Investment Securities

9 Months Ended

Sep. 30, 2011

Investment Securities [Abstract]

Investment Securities

Note 2. Investment Securities

The amortized cost and fair value of investment securities available-for-sale are as follows:

		September 30, 2011
		Amortized	Gross unrealized		Fair
		Cost	Gains	Losses	value
Government sponsored enterprise bonds		$    2,000,000	$         898	$             -	$  2,000,898
Mortgage-backed securities		15,019,877	363,045	1,559	15,381,363
Municipal bonds		8,311,547	400,977	4,367	8,708,157
	Total investment securities available- for-sale	$  25,331,424	$  764,920	$     5,926	$ 26,090,418

		December 31, 2010
		Amortized	Gross unrealized		Fair
		Cost	Gains	Losses	value
Government sponsored enterprise bonds		$    4,486,806	$    21,597	$  131,752	$   4,376,651
Mortgage-backed securities		10,909,120	132,800	48,842	10,993,078
Municipal bonds		8,319,212	123,001	219,606	8,222,607
	Total investment securities available- for-sale	$  23,715,138	$  277,398	$  400,200	$ 23,592,336

In 2011 there have been no realized gains or losses on sales of investment securities, and no other than temporary losses recognized. Securities with a book value of $13.5 million and a market value of $14.0 million are pledged against FHLB advances or public deposits as of September 30, 2011.

The amortized cost and fair value of securities at September 30, 2011, by contractual maturity, are shown in the following chart. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2011
	Amortized Cost	Fair Value
Due after one through five years	$    1,008,402	$   1,058,684
Due after five through ten years	3,316,449	3,428,880
After ten years	21,006,573	21,602,854
Total investment securities	$  25,331,424	$ 26,090,418

Other investments include stock in the Federal Home Loan Bank of Atlanta  ("FHLB") and the Federal Reserve Bank ("FRB"). FHLB stock and FRB stock are recorded at cost which approximates fair value. Amounts of FRB stock and FHLB stock held as of September 30, 2011 were $423,350 and $513,000, respectively.