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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment Securities [Abstract]

Summary of investment securities


		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

The amortized cost and fair value of debt securities


		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

Contractual maturity of amortized cost and fair value of debt securities


		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

Gross unrealized losses on debt securities and the fair value of the related securities


		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	)