v3.26.1
Disclosures About Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Disclosures About Fair Value of Assets and Liabilities [Abstract]  
Schedule of Consolidated Balance Sheets Measured at Fair Value on Recurring Basis

The following tables present the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell on March 31, 2026 and December 31, 2025:

 

   March 31, 2026 
       Quoted prices   Significant     
       in active   other   Significant 
       markets for   observable   unobservable 
   Fair   identical assets   inputs   inputs 
   value   (Level 1)   (Level 2)   (Level 3) 
Assets                
U.S. Government and federal agency  $14,948,700   $
        -
   $14,948,700   $
       -
 
U.S. Government sponsored enterprises (GSEs)        
 
         
 
 
Mortgage-backed:   3,619    
-
    3,619    
-
 
GSE residential   11,928,944    
-
    11,928,944    
-
 
State and political subdivisions   15,294,199    
-
    15,294,199    
-
 
Interest rate swaps   14,508,980    
-
    14,508,980    
-
 
Liabilities                    
Interest rate swaps   14,508,980    
-
    14,508,980    
-
 
   December 31, 2025 
       Quoted prices   Significant     
       in active   other   Significant 
       markets for   observable   unobservable 
   Fair   identical assets   inputs   inputs 
   value   (Level 1)   (Level 2)   (Level 3) 
Assets                
U.S. Government and federal agency  $14,830,375   $
        -
   $14,830,375   $
       -
 
U.S. Government-sponsored enterprises (GSEs)   5,395    
-
    5,395    
-
 
Mortgage-backed:                    
GSE residential   12,787,023    
-
    12,787,023    
-
 
State and political subdivisions   15,513,879    
-
    15,513,879    
-
 
Interest rate swaps   14,130,763    
-
    14,130,763    
-
 
Liabilities                    
Interest rate swaps   14,130,763    
-
    14,130,763    
-
 
Schedule of Fair Value Measurements of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell on March 31, 2026 and December 31, 2025:

 

   March 31, 2026 
   Fair Value Measurements Using 
   Fair value   (Level 1)   (Level 2)   (Level 3) 
                 
Foreclosed assets held for sale  $
-
   $
      -
   $
        -
   $
-
 
Collateral-dependent loans  $230,000   $
-
   $
-
   $230,000 

 

   December 31, 2025 
   Fair Value Measurements Using 
   Fair value   (Level 1)   (Level 2)   (Level 3) 
                 
Foreclosed assets held for sale  $
-
   $
        -
   $
       -
   $
-
 
Collateral-dependent loans  $230,000   $
-
   $
-
   $230,000 
Schedule of Additional Quantitative Information About Assets Measured at Fair Value

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value on March 31, 2026 and December 31, 2025:

 

   March 31, 2026 
   Fair   Valuation  Significant  Weighted 
   value   techniques(1)  unobservable inputs  average 
               
Foreclosed assets held for sale  $
-
   Appraisal  Estimated costs to sell   
-
 
Collateral-dependent loans  $230,000   Appraisal  Estimated costs to sell   8%

 

   December 31, 2025 
   Fair   Valuation  Significant  Weighted 
   value   techniques(1)  unobservable inputs  average 
               
Foreclosed assets held for sale  $
-
   Appraisal  Estimated costs to sell   
-
 
Collateral-dependent loans  $230,000   Appraisal  Estimated costs to sell   8%

 

(1)The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral-dependent.
Schedule of Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not carried at fair value, on March 31, 2026 and December 31, 2025, are as follows:

 

   March 31, 2026 
   Carrying   Fair value measurements 
   amount   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $168,394,594   $168,394,594   $
-
   $
-
   $168,394,594 
Held-to-maturity securities                         
U.S. Government and federal agency   42,598,382    
-
    41,893,800    
-
    41,893,800 
U.S. Government-sponsored enterprises (GSEs)   13,663,836    
-
    13,361,203    
-
    13,361,203 
Mortgage-backed: GSE residential   36,216,636    
-
    33,939,183    
-
    33,939,183 
State and political subdivisions   3,908,088    
-
    3,695,841    
-
    3,695,841 
    96,386,942    
-
    92,890,027    
-
    92,890,027 
                          
Loans receivable   1,873,845,370    
-
    
-
    1,851,592,022    1,851,592,022 
    Interest rate swaps   14,508,980    
-
    14,508,980    
-
    14,508,980 
                          
Financial Liabilities                         
Time Deposits   503,407,575    
-
    500,781,000    
-
    500,781,000 
Long-Term borrowings   73,180,526    
-
    70,819,112    
-
    70,819,112 
Short-Term borrowings   45,067,842    45,067,842    
-
    
-
    45,067,842 
Interest rate swaps   14,508,980    
-
    14,508,980    
-
    14,508,980 
   December 31, 2025 
   Carrying   Fair value measurements 
   amount   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $144,318,929   $144,318,929   $
-
   $
-
   $144,318,929 
Held-to-maturity securities                         
U.S. Government and federal agency   42,681,410    
-
    41,878,600    
-
    41,878,600 
U.S. Government-sponsored enterprises (GSEs)   13,599,444    
-
    13,308,535    
-
    13,308,535 
Mortgage-backed: GSE residential   37,534,375    
-
    35,524,297    
-
    35,524,297 
State and political subdivisions   3,912,892    
-
    3,744,446    
-
    3,744,446 
    97,728,121    
-
    94,455,878    
-
    94,455,878 
                          
Loans Receivable   1,855,434,066    
-
    
-
    1,820,894,000    1,820,894,000 
Interest rate swaps   14,130,763    
-
    14,130,763    
-
    14,130,763 
                          
Financial Liabilities                         
Time Deposits   487,032,489    
-
    485,172,000    
-
    485,172,000 
Long-Term borrowings   78,587,361    
-
    77,385,800    
-
    77,385,800 
Short-Term borrowings   88,251,290    88,251,290    
-
    
-
    88,251,290 
Interest rate swaps   14,130,763    
-
    14,130,763    
-
    14,130,763