Investments

6 Months Ended

Jun. 30, 2011

Investments [Abstract]

Investments

4. Investments:

The amortized cost and fair value of securities at June 30, 2011 and December 31, 2010, are as follows:

			Gross		Gross
			Unrealized		Unrealized
June 30, 2011	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:
Debt securities:
U.S. Treasuries	$	16,961,812	$	129,805	$	(4,428	)	$	17,087,189
U.S. Government agencies		256,404,465		2,564,060		(377,975	)		258,590,550
Mortgage-backed securities		4,879,688		92,224					4,971,912
States and political subdivisions		36,872,481		1,359,439		(2,018	)		38,229,902
Total debt securities		315,118,446		4,145,528		(384,421	)		318,879,553
Equity securities		649,983							649,983
Total available for sale securities	$	315,768,429	$	4,145,528	$	(384,421	)	$	319,529,536
Held to maturity securities:
States and political subdivisions	$	1,916,323	$	89,819	$			$	$2,006,142
Total held to maturity securities	$	1,916,323	$	89,819	$			$	2,006,142

			Gross		Gross
			Unrealized		Unrealized
December 31, 2010	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:
Debt securities:
U.S. Treasuries	$	26,957,061	$	51,729	$	(499,819	)	$	26,508,971
U.S. Government agencies		221,639,699		1,055,500		(4,099,256	)		218,595,943
States and political subdivisions		40,578,877		1,114,322		(369,633	)		41,323,566
Total debt securities		289,175,637		2,221,551		(4,968,708	)		286,428,480
Equity securities		649,983							649,983
Total available for sale securities	$	289,825,620	$	2,221,551	$	(4,968,708	)	$	287,078,463
Held to maturity securities:
States and political subdivisions	$	1,914,879	$	95,551	$			$	2,010,430
Total held to maturity securities	$	1,914,879	$	95,551	$			$	2,010,430

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

	Amortized Cost		Fair Value
Available for sale securities:
Due in one year or less	$	2,055,295	$	2,094,894
Due after one year through five years		81,172,973		82,366,068
Due after five years through ten years		144,730,325		146,645,370
Due after ten years		82,280,165		82,801,309
Mortgage-backed securities		4,879,688		4,971,912
Totals	$	315,118,446	$	318,879,553
Held to maturity securities:
Due after one year through five years	$	1,451,901	$	1,524,683
Due after five years through ten years		464,422		481,459
Totals	$	1,916,323	$	2,006,142

Securities with gross unrealized losses at June 30, 2011 and December 31, 2010, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows:

	Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
June 30, 2011:	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasuries	$	1,001,640	$	4,428	$		$		$	1,001,640	$	4,428
U.S. Government agencies		49,538,250		377,975						49,538,250		377,975
States and political subdivisions		321,155		2,018						321,155		2,018
TOTAL	$	50,861,045	$	384,421	$		$		$	50,861,045	$	384,421
December 31, 2010:
U.S. Treasuries	$	15,457,980	$	499,819	$		$		$	15,457,980	$	499,819
U.S. Government agencies		138,075,993		4,099,256						138,075,993		4,099,256
States and political subdivisions		5,295,359		172,435		2,028,616		197,198		7,323,975		369,633
TOTAL	$	158,829,332	$	4,771,510	$	2,028,616	$	197,198	$	160,857,948	$	4,968,708

Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government Agencies and the cause of the decline in value are considered. In addition, the Company does not intend to sell and it is not more likely than not that it will be required to sell these securities before maturity. While some available for sale securities have been sold for liquidity purposes or for gains, the Company has traditionally held its securities, including those classified as available for sale, until maturity. As a result of the evaluation of these securities, the Company has determined that the unrealized losses summarized in the tables above are not deemed to be other-than-temporary.