Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Summary of Investments Securities Available for Sale

Investment securities available-for-sale at December 31, 2021 and 2020 are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Fair Value as % of Total
December 31, 2021-
US treasuries	$	5,129,275	$	—	$	25,271	$	5,104,004		11	%
Mortgage-backed securities		10,295,332		174,102		100,143		10,369,291		23	%
Collateralized mortgage    obligations		18,804,325		70,925		145,656		18,729,594		41	%
Municipal bonds		8,766,475		1,513		170,787		8,597,201		19	%
Corporate obligations		2,875,000		—		43,454		2,831,546		6	%
	$	45,870,407	$	246,540	$	485,311	$	45,631,636		100	%
December 31, 2020-
Mortgage-backed securities	$	5,943,804	$	336,801	$	—	$	6,280,605		40	%
Collateralized mortgage    obligations		8,966,213		168,852		—		9,135,065		57	%
Corporate obligations		499,580		1,616		—		501,196		3	%
	$	15,409,597	$	507,269	$	—	$	15,916,866		100	%

Summary of Unrealized Losses and Estimated Fair Value

The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021 and 2020:

	December 31, 2021				December 31, 2020
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Unrealized loss for less than 12 months:
US treasuries	$	5,104,004	$	25,271	$	—	$	—
Mortgage-backed securities		6,389,012		100,143		—		—
Collateralized mortgage obligations		11,190,910		145,656		—		—
Municipal bonds		7,828,330		170,787		—		—
Corporate obligations		2,831,546		43,454		—		—
Total less than 12 months	$	33,343,802	$	485,311	$	—	$	—

Summary of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale

The amortized cost and estimated fair value of investment securities available-for-sale at December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Investment securities with maturities -
Within 1 year	$	—	$	—
1 to 5 years		—		—
5 to 10 years		16,770,750		16,532,751
Over 10 years		—		—
Mortgage-backed securities and collateralized mortgage obligations		29,099,657		29,098,885
Total	$	45,870,407	$	45,631,636