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Note 18: Derivative Commitments | 12 Months Ended
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Dec. 31, 2013
Notes |
Note 18: Derivative Commitments | 18) Derivative Commitments The Company has adopted a strategy of selling “out of the money” call options on its available for sale equity securities as a source of revenue. The options give the purchaser the right to buy from the Company specified equity securities at a set price up to a pre-determined date in the future. The Company receives an immediate payment of cash for the value of the option and establishes a liability for the market value of the option. The liability for call options is adjusted to market value at each reporting date. The market value of outstanding call options as of December 31, 2013 and December 31, 2012 was $124,174 and $126,215, respectively. In the event an option is exercised, the Company recognizes a gain on the sale of the equity security and a gain from the sale of the option. If the option expires unexercised, the Company recognizes a gain from the sale of the option and retains the underlying equity security. Additional information on how the Company reports these derivatives is discussed in Note 1 of the Notes to Consolidated Financial Statements. The following table shows the fair value of derivatives as of December 31, 2013 and December 31, 2012.
| Fair Value of Derivative Instruments
| Asset Derivatives | Liability Derivatives
| December 31, 2013 |  | December 31, 2012 | December 31, 2013 |  | December 31, 2012
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock and forward sales commitments | other assets |  | $1,511,111 |  | other assets |  | $ 3,127,689 |  | Other liabilities |  | $ 23,203 |  | Other liabilities |  | $ 166,224
Call Options |  |  | - |  |  |  | - |  | Other liabilities |  | 124,174 |  | Other liabilities |  | 126,215
Interest rate swaps |  |  | - |  |  |  | - |  | Bank loans payable |  | 58,310 |  | Bank loans payable |  | 93,572
Total |  |  | $1,511,111 |  |  |  | $ 3,127,689 |  |  |  | $ 205,687 |  |  |  | $ 386,011
The following table shows the gain (loss) on derivatives for the periods presented. There were no gains or losses reclassified from accumulated other comprehensive income (OCI) into income or gains or losses recognized in income on derivatives ineffective portion or any amounts excluded from effective testing.
|  | Net Amount Gain (Loss) Recognized in OCI
|  | Years ended December 31
Derivative - Cash Flow Hedging Relationships: |  | 2013 |  | 2012
Interest Rate Lock Commitments |  | $ (1,473,557) |  | $ 1,266,924
Interest Rate Swaps |  | 35,262 |  | 24,240
Sub Total |  | (1,438,295) |  | 1,291,164
Tax Effect |  | (417,541) |  | 438,996
Total |  | $ (1,020,754) |  | $ 852,168

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