Investment Securities

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 2: Investment Securities

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

	March 31, 2016
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	23,989,841	$	252,503	$	—	$	24,242,344
Government-Sponsored Enterprises		46,018,755		897,653		—		46,916,408
Municipal Securities		34,831,179		1,367,484		3,611		36,195,052
Total	$	104,839,775	$	2,517,640	$	3,611	$	107,353,804

	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

The following table presents the amortized cost and estimated fair value of investment securities available for sale by contractual maturity for the periods indicated:

	March 31, 2016				December 31, 2015
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	1,857,755	$	1,870,311	$	3,311,346	$	3,326,249
Due in one year to five years		65,340,811		66,667,079		69,870,930		70,584,179
Due in five years to ten years		34,889,466		36,018,411		41,930,801		42,670,986
Due in ten years and over		2,751,743		2,798,003		3,309,039		3,416,171
Total	$	104,839,775	$	107,353,804	$	118,422,116	$	119,997,585

Securities pledged to secure deposits and repurchase agreements at March 31, 2016 and December 31, 2015, had a carrying amount of $46.5 million and $48.0 million, 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 March 31, 2016 and December 31, 2015. 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 March 31, 2016
U.S. Treasury Notes		—	$	—	$	—		—	$	—	$	—		—	$	—	$	—
Government Sponsored Enterprises		—		—		—		—		—		—		—		—		—
Municipal Securities		2		785,389		3,611		—		—		—		2		785,389		3,611
Total		2	$	785,389	$	3,611		—	$	—	$	—		2	$	785,389	$	3,611
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	$	21,900,657	$	112,622		1	$	5,002,335	$	95,206		11	$	26,902,992	$	207,828

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

	For the Three Months Ended
	March 31,
	2016		2015
Gross proceeds	$	15,629,464	$	10,845,887
Gross realized gains		187,936		111,313
Gross realized losses		—		—

The tax provision related to these gains was $69,499 and $41,186 for the three months ended March 31, 2016 and 2015, respectively.