NOTE D – SECURITIES

A summary of the amortized cost and estimated fair value of available-for-sale securities and held-to-maturity securities at December 31, 2011 and 2010, follows:

	December 31, 2011

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Obligations of U.S. Government agencies	$	43,474,933	$	216,229	$	17,712	$	43,673,450
Tax-exempt and taxable obligations of states and municipal subdivisions		91,756,084		2,738,898		236,951		94,258,031
Mortgage-backed securities		58,534,125		959,018		163,596		59,329,547
Corporate obligations		16,678,672		26,618		2,412,076		14,293,214
Other		1,255,483		—		281,340		974,143
	$	211,699,297	$	3,940,763	$	3,111,675	$	212,528,385
Held-to-maturity securities:
Mortgage-backed securities	$	2,278	$	121	$	—	$	2,399
Taxable obligations of states and municipal subdivisions		6,000,000		—		—		6,000,000
	$	6,002,278	$	121	$	—	$	6,002,399

	December 31, 2010

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Obligations of U.S. Government agencies	$	22,886,882	$	169,384	$	201,664	$	22,854,602
Tax-exempt and taxable obligations of states and municipal subdivisions		53,895,368		998,689		221,155		54,672,902
Mortgage-backed securities		17,638,563		727,725		47,866		18,318,422
Corporate obligations		9,726,518		12,163		2,036,387		7,702,294
Other		1,255,483		—		269,461		986,022
	$	105,402,814	$	1,907,961	$	2,776,533	$	104,534,242
Held-to-maturity securities:
Mortgage-backed securities	$	2,640	$	123	$	—	$	2,763

The scheduled maturities of securities at December 31, 2011, were as follows:

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due less than one year	$	13,843,453	$	13,982,424	$	—	$	—
Due after one year through five years		82,483,139		83,348,189		—		—
Due after five years through ten years		38,170,849		38,337,082		—		—
Due after ten years		18,667,731		17,531,143		6,000,000		6,000,000
Mortgage-backed securities		58,534,125		59,329,547		2,278		2,399
	$	211,699,297	$	212,528,385	$	6,002,278	$	6,002,399

Actual maturities can differ from contractual maturities because the obligations may be called or prepaid with or without penalties.

A loss of $318 was realized from the sale of available-for-sale securities in 2011. A gain of $50,715 was realized from the sale or call of available-for-sale securities in 2010. An other-than-temporary impairment loss of $4,278 was recognized for the year ended 2011 and $471,811 for the year ended 2010.

Securities with a carrying value of $135,394,139 and $63,692,752 at December 31, 2011 and 2010, respectively, were pledged to secure public deposits, repurchase agreements, and for other purposes as required or permitted by law.

The details concerning securities classified as available-for-sale with unrealized losses as of December 31, 2011 and 2010, were as follows:

	2011
	Losses < 12 Months				Losses 12 Months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Obligations of U.S. government agencies	$	9,142,470	$	17,712	$	—	$	—	$	9,142,470	$	17,712
Tax-exempt and tax- able obligations of states and municipal subdivisions		6,451,142		183,678		598,851		53,273		7,049,993		236,951
Mortgage-backed securities		16,208,868		94,240		236,425		69,356		16,445,293		163,596
Corporate obligations		9,099,728		240,686		2,749,114		2,171,390		11,848,842		2,412,076
Other		—		—		974,143		281,340		974,143		281,340
	$	40,902,208	$	536,316	$	4,558,533	$	2,575,359	$	45,460,741	$	3,111,675

	2010
	Losses < 12 Months				Losses 12 Months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Obligations of U.S. government agencies	$	13,340,460	$	201,664	$	—	$	—	$	13,340,460	$	201,664
Tax-exempt and tax- able obligations of states and municipal subdivisions		9,144,237		204,952		257,160		16,203		9,401,397		221,155
Mortgage-backed securities		1,708,389		3,331		310,610		44,535		2,018,999		47,866
Corporate obligations		—		—		3,199,650		2,036,387		3,199,650		2,036,387
Other		—		—		986,022		269,461		986,022		269,461
	$	24,193,086	$	409,947	$	4,753,442	$	2,366,586	$	28,946,528	$	2,776,533

Approximately 17.5% of the number of securities in the investment portfolio at December 31, 2011, reflected an unrealized loss. Management is of the opinion the Company has the ability to hold these securities until such time as the value recovers or the securities mature. Management also believes the deterioration in value is attributable to changes in market interest rates and lack of liquidity in the credit markets. We have determined that these securities are not other-than-temporarily impaired based upon anticipated cash flows.