Disclosure Regarding Fair Value of Financial Statements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 are as follows:

	September 30, 2020
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	23,507,937	$	—	$	—	$	23,507,937
Government-Sponsored Enterprises		—		94,876,522		—		94,876,522
Municipal Securities		—		10,888,485		6,034,571		16,923,056
Total	$	23,507,937	$	105,765,007	$	6,034,571	$	135,307,515

	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 and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020			2019		2020		2019
Beginning balance	$	6,086,342		$	4,534,517	$	11,954,451	$	6,241,955
Total gains or (losses) (realized/unrealized)
Included in other comprehensive income		18,229			11,660		128,120		113,057
Purchases, issuances, and settlements net of maturities		(70,000	)		3,533,000		6,048,000		1,724,165
Ending balance	$	6,034,571		$	8,079,177	$	6,034,571	$	8,079,177

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 September 30, 2020 and December 31, 2019:

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	5,339,863	$	5,339,863
Mortgage loans to be sold		—		12,728,519		—		12,728,519
Total	$	—	$	12,728,519	$	5,339,863	$	18,068,382

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	2,657,644	$	2,657,644
Mortgage loans to be sold		—		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 September 30, 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 September 30, 2020 and December 31, 2019.

	Fair Value Measurements at September 30, 2020
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	5,740,658	$	5,740,658	$	5,740,658	$	—	$	—
Interest-bearing deposits at the Federal Reserve		38,757,226		38,757,226		38,757,226		—		—
Investment securities available for sale		135,307,515		135,307,515		23,507,937		105,765,007		6,034,571
Mortgage loans to be sold		12,728,519		12,728,519		—		12,728,519		—
Loans, net		316,598,827		308,959,704		—		—		308,959,704
Accrued interest receivable		1,428,042		1,428,042		—		1,428,042		—
Financial Liabilities:
Demand deposits		438,660,761		438,660,761		—		438,660,761		—
Time deposits		20,494,908		20,423,255		—		20,423,255		—
Accrued interest payable		27,238		27,238		—		27,238		—

	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		—