INVESTMENT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2021

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, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	101,269,851	$	68,848	$	(1,276,399	)	$	100,062,300
Government-Sponsored Enterprises		76,355,720		275,123		(1,909,834	)		74,721,009
Municipal Securities		37,421,880		335,912		(193,612	)		37,564,180
Total	$	215,047,451	$	679,883	$	(3,379,845	)	$	212,347,489

	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 at December 31, 2021 and 2020, by contractual maturity are in the following table.

	December 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	12,756,176	$	12,859,086	$	32,245,646	$	32,622,890
Due in one year to five years		116,602,790		115,896,465		40,022,194		41,258,370
Due in five years to ten years		76,531,464		74,575,862		50,438,223		50,968,288
Due in ten years and over		9,157,021		9,016,076		10,000,000		9,970,270
Total	$	215,047,451	$	212,347,489	$	132,706,063	$	134,819,818

Securities pledged to secure deposits at December 31, 2021 and 2020, had a carrying amount of $33,292,124 and $42,398,616, 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, 2021 and 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.

	December 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		15	$	94,994,915	$	(1,276,399	)		—	$	—	$	—			15	$	94,994,915	$	(1,276,399	)
Government-Sponsored Enterprises		3		19,480,595		(519,405	)		6		39,909,134		(1,390,429	)		9		59,389,729		(1,909,834	)
Municipal Securities		19		11,384,462		(193,612	)		—		—		—			19		11,384,462		(193,612	)
Total		37	$	125,859,972	$	(1,989,416	)		6	$	39,909,134	$	(1,390,429	)		43	$	165,769,106	$	(3,379,845	)

	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	)

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,
	2021		2020		2019
Gross proceeds	$	15,572,500	$	11,550,000	$	30,412,250
Gross realized gains		266,944		10,002		114,888
Gross realized losses		—		—		(64,181	)

The tax provision related to these gains was $56,058, $2,100 and $10,648 for the years ended December 31, 2021, 2020 and 2019, respectively.