Investment Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of investment securities available for sale

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

	MARCH 31, 2018
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	35,969,663	$	—	$	(794,786	)	$	35,174,877
Government-Sponsored Enterprises		61,374,556		2,135		(1,587,104	)		59,789,587
Municipal Securities		31,269,151		262,268		(580,989	)		30,950,430
Total	$	128,613,370	$	264,403	$	(2,962,879	)	$	125,914,894

	DECEMBER 31, 2017
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	35,970,990	$	—	$	(411,145	)	$	35,559,845
Government-Sponsored Enterprises		64,444,315		—		(887,811	)		63,556,504
Municipal Securities		40,191,502		487,545		(545,146	)		40,133,901
Total	$	140,606,807	$	487,545	$	(1,844,102	)	$	139,250,250

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, 2018 and December 31, 2017, by contractual maturity are as follows:

	MARCH 31, 2018				DECEMBER 31, 2017
	AMORTIZED COST		ESTIMATED FAIR VALUE		AMORTIZED COST		ESTIMATED FAIR VALUE
Due in one year or less	$	13,072,183	$	13,077,578	$	11,554,040	$	11,546,968
Due in one year to five years		75,402,886		73,941,666		72,622,056		72,124,395
Due in five years to ten years		38,882,831		37,675,784		53,290,088		52,576,036
Due in ten years and over		1,255,470		1,219,866		3,140,623		3,002,851
Total	$	128,613,370	$	125,914,894	$	140,606,807	$	139,250,250

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

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, 2018 Available for sale
U.S. Treasury notes		8	$	35,174,877	$	(794,786	)		—	$	—	$	—			8	$	35,174,877	$	(794,786	)
Government-sponsored enterprises		10		44,687,077		(1,011,933	)		3		10,100,375		(575,171	)		13		54,787,452		(1,587,104	)
Municipal securities		20		8,241,345		(194,145	)		19		7,368,491		(386,844	)		39		15,609,836		(580,989	)
Total		38	$	88,103,299	$	(2,000,864	)		22	$	17,468,866	$	(962,015	)		60	$	105,572,165	$	(2,962,879	)
December 31, 2017 Available for sale
U.S. Treasury notes		8	$	35,559,845	$	(411,145	)		—	$	—	$	—			8	$	35,559,845	$	(411,145	)
Government-sponsored enterprises		12		53,275,064		(462,174	)		3		10,281,440		(425,637	)		15		63,556,504		(887,811	)
Municipal securities		20		7,815,221		(134,998	)		29		11,056,185		(410,148	)		49		18,871,406		(545,146	)
Total		40	$	96,650,130	$	(1,008,317	)		32	$	21,337,625	$	(835,785	)		72	$	117,987,755	$	(1,844,102	)

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,
	2018			2017
Gross proceeds	$	11,970,377		$	—
Gross realized gains		79,143			—
Gross realized losses		(74,795	)		—