Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement Bond Portfolio

		Fair Value Measurement
September 30, 2020	Fair Value	Level 3
Bond portfolio	$18,284,135	$18,284,135

		Fair Value Measurement
December 31, 2019	Fair Value	Level 3
Bond portfolio	$16,055,937	$16,055,937

Change in Fair Value Bond Portfolio

	Bond Portfolio
Balance at December 31, 2019	$16,055,937
Other than temporary impairment losses on bond portfolio	(112,802)
Purchases	2,472,000
Proceeds	(131,000)
Balance at September 30, 2020	$18,284,135

Real estate held for sale and impaired loans are recorded at fair value on a nonrecurring basis. The fair value of real estate held for sale was based upon the listed sales price less expected selling costs, which is a Level 3 input. The resulting impairment charges were $0 for both periods ended September 30, 2020 and December 31, 2019, respectively.

The following table summarizes the Company’s financial instruments that were measured at fair value on a nonrecurring basis:

	September 30, 2020
	Level 1	Level 2	Level 3	Fair Value at September 30, 2020
Impaired Loans	$                 -	$             -	$5,026,828	$5,026,828
Real estate held for resale	-	-	550,045	550,045
Totals	$                 -	$             -	$5,576,873	$5,576,873

	December 31, 2019
	Level 1	Level 2	Level 3	Fair Value at December 31, 2019
Impaired Loans	$                 -	$             -	$4,557,326	$4,557,326
Real estate held for resale	-	-	651,398	651,398
Totals	$                 -	$             -	$5,208,724	$5,208,724

Loans with a carrying amount of $6,504,472 were considered impaired and written down to their fair market value of $5,026,828 as of September 30, 2020. As a result, the Company recognized a specific valuation allowance against these impaired loans totaling $1,477,644 as of September 30, 2020. Loans with a carrying amount of $5,986,813 were considered impaired and written down to their fair market value of $4,557,326 as of December 31, 2019. As a result, the Company recognized a specific valuation allowance against these impaired loans totaling $1,429,487 as of December 31, 2019.

The Company held real estate for sale which was acquired through foreclosure or via deed in lieu of foreclosure with a fair value less costs to sell of $550,045 and $651,398 for the periods ended September 30, 2020 and December 31, 2019, respectively.

	Fair Value	Valuation Technique	Significant Unobservable Inputs(s)	Range/Weighted
September 30, 2020
Impaired Loans	$5,026,828	Market or Income Approach	Discount to Appraised Values	10-20%
Real Estate Held for Sale	$550,045	Market or Income Approach	Discount to Appraised Values	10-20%
December 31, 2019
Impaired Loans	$4,557,326	Market or Income Approach	Discount to Appraised Values	10-20%
Real Estate Held for Sale	$651,398	Market or Income Approach	Discount to Appraised Values	10-20%