Investment Securities

9 Months Ended

Sep. 30, 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: 

	September 30, 2016
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	23,996,534	$	333,623	$	—	$	24,330,157
Government-Sponsored Enterprises		46,532,303		920,517		76,858		47,375,962
Municipal Securities		42,095,272		1,351,372		70,155		43,376,489
Total	$	112,624,109	$	2,605,512	$	147,013	$	115,082,608

	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: 

	September 30, 2016				December 31, 2015
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	3,010,876	$	3,025,977	$	3,311,346	$	3,326,249
Due in one year to five years		81,399,920		83,106,646		69,870,930		70,584,179
Due in five years to ten years		23,121,280		23,857,968		41,930,801		42,670,986
Due in ten years and over		5,092,033		5,092,017		3,309,039		3,416,171
Total	$	112,624,109	$	115,082,608	$	118,422,116	$	119,997,585

Securities pledged to secure deposits at September 30, 2016 and December 31, 2015, had a carrying amount of $47.8 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 September 30, 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 September 30, 2016
U.S. Treasury Notes		—	$	—	$	—		—	$	—	$	—		—	$	—	$	—
Government Sponsored Enterprises		4		10,512,585		76,858		—		—		—		4		10,512,585		76,858
Municipal Securities		15		6,772,212		70,155		—		—		—		15		6,772,212		70,155
Total		19	$	17,284,797	$	147,013		—	$	—	$	—		19	$	17,284,797	$	147,013

	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

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

	For the Three Months Ended
	September 30,
	2016		2015
Gross proceeds	$	4,902,286	$	—
Gross realized gains		97,714		—
Gross realized losses		—		—

	For the Nine Months Ended
	September 30,
	2016		2015
Gross proceeds	$	25,667,359	$	15,219,799
Gross realized gains		446,041		264,401
Gross realized losses		—		—

The tax provision related to these gains was $36,154 for the three months ended September 30, 2016 and $165,035 and $97,829 for the nine months ended September 30, 2016 and 2015, respectively.