4. INVESTMENT SECURITIES

Details of investment securities available-for-sale and held-to-maturity at December 31, 2011 and 2010 are as follows:


	Available-for-Sale
	December 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Mortgage-backed securities	$	96,103,679	$	3,902,939	$	(315,694	)	$	99,690,924
Obligations of states, counties and political subdivisions		14,684,391		1,200,770		—			15,885,161
Obligations of U.S. government sponsored agencies		6,490,208		18,569		—			6,508,777
U.S. treasury securities		75,277		75		—			75,352
Equity securities		9,440		844		—			10,284

Total	$	117,362,995	$	5,123,197	$	(315,694	)	$	122,170,498


	Held-to-Maturity
	December 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of states, counties and political subdivisions	$	1,170,000	$	1,255	$	—		$	1,171,255


	Available-for-Sale
	December 31, 2010
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Mortgage-backed securities	$	108,409,522	$	5,139,502	$	(151,793	)	$	113,397,231
Obligations of states, counties and political subdivisions		21,797,119		526,854		(138,176	)		22,185,797
Equity securities		132,120		116,340		(34,636	)		213,824
U.S. treasury securities		80,054		315		—			80,369

Total	$	130,418,815	$	5,783,011	$	(324,605	)	$	135,877,221


	Held-to-Maturity
	December 31, 2010
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of states, counties and political subdivisions	$	1,210,000	$	227	$	(12,894	)	$	1,197,333

The scheduled maturities of investment securities available-for-sale and held-to-maturity at December 31, 2011 are presented in the following table:


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Maturing within one year	$	890,999	$	895,407	$	45,000	$	45,058
Maturing after one to five years		4,649,049		4,803,871		190,000		190,253
Maturing after five to ten years		29,711,355		31,336,827		295,000		295,343
Maturing after ten years		82,102,152		85,124,109		640,000		640,601
Equity securities and Preferred stock		9,440		10,284		—		—

Total	$	117,362,995	$	122,170,498	$	1,170,000	$	1,171,255

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

The following table reflects the Company's investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2011 and 2010. Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) whether the Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. At December 31, 2011 and 2010, based on the aforementioned considerations, management did not record an other-than-temporary impairment on any security that was in an unrealized loss position.


	Available-for-Sale
	December 31, 2011
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage-backed securities	$	16,318,462	$	(276,468	)	$	811,211	$	(39,226	)


	Held-to-Maturity
	December 31, 2011
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Obligations of states, counties and political subdivisions	$	—	$	—		$	—	$	—

	Available-for-Sale
	December 31, 2010
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Obligations of states, counties and political subdivisions	$	5,287,573	$	(138,176	)	$	—	$	—
Mortgage-backed securities		6,463,160		(137,375	)		637,296		(14,419	)
Equity securities		—		—			40,343		(34,634	)

Total	$	11,750,733	$	(275,551	)	$	677,639	$	(49,053	)


	Held-to-Maturity
	December 31, 2010
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Obligations of states, counties and political Subdivisions	$	812,106	$	(12,894	)	$	—	$	—

As of December 31, 2011, four debt securities had been in a loss position for more than twelve months, and six debt securities had been in a loss position for less than twelve months. The losses for all securities are considered to be a direct result of the effect that the current interest rate environment has on the value of debt securities and not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Therefore, the Company has not recognized any other-than-temporary impairments.

Investment securities available-for-sale with a carrying value of $80.0 million and $74.1 million at December 31, 2011 and 2010, respectively, were pledged to secure public deposits and for other purposes.

Net gains realized on securities available-for-sale were $2,549,963 for 2011 and $256,635 for 2010. The following chart represents the gross gains and losses for the years 2010 and 2011.


	Gross Gains		Gross Losses			Net Gains (Losses)
2011	$	2,594,409	$	(44,446	)	$	2,549,963
2010		256,635		—			256,635