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Investment and Mortgage-Backed Securities, Available for Sale
 12 Months Ended
Dec. 31, 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 are as follows:
 December 31, 2020
 Amortized CostGross Unrealized
Gains		Gross
Unrealized Losses		Fair value
Student Loan Pools$61,244,212 $220,239 $382,986 $61,081,465 
Small Business Administration (“SBA”) Bonds153,565,023 797,456 1,057,454 153,305,025 
Tax Exempt Municipal Bonds42,793,179 6,023,263 — 48,816,442 
Taxable Municipal Bonds46,680,301 1,743,322 75,168 48,348,455 
Mortgage-Backed Securities267,854,880 10,672,412 754,278 277,773,014 
 $572,137,595 $19,456,692 $2,269,886 $589,324,401 
 December 31, 2019
 Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair value
Student Loan Pools$41,088,231 $— $856,401 $40,231,830 
SBA Bonds111,927,938 622,105 656,944 111,893,099 
Tax Exempt Municipal Bonds43,153,086 4,088,408 — 47,241,494 
Taxable Municipal Bonds15,169,737 35,359 364,686 14,840,410 
Mortgage-Backed Securities197,356,288 3,664,621 582,902 200,438,007 
 $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.  At December 31, 2020, the Bank held an amortized cost and fair value of $91.7 million and $93.4 million, respectively, in GNMA mortgage-backed securities 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 December 31, 2020 the Bank held an amortized cost and fair value of $37.0 million and $37.7 million, respectively, in private label CMO mortgage-backed securities, 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 December 31, 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 below.
 Amortized CostFair Value
Due in less than one year$64,354 $64,197 
Due in one year to five years7,995,095 8,022,724 
Due in five to ten years77,877,630 78,435,507 
Due in ten years or more218,345,636 225,028,959 
Mortgage-Backed Securities267,854,880 277,773,014 
 $572,137,595 $589,324,401 
(2)         Investment and Mortgage-Backed Securities, Available For Sale, Continued

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 $263.3 million and $274.4 million, respectively, at December 31, 2020 and $171.4 million and $173.1 million, respectively, at December 31, 2019.

The Bank received $25.0 million, $96.5 million and $33.3 million in gross proceeds from sales of available for sale securities during the years ended December 31, 2020, 2019 and 2018, respectively. As a result, the Bank recognized gross gains of $1.3 million, $1.5 million and $0.7 million, respectively, and gross losses of $0, $636,000 and $159,000, respectively, during the years ended December 31, 2020, 2019 and 2018.

The tables below summarize gross unrealized losses and the related fair value, aggregated by investment category and length of time that individual available for sale securities have been in a continuous unrealized loss position for the periods indicated.
 December 31, 2020
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Student Loan Pools$7,196,541 $46,207 $29,460,703 $336,779 $36,657,244 $382,986 
SBA Bonds39,843,800 653,518 43,907,816 403,936 83,751,616 1,057,454 
Taxable Municipal Bonds7,092,538 75,168 — — 7,092,538 75,168 
Mortgage-Backed Securities51,941,025 655,213 9,542,092 99,065 61,483,117 754,278 
 $106,073,904 $1,430,106 $82,910,611 $839,780 $188,984,515 $2,269,886 
 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 Bonds13,810,279 364,686 — — 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 December 31, 2020 and 2019, 37.0% and 39.6% of the unrealized losses, representing 88 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”).

Factors considered in the Company's review of its investment securities portfolio 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 of the impairment 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 years ended December 31, 2020, 2019 and 2018.