XML 54 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6

Investment Securities (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

+ References

No definition available.

+ Details

Name:	us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
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

X

- 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

Name:	us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration