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

6 Months Ended

Jun. 30, 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:

	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	62,009,524	$	568,036	$	96,097	$	62,481,463
Small Business Administration (“SBA”) Bonds	149,915,729		1,235,895		838,557		150,313,067
Tax Exempt Municipal Bonds	44,837,867		5,497,373		—		50,335,240
Taxable Municipal Bonds	51,971,969		1,364,499		309,025		53,027,443
Mortgage-Backed Securities	277,366,500		8,222,917		1,159,523		284,429,894
Total Available For Sale	$	586,101,589	$	16,888,720	$	2,403,202	$	600,587,107
	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

	June 30, 2021
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	142,477	$	137,897
After One – Five Years	6,927,928		6,944,786
After Five – Ten Years	87,928,114		88,881,575
More Than Ten Years	213,736,570		220,192,955
Mortgage-Backed Securities	277,366,500		284,429,894
Total Available For Sale	$	586,101,589	$	600,587,107

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.

	June 30, 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	$	2,940,355	$	5,772	$	15,886,608	$	90,325	$	18,826,963	$	96,097
SBA Bonds	30,907,292		525,695		40,220,055		312,862		71,127,347		838,557
Taxable Municipal Bonds	11,892,198		294,826		2,532,001		14,199		14,424,199		309,025
Mortgage-Backed Securities	66,944,880		1,101,376		10,044,255		58,147		76,989,135		1,159,523
	$	112,684,725	$	1,927,669	$	68,682,919	$	475,533	$	181,367,644	$	2,403,202

	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