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

9 Months Ended

Sep. 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:

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Federal Home Loan Mortgage Corporation (“FHLMC”) Bond	$	968,436	$	—	$	2,790	$	965,646
Small Business Administration (“SBA”) Bonds	123,756,916		1,186,563		139,930		124,803,549
Tax Exempt Municipal Bonds	78,068,936		3,175,211		429,120		80,815,027
Taxable Municipal Bonds	2,017,913		—		5,323		2,012,590
Mortgage-Backed Securities	177,751,622		2,548,619		465,620		179,834,621
State Tax Credit	56,800		—		—		56,800
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	382,775,623	$	6,910,393	$	1,042,783	$	388,643,233
	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

	September 30, 2017
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	190,589	$	190,501
After One – Five Years	14,816,156		14,930,955
After Five – Ten Years	47,080,250		47,638,450
More Than Ten Years	142,937,006		146,048,706
Mortgage-Backed Securities	177,751,622		179,834,621
Total Available For Sale	$	382,775,623	$	388,643,233

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.

	September 30, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLMC Bond	$	965,646	$	2,790	$	—	$	—	$	965,646	$	2,790
SBA Bonds	22,776,378		102,708		6,857,393		37,222		29,633,771		139,930
Tax Exempt Municipal Bonds	6,094,283		73,787		10,341,319		355,333		16,435,602		429,120
Taxable Municipal Bonds	2,012,590		5,323		—		—		2,012,590		5,323
Mortgage-Backed Securities	46,108,221		323,710		13,021,339		141,910		59,129,560		465,620
	$	77,957,118	$	508,318	$	30,220,051	$	534,465	$	108,177,169	$	1,042,783

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, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLMC Bond	$	965,646	$	2,790	$	—	$	—	$	965,646	$	2,790
SBA Bonds	22,776,378		102,708		6,857,393		37,222		29,633,771		139,930
Tax Exempt Municipal Bonds	6,094,283		73,787		10,341,319		355,333		16,435,602		429,120
Taxable Municipal Bonds	2,012,590		5,323		—		—		2,012,590		5,323
Mortgage-Backed Securities	46,108,221		323,710		13,021,339		141,910		59,129,560		465,620
	$	77,957,118	$	508,318	$	30,220,051	$	534,465	$	108,177,169	$	1,042,783

6. Investment and Mortgage-Backed Securities, Available For Sale, Continued

	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