Disclosure Regarding Fair Value of Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and December 31, 2018 are as follows:

	Balance as of June 30, 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	$	28,146,403	$	—	$	—	$	28,146,403
Government-Sponsored Enterprises		—		50,717,345		—		50,717,345
Municipal Securities		—		18,032,698		4,534,517		22,567,215
Total	$	28,146,403	$	68,750,043	$	4,534,517	$	101,430,963

	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

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 and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Beginning balance	$	5,738,618		$	7,483,696		$	6,241,955		$	11,458,889
Total gains or (losses) (realized/unrealized)
Included in net income		—			—			—			—
Included in other comprehensive income (loss)		44,734			2,660			101,397			67,467
Purchases, issuances, and settlements net of maturities		(1,248,835	)		(390,000	)		(1,808,835	)		(4,430,000	)
Transfers in and/or out of level 3		—			—			—			—
Ending balance	$	4,534,517		$	7,096,356		$	4,534,517		$	7,096,356

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 June 30, 2019 and December 31, 2018:

June 30, 2019
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)		Total
Impaired loans	$	—	$	—	$	2,209,555	$	2,209,555
Other real estate owned		—		—		—		—
Loans held for sale		—		2,874,982		—		2,874,982
Total	$	—	$	2,874,982	$	2,209,555	$	5,084,537

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 June 30, 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 June 30, 2019 and December 31, 2018.

Fair Value Measurements at June 30, 2019
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	9,843,665	$	9,843,665	$	9,843,665	$	—	$	—
Interest-bearing deposits at the Federal Reserve		35,252,826		35,252,826		35,252,826		—		—
Investment securities available for sale		101,430,963		101,430,963		28,146,403		68,750,043		4,534,517
Mortgage loans to be sold		2,874,982		2,874,982		—		2,874,982		—
Loans, net		279,717,082		275,600,697		—		—		275,600,697
Accrued interest receivable		1,565,145		1,565,145		—		1,565,145		—
Financial Liabilities:
Demand deposits		357,791,960		357,791,960		—		357,791,960		—
Time deposits		26,017,945		29,473,494		—		29,473,494		—
Accrued interest payable		63,802		63,802		—		63,802		—

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		—