DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

	Balance as of December 31, 2020
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	20,410,550	$	—	$	—	$	20,410,550
Government-Sponsored Enterprises		—		97,852,806		—		97,852,806
Municipal Securities		—		10,872,532		5,683,930		16,556,462
Total	$	20,410,550	$	108,725,338	$	5,683,930	$	134,819,818

	Balance as of 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

Table of the reconciliation 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, 2020 and 2019.

	December 31, 2020			December 31, 2019
Beginning balance	$	11,954,451		$	6,241,955
Total realized/unrealized gains (losses)
Included in earnings		—			—
Included in other comprehensive income		110,479			7,924,331
Purchases, issurances, and settlements net or maturities		(6,381,000	)		(2,211,835	)
Transfers in and/or out of Level 3		—			—
Ending balance	$	5,683,930		$	11,954,451

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, 2020 and 2019.

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	5,419,726	$	5,419,726
Mortgage loans to be sold		—		12,965,733		—		12,965,733
Total	$	—	$	12,965,733	$	5,419,726	$	18,385,459

	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 December 31, 2020:

	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 December 31, 2020 and 2019, respectively.

	Fair Value Measurements at December 31, 2020
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks		$	5,977,896	$	5,977,896	$	5,977,896	$	—	$	—
Interest-bearing deposits at the Federal Reserve			42,348,085		42,348,085		42,348,085		—		—
Investment securities available for sale			134,819,818		134,819,818		20,410,550		108,725,338		5,683,930
Mortgage loans to be sold			12,965,733		12,965,733		—		12,965,733		—
Loans, net			316,616,979		308,721,680		—		—		308,721,680
Accrued interest receivable			1,595,629		1,595,629		—		1,595,629
Financial Liabilities:
Demand deposits			441,498,500		441,498,500		—		441,498,500		—
Time deposits			20,699,131		20,294,852		—		20,294,852		—
Accrued interest payable			20,707		20,707		—		20,707		—

	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		—