Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment securities are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
	cost		gains		losses		value
June 30, 2012
Available for sale
U.S. Treasury	$	42,009,625	$	1,139,879	$	6,615	$	43,142,889
State and municipal		402,925		4,131		3,170		403,886
Equity		1,598,817		552,888		465,726		1,685,979
	$	44,011,367	$	1,696,898	$	475,511	$	45,232,754
Held to maturity
U.S. Treasury	$	52,979,905	$	154,744	$	7,088	$	53,127,561
U.S. Government agency		7,000,000		1,400		1,700		6,999,700
State and municipal		5,918,268		11,737		1,487		5,928,518
	$	65,898,173	$	167,881	$	10,275	$	66,055,779

December 31, 2011
Available for sale
U.S. Treasury	$	46,013,913	$	1,149,257	$	4,231	$	47,158,939
State and municipal		289,515		2,890		-		292,405
Equity		1,602,843		557,360		514,672		1,645,531
	$	47,906,271	$	1,709,507	$	518,903	$	49,096,875
Held to maturity
U.S. Treasury	$	44,993,821	$	246,352	$	5,402	$	45,234,771
U.S. Government agency		9,500,004		1,556		16,310		9,485,250
State and municipal		6,130,414		18,079		2,211		6,146,282
	$	60,624,239	$	265,987	$	23,923	$	60,866,303

Unrealized losses and fair value of securities in unrealized loss position

The table below shows the gross unrealized losses and fair value of securities that are in an unrealized loss position as of June 30, 2012, aggregated by length of time that individual securities have been in a continuous unrealized loss position.

	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses

U.S. Treasury	$	30,968,800	$	13,703	$	-	$	-	$	30,968,800	$	13,703
U. S. Government Agency		1,998,300		1,700		-		-		1,998,300		1,700
State and municipal		1,381,391		4,657		-		-		1,381,391		4,657
Equity securities		349,214		54,786		347,057		410,940		696,271		465,726
Total	$	34,697,705	$	74,846	$	347,057	$	410,940	$	35,044,762	$	485,786

Amortized cost and estimated fair value of debt securities, by contractual maturity

The amortized cost and estimated fair value of debt securities, by contractual maturity and the amount of pledged securities, follow. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30, 2012				December 31, 2011
	Amortized		Fair		Amortized		Fair
	cost		value		cost		value

Available for sale Within one year	$	23,004,906	$	23,014,789	$	32,099,999	$	32,167,588
After one year through five years		17,410,569		17,462,386		12,206,498		12,288,356
After ten years		1,997,075		3,069,600		1,996,931		2,995,400
	$	42,412,550	$	43,546,775	$	46,303,428	$	47,451,344

Held to maturity Within one year	$	29,229,182	$	29,276,201	$	27,304,678	$	27,382,951
After one year through five years		36,668,991		36,779,578		33,319,561		33,483,352
	$	65,898,173	$	66,055,779	$	60,624,239	$	60,866,303

Pledged securities	$	20,591,268	$	20,696,491	$	22,739,753	$	22,905,072