Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investment securities as of December 31, 2014 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities Available for Sale
U.S. Government Agencies
Mortgage-Backed	$	278,419,055	$	155,902	$	(7,511,288	)	$	271,063,669
State, County and Municipal		3,516,400		27,181		(12,664	)		3,530,917

	$	281,935,455	$	183,083	$	(7,523,952	)	$	274,594,586

Securities Held to Maturity
State, County and Municipal	$	29,796	$	127	$	-		$	29,923

Amortized cost and fair value of investment securities by contractual maturity

The amortized cost and fair value of investment securities as of December 31, 2014, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below.

	Securities
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in One Year or Less	$	715,764	$	717,138	$	29,796	$	29,923
Due After One Year Through Five Years		718,836		730,598		-		-
Due After Five Years Through Ten Years		1,158,938		1,157,251		-		-
Due After Ten Years		922,862		925,930		-		-

		3,516,400		3,530,917		29,796		29,923

Mortgage-Backed Securities		278,419,055		271,063,669		-		-

	$	281,935,455	$	274,594,586	$	29,796	$	29,923

Investment securities as of December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities Available for Sale
U.S. Government Agencies
Mortgage-Backed	$	273,029,073	$	118,843	$	(13,799,858	)	$	259,348,058
State, County and Municipal		3,978,857		14,963		(83,988	)		3,909,832

	$	277,007,930	$	133,806	$	(13,883,846	)	$	263,257,890

Securities Held to Maturity
State, County and Municipal	$	37,062	$	247	$	-		$	37,309

Invested securities in a continuous unrealized loss position

Information pertaining to securities with gross unrealized losses at December 31, 2014 and 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2014
U.S. Government Agencies
Mortgage-Backed	$	66,609,319	$	(396,896	)	$	183,645,552	$	(7,114,392	)	$	250,254,871	$	(7,511,288	)
State, County and Municipal		-		-			1,379,547		(12,664	)		1,379,547		(12,664	)

	$	66,609,319	$	(396,896	)	$	185,025,099	$	(7,127,056	)	$	251,634,418	$	(7,523,952	)

December 31, 2013
U.S. Government Agencies
Mortgage-Backed	$	190,063,827	$	(9,440,663	)	$	63,193,601	$	(4,359,195	)	$	253,257,428	$	(13,799,858	)
State, County and Municipal		1,647,043		(83,988	)		-		-			1,647,043		(83,988	)

	$	191,710,870	$	(9,524,651	)	$	63,193,601	$	(4,359,195	)	$	254,904,471	$	(13,883,846	)