SECURITIES AVAILABLE FOR SALE (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2023
U.S. government and agency obligations
One through five years	$	6,000,000	$	—	$	(554,673	)		5,445,327
Corporate bonds due in:
Less than one year		1,004,611		—		(12,737	)		991,874
One through five years		11,214,745		—		(458,029	)		10,756,716
Five through ten years		1,000,000		—		(136,850	)		863,150
MBSs – residential		43,013,660		1,874		(5,932,239	)		37,083,295
MBSs – commercial		18,884,035		—		(2,809,794	)		16,074,241
Total	$	81,117,051	$	1,874	$	(9,904,322	)	$	71,214,603
	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 June 30, 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
June 30, 2023
U.S. government and agency obligations	$	—	$	—		$	5,445,327	$	(554,673	)	$	5,445,327	$	(554,673	)
Corporate bonds		—		—			12,611,740		(607,616	)		12,611,740		(607,616	)
MBSs – residential		2,028,180		(188,944	)		34,750,418		(5,743,295	)		36,778,598		(5,932,239	)
MBSs – commercial		-		-			16,074,241		(2,809,794	)		16,074,241		(2,809,794	)
Total	$	2,028,180	$	(188,944	)	$	68,881,726	$	(9,715,378	)	$	70,909,906	$	(9,904,322	)
	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	)