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Investment Securities
 6 Months Ended
Jun. 30, 2011
Investment Securities [Abstract]  
Investment Securities
Note 2: Investment Securities
The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair values of available-for-sale securities at June 30, 2011 and December 31, 2010 are as follows:
                                 
            Gross     Gross        
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
June 30, 2011:
                               
 
                               
U. S. Government agency mortgage-backed securities
  $ 75,475,069     $ 1,294,977     $ (37,159 )   $ 76,732,887  
Auction rate preferred equity securities
    1,899,720       1,355,175       —       3,254,895  
Corporate bonds
    9,000,000       —       (61,311 )     8,938,689  
 
                       
 
  $ 86,374,789     $ 2,650,152     $ (98,470 )   $ 88,926,471  
 
                       
 
                               
December 31, 2010:
                               
 
                               
U. S. Government agency mortgage-backed securities
  $ 36,572,430     $ 900,286     $ (838 )   $ 37,471,878  
Auction rate preferred equity securities
    1,899,720       1,193,102       —       3,092,822  
 
                       
 
  $ 38,472,150     $ 2,093,388     $ (838 )   $ 40,564,700  
 
                       
The following table presents the gross unrealized loss and fair value of Bancorp’s available-for-sale securities, aggregated by the length of time the individual securities have been in a continuous loss position, at June 30, 2011 and December 31, 2010:
                                                 
    Less Than 12 Months     12 Months or More     Total  
    Fair     Unrealized     Fair     Unrealized     Fair     Unrealized  
    Value     Loss     Value     Loss     Value     Loss  
June 30, 2011:
                                               
 
                                               
Corporate bonds
  $ 8,938,689     $ (61,311 )   $ —     $ —     $ 8,938,689     $ (61,311 )
U. S. Government mortgage - backed securities
  $ 14,964,561     $ (37,159 )   $ —     $ —     $ 14,964,561     $ (37,159 )
 
                                   
Totals
  $ 23,903,250     $ (98,470 )   $ —     $ —     $ 23,903,250     $ (98,470 )
 
                                   
 
                                               
December 31, 2010:
                                               
 
                                               
U. S. Government mortgage - backed securities
  $ 86,375     $ (838 )   $ —     $ —     $ 86,375     $ (838 )
 
                                   
Totals
  $ 86,375     $ (838 )   $ —     $ —     $ 86,375     $ (838 )
 
                                   
At June 30, 2011, 11 securities had unrealized holding losses with aggregate depreciation of 0.41% from the amortized cost. There were no securities with unrealized losses greater than 5% of amortized cost. At December 31, 2010, two securities had unrealized losses with aggregate depreciation of 1.0% from the amortized cost. There were no securities with unrealized losses greater than 5% of amortized cost.
Bancorp performs a quarterly analysis of those securities that are in an unrealized loss position to determine if those losses qualify as other-than-temporary impairments. This analysis considers the following criteria in its determination: the ability of the issuer to meet its obligations, an impairment due to a deterioration in credit, management’s plans and ability to maintain its investment in the security, the length of time and the amount by which the security has been in a loss position, the interest rate environment, the general economic environment and prospects or projections for improvement or deterioration.
Management believes that none of the unrealized losses on available-for-sale securities noted above are other than temporary due to the fact that they relate to interest rate changes on corporate debt and on mortgage-backed securities issued by U.S. Government agencies. Management considers the issuers of the mortgage-backed securities, as well as the corporate bonds, to be financially sound, and the Company expects to receive all contractual principal and interest related to these investments. Because the Company does not intend to sell the investments, and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2011.
The amortized cost and fair value of available-for-sale debt securities at June 30, 2011, by contractual maturity, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:
                 
    Amortized Cost     Fair Value  
Maturity:
               
Corporate bonds 5 to 10 years
  $ 9,000,000     $ 8,938,689  
Mortgage-backed securities
    75,475,069       76,732,887  
 
           
Total
  $ 84,475,069     $ 85,671,576