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Disclosures Regarding Fair Value of Financial Statements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
The following table presents information about assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

The following table presents information about assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

 

   June 30, 2022
   Level 1  Level 2  Level 3  Total
U.S. Treasury Notes  $171,461,725   $—     $—     $171,461,725 
Government-Sponsored Enterprises   —      58,505,405    —      58,505,405 
Municipal Securities   —      16,446,175    24,290,239    40,736,414 
Total  $171,461,725   $74,951,580   $24,290,239   $270,703,544 

 

   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 
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, 2022 and 2021:

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, 2022 and 2021:

 

                     
   Three Months Ended June 30,  Six Months Ended June 30,
   2022  2021  2022  2021
Beginning balance  $20,626,654   $1,968,876    $24,484,047   $5,683,930 
Total gains or (losses) (realized/unrealized)                    
Included in other comprehensive income   (15,415)   (8,761)   (1,459,808)   (86,815)
Purchases, issuances, and settlements net of maturities   3,679,000    5,000,000    1,266,000    1,363,000 
Ending balance  $24,290,239   $6,960,115   $24,290,239   $6,960,115 
The following tables present information about certain assets measured at fair value on a nonrecurring basis

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 June 30, 2022 and December 31, 2021: 

 

                                
   June 30, 2022
   Level 1  Level 2  Level 3  Total
Impaired loans  $—     $—     $1,458,471   $1,458,471 
Mortgage loans to be sold   —      4,092,450    —      4,092,450 
Total  $—     $4,092,450   $1,458,471   $5,550,921 

 

                                
   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 
The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 2022 and December 31, 2021:

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 2022 and 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 June 30, 2022 and December 31, 2021, respectively.

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of June 30, 2022 and December 31, 2021, respectively.

 

                                        
   June 30, 2022
      Estimated Fair Value
   Carrying Value  Level 1  Level 2  Level 3  Total
Financial Assets:                         
Cash and due from banks  $7,008,752   $7,008,752   $—     $—     $7,008,752 
Interest-bearing deposits at the Federal Reserve   35,638,304    35,638,304    —      —      35,638,304 
Investment securities available for sale   270,703,544    171,461,725    74,951,580    24,290,239    270,703,544 
Mortgage loans to be sold   4,092,450    —      4,092,450    —      4,092,450 
Loans, net   312,228,883    —      —      302,862,758    302,862,758 
Accrued interest receivable   1,661,438    —      1,661,438    —      1,661,438 
Financial Liabilities:                         
Demand deposits   579,777,483    —      579,777,483    —      579,777,483 
Time deposits   18,012,678    —      17,159,332    —      17,159,332 
Accrued interest payable   14,710    —      14,710    —      14,710 

 

                                        
   December 31, 2021
      Estimated Fair Value
   Carrying Value  Level 1  Level 2  Level 3  Total
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    100,062,300    87,801,142    24,484,047    212,347,489 
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