SECURITIES AVAILABLE FOR SALE (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale

The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at March 31, 2022 and December 31, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2022
U.S treasury bills less than one year	$	5,073,594	$	—	$	(146	)		5,073,448
U.S. government and agency obligations
One through five years		6,000,000		—		(249,414	)		5,750,586
Corporate bonds due in:
One through five years		3,005,646		5,579		(1,678	)		3,009,547
Five through ten years		15,195,199		783		(253,305	)		14,942,677
MBSs – residential		48,028,711		48,828		(2,016,370	)		46,061,169
MBSs – commercial		17,603,140		—		(848,827	)		16,754,313
Total	$	94,906,290	$	55,190	$	(3,369,740	)	$	91,591,740
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2021
U.S. government and agency obligations
One through five years	$	3,000,000	$	—	$	(18,270	)	$	2,981,730
Corporate bonds due in:
One through five years		6,375,068		17,594		(636	)		6,392,026
Five through ten years		1,002,542		3,050		—			1,005,592
MBSs – residential		21,695,539		89,297		(24,591	)		21,760,245
MBSs – commercial		9,741,782		—		(42,577	)		9,699,205
Total	$	41,814,931	$	109,941	$	(86,074	)	$	41,838,798

Summary of debt securities available for sale and unrealized loss position

The age of unrealized losses and the fair value of related securities as of March 31, 2022 and December 31, 2021 were as follows:

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2022
U.S treasury bills	$	5,073,448	$	(146	)	$	—	$	—		$	5,073,448	$	(146	)
U.S. government and agency obligations		5,750,586		(249,414	)		—		—			5,750,586		(249,414	)
Corporate bonds		14,168,651		(254,983	)		—		—			14,168,651		(254,983	)
MBSs – residential		44,496,290		(2,014,175	)		249,487		(2,195	)		44,745,777		(2,016,370	)
MBSs – commercial		16,754,313		(848,827	)		—		—			16,754,313		(848,827	)
Total	$	86,243,288	$	(3,367,545	)	$	249,487	$	(2,195	)	$	86,492,775	$	(3,369,740	)
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2021
U.S. government and agency obligations	$	2,981,730	$	(18,270	)	$	—	$	—		$	2,981,730	$	(18,270	)
Corporate bonds		1,006,523		(636	)		—		—			1,006,523		(636	)
MBSs – residential		10,000,558		(22,652	)		250,581		(1,939	)		10,251,139		(24,591	)
MBSs – commercial		9,699,205		(42,577	)		—		—			9,699,205		(42,577	)
Total	$	23,688,016	$	(84,135	)	$	250,581	$	(1,939	)	$	23,938,597	$	(86,074	)