Investment Securities

12 Months Ended

Dec. 31, 2015

Investment Securities [Abstract]

INVESTMENT SECURITIES

NOTE 2 — INVESTMENT SECURITIES

The amortized costs and fair values of investment securities available for sale are as follows:

	December 31, 2015
	Gross Unrealized
	Amortized							Fair
	Cost		Gains		Losses			Value
Government-sponsored mortgage-backed	$	4,290,680	$	66,350	$	(44,581	)	$	4,312,449
Municipals, tax-exempt		4,916,379		140,335		(17,267	)		5,039,447
Municipals, taxable		1,308,298		27,657		—			1,335,955
Total investment securities available for sale	$	10,515,357	$	234,342	$	(61,848	)	$	10,687,851

	December 31, 2014
	Gross Unrealized
	Amortized							Fair
	Cost		Gains		Losses			Value
Government-sponsored mortgage-backed	$	7,597,334	$	122,491	$	(118,308	)	$	7,601,517
Collateralized mortgage-backed		2,040,478		—		(57,518	)		1,982,960
Municipals, tax-exempt		4,658,532		68,643		(30,179	)		4,696,996
Municipals, taxable		1,317,433		16,620		—			1,334,053
Total investment securities available for sale	$	15,613,777	$	207,754	$	(206,005	)	$	15,615,526

The following table presents information regarding securities with unrealized losses at December 31, 2015:

	Securities in an					Securities in an
	Unrealized					Unrealized
	Loss Position for					Loss Position for
	Less than					More than
	12 Months					12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
Government-sponsored mortgage-backed	$	627,542		$	5,569	$	764,462		$	39,012	$	1,392,004		$	44,581
Municipals, tax-exempt		323,796			6,249		1,074,440			11,018		1,398,236			17,267
Total temporarily impaired securities	$	951,338		$	11,818	$	1,838,902		$	50,030	$	2,790,240		$	61,848

The following table presents information regarding securities with unrealized losses at December 31, 2014:

	Securities in an						Securities in an
	Unrealized						Unrealized
	Loss Position for						Loss Position for
	Less than						More than
	12 Months						12 Months				Total
	Fair			Unrealized			Fair		Unrealized		Fair		Unrealized
	Value			Losses			Value		Losses		Value		Losses
Government-sponsored mortgage-backed		$	—		$	—	$	3,247,141	$	118,308	$	3,189,623	$	118,308
Collateralized mortgage-backed			—			—		1,982,960		57,518		2,040,478		57,518
Municipals, tax-exempt			—			—		1,072,090		30,179		1,072,090		30,179
Total temporarily impaired securities		$	—		$	—	$	6,302,191	$	206,005	$	6,302,191	$	206,005

At December 31, 2015, there were investment securities with a fair value of approximately $ 951,000 which had been in a continuous loss position for less than twelve months. At December 31, 2015, investment securities with a fair value of approximately $1.8 million and unrealized losses of $50,030 had been in a continuous loss position for more than one year. All remaining investment securities were in an unrealized gain position. The Company believes, based on industry analyst reports and credit ratings that the deterioration in the fair value of these investment securities available for sale is attributed to changes in market interest rates and not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company has the ability and intent to hold these securities until such time as the values recover or the securities mature. At December 31, 2014, there were no investment securities which had been in a continuous loss position for less than twelve months. At December 31, 2014, investment securities with a fair value of approximately $6.3 million and unrealized losses of $206,005 had been in a continuous loss position for more than one year. All remaining investment securities were in an unrealized gain position.

The amortized costs and fair values of investment securities available for sale at December 31, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.

	December 31, 2015
	Amortized		Fair
	Cost		Value
Due within one year	$	—	$	—
Due after one through three years		—		—
Due after three through five years		—		—
Due after five through ten years		1,308,298		1,335,955
Due after ten years		9,207,059		9,351,896
Total investment securities	$	10,515,357	$	10,687,851

During 2015, the Company received proceeds from sales of securities of $4.1 million for a total loss of $87,995. During 2014, the Company received proceeds from sales of securities of $4.1 million for a total gain of $1,032. At December 31, 2015 and 2014, $2.7 million in securities were pledged as collateral for repurchase agreements, a credit line and public deposits.

The Company’s investment portfolio consists principally of obligations of the United States of America, its agencies or enterprises it sponsors. In the opinion of management, there is no concentration of credit risk in its investment portfolio.