Available for Sale Securities

9 Months Ended

Sep. 30, 2016

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities

Note 5. Available for Sale Securities

The following is a summary of the Company’s available-for-sale securities at September 30, 2016 and December 31, 2015:  

	September 30, 2016
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities and obligations of U.S. government    agencies	$	4,884,459	$	1,511	$	—		$	4,885,970
Corporate debt securities		6,213,001	$	—		(1,831	)		6,211,170
Total available-for-sale securities	$	11,097,460	$	1,511	$	(1,831	)	$	11,097,140

	December 31, 2015
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities and obligations of U.S. government    agencies	$	17,914,136	$	—	$	(26,744	)	$	17,887,392
Corporate debt securities		12,932,629		397		(15,010	)		12,918,016
Total available-for-sale securities	$	30,846,765	$	397	$	(41,754	)	$	30,805,408

The net adjustment to unrealized holding gains (losses) on available-for-sale securities in other comprehensive income totaled $(2,836) and $41,037 for the three and nine months ended September 30, 2016, respectively, and $12,993 and $4,754 for the three and nine months ended September 30, 2015, respectively.

Contractual maturities of debt investment securities at September 30, 2016 are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	Under
	1 Year		1 to 2 Years		Total
U.S. Treasury securities and obligations of U.S. government    agencies	$	4,885,970	$	—	$	4,885,970
Corporate debt securities		6,211,170		—		6,211,170
Total available-for-sale securities	$	11,097,140	$	—	$	11,097,140

The following table shows the gross unrealized losses and fair values of the Company’s investments that have unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2016:

	Under 1 Year					1 to 2 Years				Total
			Gross					Gross				Gross
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
U.S. Treasury securities and obligations of U.S.    government agencies	$	—	$	—		$	—	$	—	$	—	$	—
Corporate debt securities		2,817,800		(1,831	)		—		—		2,817,800		(1,831	)
Total available-for-sale securities with unrealized    losses	$	2,817,800	$	(1,831	)	$	—	$	—	$	2,817,800	$	(1,831	)

For debt securities, management determines whether it intends to sell or if it is more likely than not that it will be required to sell impaired securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements and securities portfolio management. If so, any impairment would be recognized through earnings. For all impaired debt securities for which there was no intent or expected requirement to sell, the evaluation considers all available evidence to assess whether it is likely the amortized cost value will be recovered, considering, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral and market conditions. The Company did not have any other-than-temporary impairment in its debt securities for the three and nine months ended September 30, 2016.