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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment securities are summarized as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2012 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 28,360 |  |  | $ | - |  |  | $ | 320 |  |  | $ | 28,040 |
State and municipal |  |  | 38,528,451 |  |  |  | 2,623,768 |  |  |  | 14,797 |  |  |  | 41,137,422 |
Corporate trust preferred |  |  | 349,646 |  |  |  | - |  |  |  | 65,116 |  |  |  | 284,530 |
Mortgage-backed |  |  | 57,494,784 |  |  |  | 1,597,567 |  |  |  | 52,076 |  |  |  | 59,040,275 |
|  | $ | 96,401,241 |  |  | $ | 4,221,335 |  |  | $ | 132,309 |  |  | $ | 100,490,267 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2011 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 28,360 |  |  | $ | - |  |  | $ | - |  |  | $ | 28,360 |
State and municipal |  |  | 37,165,358 |  |  |  | 1,808,576 |  |  |  | 46,811 |  |  |  | 38,927,123 |
Corporate trust preferred |  |  | 635,239 |  |  |  | - |  |  |  | 200,015 |  |  |  | 435,224 |
Mortgage-backed |  |  | 61,972,542 |  |  |  | 1,606,338 |  |  |  | 103,032 |  |  |  | 63,475,848 |
|  | $ | 99,801,499 |  |  | $ | 3,414,914 |  |  | $ | 349,858 |  |  | $ | 102,866,555 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2010 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 1,028,360 |  |  | $ | 51,640 |  |  | $ | 200 |  |  | $ | 1,079,800 |
State and municipal |  |  | 34,775,927 |  |  |  | 54,285 |  |  |  | 1,960,277 |  |  |  | 32,869,935 |
Corporate trust preferred |  |  | 1,793,287 |  |  |  | 64,898 |  |  |  | 717,115 |  |  |  | 1,141,070 |
Mortgage-backed |  |  | 51,337,038 |  |  |  | 984,851 |  |  |  | 144,335 |  |  |  | 52,177,554 |
|  | $ | 88,934,612 |  |  | $ | 1,155,674 |  |  | $ | 2,821,927 |  |  | $ | 87,268,359
Gross Unrealized Losses and Fair Value | The 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, 2012 are as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
Obligations of U.S. Government agencies |  | $ | 3,840 |  |  | $ | 320 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,840 |  |  | $ | 320 |
State and Municipal |  |  | 249,595 |  |  |  | 403 |  |  |  | 285,606 |  |  |  | 14,394 |  |  |  | 535,201 |  |  |  | 14,797 |
Corporate trust preferred |  |  | - |  |  |  | - |  |  |  | 284,550 |  |  |  | 65,116 |  |  |  | 284,550 |  |  |  | 65,116 |
Mortgaged-backed |  |  | 10,489,794 |  |  |  | 52,076 |  |  |  | - |  |  |  | - |  |  |  | 10,489,794 |  |  |  | 52,076 |
|  | $ | 10,743,229 |  |  | $ | 52,799 |  |  | $ | 570,156 |  |  | $ | 79,510 |  |  | $ | 11,313,385 |  |  | $ | 132,309 |
Cumulative Other-Than-Temporary Credit Losses Recognized In Earnings For All Debt and Equity Securities | A rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities for which a portion of an other-then-temporary loss is recognized in accumulated other comprehensive loss is as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Estimated credit losses, beginning of year |  | $ | 3,246,915 |  |  | $ | 3,154,987 |  |  | $ | 2,892,779 |
Credit losses - no previous OTTI recognized |  |  | - |  |  |  | 70,000 |  |  |  | - |
Credit losses - previous OTTI recognized |  |  | - |  |  |  | 21,928 |  |  |  | 262,208 |
Estimated credit losses, end of year |  | $ | 3,246,915 |  |  | $ | 3,246,915 |  |  | $ | 3,154,987 |
Contractual Maturities Of Investment Securities | Contractual maturities of investment securities at December 31, 2012, 2011, and 2010 are shown below:
|  | Available for Sale |
|  | Amortized |  |  | Fair |
December 31, 2012 |  | Cost |  |  | Value |
Due within one year |  | $ | 125,021 |  |  | $ | 125,745 |
Due over one to five years |  |  | - |  |  |  | - |
Due over five to ten years |  |  | 400,000 |  |  |  | 415,028 |
Due over ten years |  |  | 38,353,076 |  |  |  | 40,881,179 |
Mortgage-backed, due in monthly installments |  |  | 57,523,144 |  |  |  | 59,068,315 |
|  | $ | 96,401,241 |  |  | $ | 100,490,267 |
|  | Available for Sale |
|  | Amortized |  |  | Fair |
December 31, 2011 |  | Cost |  |  | Value |
Due within one year |  | $ | - |  |  | $ | - |
Due over one to five years |  |  | 1,032,792 |  |  |  | 1,046,248 |
Due over five to ten years |  |  | 304,998 |  |  |  | 334,044 |
Due over ten years |  |  | 36,491,167 |  |  |  | 38,010,415 |
Mortgage-backed, due in monthly installments |  |  | 61,972,542 |  |  |  | 63,475,848 |
|  | $ | 99,801,499 |  |  | $ | 102,866,555 |
|  | Available for Sale |
|  | Amortized |  |  | Fair |
December 31, 2010 |  | Cost |  |  | Value |
Due within one year |  | $ | - |  |  | $ | - |
Due over one to five years |  |  | 1,589,004 |  |  |  | 1,609,925 |
Due over five to ten years |  |  | 304,997 |  |  |  | 312,135 |
Due over ten years |  |  | 35,703,573 |  |  |  | 33,168,745 |
Mortgage-backed, due in monthly installments |  |  | 51,337,038 |  |  |  | 52,177,554 |
|  | $ | 88,934,612 |  |  | $ | 87,268,359 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27340-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 18B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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