Investment Securities (Tables)

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of investment securities available for sale

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

	June 30, 2016
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	23,993,169	$	381,362	$	—	$	24,374,531
Government-Sponsored Enterprises		40,866,456		1,050,975		—		41,917,431
Municipal Securities		37,592,246		1,487,186		12,452		39,066,980
Total	$	102,451,871	$	2,919,523	$	12,452	$	105,358,942

	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

Schedule of contractual maturity of investment securities available for sale

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

	June 30, 2016				December 31, 2015
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	2,206,397	$	2,230,496	$	3,311,346	$	3,326,249
Due in one year to five years		66,494,101		68,024,729		69,870,930		70,584,179
Due in five years to ten years		30,790,840		32,066,086		41,930,801		42,670,986
Due in ten years and over		2,960,533		3,037,631		3,309,039		3,416,171
Total	$	102,451,871	$	105,358,942	$	118,422,116	$	119,997,585

Schedule of investment securities available for sale in a continuous unrealized loss position

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 June 30, 2016 and December 31, 2015.

	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 June 30, 2016
U.S. Treasury Notes		—	$	—	$	—		—	$	—	$	—		—	$	—	$	—
Government Sponsored Enterprises		—		—		—		—		—		—		—		—		—
Municipal Securities		7		3,192,676		12,452		—		—		—		7		3,192,676		12,452
Total		7	$	3,192,676	$	12,452		—	$	—	$	—		7	$	3,192,676	$	12,452

	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	$	21,900,657	$	112,622		1	$	5,002,335	$	95,206		11	$	26,902,992	$	207,828

Schedule of realized gains and losses

Proceeds from sales of securities available for sale and gross realized gains and losses as follows:

	For the Three Months Ended June 30,
	2016		2015
Gross proceeds	$	5,135,609	$	4,373,911
Gross realized gains		160,391		153,088
Gross realized losses		—		—

	For the Six Months Ended June 30,
	2016		2015
Gross proceeds	$	21,113,400	$	15,219,799
Gross realized gains		348,327		264,401
Gross realized losses		—		—