Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021, all of which consisted of investment securities available-for-sale:

	Level 1		Level 2		Level 3		Total
March 31, 2022:
US treasuries	$	—	$	9,811,309	$	—	$	9,811,309
Mortgage-backed securities		—		9,670,054		—		9,670,054
Collateralized mortgage obligations		—		17,906,991		—		17,906,991
Municipal bonds		—		7,940,649		—		7,940,649
Corporate obligations		—		2,733,852		—		2,733,852
Investment securities available-for-sale	$	—	$	48,062,855	$	—	$	48,062,855
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

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 March 31, 2022 and December 31, 2021:

	Level 1		Level 2		Level 3		Total
March 31, 2022:
Other real estate owned	$	—	$	—	$	1,115,100	$	1,115,100
Impaired loans		—		—		—		—
	$	—	$	—	$	1,115,100	$	1,115,100
December 31, 2021:
Other real estate owned	$	—	$	—	$	1,115,100	$	1,115,100
Impaired loans		—		—		—		—
	$	—	$	—	$	1,115,100	$	1,115,100

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 March 31, 2022 and December 31, 2021 are as follows:

			Fair Value Measurements at March 31, 2022
	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	53,419,628	$	53,419,628	$	53,419,628	$	—	$	—
Certificates of deposit with other banks		3,206,000		3,206,000		3,206,000		—		—
Investment securities available-for-sale		48,062,855		48,062,855		—		48,062,855		—
Other investments		923,200		923,200		—		923,200		—
Mortgage loans held for sale		2,539,422		2,539,422		—		2,539,422		—
Loans, net		268,503,697		268,058,000		—		—		268,058,000
Bank owned life insurance		11,234,520		11,234,520		11,234,520		—		—
Financial liabilities:
Deposits		306,835,248		306,133,751		234,085,751		—		72,048,000

			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