated 1.75 percent from the Company's amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations, except for asset-backed securities. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer's financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary. However, the Company did own one asset-backed security at December 31, 2011 which has been in a continuous unrealized loss position for more than 12 months. This investment is comprised of one issuance of a trust preferred security, has a book value of $426,191 and an unrealized loss of $293,764. Management evaluates this investment on a quarterly basis utilizing a third-party valuation model. The results of this model revealed other-than-temporary impairment and as a result, $53,058 and $520,751 were written off during the years ended December 31, 2011 and 2009, respectively. The Company does not intend to sell this investment, nor does the Company consider it likely that it will be required to sell the investment prior to recovery of the remaining fair value.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + 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 Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: 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 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 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 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
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