Note 3 - Investment Securities (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Amortized cost and fair value of investment securities

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		(Losses)		Value
September 30, 2018:
Securities HTM:
Municipal securities	$	394,371,195	$	3,887,422	$	(10,753,857)	$	387,504,760
Other securities		1,050,000		—		(13,480)		1,036,520
	$	395,421,195	$	3,887,422	$	(10,767,337)	$	388,541,280
Securities AFS:
U.S. govt. sponsored agency securities	$	37,715,802	$	9,963	$	(1,234,016)	$	36,491,749
Residential mortgage-backed and related securities		162,933,727		35,691		(7,236,822)		155,732,596
Municipal securities		60,101,620		150,615		(1,348,028)		58,904,207
Other securities		4,254,364		—		(59,474)		4,194,890
	$	265,005,513	$	196,269	$	(9,878,340)	$	255,323,442

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		(Losses)		Value
December 31, 2017:
Securities HTM:
Municipal securities	$	378,424,205	$	2,763,718	$	(2,488,119)	$	378,699,804
Other securities		1,050,000		—		—		1,050,000
	$	379,474,205	$	2,763,718	$	(2,488,119)	$	379,749,804
Securities AFS:
U.S. govt. sponsored agency securities	$	38,409,157	$	37,344	$	(349,967)	$	38,096,534
Residential mortgage-backed and related securities		165,459,470		155,363		(2,313,529)		163,301,304
Municipal securities		66,176,364		660,232		(211,100)		66,625,496
Other securities		4,014,004		896,384		(25,815)		4,884,573
	$	274,058,995	$	1,749,323	$	(2,900,411)	$	272,907,907

Securities have been in a continuous unrealized loss position

	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
September 30, 2018:
Securities HTM:
Municipal securities	$	170,633,644	$	(5,439,521)	$	64,984,249	$	(5,314,336)	$	235,617,893	$	(10,753,857)
Other securities		536,520		(13,480)		—		—		536,520		(13,480)
	$	171,170,164	$	(5,453,001)	$	64,984,249	$	(5,314,336)	$	236,154,413	$	(10,767,337)
Securities AFS:
U.S. govt. sponsored agency securities	$	18,437,573	$	(521,633)	$	15,829,173	$	(712,383)	$	34,266,746	$	(1,234,016)
Residential mortgage-backed and related securities		44,903,593		(1,712,003)		105,007,537		(5,524,819)		149,911,130		(7,236,822)
Municipal securities		79,442,346		(976,811)		10,952,533		(371,217)		90,394,879		(1,348,028)
Other securities		4,194,890		(59,474)		—				4,194,890		(59,474)
	$	146,978,402	$	(3,269,921)	$	131,789,243	$	(6,608,419)	$	278,767,645	$	(9,878,340)

	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
December 31, 2017:
Securities HTM:
Municipal securities	$	23,750,826	$	(354,460)	$	72,611,780	$	(2,133,659)	$	96,362,606	$	(2,488,119)
Securities AFS:
U.S. govt. sponsored agency securities	$	28,576,258	$	(200,022)	$	3,640,477	$	(149,945)	$	32,216,735	$	(349,967)
Residential mortgage-backed and related securities		88,927,779		(871,855)		57,931,731		(1,441,674)		146,859,510		(2,313,529)
Municipal securities		10,229,337		(41,151)		9,997,433		(169,949)		20,226,770		(211,100)
Other securities		923,535		(25,815)		—		—		923,535		(25,815)
	$	128,656,909	$	(1,138,843)	$	71,569,641	$	(1,761,568)	$	200,226,550	$	(2,900,411)

Realized gain (loss) on investments

	Three Months Ended				Nine Months Ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Proceeds from sales of securities	$	1,938,043	$	8,415,795	$	1,938,043	$	21,969,870
Gross gains from sales of securities		—		6,312		—		65,880
Gross losses from sales of securities		—		(69,900)		—		(91,004)

Investments classified by maturity date

	Amortized Cost		Fair Value
Securities HTM:
Due in one year or less	$	1,710,335	$	1,711,153
Due after one year through five years		27,876,391		27,826,476
Due after five years		365,834,469		359,003,651
	$	395,421,195	$	388,541,280
Securities AFS:
Due in one year or less	$	3,153,996	$	3,156,871
Due after one year through five years		25,663,131		25,220,152
Due after five years		73,254,659		71,213,823
		102,071,786		99,590,846
Residential mortgage-backed and related securities		162,933,727		155,732,596
	$	265,005,513	$	255,323,442

Schedule of investment in callable securities

	Amortized Cost		Fair Value
Securities HTM:
Municipal securities	$	229,992,901	$	226,439,711
Securities AFS:
U.S. govt. sponsored agency securities		4,998,969		4,847,750
Municipal securities		50,248,182		49,027,162
Corporate securities		4,006,462		3,948,640
	$	59,253,613	$	57,823,552