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

12 Months Ended

Dec. 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 are as follows:

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair value
Student Loan Pools	$	61,244,212	$	220,239	$	382,986	$	61,081,465
Small Business Administration (“SBA”) Bonds	153,565,023		797,456		1,057,454		153,305,025
Tax Exempt Municipal Bonds	42,793,179		6,023,263		—		48,816,442
Taxable Municipal Bonds	46,680,301		1,743,322		75,168		48,348,455
Mortgage-Backed Securities	267,854,880		10,672,412		754,278		277,773,014
	$	572,137,595	$	19,456,692	$	2,269,886	$	589,324,401
	December 31, 2019
	Amortized 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
	$	408,695,280	$	8,410,493	$	2,460,933	$	414,644,840

Schedule of Available For Sale Securities, Contractual Maturities

	Amortized Cost		Fair Value
Due in less than one year	$	64,354	$	64,197
Due in one year to five years	7,995,095		8,022,724
Due in five to ten years	77,877,630		78,435,507
Due in ten years or more	218,345,636		225,028,959
Mortgage-Backed Securities	267,854,880		277,773,014
	$	572,137,595	$	589,324,401

Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses

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 Months				12 Months or More				Total
	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 Bonds	39,843,800		653,518		43,907,816		403,936		83,751,616		1,057,454
Taxable Municipal Bonds	7,092,538		75,168		—		—		7,092,538		75,168
Mortgage-Backed Securities	51,941,025		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 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 Bonds	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