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 | |
|