Investment Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

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

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

	September 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	32,967,828	$	—	$	(1,128,095	)	$	31,839,733
Government-Sponsored Enterprises		60,727,011		—		(2,156,361	)		58,570,650
Municipal Securities		28,632,346		115,836		(555,364	)		28,192,818
Total	$	122,327,185	$	115,836	$	(3,839,820	)	$	118,603,201

	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 September 30, 2018 and December 31, 2017, by contractual maturity are as follows:

	September 30, 2018				December 31, 2017
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,251,445	$	4,259,579	$	11,554,040	$	11,546,968
Due in one year to five years		99,801,938		96,746,338		72,622,056		72,124,395
Due in five years to ten years		17,858,947		17,228,111		53,290,088		52,576,036
Due in ten years and over		414,855		369,173		3,140,623		3,002,851
Total	$	122,327,185	$	118,603,201	$	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

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 September 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
September 30, 2018 Available for sale
U.S. Treasury Notes		7	$	31,839,733	$	(1,128,095	)		—	$	—	$	—			7	$	31,839,733	$	(1,128,095	)
Government-Sponsored Enterprises		9		43,775,540		(1,322,126	)		4		14,795,110		(834,235	)		13		58,570,650		(2,156,361	)
Municipal Securities		19		8,143,784		(200,329	)		19		7,387,750		(355,035	)		38		15,531,534		(555,364	)
Total		35	$	83,759,057	$	(2,650,550	)		23	$	22,182,860	$	(1,189,270	)		58	$	105,941,917	$	(3,839,820	)

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:

	Three Months Ended
	September 30,
	2018		2017
Gross proceeds	$	—	$	20,231,265
Gross realized gains		—		154,692
Gross realized losses		—		(108,872	)

	Nine Months Ended
	September 30,
	2018			2017
Gross proceeds	$	21,434,634		$	20,231,265
Gross realized gains		104,634			154,692
Gross realized losses		(99,899	)		(108,872	)