SECURITIES AVAILABLE FOR SALE (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2023
U.S treasury bills less than one year	$	4,994,975	$	—	$	(11,211	)		4,983,764
U.S. government and agency obligations
One through five years		6,000,000		—		(499,068	)		5,500,932
Corporate bonds due in:
Less than one year		3,009,923		—		(21,454	)		2,988,469
One through five years		11,199,122		—		(469,648	)		10,729,474
Five through ten years		1,000,000		—		(81,130	)		918,870
MBSs – residential		44,047,282		4,458		(5,754,573	)		38,297,167
MBSs – commercial		20,999,717		—		(2,367,204	)		18,632,513
Total	$	91,251,019	$	4,458	$	(9,204,288	)	$	82,051,189
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2022
U.S. treasury bills	$	4,971,310	$	—	$	(43,702	)	$	4,927,608
U.S. government and agency obligations
One through five years		6,000,000		—		(534,846	)		5,465,154
Corporate bonds due in:
Less than one year		3,022,044		—		(37,230	)		2,984,814
One through five years		12,182,364		554		(585,085	)		11,597,833
Five through ten years		1,000,000		—		(76,600	)		923,400
MBSs – residential		44,879,199		2,146		(5,232,300	)		39,649,045
MBSs – commercial		22,086,788		—		(2,534,064	)		19,552,724
Total	$	94,141,705	$	2,700	$	(9,043,827	)	$	85,100,578

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, 2023 and December 31, 2022 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, 2023
U.S treasury bills	$	—	$	—		$	4,983,764	$	(11,211	)	$	4,983,764	$	(11,211	)
U.S. government and agency obligations		—		—			5,500,932		(499,068	)		5,500,932		(499,068	)
Corporate bonds		—		—			14,636,812		(572,232	)		14,636,812		(572,232	)
MBSs – residential		3,390,067		(177,215	)		34,373,999		(5,577,358	)		37,764,066		(5,754,573	)
MBSs – commercial		4,188,975		(149,428	)		14,443,537		(2,217,776	)		18,632,512		(2,367,204	)
Total	$	7,579,042	$	(326,643	)	$	73,939,044	$	(8,877,645	)	$	81,518,086	$	(9,204,288	)
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2022
U.S treasury bills	$	4,927,608	$	(43,702	)	$	—	$	—		$	4,927,608	$	(43,702	)
U.S. government and agency obligations		2,758,248		(241,752	)		2,706,906		(293,094	)		5,465,154		(534,846	)
Corporate bonds		11,859,089		(392,367	)		2,647,402		(306,548	)		14,506,491		(698,915	)
MBSs – residential		16,474,573		(1,557,718	)		22,801,879		(3,674,582	)		39,276,452		(5,232,300	)
MBSs – commercial		9,449,159		(857,122	)		10,103,565		(1,676,942	)		19,552,724		(2,534,064	)
Total	$	45,468,677	$	(3,092,661	)	$	38,259,752	$	(5,951,166	)	$	83,728,429	$	(9,043,827	)