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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of summary of investment securities


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2013	Cost		Gains		Losses		Value

Available for sale:
U.S. Government agencies	$	28,360	$	575,000	$	-	$	603,360
State and municipal		32,395,630		360,384		1,746,943		31,009,071
Corporate trust preferred		333,395		-		109,403		223,992
Mortgage-backed		43,512,419		688,095		1,723,255		42,477,259

	$	76,269,804	$	1,623,479	$	3,579,601	$	74,313,682


			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

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position


	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	$	-	$	-	$	-	$	-	$	-	$	-
State and Municipal		15,166,247		1,702,555		255,612		44,388		15,421,859		1,746,943
Corporate trust preferred		-		-		224,275		109,403		224,275		109,403
Mortgaged-backed		21,834,878		1,212,205		6,738,723		511,050		28,573,601		1,723,255

	$	37,001,125	$	2,914,760	$	7,218,610	$	664,841	$	44,219,735	$	3,579,601

Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities


	2013		2012		2011

Estimated credit losses, beginning of year	$	3,246,915	$	3,246,915	$	3,154,987
Credit losses - no previous OTTI recognized		-		-		70,000
Credit losses - previous OTTI recognized		15,581		-		21,928

Estimated credit losses, end of year	$	3,262,496	$	3,246,915	$	3,246,915

Schedule of contractual maturities of investment securities


	Available for Sale
	Amortized		Fair
December 31, 2013	Cost		Value

Due within one year	$	-	$	-
Due over one to five years		-		-
Due over five to ten years		-		-
Due over ten years		32,729,025		31,233,063
Mortgage-backed, due in monthly installments		43,540,779		43,080,619

	$	76,269,804	$	74,313,682


	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		300,838		329,884
Due over ten years		36,466,967		37,986,215
Mortgage-backed, due in monthly installments		62,000,902		63,504,208

	$	99,801,499	$	102,866,555

- 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.

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