Investment Securities (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Investments [Abstract]

Schedule of Securities Available for Sale Securities

Securities Available For Sale:

June 30, 2017	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. government treasury securities	$	978,965	$	0	$	3,885	$	975,080
U.S. government agency securities		47,073,914		827,215		657,991		47,243,138
State and municipal securities		7,526,788		142,798		33,930		7,635,656
Residential mortgage-backed securities		2,116,359		73,064		1,574		2,187,849
Total debt securities AFS		57,696,026		1,043,077		697,380		58,041,723
Equity securities		100,380		0		0		100,380
Total securities AFS	$	57,796,406	$	1,043,077	$	697,380	$	58,142,103

December 31, 2016	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. government treasury securities	$	977,967	$	0	$	15,817	$	962,150
U.S. government agency securities		41,117,402		697,811		830,316		40,984,897
State and municipal securities		6,537,093		25,170		109,666		6,452,597
Residential mortgage-backed securities		2,454,282		76,284		1,252		2,529,314
Corporate notes		2,497,016		27,944		795		2,524,165
Total debt securities AFS		53,583,760		827,209		957,846		53,453,123
Equity securities		112,380		0		0		112,380
Total securities AFS	$	53,696,140	$	827,209	$	957,846	$	53,565,503

Schedule of Securities Held to Maturity

Securities Held to Maturity:

June 30, 2017	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
State and municipal securities	$	46,587,501	$	808,000	$	23,752	$	47,371,749
Residential mortgage-backed securities		3,633,258		116,177		0		3,749,435
Total securities HTM	$	50,220,759	$	924,177	$	23,752	$	51,121,184

December 31, 2016	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
State and municipal securities	$	50,435,624	$	508,109	$	117,077	$	50,826,656
Residential mortgage-backed securities		4,166,911		129,506		0		4,296,417
Total securities HTM	$	54,602,535	$	637,615	$	117,077	$	55,123,073

Summary of Amortized Cost and Estimated Fair Value of Securities

June 30, 2017
Available for Sale:	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	0	$	0
After one through five years		17,518,226		17,814,180
After five through ten years		36,154,560		36,160,723
After ten years		4,023,240		4,066,820
Total debt securities AFS		57,696,026		58,041,723
Equity securities		100,380		100,380
Total securities AFS	$	57,796,406	$	58,142,103

Held to Maturity:	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	7,569,874	$	7,579,025
After one through five years		25,448,964		25,823,017
After five through ten years		13,709,411		14,142,881
After ten years		3,492,510		3,576,261
Total securities HTM	$	50,220,759	$	51,121,184

December 31, 2016
Available for Sale:	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	0	$	0
After one through five years		10,130,179		10,303,973
After five through ten years		39,818,677		39,507,820
After ten years		3,634,904		3,641,330
Total debt securities AFS		53,583,760		53,453,123
Equity securities		112,380		112,380
Total securities AFS	$	53,696,140	$	53,565,503

Held to Maturity:	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	7,939,740	$	7,941,397
After one through five years		26,537,314		26,786,525
After five through ten years		15,178,560		15,493,803
After ten years		4,946,921		4,901,348
Total securities HTM	$	54,602,535	$	55,123,073

Schedule of Information Pertaining to Securities Gross Unrealized Losses by Investments

Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in continuous loss position, follows:

June 30, 2017	Less Than Twelve Months				Twelve Months or More
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities Available for Sale
Temporarily impaired debt securities:
U.S. government treasury securities	$	3,885	$	975,080	$	0	$	0
U.S. government agency securities		657,991		18,415,757		0		0
State and municipal securities		33,930		2,942,377		0		0
Residential mortgage-backed securities		1,574		246,472		0		0
Total debt securities available for sale	$	697,380	$	22,579,686	$	0	$	0
Securities Held to Maturity
Temporarily impaired debt securities:
State and municipal securities	$	23,752	$	6,018,598	$	0	$	0
Total securities held to maturity	$	23,752	$	6,018,598	$	0	$	0

December 31, 2016	Less Than Twelve Months				Twelve Months or More
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities Available for Sale
Temporarily impaired debt securities:
U.S. government treasury securities	$	15,817	$	962,150	$	0	$	0
U.S. government agency securities		830,316		19,330,575		0		0
State and municipal securities		109,666		4,676,685		0		0
Residential mortgage-backed securities		1,252		311,851		0		0
Corporate notes		0		0		795		499,205
Total debt securities available for sale	$	957,051	$	25,281,261	$	795	$	499,205
Securities Held to Maturity
Temporarily impaired debt securities:
State and municipal securities	$	117,077	$	16,162,203	$	0	$	0
Total securities held to maturity	$	117,077	$	16,162,203	$	0	$	0