Investment Securities

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 2: Investment Securities

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

	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	28,054,029	$	101,804	$	(9,430	)	$	28,146,403
Government-Sponsored Enterprises		50,582,908		248,635		(114,198	)		50,717,345
Municipal Securities		22,473,399		166,156		(72,340	)		22,567,215
Total	$	101,110,336	$	516,595	$	(195,968	)	$	101,430,963

	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

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2019 and December 31, 2018, by contractual maturity are in the following table.

	June 30, 2019				December 31, 2018
	Amortized  Cost		Estimated  Fair Value		Amortized  Cost		Estimated  Fair Value
Due in one year or less	$	3,314,449	$	3,318,732	$	4,246,325	$	4,249,570
Due in one year to five years		82,244,256		82,503,885		99,753,174		97,915,185
Due in five years to ten years		15,551,630		15,608,346		17,504,456		17,128,425
Due in ten years and over		—		—		414,546		375,694
Total	$	101,110,335	$	101,430,963	$	121,918,501	$	119,668,874

Securities pledged to secure deposits at both June 30, 2019 and December 31, 2018, had a fair value of $37.7 million and $41.5 million, 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, at June 30, 2019 and December 31, 2018. We believe that all unrealized losses have resulted from temporary changes in the interest rate market 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
June 30, 2019 Available for sale	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss
U.S. Treasury Notes		1	$	5,048,240	$	(702	)		2	$	8,025,118	$	(8,728	)		3	$	13,073,358	$	(9,430	)
Government-Sponsored Enterprises		—		—		—			3		10,397,565		(114,198	)		3		10,397,565		(114,198	)
Municipal Securities		—		—		—			25		9,267,063		(72,340	)		25		9,267,063		(72,340	)
Total		1	$	5,048,240	$	(702	)		30	$	27,689,746	$	(195,266	)		31	$	32,737,986	$	(195,968	)

	Less Than 12 Months							12 Months or Longer							Total
December 31, 2018 Available for sale	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss
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	)

 The tables below show the proceeds from sales of securities available for sale and gross realized gains and losses.

	Three Months Ended
	June 30,
	2019			2018
Gross proceeds	$	14,952,500		$	11,970,378
Gross realized gains		59,512			25,490
Gross realized losses	$	(30,612	)	$	(25,103	)

	Six Months Ended
	June 30,
	2019			2018
Gross proceeds	$	14,952,500		$	21,434,634
Gross realized gains		59,512			104,634
Gross realized losses	$	(30,612	)	$	(99,899	)

For the three months ended June 30, 2019 and 2018, the tax provision related to these gains was $6,069 and $81, respectively. For the six months ended June 30, 2019 and 2018, the tax provision related to these gains was $6,069 and $994, respectively.