Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of summary of investment securities


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2014	Cost		Gains		Losses		Value

Available for sale:
U.S. Treasury	$	7,946,530	$	5,843	$	23,883	$	7,928,490
U.S. Government agencies		28,360		295,584		-		323,944
State and municipal		32,771,006		813,974		75,534		33,509,446
Corporate trust preferred		247,150		-		83,695		163,455
Mortgage-backed		46,831,094		95,832		859,116		46,067,810

	$	87,824,140	$	1,211,233	$	1,042,228	$	87,993,145

				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

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
U.S. Treasury	$	5,946,025	$	23,883	$	-	$	-	$	5,946,025	$	23,883
State and Municipal		2,613,263		30,438		1,261,322		45,096		3,874,585		75,534
Corporate trust preferred		-		-		163,455		83,695		163,455		83,695
Mortgaged-backed		21,210,373		144,533		18,303,420		714,583		39,513,793		859,116

	$	29,769,661	$	198,854	$	19,728,197	$	843,374	$	49,497,858	$	1,042,228

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

	2014		2013		2012

Estimated credit losses, beginning of year	$	3,262,496	$	3,246,915	$	3,246,915
Credit losses - no previous OTTI recognized		-		-		-
Credit losses - previous OTTI recognized		-		15,581		-

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

Schedule of contractual maturities of investment securities

	Available for Sale
	Amortized		Fair
December 31, 2014	Cost		Value

Due within one year	$	61,064	$	61,780
Due over one to five years		5,938,706		5,923,560
Due over five to ten years		2,007,824		2,004,890
Due over ten years		32,957,092		33,611,161
Mortgage-backed, due in monthly installments		46,859,454		46,391,754

	$	87,824,140	$	87,993,145

	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

- 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+ Details