INVESTMENT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES AVAILABLE FOR SALE

3. INVESTMENT SECURITIES AVAILABLE FOR SALE

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

	DECEMBER 31, 2015
	AMORTIZED   COST		GROSS   UNREALIZED   GAINS		GROSS UNREALIZED   LOSSES		ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	34,517,996	$	161,037	$	45,360	$	34,633,673
Government-Sponsored Enterprises		51,136,426		281,650		133,744		51,284,332
Municipal Securities		32,767,694		1,340,610		28,724		34,079,580
Total	$	118,422,116	$	1,783,297	$	207,828	$	119,997,585

	DECEMBER 31, 2014
	AMORTIZED   COST		GROSS   UNREALIZED   GAINS		GROSS   UNREALIZED   LOSSES		ESTIMATED   FAIR   VALUE
U.S. Treasury Notes	$	29,162,412	$	105,627	$	19,758	$	29,248,281
Government-Sponsored Enterprises		50,194,951		95,961		148,263		50,142,649
Municipal Securities		32,663,698		1,973,743		34,259		34,603,182
Total	$	112,021,061	$	2,175,331	$	202,280	$	113,994,112

The amortized cost and estimated fair value of investment securities available for sale at December 31, 2015 and December 31, 2014, by contractual maturity are as follows:

	DECEMBER 31, 2015				DECEMBER 31, 2014
	AMORTIZED   COST		ESTIMATED  FAIR   VALUE		AMORTIZED   COST		ESTIMATED  FAIR   VALUE
Due in one year or less	$	3,311,346	$	3,326,249	$	8,324,400	$	8,362,398
Due in one year to five years		69,870,930		70,584,179		43,301,670		43,851,426
Due in five years to ten years		41,930,801		42,670,986		52,566,597		53,671,067
Due in ten years and over		3,309,039		3,416,171		7,828,394		8,109,221
Total	$	118,422,116	$	119,997,585	$	112,021,061	$	113,994,112

Securities pledged to secure deposits and repurchase agreements at December 31, 2015 and 2014, had a carrying amount of $48,027,575 and $48,268,706, respectively.

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015 and 2014. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost.

	Less than 12 months					12 months or longer					Total
Available for sale	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
As of December 31, 2015
U.S.Treasury Notes	2	$	10,064,063	$	45,360		$	—	$	—	2	$	10,064,063	$	45,360
Government-Sponsored Enterprises	2		7,475,445		38,538	1		5,002,335		95,206	3		12,477,780		133,744
Municipal Securities	6		4,361,149		28,724			—		—	6		4,361,149		28,724
Total	10	$	21,900,656	$	112,622	1	$	5,002,335	$	95,206	11	$	26,902,991	$	207,828
As of December 31, 2014
U.S.Treasury Notes	2	$	4,948,438	$	19,758		$	—	$	—	2	$	4,948,438	$	19,758
Government-Sponsored Enterprises	7		28,850,132		148,263			—		—	7		28,850,132		148,263
Municipal Securities	2		931,428		27,182	1		1,557,833		7,077	3		2,489,261		34,259
Total	11	$	34,729,998	$	195,203	1	$	1,557,833	$	7,077	12	$	36,287,831	$	202,280

We received proceeds from sales of securities available for sale and gross realized gains and losses as follows:

	For the Year Ended December 31,
	2015		2014		2013
Gross proceeds	$	16,564,118	$	37,159,363	$	—
Gross realized gains		423,832		312,577		—
Gross realized losses		—		—		—

The tax provision related to these gains was $156,818 and $115,654 for the year ended December 31, 2015 and 2014, respectively.