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DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
The following table presents information about assets measured at fair value on a recurring basis as of December 31, 2021 and 2020.

The following table presents information about assets measured at fair value on a recurring basis as of December 31, 2021 and 2020.

 

   Balance as of December 31, 2021 
   Level 1   Level 2   Level 3   Total 
U.S. Treasury Notes  $100,062,300   $—   $—   $100,062,300 
Government-Sponsored Enterprises   —    74,721,009    —    74,721,009 
Municipal Securities   —    13,080,133    24,484,047    37,564,180 
Total  $100,062,300   $87,801,142   $24,484,047   $212,347,489 
                     
   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 
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, 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 years ended December 31, 2021 and 2020.

 

         
   December 31, 
   2021   2020 
Beginning balance  $5,683,930   $11,954,451 
Total realized/unrealized gains (losses)          
Included in earnings   —    — 
Included in other comprehensive (loss) income   (79,883)   110,479 
Purchases, issuances, and settlements net of maturities   18,880,000    (6,381,000)
Transfers in and/or out of Level 3   —    — 
Ending balance  $24,484,047   $5,683,930 
The following tables present information about certain assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020.

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following tables present information about certain assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020.

 

   December 31, 2021 
   Level 1   Level 2   Level 3   Total 
Impaired loans  $—   $—   $1,902,879   $1,902,879 
Mortgage loans to be sold   —    2,774,388    —    2,774,388 
Total  $—   $2,774,388   $1,902,879   $4,677,267 

 

   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 December 31, 2021:

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

 

    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 December 31, 2021 and 2020, respectively

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

 

   Fair Value Measurements at December 31, 2021 
   Carrying
Amount		   Estimated
Fair Value		   Level 1   Level 2   Level 3 
Financial Assets:                         
Cash and due from banks  $11,140,559   $11,140,559   $11,140,559   $—   $— 
Interest-bearing deposits at the Federal Reserve   128,971,429    128,971,429    128,971,429    —    — 
Investment securities available for sale   212,347,489    212,347,489    100,062,300    87,801,142    24,484,047 
Mortgage loans to be sold   2,774,388    2,774,388    —    2,774,388    — 
Loans, net   302,255,242    293,731,997    —    —    293,731,997 
Accrued interest receivable   1,404,227    1,404,227    —    1,404,227      
Financial Liabilities:                         
Demand deposits   587,903,356    587,903,356    —    587,903,356    — 
Time deposits   21,288,220    21,428,310    —    21,428,310    — 
Accrued interest payable   14,914    14,914    —    14,914    — 

 

   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    —