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Investment Securities | 6 Months Ended
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Jun. 30, 2012
Investment Securities [Abstract] |
Investment Securities |
(4) | Investment Securities
A summary of investment securities by major category, at fair value, consisted of the following at June 30, 2012 and December 31, 2011.
|  | June 30, 2012 |  |  | December 31, 2011 |
U.S. treasury |  | $ | 2,040,781 |  |  | $ | 2,054,102 |
Government sponsored enterprises |  |  | 71,048,653 |  |  |  | 70,313,978 |
Asset-backed securities |  |  | 120,889,297 |  |  |  | 107,328,618 |
Obligations of states and political subdivisions |  |  | 34,291,010 |  |  |  | 34,109,303 |
Total available for sale securities |  | $ | 228,269,741 |  |  | $ | 213,806,001 |
All of our Company’s investment securities are classified as available for sale, as discussed in more detail below. Asset backed securities include agency mortgage-backed securities, which are guaranteed by government sponsored agencies such as the FHLMC, FNMA and GNMA. Our Company does not invest in subprime originated mortgage-backed or collateralized debt obligation instruments. Investment securities which are classified as restricted equity securities primarily consist of Federal Home Loan Bank stock and our Company’s interest in statutory trusts. These securities are reported at cost in other assets in the amount of $4,287,850 and $4,384,850, as of June 30, 2012 and December 31, 2011 respectively. The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2012 and December 31, 2011 are as follows:
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,999,725 |  |  | $ | 41,056 |  |  | $ | — |  |  | $ | 2,040,781 |
Government sponsored enterprises |  |  | 70,281,580 |  |  |  | 768,340 |  |  |  | 1,267 |  |  |  | 71,048,653 |
Asset-backed securities |  |  | 117,286,545 |  |  |  | 3,652,551 |  |  |  | 49,799 |  |  |  | 120,889,297 |
Obligations of states and political subdivisions |  |  | 33,030,619 |  |  |  | 1,279,639 |  |  |  | 19,248 |  |  |  | 34,291,010 |
Total available for sale securities |  | $ | 222,598,469 |  |  | $ | 5,741,586 |  |  | $ | 70,314 |  |  | $ | 228,269,741 |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,999,643 |  |  | $ | 54,459 |  |  | $ | — |  |  | $ | 2,054,102 |
Government sponsored enterprises |  |  | 69,703,105 |  |  |  | 628,888 |  |  |  | 18,015 |  |  |  | 70,313,978 |
Asset-backed securities |  |  | 103,805,717 |  |  |  | 3,546,712 |  |  |  | 23,811 |  |  |  | 107,328,618 |
Obligations of states and political subdivisions |  |  | 32,716,023 |  |  |  | 1,393,874 |  |  |  | 594 |  |  |  | 34,109,303 |
Total available for sale securities |  | $ | 208,224,488 |  |  | $ | 5,623,933 |  |  | $ | 42,420 |  |  | $ | 213,806,001 |
The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2012, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
|  | Amortized cost |  |  | Fair value |
Due in one year or less |  | $ | 1,938,269 |  |  | $ | 1,957,432 |
Due after one year through five years |  |  | 80,295,955 |  |  |  | 81,442,563 |
Due after five years through ten years |  |  | 22,326,908 |  |  |  | 23,169,861 |
Due after ten years |  |  | 750,792 |  |  |  | 810,588 |
|  |  | 105,311,924 |  |  |  | 107,380,444 |
Asset-backed securities |  |  | 117,286,545 |  |  |  | 120,889,297 |
Total |  | $ | 222,598,469 |  |  | $ | 228,269,741 |
Debt securities with carrying values aggregating approximately $166,160,000 and $172,447,000 at June 30, 2012 and December 31, 2011, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2012 and December 31, 2011, were as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  |  |  |  | Total |
At June 30, 2012 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Investment Positions |  |  | Fair Value |  |  | Unrealized Losses |
Government sponsored enterprises |  | $ | 2,998,733 |  |  | $ | (1,267 | ) |  | $ | — |  |  | $ | — |  |  |  | 3 |  |  | $ | 2,998,733 |  |  |  | (1,267 | )
Asset-backed securities |  |  | 14,487,776 |  |  |  | (49,799 | ) |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 14,487,776 |  |  | $ | (49,799 | )
Obligations of states and political subdivisions |  |  | 2,701,689 |  |  |  | (19,029 | ) |  |  | 150,290 |  |  |  | (219 | ) |  |  | 9 |  |  |  | 2,851,979 |  |  |  | (19,248 | )
|  | $ | 20,188,198 |  |  | $ | (70,095 | ) |  | $ | 150,290 |  |  | $ | (219 | ) |  |  | 27 |  |  | $ | 20,338,488 |  |  | $ | (70,314 | )
|  | Less than 12 months |  |  | 12 months or more |  |  |  |  |  | Total |
At December 31, 2011 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Investment Positions |  |  | Fair Value |  |  | Unrealized Losses |
Government sponsored enterprises |  | $ | 13,250,239 |  |  | $ | (18,015 | ) |  | $ | — |  |  | $ | — |  |  |  | 13 |  |  | $ | 13,250,239 |  |  |  | (18,015 | )
Asset-backed securities |  |  | 4,591,075 |  |  |  | (23,811 | ) |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 4,591,075 |  |  | $ | (23,811 | )
Obligations of states and political subdivisions |  |  | 229,089 |  |  |  | (300 | ) |  |  | 150,279 |  |  |  | (294 | ) |  |  | 2 |  |  |  | 379,368 |  |  |  | (594 | )
|  | $ | 18,070,403 |  |  | $ | (42,126 | ) |  | $ | 150,279 |  |  | $ | (294 | ) |  |  | 20 |  |  | $ | 18,220,682 |  |  | $ | (42,420 | )
Our Company’s available for sale portfolio consisted of approximately 393 securities at June 30, 2012. One of these securities with an unrealized loss of $219 had been in the loss position for 12 months or longer. The unrealized loss included in other comprehensive income at June 30, 2012 was caused by interest rate fluctuations. Our Company’s available for sale portfolio consisted of approximately 365 securities at December 31, 2011. One of these securities with an unrealized loss of $294 had been in the loss position for 12 months or longer. The unrealized loss included in other comprehensive income at December 31, 2011 was caused by interest rate fluctuations. Because the decline in fair value is attributable to changes in interest rates and not credit quality these investments were not considered other-than-temporarily impaired at June 30, 2012 and December 31, 2011, respectively. During the three and six months ended June 30, 2012 and 2011, there were no proceeds from sales of securities and no components of investment securities gains and losses which have been recognized in earnings.

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -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 FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 10: 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 + Details
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