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Securities | 12 Months Ended
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Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities [Text Block] | Note 3: Securities The amortized cost and approximate fair values of securities were as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Approximate |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 25,237,896 |  |  | $ | 186,420 |  |  | $ | (400 | ) |  | $ | 25,423,916 |
Mortgage-backed securities |  |  | 67,055,401 |  |  |  | 760,482 |  |  |  | (117,888 | ) |  |  | 67,697,995 |
State and political subdivisions |  |  | 15,586,215 |  |  |  | 1,210,221 |  |  |  | (3,791 | ) |  |  | 16,792,645 |
Money Market Mutual Fund |  |  | 2,040,117 |  |  |  | - |  |  |  | - |  |  |  | 2,040,117 |
Equity securities |  |  | 23,000 |  |  |  | - |  |  |  | - |  |  |  | 23,000 |
|  | $ | 109,942,629 |  |  | $ | 2,157,123 |  |  | $ | (122,079 | ) |  | $ | 111,977,673 |
December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 43,572,741 |  |  | $ | 298,653 |  |  | $ | (220,262 | ) |  | $ | 43,651,132 |
Mortgage-backed securities |  |  | 53,652,288 |  |  |  | 1,395,036 |  |  |  | (419,232 | ) |  |  | 54,628,092 |
State and political subdivisions |  |  | 31,552,709 |  |  |  | 895,794 |  |  |  | (150,724 | ) |  |  | 32,297,779 |
Money Market Mutual Fund |  |  | 2,162,055 |  |  |  | - |  |  |  | - |  |  |  | 2,162,055 |
Equity securities |  |  | 23,000 |  |  |  | - |  |  |  | - |  |  |  | 23,000 |
|  | $ | 130,962,793 |  |  | $ | 2,589,483 |  |  | $ | (790,218 | ) |  | $ | 132,762,058 |
The amortized cost and fair value of securities available for sale at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available for Sale |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Within one year |  | $ | 384,320 |  |  | $ | 383,890 |
Due after one year through five years |  |  | 4,467,285 |  |  |  | 4,538,415 |
Due after five years through ten years |  |  | 10,452,781 |  |  |  | 10,695,235 |
Due after ten years |  |  | 25,519,725 |  |  |  | 26,599,021 |
|  |  | 40,824,111 |  |  |  | 42,216,561 |
Mortgage-backed securities, money market mutual fund & equity securities |  |  | 69,118,518 |  |  |  | 69,761,112 |
Totals |  | $ | 109,942,629 |  |  | $ | 111,977,673 |
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $52,819,227 at December 31, 2011, and $30,412,621 at December 31, 2010. The securities delivered for repurchase agreements were $21,024,591 at December 31, 2011 and $58,621,708 at December 31, 2010. Gross gains of $1,888,618, $451,474, and $961,013, and gross losses of $17,231, $590, and $693 resulting from sales of available-for-sale securities were realized for 2011, 2010, and 2009, respectively. The tax expense for net security gains for 2011, 2010, and 2009 was $636,272, $153,301, and $326,509, respectively. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2011 and 2010, were $15,165,941 and $40,399,444 which is approximately 14% and 30% of the Company's available-for-sale investment portfolio, respectively. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. In 2002, the Company took an after-tax loss of $1.1 million on an investment in WorldCom bonds. In 2006, $889,454 of this loss was recovered, which resulted in a $587,000 after-tax gain. In 2008, an additional $197,487 of this loss was recovered, which resulted in a $130,000 after-tax gain. In 2010, an additional $73,774 of this loss was recovered, which resulted in a $49,000 after-tax gain. The following tables present securities with unrealized losses at December 31, 2011 and December 31, 2010 as follows:
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2011 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 2,499,600 |  |  | $ | (400 | ) |  | $ | - |  |  | $ | - |  |  | $ | 2,499,600 |  |  | $ | (400 | )
Mortgage-backed securities |  |  | 11,321,273 |  |  |  | (54,484 | ) |  |  | 843,858 |  |  |  | (63,404 | ) |  |  | 12,165,131 |  |  |  | (117,888 | )
State and political subdivisions |  |  | 501,210 |  |  |  | (3,791 | ) |  |  |  |  |  |  | - |  |  |  | 501,210 |  |  |  | (3,791 | )
|  | $ | 14,322,083 |  |  | $ | (58,675 | ) |  | $ | 843,858 |  |  | $ | (63,404 | ) |  | $ | 15,165,941 |  |  | $ | (122,079 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2010 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | - |  |  | $ | - |  |  | $ | 11,483,130 |  |  | $ | (220,262 | ) |  | $ | 11,483,130 |  |  | $ | (220,262 | )
Mortgage-backed securities |  |  | 1,164,431 |  |  |  | (99,297 | ) |  |  | 20,281,713 |  |  |  | (319,935 | ) |  |  | 21,446,144 |  |  |  | (419,232 | )
State and political subdivisions |  |  | 349,460 |  |  |  | (24,611 | ) |  |  | 7,120,710 |  |  |  | (126,113 | ) |  |  | 7,470,170 |  |  |  | (150,724 | )
|  | $ | 1,513,891 |  |  | $ | (123,908 | ) |  | $ | 38,885,553 |  |  | $ | (666,310 | ) |  | $ | 40,399,444 |  |  | $ | (790,218 | )
The total unrealized losses on the mortgage-backed securities portfolio, all of which are residential mortgage-backs, is derived mainly from three private label senior tranche residential collateralized mortgage obligation (CMO) securities with a book value of $1.1 million and a fair value of $1.0 million. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. When the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Management has determined there is no other-than-temporary-impairment on its CMO securities.

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