Disclosure Regarding Fair Value of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019 are as follows:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	23,625,549	$	—	$	—	$	23,625,549
Government-Sponsored Enterprises		—		51,269,460		—		51,269,460
Municipal Securities		—		11,117,109		6,403,720		17,520,829
Total	$	23,625,549	$	62,386,569	$	6,403,720	$	92,415,838

	December 31, 2019
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	23,180,200	$	—	$	—	$	23,180,200
Government-Sponsored Enterprises		—		50,498,195		—		50,498,195
Municipal Securities		—		14,817,110		11,954,451		26,771,561
Total	$	23,180,200	$	65,315,305	$	11,954,451	$	100,449,956

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, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019
Beginning balance	$	11,954,451		$	6,241,955
Total gains or (losses) (realized/unrealized)
Included in other comprehensive income		28,269			56,663
Purchases, issuances, and settlements net of maturities		(5,579,000	)		(560,000	)
Ending balance	$	6,403,720		$	5,738,618

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

The following table presents information about certain assets measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	3,216,402	$	3,216,402
Loans held for sale		—		5,353,044		—		5,353,044
Total	$	—	$	5,353,044	$	3,216,402	$	8,569,446

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	2,657,644	$	2,657,644
Loans held for sale		—		5,062,398		—		5,062,398
Total	$	—	$	5,062,398	$	2,657,644	$	7,720,042

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, 2020 and December 31, 2019:

		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

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, 2020 and December 31, 2019.

	Fair Value Measurements at March 31, 2020
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,096,424	$	7,096,424	$	7,096,424	$	—	$	—
Interest-bearing deposits at the Federal Reserve		100,059,700		100,059,700		100,059,700		—		—
Investment securities available for sale		92,415,838		92,415,838		23,625,549		62,386,569		6,403,720
Mortgage loans to be sold		5,353,044		5,353,044		—		5,353,044		—
Loans, net		274,361,447		270,077,876		—		—		270,077,876
Accrued interest receivable		1,233,584		1,233,584		—		1,233,584		—
Financial Liabilities:
Demand deposits		411,199,981		411,199,981		—		411,199,981		—
Time deposits		21,181,552		24,635,726		—		24,635,726		—
Accrued interest payable		35,846		35,846		—		35,846		—

	Fair Value Measurements at December 31, 2019
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	9,773,893	$	9,773,893	$	9,773,893	$	—	$	—
Interest-bearing deposits at the Federal Reserve		39,320,526		39,320,526		39,320,526		—		—
Investment securities available for sale		100,449,956		100,449,956		23,180,200		65,315,305		11,954,451
Mortgage loans to be sold		5,062,398		5,062,398		—		5,062,398		—
Loans, net		270,068,802		271,736,572		—		—		271,736,572
Accrued interest receivable		1,309,772		1,309,772		—		1,309,772		—
Financial Liabilities:
Demand deposits		357,008,868		357,008,868		—		357,008,868		—
Time deposits		22,182,787		21,962,039		—		21,962,039		—
Accrued interest payable		38,748		38,748		—		38,748		—