DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 are as follows:

Assets and liabilities measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 are as follows:

	June 30, 2021
	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	50,706,620	$	—	$	—	$	50,706,620
Government-Sponsored Enterprises		—		91,103,080		—		91,103,080
Municipal Securities		—		14,270,356		6,960,115		21,230,471
Total	$	50,706,620	$	105,373,436	$	6,960,115	$	163,040,171

	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

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, 2021 and 2020:

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, 2021 and 2020: 

	Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
Beginning balance	$	1,968,876		$	6,403,720		$	5,683,930		$	11,954,451
Total gains or (losses) (realized/unrealized)
Included in other comprehensive income		(8,761	)		81,622			(86,815	)		109,891
Purchases, issuances, and settlements net of maturities		5,000,000			(399,000	)		1,363,000			(5,978,000	)
Ending balance	$	6,960,115		$	6,086,342		$	6,960,115		$	6,086,342

The following tables present information about certain assets measured at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020.

The following tables present information about certain assets measured at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	4,353,542	$	4,353,542
Mortgage loans to be sold		—		11,269,562		—		11,269,562
Total	$	—	$	11,269,562	$	4,353,542	$	15,623,104

	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

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 2021 and December 31, 2020:

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 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

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of June 30, 2021 and December 31, 2020.

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of June 30, 2021 and December 31, 2020.

	Fair Value Measurements at June 30, 2021
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,236,583	$	7,236,583	$	7,236,583	$	—	$	—
Interest-bearing deposits at the Federal Reserve		71,409,091		71,409,091		71,409,091		—		—
Investment securities available for sale		163,040,171		163,040,171		50,706,620		105,373,436		6,960,115
Mortgage loans to be sold		11,269,562		11,269,562		—		11,269,562		—
Loans, net		308,865,267		300,779,581		—		—		300,779,581
Accrued interest receivable		1,465,539		1,465,539		—		1,465,539		—
Financial Liabilities:
Demand deposits		493,712,492		493,712,492		—		493,712,492		—
Time deposits		19,149,229		18,913,524		—		18,913,524		—
Accrued interest payable		17,834		17,834		—		17,834		—

	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		—