Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Securities available-for-sale at June 30, 2018 and December 31, 2017 were as follows:

Description	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
June 30, 2018:
U.S. agency securities	$	1,239,890	$	—	$	46,749	$	1,193,141
Mortgage-backed securities*	29,669,859		2,580		1,018,572		28,653,867
Municipal bonds	14,616,311		28,727		350,519		14,294,519
	$	45,526,060	$	31,307	$	1,415,840	$	44,141,527
December 31, 2017:
U.S. agency securities	$	1,239,357	$	—	$	5,562	$	1,233,795
Mortgage-backed securities*	27,331,766		—		547,177		26,784,589
Municipal bonds	15,050,942		107,569		47,414		15,111,097
	$	43,622,065	$	107,569	$	600,153	$	43,129,481

*All mortgage-backed securities are issued by FNMA, FHLMC, or GNMA and are backed by residential mortgage loans.

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of securities available-for-sale at June 30, 2018 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30, 2018
	Amortized cost		Fair value
Due in one year or less	$	—	$	—
Due after one year through five years	1,085,760		1,086,183
Due after five years, but less than ten years	7,198,710		7,072,507
Due after ten years	7,571,731		7,328,970
	15,856,201		15,487,660
Mortgage-backed securities	29,669,859		28,653,867
	$	45,526,060	$	44,141,527

Summary of Investment Securities Sales

The details of the sales of investment securities for the three and six months ended June 30, 2018 and 2017 are summarized in the following table.

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Proceeds from sales	$	—	$	—	$	2,121,241	—
Gross gains on sales	—		—		—		—
Gross losses on sales	—		—		14,465		—

Schedule of Securities in a Continuous Unrealized Loss Position

The following tables show the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017.

	June 30, 2018
	Up to 12 months				Greater than 12 months				Total
	Fair value		Gross unrealized loss		Fair value		Gross unrealized loss		Fair value		Gross unrealized loss
U.S. agency securities	$	953,916	$	36,120	$	239,225	$	10,629	$	1,193,141	$	46,749
Mortgage-backed securities	6,279,611		122,161		21,395,759		896,411		27,675,370		1,018,572
Municipal bonds	9,066,442		272,949		2,166,890		77,570		11,233,332		350,519
Total	$	16,299,969	$	431,230	$	23,801,874	$	984,610	$	40,101,843	$	1,415,840
	December 31, 2017
	Up to 12 months				Greater than 12 months				Total
	Fair value		Gross unrealized loss		Fair value		Gross unrealized loss		Fair value		Gross unrealized loss
U.S. agency securities	$	989,537	$	29	$	244,248	$	5,533	$	1,233,785	$	5,562
Mortgage-backed securities	5,944,732		80,034		20,843,664		467,143		26,788,396		547,177
Municipal bonds	4,913,243		18,791		2,224,660		28,623		7,137,903		47,414
Total	$	11,847,512	$	98,854	$	23,312,572	$	501,299	$	35,160,084	$	600,153