SECURITIES HELD TO MATURITY (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity

The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at March 31, 2022 and December 31, 2021:

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
March 31, 2022
U.S. Government and agency obligations
One through five years	$	10,000,000	$	—	$	—		$	10,000,000
Five through ten years	$	3,000,000	$	—	$	(177,120	)	$	2,822,880
Corporate bonds due in:
Five through ten years		12,752,169		202,327		(210,344	)		12,744,152
Municipal obligations due in:
Less than one year		4,005,595		4,171		(1,227	)		4,008,539
One through five years		903,250		—		(43,381	)		859,869
Five through ten years		375,000		10,193		—			385,193
Greater than ten years		1,731,343		—		(213,090	)		1,518,253
MBSs:
Residential		17,125,728		37,447		(812,311	)		16,350,864
Commercial		31,421,545		12,322		(1,709,111	)		29,724,756
Total	$	81,314,630	$	266,460	$	(3,166,584	)	$	78,414,506
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
December 31, 2021
U.S. Government and agency obligations
Five through ten years	$	3,000,000	$	—	$	—		$	3,000,000
Corporate bonds due in:
Five through ten years		13,681,053		410,726		(39,870	)		14,051,909
Municipal obligations due in:
Less than one year		4,006,006		12,668		(2,776	)		4,015,898
One through five years		903,483		—		(15,399	)		888,084
Five through ten years		375,000		27,353		—			402,353
Greater than ten years		1,732,386		9,527		—			1,741,913
MBSs:
Residential		16,913,787		75,094		(240,797	)		16,748,084
Commercial		33,441,384		287,278		(495,844	)		33,232,818
Total	$	74,053,099	$	822,646	$	(794,686	)	$	74,081,059

Summary of debt securities held to maturity and unrealized loss position

The age of unrecognized losses and the fair value of related securities were as follows:

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
March 31, 2022
U.S. government and agency obligations	$	12,822,880	$	(177,120	)	$	—	$	—		$	12,822,880	$	(177,120	)
Corporate bonds		3,500,000		(154,095	)		750,000		(56,250	)		4,250,000		(210,345	)
Municipal bonds		5,584,593		(257,698	)		—		—			5,584,593		(257,698	)
MBSs – residential		8,812,437		(473,815	)		5,704,579		(338,496	)		14,517,016		(812,311	)
MBSs – commercial		15,494,054		(995,504	)		4,939,748		(713,606	)		20,433,802		(1,709,110	)
Total	$	46,213,964	$	(2,058,232	)	$	11,394,327	$	(1,108,352	)	$	57,608,291	$	(3,166,584	)
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
December 31, 2021
Corporate bonds	$	3,710,120	$	(39,870	)	$	—	$	—		$	3,710,120	$	(39,870	)
Municipal bonds		3,835,309		(18,175	)		—		—			3,835,309		(18,175	)
MBSs – residential		10,720,544		(141,726	)		2,701,345		(99,071	)		13,421,889		(240,797	)
MBSs – commercial		7,898,509		(197,720	)		4,653,364		(298,124	)		12,551,873		(495,844	)
Total	$	26,164,482	$	(397,491	)	$	7,354,709	$	(397,195	)	$	33,519,191	$	(794,686	)