INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of investment securities available for sale

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

	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	35,238,051	$	294,776	$	(203,727	)	$	35,329,100
Government-Sponsored Enterprises		96,551,696		979,928		(2,240,264	)		95,291,360
Municipal Securities		11,730,974		330,229		(14,246	)		12,046,957
Total	$	143,520,721	$	1,604,933	$	(2,458,237	)	$	142,667,417

	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

Schedule of amortized cost and estimated fair value of investment securities available for sale by contractual maturity

The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020, by contractual maturity are in the following table.

	March 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	31,687,606	$	31,945,118	$	32,245,646	$	32,622,890
Due in one year to five years		46,328,992		47,178,658		40,022,194		41,258,370
Due in five years to ten years		64,994,527		63,048,291		50,438,223		50,968,288
Due in ten years and over		509,596		495,350		10,000,000		9,970,270
Total	$	143,520,721	$	142,667,417	$	132,706,063	$	134,819,818

Schedule of investment securities gross unrealized losses on investment securities and the fair market value of the related securities

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 March 31, 2021 and December 31, 2020. 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.

			March 31, 2021
	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		3	$	15,008,785	$	(203,727	)		—	$	—	$	—		3	$	15,008,785	$	(203,727	)
Government-Sponsored Enterprises		7		49,216,630		(2,240,264	)		—		—		—		7		49,216,630		(2,240,264	)
Municipal Securities		1		495,350		(14,246	)		—		—		—		1		495,350		(14,246	)
Total		11	$	64,720,765	$	(2,458,237	)		—	$	—	$	—		11	$	64,720,765	$	(2,458,237	)

	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	)