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

9 Months Ended

Sep. 30, 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:

	September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	5,113,509	$	4,254	$	56,284	$	5,061,479
Federal Farm Credit Bank ("FFCB") Securities	2,000,000		—		10,138		1,989,862
Federal National Mortgage Association ("FNMA") Bonds	997,380		17,281		—		1,014,661
Small Business Administration (“SBA”) Bonds	111,586,926		1,674,338		135,029		113,126,235
Tax Exempt Municipal Bonds	79,370,686		1,897,885		737,204		80,531,367
Mortgage-Backed Securities	181,909,642		4,563,834		135,449		186,338,027
Equity Securities	250,438		40,162		—		290,600
Total Available For Sale	$	381,228,581	$	8,197,754	$	1,074,104	$	388,352,231
	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
Total Available For Sale	$	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	$	693,127	$	692,225
One – Five Years	13,170,421		13,414,588
Over Five – Ten Years	63,800,934		64,895,557
More Than Ten Years	121,654,457		123,011,834
Mortgage-Backed Securities	181,909,642		186,338,027
	$	381,228,581	$	388,352,231

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.

	September 30, 2015
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	—	$	—	$	1,943,716	$	56,284	$	1,943,716	$	56,284
FFCB Securities	1,989,862		10,138		—		—		1,989,862		10,138
SBA Bonds	18,263,615		53,112		10,312,370		81,917		28,575,985		135,029
Tax Exempt Municipal Bond	37,133,463		734,874		800,502		2,330		37,933,965		737,204
Mortgage-Backed Securities	21,794,606		126,202		1,741,983		9,247		23,536,589		135,449
	$	79,181,546	$	924,326	$	14,798,571	$	149,778	$	93,980,117	$	1,074,104

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

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.

	September 30, 2015
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	—	$	—	$	1,943,716	$	56,284	$	1,943,716	$	56,284
FFCB Securities	1,989,862		10,138		—		—		1,989,862		10,138
SBA Bonds	18,263,615		53,112		10,312,370		81,917		28,575,985		135,029
Tax Exempt Municipal Bond	37,133,463		734,874		800,502		2,330		37,933,965		737,204
Mortgage-Backed Securities	21,794,606		126,202		1,741,983		9,247		23,536,589		135,449
	$	79,181,546	$	924,326	$	14,798,571	$	149,778	$	93,980,117	$	1,074,104