Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of assets recorded at fair value on a recurring basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis as of December 31, 2021 and 2020, all of which consisted of investment securities available-for-sale:

	Level 1		Level 2		Level 3		Total
December 31, 2021:
US treasuries	$	—	$	5,104,004	$	—	$	5,104,004
Mortgage-backed securities		—		10,369,291		—		10,369,291
Collateralized mortgage obligations		—		18,729,594		—		18,729,594
Municipal bonds		—		8,597,201				8,597,201
Corporate obligations		—		2,831,546		—		2,831,546
Investment securities available-for-sale	$	—	$	45,631,636	$	—	$	45,631,636
December 31, 2020:
Mortgage-backed securities	$	—	$	6,280,605	$	—	$	6,280,605
Collateralized mortgage obligations		—		9,135,065		—		9,135,065
Corporate obligations		—		501,196		—		501,196
Investment securities available-for-sale	$	—	$	15,916,866	$	—	$	15,916,866

Summary of assets recorded at fair value on a nonrecurring basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2021 and 2020:

	Level 1		Level 2		Level 3		Total
December 31, 2021:
Other real estate owned	$	—	$	—	$	1,115,100	$	1,115,100
Impaired loans		—		—		—		—
	$	—	$	—	$	1,115,100	$	1,115,100
December 31, 2020:
Other real estate owned	$	—	$	—	$	81,000	$	81,000
Impaired loans		—		—		—		—
	$	—	$	—	$	81,000	$	81,000

Summary of carrying amounts and estimated fair values of the bank's financial instruments

The carrying amounts and estimated fair values of the Bank’s financial instruments as of December 31, 2021 and 2020 are as follows:

			Fair Value Measurements at December 31, 2021
	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	41,890,831	$	41,890,831	$	41,890,831	$	—	$	—
Certificates of deposit with other banks		3,451,000		3,451,000		3,451,000		—		—
Investment securities available-for-sale		45,631,636		45,631,636		—		45,631,636		—
Other investments		190,700		190,700		—		190,700		—
Mortgage loans held for sale		2,844,707		2,844,707		—		2,844,707		—
Loans, net		266,304,448		274,168,000		—		—		274,168,000
Bank owned life insurance		11,166,573		11,166,573		11,166,573		—		—
Financial liabilities:
Deposits		289,316,708		289,267,454		216,786,454		—		72,481,000

			Fair Value Measurements at December 31, 2020
	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	41,876,399	$	41,876,399	$	41,876,399	$	—	$	—
Certificates of deposit with other banks		5,652,000		5,652,000		5,652,000		—		—
Investment securities available-for-sale		15,916,866		15,916,866		—		15,916,866		—
Other investments		714,000		714,000		—		714,000		—
Mortgage loans held for sale		2,944,962		2,944,962		—		2,944,962		—
Loans, net		262,355,967		277,366,000		—		—		277,366,000
Bank owned life insurance		10,883,428		10,883,428		10,883,428		—		—
Financial liabilities:
Deposits		294,099,827		313,033,000		207,523,546		—		105,509,454
FHLB advances		9,515,477		9,631,000		—		—		9,631,000