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

9 Months Ended

Sep. 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:

	September 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	41,569,303	$	4,007	$	329,972	$	41,243,338
Small Business Administration (“SBA”) Bonds	120,910,755		717,658		651,988		120,976,425
Tax Exempt Municipal Bonds	43,187,057		4,329,929		—		47,516,986
Taxable Municipal Bonds	2,013,786		40,892		37,623		2,017,055
Mortgage-Backed Securities	221,931,218		4,836,297		494,126		226,273,389
State Tax Credit	61,242		—		—		61,242
Equity Securities	155,000		—		—		155,000
Total Available For Sale	$	429,828,361	$	9,928,783	$	1,513,709	$	438,243,435
	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

	September 30, 2019
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	99,189	$	98,978
After One – Five Years	7,796,197		7,840,171
After Five – Ten Years	59,181,477		59,258,866
More Than Ten Years	140,820,280		144,772,031
Mortgage-Backed Securities	221,931,218		226,273,389
Total Available For Sale	$	429,828,361	$	438,243,435

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, 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	$	31,327,315	$	283,132	$	3,030,566	$	46,840	$	34,357,881	$	329,972
SBA Bonds	20,192,185		101,704		49,743,150		550,284		69,935,335		651,988
Taxable Municipal Bonds	981,630		37,623		—		—		981,630		37,623
Mortgage-Backed Securities	44,595,549		256,776		20,595,466		237,350		65,191,015		494,126
	$	97,096,679	$	679,235	$	73,369,182	$	834,474	$	170,465,861	$	1,513,709

	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.

	September 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	$	31,327,315	$	283,132	$	3,030,566	$	46,840	$	34,357,881	$	329,972
SBA Bonds	20,192,185		101,704		49,743,150		550,284		69,935,335		651,988
Taxable Municipal Bonds	981,630		37,623		—		—		981,630		37,623
Mortgage-Backed Securities	44,595,549		256,776		20,595,466		237,350		65,191,015		494,126
	$	97,096,679	$	679,235	$	73,369,182	$	834,474	$	170,465,861	$	1,513,709