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Investment and Mortgage-Backed Securities, Available for Sale
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment and Mortgage-Backed Securities, Available for Sale
The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments available for sale at the dates indicated were as follows:
 March 31, 2022
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Student Loan Pools$69,643,896 $148,642 772,585 $69,019,953 
Small Business Administration (“SBA”) Bonds129,481,761 705,783 2,154,061 128,033,483 
Tax Exempt Municipal Bonds44,717,399 1,665,090 641,833 45,740,656 
Taxable Municipal Bonds65,817,454 14,366 5,377,145 60,454,675 
Mortgage-Backed Securities378,237,842 617,656 14,046,302 364,809,196 
Total Available For Sale$687,898,352 $3,151,537 $22,991,926 $668,057,963 
 December 31, 2021
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Student Loan Pools$71,949,517 $317,722 $255,678 $72,011,561 
SBA Bonds139,854,620 1,018,231 1,079,774 139,793,077 
Tax Exempt Municipal Bonds44,757,755 5,226,600 — 49,984,355 
Taxable Municipal Bonds65,834,301 734,237 599,387 65,969,151 
Mortgage-Backed Securities353,517,112 5,294,398 3,720,596 355,090,914 
Total Available For Sale$675,913,305 $12,591,188 $5,655,435 $682,849,058 

Student Loan Pools are typically 97% guaranteed by the United States government while SBA bonds are 100% backed by the full faith and credit of the United States government. The majority of the mortgage-backed securities included in the tables above and below are issued or guaranteed by an agency of the United States government such as Ginnie Mae, or by Government Sponsored Entities ("GSEs"), including Fannie Mae and Freddie Mac. Ginnie Mae mortgage-backed securities are backed by the full faith and credit of the United States government, while those issued by GSEs are not.

Also included in mortgage-backed securities in the tables above and below are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not backed by the full faith and credit of the United States government.  At March 31, 2022, the Bank held AFS private label CMO mortgage-backed securities with an amortized cost and fair value of $62.5 million and $60.3 million, compared to an amortized cost and fair value of $41.8 million and $41.7 million at December 31, 2021, respectively.

The amortized cost and fair value of investments AFS at March 31, 2022 are shown below by contractual maturity.  Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since mortgage-backed securities are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below.
March 31, 2022
Investment Securities AFS:Amortized CostFair Value
One Year or Less$534,371 $539,925 
After One – Five Years6,267,665 6,218,626 
After Five – Ten Years85,826,597 84,508,438 
More Than Ten Years217,031,877 211,981,778 
Mortgage-Backed Securities AFS378,237,842 364,809,196 
Total AFS$687,898,352 $668,057,963 
At March 31, 2022, the amortized cost and fair value of investments AFS pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $330.4 million and $326.1 million, respectively, compared to an amortized cost and fair value of $335.6 million and $342.6 million, respectively, at December 31, 2021.

There were no sales of AFS securities during the three months ended March 31, 2022 and 2021; and therefore, no proceeds from sales, gross gains or gross losses were recorded during those periods.
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, 2022
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Student Loan Pools$42,904,279 $638,738 $8,522,110 $133,847 $51,426,389 $772,585 
SBA Bonds27,636,662 1,048,385 44,662,286 1,105,676 72,298,948 2,154,061 
Tax Exempt Municipal Bonds11,333,397 641,833 — — 11,333,397 641,833 
Taxable Municipal Bonds52,021,448 4,295,099 7,019,116 1,082,046 59,040,564 5,377,145 
Mortgage-Backed Securities274,461,548 11,257,378 33,080,871 2,788,924 307,542,419 14,046,302 
 $408,357,334 $17,881,433 $93,284,383 $5,110,493 $501,641,717 $22,991,926 

 December 31, 2021
 Less than 12 Months12 Months or MoreTotal
 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 Bonds15,916,497 359,541 48,791,470 720,233 64,707,967 1,079,774 
Taxable Municipal Bonds28,032,194 413,490 4,342,641 185,897 32,374,835 599,387 
Mortgage-Backed Securities160,097,766 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 

Securities classified as available for sale are recorded at fair market value.  At March 31, 2022 and December 31, 2021, 347 and 199 individual AFS securities were in a loss position, including 92 and 83 securities that were in a loss position for greater than 12 months, respectively. The Company has the ability and intent to hold these securities until such time as the value recovers or the securities mature.  The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”).
Additional deterioration in market and economic conditions related to the novel coronavirus of 2019 (“COVID-19”) pandemic may, however, have an adverse impact on credit quality in the future and result in OTTI charges. Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospects of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. If the review determines that there is OTTI, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or the Company may recognize a portion in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. There was no OTTI recognized during the three months ended March 31, 2022 and the year ended December 31, 2021.