Investment Securities (Tables)

3 Months Ended

Mar. 31, 2019

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:

	March 31, 2019
	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			ESTIMATED FAIR VALUE
U.S. Treasury Notes	$	32,963,569	$	—	$	(330,559	)	$	32,633,010
Government-Sponsored Enterprises		60,642,577		77,053		(651,740	)		60,067,890
Municipal Securities		24,789,595		137,368		(226,134	)		24,700,829
Total	$	118,395,741	$	214,421	$	(1,208,433	)	$	117,401,729

	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

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, 2019 and December 31, 2018, by contractual maturity are in the following table.

	March 31, 2019				December 31, 2018
	Amortized  Cost		Estimated  Fair Value		Amortized  Cost		Estimated  Fair Value
Due in one year or less	$	3,806,361	$	3,808,067	$	4,246,325	$	4,249,570
Due in one year to five years		98,775,637		97,936,820		99,753,174		97,915,185
Due in five years to ten years		15,399,508		15,265,041		17,504,456		17,128,425
Due in ten years and over		414,235		391,801		414,546		375,694
Total	$	118,395,741	$	117,401,729	$	121,918,501	$	119,668,874

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 March 31, 2019 and December 31, 2018.

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, 2019  Available for sale
U.S. Treasury Notes		—	$	—	$	—			7	$	32,633,010	$	(330,559	)		7	$	32,633,010	$	(330,559	)
Government-Sponsored Enterprises		—		—		—			11		50,008,405		(651,740	)		11		50,008,405		(651,740	)
Municipal Securities		—		—		—			29		11,391,677		(226,134	)		29		11,391,677		(226,134	)
Total		—	$	—	$	—			47	$	94,033,092	$	(1,208,433	)		47	$	94,033,092	$	(1,208,433	)
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	)

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,
	2019		2018
Gross proceeds	$	—	$	11,970,377
Gross realized gains		—		79,143
Gross realized losses		—		(74,795	)