INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

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

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

	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	32,965,693	$	—	$	(609,059	)	$	32,356,634
Government-Sponsored Enterprises		60,684,878		—		(1,315,598	)		59,369,280
Municipal Securities		28,267,930		112,971		(437,941	)		27,942,960
Total	$	121,918,501	$	112,971	$	(2,362,598	)	$	119,668,874

	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 at December 31, 2018 and December 31, 2017, by contractual maturity are in the following table.

	December 31, 2018				December 31, 2017
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,246,325	$	4,249,570	$	11,554,040	$	11,546,968
Due in one year to five years		99,753,174		97,915,185		72,622,056		72,124,395
Due in five years to ten years		17,504,456		17,128,425		53,290,088		52,576,036
Due in ten years and over		414,546		375,694		3,140,623		3,002,851
Total	$	121,918,501	$	119,668,874	$	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, at December 31, 2018 and 2017.

	Less Than 12 Months							12 Months or Longer							Total
	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss
December 31, 2018
Available for sale
U.S. Treasury Notes			$	—	$	—			7	$	32,356,634	$	(609,059	)		7	$	32,356,634	$	(609,059	)
Government-Sponsored Enterprises		2		9,967,000		(14,302	)		11		49,402,280		(1,301,296	)		13		59,369,280		(1,315,598	)
Municipal Securities		2		1,362,286		(7,547	)		31		11,840,912		(430,394	)		33		13,203,198		(437,941	)
Total		4	$	11,329,286	$	(21,849	)		49	$	93,599,826	$	(2,340,749	)		53	$	104,929,112	$	(2,362,598	)

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

The table below shows the proceeds received from sales of securities available for sale and gross realized gains and losses.

	For the Year Ended December 31,
	2018			2017			2016
Gross proceeds	$	21,434,634		$	20,231,265		$	36,218,087
Gross realized gains		104,634			154,692			384,963
Gross realized losses		(99,899	)		(108,872	)		(4,059	)