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

9 Months Ended

Sep. 30, 2022

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 investments available for sale at the dates indicated were as follows:

	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	64,581,912	$	33,352	$	1,393,915	$	63,221,349
Small Business Administration (“SBA”) Bonds	109,893,553		732,050		3,169,244		107,456,359
Tax Exempt Municipal Bonds	44,440,177		186,711		2,914,934		41,711,954
Taxable Municipal Bonds	65,767,015		—		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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Student Loan Pools	$	71,949,517	$	317,722	$	255,678	$	72,011,561
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
Total Available For Sale	$	675,913,305	$	12,591,188	$	5,655,435	$	682,849,058

Schedule of Available For Sale Securities, Contractual Maturities

	September 30, 2022
Investment Securities AFS:	Amortized Cost		Fair Value
One Year or Less	$	539,253	$	537,497
After One – Five Years	5,898,094		5,834,644
After Five – Ten Years	82,128,559		78,136,356
More Than Ten Years	196,116,751		179,301,243
MBS AFS	361,824,048		327,740,721
Total AFS	$	646,506,705	$	591,550,461

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 AFS securities were in a continuous unrealized loss position at the dates indicated.

	September 30, 2022
	Less than 12 Months				12 Months or More				Total
	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 Bonds	13,370,130		906,319		40,092,297		2,262,925		53,462,427		3,169,244
Tax Exempt Municipal Bonds	33,440,787		2,914,934		—		—		33,440,787		2,914,934
Taxable Municipal Bonds	40,292,536		10,429,037		11,127,542		3,917,900		51,420,078		14,346,937
MBS	214,230,551		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 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