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

6 Months Ended

Jun. 30, 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:

	June 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Small Business Administration (“SBA”) Bonds	$	126,753,533	$	1,197,692	$	161,805	$	127,789,420
Tax Exempt Municipal Bonds	81,369,078		3,217,508		538,589		84,047,997
Taxable Municipal Bonds	2,019,039		8,911		—		2,027,950
Mortgage-Backed Securities	184,945,040		2,729,888		402,231		187,272,697
State Tax Credit	56,800		—		—		56,800
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	395,298,490	$	7,153,999	$	1,102,625	$	401,349,864
	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

	June 30, 2017
Investment Securities	Amortized Cost		Fair Value
Less Than One Year	$	328,603	$	328,525
One – Five Years	15,445,316		15,603,908
Over Five – Ten Years	53,122,450		53,869,687
More Than Ten Years	141,457,081		144,275,047
Mortgage-Backed Securities	184,945,040		187,272,697
Total Available For Sale	$	395,298,490	$	401,349,864

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.

	June 30, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
SBA Bonds	$	15,277,479	$	64,891	$	8,979,781	$	96,914	$	24,257,260	$	161,805
Tax Exempt Municipal Bonds	14,089,073		416,583		2,277,880		122,006		16,366,953		538,589
Mortgage-Backed Securities	42,992,095		341,150		9,351,864		61,081		52,343,959		402,231
	$	72,358,647	$	822,624	$	20,609,525	$	280,001	$	92,968,172	$	1,102,625

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.

	June 30, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
SBA Bonds	$	15,277,479	$	64,891	$	8,979,781	$	96,914	$	24,257,260	$	161,805
Tax Exempt Municipal Bonds	14,089,073		416,583		2,277,880		122,006		16,366,953		538,589
Mortgage-Backed Securities	42,992,095		341,150		9,351,864		61,081		52,343,959		402,231
	$	72,358,647	$	822,624	$	20,609,525	$	280,001	$	92,968,172	$	1,102,625

	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 Bond	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