Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	170,849,901	$	—	$	(7,263,586	)	$	163,586,315
Government-Sponsored Enterprises		66,242,773		7,546		(5,628,550	)		60,621,769
Municipal Securities		35,728,088		6,525		(2,036,393	)		33,698,220
Total	$	272,820,762	$	14,071	$	(14,928,529	)	$	257,906,304

	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

The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2022 and December 31, 2021, by contractual maturity are in the following table.

The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2022 and December 31, 2021, by contractual maturity are in the following table.

	March 31, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,039,951	$	3,014,039	$	12,756,176	$	12,859,086
Due in one year to five years		184,453,829		177,328,263		116,602,790		115,896,465
Due in five years to ten years		76,428,538		69,708,612		76,531,464		74,575,862
Due in ten years and over		8,898,444		7,855,390		9,157,021		9,016,076
Total	$	272,820,762	$	257,906,304	$	215,047,451	$	212,347,489

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 March 31, 2022 and December 31, 2021. 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, 2022
	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	22	$	158,707,410	$	(6,848,104	)	1	$	4,878,905	$	(415,482	)	23	$	163,586,315	$	(7,263,586	)
Government-Sponsored Enterprises	2		9,324,550		(675,450	)	7		46,293,814		(4,953,100	)	9		55,618,364		(5,628,550	)
Municipal Securities	70		31,221,099		(1,943,722	)	1		977,570		(92,671	)	71		32,198,669		(2,036,393	)
Total	94	$	199,253,059	$	(9,467,276	)	9	$	52,150,289	$	(5,461,253	)	103	$	251,403,348	$	(14,928,529	)

	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	)
Municipa/l 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	)

The tables below show the proceeds from sales of securities available for sale and gross realized gains and losses.

The tables below show the proceeds from sales of securities available for sale and gross realized gains and losses.

	Three Months Ended
	March 31,
	2022		2021
Gross proceeds	$	15,120,000	$	—
Gross realized gains		61,780		—
Gross realized losses		—		—