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Note 4 - Investment Securities
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
(
4
)
Investment
Securities
 
Investment securities as of
December 31, 2018
are summarized as follows:
 
   
 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
 
Fair
Value
  
Securities Available for Sale
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Government Agencies
                                
Mortgage-Backed
  
$
356,498,339
    
$
303,360
    
$
(10,596,527
)
  
$
346,205,172
  
State, County and Municipal
  
 
4,007,883
    
 
17,858
    
 
(36,632
)
  
 
3,989,109
  
Corporate
  
 
2,927,147
    
 
-
    
 
(55,262
)
  
 
2,871,885
  
   
$
363,433,369
    
$
321,218
    
$
(10,688,421
)
  
$
353,066,166
  
 
The amortized cost and fair value of investment securities as of
December 31, 2018,
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
  
   
Amortized
Cost
    
Fair
Value
  
                 
Due in One Year or Less
   $
354,440
     $
353,794
  
Due After One Year Through Five Years
    
4,294,198
      
4,237,813
  
Due After Five Years Through Ten Years
    
1,133,881
      
1,150,770
  
Due After Ten Years
    
1,152,511
      
1,118,617
  
    $
6,935,030
     $
6,860,994
  
Mortgage-Backed Securities
    
356,498,339
      
346,205,172
  
                 
    $
363,433,369
     $
353,066,166
  
 
Investment securities as of
December 31, 2017
are summarized as follows:
 
   
 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
 
Fair
Value
  
Securities Available for Sale
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Government Agencies
                                
Mortgage-Backed
   $
354,931,318
     $
258,049
     $
(8,465,948
 )   $
346,723,419
  
State, County and Municipal
    
4,493,085
      
22,835
      
(23,094
 )    
4,492,826
  
Corporate
    
2,047,517
      
12,483
      
-
      
2,060,000
  
Asset-Backed
    
992,641
      
-
      
(21,982
 )    
970,659
  
                                 
    $
362,464,561
     $
293,367
     $
(8,511,024
 )   $
354,246,904
  
 
Proceeds from sales of investments available for sale were
$11,267,642
in
2018,
$0
in
2017
and
$25,209,851
in
2016.
Gross realized gains totaled
$115,909
in
2018,
$0
in
2017
and
$391,976
in
2016.
Gross realized losses totaled
$0
in
2018,
$0
in
2017
and
$6,753
in
2016.
 
Investment securities having a carrying value totaling
$178,978,383
and
$175,484,021
as of
December 31, 2018
and
2017,
respectively, were pledged to secure public deposits and for other purposes.
 
Information pertaining to securities with gross unrealized losses at
December 31, 2018
and
2017
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, 2018
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Government Agencies
                                                
Mortgage-Backed
  
$
39,082,750
    
$
(504,496
)
  
$
255,747,472
    
$
(10,092,031
)
  
$
294,830,222
    
$
(10,596,527
)
State, County and Municipal
  
 
611,882
    
 
(2,668
)
  
 
1,882,249
    
 
(33,964
)
  
 
2,494,131
    
 
(36,632
)
Corporate
  
 
2,009,080
    
 
(20,847
)
  
 
862,805
    
 
(34,415
)
  
 
2,871,885
    
 
(55,262
)
                                                 
   
$
41,703,712
    
$
(528,011
)
  
$
258,492,526
    
$
(10,160,410
)
  
$
300,196,238
    
$
(10,688,421
)
                                                 
December 31, 2017
                                                
U.S. Government Agencies
                                                
Mortgage-Backed
   $
120,139,340
     $
(1,655,223
 )   $
190,196,101
     $
(6,810,725
 )   $
310,335,441
     $
(8,465,948
 )
State, County and Municipal
    
2,598,344
      
(23,094
 )    
-
      
-
      
2,598,344
      
(23,094
 )
Asset – Backed
    
970,659
      
(21,982
 )    
-
      
-
      
970,659
      
(21,982
 )
                                                 
    $
123,708,343
     $
(1,700,299
 )   $
190,196,101
     $
(6,810,725
 )   $
313,904,444
     $
(8,511,024
 )
 
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (
1
) the length of time and the extent to which the fair value has been less than cost, (
2
) the financial condition and near-term prospects of the issuer and (
3
) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.
 
At
December 31, 2018,
145
securities have unrealized losses which have depreciated
3.44
percent from the Company’s amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale,
no
declines are deemed to be other than temporary. However, the Company owns
one
asset-backed security at
December 31, 2018
which was completely written off during prior years. This investment is comprised of
one
issuance of a trust preferred security and has
no
book value.