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

6 Months Ended

Jun. 30, 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:

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	12,961,675	$	7,029	$	108,760	$	12,859,944
Small Business Administration (“SBA”) Bonds	115,797,449		372,414		724,834		115,445,029
Tax Exempt Municipal Bonds	60,477,526		1,311,392		402,930		61,385,988
Taxable Municipal Bonds	2,014,601		—		45,931		1,968,670
Mortgage-Backed Securities	172,137,551		1,017,385		2,076,428		171,078,508
State Tax Credit	56,800		—		—		56,800
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	363,600,602	$	2,708,220	$	3,358,883	$	362,949,939
	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

	June 30, 2018
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	181,392	$	179,717
After One – Five Years	11,200,552		11,175,886
After Five – Ten Years	41,198,731		41,093,031
More Than Ten Years	138,882,376		139,422,797
Mortgage-Backed Securities	172,137,551		171,078,508
Total Available For Sale	$	363,600,602	$	362,949,939

Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses

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.

	June 30, 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	$	9,422,577	$	108,760	$	—	$	—	$	9,422,577	$	108,760
SBA Bonds	69,699,835		618,720		5,940,904		106,114		75,640,739		724,834
Tax Exempt Municipal Bonds	17,010,549		260,006		4,209,366		142,924		21,219,915		402,930
Taxable Municipal Bonds	1,968,670		45,931		—		—		1,968,670		45,931
Mortgage-Backed Securities	79,481,465		1,377,813		33,570,042		698,615		113,051,507		2,076,428
	$	177,583,096	$	2,411,230	$	43,720,312	$	947,653	$	221,303,408	$	3,358,883

	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

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.

	June 30, 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	$	9,422,577	$	108,760	$	—	$	—	$	9,422,577	$	108,760
SBA Bonds	69,699,835		618,720		5,940,904		106,114		75,640,739		724,834
Tax Exempt Municipal Bonds	17,010,549		260,006		4,209,366		142,924		21,219,915		402,930
Taxable Municipal Bonds	1,968,670		45,931		—		—		1,968,670		45,931
Mortgage-Backed Securities	79,481,465		1,377,813		33,570,042		698,615		113,051,507		2,076,428
	$	177,583,096	$	2,411,230	$	43,720,312	$	947,653	$	221,303,408	$	3,358,883