Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

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:

	MARCH 31, 2017
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	24,144,127	$	49,684	$	(118,030	)	$	24,075,781
Government-Sponsored Enterprises		61,742,184		188,804		(610,925	)		61,320,063
Municipal Securities		43,805,527		772,578		(659,961	)		43,918,144
Total	$	129,691,838	$	1,011,066	$	(1,388,916	)	$	129,313,988

	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

Schedule of amortized cost and estimated fair value of investment securities available for sale by contractual maturity

The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2017 and December 31, 2016, by contractual maturity are as follows:

	MARCH 31, 2017				DECEMBER 31, 2016
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	3,811,077	$	3,821,293	$	3,343,347	$	3,350,205
Due in one year to five years		82,729,225		82,978,074		82,848,411		82,682,901
Due in five years to ten years		39,597,559		39,147,035		29,662,030		29,169,228
Due in ten years and over		3,553,977		3,367,586		5,088,827		4,776,610
Total	$	129,691,838	$	129,313,988	$	120,942,615	$	119,978,944

Schedule of investment securities gross unrealized losses on investment securities and the fair market value of the related securities

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, 2017 and December 31, 2016. 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
	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss		#		Fair Value		Gross Unrealized Loss
March 31, 2017
Available for sale
U.S. Treasury notes		3	$	15,089,844	$	(118,030	)		—	$	—	$	—		3	$	15,089,844	$	(118,030	)
Government- sponsored enterprises		7		25,215,240		(610,925	)		—		—		—		7		25,215,240		(610,925	)
Municipal securities		52		21,601,367		(659,961	)		—		—		—		52		21,601,367		(659,961	)
Total		62	$	61,906,451	$	(1,388,916	)		—	$	—	$	—		62	$	61,906,451	$	(1,388,916	)

December 31, 2016
Available for sale
U.S. Treasury notes	4	$	17,968,594	$	(250,385	)	—	$	—	$	—	4	$	17,968,594	$	(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	)

Schedule of proceeds from sales of securities available for sale and gross realized gains and losses

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,
	2017		2016
Gross proceeds	$	—	$	15,629,464
Gross realized gains		—		187,936
Gross realized losses		—		—