Investment Securities (Tables)

9 Months Ended

Sep. 30, 2013

Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Available-for-Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair values of available-for-sale securities at September 30, 2013 and December 31, 2012 are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
September 30, 2013:
U. S. Government agency bonds	$	7,500,000	$	—	$	(313,095	)	$	7,186,905
U. S. Government agency mortgage-backed securities		23,253,208		—		(664,671	)		22,588,537
Corporate bonds		9,000,000		—		(478,581	)		8,521,419

	$	39,753,208	$	—	$	(1,456,347	)	$	38,296,861

December 31, 2012:
U. S. Government agency bonds	$	7,500,000	$	26,170	$	—		$	7,526,170
U. S. Government agency mortgage-backed securities		25,837,100		—		(130,209	)		25,706,891
Corporate bonds		9,000,000		—		(513,741	)		8,486,259

	$	42,337,100	$	26,170	$	(643,950	)	$	41,719,320

Gross Unrealized Loss and Fair Value of Available-for-Sale Securities, Aggregated by the Length of Time

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, 2013 and December 31, 2012:


	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
September 30, 2013:
U. S. Government agency bonds	$	7,186,905	$	(313,095	)	$	—	$	—		$	7,186,905	$	(313,095	)
U. S. Government agency mortgage— backed securities		20,697,296		(558,648	)		1,891,241		(106,023	)		22,588,537		(664,671	)
Corporate bonds		—		—			8,521,419		(478,581	)		8,521,419		(478,581	)

Totals	$	27,884,201	$	(871,743	)	$	10,412,660	$	(584,604	)	$	38,296,861	$	(1,456,347	)

December 31, 2012:
U. S. Government agency mortgage— backed securities	$	25,670,832	$	(130,209	)	$	—	$	—		$	25,670,832	$	(130,209	)
Corporate bonds		2,842,368		(157,632	)		5,643,891		(356,109	)		8,486,259		(513,741	)

Totals	$	28,513,200	$	(287,841	)	$	5,643,891	$	(356,109	)	$	34,157,091	$	(643,950	)

Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity

penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following summary:


	Amortized Cost		Fair Value
Maturity:
Corporate bonds 5 to 10 years	$	9,000,000	$	8,521,419
U.S. Government agency bonds < 5 years		2,500,000		2,441,820
U.S. Government agency bonds 5 to 10 years		5,000,000		4,745,085
U.S. Government agency mortgage-backed securities		23,253,208		22,588,537

Total	$	39,753,208	$	38,296,861