SECURITIES HELD TO MATURITY (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at June 30, 2022 and December 31, 2021:

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
June 30, 2022
U.S. Government and agency obligations
One through five years	$	10,000,000	$	—	$	(288,760	)	$	9,711,240
Five through ten years		3,000,000		—		(340,374	)		2,659,626
Corporate bonds due in:
One through five years		938,800		—		(40,579	)		898,221
Five through ten years		15,317,671		14,613		(416,722	)		14,915,562
Municipal obligations due in:
Less than one year		8,453,894		595		(40,660	)		8,413,829
One through five years		1,223,015		499		(71,658	)		1,151,856
Five through ten years		375,000		128		—			375,128
Greater than ten years		1,730,290		—		(372,950	)		1,357,340
MBSs:
Residential		15,543,065		1,545		(1,670,272	)		13,874,338
Commercial		29,850,605		—		(3,349,349	)		26,501,256
Total	$	86,432,340	$	17,380	$	(6,591,324	)	$	79,858,396
	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
June 30, 2022
U.S. government and agency obligations	$	12,370,866	$	(629,134	)	$	—	$	—		$	12,370,866	$	(629,134	)
Corporate bonds		11,431,670		(374,801	)		667,500		(82,500	)		12,099,170		(457,301	)
Municipal bonds		9,866,743		(485,268	)		—		—			9,866,743		(485,268	)
MBSs – residential		8,703,765		(1,106,726	)		4,934,374		(563,546	)		13,638,139		(1,670,272	)
MBSs – commercial		20,130,247		(1,744,641	)		6,371,009		(1,604,708	)		26,501,256		(3,349,349	)
Total	$	62,503,291	$	(4,340,570	)	$	11,972,883	$	(2,250,754	)	$	74,476,174	$	(6,591,324	)
	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	)