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

9 Months Ended

Sep. 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:

	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	70,206,668	$	518,071	143,568		$	70,581,171
Small Business Administration (“SBA”) Bonds	139,129,553		1,148,197		952,400		139,325,350
Tax Exempt Municipal Bonds	44,797,517		5,009,076		36,273		49,770,320
Taxable Municipal Bonds	53,962,317		1,028,467		450,104		54,540,680
Mortgage-Backed Securities	309,035,345		6,900,422		2,319,619		313,616,148
Total Available For Sale	$	617,131,400	$	14,604,233	$	3,901,964	$	627,833,669
	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

	September 30, 2021
Investment Securities:	Amortized Cost		Fair Value
One Year or Less	$	74,883	$	70,483
After One – Five Years	7,092,198		7,092,980
After Five – Ten Years	82,618,930		83,552,707
More Than Ten Years	218,310,044		223,501,351
Mortgage-Backed Securities	309,035,345		313,616,148
Total Available For Sale	$	617,131,400	$	627,833,669

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.

	September 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	$	19,683,284	$	101,836	$	8,974,486	$	41,732	$	28,657,770	$	143,568
SBA Bonds	28,694,170		637,312		38,137,753		315,088		66,831,923		952,400
Tax Exempt Municipal Bonds	4,740,849		36,273		—		—		4,740,849		36,273
Taxable Municipal Bonds	15,994,162		285,575		3,344,600		164,529		19,338,762		450,104
Mortgage-Backed Securities	112,346,749		1,955,565		9,280,082		364,054		121,626,831		2,319,619
	$	181,459,214	$	3,016,561	$	59,736,921	$	885,403	$	241,196,135	$	3,901,964

	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