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

6 Months Ended

Jun. 30, 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:

	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	42,103,107	$	238	$	300,679	$	41,802,666
Small Business Administration (“SBA”) Bonds	127,569,964		819,719		526,779		127,862,904
Tax Exempt Municipal Bonds	43,719,725		3,209,011		1,659		46,927,077
Taxable Municipal Bonds	994,317		40,013		—		1,034,330
Mortgage-Backed Securities	212,865,678		3,888,596		342,850		216,411,424
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	427,407,791	$	7,957,577	$	1,171,967	$	434,193,401
	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

	June 30, 2019
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	557,354	$	557,305
After One – Five Years	7,115,134		7,184,250
After Five – Ten Years	53,034,809		53,245,373
More Than Ten Years	153,834,816		156,795,049
Mortgage-Backed Securities	212,865,678		216,411,424
Total Available For Sale	$	427,407,791	$	434,193,401

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.

	June 30, 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	$	32,833,351	$	267,097	$	2,025,945	$	33,582	$	34,859,296	$	300,679
SBA Bonds	5,500,585		35,593		54,691,034		491,186		60,191,619		526,779
Tax Exempt Municipal Bonds	—		—		1,145,730		1,659		1,145,730		1,659
Mortgage-Backed Securities	22,979,022		142,857		22,160,286		199,993		45,139,308		342,850
	$	61,312,958	$	445,547	$	80,022,995	$	726,420	$	141,335,953	$	1,171,967

	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.

	June 30, 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	$	32,833,351	$	267,097	$	2,025,945	$	33,582	$	34,859,296	$	300,679
SBA Bonds	5,500,585		35,593		54,691,034		491,186		60,191,619		526,779
Tax Exempt Municipal Bonds	—		—		1,145,730		1,659		1,145,730		1,659
Mortgage-Backed Securities	22,979,022		142,857		22,160,286		199,993		45,139,308		342,850
	$	61,312,958	$	445,547	$	80,022,995	$	726,420	$	141,335,953	$	1,171,967