INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Securities available-for-sale

Securities available-for-sale consist of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2015
U.S. government agency obligations	$	13,187,546	$	53,506	$	(32,204	)	$	13,208,848
Mortgage-backed securities	1,150,793		8,538		(2,334		)	1,156,997
Municipal securities	2,903,674		85,049		(16,152		)	2,972,571
	$	17,242,013	$	147,093	$	(50,690	)	$	17,338,416
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2014
U.S. government agency obligations	$	20,498,822	$	41,548	$	(86,495	)	$	20,453,875
Mortgage-backed securities	1,271,166		13,449		(982		)	1,283,633
Municipal securities	1,906,572		97,807		(16,525		)	1,987,854
	$	23,676,560	$	152,804	$	(104,002	)	$	23,725,362

Available-for-sale Securities Amortized Cost and Fair Value Maturity Schedule

The amortized cost and fair value of securities by contractual maturity date at June 30, 2015 were as follows:

Securities available-for-sale:	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due from one to five years	14,287,546		14,314,006
Due from five to ten years	1,312,337		1,336,723
Due after ten years	1,642,130		1,687,687
Total	$	17,242,013	$	17,338,416

Summary of Investments in a Continuous Unrealized Loss Position

There were eleven investments in our securities portfolio with unrealized losses as of June 30, 2015.

As of June 30, 2015	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government agency obligations	$	494,260	$	(5,740	)	$	3,973,536	$	(26,464	)	$	4,467,796	$	(32,204	)
Mortgage-backed securities	309,796		(2,334		)	—		—			309,796		(2,334		)
Municipal securities	—		—			500,895		(16,152		)	500,895		(16,152		)
Total	$	804,056	$	(8,074	)	$	4,474,431	$	(42,616	)	$	5,278,487	$	(50,690	)

There were twenty-four investments in our securities portfolio that had unrealized losses as of December 31, 2014.

As of December 31, 2014	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government agency obligations	$	7,482,955	$	(18,941	)	$	6,433,135	$	(67,554	)	$	13,916,090	$	(86,495	)
Mortgage-backed securities	338,707		(982		)	—		—			338,707		(982		)
Municipal securities	—		—			502,135		(16,525		)	502,135		(16,525		)
Total	$	7,821,662	$	(19,923	)	$	6,935,270	$	(84,079	)	$	14,756,932	$	(104,002	)

As of June, 30, 2015, nine investments have been in a continuous unrealized loss position for more than twelve months. They are as follows:

	Count	Amortized Cost		Fair Value
U.S. government agency obligations	8	$	4,000,000	$	3,973,536
Municipal securities	1	517,047		500,895
Total	9	$	4,517,047	$	4,474,431

At December 31, 2014, fourteen investments had been in a continuous unrealized loss position for more than twelve months. They were as follows:

	Count	Amortized Cost		Fair Value
U.S. government agency obligations	13	$	6,500,689	$	6,433,135
Municipal securities	1	518,660		502,135
Total	14	$	7,019,349	$	6,935,270