Investment Securities (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Investments [Abstract]

Schedule of Securities Available for Sale

Securities Available For Sale:

September 30, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. government treasury securities	$	3,969,317	$	69,723	$	0	$	4,039,040
U.S. government agency securities		39,676,381		1,147,249		10,816		40,812,814
State and municipal securities		4,364,312		180,397		508		4,544,201
Residential mortgage-backed securities		21,870,020		194,406		36,988		22,027,438
Total debt securities AFS	$	69,880,030	$	1,591,775	$	48,312	$	71,423,493

December 31, 2018	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. government treasury securities	$	982,044	$	0	$	27,474	$	954,570
U.S. government agency securities		45,823,595		264,567		881,157		45,207,005
State and municipal securities		7,394,278		30,579		46,922		7,377,935
Residential mortgage-backed securities		4,769,668		21,579		17,180		4,774,067
Total debt securities AFS	$	58,969,585	$	316,725	$	972,733	$	58,313,577

Schedule of Securities Held to Maturity

Securities Held to Maturity:

September 30, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
State and municipal securities	$	25,819,763	$	510,207	$	4,972	$	26,324,998
Residential mortgage-backed securities		5,347,008		178,244		0		5,525,252
Total securities HTM	$	31,166,771	$	688,451	$	4,972	$	31,850,250

December 31, 2018	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
State and municipal securities	$	30,582,785	$	208,480	$	67,434	$	30,723,831
Residential mortgage-backed securities		6,244,288		49,490		7,282		6,286,496
Total securities HTM	$	36,827,073	$	257,970	$	74,716	$	37,010,327

Summary of Amortized Cost and Estimated Fair Value of Debt Securities

September 30, 2019
Available for Sale:		Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	4,153,906	$	4,160,100
After one through five years		30,550,250		31,436,182
After five through ten years		13,166,732		13,650,251
After ten years		22,009,142		22,176,960
Total debt securities AFS	$	69,880,030	$	71,423,493
Held to Maturity:		Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	6,407,204	$	6,415,966
After one through five years		10,186,745		10,390,617
After five through ten years		9,794,246		10,066,110
After ten years		4,778,576		4,977,557
Total securities HTM	$	31,166,771	$	31,850,250

December 31, 2018
Available for Sale:		Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	2,147,059	$	2,124,645
After one through five years		29,691,474		29,674,236
After five through ten years		21,585,776		20,968,318
After ten years		5,545,276		5,546,378
Total debt securities AFS	$	58,969,585	$	58,313,577
Held to Maturity:		Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	6,483,464	$	6,497,910
After one through five years		12,885,021		12,961,209
After five through ten years		11,035,146		11,097,382
After ten years		6,423,442		6,453,826
Total securities HTM	$	36,827,073	$	37,010,327

Schedule of Activity of Security Sales by Intention

The following tables summarize the activity of security sales by intention and year for the three and nine months ended September 30, 2019, and 2018.

Securities Available For Sale:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2019		2018		2019		2018
Proceeds of sales	$	9,358,503	$	0	$	9,358,503	$	0
Gross gains	$	174,283	$	0	$	174,283	$	0
Gross losses		0		0		0		0
Net gains on sales of  available for sale securities	$	174,283	$	0	$	174,283	$	0

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:

September 30, 2019	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	$	0	$	0	$	0	$	0
U.S. government agency securities		10,350		989,650		466		2,146,593
State and municipal securities		508		204,928		0		0
Residential mortgage-backed securities		35,716		8,179,689		1,272		108,200
Total debt securities available for sale	$	46,574	$	9,374,267	$	1,738	$	2,254,793
Securities Held to Maturity
Temporarily impaired debt securities:
State and municipal securities	$	4,972	$	470,837	$	0	$	0
Residential mortgage-backed securities		0		0		0		0
Total securities held to maturity	$	4,972	$	470,837	$	0	$	0

December 31, 2018	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	$	0	$	0	$	27,474	$	954,570
U.S. government agency securities		33,077		6,073,337		848,080		20,015,052
State and municipal securities		3,209		306,792		43,713		1,813,173
Residential mortgage-backed securities		14,199		3,032,237		2,981		129,410
Total debt securities available for sale	$	50,485	$	9,412,366	$	922,248	$	22,912,205
Securities Held to Maturity
Temporarily impaired debt securities:
State and municipal securities	$	20,209	$	7,359,536	$	47,225	$	2,782,627
Residential mortgage-backed securities		5,671		879,487		1,611		89,464
Total securities held to maturity	$	25,880	$	8,239,023	$	48,836	$	2,872,091