SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at September 30, 2022 and December 31, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2022
U.S treasury bills less than one year	$	4,947,350	$	—	$	(53,225	)		4,894,125
U.S. government and agency obligations
One through five years		6,000,000		—		(533,832	)		5,466,168
Corporate bonds due in:
Less than one year		2,019,133		—		(18,307	)		2,000,826
One through five years		13,230,700		394		(369,899	)		12,861,195
Five through ten years		2,951,647		—		(281,211	)		2,670,436
MBSs – residential		45,774,307		41,646		(5,640,130	)		40,175,823
MBSs – commercial		22,560,842		—		(2,538,075	)		20,022,767
Total	$	97,483,979	$	42,040	$	(9,434,679	)	$	88,091,340
	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 September 30, 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
September 30, 2022
U.S treasury bills	$	4,894,125	$	(53,225	)	$	—	$	—		$	4,894,125	$	(53,225	)
U.S. government and agency obligations		5,466,168		(533,832	)		—		—			5,466,168		(533,832	)
Corporate bonds		16,532,042		(669,417	)		—		—			16,532,042		(669,417	)
MBSs – residential		35,503,173		(5,449,890	)		1,953,091		(190,240	)		37,456,264		(5,640,130	)
MBSs – commercial		18,717,523		(2,513,708	)		1,305,244		(24,367	)		20,022,767		(2,538,075	)
Total	$	81,113,031	$	(9,220,072	)	$	3,258,335	$	(214,607	)	$	84,371,366	$	(9,434,679	)
	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	)