Investment Securities

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 2: Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:

	JUNE 30, 2017
	AMORTIZED COST		GROSS   UNREALIZED GAINS		GROSS   UNREALIZED LOSSES			FAIR VALUE
U.S. Treasury Notes	$	24,139,912	$	62,201	$	(6,799	)	$	24,195,314
Government-Sponsored Enterprises		66,708,908		391,749		(383,380	)		66,717,277
Municipal Securities		41,192,677		865,966		(310,853	)		41,747,790
Total	$	132,041,497	$	1,319,916	$	(701,032	)	$	132,660,381

	DECEMBER 31, 2016
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED   LOSSES			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

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2017 and December 31, 2016, by contractual maturity are as follows:

	JUNE 30, 2017				DECEMBER 31, 2016
	AMORTIZED COST		FAIR VALUE		AMORTIZED COST		FAIR   VALUE
Due in one year or less	$	3,017,513	$	3,038,231	$	3,343,347	$	3,350,205
Due in one year to five years		91,871,936		92,428,862		82,848,411		82,682,901
Due in five years to ten years		33,599,190		33,748,377		29,662,030		29,169,228
Due in ten years and over		3,552,859		3,444,911		5,088,827		4,776,610
Total	$	132,041,498	$	132,660,381	$	120,942,615	$	119,978,944

Investment securities pledged to secure public deposits and for other purposes required or permitted by law at June 30, 2017 and December 31, 2016, had a fair value of $53.1 million and $47.6 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 June 30, 2017 and December 31, 2016. We believe that all unrealized losses have resulted from temporary changes in the interest rates and current market conditions 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
June 30, 2017
Available for sale
U.S. Treasury notes		2	$	10,142,188	$	(6,799	)		—	$	—	$	—			2	$	10,142,188	$	(6,799	)
Government-sponsored enterprises		4		12,441,218		(326,380	)		1		2,928,357		(57,000	)		5		15,369,575		(383,380	)
Municipal securities		36		15,193,138		(310,853	)		—		—		—			36		15,193,138		(310,853	)
Total		42	$	37,776,544	$	(644,032	)		1	$	2,928,357	$	(57,000	)		43	$	40,704,901	$	(701,032	)
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	)

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

	For the Three Months Ended June 30,
	2017		2016
Gross proceeds	$	—	$	5,135,609
Gross realized gains		—		160,391
Gross realized losses		—		—

	For the Six Months Ended June 30,
	2017		2016
Gross proceeds	$	—	$	21,113,400
Gross realized gains		—		348,327
Gross realized losses		—		—

The tax provision related to these gains was $59,382 and $128,881 for the three and six months ended June 30, 2016, respectively.