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Available-for-Sale Securities | 12 Months Ended
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Dec. 31, 2011
Available-for-Sale Securities [Abstract] |
Available-for-Sale Securities | Note 3. Available-for-Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair values of available-for-sale securities at December 31, 2011 and 2010 are as follows:
2011 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U. S. Government agency bonds |  | $ | 5,000,000 |  |  | $ | 37,085 |  |  | $ | — |  |  | $ | 5,037,085 |
U. S. Government agency mortgage-backed securities |  |  | 49,004,232 |  |  |  | 1,051,097 |  |  |  | (5,900 | ) |  |  | 50,049,429 |
Corporate bonds |  |  | 12,249,064 |  |  |  | 25,338 |  |  |  | (890,944 | ) |  |  | 11,383,458 |
|  | $ | 66,253,296 |  |  | $ | 1,113,520 |  |  | $ | (896,844 | ) |  | $ | 66,469,972 |
2010 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U. S. Government agency mortgage-backed securities |  | $ | 36,572,430 |  |  | $ | 900,286 |  |  | $ | (838 | ) |  | $ | 37,471,878 |
|  |  | 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 Company’s available for sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position, at December 31, 2011 and 2010:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
2011 |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
U. S. Government agency mortgage-backed securities |  | $ | 4,941,662 |  |  | $ | (5,492 | ) |  | $ | 68,309 |  |  | $ | (408 | ) |  | $ | 5,009,971 |  |  | $ | (5,900 | )
Corporate bonds |  |  | 8,358,120 |  |  |  | (890,944 | ) |  |  | — |  |  |  | — |  |  |  | 8,358,120 |  |  |  | (890,944 | )
Totals |  | $ | 13,299,782 |  |  | $ | (896,436 | ) |  | $ | 68,309 |  |  | $ | (408 | ) |  | $ | 13,368,091 |  |  | $ | (896,844 | )
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 86,375 |  |  | $ | (838 | ) |  | $ | — |  |  | $ | — |  |  | $ | 86,375 |  |  | $ | (838 | )
Totals |  | $ | 86,375 |  |  | $ | (838 | ) |  | $ | — |  |  | $ | — |  |  | $ | 86,375 |  |  | $ | (838 | )
At December 31, 2011, nine securities had unrealized losses with aggregate depreciation of 6.3% from the amortized cost, compared to two securities at December 31, 2010 with aggregate depreciation of 1.0% from the amortized cost. 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 market interest rate changes on corporate debt and mortgage-backed securities issued by U.S. Government agencies. Management considers the issuers of the securities to be financially sound, the corporate bonds are investment grade 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 December 31, 2011. At December 31, 2011 and 2010, available-for-sale securities with a carrying value of $8,041,000 and $2,811,000, respectively, were pledged to secure obligations under municipal deposits. At December 31, 2011 and 2010, available-for-sale securities with a carrying value of $10,309,000 and $9,486,000, respectively, were pledged to secure securities sold under agreements to repurchase. The amortized cost and fair value of available-for-sale debt securities at December 31, 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 |  |  | Fair |
|  | Cost |  |  | Value |
Maturity: |  |  |  |  |  |  |  |
Over 10 years |  | $ | — |  |  | $ | — |
Corporate bonds < 5 years |  |  | 3,249,064 |  |  |  | 3,148,563 |
Corporate bonds 5 to 10 years |  |  | 9,000,000 |  |  |  | 8,234,895 |
U.S. Government bonds 5 to 10 years |  |  | 5,000,000 |  |  |  | 5,037,085 |
Mortgage-backed securities |  |  | 49,004,232 |  |  |  | 50,049,429 |
Total |  | $ | 66,253,296 |  |  | $ | 66,469,972 |
During 2011 there were ten sales of available-for-sale securities, which resulted in the Company recognizing gross proceeds from the sales of $26,349,070 and gross gains of $1,109,305. During 2010 there were no sales of available-for-sale securities. During 2009, there were six sales of available-for-sale securities, which resulted in the Company recognizing proceeds from the sales of $19,852,541 and gains of $434,334.

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- Definition Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. 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. + References Reference 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 + Details
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