DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 are as follows:

	March 31, 2021
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	35,329,100	$	—	$	—	$	35,329,100
Government-Sponsored Enterprises		—		95,291,360		—		95,291,360
Municipal Securities		—		10,078,081		1,968,876		12,046,957
Total	$	35,329,100	$	105,369,441	$	1,968,876	$	142,667,417

	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

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 ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021			2020
Beginning balance	$	5,683,930		$	11,954,451
Total gains or (losses) (realized/unrealized)
Included in other comprehensive income		(78,054	)		28,269
Purchases, issuances, and settlements net of maturities		(3,637,000	)		(5,579,000	)
Ending balance	$	1,968,876		$	6,403,720

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

The following tables present information about certain assets measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020.

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	5,729,657	$	5,729,657
Mortgage loans to be sold		—		13,230,017		—		13,230,017
Total	$	—	$	13,230,017	$	5,729,657	$	18,959,674

	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

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, 2021 and 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 March 31, 2021 and December 31, 2020.

	Fair Value Measurements at March 31, 2021
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,211,365	$	6,211,365	$	6,211,365	$	—	$	—
Interest-bearing deposits at the Federal Reserve		53,223,741		53,223,741		53,223,741		—		—
Investment securities available for sale		142,667,417		142,667,417		35,329,100		105,369,441		1,968,876
Mortgage loans to be sold		13,230,017		13,230,017		—		13,230,017		—
Loans, net		317,987,064		309,683,584		—		—		309,683,584
Accrued interest receivable		1,375,181		1,375,181		—		1,375,181		—
Financial Liabilities:
Demand deposits		464,430,793		464,430,793		—		464,430,793		—
Time deposits		20,215,219		19,953,662		—		19,953,662		—
Accrued interest payable		19,088		19,088		—		19,088		—

	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		—