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

3 Months Ended

Mar. 31, 2019

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, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	23,106,586	$	3,230	$	198,158	$	22,911,658
Small Business Administration (“SBA”) Bonds	124,885,470		601,258		620,733		124,865,995
Tax Exempt Municipal Bonds	57,215,772		2,614,780		41,776		59,788,776
Taxable Municipal Bonds	1,998,145		21,833		11,393		2,008,585
Mortgage-Backed Securities	191,277,150		2,203,203		858,675		192,621,678
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	398,638,123	$	5,444,304	$	1,730,735	$	402,351,692
	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	12,934,037	$	20,713	$	69,249	$	12,885,501
SBA Bonds	125,777,016		560,352		890,837		125,446,531
Tax Exempt Municipal Bonds	60,141,164		1,518,974		329,769		61,330,369
Taxable Municipal Bonds	1,998,258		3,546		23,919		1,977,885
Mortgage-Backed Securities	185,291,038		1,073,432		1,903,919		184,460,551
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	386,296,513	$	3,177,017	$	3,217,693	$	386,255,837

Schedule of Available For Sale Securities, Contractual Maturities

	March 31, 2019
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	705,143	$	704,499
After One – Five Years	9,216,491		9,265,443
After Five – Ten Years	56,550,252		56,822,621
More Than Ten Years	140,889,087		142,937,451
Mortgage-Backed Securities	191,277,150		192,621,678
Total Available For Sale	$	398,638,123	$	402,351,692

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.

	March 31, 2019
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	17,131,812	$	168,380	$	2,032,349	$	29,778	$	19,164,161	$	198,158
SBA Bonds	35,333,244		267,120		35,412,231		353,613		70,745,475		620,733
Tax Exempt Municipal Bonds	—		—		3,314,589		41,776		3,314,589		41,776
Taxable Municipal Bonds	—		—		992,670		11,393		992,670		11,393
Mortgage-Backed Securities	8,460,843		91,024		65,439,351		767,651		73,900,194		858,675
	$	60,925,899	$	526,524	$	107,191,190	$	1,204,211	$	168,117,089	$	1,730,735

6. Investment and Mortgage-Backed Securities, Available For Sale, Continued

	December 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	$	8,384,145	$	69,249	$	—	$	—	$	8,384,145	$	69,249
SBA Bonds	59,496,936		479,955		25,054,861		410,882		84,551,797		890,837
Tax Exempt Municipal Bonds	4,585,849		91,281		9,626,613		238,488		14,212,462		329,769
Taxable Municipal Bond	—		—		980,520		23,919		980,520		23,919
Mortgage-Backed Securities	38,168,598		249,050		81,947,249		1,654,869		120,115,847		1,903,919
	$	110,635,528	$	889,535	$	117,609,243	$	2,328,158	$	228,244,771	$	3,217,693

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.

	March 31, 2019
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	17,131,812	$	168,380	$	2,032,349	$	29,778	$	19,164,161	$	198,158
SBA Bonds	35,333,244		267,120		35,412,231		353,613		70,745,475		620,733
Tax Exempt Municipal Bonds	—		—		3,314,589		41,776		3,314,589		41,776
Taxable Municipal Bonds	—		—		992,670		11,393		992,670		11,393
Mortgage-Backed Securities	8,460,843		91,024		65,439,351		767,651		73,900,194		858,675
	$	60,925,899	$	526,524	$	107,191,190	$	1,204,211	$	168,117,089	$	1,730,735