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

9 Months Ended

Sep. 30, 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 were as follows:

	September 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Federal National Mortgage Association ("FNMA") Bonds	$	998,131	$	19,550	$	—	$	1,017,681
Small Business Administration (“SBA”) Bonds	100,978,165		1,343,672		123,707		102,198,130
Tax Exempt Municipal Bonds	77,997,989		5,073,181		114,675		82,956,495
Taxable Municipal Bonds	1,014,619		26,041		—		1,040,660
Mortgage-Backed Securities	189,223,545		4,512,200		309,738		193,426,007
Equity Securities	250,438		80,896		—		331,334
Total Available For Sale	$	370,462,887	$	11,055,540	$	548,120	$	380,970,307
	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
Total Available For Sale	$	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	$	60,932	$	61,202
One – Five Years	17,522,944		17,846,103
Over Five – Ten Years	44,282,485		45,359,270
More Than Ten Years	119,372,981		124,277,725
Mortgage-Backed Securities	189,223,545		193,426,007
	$	370,462,887	$	380,970,307

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, 2016
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
SBA Bonds	$	16,016,982	$	79,654	$	6,595,575	$	44,053	$	22,612,557	$	123,707
Tax Exempt Municipal Bonds	8,068,360		114,675		—		—		8,068,360		114,675
Mortgage-Backed Securities	25,294,568		236,812		6,766,526		72,926		32,061,094		309,738
	$	49,379,910	$	431,141	$	13,362,101	$	116,979	$	62,742,011	$	548,120

	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

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, 2016
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
SBA Bonds	$	16,016,982	$	79,654	$	6,595,575	$	44,053	$	22,612,557	$	123,707
Tax Exempt Municipal Bonds	8,068,360		114,675		—		—		8,068,360		114,675
Mortgage-Backed Securities	25,294,568		236,812		6,766,526		72,926		32,061,094		309,738
	$	49,379,910	$	431,141	$	13,362,101	$	116,979	$	62,742,011	$	548,120