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Securities | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Securities The amortized cost and fair value of securities available-for-sale at September 30, 2015 and December 31, 2014 are summarized as follows:
|  | September 30, 2015 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
U.S. Government-sponsored enterprises (GSEs) |  | $ | 20,746,894 |  | $ | 96,846 |  | $ | (20,459) |  | $ | 20,823,281 |
Municipal securities |  |  | 6,809,103 |  |  | 26,609 |  |  | (27,146) |  |  | 6,808,566 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
GSA residential |  |  | 114,711,249 |  |  | 568,114 |  |  | (365,108) |  |  | 114,914,255 |
Government National Mortgage Association guaranteed |  |  | 9,686,008 |  |  | 18,068 |  |  | (100,511) |  |  | 9,603,565 |
|  | $ | 151,953,254 |  | $ | 709,637 |  | $ | (513,224) |  | $ | 152,149,667 |
|  | December 31, 2014 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
U.S. Government-sponsored enterprises (GSEs) |  | $ | 21,267,024 |  | $ | 44,860 |  | $ | (205,236) |  | $ | 21,106,648 |
Municipal securities |  |  | 2,011,818 |  |  | 19,404 |  |  | - |  |  | 2,031,222 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 70,070,019 |  |  | 370,266 |  |  | (587,361) |  |  | 69,852,924 |
Government National Mortgage Association guaranteed |  |  | 6,018,969 |  |  | 24,150 |  |  | (157,415) |  |  | 5,885,704 |
|  | $ | 99,367,830 |  | $ | 458,680 |  | $ | (950,012) |  | $ | 98,876,498 |
At September 30, 2015, securities with a fair value totaling approximately $124.5 million were pledged to secure public funds, securities sold under agreements to repurchase, as collateral for federal funds purchased from other financial institutions and serve as collateral for borrowings at the Federal Home Loan Bank. For the nine months ended September 30, 2015 and 2014, there were available-for-sale securities sold with proceeds totaling $10,968,362 and $9,003,601, respectively, which resulted in gross gains realized of $52,255 and $91,925, respectively and gross losses of $0 and $96,099, respectively. For the three months ended September 30, 2015 and September 30, 2014, there were no securities sold.
The amortized cost and estimated market value of securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized |  | Fair |
|  | Cost |  | Value |
Due in one year or less |  | $ | 947,830 |  | $ | 950,755 |
Due from one year to five years |  |  | 12,901,481 |  |  | 12,996,387 |
Due from five years to ten years |  |  | 8,392,679 |  |  | 8,384,601 |
Due after ten years |  |  | 5,314,007 |  |  | 5,300,104 |
|  |  | 27,555,997 |  |  | 27,631,847 |
Mortgage-backed securities |  |  | 124,397,257 |  |  | 124,517,820 |
|  | $ | 151,953,254 |  | $ | 152,149,667 |
The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of September 30, 2015 and December 31, 2014:
|  | As of September 30, 2015 |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total |
|  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |  | Gross |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Government- sponsored enterprises (GSEs) |  | $ | 4,970,320 |  | $ | (20,459) |  | $ | - |  | $ | - |  | $ | 4,970,320 |  | $ | (20,459) |
Municipal securities |  |  | 1,920,099 |  |  | (21,026) |  |  | 548,490 |  |  | (6,120) |  |  | 2,468,589 |  |  | (27,146) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 12,288,011 |  |  | (13,116) |  |  | 32,289,709 |  |  | (351,992) |  |  | 44,577,720 |  |  | (365,108) |
Government National |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Association guaranteed |  |  | 2,290,952 |  |  | (6,162) |  |  | 2,884,408 |  |  | (94,349) |  |  | 5,175,360 |  |  | (100,511) |
|  | $ | 21,469,382 |  | $ | (60,763) |  | $ | 35,722,607 |  | $ | (452,461) |  | $ | 57,191,989 |  | $ | (513,224) |
|  | As of December 31, 2014 |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total |
|  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |  | Gross |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Government- sponsored enterprises (GSEs) |  | $ | 3,305,318 |  | $ | (10,548) |  | $ | 9,794,890 |  | $ | (194,688) |  | $ | 13,100,208 |  | $ | (205,236) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | - |  |  | - |  |  | 31,236,202 |  |  | (587,361) |  |  | 31,236,202 |  |  | (587,361) |
Government National |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Association guaranteed |  |  | - |  |  | - |  |  | 5,490,221 |  |  | (157,415) |  |  | 5,490,221 |  |  | (157,415) |
|  | $ | 3,305,318 |  | $ | (10,548) |  | $ | 46,521,313 |  | $ | (939,464) |  | $ | 49,826,631 |  | $ | (950,012) |
Upon acquisition of a security, the Banks determine the appropriate impairment model that is applicable. If the security is a beneficial interest in securitized financial assets, the Banks use the beneficial interests in securitized financial assets impairment model. If the security is not a beneficial interest in securitized financial assets, the Banks use the debt and equity securities impairment model. The Bank s conduct periodic reviews to evaluate each security to determine whether an other-than-temporary impairment has occurred. The Banks do not have any securities that have been classified as other-than-temporarily-impaired at September 30, 2015 or December 31, 2014. At September 30, 2015, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows: U.S. Government-sponsored enterprises: At September 30, 2015, two investments in U.S. GSE securities had unrealized losses. These unrealized losses related principally to changes in market interest rates. The contractual terms of the investments does not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Banks do not intend to sell the investments and it is more likely than not that the Banks will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Banks do not consider these investments to be other-than temporarily impaired at September 30, 2015. Municipal securities: At September 30, 2015, eight investments in obligations of municipal securities had unrealized losses. The Banks believes the unrealized losses on those investments were caused by the interest rate environment and do not relate to the underlying credit quality of the issuers. Because the Banks do not intend to sell the investments and it is not more likely than not that the Banks will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Banks do not consider these investments to be other-than-temporarily impaired at September 30, 2015. Mortgage-backed securities: At September 30, 2015, thirty-one investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Banks do not intend to sell the investments and it is not more likely than not that the Banks will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Banks do not deem those investments to be other-than-temporarily impaired at September 30, 2015.

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