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

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

 

   September 30, 2022 
   Level 1   Level 2   Level 3   Total 
U.S. Treasury Notes  $167,313,100   $—   $—   $167,313,100 
Government-Sponsored Enterprises   —    55,341,153    —    55,341,153 
Municipal Securities   —    17,894,895    28,837,495    46,732,390 
Total  $167,313,100   $73,236,048   $28,837,495   $269,386,643 

 

   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 nine months ended September 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 nine months ended September 30, 2022 and 2021:

 

                 
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2022   2021   2022   2021 
Beginning balance  $24,290,239   $6,960,115   $24,484,047   $5,683,930 
Included in other comprehensive loss   (277,744)   (33,656)   (1,737,552)   (120,471)
Purchases, issuances, and settlements net of maturities   4,825,000    12,142,000    6,091,000   $13,505,000 
Ending balance  $28,837,495   $19,068,459   $28,837,495   $19,068,459 
The following tables present information about certain assets measured at fair value on a nonrecurring basis as of September 30, 2022 and December 31, 2021:

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 September 30, 2022 and December 31, 2021:

 

                                
   September 30, 2022 
   Level 1   Level 2   Level 3   Total 
Impaired loans  $—   $—   $1,463,225   $1,463,225 
Mortgage loans to be sold   —    654,944    —    654,944 
Total  $—   $654,944   $1,463,225   $2,118,169 

 

                                
   December 31, 2021 
   Level 1   Level 2   Level 3   Total 
Impaired loans  $—   $—   $1,902,879   $1,902,879 
Other real estate owned   —    —    —    — 
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 September 30, 2022 and December 31, 2021:

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

 

                                        
   September 30, 2022 
       Estimated Fair Value 
   Carrying Value   Level 1   Level 2   Level 3   Total 
Financial Assets:                         
Cash and due from banks  $5,597,144   $5,597,144   $—   $—   $5,597,144 
                          
Interest-bearing deposits at the Federal Reserve   3,456,566    3,456,566    —    —    3,456,566 
Investment securities available for sale   269,386,643    167,313,100    73,236,048    28,837,495    269,386,643 
Mortgage loans to be sold   654,944    —    654,944    —    654,944 
Loans, net   323,955,052    —    —    305,520,421    305,520,421 
Accrued interest receivable   1,755,179    —    1,755,179    —    1,755,179 
Financial Liabilities:                         
Demand deposits   560,910,510    —    560,910,510    —    560,910,510 
Time deposits   17,201,999    —    16,940,516    —    16,940,516 
Accrued interest payable   14,916    —    14,916    —    14,916 

 

 

 

                                        
   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