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

3 Months Ended

Mar. 31, 2020

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, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	51,954,147	$	—	$	4,154,233	$	47,799,914
Small Business Administration (“SBA”) Bonds	116,275,454		677,769		598,900		116,354,323
Tax Exempt Municipal Bonds	36,159,875		4,115,386		—		40,275,261
Taxable Municipal Bonds	27,911,455		106,427		503,698		27,514,184
Mortgage-Backed Securities	233,945,687		5,622,860		2,188,024		237,380,523
Total Available For Sale	$	466,246,618	$	10,522,442	$	7,444,855	$	469,324,205
	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	41,088,231	$	—	$	856,401	$	40,231,830
SBA Bonds	111,927,938		622,105		656,944		111,893,099
Tax Exempt Municipal Bonds	43,153,086		4,088,408		—		47,241,494
Taxable Municipal Bonds	15,169,737		35,359		364,686		14,840,410
Mortgage-Backed Securities	197,356,288		3,664,621		582,902		200,438,007
Total Available For Sale	$	408,695,280	$	8,410,493	$	2,460,933	$	414,644,840

Schedule of Available For Sale Securities, Contractual Maturities

	March 31, 2020
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	22,564	$	22,471
After One – Five Years	5,723,428		5,774,746
After Five – Ten Years	66,054,005		66,119,094
More Than Ten Years	160,500,934		160,027,371
Mortgage-Backed Securities	233,945,687		237,380,523
Total Available For Sale	$	466,246,618	$	469,324,205

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, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	28,402,671	$	2,305,196	$	19,397,243	$	1,849,037	$	47,799,914	$	4,154,233
SBA Bonds	28,353,399		174,615		42,900,499		424,285		71,253,898		598,900
Taxable Municipal Bonds	16,813,764		503,698		—		—		16,813,764		503,698
Mortgage-Backed Securities	79,832,042		1,954,994		8,080,882		233,030		87,912,924		2,188,024
	$	153,401,876	$	4,938,503	$	70,378,624	$	2,506,352	$	223,780,500	$	7,444,855

	December 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	$	30,079,497	$	534,048	$	10,152,333	$	322,353	$	40,231,830	$	856,401
SBA Bonds	13,844,666		106,110		47,395,036		550,834		61,239,702		656,944
Taxable Municipal Bond	13,810,279		364,686		—		—		13,810,279		364,686
Mortgage-Backed Securities	55,326,064		480,958		7,975,863		101,944		63,301,927		582,902
	$	113,060,506	$	1,485,802	$	65,523,232	$	975,131	$	178,583,738	$	2,460,933

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, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	28,402,671	$	2,305,196	$	19,397,243	$	1,849,037	$	47,799,914	$	4,154,233
SBA Bonds	28,353,399		174,615		42,900,499		424,285		71,253,898		598,900
Taxable Municipal Bonds	16,813,764		503,698		—		—		16,813,764		503,698
Mortgage-Backed Securities	79,832,042		1,954,994		8,080,882		233,030		87,912,924		2,188,024
	$	153,401,876	$	4,938,503	$	70,378,624	$	2,506,352	$	223,780,500	$	7,444,855