Disclosure Regarding Fair Value of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018 are as follows:

Balance at March 31, 2019
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Treasury Notes	$	32,633,010	$	—	$	—	$	32,633,010
Government-Sponsored Enterprises		—		60,067,890		—		60,067,890
Municipal Securities		—		18,962,211		5,738,618		24,700,829
Total	$	32,633,010	$	79,030,101	$	5,738,618	$	117,401,729

Balance at 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

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 three months ended March 31, 2019 and 2018:

	2019			2018
Beginning balance	$	6,241,955		$	11,458,889
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—
Included in other comprehensive income		56,663			64,807
Purchases, issuances, and settlements net of maturities		(560,000	)		(4,040,000	)
Transfers in and/or out of level 3		—			—
Ending balance	$	5,738,618		$	7,483,696

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

The following table presents information about certain assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2019 and December 31, 2018:

March 31, 2019
		Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	2,216,110	$	2,216,110
Other real estate owned		—		—		—		—
Loans held for sale		—		2,437,420		—		2,437,420
Total	$	—	$	2,437,420	$	2,216,110	$	4,653,530

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

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 March 31, 2019 and 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 March 31, 2019 and December 31, 2018.

Fair Value Measurements at March 31, 2019
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,022,081	$	7,022,081	$	7,022,081	$	—	$	—
Interest-bearing deposits at the Federal Reserve		20,299,857		20,299,857		20,299,857		—		—
Investment securities available for sale		117,401,729		117,401,729		32,633,010		79,030,101		5,738,618
Mortgage loans to be sold		2,437,420		2,437,420		—		2,437,420		—
Loans, net		271,108,852		264,359,979		—		—		264,359,979
Accrued interest receivable		1,498,839		1,498,839		—		1,498,839		—
Financial Liabilities:
Demand deposits		347,799,383		347,799,383		—		347,799,383		—
Time deposits		27,578,799		30,789,351		—		30,789,351		—
Accrued interest payable		62,300		62,300		—		62,300		—

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			—