x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from _____ to _____
|
New Jersey
|
22-3665653
|
|
(State of Other Jurisdiction
of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
2650 Route 130, P.O. Box 634, Cranbury, NJ
|
08512
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(609) 655-4500 | ||
(Issuer’s Telephone Number, Including Area Code)
|
||
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
|
o |
Accelerated filer
|
o |
Non-accelerated filer
(Do not check if a smaller reporting company)
|
o |
Smaller reporting company
|
x |
Page
|
||||
PART I | FINANCIAL INFORMATION | |||
Financial Statements |
1
|
|||
1
|
||||
2
|
||||
3
|
||||
4
|
||||
5
|
||||
19
|
||||
39
|
||||
39
|
||||
PART II. | OTHER INFORMATION | |||
39
|
||||
40
|
||||
SIGNATURES |
41
|
September 30, 2010
|
December 31, 2009
|
|||||||
ASSETS
|
||||||||
CASH AND DUE FROM BANKS
|
$ | 13,970,407 | $ | 25,842,901 | ||||
FEDERAL FUNDS SOLD / SHORT-TERM INVESTMENTS
|
11,394 | 11,384 | ||||||
Total cash and cash equivalents
|
13,981,801 | 25,854,285 | ||||||
INVESTMENT SECURITIES:
|
||||||||
Available for sale, at fair value
|
110,151,679 | 204,118,850 | ||||||
Held to maturity (fair value of $86,815,455 and $24,215,530 at
September 30, 2010 and December 31, 2009, respectively)
|
85,835,513 | 23,608,980 | ||||||
Total investment securities
|
195,987,192 | 227,727,830 | ||||||
LOANS HELD FOR SALE
|
17,681,284 | 21,514,785 | ||||||
LOANS
|
442,118,479 | 379,945,735 | ||||||
Less- Allowance for loan losses
|
(5,726,132 | ) | (4,505,387 | ) | ||||
Net loans
|
436,392,347 | 375,440,348 | ||||||
PREMISES AND EQUIPMENT, net
|
6,158,328 | 4,899,091 | ||||||
ACCRUED INTEREST RECEIVABLE
|
2,338,878 | 2,274,087 | ||||||
BANK-OWNED LIFE INSURANCE
|
11,373,540 | 10,319,055 | ||||||
OTHER REAL ESTATE OWNED
|
1,730,331 | 1,362,621 | ||||||
OTHER ASSETS
|
6,872,014 | 8,604,378 | ||||||
Total assets
|
$ | 692,515,715 | $ | 677,996,480 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
LIABILITIES:
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$ | 91,605,239 | $ | 82,473,328 | ||||
Interest bearing
|
446,247,990 | 489,682,026 | ||||||
Total deposits
|
537,853,229 | 572,155,354 | ||||||
BORROWINGS
|
70,100,000 | 22,500,000 | ||||||
REDEEMABLE SUBORDINATED DEBENTURES
|
18,557,000 | 18,557,000 | ||||||
ACCRUED INTEREST PAYABLE
|
1,265,447 | 1,757,151 | ||||||
ACCRUED EXPENSES AND OTHER LIABILITIES
|
3,827,241 | 5,625,922 | ||||||
Total liabilities
|
631,602,917 | 620,595,427 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Preferred Stock, no par value; 5,000,000 shares authorized, of which 12,000
shares of Series B, $1,000 liquidation preference, 5% cumulative
increasing to 9% cumulative on February 15, 2014, were issued and
outstanding
|
11,554,213 | 11,473,262 | ||||||
Common stock, no par value; 30,000,000 shares authorized; 4,583,185 and
4,526,827 shares issued and 4,572,593 and 4,515,924 shares
outstanding at September 30, 2010 and December 31, 2009, respectively
|
36,969,610 | 36,774,621 | ||||||
Retained earnings
|
12,152,796 | 10,307,331 | ||||||
Treasury Stock, at cost, 10,592 shares and 10,903 shares at September 30, 2010
and December 31, 2009, respectively
|
(71,396 | ) | (73,492 | ) | ||||
Accumulated other comprehensive income (loss)
|
307,575 | (1,080,669 | ) | |||||
Total shareholders’ equity
|
60,912,798 | 57,401,053 | ||||||
Total liabilities and shareholders’ equity
|
$ | 692,515,715 | $ | 677,996,480 |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
INTEREST INCOME
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
Loans, including fees
|
$ | 6,349,180 | $ | 6,094,031 | $ | 17,414,422 | $ | 18,395,282 | ||||||||
Securities
|
||||||||||||||||
Taxable
|
1,229,394 | 1,211,220 | 3,843,035 | 3,630,530 | ||||||||||||
Tax-exempt
|
106,841 | 120,790 | 321,012 | 373,308 | ||||||||||||
Federal funds sold and short-term investments
|
4,659 | 41,134 | 37,278 | 73,799 | ||||||||||||
Total interest income
|
7,690,074 | 7,467,175 | 21,615,747 | 22,472,919 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Deposits
|
1,567,786 | 2,511,377 | 5,129,799 | 7,539,760 | ||||||||||||
Borrowings
|
309,476 | 335,789 | 853,898 | 1,060,986 | ||||||||||||
Redeemable subordinated debentures
|
269,565 | 270,480 | 801,255 | 803,455 | ||||||||||||
Total interest expense
|
2,146,827 | 3,117,646 | 6,784,952 | 9,404,201 | ||||||||||||
Net interest income
|
5,543,247 | 4,349,529 | 14,830,795 | 13,068,718 | ||||||||||||
Provision for loan losses
|
875,000 | 505,000 | 1,725,000 | 1,293,000 | ||||||||||||
Net interest income after provision for loan losses
|
4,668,247 | 3,844,529 | 13,105,795 | 11,775,718 | ||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Service charges on deposit accounts
|
185,242 | 225,772 | 550,270 | 680,526 | ||||||||||||
Gain on sales of loans
|
416,754 | 339,887 | 1,129,875 | 953,073 | ||||||||||||
Income on bank-owned life insurance
|
102,791 | 98,886 | 304,486 | 292,213 | ||||||||||||
Other income
|
291,910 | 311,548 | 967,932 | 840,134 | ||||||||||||
Total non-interest income
|
996,697 | 976,093 | 2,952,563 | 2,765,946 | ||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||
Salaries and employee benefits
|
2,532,427 | 2,338,830 | 7,326,361 | 6,860,225 | ||||||||||||
Occupancy expense
|
499,745 | 464,799 | 1,398,510 | 1,360,471 | ||||||||||||
Data processing expenses
|
284,554 | 281,177 | 815,752 | 817,057 | ||||||||||||
FDIC insurance expenses
|
94,034 | 183,386 | 589,285 | 987,169 | ||||||||||||
Other operating expenses
|
961,537 | 824,810 | 2,655,425 | 2,880,259 | ||||||||||||
Total non-interest expense
|
4,372,297 | 4,093,002 | 12,785,333 | 12,905,181 | ||||||||||||
Income before income taxes
|
1,292,647 | 727,620 | 3,273,025 | 1,636,483 | ||||||||||||
INCOME TAXES
|
411,048 | 106,386 | 896,609 | 3,949 | ||||||||||||
Net income
|
881,599 | 621,234 | 2,376,416 | 1,632,534 | ||||||||||||
Dividends and accretion on preferred stock
|
176,984 | 176,983 | 530,952 | 542,618 | ||||||||||||
Net income available to common shareholders
|
704,615 | $ | 444,251 | 1,845,464 | $ | 1,089,916 | ||||||||||
NET INCOME PER COMMON SHARE
|
||||||||||||||||
Basic
|
$ | 0.15 | $ | 0.10 | $ | 0.41 | $ | 0.24 | ||||||||
Diluted
|
$ | 0.15 | $ | 0.10 | $ | 0.40 | $ | 0.24 |
Preferred
Stock
|
Common
Stock
|
Retained
Earnings
|
Treasury
Stock
|
Accumulated
Other
Comprehensive
(Loss) Income
|
Total
Shareholders’
Equity
|
|||||||||||||||||||
BALANCE, January 1, 2009
|
$ | 11,387,828 | $ | 35,180,433 | $ | 9,653,923 | $ | (53,331 | ) | $ | (549,201 | ) | $ | 55,619,652 | ||||||||||
Share-based compensation
|
64,517 | 64,517 | ||||||||||||||||||||||
Treasury stock purchased (11,295 shares)
|
(70,478 | ) | (70,478 | ) | ||||||||||||||||||||
Exercise of stock options and issuance
of vested shares under benefit program (83,857 shares)
|
295,320 | 58,305 | 353,625 | |||||||||||||||||||||
Dividends on preferred stock
|
(461,667 | ) | (461,667 | ) | ||||||||||||||||||||
Preferred stock issuance costs
|
(22,500 | ) | (22,500 | ) | ||||||||||||||||||||
Accretion of discount on preferred stock
|
80,951 | (80,951 | ) | -- | ||||||||||||||||||||
Comprehensive Income:
Net Income for the nine months
ended September 30, 2009
|
1,632,534 | 1,632,534 | ||||||||||||||||||||||
Minimum pension liability, net of tax
|
51,436 | 51,436 | ||||||||||||||||||||||
Unrealized gain on securities available for sale,
net of tax
|
643,735 | 643,735 | ||||||||||||||||||||||
Unrealized gain on interest rate swap contract,
net of tax
|
92,106 | 92,106 | ||||||||||||||||||||||
Comprehensive Income
|
2,419,811 | |||||||||||||||||||||||
Balance, September 30, 2009
|
$ | 11,446,279 | $ | 35,540,270 | $ | 10,743,839 | $ | (65,504 | ) | $ | (238,076 | ) | $ | 57,902,960 | ||||||||||
Balance, January 1, 2010
|
$ | 11,473,262 | $ | 36,774,621 | $ | 10,307,331 | $ | (73,492 | ) | $ | (1,080,669 | ) | $ | 57,401,053 | ||||||||||
Exercise of stock options and issuance of vested shares
under employee benefit program (56,669 shares)
|
148,660 | 2,096 | 150,756 | |||||||||||||||||||||
Share-based compensation
|
46,329 | 46,329 | ||||||||||||||||||||||
Dividends on preferred stock
|
(450,000 | ) | (450,000 | ) | ||||||||||||||||||||
Accretion of discount on preferred stock
|
80,951 | (80,951 | ) | 0 | ||||||||||||||||||||
Comprehensive Income:
Net Income for the nine months
ended September 30, 2010
|
2,376,416 | 2,376,416 | ||||||||||||||||||||||
Minimum pension liability, net of tax
|
205,532 | 205,532 | ||||||||||||||||||||||
Unrealized gain on securities available for
sale, net of tax
|
971,120 | 971,120 | ||||||||||||||||||||||
Unrealized gain on interest rate swap contract,
net of tax
|
211,592 | 211,592 | ||||||||||||||||||||||
Comprehensive Income
|
3,764,660 | |||||||||||||||||||||||
Balance, September 30, 2010
|
$ | 11,554,213 | $ | 36,969,610 | $ | 12,152,796 | $ | (71,396 | ) | $ | 307,575 | $ | 60,912,798 |
Nine Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ |
2,376,416
|
$ |
1,632,534
|
||||
Adjustments to reconcile net income
|
||||||||
to net cash provided by (used in) operating activities-
|
||||||||
Provision for loan losses
|
1,725,000
|
1,293,000
|
||||||
Depreciation and amortization
|
454,760
|
480,488
|
||||||
Net amortization of premiums and discounts on securities
|
733,173
|
24,780
|
||||||
Gains on sales of other real estate owned
|
(62,584)
|
(27,776)
|
||||||
Gains on sales of loans held for sale
|
(1,129,875)
|
(953,073)
|
||||||
Originations of loans held for sale
|
(99,507,515)
|
(121,999,780)
|
||||||
Proceeds from sales of loans held for sale
|
104,470,891
|
111,868,218
|
||||||
Income on Bank – owned life insurance
|
(304,486)
|
(292,213)
|
||||||
Share-based compensation expense
|
171,329
|
176,517
|
||||||
(Increase) decrease in accrued interest receivable
|
(64,791)
|
69,063
|
||||||
(Increase) decrease in other assets
|
922,877
|
(2,145,550)
|
||||||
(Decrease) in accrued interest payable
|
(491,704)
|
(122,195)
|
||||||
(Decrease) increase in accrued expenses and other liabilities
|
(1,201,221)
|
1,757,356
|
||||||
Net cash provided by (used in) operating activities
|
8,092,270
|
(8,238,631)
|
||||||
INVESTING ACTIVITIES:
|
||||||||
Purchases of securities -
|
||||||||
Available for sale
|
(35,226,910)
|
(78,656,269)
|
||||||
Held to maturity
|
(85,955,664)
|
(1,619,834)
|
||||||
Proceeds from maturities and prepayments of securities -
|
||||||||
Available for sale
|
129,995,205
|
40,082,916
|
||||||
Held to maturity
|
23,666,230
|
1,950,349
|
||||||
Net increase in loans
|
(64,624,145)
|
(1,069,417)
|
||||||
Purchase of bank-owned life insurance
|
(750,000)
|
0
|
||||||
Capital expenditures
|
(1,686,463)
|
(247,369)
|
||||||
Additional investment in other real estate owned
|
(107,395)
|
(400,991)
|
||||||
Proceeds from sales of other real estate owned
|
1,725,757
|
3,842,947
|
||||||
Net cash used in investing activities
|
(32,963,385)
|
(36,117,668)
|
||||||
FINANCING ACTIVITIES:
|
||||||||
Exercise of stock options and issuance of vested shares
|
150,756
|
353,625
|
||||||
Purchase of Treasury Stock
|
0
|
(70,478)
|
||||||
Dividend paid on preferred stock
|
(450,000)
|
(386,667)
|
||||||
Preferred stock issuance costs paid
|
0
|
(22,500)
|
||||||
Net increase (decrease) in demand, savings and time deposits
|
(34,302,125)
|
141,487,850
|
||||||
Net increase (decrease) in short-term borrowings
|
47,600,000
|
(24,000,000)
|
||||||
Net cash provided by financing activities
|
12,998,631
|
117,361,830
|
||||||
Increase (decrease) in cash and cash equivalents
|
(11,872,484)
|
73,005,531
|
||||||
CASH AND CASH EQUIVALENTS
|
||||||||
AT BEGINNING OF PERIOD
|
25,854,285
|
14,333,119
|
||||||
CASH AND CASH EQUIVALENTS
|
||||||||
AT END OF PERIOD
|
$ |
13,981,801
|
$ |
87,338,650
|
||||
SUPPLEMENTAL DISCLOSURES
|
||||||||
OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for -
|
||||||||
Interest
|
$ |
7,276,656
|
$ |
9,526,396
|
||||
Income taxes
|
1,660,000
|
329,160
|
||||||
Non-cash investing activities
|
||||||||
Real estate acquired in full satisfaction of loans in foreclosure
|
$ |
1,947,146
|
$ |
1,828,687
|
Three Months Ended September 30, 2010
|
||||||||||||
Income
|
Weighted-
average
Shares
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share
|
||||||||||||
Net income
|
$ | 881,599 | ||||||||||
Preferred stock dividends and accretion
|
(176,984 | ) | ||||||||||
Income available to common shareholders
|
704,615 | 4,569,401 | $ | 0.15 | ||||||||
Effect of dilutive securities
|
||||||||||||
Stock options and unvested stock awards
|
26,723 | |||||||||||
Diluted Earnings Per Common Share
|
||||||||||||
Income available to common shareholders
plus assumed conversion
|
$ | 704,615 | 4,596,124 | $ | 0.15 |
Three Months Ended September 30, 2009
|
||||||||||||
Income
|
Weighted-
average
Shares
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share
|
||||||||||||
Net income
|
$ | 621,234 | ||||||||||
Preferred stock dividends and accretion
|
(176,983 | ) | ||||||||||
Income available to common shareholders
|
444,251 | 4,480,994 | $ | 0.10 | ||||||||
Effect of dilutive securities
|
||||||||||||
Stock options and unvested stock awards
|
22,130 | |||||||||||
Diluted Earnings Per Common Share
|
||||||||||||
Net income available to common shareholders
plus assumed conversion
|
$ | 444,251 | 4,503,124 | $ | 0.10 |
Nine Months Ended September 30, 2010
|
||||||||||||
Income
|
Weighted-
average
Shares
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share
|
||||||||||||
Net income
|
$ | 2,376,416 | ||||||||||
Preferred stock dividends and accretion
|
(530,952 | ) | ||||||||||
Income available to common shareholders
|
1,845,464 | 4,541,164 | $ | 0.41 | ||||||||
Effect of dilutive securities
|
||||||||||||
Stock options and unvested stock awards
|
29,862 | |||||||||||
Diluted Earnings Per Common Share
|
||||||||||||
Income available to common shareholders
plus assumed conversion
|
$ | 1,845,464 | 4,571,026 | $ | 0.40 | |||||||
Nine Months Ended September 30, 2009
|
||||||||||||
Income
|
Weighted-
average
Shares
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share
|
||||||||||||
Net income
|
$ | 1,632,534 | ||||||||||
Preferred stock dividends and accretion
|
(542,618 | ) | ||||||||||
Income available to common shareholders
|
1,089,916 | 4,459,308 | $ | 0.24 | ||||||||
Effect of dilutive securities
|
||||||||||||
Stock options and unvested stock awards
|
12,117 | |||||||||||
Diluted Earnings Per Common Share
|
||||||||||||
Net income available to common shareholders
plus assumed conversion
|
$ | 1,089,916 | 4,471,425 | $ | 0.24 |
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
September 30, 2010
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Available for sale-
|
||||||||||||||||
U. S. Treasury securities and
|
||||||||||||||||
obligations of U.S. Government
|
||||||||||||||||
sponsored corporations (“GSE”) and
agencies
|
$ | 51,478,181 | $ | 142,145 | 0 | $ | 51,620,326 | |||||||||
Residential collateralized
mortgage obligations – GSE
|
27,087,179 | 793,704 | (15,993 | ) | 27,864,890 | |||||||||||
Residential mortgage
backed securities – GSE
|
18,974,750 | 1,392,481 | 0 | 20,367,231 | ||||||||||||
Obligations of State and
|
||||||||||||||||
Political subdivisions
|
3,262,254 | 61,330 | (34,427 | ) | 3,289,157 | |||||||||||
Trust preferred debt securities – single issuer
|
2,459,732 | 0 | (612,259 | ) | 1,847,473 | |||||||||||
Corporate Debt Securities
|
1,508,344 | 1,756 | (1,598 | ) | 1,508,502 | |||||||||||
Restricted stock
|
3,629,100 | 0 | 0 | 3,629,100 | ||||||||||||
Mutual fund
|
25,000 | 0 | 0 | 25,000 | ||||||||||||
$ | 108,424,540 | $ | 2,391,416 | $ | (664,277 | ) | $ | 110,151,679 |
September 30, 2010
|
Amortized
Cost
|
Other-Than-
Temporary
Impairment
Recognized In
Accumulated
Other
Comprehensive
Income
|
Carrying
Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
Held to maturity-
|
||||||||||||||||||||||||
U. S. Treasury securities and
|
||||||||||||||||||||||||
obligations of U.S. Government
|
||||||||||||||||||||||||
sponsored corporations (“GSE”) and
agencies
|
$ | 60,157,804 | $ | - | $ | 60,157,804 | $ | 248,072 | $ | (3,120 | ) | $ | 60,402,756 | |||||||||||
Residential collateralized
mortgage obligations – GSE
|
2,957,348 | - | 2,957,348 | 111,490 | 0 | 3,068,838 | ||||||||||||||||||
Residential mortgage backed
securities - GSE
|
6,624,796 | - | 6,624,796 | 229,913 | (2,526 | ) | 6,852,183 | |||||||||||||||||
Obligations of State and
|
||||||||||||||||||||||||
Political subdivisions
|
8,066,837 | - | 8,066,837 | 384,675 | (452 | ) | 8,451,060 | |||||||||||||||||
Trust preferred debt securities - pooled
|
637,812 | (500,944 | ) | 136,868 | 0 | (44,723 | ) | 92,145 | ||||||||||||||||
Corporate debt securities
|
7,891,860 | - | 7,891,860 | 81,107 | (24,494 | ) | 7,948,473 | |||||||||||||||||
$ | 86,336,457 | $ | (500,944 | ) | $ | 85,835,513 | $ | 1,055,257 | $ | (75,315 | ) | $ | 86,815,455 |
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
December 31, 2009
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Available for sale-
|
||||||||||||||||
U. S. Treasury securities and
|
||||||||||||||||
obligations of U.S. Government
|
||||||||||||||||
sponsored corporations (“GSE”)
and agencies
|
$ | 138,351,028 | $ | 291,906 | $ | (673,252 | ) | $ | 137,969,682 | |||||||
Residential collateralized mortgage
obligations – GSE
|
34,749,123 | 172,698 | (252,023 | ) | 34,669,798 | |||||||||||
Residential mortgage backed
securities – GSE
|
24,182,584 | 1,449,071 | 0 | 25,631,655 | ||||||||||||
Obligations of State and
|
||||||||||||||||
Political subdivisions
|
2,633,210 | 45,644 | (91,212 | ) | 2,587,642 | |||||||||||
Trust preferred debt securities
– single issuer
|
2,457,262 | 0 | (687,089 | ) | 1,770,173 | |||||||||||
Restricted Stock
|
1,464,900 | 0 | 0 | 1,464,900 | ||||||||||||
Mutual Fund
|
25,000 | 0 | 0 | 25,000 | ||||||||||||
$ | 203,863,107 | $ | 1,959,319 | $ | (1,703,576 | ) | $ | 204,118,850 |
December 31, 2009
|
Amortized
Cost
|
Other-Than-
Temporary
Impairment
Recognized In
Accumulated
Other
Comprehensive
Loss
|
Carrying
Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
Held to maturity-
|
||||||||||||||||||||||||
Residential collateralized
mortgage obligations – GSE
|
$ | 4,881,475 | $ | - | $ | 4,881,475 | $ | 150,055 | $ | 0 | $ | 5,031,530 | ||||||||||||
Residential mortgage backed
securities - GSE
|
6,111,131 | - | 6,111,131 | 97,782 | (29,521 | ) | 6,179,392 | |||||||||||||||||
Obligations of State and
|
||||||||||||||||||||||||
Political subdivisions
|
8,600,596 | - | 8,600,596 | 270,947 | 0 | 8,871,543 | ||||||||||||||||||
Trust preferred debt securities - pooled
|
633,998 | (500,944 | ) | 133,054 | 0 | 0 | 133,054 | |||||||||||||||||
Corporate debt securities
|
3,882,724 | - | 3,882,724 | 117,287 | 0 | 4,000,011 | ||||||||||||||||||
$ | 24,109,924 | $ | (500,944 | ) | $ | 23,608,980 | $ | 636,071 | $ | (29,521 | ) | $ | 24,215,530 |
Amortized
Cost
|
Fair
Value
|
|||||||
Available for sale-
|
||||||||
Due in one year or less
|
$ | 43,293,923 | $ | 43,395,065 | ||||
Due after one year through five years
|
12,220,865 | 12,309,179 | ||||||
Due after five years through ten years
|
7,567,192 | 7,976,701 | ||||||
Due after ten years
|
45,342,560 | 46,470,734 | ||||||
Total
|
$ | 108,424,540 | $ | 110,151,679 | ||||
Held to maturity-
|
||||||||
Due in one year or less
|
$ | 1,752,162 | $ | 1,758,030 | ||||
Due after one year through five years
|
47,823,280 | 48,132,857 | ||||||
Due after five years through ten years
|
28,409,840 | 28,800,416 | ||||||
Due after ten years
|
8,351,175 | 8,124,152 | ||||||
Total
|
$ | 86,336,457 | $ | 86,815,455 |
September 30, 2010
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||||||
Number
of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||||||
U.S. Treasury securities and obligations
of U.S. Government sponsored
corporations and agencies
|
2 | $ | 1,996,880 | $ | (3,120 | ) | $ | - | $ | - | $ | 1,996,880 | $ | (3,120 | ) | |||||||||||||
Residential collateralized mortgage
obligations - GSE
|
1 | 418,777 | (15,993 | ) | 418,777 | (15,993 | ) | |||||||||||||||||||||
Residential mortgage backed securities – GSE
|
1 | 1,033,889 | (2,526 | ) | 1,033,889 | (2,526 | ) | |||||||||||||||||||||
Obligations of State and Political
Subdivisions
|
3 | 583,105 | (1,008 | ) | 980,311 | (33,871 | ) | 1,563,416 | (34,879 | ) | ||||||||||||||||||
Trust preferred debt securities – single issuer
|
4 | 0 | 0 | 1,847,473 | (612,259 | ) | 1,847,473 | (612,259 | ) | |||||||||||||||||||
Trust preferred debt securities – pooled
|
1 | 0 | 0 | 92,145 | (545,667 | ) | 92,145 | (545,667 | ) | |||||||||||||||||||
Corporate Debt Securities
|
7 | 5,303,538 | (26,092 | ) | 0 | 0 | 5,303,538 | (26,092 | ) | |||||||||||||||||||
Total temporarily impaired securities
|
19 | $ | 8,917,412 | $ | (32,746 | ) | $ | 3,338,706 | $ | (1,207,790 | ) | $ | 12,256,118 | $ | (1,240,536 | ) | ||||||||||||
December 31, 2009
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||||||
Number of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||||||
U.S. Government sponsored
corporations and agencies
|
33 | $ | 73,177,106 | $ | (673,252 | ) | $ | - | $ | - | $ | 73,177,106 | $ | (673,252 | ) | |||||||||||||
Residential collateralized mortgage
Obligations – GSE
|
5 | 9,399,574 | (158,696 | ) | 428,264 | (93,327 | ) | 9,827,838 | (252,023 | ) | ||||||||||||||||||
Residential mortgage backed securities - GSE
|
1 | 2,885,660 | (29,521 | ) | - | - | 2,885,660 | (29,521 | ) | |||||||||||||||||||
Obligations of State and Political
Subdivisions
|
1 | 924,549 | (91,212 | ) | - | - | 924,549 | (91,212 | ) | |||||||||||||||||||
Trust preferred debt securities – single issuer
|
4 | - | - | 1,770,172 | (687,089 | ) | 1,770,172 | (687,089 | ) | |||||||||||||||||||
Trust preferred debt securities – pooled
|
1 | - | - | 133,054 | (500,944 | ) | 133,054 | (500,944 | ) | |||||||||||||||||||
Total temporarily impaired securities
|
45 | $ | 86,386,889 | $ | (952,681 | ) | $ | 2,331,490 | $ | (1,281,360 | ) | $ | 88,718,379 | $ | (2,234,041 | ) | ||||||||||||