INVESTMENT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2016

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, 2016
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	24,148,295	$	41,153	$	(250,385	)	$	23,939,063
Government-Sponsored Enterprises		51,737,930		129,482		(833,321	)		51,034,091
Municipal Securities		45,056,390		765,813		(816,413	)		45,005,790
Total	$	120,942,615	$	936,448	$	(1,900,119	)	$	119,978,944

	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 amortized cost and estimated fair value of investment securities available for sale at December 31, 2016 and December 31, 2015, by contractual maturity are as follows:

	DECEMBER 31, 2016				DECEMBER 31, 2015
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	3,343,347	$	3,350,205	$	3,311,346	$	3,326,249
Due in one year to five years		82,848,411		82,682,901		69,870,930		70,584,179
Due in five years to ten years		29,662,030		29,169,228		41,930,801		42,670,986
Due in ten years and over		5,088,827		4,776,610		3,309,039		3,416,171
Total	$	120,942,615	$	119,978,944	$	118,422,116	$	119,997,585

Securities pledged to secure deposits and repurchase agreements at December 31, 2016 and 2015, had a carrying amount of $47,619,232 and $48,027,575, 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, 2016 and 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
					Gross							Gross							Gross
					Unrealized							Unrealized							Unrealized
	#		Fair Value		Loss			#		Fair Value		Loss			#		Fair Value		Loss
December 31, 2016 Available for sale
U.S. Treasury notes		4	$	17,968,594	$	(250,385	)		—	$	—	$	—			4	$	17,958,594	$	(250,385	)
Government-sponsored enterprises		8		30,136,720		(833,321	)		—		—		—			8		30,136,720		(833,321	)
Municipal securities		54		22,606,430		(816,413	)		—		—		—			54		22,606,430		(816,413	)
Total		66	$	70,711,744	$	(1,900,119	)		—	$	—	$	—			66	$	70,711,744	$	(1,900,119	)
December 31, 2015 Available for sale
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	)		2		12,477,780		(133,744	)
Municipal securities		6		4,361,148		(28,724	)		—		—		—			6		4,361,148		(28,724	)
Total		10	$	21,900,656	$	(112,622	)		1	$	5,002,335	$	(95,206	)		10	$	26,902,991	$	(207,828	)

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

	For the Year Ended December 31,
	2016			2015		2014
Gross proceeds	$	36,218,087		$	16,564,118	$	37,159,363
Gross realized gains		384,963			423,832		312,577
Gross realized losses		(4,059	)		—		—

The tax provision related to these gains was $140,934 and $156,818 for the year ended December 31, 2016 and 2015, respectively.