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Investment Securities | 9 Months Ended
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Sep. 30, 2012
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 September 30, 2012 and December 31, 2011 are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | 7,500,000 |  |  | $ | 2,978 |  |  | $ | (11,065 | ) |  | $ | 7,491,913 |
U. S. Government agency mortgage-backed securities |  |  | 2,505,087 |  |  |  | 20 |  |  |  | — |  |  |  | 2,505,107 |
Corporate bonds |  |  | 9,000,000 |  |  |  | — |  |  |  | (682,089 | ) |  |  | 8,317,911 |
|  | $ | 19,005,087 |  |  | $ | 2,998 |  |  | $ | (693,154 | ) |  | $ | 18,314,931 |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 September 30, 2012 and December 31, 2011:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government bonds |  | $ | 4,988,935 |  |  | $ | (11,065 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,988,935 |  |  | $ | (11,065 | )
Corporate bonds |  |  | 2,896,794 |  |  |  | (103,206 | ) |  |  | 5,421,117 |  |  |  | (578,883 | ) |  |  | 8,317,911 |  |  |  | (682,089 | )
Totals |  | $ | 7,885,729 |  |  | $ | (114,271 | ) |  | $ | 5,421,117 |  |  | $ | (578,883 | ) |  | $ | 13,306,846 |  |  | $ | (693,154 | )
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government 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 | )
At September 30, 2012, 4 securities had unrealized holding losses with aggregate depreciation of 5.0% from the amortized cost. At December 31, 2011, nine securities had unrealized losses with aggregate depreciation of 6.3% from the 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, when the loss position is due to a deterioration in credit quality, 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 market interest rate changes on corporate debt and bonds 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 September 30, 2012. The amortized cost and fair value of available-for-sale debt securities at September 30, 2012 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 prepaid 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 |  |  | $ | 8,317,911 |
U.S. Government bonds 5 to 10 years |  |  | 7,500,000 |  |  |  | 7,491,913 |
Mortgage-backed securities |  |  | 2,505,087 |  |  |  | 2,505,107 |
Total |  | $ | 19,005,087 |  |  | $ | 18,314,931 |

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