Non-marketable Equity Securities

6 Months Ended

Jun. 30, 2014

Investments, All Other Investments [Abstract]

Non-marketable Equity Securities

Non-marketable Equity Securities

The aggregate cost of the Company's cost method investments totaled $4,550,796 at June 30, 2014 and $5,283,254 at December 31, 2013. Cost method investments at June 30, 2014 include $3,778,000 in Federal Home Loan Bank ("FHLB") stock and $772,796 of investments in various trust and financial companies, which are included in other assets. All cost method investments were evaluated for impairment at June 30, 2014 and December 31, 2013. The following factors have been considered in determining the carrying amount of FHLB stock: 1) the recoverability of the par value, 2) the Company has sufficient liquidity to meet all operational needs in the foreseeable future and would not need to dispose of the stock below recorded amounts, 3) redemptions and purchases of the stock are at the discretion of the FHLB, 4) the Company believes the FHLB has the ability to absorb economic losses given the expectation that the various FHLBs' have a high degree of government support, and 5) the unrealized losses related to securities owned by the FHLB are manageable given the capital levels of the organization. During the six months ended June 30, 2013 the Company's investment in a financial services company was considered to be other than temporarily impaired and approximately $39,185 was charged-off. There were no other than temporary impairments recorded for the three and six months ended June 30, 2014.