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

3 Months Ended

Mar. 31, 2017

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:

	March 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Bonds	$	998,114	$	—	$	3,364	$	994,750
Small Business Administration (“SBA”) Bonds	125,940,182		829,103		345,028		126,424,257
Tax Exempt Municipal Bonds	80,200,174		1,600,032		1,351,105		80,449,101
Taxable Municipal Bonds	2,020,095		177		9,433		2,010,839
Mortgage-Backed Securities	169,732,288		2,403,910		695,760		171,440,438
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	379,045,853	$	4,833,222	$	2,404,690	$	381,474,385
	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Bonds	$	998,001	$	—	$	1	$	998,000
SBA Bonds	101,280,921		909,361		284,223		101,906,059
Tax Exempt Municipal Bonds	72,248,915		1,185,753		1,899,519		71,535,149
Taxable Municipal Bonds	2,021,192		—		30,062		1,991,130
Mortgage-Backed Securities	183,657,697		2,575,616		972,222		185,261,091
Equity Securities	250,438		117,562		—		368,000
Total Available For Sale	$	360,457,164	$	4,788,292	$	3,186,027	$	362,059,429

Schedule of Available For Sale Securities, Contractual Maturities

Investment Securities:	Amortized Cost		Fair Value
Less Than One Year	$	496,677	$	499,349
One – Five Years	16,474,007		16,606,032
Over Five – Ten Years	45,181,394		45,572,507
More Than Ten Years	147,161,487		147,356,059
Mortgage-Backed Securities	169,732,288		171,440,438
	$	379,045,853	$	381,474,385

Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses

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, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	994,750	$	3,364	$	—	$	—	$	994,750	$	3,364
SBA Bonds	51,361,256		276,319		8,875,358		68,709		60,236,614		345,028
Tax Exempt Municipal Bonds	37,462,103		1,351,105		—		—		37,462,103		1,351,105
Taxable Municipal Bonds	997,510		9,433		—		—		997,510		9,433
Mortgage-Backed Securities	48,332,597		594,961		11,974,550		100,799		60,307,147		695,760
	$	139,148,216	$	2,235,182	$	20,849,908	$	169,508	$	159,998,124	$	2,404,690

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, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	994,750	$	3,364	$	—	$	—	$	994,750	$	3,364
SBA Bonds	51,361,256		276,319		8,875,358		68,709		60,236,614		345,028
Tax Exempt Municipal Bonds	37,462,103		1,351,105		—		—		37,462,103		1,351,105
Taxable Municipal Bonds	997,510		9,433		—		—		997,510		9,433
Mortgage-Backed Securities	48,332,597		594,961		11,974,550		100,799		60,307,147		695,760
	$	139,148,216	$	2,235,182	$	20,849,908	$	169,508	$	159,998,124	$	2,404,690

	December 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	$	998,000	$	1	$	—	$	—	$	998,000	$	1
SBA Bonds	28,490,243		228,432		8,212,824		55,791		36,703,067		284,223
Tax Exempt Municipal Bonds	47,405,066		1,899,519		—		—		47,405,066		1,899,519
Taxable Municipal Bonds	1,991,130		30,062		—		—		1,991,130		30,062
Mortgage-Backed Securities	62,738,366		916,699		5,600,262		55,523		68,338,628		972,222
	$	141,622,805	$	3,074,713	$	13,813,086	$	111,314	$	155,435,891	$	3,186,027