INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

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

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

	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	50,661,939	$	208,023	$	(163,342	)	$	50,706,620
Government-Sponsored Enterprises		91,489,058		830,034		(1,216,012	)		91,103,080
Municipal Securities		20,964,991		348,278		(82,798	)		21,230,471
Total	$	163,115,988	$	1,386,335	$	(1,462,152	)	$	163,040,171

	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

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2021 and December 31, 2020, by contractual maturity are in the following table.

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2021 and December 31, 2020, by contractual maturity are in the following table.

	June 30, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	31,478,979	$	31,681,691	$	32,245,646	$	32,622,890
Due in one year to five years		58,705,571		59,391,674		40,022,194		41,258,370
Due in five years to ten years		68,742,245		67,855,339		50,438,223		50,968,288
Due in ten years and over		4,189,193		4,111,467		10,000,000		9,970,270
Total	$	163,115,988	$	163,040,171	$	132,706,063	$	134,819,818

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

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 June 30, 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.

	June 30, 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	6	$	30,484,170	$	(163,342	)	—	$	—	$	—	6	$	30,484,170	$	(163,342	)
Government-Sponsored Enterprises	7		50,188,540		(1,216,012	)	—		—		—	7		50,188,540		(1,216,012	)
Municipal Securities	7		3,828,573		(82,798	)	—		—		—	7		3,828,573		(82,798	)
Total	20	$	84,501,283	$	(1,462,152	)	—	$	—	$	—	20	$	84,501,283	$	(1,462,152	)

	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	)