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Investment and Mortgage-Backed Securities, Available for Sale
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment and Mortgage-Backed Securities, Available for Sale Investment and Mortgage-Backed Securities, Available For Sale
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, 2020
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Student Loan Pools$52,946,093  $24,329  $1,785,755  $51,184,667  
Small Business Administration (“SBA”) Bonds110,532,402  647,863  693,082  110,487,183  
Tax Exempt Municipal Bonds38,913,210  5,180,069  —  44,093,279  
Taxable Municipal Bonds27,901,187  774,999  90,446  28,585,740  
Mortgage-Backed Securities226,394,056  11,425,761  305,132  237,514,685  
State Tax Credit66,069  —  —  66,069  
Total Available For Sale$456,753,017  $18,053,021  $2,874,415  $471,931,623  
 December 31, 2019
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair 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  

Student Loan Pools are typically 97% guaranteed by the United States government while SBA bonds are 100% backed by the full faith and credit of the United States government. Included in the tables above and below in mortgage-backed securities are Government National Mortgage Association ("GNMA") mortgage-backed securities, which are also backed by the full faith and credit of the United States government.  
6. Investment and Mortgage-Backed Securities, Available For Sale, Continued

At June 30, 2020, AFS GNMA mortgage-backed securities had an amortized cost and fair value of $68.0 million and $69.8 million, respectively, compared to an amortized cost and fair value of $63.2 million and $63.9 million, respectively, at December 31, 2019.

Also included in mortgage-backed securities in the tables above and below are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not backed by the full faith and credit of the United States government.  At June 30, 2020 the Bank held AFS private label CMO mortgage-backed securities with an amortized cost and fair value of $32.0 million and $32.6 million, respectively, compared to an amortized cost and fair value of $15.8 million and $16.1 million, respectively, at December 31, 2019.

The amortized cost and fair value of investment and mortgage-backed securities available for sale at June 30, 2020 are shown below by contractual maturity.  Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since mortgage-backed securities are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below.
June 30, 2020
Investment Securities:Amortized CostFair Value
One Year or Less$78,977  $78,893  
After One – Five Years5,183,070  5,225,881  
After Five – Ten Years67,925,056  67,955,648  
More Than Ten Years157,171,858  161,156,516  
Mortgage-Backed Securities226,394,056  237,514,685  
Total Available For Sale$456,753,017  $471,931,623  

At June 30, 2020 the amortized cost and fair value of investment and mortgage-backed securities available for sale pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $221.6 million and $231.6 million, respectively, compared to an amortized cost and fair value of $171.4 million and $173.1 million, respectively, at December 31, 2019.

The Bank received $9.3 million and $55.4 million in gross proceeds from sales of available for sale securities during the three months ended June 30, 2020 and 2019, respectively. As a result, the Company recognized gross gains of $486,000 and $945,000 and gross losses of $0 and $275,000 during the three months ended June 30, 2020 and 2019, respectively.

The Bank received $20.4 million and $61.9 million in gross proceeds from sales of available for sale securities during the six months ended June 30, 2020 and 2019, respectively. As a result, the Company recognized gross gains of $1.2 million and $1.2 million and gross losses of $0 and $283,000 for the same periods.
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, 2020
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Student Loan Pools$19,529,136  $538,513  $29,869,847  $1,247,242  $49,398,983  $1,785,755  
SBA Bonds30,451,987  179,367  43,790,190  513,715  74,242,177  693,082  
Taxable Municipal Bonds3,508,658  90,446  —  —  3,508,658  90,446  
Mortgage-Backed Securities24,160,716  205,894  29,139,252  99,238  53,299,968  305,132  
 $77,650,497  $1,014,220  $102,799,289  $1,860,195  $180,449,786  $2,874,415  
6. Investment and Mortgage-Backed Securities, Available For Sale, Continued
 December 31, 2019
 Less than 12 Months12 Months or MoreTotal
 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 Bonds13,844,666  106,110  47,395,036  550,834  61,239,702  656,944  
Taxable Municipal Bond13,810,279  364,686  —  —  13,810,279  364,686  
Mortgage-Backed Securities55,326,064  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  

Securities classified as available for sale are recorded at fair market value.  At June 30, 2020 and December 31, 2019, 64.7% and 39.6% of the unrealized losses, representing 93 and 69 individual securities, respectively, consisted of securities in a continuous loss position for 12 months or more. The Company has the ability and intent to hold these securities until such time as the value recovers or the securities mature.  The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”).
Additional deterioration in market and economic conditions related to COVID-19 pandemic may, however, have an adverse impact on credit quality in the future and result in OTTI charges. Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospects of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. If the review determines that there is OTTI, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or the Company may recognize a portion in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. There was no OTTI recognized during the six months ended June 30, 2020.