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Investment and Mortgage-Backed Securities, Available for Sale
 9 Months Ended
Sep. 30, 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:
 September 30, 2022
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Student Loan Pools$64,581,912 $33,352 $1,393,915 $63,221,349 
Small Business Administration (“SBA”) Bonds109,893,553 732,050 3,169,244 107,456,359 
Tax Exempt Municipal Bonds44,440,177 186,711 2,914,934 41,711,954 
Taxable Municipal Bonds65,767,015 — 14,346,937 51,420,078 
Mortgage-Backed Securities ("MBS")361,824,048 63,849 34,147,176 327,740,721 
Total Available For Sale$646,506,705 $1,015,962 $55,972,206 $591,550,461 
 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 
MBS353,517,112 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 MBS 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 MBS are backed by the full faith and credit of the United States government, while those issued by GSEs are not. Also included in MBS 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 September 30, 2022, the Company held AFS private label CMO MBS with an amortized cost and fair value of $62.3 million and $56.4 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 September 30, 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 MBS 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.
September 30, 2022
Investment Securities AFS:Amortized CostFair Value
One Year or Less$539,253 $537,497 
After One – Five Years5,898,094 5,834,644 
After Five – Ten Years82,128,559 78,136,356 
More Than Ten Years196,116,751 179,301,243 
MBS AFS361,824,048 327,740,721 
Total AFS$646,506,705 $591,550,461 
At September 30, 2022, the amortized cost and fair value of investments AFS pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $329.8 million and $309.0 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 nine months ended September 30, 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 AFS securities were in a continuous unrealized loss position at the dates indicated.
 September 30, 2022
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Student Loan Pools$37,822,551 $718,181 $23,576,616 $675,734 $61,399,167 $1,393,915 
SBA Bonds13,370,130 906,319 40,092,297 2,262,925 53,462,427 3,169,244 
Tax Exempt Municipal Bonds33,440,787 2,914,934 — — 33,440,787 2,914,934 
Taxable Municipal Bonds40,292,536 10,429,037 11,127,542 3,917,900 51,420,078 14,346,937 
MBS214,230,551 18,654,810 107,126,659 15,492,366 321,357,210 34,147,176 
 $339,156,555 $33,623,281 $181,923,114 $22,348,925 $521,079,669 $55,972,206 

 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 
MBS160,097,766 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 AFS are recorded at fair market value.  At September 30, 2022 and December 31, 2021, 443 and 199 individual AFS securities were in a loss position, including 140 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 increase in unrealized losses within the AFS portfolio during the nine months ended September 30, 2022 resulted in a $14.9 million increase in net deferred taxes, which is included in "Other Assets" on the Consolidated Balance Sheets at September 30, 2022.

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”).
A further decline in national and local economic conditions, as a result of the effects of inflation, a inflation, a potential recession or slowed economic growth, and any governmental or societal responses to the novel coronavirus of 2019 (“COVID-19”) pandemic, among other factors, 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 nine months ended September 30, 2022 and the year ended December 31, 2021.