Investment and Mortgage-Backed Securities, Available for Sale (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities available for sale at the dates indicated are as follows:

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair value
FHLB Securities	$	6,330,671	$	55,934	$	84,474	$	6,302,131
Federal Farm Credit Bank ("FFCB") Securities	2,000,000		—		14,978		1,985,022
Federal National Mortgage Association ("FNMA") Bonds	997,009		15,425		—		1,012,434
Small Business Administration (“SBA”) Bonds	118,078,000		1,843,851		217,508		119,704,343
Tax Exempt Municipal Bonds	62,911,065		2,061,707		374,396		64,598,376
Mortgage-Backed Securities	234,661,924		6,300,652		373,067		240,589,509
Equity Securities	250,438		60,376		—		310,814
	$	425,229,107	$	10,337,945	$	1,064,423	$	434,502,629
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair value
FHLB Securities	$	13,317,462	$	83,691	$	154,492	$	13,246,661
FFCB Securities	5,750,000		—		82,006		5,667,994
FNMA Bonds	996,822		7,559		—		1,004,381
SBA Bonds	106,637,400		1,796,943		307,649		108,126,694
Tax Exempt Municipal Bonds	59,960,960		2,579,543		45,080		62,495,423
Mortgage-Backed Securities	233,963,842		5,704,855		815,984		238,852,713
Equity Securities	250,438		56,236		—		306,674
	$	420,876,924	$	10,228,827	$	1,405,211	$	429,700,540

Schedule of Available For Sale Securities, Contractual Maturities

Investment Securities	Amortized Cost		Fair Value
Less Than One Year	$	839,750	$	847,389
One – Five Years	13,008,988		13,299,185
Over Five – Ten Years	62,234,587		63,331,124
More Than Ten Years	114,483,858		116,435,422
Mortgage-Backed Securities	234,661,924		240,589,509
	$	425,229,107	$	434,502,629

Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated.

	March 31, 2015
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	—	$	—	$	3,915,526	$	84,474	$	3,915,526	$	84,474
FFCB Securities	1,985,022		14,978		—		—		1,985,022		14,978
SBA Bonds	19,333,124		153,338		6,635,687		64,170		25,968,811		217,508
Tax Exempt Municipal Bond	16,235,174		366,102		799,429		8,294		17,034,603		374,396
Mortgage-Backed Securities	16,387,777		55,636		13,180,113		317,431		29,567,890		373,067
	$	53,941,097	$	590,054	$	24,530,755	$	474,369	$	78,471,852	$	1,064,423

6. Investment and Mortgage-Backed Securities, Available For Sale, Continued

	December 31, 2014
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	994,818	$	5,182	$	3,850,690	$	149,310	$	4,845,508	$	154,492
FFCB Securities	—		—		5,667,994		82,006		5,667,994		82,006
SBA Bonds	27,859,461		223,070		4,920,631		84,579		32,780,092		307,649
Tax Exempt Municipal Bond	3,605,319		16,039		1,710,586		29,041		5,315,905		45,080
Mortgage-Backed Securities	34,840,832		208,242		30,899,075		607,742		65,739,907		815,984
	$	67,300,430	$	452,533	$	47,048,976	$	952,678	$	114,349,406	$	1,405,211