SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 31, 2014

SECURITIES

Schedule of securities available for sale

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
2014
U. S. government agencies	$	61,721,469	$	1,331	$	(1,136,740	)	$	60,586,060
States and municipals	86,322,227		3,233,870		(274,768		)	89,281,329
Mortgage-backed - residential	97,348,684		267,475		(918,266		)	96,697,893
Equity securities	270,000		25,589		—			295,589
Total	$	245,662,380	$	3,528,265	$	(2,329,774	)	$	246,860,871
2013
U. S. government agencies	$	73,930,275	$	51,000	$	(4,695,333	)	$	69,285,942
States and municipals	91,043,216		1,613,981		(2,473,566		)	90,183,631
Mortgage-backed - residential	72,919,750		43,956		(2,325,919		)	70,637,787
Equity securities	270,000		18,936		—			288,936
Total	$	238,163,241	$	1,727,873	$	(9,494,818	)	$	230,396,296

Schedule of amortized cost and fair value of securities by contractual maturity

	Amortized		Fair
	Cost		Value
Due in one year or less	$	39,983	$	41,053
Due after one year through five years	10,466,972		10,388,114
Due after five years through ten years	79,460,009		79,364,278
Due after ten years	58,076,732		60,073,944
	148,043,696		149,867,389
Mortgage-backed - residential	97,348,684		96,697,893
Equity	270,000		295,589
Total	$	245,662,380	$	246,860,871

Schedule of securities with unrealized losses not recognized in income

2014

	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Government agencies	$	12,527,691	$	(176,585	)	$	45,066,658	$	(960,155	)	$	57,594,349	$	(1,136,740	)
States and municipals	5,011,681		(26,826		)	9,737,756		(247,942		)	14,749,437		(274,768		)
Mortgage-backed - residential	46,684,921		(571,673		)	18,746,559		(346,593		)	65,431,480		(918,266		)
Total temporarily impaired	$	64,224,293	$	(775,084	)	$	73,550,973	$	(1,554,690	)	$	137,775,266	$	(2,329,774	)

2013

	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Government agencies	$	57,203,132	$	(3,812,603	)	$	8,117,270	$	(882,730	)	$	65,320,402	$	(4,695,333	)
States and municipals	32,288,713		(2,105,793		)	2,879,347		(367,773		)	35,168,060		(2,473,566		)
Mortgage-backed - residential	62,125,854		(2,325,919		)	—		—			62,125,854		(2,325,919		)
Total temporarily impaired	$	151,617,699	$	(8,244,315	)	$	10,996,617	$	(1,250,503	)	$	162,614,316	$	(9,494,818	)