INVESTMENT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES AVAILABLE FOR SALE

3. INVESTMENT SECURITIES AVAILABLE FOR SALE

The amortized cost and fair value of investment securities available for sale are summarized as follows.

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	20,036,549	$	374,001	$	—		$	20,410,550
Government-Sponsored Enterprises		96,614,182		1,398,884		(160,260	)		97,852,806
Municipal Securities		16,055,332		501,130		—			16,556,462
Total	$	132,706,063	$	2,274,015	$	(160,260	)	$	134,819,818

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	23,080,465	$	99,735	$	—		$	23,180,200
Government-Sponsored Enterprises		50,139,959		401,336		(43,100	)		50,498,195
Municipal Securities		26,618,375		169,640		(16,454	)		26,771,561
Total	$	99,838,799	$	670,711	$	(59,554	)	$	100,449,956

The amortized cost and estimated fair value of investment securities available for sale at December 31, 2020 and 2019, by contractual maturity are in the following table.

	December 31, 2020				December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	32,245,646	$	32,622,890	$	9,185,615	$	9,191,226
Due in one year to five years		40,022,194		41,258,370		77,261,123		77,815,119
Due in five years to ten years		50,438,223		50,968,288		13,392,061		13,443,611
Due in ten years and over		10,000,000		9,970,270		—		—
Total	$	132,706,063	$	134,819,818	$	99,838,799	$	100,449,956

Securities pledged to secure deposits at December 31, 2020 and 2019, had a carrying amount of $42,398,616 and $37,648,687, respectively.

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and 2019. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost.

	December 31, 2020
	Less Than 12 Months							12 Months or Longer						Total
	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss		#		Fair Value		Gross Unrealized Loss
U.S. Treasury Notes		—	$	—	$	—			—	$	—	$	—		—	$	—	$	—
Government-Sponsored Enterprises		4		29,839,740		(160,260	)		—		—		—		4		29,839,740		(160,260	)
Municipal Securities		—		—		—			—		—		—		—		—		—
Total		4	$	29,839,740	$	(160,260	)		—	$	—	$	—		4	$	29,839,740	$	(160,260	)

	December 31, 2019
	Less Than 12 Months							12 Months or Longer							Total
	#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss			#		Fair Value		Gross Unrealized Loss
U.S. Treasury Notes		—	$	—	$	—			—	$	—	$	—			—	$	—	$	—
Government-Sponsored Enterprises		1		5,039,550		(43,100	)		—		—		—			1		5,039,550		(43,100	)
Municipal Securities		9		3,199,517		(13,335	)		1		330,880		(3,119	)		10		3,530,397		(16,454	)
Total		10	$	8,239,067	$	(56,435	)		1	$	330,880	$	(3,119	)		11	$	8,569,947	$	(59,554	)

The table below shows the proceeds received from sales of securities available for sale and gross realized gains and losses.

	For the Year Ended December 31,
	2020		2019			2018
Gross proceeds	$	11,550,000	$	30,412,250		$	21,434,634
Gross realized gains		10,002		114,888			104,634
Gross realized losses		—		(64,181	)		(99,899	)

The tax provision related to these gains was $2,100 and $10,648 for the year ended December 31, 2020 and 2019, respectively.