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

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Securities

he amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities ("MBS") available for sale ("AFS") at the dates indicated are as follows:

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair value
Student Loan Pools	$	71,949,517	$	317,722	$	255,678	$	72,011,561
Small Business Administration (“SBA”) Bonds	139,854,620		1,018,231		1,079,774		139,793,077
Tax Exempt Municipal Bonds	44,757,755		5,226,600		—		49,984,355
Taxable Municipal Bonds	65,834,301		734,237		599,387		65,969,151
MBS	353,517,112		5,294,398		3,720,596		355,090,914
	$	675,913,305	$	12,591,188	$	5,655,435	$	682,849,058
	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
MBS	267,854,880		10,672,412		754,278		277,773,014
	$	572,137,595	$	19,456,692	$	2,269,886	$	589,324,401

Schedule of Available For Sale Securities, Contractual Maturities

	Amortized Cost		Fair Value
Due in less than one year	$	80,651	$	76,617
Due in one year to five years	7,891,953		7,878,402
Due in five to ten years	91,419,245		92,355,997
Due in ten years or more	223,004,344		227,447,128
MBS	353,517,112		355,090,914
	$	675,913,305	$	682,849,058

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 AFS securities have been in a continuous unrealized loss position for the periods indicated.

	December 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	$	36,816,929	$	216,012	$	8,826,508	$	39,666	$	45,643,437	$	255,678
SBA Bonds	15,916,497		359,541		48,791,470		720,233		64,707,967		1,079,774
Taxable Municipal Bonds	28,032,194		413,490		4,342,641		185,897		32,374,835		599,387
MBS	160,097,766		2,865,948		22,951,882		854,648		183,049,648		3,720,596
	$	240,863,386	$	3,854,991	$	84,912,501	$	1,800,444	$	325,775,887	$	5,655,435

	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
MBS	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