Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Summary of Investments Securities Available for Sale

Investment securities available-for-sale at June 30, 2022 and December 31, 2021 are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Fair Value as % of Total
June 30, 2022-
US treasuries	$	10,127,958	$	—	$	581,984	$	9,545,974		21	%
Mortgage-backed securities		9,957,104		—		619,629		9,337,475		20	%
Collateralized mortgage    obligations		17,196,129		—		573,514		16,622,615		36	%
Municipal bonds		8,764,515		—		1,390,436		7,374,079		16	%
Corporate obligations		3,625,000		—		261,976		3,363,024		7	%
	$	49,670,706	$	—	$	3,427,539	$	46,243,167		100	%
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	%

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 June 30, 2022 and December 31, 2021:

	June 30, 2022				December 31, 2021
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Unrealized loss for less than 12 months:
US treasuries	$	9,545,974	$	581,984	$	5,104,004	$	25,271
Mortgage-backed securities		9,337,475		619,629		6,389,012		100,143
Collateralized mortgage obligations		12,589,589		438,035		11,190,910		145,656
Municipal bonds		7,374,079		1,390,436		7,828,330		170,787
Corporate obligations		3,363,024		261,976		2,831,546		43,454
Total less than 12 months	$	42,210,141	$	3,292,060	$	33,343,802	$	485,311
Unrealized loss for more than 12 months:
US treasuries		—		—		—		—
Mortgage-backed securities		—		—		—		—
Collateralized mortgage obligations		4,033,026		135,479		—		—
Municipal bonds		—		—		—		—
Corporate obligations		—		—		—		—
Total more than 12 months		4,033,026		135,479		—		—
Total	$	46,243,167	$	3,427,539	$	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 June 30, 2022, 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		5,008,709		4,937,694
5 to 10 years		17,508,764		15,345,383
Over 10 years		—		—
Mortgage-backed securities and collateralized mortgage obligations		27,153,233		25,960,090
Total	$	49,670,706	$	46,243,167