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

3 Months Ended

Mar. 31, 2016

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, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	2,000,000	$	—	$	4,890	$	1,995,110
Federal Home Loan Mortgage Corporation ("FHLMC") & Federal National Mortgage Association ("FNMA") Bonds	1,997,016		18,605		—		2,015,621
Small Business Administration (“SBA”) Bonds	109,797,838		1,692,290		174,456		111,315,672
Tax Exempt Municipal Bonds	74,181,255		3,009,287		209,164		76,981,378
Taxable Municipal Bonds	1,016,098		3,952		—		1,020,050
Mortgage-Backed Securities	191,429,724		4,020,969		432,754		195,017,939
Equity Securities	250,438		55,204		—		305,642
	$	380,672,369	$	8,800,307	$	821,264	$	388,651,412
	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	2,000,000	$	—	$	67,912	$	1,932,088
Federal Farm Credit Bank ("FFCB") Securities	2,000,000		—		12,064		1,987,936
FNMA Bonds	997,564		6,767		—		1,004,331
SBA Bonds	110,195,113		1,415,464		193,795		111,416,782
Tax Exempt Municipal Bonds	73,499,636		2,770,115		204,132		76,065,619
Mortgage-Backed Securities	180,197,347		3,281,116		681,251		182,797,212
Equity Securities	250,438		59,464		—		309,902
	$	369,140,098	$	7,532,926	$	1,159,154	$	375,513,870

Schedule of Available For Sale Securities, Contractual Maturities

Investment Securities	Amortized Cost		Fair Value
Less Than One Year	$	447,262	$	453,157
One – Five Years	16,871,672		17,216,800
Over Five – Ten Years	54,832,074		55,875,165
More Than Ten Years	117,091,637		120,088,351
Mortgage-Backed Securities	191,429,724		195,017,939
	$	380,672,369	$	388,651,412

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, 2016
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	—	$	—	$	1,995,110	$	4,890	$	1,995,110	$	4,890
FFCB Securities	—		—		—		—		—		—
SBA Bonds	16,475,245		89,541		9,238,724		84,915		25,713,969		174,456
Tax Exempt Municipal Bonds	11,246,437		126,569		3,997,850		82,595		15,244,287		209,164
Mortgage-Backed Securities	38,690,737		334,990		8,060,303		97,764		46,751,040		432,754
	$	66,412,419	$	551,100	$	23,291,987	$	270,164	$	89,704,406	$	821,264

	December 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	$	—	$	—	$	1,932,088	$	67,912	$	1,932,088	$	67,912
FFCB Securities	1,987,936		12,064		—		—		1,987,936		12,064
SBA Bonds	25,090,453		119,533		7,982,777		74,262		33,073,230		193,795
Tax Exempt Municipal Bonds	13,668,473		175,020		709,800		29,112		14,378,273		204,132
Mortgage-Backed Securities	63,273,417		648,862		1,706,086		32,389		64,979,503		681,251
	$	104,020,279	$	955,479	$	12,330,751	$	203,675	$	116,351,030	$	1,159,154