DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 are in the following table.

	Balance as of December 31, 2018
	Quoted Market Price in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
U.S. Treasury Notes	$	32,356,634	$	—	$	—	$	32,356,634
Government-Sponsored Enterprises		—		59,369,280		—		59,369,280
Municipal Securities		—		21,701,005		6,241,955		27,942,960
Total	$	32,356,634	$	81,070,285	$	6,241,955	$	119,668,874

		Balance as of December 31, 2017
	Quoted Market Price in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
U.S. Treasury Notes	$	35,559,845	$	—	$	—	$	35,559,845
Government-Sponsored Enterprises		—		63,556,504		—		63,556,504
Municipal Securities		—		28,675,012		11,458,889		40,133,901
Total	$	35,559,845	$	92,231,516	$	11,458,889	$	139,250,250

Schedule of changes in assets measured at fair value on a recurring basis using significant unobservable inputs

The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017. 

	December 31, 2018			December 31, 2017
Beginning balance	$	11,458,889		$	13,977,857
Total realized/unrealized gains (losses)
Included in earnings		—			—
Included in other comprehensive income		150,993			137,751
Purchases, issuances, and settlements, net of maturities		(5,367,927	)		(2,656,719	)
Transfers in and/or out of Level 3		—			—
Ending balance	$	6,241,955		$	11,458,889

Schedule of certain assets and liabilities measured at fair value on a nonrecurring basis

The following tables present information about certain assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2018 and 2017.

	December 31, 2018
	Quoted Market Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)		Total
Impaired loans	$	—	$	—	$	2,223,028	$	2,223,028
Other real estate owned		—		—		—		—
Loans held for sale		—		1,199,438		—		1,199,438
Total	$	—	$	1,199,438	$	2,223,028	$	3,422,466

	December 31, 2017
	Quoted Market Price in Active Markets   (Level 1)		Significant Other   Observable Inputs    (Level 2)		Significant   Unobservable  Inputs   (Level 3)		Total
Impaired loans	$	—	$	—	$	1,735,051	$	1,735,051
Other real estate owned		—		—		435,479		435,479
Mortgage loans to be sold		—		2,093,723		—		2,093,723
Total	$	—	$	2,093,723	$	2,170,530	$	4,264,253

Schedule of unobservable inputs used in Level 3 fair value measurement

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at December 31, 2018:

	Inputs
	Valuation Technique	Unobservable   Input	General Range of Inputs
Impaired Loans	Appraisal Value/Comparison Sales/Other Estimates	Appraisals and/or Sales of Comparable Properties	Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs
Other Real Estate Owned	Appraisal Value/Comparison Sales/Other Estimates	Appraisals and/or Sales of Comparable Properties	Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs

Schedule of carrying amount, fair value, and placement in the fair value hierarchy of financial instruments

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of December 31, 2018 and 2017, respectively.

	Fair Value Measurements at December 31, 2018
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks		$	6,325,457	$	6,325,457	$	6,325,457	$	—	$	—
Interest-bearing deposits at the Federal Reserve			25,506,784		25,506,784		25,506,784		—		—
Investment securities available for sale			119,668,874		119,668,874		32,356,634		81,070,285		6,241,955
Mortgage loans to be sold			1,199,438		1,199,438		—		1,199,438		—
Loans, net			270,449,936		263,780,751		—				263,780,751
Accrued interest receivable			1,561,915		1,561,915		—		1,561,915		—
Financial Liabilities:
Demand deposits			347,909,663		347,909,663		—		347,909,663		—
Time deposits			34,468,725		38,747,898		—		38,747,898		—
Accrued interest payable			163,876		163,876		—		163,876		—

	Fair Value Measurements at December 31, 2017
	Carrying   Amount		Estimated   Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	8,486,025	$	8,486,025	$	8,486,025	$	—	$	—
Interest-bearing deposits at the Federal Reserve		24,034,194		24,034,194		24,034,194		—		—
Investment securities available for sale		139,250,250		139,250,250		35,559,845		92,231,516		11,458,889
Mortgage loans to be sold		2,093,723		2,093,723		—		2,093,723		—
Net loans		266,305,242		265,277,204		—		—		265,277,204
Accrued interest receivable		1,720,920		1,720,920		—		1,720,920		—
Financial Liabilities:
Demand deposits		360,967,884		360,967,884		—		360,967,884		—
Time deposits		41,920,416		40,722,870		—		40,722,870		—
Accrued interest payable		96,190		96,190		—		96,190		—