XML 115 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Available-for-Sale Securities | 12 Months Ended
--- | ---
Dec. 31, 2013
Investments Debt And Equity Securities [Abstract] |
Available-for-Sale Securities | Note 3. Available-for-Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities at December 31, 2013 and 2012 are as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
2013 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U. S. Government agency bonds |  | $ | 7,500,000 |  |  | $ | — |  |  | $ | (420,650 | ) |  | $ | 7,079,350 |
U. S. Government agency mortgage-backed securities |  |  | 22,387,986 |  |  |  | — |  |  |  | (635,774 | ) |  |  | 21,752,212 |
Corporate bonds |  |  | 9,000,000 |  |  |  | — |  |  |  | (130,206 | ) |  |  | 8,869,794 |
|  | $ | 38,887,986 |  |  | $ | — |  |  | $ | (1,186,630 | ) |  | $ | 37,701,356 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
2012 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
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 |
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, 2013 and 2012:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
2013 |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
U. S. Government agency bonds |  | $ | 7,079,350 |  |  | $ | (420,650 | ) |  | $ | — |  |  | $ | — |  |  | $ | 7,079,350 |  |  | $ | (420,650 | )
U. S. Government agency mortgage-backed securities |  |  | 8,870,860 |  |  |  | (291,233 | ) |  |  | 12,855,648 |  |  |  | (344,541 | ) |  |  | 21,726,508 |  |  |  | (635,774 | )
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 8,869,794 |  |  |  | (130,206 | ) |  |  | 8,869,794 |  |  |  | (130,206 | )
Totals |  | $ | 15,950,210 |  |  | $ | (711,883 | ) |  | $ | 21,725,442 |  |  | $ | (474,747 | ) |  | $ | 37,675,652 |  |  | $ | (1,186,630 | )
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
2012 |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
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 | )
At December 31, 2013, eleven securities had unrealized losses with an aggregate depreciation of 3.2% from the amortized cost, compared to nine securities at December 31, 2012 with an aggregate depreciation of 1.9% from the amortized cost. The Company 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 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 U.S. Government agency debt, 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, 2013. At December 31, 2013 and 2012, available-for-sale securities with a carrying value of $5,758,916 and $6,913,797, respectively, were pledged to secure municipal deposits. At December 31, 2013, no securities were pledged to secure securities sold under agreements to repurchase. At December 31, 2012, available- for-sale securities with a carrying value of $9,088,000 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, 2013 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: |  |  |  |  |  |  |  |
Corporate bonds 5 to 10 years |  | $ | 9,000,000 |  |  | $ | 8,869,794 |
U.S. Government bonds 5 to 10 years |  |  | 7,500,000 |  |  |  | 7,079,350 |
Mortgage-backed securities |  |  | 22,387,986 |  |  |  | 21,752,212 |
Total |  | $ | 38,887,986 |  |  | $ | 37,701,356 |
During 2013 there were no sales of available-for-sale securities. During 2012, sales of available-for-sale securities resulted in the Company recognizing proceeds of $45,226,033, and gross gains and gross losses of $910,591 and $9,651 respectively. 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.

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: 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=27724398&loc=d3e27290-111563 Reference 2: 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=27724398&loc=d3e27357-111563 Reference 3: 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=27724398&loc=d3e27337-111563 Reference 4: 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 5: 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=27724398&loc=d3e27198-111563 Reference 6: 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 7: 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=27724398&loc=d3e27161-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration