Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

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

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

	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	23,058,684	$	542,757	$	—		$	23,601,441
Government-Sponsored Enterprises		66,754,370		1,593,682		(9,967	)		68,338,085
Municipal Securities		16,492,938		474,198		—			16,967,136
Total	$	106,305,992	$	2,610,637	$	(9,967	)	$	108,906,662

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	23,080,465	$	99,735	$	—		$	23,180,200
Government-Sponsored Enterprises		50,139,959		401,336		(43,100	)		50,498,195
Municipal Securities		26,618,375		169,640		(16,454	)		26,771,561
Total	$	99,838,799	$	670,711	$	(59,554	)	$	100,449,956

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 June 30, 2020 and December 31, 2019, by contractual maturity are in the following table.

	June 30, 2020				December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	10,189,841	$	10,320,371	$	9,185,615	$	9,191,226
Due in one year to five years		69,550,840		71,471,655		77,261,123		77,815,119
Due in five years to ten years		26,565,311		27,114,636		13,392,061		13,443,611
Due in ten years and over		—		—		—		—
Total	$	106,305,992	$	108,906,662	$	99,838,799	$	100,449,956

Schedule of investment securities gross unrealized losses on investment securities and the fair market value of the related securities

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.

	June 30, 2020
	Less Than 12 Months							12 Months or Longer						Total
	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss		#		Fair Value		Gross Unrealized Loss
U.S. Treasury Notes		—	$	—	$	—			—	$	—	$	—		—	$	—	$	—
Government-Sponsored Enterprises		1		11,624,020		(9,967	)		—		—		—		1		11,624,020		(9,967	)
Municipal Securities		—		—		—			—		—		—		—		—		—
Total		1	$	11,624,020	$	(9,967	)		—	$	—	$	—		1	$	11,624,020	$	(9,967	)

	December 31, 2019
	Less Than 12 Months							12 Months or Longer							Total
Available for sale	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss
U.S. Treasury Notes		—	$	—	$	—			—	$	—	$	—			—	$	—	$	—
Government-Sponsored Enterprises		1		5,039,550		(43,100	)		—		—		—			1		5,039,550		(43,100	)
Municipal Securities		9		3,199,517		(13,335	)		1		330,880		(3,119	)		10		3,530,397		(16,454	)
Total		10	$	8,239,067	$	(56,435	)		1	$	330,880	$	(3,119	)		11	$	8,569,947	$	(59,554	)

Schedule of proceeds from sales of securities available for sale and gross realized gains and losses

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

	Three Months Ended
	June 30,
	2020		2019
Gross proceeds	$	—	$	14,952,500
Gross realized gains		—		59,512
Gross realized losses		—		(30,612	)

	Six Months Ended
	June 30,
	2020		2019
Gross proceeds	$	—	$	14,952,500
Gross realized gains		—		59,512
Gross realized losses		—		(30,612	)