v3.26.1
Disclosures about Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary Of Fair Value Measurements Of Assets Recognized In Consolidated Balance Sheets Measured At Fair Value On Recurring Basis And Level Within The Fair Value Hierarchy

The following table presents the fair value measurements of assets 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 fall at June 30, 2026 and December 31, 2025.

 

 

 

Fair

 

 

Fair Value Measurements Using

 

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Available for sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds, taxable

 

$

6,640,551

 

 

$

—

 

 

$

6,640,551

 

 

$

—

 

Municipal bonds, non-taxable

 

 

1,426,745

 

 

 

—

 

 

 

1,426,745

 

 

 

—

 

U.S. Government agencies

 

 

983,810

 

 

 

—

 

 

 

983,810

 

 

 

—

 

Corporate bonds

 

 

1,742,702

 

 

 

—

 

 

 

1,742,702

 

 

 

—

 

Residential mortgage-backed securities

 

 

23,552,327

 

 

 

—

 

 

 

23,552,327

 

 

 

—

 

Collateralized mortgage obligations

 

 

41,230,826

 

 

 

—

 

 

 

41,230,826

 

 

 

—

 

  Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 

497,880

 

 

 

—

 

 

 

497,880

 

 

 

—

 

 

 

 

Fair

 

 

Fair Value Measurements Using

 

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Available for sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds, taxable

 

$

6,680,356

 

 

$

—

 

 

$

6,680,356

 

 

$

—

 

Municipal bonds, non-taxable

 

 

1,440,744

 

 

 

—

 

 

 

1,440,744

 

 

 

—

 

U.S. Government agencies

 

 

1,009,051

 

 

 

—

 

 

 

1,009,051

 

 

 

—

 

Residential mortgage-backed securities

 

 

24,938,680

 

 

 

—

 

 

 

24,938,680

 

 

 

—

 

Collateralized mortgage obligations

 

 

42,631,073

 

 

 

—

 

 

 

42,631,073

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

  Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 

102,029

 

 

 

—

 

 

 

102,029

 

 

 

—

 
Summary Of Fair Value Measurements Of Assets Recognized In Consolidated Balance Sheets Measured At Fair Value On Nonrecurring Basis And Level Within Fair Value Hierarchy

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2026 and December 31, 2025:

 

 

 

Fair

 

 

Fair Value Measurements Using

 

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

22,638

 

 

$

—

 

 

$

—

 

 

$

22,638

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

23,733

 

 

$

—

 

 

$

—

 

 

$

23,733

 
Summary Of Quantitative Information About Unobservable Inputs Used In Nonrecurring Level 3 Fair Value Measurements

The following table provides quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements at June 30, 2026 and December 31, 2025:

 

 

 

 

 

 

 

 

 

 

Range

 

 

Fair

 

 

Valuation

 

Unobservable

 

(Weighted-

 

 

Value

 

 

Technique

 

Inputs

 

Average)

June 30, 2026

 

 

 

 

 

 

Marketability

 

 

Collateral dependent loans

 

$

22,638

 

 

Appraisal

 

discount

 

10%

December 31, 2025

 

 

 

 

 

 

Marketability

 

 

Collateral dependent loans

 

$

23,733

 

 

Appraisal

 

discount

 

10%

 
Summary Of Estimated Fair Values Of Financial Instruments Not Carried At Fair Value On Consolidated Balance Sheets

The estimated fair values of the Company’s financial instruments not carried at fair value on the consolidated balance sheets are as follows:

 

 

 

Carrying

 

 

Fair

 

 

Fair Value Measurements Using

 

 

 

Value

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,279,344

 

 

$

20,279,344

 

 

$

20,279,344

 

 

$

—

 

 

$

—

 

Loans, net

 

 

136,322,598

 

 

 

134,383,000

 

 

 

—

 

 

 

—

 

 

 

134,383,000

 

FHLB stock

 

 

2,025,000

 

 

 

2,025,000

 

 

 

—

 

 

 

2,025,000

 

 

 

—

 

Mortgage servicing rights, net

 

 

310,570

 

 

 

563,000

 

 

 

—

 

 

 

—

 

 

 

563,000

 

Bank owned life insurance

 

 

2,344,974

 

 

 

2,344,974

 

 

 

—

 

 

 

2,344,974

 

 

 

—

 

Accrued interest receivable

 

 

857,889

 

 

 

857,889

 

 

 

857,889

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

184,430,041

 

 

 

184,424,328

 

 

 

141,300,518

 

 

 

43,123,810

 

 

 

—

 

Advances from the FHLB

 

 

35,000,000

 

 

 

35,001,000

 

 

 

—

 

 

 

35,001,000

 

 

 

—

 

Advances by borrowers for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

taxes and insurance

 

 

453,146

 

 

 

453,146

 

 

 

—

 

 

 

453,146

 

 

 

—

 

Accrued interest payable

 

 

165,117

 

 

 

165,117

 

 

 

165,117

 

 

 

—

 

 

 

—

 

 

 

 

Carrying

 

 

Fair

 

 

Fair Value Measurements Using

 

 

 

Value

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

50,378,538

 

 

$

50,378,538

 

 

$

50,378,538

 

 

$

—

 

 

$

—

 

Loans, net

 

 

117,816,517

 

 

 

108,908,000

 

 

 

—

 

 

 

—

 

 

 

108,908,000

 

FHLB stock

 

 

1,575,000

 

 

 

1,575,000

 

 

 

—

 

 

 

1,575,000

 

 

 

—

 

Mortgage servicing rights, net

 

 

326,764

 

 

 

582,000

 

 

 

—

 

 

 

—

 

 

 

582,000

 

Bank owned life insurance

 

 

2,308,325

 

 

 

2,308,325

 

 

 

—

 

 

 

2,308,325

 

 

 

—

 

Accrued interest receivable

 

 

751,961

 

 

 

751,961

 

 

 

751,961

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

196,505,483

 

 

 

196,538,974

 

 

 

152,221,974

 

 

 

44,317,000

 

 

 

—

 

Advances from the FHLB

 

 

35,000,000

 

 

 

35,008,000

 

 

 

—

 

 

 

35,008,000

 

 

 

—

 

Advances by borrowers for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

taxes and insurance

 

 

399,702

 

 

 

399,702

 

 

 

—

 

 

 

399,702

 

 

 

—

 

Accrued interest payable

 

 

153,018

 

 

 

153,018

 

 

 

153,018

 

 

 

—

 

 

 

—