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

3 Months Ended

Mar. 31, 2021

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, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	61,405,854	$	513,332	$	124,852	$	61,794,334
Small Business Administration (“SBA”) Bonds	150,110,110		731,545		1,208,492		149,633,163
Tax Exempt Municipal Bonds	42,761,381		4,899,936		27,382		47,633,935
Taxable Municipal Bonds	47,668,290		401,845		1,137,826		46,932,309
Mortgage-Backed Securities	256,890,411		7,485,115		1,581,684		262,793,842
Total Available For Sale	$	558,836,046	$	14,031,773	$	4,080,236	$	568,787,583
	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
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
Total Available For Sale	$	572,137,595	$	19,456,692	$	2,269,886	$	589,324,401

Schedule of Available For Sale Securities, Contractual Maturities

	March 31, 2021
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	232,575	$	225,958
After One – Five Years	7,559,449		7,569,728
After Five – Ten Years	76,244,391		76,517,484
More Than Ten Years	217,909,220		221,680,571
Mortgage-Backed Securities	256,890,411		262,793,842
Total Available For Sale	$	558,836,046	$	568,787,583

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, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Student Loan Pools	$	875,689	$	2,516	$	16,820,433	$	122,336	$	17,696,122	$	124,852
SBA Bonds	45,796,366		852,528		41,458,538		355,964		87,254,904		1,208,492
Tax Exempt Municipal Bonds	2,672,942		27,382		—		—		2,672,942		27,382
Taxable Municipal Bonds	23,899,503		996,480		2,406,684		141,346		26,306,187		1,137,826
Mortgage-Backed Securities	56,334,408		1,309,994		13,602,888		271,690		69,937,296		1,581,684
	$	129,578,908	$	3,188,900	$	74,288,543	$	891,336	$	203,867,451	$	4,080,236

	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 Bond	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