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

9 Months Ended

Sep. 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:

	September 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	12,957,559	$	33,076	$	9,096	$	12,981,539
Small Business Administration (“SBA”) Bonds	118,275,224		227,093		1,277,257		117,225,060
Tax Exempt Municipal Bonds	60,381,306		897,641		797,693		60,481,254
Taxable Municipal Bonds	3,007,036		—		66,401		2,940,635
Mortgage-Backed Securities	182,045,631		811,987		2,977,163		179,880,455
State Tax Credit	88,350		—		—		88,350
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	376,910,106	$	1,969,797	$	5,127,610	$	373,752,293
	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

	September 30, 2018
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	1,125,559	$	1,122,015
After One – Five Years	11,035,958		10,987,529
After Five – Ten Years	42,005,204		41,714,850
More Than Ten Years	140,697,754		140,047,444
Mortgage-Backed Securities	182,045,631		179,880,455
Total Available For Sale	$	376,910,106	$	373,752,293

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 were in a continuous unrealized loss position at the dates indicated.

	September 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	$	2,057,695	$	9,096	$	—	$	—	$	2,057,695	$	9,096
SBA Bonds	79,678,260		964,997		14,490,089		312,260		94,168,349		1,277,257
Tax Exempt Municipal Bonds	32,933,452		492,761		6,384,426		304,932		39,317,878		797,693
Taxable Municipal Bonds	1,969,285		32,952		971,350		33,449		2,940,635		66,401
Mortgage-Backed Securities	75,412,165		1,211,586		56,908,117		1,765,577		132,320,282		2,977,163
	$	192,050,857	$	2,711,392	$	78,753,982	$	2,416,218	$	270,804,839	$	5,127,610

	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 were in a continuous unrealized loss position at the dates indicated.

	September 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	$	2,057,695	$	9,096	$	—	$	—	$	2,057,695	$	9,096
SBA Bonds	79,678,260		964,997		14,490,089		312,260		94,168,349		1,277,257
Tax Exempt Municipal Bonds	32,933,452		492,761		6,384,426		304,932		39,317,878		797,693
Taxable Municipal Bonds	1,969,285		32,952		971,350		33,449		2,940,635		66,401
Mortgage-Backed Securities	75,412,165		1,211,586		56,908,117		1,765,577		132,320,282		2,977,163
	$	192,050,857	$	2,711,392	$	78,753,982	$	2,416,218	$	270,804,839	$	5,127,610