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Securities (Tables)
6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale

The amortized cost and estimated fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

 

 

June 30, 2018

 

   Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Estimated
Fair Value
 

Securities available-for-sale

           

Obligations of U.S. Government agencies

   $ 99,566,635      $ —        $ 4,269,911      $ 95,296,724  

Mortgage backed securities

     278,584,218        6,438        12,561,575        266,029,081  

State, County, Municipals

     107,211,506        78,334        4,863,460        102,426,380  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 485,362,359      $ 84,772      $ 21,694,946      $ 463,752,185  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

December 31, 2017

 

   Amortized
Cost
     Unrealized
Gains
     Unrealized
Losses
     Estimated
Fair Value
 

Securities available-for-sale

           

Obligations of U.S. Government agencies

   $ 180,647,580      $ —        $ 4,199,022      $ 176,448,558  

Mortgage backed securities

     213,707,125        43,197        5,327,265        208,423,057  

State, County, Municipals

     118,786,297        849,364        2,535,126        117,100,535  

Other investments

     2,865,294        208,933        —          3,074,227  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 516,006,296      $ 1,101,494      $ 12,061,413      $ 505,046,377  
  

 

 

    

 

 

    

 

 

    

 

 

 
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity

The amortized cost and estimated fair value of securities by contractual maturity at June 30, 2018 and December 31, 2017 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations.

 

     June 30, 2018      December 31, 2017  
     Amortized
Cost
     Estimated
Fair Value
     Amortized
Cost
     Estimated
Fair Value
 
Available-for-sale                            

Due in one year or less

   $ 1,817,972      $ 1,820,005      $ 3,398,727      $ 3,421,576  

Due after one year through five years

     97,858,493        94,124,451        75,887,288        74,589,829  

Due after five years through ten years

     31,088,580        29,855,611        55,691,854        54,740,055  

Due after ten years

     354,597,314        337,952,118        381,028,427        372,294,917  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 485,362,359      $ 463,752,185      $ 516,006,296      $ 505,046,377  
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Unrealized Loss Information for Available-for-sale Securities

A summary of unrealized loss information for securities available-for-sale, categorized by security type follows (in thousands):

 

June 30, 2018    Less than 12 months      12 months or more      Total  

Description of Securities

   Fair
Value
     Unrealized
Losses
     Fair
Value
     Unrealized
Losses
     Fair
Value
     Unrealized
Losses
 

Obligations of U.S. government agencies

   $ 15,119,779      $ 647,021      $ 80,176,945      $ 3,622,890      $ 95,296,724      $ 4,269,911  

Mortgage backed securities

     93,958,426        3,434,432        171,878,931        9,127,143        265,837,357        12,561,575  

State, County, Municipal

     25,411,940        806,404        64,746,595        4,057,056        90,158,535        4,863,460  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 134,490,145      $ 4,887,857      $ 316,802,471      $ 16,807,089      $ 451,292,616      $ 21,694,946  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
December 31, 2017    Less than 12 months      12 months or more      Total  

Description of Securities

   Fair
Value
     Unrealized
Losses
     Fair
Value
     Unrealized
Losses
     Fair
Value
     Unrealized
Losses
 

Obligations of U.S. government agencies

   $ 15,681,866      $ 223,534      $ 160,766,691      $ 3,975,488      $ 176,448,557      $ 4,199,022  

Mortgage backed securities

     88,499,852        1,613,091        116,753,236        3,714,175        205,253,088        5,327,266  

State, County, Municipal

     7,117,600        59,041        66,973,174        2,476,084        74,090,774        2,535,125  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 111,299,318      $ 1,895,666      $ 344,493,101      $ 10,165,747      $ 455,792,419      $ 12,061,413