Investment Securities (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Notes	$	180,556,007	$	31,202	$	(9,125,484	)	$	171,461,725
Government-Sponsored Enterprises		66,190,872		—		(7,685,467	)		58,505,405
Municipal Securities		43,923,588		44,372		(3,231,546	)		40,736,414
Total	$	290,670,467	$	75,574	$	(20,042,497	)	$	270,703,544

	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 June 30, 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 June 30, 2022 and December 31, 2021, by contractual maturity are in the following table.

	June 30, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	12,556,130	$	12,494,556	$	12,756,176	$	12,859,086
Due in one year to five years		199,482,469		189,662,232		116,602,790		115,896,465
Due in five years to ten years		70,229,637		61,937,647		76,531,464		74,575,862
Due in ten years and over		8,402,231		6,609,109		9,157,021		9,016,076
Total	$	290,670,467	$	270,703,544	$	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 June 30, 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.

	June 30, 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		23	$	161,740,245	$	(8,630,613	)		1	$	4,782,615	$	(494,871	)		24	$	166,522,860	$	(9,125,484	)
Government-Sponsored Enterprises		3		13,962,180		(1,034,529	)		7		44,543,225		(6,650,938	)		10		58,505,405		(7,685,467	)
Municipal Securities		58		25,988,791		(1,943,710	)		13		5,702,332		(1,287,836	)		71		31,691,123		(3,231,546	)
Total		84	$	201,691,216	$	(11,608,852	)		21	$	55,028,172	$	(8,433,645	)		105	$	256,719,388	$	(20,042,497	)

	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	)

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
	June 30,
	2022		2021
Gross proceeds	$	—	$	—
Gross realized gains		—		—
Gross realized losses		—		—

	Six Months Ended
	June 30,
	2022		2021
Gross proceeds	$	15,120,000	$	—
Gross realized gains		61,780		—
Gross realized losses		—		—