Investment Securities

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 2: Investment Securities

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

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	32,969,932	$	—	$	(939,735	)	$	32,030,197
Government-Sponsored Enterprises		60,768,977		—		(1,847,892	)		58,921,085
Municipal Securities		29,268,532		179,950		(568,439	)		28,880,043
Total	$	123,007,441	$	179,950	$	(3,356,066	)	$	119,831,325

	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

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2018 and December 31, 2017, by contractual maturity are as follows:

	June 30, 2018				December 31, 2017
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,371,538	$	4,391,446	$	11,554,040	$	11,546,968
Due in one year to five years		94,804,499		92,553,106		72,622,056		72,124,395
Due in five years to ten years		22,991,242		22,088,221		53,290,088		52,576,036
Due in ten years and over		840,162		798,552		3,140,623		3,002,851
Total	$	123,007,441	$	119,831,325	$	140,606,807	$	139,250,250

Investment securities pledged to secure deposits had a fair value of $43.4 million and $49.4 million as of June 30, 2018 and December 31, 2017, 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, as of June 30, 2018 and December 31, 2017. 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, 2018 Available for sale
U.S. Treasury Notes		7	$	32,030,197	$	(939,735	)		—	$	—	$	—			7	$	32,030,197	$	(939,735	)
Government-Sponsored Enterprises		10		48,880,925		(1,245,021	)		3		10,040,160		(602,871	)		13		58,921,085		(1,847,892	)
Municipal Securities		19		8,158,197		(187,439	)		19		7,368,072		(381,000	)		38		15,526,269		(568,439	)
Total		36	$	89,069,319	$	(2,372,195	)		22	$	17,408,232	$	(983,871	)		58	$	106,477,551	$	(3,356,066	)

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	)

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

	Three Months Ended
	June 30,
	2018			2017
Gross proceeds	$	11,970,378		$	—
Gross realized gains		25,490			—
Gross realized losses		(25,103	)		—
	$	11,970,765		$	—

	Six Months Ended
	June 30,
	2018			2017
Gross proceeds	$	21,434,634		$	—
Gross realized gains		104,634			—
Gross realized losses		(99,899	)		—
	$	21,439,369		$	—

For the six months ended June 30, 2018, the tax provision related to these gains was $994.