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

3 Months Ended

Mar. 31, 2018

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:

	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	11,509,602	$	11,702	$	89,690	$	11,431,614
Small Business Administration (“SBA”) Bonds	116,226,896		914,781		328,335		116,813,342
Tax Exempt Municipal Bonds	57,866,536		1,231,282		445,775		58,652,043
Taxable Municipal Bonds	2,015,694		—		34,364		1,981,330
Mortgage-Backed Securities	170,554,894		1,178,301		1,914,324		169,818,871
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	358,328,622	$	3,336,066	$	2,812,488	$	358,852,200
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	8,522,043	$	1,288	$	1,546	$	8,521,785
SBA Bonds	123,324,802		1,113,160		189,518		124,248,444
Tax Exempt Municipal Bonds	59,623,185		2,789,233		56,851		62,355,567
Taxable Municipal Bonds	2,016,833		—		19,703		1,997,130
Mortgage-Backed Securities	186,732,705		1,936,847		973,572		187,695,980
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	380,374,568	$	5,840,528	$	1,241,190	$	384,973,906

Schedule of Available For Sale Securities, Contractual Maturities

	March 31, 2018
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	213,937	$	213,021
After One – Five Years	12,738,020		12,739,270
After Five – Ten Years	41,482,362		41,522,064
More Than Ten Years	133,339,409		134,558,974
Mortgage-Backed Securities	170,554,894		169,818,871
Total Available For Sale	$	358,328,622	$	358,852,200

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.

	March 31, 2018
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	7,493,392	$	89,690	$	—	$	—	$	7,493,392	$	89,690
SBA Bonds	35,400,695		266,288		5,383,454		62,047		40,784,149		328,335
Tax Exempt Municipal Bonds	18,123,386		300,371		4,216,431		145,404		22,339,817		445,775
Taxable Municipal Bonds	1,981,330		34,364		—		—		1,981,330		34,364
Mortgage-Backed Securities	86,647,947		1,407,637		23,803,408		506,687		110,451,355		1,914,324
	$	149,646,750	$	2,098,350	$	33,403,293	$	714,138	$	183,050,043	$	2,812,488

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.

	March 31, 2018
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	7,493,392	$	89,690	$	—	$	—	$	7,493,392	$	89,690
SBA Bonds	35,400,695		266,288		5,383,454		62,047		40,784,149		328,335
Tax Exempt Municipal Bonds	18,123,386		300,371		4,216,431		145,404		22,339,817		445,775
Taxable Municipal Bonds	1,981,330		34,364		—		—		1,981,330		34,364
Mortgage-Backed Securities	86,647,947		1,407,637		23,803,408		506,687		110,451,355		1,914,324
	$	149,646,750	$	2,098,350	$	33,403,293	$	714,138	$	183,050,043	$	2,812,488

	December 31, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	7,556,014	$	1,546	$	—	$	—	$	7,556,014	$	1,546
SBA Bonds	24,433,422		151,459		5,588,532		38,059		30,021,954		189,518
Tax Exempt Municipal Bonds	4,406,162		13,852		4,328,229		42,999		8,734,391		56,851
Taxable Municipal Bond	1,997,130		19,703		—		—		1,997,130		19,703
Mortgage-Backed Securities	62,574,910		624,772		23,612,359		348,800		86,187,269		973,572
	$	100,967,638	$	811,332	$	33,529,120	$	429,858	$	134,496,758	$	1,241,190