SECURITIES AVAILABLE FOR SALE (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale by contractual maturity bucket

The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at June 30, 2022 and December 31, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2022
U.S treasury bills less than one year	$	9,910,459	$	—	$	(40,027	)		9,870,432
U.S. government and agency obligations
One through five years		6,000,000		—		(432,891	)		5,567,109
Corporate bonds due in:
One through five years		15,252,017		503		(358,051	)		14,894,469
Five through ten years		2,949,325		—		(234,025	)		2,715,300
MBSs – residential		46,918,907		11,912		(5,546,864	)		41,383,955
MBSs – commercial		25,553,578		—		(2,477,150	)		23,076,428
Total	$	106,584,286	$	12,415	$	(9,089,008	)	$	97,507,693
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2021
U.S. government and agency obligations
One through five years	$	3,000,000	$	—	$	(18,270	)	$	2,981,730
Corporate bonds due in:
One through five years		6,375,068		17,594		(636	)		6,392,026
Five through ten years		1,002,542		3,050		—			1,005,592
MBSs – residential		21,695,539		89,297		(24,591	)		21,760,245
MBSs – commercial		9,741,782		—		(42,577	)		9,699,205
Total	$	41,814,931	$	109,941	$	(86,074	)	$	41,838,798

Summary of debt securities available for sale and unrealized loss position

The age of unrealized losses and the fair value of related securities as of June 30, 2022 and December 31, 2021 were as follows:

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2022
U.S treasury bills	$	9,870,432	$	(40,027	)	$	—	$	—		$	9,870,432	$	(40,027	)
U.S. government and agency obligations		5,567,109		(432,891	)		—		—			5,567,109		(432,891	)
Corporate bonds		16,608,727		(592,076	)		—		—			16,608,727		(592,076	)
MBSs – residential		40,333,985		(5,541,734	)		239,326		(5,130	)		40,573,311		(5,546,864	)
MBSs – commercial		23,076,428		(2,477,150	)		—		—			23,076,428		(2,477,150	)
Total	$	95,456,681	$	(9,083,878	)	$	239,326	$	(5,130	)	$	95,696,007	$	(9,089,008	)
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2021
U.S. government and agency obligations	$	2,981,730	$	(18,270	)	$	—	$	—		$	2,981,730	$	(18,270	)
Corporate bonds		1,006,523		(636	)		—		—			1,006,523		(636	)
MBSs – residential		10,000,558		(22,652	)		250,581		(1,939	)		10,251,139		(24,591	)
MBSs – commercial		9,699,205		(42,577	)		—		—			9,699,205		(42,577	)
Total	$	23,688,016	$	(84,135	)	$	250,581	$	(1,939	)	$	23,938,597	$	(86,074	)