Bank of South Carolina (BKSC) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 15, 2021
Cover [Abstract]
Entity Registrant Name	BANK OF SOUTH CAROLINA CORP
Entity Central Index Key	0001007273
Document Type	10-Q
Entity File Number	0-27702
Entity State Incorporation	SC
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,524,616
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 6,211,365	$ 5,977,896
Interest-bearing deposits at the Federal Reserve	53,223,741	42,348,085
Investment securities available for sale	142,667,417	134,819,818
Mortgage loans to be sold	13,230,017	12,965,733
Loans	322,283,229	320,802,673
Less: Allowance for loan losses	(4,296,165)	(4,185,694)
Net loans	317,987,064	316,616,979
Premises, equipment and leasehold improvements, net	3,976,342	4,053,533
Right of use asset	12,605,156	12,730,151
Accrued interest receivable	1,375,181	1,595,629
Other assets	2,823,077	1,386,775
Total assets	554,099,360	532,494,599
Deposits:
Non-interest bearing demand	189,574,996	169,170,751
Interest bearing demand	143,753,923	140,602,723
Money market accounts	81,912,767	84,681,783
Time deposits over $250,000	5,046,943	4,493,189
Other time deposits	15,168,276	16,205,942
Other savings deposits	49,189,107	47,043,243
Total deposits	484,646,012	462,197,631
Accrued interest payable and other liabilities	3,839,142	2,586,461
Lease liability	12,605,156	12,730,151
Total liabilities	501,090,310	477,514,243
Shareholders' equity
Common stock - no par 12,000,000 shares authorized; Issued 5,823,533 shares at March 31, 2021 and 5,818,935 shares at December 31, 2020. Shares outstanding 5,524,616 and 5,520,469 at March 31, 2021 and December 31, 2020, respectively.
Additional paid in capital	47,467,455	47,404,869
Retained earnings	9,011,948	8,693,519
Treasury stock: 298,917 and 298,466 shares at March 31, 2021 and December 31, 2020, respectively.	(2,796,242)	(2,787,898)
Accumulated other comprehensive loss, net of income taxes	(674,111)	1,669,866
Total shareholders' equity	53,009,050	54,980,356
Total liabilities and shareholders' equity	$ 554,099,360	$ 532,494,599

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, authorized	12,000,000	12,000,000
Common stock, issued	5,823,533	5,818,935
Common stock, outstanding	5,524,616	5,520,469
Treasury stock, shares	298,917	298,466

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and fee income
Loans, including fees	$ 4,106,171	$ 3,670,982
Taxable securities	453,457	363,439
Tax-exempt securities	69,606	124,625
Other	11,881	142,380
Total interest and fee income	4,641,115	4,301,426
Interest expense
Deposits	54,524	94,072
Total interest expense	54,524	94,072
Net interest income	4,586,591	4,207,354
Provision for loan losses	120,000
Net interest income after provision for loan losses	4,466,591	4,207,354
Other income
Service charges and fees	288,224	275,590
Mortgage banking income	645,895	346,083
Other non-interest income	5,795	5,958
Total other income	939,914	627,631
Other expense
Salaries and employee benefits	1,799,006	1,771,781
Net occupancy expense	612,268	525,307
Other operating expenses	280,416	239,173
Professional fees	176,591	160,876
Data processing fees	162,434	159,384
Total other expense	3,030,715	2,856,521
Income before income tax expense	2,375,790	1,978,464
Income tax expense	565,715	457,333
Net income	$ 1,810,075	$ 1,521,131
Weighted average shares outstanding
Basic (in shares)	5,521,707	5,530,256
Diluted (in shares)	5,685,151	5,585,622
Basic income per common share (in dollars per share)	$ 0.33	$ 0.28
Diluted income per common share (in dollars per share)	$ 0.32	$ 0.27

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,810,075	$ 1,521,131
Other comprehensive (loss) income
Unrealized (loss) gain on securities arising during the period	(2,967,059)	760,779
Other comprehensive income before tax	(2,967,059)	760,779
Income tax effect related to items of other comprehensive (loss) income before tax	623,082	(159,763)
Other comprehensive income after tax	(2,343,977)	601,016
Total comprehensive income	$ (533,902)	$ 2,122,147

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Shares Outstanding [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Dec. 31, 2019		$ 47,131,034	$ 5,879,409	$ (2,325,225)	$ 482,814	$ 51,168,032
Beginning balance (in shares) at Dec. 31, 2019	5,530,001
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,521,131			1,521,131
Other comprehensive income (loss)					601,016	601,016
Stock option exercises, net of surrenders		4,489				4,489
Stock option exercises, net of surrenders (in shares)	362
Stock-based compensation expense		16,418				16,418
Cash dividends			(884,859)			(884,859)
Ending balance at Mar. 31, 2020		47,151,941	6,515,681	(2,325,225)	1,083,830	52,426,227
Ending balance (in shares) at Mar. 31, 2020	5,530,363
Beginning balance at Dec. 31, 2020		47,404,869	8,693,519	(2,787,898)	1,669,866	$ 54,980,356
Beginning balance (in shares) at Dec. 31, 2020	5,520,469					5,520,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,810,075			$ 1,810,075
Other comprehensive income (loss)					(2,343,977)	(2,343,977)
Stock option exercises, net of surrenders		39,589		(8,344)		31,245
Stock option exercises, net of surrenders (in shares)	4,147
Stock-based compensation expense		22,997				22,997
Cash dividends			(1,491,646)			(1,491,646)
Ending balance at Mar. 31, 2021		$ 47,467,455	$ 9,011,948	$ (2,796,242)	$ (674,111)	$ 53,009,050
Ending balance (in shares) at Mar. 31, 2021	5,524,616					5,524,616

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (per share)	$ 0.27	$ 0.16

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 1,810,075	$ 1,521,131
Adjustments to reconcile net income net cash provided by operating activities:
Depreciation expense	106,414	104,638
Provision for loan losses	120,000
Stock-based compensation expense	22,997	16,418
Deferred income taxes and other assets	(813,220)	(476,772)
Net amortization of unearned discounts on investment securities available for sale	96,917	40,898
Origination of mortgage loans held for sale	(48,008,560)	(23,150,204)
Proceeds from sale of mortgage loans held for sale	47,744,276	22,859,558
Decrease in accrued interest receivable	220,448	76,188
Increase in accrued interest payable and other liabilities	699,515	377,465
Net cash provided by operating activities	1,998,862	1,369,320
Cash flows from investing activities:
Proceeds from calls and maturities of investment securities available for sale	4,817,000	8,754,000
Purchase of investment securities available for sale	(15,728,575)
Net increase in loans	(1,490,085)	(4,292,645)
Purchase of premises, equipment, and leasehold improvements, net	(29,223)	(78,537)
Net cash (used in) provided by investing activities	(12,430,883)	4,382,818
Cash flows from financing activities:
Net increase in deposit accounts	22,448,381	53,189,878
Dividends paid	(938,480)	(884,800)
Stock options exercised	31,245	4,489
Net cash provided by financing activities	21,541,146	52,309,567
Net increase in cash and cash equivalents	11,109,125	58,061,705
Cash and cash equivalents at the beginning of the period	48,325,981	49,094,419
Cash and cash equivalents at the end of the period	59,435,106	107,156,124
Cash paid during the period for:
Interest	75,231	96,973
Income taxes	231,375
Supplemental disclosures for non-cash investing and financing activity:
Change in unrealized gain on securities available for sale, net of income taxes	2,343,977	(601,016)
Change in dividends payable	553,166	59
Change in right of use assets and lease liabilities	$ (124,995)	$ 117,917

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Organization The Bank of South Carolina (the “Bank”) was organized on October 22, 1986 and opened for business as a state-chartered financial institution on February 26, 1987, in Charleston, South Carolina. The Bank was reorganized into a wholly-owned subsidiary of Bank of South Carolina Corporation (the “Company”), effective April 17, 1995. At the time of the reorganization, each outstanding share of the Bank was exchanged for two shares of Bank of South Carolina Corporation Stock. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all significant intercompany balances and transactions have been eliminated. References to “we”, “us”, “our”, “the Bank”, or “the Company” refer to the parent and its subsidiary that are consolidated for financial purposes. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or (“GAAP”), for the interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021. In the opinion of management, these interim financial statements present fairly, in all material respects, the Company’s consolidated financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Accounting Estimates and Assumptions The consolidated financial statements are prepared in conformity with GAAP, which require management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ significantly from these estimates and assumptions. Material estimates generally susceptible to significant change are related to the determination of the allowance for loan losses, impaired loans, other real estate owned, deferred tax assets, the fair value of financial instruments and other-than-temporary impairment of investment securities. Reclassification Certain amounts in the prior years’ financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported. Income per share Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Dilutive income per share is computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock. Retroactive recognition has been given for the effects of all stock dividends. Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. We have reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure. Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company. In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In February 2020, the FASB issued guidance to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin No. 119 related to the new credit losses standard and comments by the SEC staff related to the revised effective date of the new leases standard. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the current expected credit losses (CECL) guidance issued in 2016. The amendments related to conforming amendments. For public business entities, the amendments are effective upon issuance of this final ASU. The effective date of the amendments to ASU 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (SRCs) as defined by the SEC, should adopt the amendments in ASU 2016-13 during 2020. Early adoption will continue to be permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE FOR SALE	2. Investment Securities AVAILABLE FOR SALE The amortized cost and fair value of investment securities available for sale are summarized as follows: March 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury Notes $ 35,238,051 $ 294,776 $ (203,727 ) $ 35,329,100 Government-Sponsored Enterprises 96,551,696 979,928 (2,240,264 ) 95,291,360 Municipal Securities 11,730,974 330,229 (14,246 ) 12,046,957 Total $ 143,520,721 $ 1,604,933 $ (2,458,237 ) $ 142,667,417 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury Notes $ 20,036,549 $ 374,001 $ — $ 20,410,550 Government-Sponsored Enterprises 96,614,182 1,398,884 (160,260 ) 97,852,806 Municipal Securities 16,055,332 501,130 — 16,556,462 Total $ 132,706,063 $ 2,274,015 $ (160,260 ) $ 134,819,818 The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020, by contractual maturity are in the following table . March 31, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 31,687,606 $ 31,945,118 $ 32,245,646 $ 32,622,890 Due in one year to five years 46,328,992 47,178,658 40,022,194 41,258,370 Due in five years to ten years 64,994,527 63,048,291 50,438,223 50,968,288 Due in ten years and over 509,596 495,350 10,000,000 9,970,270 Total $ 143,520,721 $ 142,667,417 $ 132,706,063 $ 134,819,818 Securities pledged to secure deposits at both March 31, 2021 and December 31, 2020, had a fair value of $41.4 million and $42.4 million, respectively. The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2021 and December 31, 2020. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost. March 31, 2021 Less Than 12 Months 12 Months or Longer Total # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss U.S. Treasury Notes 3 $ 15,008,785 $ (203,727 ) — $ — $ — 3 $ 15,008,785 $ (203,727 ) Government-Sponsored Enterprises 7 49,216,630 (2,240,264 ) — — — 7 49,216,630 (2,240,264 ) Municipal Securities 1 495,350 (14,246 ) — — — 1 495,350 (14,246 ) Total 11 $ 64,720,765 $ (2,458,237 ) — $ — $ — 11 $ 64,720,765 $ (2,458,237 ) December 31, 2020 Less Than 12 Months 12 Months or Longer Total # Fair Gross Unrealized Loss # Fair Gross Unrealized Loss # Fair Gross Unrealized Loss U.S. Treasury Notes — $ — $ — — $ — $ — — $ — $ — Government-Sponsored Enterprises 4 29,839,740 (160,260 ) — — — 4 29,839,740 (160,260 ) Municipal Securities — — — — — — — — — Total 4 $ 29,839,740 $ (160,260 ) — $ — $ — 4 $ 29,839,740 $ (160,260 ) There were no sales of investment securities for the three months ended March 31, 2021 and 2020.

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
LOANS AND ALLOWANCE FOR LOAN LOSSES	3. LOANS AND ALLOWANCE FOR LOAN LOSSES Major classifications of loans (net of deferred loan fees of $830,945 at March 31, 2021 and $676,155 at December 31, 2020, respectively) are shown in the table below.: March 31, 2021 December 31, 2020 Commercial $ 42,201,186 $ 51,041,397 Commercial real estate: Construction 10,373,102 14,813,726 Other 156,377,427 146,187,886 Consumer: Real estate 81,231,579 71,836,041 Other 4,163,221 4,480,491 Paycheck Protection Program 27,936,714 32,443,132 322,283,229 320,802,673 Allowance for loan losses (4,296,165 ) (4,185,694 ) Loans, net $ 317,987,064 $ 316,616,979 We had $91.0 million and $76.0 million of loans pledged as collateral to secure funding with the Federal Reserve Bank (“FRB”) Discount Window at March 31, 2021 and at December 31, 2020, respectively. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law, which established the Paycheck Protection Program (“PPP”) and allocated $349.0 billion of loans to be issued by financial institutions. Under the program, the Small Business Administration (“SBA”) will forgive loans, in whole or in part, made by approved lenders to eligible borrowers for payroll and other permitted purposes in accordance with the requirements of the program. These loans carry a fixed rate of 1.00% and a term of two years, if not forgiven, in whole or in part. The loans are 100% guaranteed by the SBA and as long as the borrower submits its loan forgiveness application within ten months of completion of the covered period, the borrower is not required to make any payments until the forgiveness amount is remitted to the lender by the SBA. The Bank received a processing fee ranging from 1% to 5% based on the size of the loan from the SBA. The fees are deferred and amortized over the life of the loans in accordance with ASC 310-20. The Bank received $1.4 million of processing fees related to the first round of PPP. The Bank recognized $0.6 million during the year ended December 31, 2020. The Paycheck Protection Program and Health Care Enhancement Act (“PPP/ HCEA Act”) was signed into law on April 24, 2020. The PPP/HCEA Act authorized additional funding under the CARES Act of $310.0 billion for PPP loans to be issued by financial institutions through the SBA. The Bank provided $37.8 million in funding to 266 customers through the PPP as of March 31, 2021. Because these loans are 100% guaranteed by the SBA and did not undergo the Bank’s typical underwriting process, they are not graded and do not have an associated reserve. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Economic Aid Act”) was enacted, which reauthorized lending under the PPP program through March 31, 2021, with an additional $325 billion. On March 31, 2021, the PPP Extension Act of 2021 was signed into law, which formally changed the PPP application deadline from March 31, 2021 to May 31, 2021. Under the Economic Aid Act, the SBA will forgive loans, in whole or in part, made by approved lenders to eligible borrowers for payroll and other permitted purposes in accordance with the requirements of the program. These loans carry a fixed rate of 1.00% and a term of five years, if not forgiven, in whole or in part. The loans are 100% guaranteed by the SBA and as long as the borrower submits its loan forgiveness application within ten months of completion of the covered period, the borrower is not required to make any payments until the forgiveness amount is remitted to the lender by the SBA. The Bank will receive a processing fee based on the size of the loan from the SBA, and a tiered structure. For loans up to $50,000 in principal, the lender processing fee will be the lesser of 50% of the principal amount or $2,500. For loans between $50,000 and $350,000 in principal, the lender processing fee will be 5% of the principal amount. For loans $350,000 and above, the lender processing fee will be 3% of the principal amount. For loans of at least $2.0 million, the lender processing fee will be 1% of the principal amount. The fees are deferred and amortized over the life of the loans in accordance with ASC 310-20. As of March 31, 2021, the Bank received 193 applications with a total loan amount of $16.1 million. Of those 193 applications, the SBA approved 184 applications in the aggregate amount of $15.7 million. The Bank funded 176 loans in the aggregate amount of $15.5 million. The Bank received $0.8 million of processing fees related to the second round of PPP. During the three months ended March 31, 2021, the Bank recognized $0.6 million in PPP processing fees for the first and second round of PPP. Our portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Our internal credit risk grading system is based on experience with similarly graded loans, industry best practices, and regulatory guidance. Our portfolio is graded in its entirety, with the exception of the PPP loans. Our internally assigned grades pursuant to the Board-approved lending policy are as follows: ● Excellent ● Good ● Satisfactory ● Watch ● OAEM ● Substandard ● Doubtful ● Loss The following tables illustrate credit quality by class and internally assigned grades at March 31, 2021 and December 31, 2020. “Pass” includes loans internally graded as excellent, good and satisfactory. March 31, 2021 Commercial Commercial Commercial Consumer Consumer Paycheck Protection Program Total Pass $ 37,770,275 $ 9,915,067 $ 136,296,189 $ 80,012,464 $ 3,762,913 $ 27,936,714 $ 295,693,622 Watch 2,030,528 458,035 14,155,587 346,231 314,336 — 17,304,717 OAEM 710,385 — 1,248,150 623,127 44,237 — 2,625,899 Substandard 1,689,998 — 4,677,501 249,757 41,735 — 6,658,991 Doubtful — — — — — — — Loss — — — — — — — Total $ 42,201,186 $ 10,373,102 $ 156,377,427 $ 81,231,579 $ 4,163,221 $ 27,936,714 $ 322,283,229 December 31, 2020 Commercial Commercial Commercial Consumer Consumer Paycheck Protection Program Total Pass $ 44,903,134 $ 14,349,065 $ 125,111,378 $ 70,454,909 $ 4,171,858 $ 32,443,132 $ 291,433,476 Watch 3,415,408 464,661 15,200,992 467,163 219,954 — 19,768,178 OAEM 1,039,647 — 1,784,296 623,226 46,783 — 3,493,952 Substandard 1,683,208 — 4,091,220 290,743 41,896 — 6,107,067 Doubtful — — — — — — — Loss — — — — — — — Total $ 51,041,397 $ 14,813,726 $ 146,187,886 $ 71,836,041 $ 4,480,491 $ 32,443,132 $ 320,802,673 The following tables include an aging analysis of the recorded investment in loans segregated by class. March 31, 2021 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment ≥ Commercial $ 11,000 $ 19,681 $ — $ 30,681 $ 42,170,505 $ 42,201,186 $ — Commercial Real Estate Construction — — — — 10,373,102 10,373,102 — Commercial Real Estate Other 900,000 — 921,580 1,821,580 154,555,847 156,377,427 — Consumer Real Estate — — — — 81,231,579 81,231,579 — Consumer Other 5,092 14,580 — 19,672 4,143,549 4,163,221 — Paycheck Protection Program — — — — 27,936,714 27,936,714 — Total $ 916,092 $ 34,261 $ 921,580 $ 1,871,933 $ 320,411,296 $ 322,283,229 $ — December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment ≥ Commercial $ 144,999 $ 27,855 $ — $ 172,854 $ 50,868,543 $ 51,041,397 $ — Commercial Real Estate Construction — — — — 14,813,726 14,813,726 — Commercial Real Estate Other 61,597 — 923,828 985,425 145,202,461 146,187,886 — Consumer Real Estate — — 40,893 40,893 71,795,148 71,836,041 — Consumer Other — — — — 4,480,491 4,480,491 — Paycheck Protection Program — — — — 32,443,132 32,443,132 — Total $ 206,596 $ 27,855 $ 964,721 $ 1,199,172 $ 319,603,501 $ 320,802,673 $ — There were no loans over 90 days past due and still accruing as of March 31, 2021 and December 31, 2020. The following table summarizes the balances of non-accrual loans. Loans Receivable on Non-Accrual March 31, 2021 December 31, 2020 Commercial $ 178,975 $ 178,975 Commercial Real Estate Construction — — Commercial Real Estate Other 921,580 923,828 Consumer Real Estate — 40,893 Consumer Other 11,609 12,234 Paycheck Protection Program — — Total $ 1,112,164 $ 1,155,930 The following tables set forth the changes in the allowance for loan losses and an allocation of the allowance for loan losses by loan category for the three months ended March 31, 2021 and 2020. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors. Three Months Ended March 31, 2021 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses: Beginning balance $ 1,029,310 $ 199,266 $ 1,909,121 $ 925,077 $ 122,920 $ — $ 4,185,694 Charge-offs — — — — (8,152 ) (6,479 ) (14,631 ) Recoveries — — — — 4,812 290 5,102 Provisions (126,428 ) (54,721 ) 168,648 127,083 (771 ) 6,189 120,000 Ending balance $ 902,882 $ 144,545 $ 2,077,769 $ 1,052,160 $ 118,809 $ — $ 4,296,165 Three Months Ended March 31, 2020 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses: Beginning balance $ 1,429,917 $ 109,235 $ 1,270,445 $ 496,221 $ 697,940 $ — $ 4,003,758 Charge-offs — — — — (39,592 ) — (39,592 ) Recoveries 15,500 — — — 34,547 — 50,047 Provisions (29,150 ) 13,834 (57,798 ) 65,779 7,335 — — Ending balance $ 1,416,267 $ 123,069 $ 1,212,647 $ 562,000 $ 700,230 $ — $ 4,014,213 The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans, for the periods indicated. March 31, 2021 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses Individually evaluated for impairment $ 338,237 $ — $ — $ — $ 41,735 $ — $ 379,972 Collectively evaluated for impairment 564,645 144,545 2,077,769 1,052,160 77,074 — 3,916,193 Total Allowance for Loan Losses $ 902,882 $ 144,545 $ 2,077,769 $ 1,052,160 $ 118,809 $ — $ 4,296,165 Loans Receivable Individually evaluated for impairment $ 1,978,615 $ — $ 5,479,899 $ 249,758 $ 41,735 $ — $ 7,750,007 Collectively evaluated for impairment 40,222,571 10,373,102 150,897,528 80,981,821 4,121,486 27,936,714 314,533,222 Total Loans Receivable $ 42,201,186 $ 10,373,102 $ 156,377,427 $ 81,231,579 $ 4,163,221 $ 27,936,714 $ 322,283,229 December 31, 2020 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses Individually evaluated for impairment $ 357,657 $ — $ 36,747 $ 9,111 $ 41,896 $ — $ 445,411 Collectively evaluated for impairment 671,653 199,266 1,872,374 915,966 81,024 — 3,740,283 Total Allowance for Loan Losses $ 1,029,310 $ 199,266 $ 1,909,121 $ 925,077 $ 122,920 $ — $ 4,185,694 Loans Receivable Individually evaluated for impairment $ 2,298,120 $ — $ 5,174,841 $ 290,743 $ 41,896 $ — $ 7,805,600 Collectively evaluated for impairment 48,743,277 14,813,726 141,013,045 71,545,298 4,438,595 32,443,132 312,997,073 Total Loans Receivable $ 51,041,397 $ 14,813,726 $ 146,187,886 $ 71,836,041 $ 4,480,491 $ 32,443,132 $ 320,802,673 As of March 31, 2021 and December 31, 2020, loans individually evaluated and considered impaired are presented in the Impaired Loans as of March 31, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance With no related allowance recorded: Commercial $ 1,511,021 $ 1,511,021 $ — $ 1,721,818 $ 1,721,818 $ — Commercial Real Estate Construction — — — — — — Commercial Real Estate Other 5,479,899 5,479,899 — 4,831,757 4,831,757 — Consumer Real Estate 249,758 249,758 — 249,850 249,850 — Consumer Other — — — — — — Paycheck Protection Program — — — — — — Total 7,240,678 7,240,678 — 6,803,425 6,803,425 — With an allowance recorded: Commercial 467,594 467,594 338,237 576,302 576,302 357,657 Commercial Real Estate Construction — — — — — — Commercial Real Estate Other — — — 343,084 343,084 36,747 Consumer Real Estate — — — 40,893 40,893 9,111 Consumer Other 41,735 41,735 41,735 41,896 41,896 41,896 Paycheck Protection Program — — — — — — Total 509,329 509,329 379,972 1,002,175 1,002,175 445,411 Commercial 1,978,615 1,978,615 338,237 2,298,120 2,298,120 357,657 Commercial Real Estate Construction — — — — — — Commercial Real Estate Other 5,479,899 5,479,899 — 5,174,841 5,174,841 36,747 Consumer Real Estate 249,758 249,758 — 290,743 290,743 9,111 Consumer Other 41,735 41,735 41,735 41,896 41,896 41,896 Paycheck Protection Program — — — — — — Total $ 7,750,007 $ 7,750,007 $ 379,972 $ 7,805,600 $ 7,805,600 $ 445,411 The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated. Three Months Ended March 31, 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,563,106 $ 25,815 $ 1,345,166 $ 20,499 Commercial Real Estate Construction — — — — Commercial Real Estate Other 5,482,702 49,760 2,093,392 16,136 Consumer Real Estate 249,833 3,491 879,753 3,580 Consumer Other — — — — Paycheck Protection Program — — — — 7,295,641 79,066 4,318,311 40,215 With an allowance recorded: Commercial 472,422 7,519 707,965 7,147 Commercial Real Estate Construction — — — — Commercial Real Estate Other — — 246,884 — Consumer Real Estate — — — — Consumer Other 41,848 672 49,758 783 Paycheck Protection Program — — — — 514,270 8,191 1,004,607 7,930 Total Commercial 2,035,528 33,334 2,053,131 27,646 Commercial Real Estate Construction — — — — Commercial Real Estate Other 5,482,702 49,760 2,340,276 16,136 Consumer Real Estate 249,833 3,491 879,753 3,580 Consumer Other 41,848 672 49,758 783 Paycheck Protection Program — — — — $ 7,809,911 $ 87,257 $ 5,322,918 $ 48,145 In general, the modification or restructuring of a loan is considered a troubled debt restructuring (“TDR”) if we, for economic or legal reasons related to a borrower’s financial difficulties, grant a concession to the borrower that we would not otherwise consider. As of March 31, 2021, there were 12 TDRs with a balance of $5.3 million compared to 14 TDRs with a balance of $5.8 million as of December 31, 2020. These TDRs were granted extended payment terms with no principal reduction. The structure of two of the loans changed to interest only. All TDRs were performing as agreed as of March 31, 2021. No TDRs defaulted during the three months ended March 31, 2021 and 2020, which were modified within the previous twelve months. Regulatory agencies, as set forth in the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), have encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19. In this statement, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and that the agencies will not criticize institutions for working with borrowers in a safe and sound manner. Moreover, the revised statement provides that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. Under Section 4013 of the CARES Act, banks may elect not to categorize loan modifications as TDRs if the modifications are related to COVID-19, executed on a loan that was not more than 30 days past due as of December 31, 2019, and executed between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the date of termination of the National Emergency. All short-term loan modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not considered TDRs. Beginning in March 2020, the Bank provided payment accommodations to customers, consisting of 60-day principal deferral to borrowers negatively impacted by COVID-19. The Bank processed approximately $0.7 million in principal deferments to 84 loans, with an aggregate loan balance of $25.9 million, during the year ended December 31, 2020. The principal deferments represent 0.24% of our total loan portfolio as of December 31, 2020. The Bank has examined the payment accommodations granted to borrowers in response to COVID-19 and classified 8 loans, with an aggregate loan balance of $3.9 million, that were granted payment accommodations as TDRs given the continued financial difficulty of the customer, associated industry risk, and multiple deferral requests. As of March 31, 2021, 6 loans remain classified as TDRs with an aggregate balance of $3.5 million. All other borrowers were current prior to relief, were not experiencing financial difficulty prior to COVID-19, and the Bank determined they were not considered TDRs. Additionally, of the 75 loans that received payment accommodations that are not classified as TDRs, 22 loans, with an aggregate loan balance of $5.1 million, have paid their loan in full, 7 loans, with an aggregate loan balance of $0.8 million, are past due less than 30 days, and 46 loans, with an aggregate loan balance of $21.6 million, have commenced paying as agreed as of March 31, 2021. There are no loans that received payment accommodation past due greater than 30 days. The Bank will continue to examine payment accommodations as requested by borrowers.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	4. LEASES As of March 31, 2021 and December 31, 2020, the Company had operating right of use (“ROU”) assets of $12.6 million and $12.7 million, respectively, and operating lease liabilities of $12.6 million and $12.7 million, respectively. The Company maintains operating leases on land, branch facilities, and parking. Most of the leases include one or more options to renew, with renewal terms extending up to 20 years. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized in lease expense. The weighted average remaining lease term is 17.31 years. The weighted average incremental borrowing rate is 4.35%. The table below shows lease expense components for the three months ended March 31, 2021 and 2020. March 31, 2021 March 31, 2020 Operating lease expense $ 301,537 $ 233,959 Short-term lease expense — — Total lease expense $ 301,537 $ 233,959 Total rental expense was $301,537 and $233,959 for the three months ended March 31, 2021 and 2020, respectively and was included in net occupancy expense within the consolidated statements of income. As of March 31, 2021, and December 31, 2020, we did not maintain any finance leases, and we determined that the number and dollar amount of equipment leases was immaterial. As of March 31, 2021, and December 31, 2020, we have no additional operating leases that have not yet commenced.

DISCLOSURE REGARDING FAIR VALUE

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS	5. DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs, which are developed based on market data we have obtained from independent sources, are ones that market participants would use in pricing an asset or liability. Unobservable inputs, which are developed based on the best information available in the circumstances, reflect our estimate of assumptions that market participants would use in pricing an asset or liability. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. ● Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. ● Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. Fair value estimates are made at a specific point of time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale our entire holdings of a particular financial instrument. Because no active market exists for a significant portion of our financial instruments, fair value estimates are based on judgements regarding future expected loss experience, current economic conditions, current interest rates and prepayment trends, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore cannot be determined with precision. Changes in any of these assumptions used in calculating fair value also would affect significantly the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The following paragraphs describe the valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis. Investment Securities Available for Sale Investment securities are recorded at fair value on a recurring basis and are based upon quoted prices if available. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, or by dealers or brokers in active over-the counter markets. Level 2 securities include mortgage backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Derivative Instruments Derivative instruments include interest rate lock commitments and forward sale commitments. These instruments are valued based on the change in the value of the underlying loan between the commitment date and the end of the period. We classify these instruments as Level 3. We had no embedded derivative instruments requiring separate accounting treatment. We had freestanding derivative instruments consisting of fixed rate conforming loan commitments as interest rate locks and commitments to sell fixed rate conforming loans on a best efforts basis. We do not currently engage in hedging activities. Based on short term fair value of the mortgage loans held for sale (derivative contract), our derivative instruments were immaterial to our consolidated financial statements as of March 31, 2021 and December 31, 2020. Assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 Level 1 Level 2 Level 3 Total U.S. Treasury Notes $ 35,329,100 $ — $ — $ 35,329,100 Government-Sponsored Enterprises — 95,291,360 — 95,291,360 Municipal Securities — 10,078,081 1,968,876 12,046,957 Total $ 35,329,100 $ 105,369,441 $ 1,968,876 $ 142,667,417 December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Treasury Notes $ 20,410,550 $ — $ — $ 20,410,550 Government-Sponsored Enterprises — 97,852,806 — 97,852,806 Municipal Securities — 10,872,532 5,683,930 16,556,462 Total $ 20,410,550 $ 108,725,338 $ 5,683,930 $ 134,819,818 There were no liabilities recorded at fair value on a recurring basis as of March 31, 2021 or December 31, 2020. The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 5,683,930 $ 11,954,451 Total gains or (losses) (realized/unrealized) Included in other comprehensive income (78,054 ) 28,269 Purchases, issuances, and settlements net of maturities (3,637,000 ) (5,579,000 ) Ending balance $ 1,968,876 $ 6,403,720 There were no transfers between fair value levels during the three months ended March 31, 2021 or 2020. The following paragraphs describe the valuation methodologies used for assets and liabilities recorded at fair value on a nonrecurring basis. Impaired Loans Impaired loans are carried at the lower of recorded investment or fair value. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, we review the most recent appraisal and if it is over 12 to 18 months old, we may request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, we may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically, as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of our primary market area, we would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where we are familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, we may perform an internal analysis whereby the previous appraisal value would be reviewed considering recent current conditions, and known recent sales or listings of similar properties in the area, and any other relevant economic trends. This analysis may result in the call for a new appraisal. These valuations are reviewed and updated on a quarterly basis. In accordance with ASC 820, Fair Value Measurement Mortgage Loans to be Sold Mortgage loans to be sold are carried at the lower of cost or market value. The fair values of mortgage loans to be sold are based on current market rates from investors within the secondary market for loans with similar characteristics. Carrying value approximates fair value. These loans are classified as Level 2. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following tables present information about certain assets measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020. March 31, 2021 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 5,729,657 $ 5,729,657 Mortgage loans to be sold — 13,230,017 — 13,230,017 Total $ — $ 13,230,017 $ 5,729,657 $ 18,959,674 December 31, 2020 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 5,419,726 $ 5,419,726 Mortgage loans to be sold — 12,965,733 — 12,965,733 Total $ — $ 12,965,733 $ 5,419,726 $ 18,385,459 There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2021 or December 31, 2020. The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at March 31, 2021 and December 31, 2020: Inputs Valuation Technique Unobservable Input General Range of Inputs Impaired Loans Appraisal Value/ Comparison Sales/Other Estimates Appraisals and/or Sales of Comparable Properties Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs Accounting standards require disclosure of fair value information for all of our assets and liabilities that are considered financial instruments, whether or not recognized on the balance sheet, for which it is practicable to estimate fair value. Under the accounting standard, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of the assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts of existing financial instruments do not represent the underlying value of those instruments on our books. The following paragraphs describe the methods and assumptions we use in estimating the fair values of financial instruments: a. Cash and due from banks, interest-bearing deposits at the Federal Reserve The carrying value approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. b. Investment securities available for sale Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. c. Loans, net The fair value of the Company’s loan portfolio includes a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans and all other loans. The results are then adjusted to account for credit risk as described above. However, under the new guidance, the Company believes a further credit risk discount must be applied through the use of a discounted cash flow model to compensate for illiquidity risk, based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. Additionally, in accordance with ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for impaired loans are estimated based on the fair value of the underlying collateral. Impaired loans measured using discounted future cash flows are not deemed to be measured at fair value. d. Deposits The estimated fair value of deposits with no stated maturity is equal to the carrying amount. The fair value of time deposits is estimated by discounting contractual cash flows, using interest rates currently being offered on the deposit products. The fair value estimates for deposits do not include the benefit that results from the low cost funding provided by the deposit liabilities as compared to the cost of alternative forms of funding (deposit base intangibles). e. Accrued interest receivable and payable Since these financial instruments will typically be received or paid within three months, the carrying amounts of such instruments are deemed to be a reasonable estimate of fair value. f. Loan commitments Estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of March 31, 2021 and December 31, 2020. Fair Value Measurements at March 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 6,211,365 $ 6,211,365 $ 6,211,365 $ — $ — Interest-bearing deposits at the Federal Reserve 53,223,741 53,223,741 53,223,741 — — Investment securities available for sale 142,667,417 142,667,417 35,329,100 105,369,441 1,968,876 Mortgage loans to be sold 13,230,017 13,230,017 — 13,230,017 — Loans, net 317,987,064 309,683,584 — — 309,683,584 Accrued interest receivable 1,375,181 1,375,181 — 1,375,181 — Financial Liabilities: Demand deposits 464,430,793 464,430,793 — 464,430,793 — Time deposits 20,215,219 19,953,662 — 19,953,662 — Accrued interest payable 19,088 19,088 — 19,088 — Fair Value Measurements at December 31, 2020 Carrying Estimated Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 5,977,896 $ 5,977,896 $ 5,977,896 $ — $ — Interest-bearing deposits at the Federal Reserve 42,348,085 42,348,085 42,348,085 — — Investment securities available for sale 134,819,818 134,819,818 20,410,550 108,725,338 5,683,930 Mortgage loans to be sold 12,965,733 12,965,733 — 12,965,733 — Loans, net 316,616,979 308,721,680 — — 308,721,680 Accrued interest receivable 1,595,629 1,595,629 — 1,595,629 Financial Liabilities: Demand deposits 441,498,500 441,498,500 — 441,498,500 — Time deposits 20,699,131 20,294,852 — 20,294,852 — Accrued interest payable 20,707 20,707 — 20,707 —

INCOME PER COMMON SHARE

INCOME PER COMMON SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
INCOME PER COMMON SHARE	6. INCOME PER COMMON SHARE Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock. The following table is a summary of the reconciliation of weighted average shares outstanding for the three months ended March 31: Three Months Ended March 31, 2021 2020 Net income $ 1,810,075 $ 1,521,131 Weighted average shares outstanding 5,521,707 5,530,256 Effect of dilutive shares 163,444 55,366 Weighted average shares outstanding - diluted 5,685,151 5,585,622 Earnings per share - basic $ 0.33 $ 0.28 Earnings per share - diluted $ 0.32 $ 0.27

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all significant intercompany balances and transactions have been eliminated. References to “we”, “us”, “our”, “the Bank”, or “the Company” refer to the parent and its subsidiary that are consolidated for financial purposes.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or (“GAAP”), for the interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021. In the opinion of management, these interim financial statements present fairly, in all material respects, the Company’s consolidated financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Accounting Estimates and Assumptions	Accounting Estimates and Assumptions The consolidated financial statements are prepared in conformity with GAAP, which require management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ significantly from these estimates and assumptions. Material estimates generally susceptible to significant change are related to the determination of the allowance for loan losses, impaired loans, other real estate owned, deferred tax assets, the fair value of financial instruments and other-than-temporary impairment of investment securities.
Reclassification	Reclassification Certain amounts in the prior years’ financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.
Income per share	Income per share Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Dilutive income per share is computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock. Retroactive recognition has been given for the effects of all stock dividends.
Subsequent Events	Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. We have reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company. In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In February 2020, the FASB issued guidance to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin No. 119 related to the new credit losses standard and comments by the SEC staff related to the revised effective date of the new leases standard. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the current expected credit losses (CECL) guidance issued in 2016. The amendments related to conforming amendments. For public business entities, the amendments are effective upon issuance of this final ASU. The effective date of the amendments to ASU 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (SRCs) as defined by the SEC, should adopt the amendments in ASU 2016-13 during 2020. Early adoption will continue to be permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of investment securities available for sale	The amortized cost and fair value of investment securities available for sale are summarized as follows: March 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury Notes $ 35,238,051 $ 294,776 $ (203,727 ) $ 35,329,100 Government-Sponsored Enterprises 96,551,696 979,928 (2,240,264 ) 95,291,360 Municipal Securities 11,730,974 330,229 (14,246 ) 12,046,957 Total $ 143,520,721 $ 1,604,933 $ (2,458,237 ) $ 142,667,417 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury Notes $ 20,036,549 $ 374,001 $ — $ 20,410,550 Government-Sponsored Enterprises 96,614,182 1,398,884 (160,260 ) 97,852,806 Municipal Securities 16,055,332 501,130 — 16,556,462 Total $ 132,706,063 $ 2,274,015 $ (160,260 ) $ 134,819,818
Schedule of amortized cost and estimated fair value of investment securities available for sale by contractual maturity	The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020, by contractual maturity are in the following table . March 31, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 31,687,606 $ 31,945,118 $ 32,245,646 $ 32,622,890 Due in one year to five years 46,328,992 47,178,658 40,022,194 41,258,370 Due in five years to ten years 64,994,527 63,048,291 50,438,223 50,968,288 Due in ten years and over 509,596 495,350 10,000,000 9,970,270 Total $ 143,520,721 $ 142,667,417 $ 132,706,063 $ 134,819,818
Schedule of investment securities gross unrealized losses on investment securities and the fair market value of the related securities	The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2021 and December 31, 2020. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost. March 31, 2021 Less Than 12 Months 12 Months or Longer Total # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss U.S. Treasury Notes 3 $ 15,008,785 $ (203,727 ) — $ — $ — 3 $ 15,008,785 $ (203,727 ) Government-Sponsored Enterprises 7 49,216,630 (2,240,264 ) — — — 7 49,216,630 (2,240,264 ) Municipal Securities 1 495,350 (14,246 ) — — — 1 495,350 (14,246 ) Total 11 $ 64,720,765 $ (2,458,237 ) — $ — $ — 11 $ 64,720,765 $ (2,458,237 ) December 31, 2020 Less Than 12 Months 12 Months or Longer Total # Fair Gross Unrealized Loss # Fair Gross Unrealized Loss # Fair Gross Unrealized Loss U.S. Treasury Notes — $ — $ — — $ — $ — — $ — $ — Government-Sponsored Enterprises 4 29,839,740 (160,260 ) — — — 4 29,839,740 (160,260 ) Municipal Securities — — — — — — — — — Total 4 $ 29,839,740 $ (160,260 ) — $ — $ — 4 $ 29,839,740 $ (160,260 )

LOANS AND ALLOWANCE FOR LOAN _2

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of major classifications of loans	Major classifications of loans (net of deferred loan fees of $830,945 at March 31, 2021 and $676,155 at December 31, 2020, respectively) are shown in the table below.: March 31, 2021 December 31, 2020 Commercial $ 42,201,186 $ 51,041,397 Commercial real estate: Construction 10,373,102 14,813,726 Other 156,377,427 146,187,886 Consumer: Real estate 81,231,579 71,836,041 Other 4,163,221 4,480,491 Paycheck Protection Program 27,936,714 32,443,132 322,283,229 320,802,673 Allowance for loan losses (4,296,165 ) (4,185,694 ) Loans, net $ 317,987,064 $ 316,616,979
Schedule of credit risks by category and internally assigned grades	The following tables illustrate credit quality by class and internally assigned grades at March 31, 2021 and December 31, 2020. “Pass” includes loans internally graded as excellent, good and satisfactory. March 31, 2021 Commercial Commercial Commercial Consumer Consumer Paycheck Protection Program Total Pass $ 37,770,275 $ 9,915,067 $ 136,296,189 $ 80,012,464 $ 3,762,913 $ 27,936,714 $ 295,693,622 Watch 2,030,528 458,035 14,155,587 346,231 314,336 — 17,304,717 OAEM 710,385 — 1,248,150 623,127 44,237 — 2,625,899 Substandard 1,689,998 — 4,677,501 249,757 41,735 — 6,658,991 Doubtful — — — — — — — Loss — — — — — — — Total $ 42,201,186 $ 10,373,102 $ 156,377,427 $ 81,231,579 $ 4,163,221 $ 27,936,714 $ 322,283,229 December 31, 2020 Commercial Commercial Commercial Consumer Consumer Paycheck Protection Program Total Pass $ 44,903,134 $ 14,349,065 $ 125,111,378 $ 70,454,909 $ 4,171,858 $ 32,443,132 $ 291,433,476 Watch 3,415,408 464,661 15,200,992 467,163 219,954 — 19,768,178 OAEM 1,039,647 — 1,784,296 623,226 46,783 — 3,493,952 Substandard 1,683,208 — 4,091,220 290,743 41,896 — 6,107,067 Doubtful — — — — — — — Loss — — — — — — — Total $ 51,041,397 $ 14,813,726 $ 146,187,886 $ 71,836,041 $ 4,480,491 $ 32,443,132 $ 320,802,673
Schedule of aging analysis of the recorded investment in loans segregated by class	The following tables include an aging analysis of the recorded investment in loans segregated by class. March 31, 2021 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment ≥ Commercial $ 11,000 $ 19,681 $ — $ 30,681 $ 42,170,505 $ 42,201,186 $ — Commercial Real Estate Construction — — — — 10,373,102 10,373,102 — Commercial Real Estate Other 900,000 — 921,580 1,821,580 154,555,847 156,377,427 — Consumer Real Estate — — — — 81,231,579 81,231,579 — Consumer Other 5,092 14,580 — 19,672 4,143,549 4,163,221 — Paycheck Protection Program — — — — 27,936,714 27,936,714 — Total $ 916,092 $ 34,261 $ 921,580 $ 1,871,933 $ 320,411,296 $ 322,283,229 $ — December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment ≥ Commercial $ 144,999 $ 27,855 $ — $ 172,854 $ 50,868,543 $ 51,041,397 $ — Commercial Real Estate Construction — — — — 14,813,726 14,813,726 — Commercial Real Estate Other 61,597 — 923,828 985,425 145,202,461 146,187,886 — Consumer Real Estate — — 40,893 40,893 71,795,148 71,836,041 — Consumer Other — — — — 4,480,491 4,480,491 — Paycheck Protection Program — — — — 32,443,132 32,443,132 — Total $ 206,596 $ 27,855 $ 964,721 $ 1,199,172 $ 319,603,501 $ 320,802,673 $ —
Schedule of non-accrual loans	The following table summarizes the balances of non-accrual loans. Loans Receivable on Non-Accrual March 31, 2021 December 31, 2020 Commercial $ 178,975 $ 178,975 Commercial Real Estate Construction — — Commercial Real Estate Other 921,580 923,828 Consumer Real Estate — 40,893 Consumer Other 11,609 12,234 Paycheck Protection Program — — Total $ 1,112,164 $ 1,155,930
Schedule of change in allowance and an allocation of the allowance by loan categery	The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors. Three Months Ended March 31, 2021 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses: Beginning balance $ 1,029,310 $ 199,266 $ 1,909,121 $ 925,077 $ 122,920 $ — $ 4,185,694 Charge-offs — — — — (8,152 ) (6,479 ) (14,631 ) Recoveries — — — — 4,812 290 5,102 Provisions (126,428 ) (54,721 ) 168,648 127,083 (771 ) 6,189 120,000 Ending balance $ 902,882 $ 144,545 $ 2,077,769 $ 1,052,160 $ 118,809 $ — $ 4,296,165 Three Months Ended March 31, 2020 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses: Beginning balance $ 1,429,917 $ 109,235 $ 1,270,445 $ 496,221 $ 697,940 $ — $ 4,003,758 Charge-offs — — — — (39,592 ) — (39,592 ) Recoveries 15,500 — — — 34,547 — 50,047 Provisions (29,150 ) 13,834 (57,798 ) 65,779 7,335 — — Ending balance $ 1,416,267 $ 123,069 $ 1,212,647 $ 562,000 $ 700,230 $ — $ 4,014,213
Schedule of allocation of the allowance for loan losses and the gross investment in loans by class and reserving methodology	The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans, for the periods indicated. March 31, 2021 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses Individually evaluated for impairment $ 338,237 $ — $ — $ — $ 41,735 $ — $ 379,972 Collectively evaluated for impairment 564,645 144,545 2,077,769 1,052,160 77,074 — 3,916,193 Total Allowance for Loan Losses $ 902,882 $ 144,545 $ 2,077,769 $ 1,052,160 $ 118,809 $ — $ 4,296,165 Loans Receivable Individually evaluated for impairment $ 1,978,615 $ — $ 5,479,899 $ 249,758 $ 41,735 $ — $ 7,750,007 Collectively evaluated for impairment 40,222,571 10,373,102 150,897,528 80,981,821 4,121,486 27,936,714 314,533,222 Total Loans Receivable $ 42,201,186 $ 10,373,102 $ 156,377,427 $ 81,231,579 $ 4,163,221 $ 27,936,714 $ 322,283,229 December 31, 2020 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Paycheck Protection Program Total Allowance for Loan Losses Individually evaluated for impairment $ 357,657 $ — $ 36,747 $ 9,111 $ 41,896 $ — $ 445,411 Collectively evaluated for impairment 671,653 199,266 1,872,374 915,966 81,024 — 3,740,283 Total Allowance for Loan Losses $ 1,029,310 $ 199,266 $ 1,909,121 $ 925,077 $ 122,920 $ — $ 4,185,694 Loans Receivable Individually evaluated for impairment $ 2,298,120 $ — $ 5,174,841 $ 290,743 $ 41,896 $ — $ 7,805,600 Collectively evaluated for impairment 48,743,277 14,813,726 141,013,045 71,545,298 4,438,595 32,443,132 312,997,073 Total Loans Receivable $ 51,041,397 $ 14,813,726 $ 146,187,886 $ 71,836,041 $ 4,480,491 $ 32,443,132 $ 320,802,673
Schedule of loans individually evaluated for impairment and the corresponding allowance for loan losses	As of March 31, 2021 and December 31, 2020, loans individually evaluated and considered impaired are presented in the following table. Impaired Loans as of March 31, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance With no related allowance recorded: Commercial $ 1,511,021 $ 1,511,021 $ — $ 1,721,818 $ 1,721,818 $ — Commercial Real Estate Construction — — — — — — Commercial Real Estate Other 5,479,899 5,479,899 — 4,831,757 4,831,757 — Consumer Real Estate 249,758 249,758 — 249,850 249,850 — Consumer Other — — — — — — Paycheck Protection Program — — — — — — Total 7,240,678 7,240,678 — 6,803,425 6,803,425 — With an allowance recorded: Commercial 467,594 467,594 338,237 576,302 576,302 357,657 Commercial Real Estate Construction — — — — — — Commercial Real Estate Other — — — 343,084 343,084 36,747 Consumer Real Estate — — — 40,893 40,893 9,111 Consumer Other 41,735 41,735 41,735 41,896 41,896 41,896 Paycheck Protection Program — — — — — — Total 509,329 509,329 379,972 1,002,175 1,002,175 445,411 Commercial 1,978,615 1,978,615 338,237 2,298,120 2,298,120 357,657 Commercial Real Estate Construction — — — — — — Commercial Real Estate Other 5,479,899 5,479,899 — 5,174,841 5,174,841 36,747 Consumer Real Estate 249,758 249,758 — 290,743 290,743 9,111 Consumer Other 41,735 41,735 41,735 41,896 41,896 41,896 Paycheck Protection Program — — — — — — Total $ 7,750,007 $ 7,750,007 $ 379,972 $ 7,805,600 $ 7,805,600 $ 445,411
Schedule of average impaired loans and interest income recognized on those impaired loans by class	The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated. Three Months Ended March 31, 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,563,106 $ 25,815 $ 1,345,166 $ 20,499 Commercial Real Estate Construction — — — — Commercial Real Estate Other 5,482,702 49,760 2,093,392 16,136 Consumer Real Estate 249,833 3,491 879,753 3,580 Consumer Other — — — — Paycheck Protection Program — — — — 7,295,641 79,066 4,318,311 40,215 With an allowance recorded: Commercial 472,422 7,519 707,965 7,147 Commercial Real Estate Construction — — — — Commercial Real Estate Other — — 246,884 — Consumer Real Estate — — — — Consumer Other 41,848 672 49,758 783 Paycheck Protection Program — — — — 514,270 8,191 1,004,607 7,930 Total Commercial 2,035,528 33,334 2,053,131 27,646 Commercial Real Estate Construction — — — — Commercial Real Estate Other 5,482,702 49,760 2,340,276 16,136 Consumer Real Estate 249,833 3,491 879,753 3,580 Consumer Other 41,848 672 49,758 783 Paycheck Protection Program — — — — $ 7,809,911 $ 87,257 $ 5,322,918 $ 48,145

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of lease expense components	The table below shows lease expense components for the three months ended March 31, 2021 and 2020. March 31, 2021 March 31, 2020 Operating lease expense $ 301,537 $ 233,959 Short-term lease expense — — Total lease expense $ 301,537 $ 233,959

DISCLOSURE REGARDING FAIR VAL_2

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 Level 1 Level 2 Level 3 Total U.S. Treasury Notes $ 35,329,100 $ — $ — $ 35,329,100 Government-Sponsored Enterprises — 95,291,360 — 95,291,360 Municipal Securities — 10,078,081 1,968,876 12,046,957 Total $ 35,329,100 $ 105,369,441 $ 1,968,876 $ 142,667,417 December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Treasury Notes $ 20,410,550 $ — $ — $ 20,410,550 Government-Sponsored Enterprises — 97,852,806 — 97,852,806 Municipal Securities — 10,872,532 5,683,930 16,556,462 Total $ 20,410,550 $ 108,725,338 $ 5,683,930 $ 134,819,818
Schedule of changes in assets measured at fair value on a recurring basis using significant unobservable inputs	The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 5,683,930 $ 11,954,451 Total gains or (losses) (realized/unrealized) Included in other comprehensive income (78,054 ) 28,269 Purchases, issuances, and settlements net of maturities (3,637,000 ) (5,579,000 ) Ending balance $ 1,968,876 $ 6,403,720
Schedule of certain assets measured at fair value on a nonrecurring basis	The following tables present information about certain assets measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020. March 31, 2021 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 5,729,657 $ 5,729,657 Mortgage loans to be sold — 13,230,017 — 13,230,017 Total $ — $ 13,230,017 $ 5,729,657 $ 18,959,674 December 31, 2020 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 5,419,726 $ 5,419,726 Mortgage loans to be sold — 12,965,733 — 12,965,733 Total $ — $ 12,965,733 $ 5,419,726 $ 18,385,459
Schedule of unobservable inputs used in Level 3 fair value measurement	The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at March 31, 2021 and December 31, 2020: Inputs Valuation Technique Unobservable Input General Range of Inputs Impaired Loans Appraisal Value/ Comparison Sales/Other Estimates Appraisals and/or Sales of Comparable Properties Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs
Schedule of carrying amount, fair value, and placement in the fair value hierarchy of financial instruments	The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of March 31, 2021 and December 31, 2020. Fair Value Measurements at March 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 6,211,365 $ 6,211,365 $ 6,211,365 $ — $ — Interest-bearing deposits at the Federal Reserve 53,223,741 53,223,741 53,223,741 — — Investment securities available for sale 142,667,417 142,667,417 35,329,100 105,369,441 1,968,876 Mortgage loans to be sold 13,230,017 13,230,017 — 13,230,017 — Loans, net 317,987,064 309,683,584 — — 309,683,584 Accrued interest receivable 1,375,181 1,375,181 — 1,375,181 — Financial Liabilities: Demand deposits 464,430,793 464,430,793 — 464,430,793 — Time deposits 20,215,219 19,953,662 — 19,953,662 — Accrued interest payable 19,088 19,088 — 19,088 — Fair Value Measurements at December 31, 2020 Carrying Estimated Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 5,977,896 $ 5,977,896 $ 5,977,896 $ — $ — Interest-bearing deposits at the Federal Reserve 42,348,085 42,348,085 42,348,085 — — Investment securities available for sale 134,819,818 134,819,818 20,410,550 108,725,338 5,683,930 Mortgage loans to be sold 12,965,733 12,965,733 — 12,965,733 — Loans, net 316,616,979 308,721,680 — — 308,721,680 Accrued interest receivable 1,595,629 1,595,629 — 1,595,629 Financial Liabilities: Demand deposits 441,498,500 441,498,500 — 441,498,500 — Time deposits 20,699,131 20,294,852 — 20,294,852 — Accrued interest payable 20,707 20,707 — 20,707 —

INCOME PER COMMON SHARE (Tables

INCOME PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of average shares outstanding	The following table is a summary of the reconciliation of weighted average shares outstanding for the three months ended March 31: Three Months Ended March 31, 2021 2020 Net income $ 1,810,075 $ 1,521,131 Weighted average shares outstanding 5,521,707 5,530,256 Effect of dilutive shares 163,444 55,366 Weighted average shares outstanding - diluted 5,685,151 5,585,622 Earnings per share - basic $ 0.33 $ 0.28 Earnings per share - diluted $ 0.32 $ 0.27

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE FOR SALE (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost	$ 143,520,721	$ 132,706,063
Gross Unrealized Gains	1,604,933	2,274,015
Gross Unrealized Losses	(2,458,237)	(160,260)
Estimated Fair Value	142,667,417	134,819,818
U.S. Treasury Notes [Member]
Amortized Cost	35,238,051	20,036,549
Gross Unrealized Gains	294,776	374,001
Gross Unrealized Losses	(203,727)
Estimated Fair Value	35,329,100	20,410,550
Government-Sponsored Enterprises [Member]
Amortized Cost	96,551,696	96,614,182
Gross Unrealized Gains	979,928	1,398,884
Gross Unrealized Losses	(2,240,264)	(160,260)
Estimated Fair Value	95,291,360	97,852,806
Municipal Securities [Member]
Amortized Cost	11,730,974	16,055,332
Gross Unrealized Gains	330,229	501,130
Gross Unrealized Losses	(14,246)
Estimated Fair Value	$ 12,046,957	$ 16,556,462

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE FOR SALE (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 31,687,606	$ 32,245,646
Due in one year to five years	46,328,992	40,022,194
Due in five years to ten years	64,994,527	50,438,223
Due in ten years and over	509,596	10,000,000
Total	143,520,721	132,706,063
Estimated Fair Value
Due in one year or less	31,945,118	32,622,890
Due in one year to five years	47,178,658	41,258,370
Due in five years to ten years	63,048,291	50,968,288
Due in ten years and over	495,350	9,970,270
Total	$ 142,667,417	$ 134,819,818

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE FOR SALE (Details 2)	Mar. 31, 2021USD ($)Number	Dec. 31, 2020USD ($)Number
Less than 12 Months
Number of positions | Number	11	4
Fair Value	$ 64,720,765	$ 29,839,740
Gross Unrealized Losses	$ (2,458,237)	$ (160,260)
Total
Number of positions | Number	11	4
Fair value	$ 64,720,765	$ 29,839,740
Gross Unrealized Losses	$ (2,458,237)	$ (160,260)
U.S. Treasury Notes [Member]
Less than 12 Months
Number of positions | Number	3
Fair Value	$ 15,008,785
Gross Unrealized Losses	$ (203,727)
Total
Number of positions | Number	3
Fair value	$ 15,008,785
Gross Unrealized Losses	$ (203,727)
Government-Sponsored Enterprises [Member]
Less than 12 Months
Number of positions | Number	7	4
Fair Value	$ 49,216,630	$ 29,839,740
Gross Unrealized Losses	$ (2,240,264)	$ (160,260)
Total
Number of positions | Number	7	4
Fair value	$ 49,216,630	$ 29,839,740
Gross Unrealized Losses	$ (2,240,264)	$ (160,260)
Municipal Securities [Member]
Less than 12 Months
Number of positions | Number	1
Fair Value	$ 495,350
Gross Unrealized Losses	$ (14,246)
Total
Number of positions | Number	1
Fair value	$ 495,350
Gross Unrealized Losses	$ (14,246)

INVESTMENT SECURITIES AVAILAB_6

INVESTMENT SECURITIES AVAILABLE FOR SALE (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment securities pledged to secure deposits, fair value	$ 41,400,000	$ 42,400,000

LOANS AND ALLOWANCE FOR LOAN _3

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Loans	$ 322,283,229	$ 320,802,673
Allowance for loan losses	(4,296,165)	(4,185,694)
Loans, net	317,987,064	316,616,979
Commercial [Member]
Loans	42,201,186	51,041,397
Commercial Real Estate Construction [Member]
Loans	10,373,102	14,813,726
Commercial Real Estate Other [Member]
Loans	156,377,427	146,187,886
Consumer Real Estate [Member]
Loans	81,231,579	71,836,041
Consumer Other [Member]
Loans	4,163,221	4,480,491
Paycheck Protection Program [Member]
Loans	$ 27,936,714	$ 32,443,132

LOANS AND ALLOWANCE FOR LOAN _4

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Credit risks by category and internally assigned grades
Loans	$ 322,283,229	$ 320,802,673
Pass [Member]
Credit risks by category and internally assigned grades
Loans	295,693,622	291,433,476
Watch [Member]
Credit risks by category and internally assigned grades
Loans	17,304,717	19,768,178
OAEM [Member]
Credit risks by category and internally assigned grades
Loans	2,625,899	3,493,952
Substandard [Member]
Credit risks by category and internally assigned grades
Loans	6,658,991	6,107,067
Commercial [Member]
Credit risks by category and internally assigned grades
Loans	42,201,186	51,041,397
Commercial [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	37,770,275	44,903,134
Commercial [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	2,030,528	3,415,408
Commercial [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	710,385	1,039,647
Commercial [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	1,689,998	1,683,208
Commercial Real Estate Construction [Member]
Credit risks by category and internally assigned grades
Loans	10,373,102	14,813,726
Commercial Real Estate Construction [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	9,915,067	14,349,065
Commercial Real Estate Construction [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	458,035	464,661
Commercial Real Estate Other [Member]
Credit risks by category and internally assigned grades
Loans	156,377,427	146,187,886
Commercial Real Estate Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	136,296,189	125,111,378
Commercial Real Estate Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	14,155,587	15,200,992
Commercial Real Estate Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	1,248,150	1,784,296
Commercial Real Estate Other [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	4,677,501	4,091,220
Consumer Real Estate [Member]
Credit risks by category and internally assigned grades
Loans	81,231,579	71,836,041
Consumer Real Estate [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	80,012,464	70,454,909
Consumer Real Estate [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	346,231	467,163
Consumer Real Estate [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	623,127	623,226
Consumer Real Estate [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	249,757	290,743
Consumer Other [Member]
Credit risks by category and internally assigned grades
Loans	4,163,221	4,480,491
Consumer Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	3,762,913	4,171,858
Consumer Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	314,336	219,954
Consumer Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	44,237	46,783
Consumer Other [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	41,735	41,896
Paycheck Protection Program [Member]
Credit risks by category and internally assigned grades
Loans	27,936,714	32,443,132
Paycheck Protection Program [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	$ 27,936,714	$ 32,443,132

LOANS AND ALLOWANCE FOR LOAN _5

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 322,283,229	$ 320,802,673
30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	916,092	206,596
60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	34,261	27,855
Greater Than 90 Days [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	921,580	964,721
Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,871,933	1,199,172
Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	320,411,296	319,603,501
Commercial [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,201,186	51,041,397
Commercial [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,000	144,999
Commercial [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,681	27,855
Commercial [Member] | Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	30,681	172,854
Commercial [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,170,505	50,868,543
Commercial Real Estate Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,373,102	14,813,726
Commercial Real Estate Construction [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,373,102	14,813,726
Commercial Real Estate Other [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	156,377,427	146,187,886
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	900,000	61,597
Commercial Real Estate Other [Member] | Greater Than 90 Days [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	921,580	923,828
Commercial Real Estate Other [Member] | Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,821,580	985,425
Commercial Real Estate Other [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	154,555,847	145,202,461
Consumer Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	81,231,579	71,836,041
Consumer Real Estate [Member] | Greater Than 90 Days [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		40,893
Consumer Real Estate [Member] | Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		40,893
Consumer Real Estate [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	81,231,579	71,795,148
Consumer Other [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,163,221	4,480,491
Consumer Other [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,092
Consumer Other [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	14,580
Consumer Other [Member] | Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,672
Consumer Other [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,143,549	4,480,491
Paycheck Protection Program [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	27,936,714	32,443,132
Paycheck Protection Program [Member] | Current [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 27,936,714	$ 32,443,132

LOANS AND ALLOWANCE FOR LOAN _6

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans Receivable on Non-Accrual	$ 1,112,164	$ 1,155,930
Commercial [Member]
Financing Receivable, Past Due [Line Items]
Loans Receivable on Non-Accrual	178,975	178,975
Commercial Real Estate Other [Member]
Financing Receivable, Past Due [Line Items]
Loans Receivable on Non-Accrual	921,580	923,828
Consumer Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Loans Receivable on Non-Accrual		40,893
Consumer Other [Member]
Financing Receivable, Past Due [Line Items]
Loans Receivable on Non-Accrual	$ 11,609	$ 12,234

LOANS AND ALLOWANCE FOR LOAN _7

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for Loan Losses:
Beginning balance	$ 4,185,694	$ 4,003,758
Charge-offs	(14,631)	(39,592)
Recoveries	5,102	50,047
Provisions	120,000
Ending balance	4,296,165	4,014,213
Commercial [Member]
Allowance for Loan Losses:
Beginning balance	1,029,310	1,429,917
Recoveries		15,500
Provisions	(126,428)	(29,150)
Ending balance	902,882	1,416,267
Commercial Real Estate Construction [Member]
Allowance for Loan Losses:
Beginning balance	199,266	109,235
Provisions	(54,721)	13,834
Ending balance	144,545	123,069
Commercial Real Estate Other [Member]
Allowance for Loan Losses:
Beginning balance	1,909,121	1,270,445
Provisions	168,648	(57,798)
Ending balance	2,077,769	1,212,647
Consumer Real Estate [Member]
Allowance for Loan Losses:
Beginning balance	925,077	496,221
Provisions	127,083	65,779
Ending balance	1,052,160	562,000
Consumer Other [Member]
Allowance for Loan Losses:
Beginning balance	122,920	697,940
Charge-offs	(8,152)	(39,592)
Recoveries	4,812	34,547
Provisions	(771)	7,335
Ending balance	118,809	$ 700,230
Paycheck Protection Program [Member]
Allowance for Loan Losses:
Charge-offs	(6,479)
Recoveries	290
Provisions	$ 6,189

LOANS AND ALLOWANCE FOR LOAN _8

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Allowance for Loan Losses
Individually evaluated for impairment	$ 379,972	$ 445,411
Collectively evaluated for impairment	3,916,193	3,740,283
Total Allowance for Loan Losses	4,296,165	4,185,694	$ 4,014,213	$ 4,003,758
Loans Receivable
Individually evaluated for impairment	7,750,007	7,805,600
Collectively evaluated for impairment	314,533,222	312,997,073
Total Loans Receivable	322,283,229	320,802,673
Commercial [Member]
Allowance for Loan Losses
Individually evaluated for impairment	338,237	357,657
Collectively evaluated for impairment	564,645	671,653
Total Allowance for Loan Losses	902,882	1,029,310	1,416,267	1,429,917
Loans Receivable
Individually evaluated for impairment	1,978,615	2,298,120
Collectively evaluated for impairment	40,222,571	48,743,277
Total Loans Receivable	42,201,186	51,041,397
Commercial Real Estate Construction [Member]
Allowance for Loan Losses
Collectively evaluated for impairment	144,545	199,266
Total Allowance for Loan Losses	144,545	199,266	123,069	109,235
Loans Receivable
Collectively evaluated for impairment	10,373,102	14,813,726
Total Loans Receivable	10,373,102	14,813,726
Commercial Real Estate Other [Member]
Allowance for Loan Losses
Individually evaluated for impairment		36,747
Collectively evaluated for impairment	2,077,769	1,872,374
Total Allowance for Loan Losses	2,077,769	1,909,121	1,212,647	1,270,445
Loans Receivable
Individually evaluated for impairment	5,479,899	5,174,841
Collectively evaluated for impairment	150,897,528	141,013,045
Total Loans Receivable	156,377,427	146,187,886
Consumer Real Estate [Member]
Allowance for Loan Losses
Individually evaluated for impairment		9,111
Collectively evaluated for impairment	1,052,160	915,966
Total Allowance for Loan Losses	1,052,160	925,077	562,000	496,221
Loans Receivable
Individually evaluated for impairment	249,758	290,743
Collectively evaluated for impairment	80,981,821	71,545,298
Total Loans Receivable	81,231,579	71,836,041
Consumer Other [Member]
Allowance for Loan Losses
Individually evaluated for impairment	41,735	41,896
Collectively evaluated for impairment	77,074	81,024
Total Allowance for Loan Losses	118,809	122,920	$ 700,230	$ 697,940
Loans Receivable
Individually evaluated for impairment	41,735	41,896
Collectively evaluated for impairment	4,121,486	4,438,595
Total Loans Receivable	4,163,221	4,480,491
Paycheck Protection Program [Member]
Loans Receivable
Collectively evaluated for impairment	27,936,714	32,443,132
Total Loans Receivable	$ 27,936,714	$ 32,443,132

LOANS AND ALLOWANCE FOR LOAN _9

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Impaired Loans with no related allowance recorded
Unpaid Principal Balance with no related allowance recorded	$ 7,240,678	$ 6,803,425
Recorded Investment with no related allowance recorded	7,240,678	6,803,425
Impaired Loans with an allowance recorded
Unpaid Principal Balance with an allowance recorded	509,329	1,002,175
Recorded Investment with an allowance recorded	509,329	1,002,175
Related Allowance	379,972	445,411
Total Impaired Loans
Unpaid Principal balance	7,750,007	7,805,600
Recorded Investment	7,750,007	7,805,600
Related Allowance	379,972	445,411
Commercial [Member]
Impaired Loans with no related allowance recorded
Unpaid Principal Balance with no related allowance recorded	1,511,021	1,721,818
Recorded Investment with no related allowance recorded	1,511,021	1,721,818
Impaired Loans with an allowance recorded
Unpaid Principal Balance with an allowance recorded	467,594	576,302
Recorded Investment with an allowance recorded	467,594	576,302
Related Allowance	338,237	357,657
Total Impaired Loans
Unpaid Principal balance	1,978,615	2,298,120
Recorded Investment	1,978,615	2,298,120
Related Allowance	338,237	357,657
Commercial Real Estate Other [Member]
Impaired Loans with no related allowance recorded
Unpaid Principal Balance with no related allowance recorded	5,479,899	4,831,757
Recorded Investment with no related allowance recorded	5,479,899	4,831,757
Impaired Loans with an allowance recorded
Unpaid Principal Balance with an allowance recorded		343,084
Recorded Investment with an allowance recorded		343,084
Related Allowance		36,747
Total Impaired Loans
Unpaid Principal balance	5,479,899	5,174,841
Recorded Investment	5,479,899	5,174,841
Related Allowance		36,747
Consumer Real Estate [Member]
Impaired Loans with no related allowance recorded
Unpaid Principal Balance with no related allowance recorded	249,758	249,850
Recorded Investment with no related allowance recorded	249,758	249,850
Impaired Loans with an allowance recorded
Unpaid Principal Balance with an allowance recorded		40,893
Recorded Investment with an allowance recorded		40,893
Related Allowance		9,111
Total Impaired Loans
Unpaid Principal balance	249,758	290,743
Recorded Investment	249,758	290,743
Related Allowance		9,111
Consumer Other [Member]
Impaired Loans with an allowance recorded
Unpaid Principal Balance with an allowance recorded	41,735	41,896
Recorded Investment with an allowance recorded	41,735	41,896
Related Allowance	41,735	41,896
Total Impaired Loans
Unpaid Principal balance	41,735	41,896
Recorded Investment	41,735	41,896
Related Allowance	$ 41,735	$ 41,896

LOANS AND ALLOWANCE FOR LOAN_10

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 7) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Average Impaired Loans with no related allowance recorded
Average Recorded Investment with no related allowance recorded	$ 7,295,641	$ 4,318,311
Interest Income Recognized with no related allowance recorded	79,066	40,215
Average Impaired Loans with an allowance recorded
Average Recorded Investment with an allowance recorded	514,270	1,004,607
Interest Income Recognized with an allowance recorded	8,191	7,930
Total Average Impaired Loans
Average Recorded Investment	7,809,911	5,322,918
Interest Income Recognized	87,257	48,145
Commercial [Member]
Average Impaired Loans with no related allowance recorded
Average Recorded Investment with no related allowance recorded	1,563,106	1,345,166
Interest Income Recognized with no related allowance recorded	25,815	20,499
Average Impaired Loans with an allowance recorded
Average Recorded Investment with an allowance recorded	472,422	707,965
Interest Income Recognized with an allowance recorded	7,519	7,147
Total Average Impaired Loans
Average Recorded Investment	2,035,528	2,053,131
Interest Income Recognized	33,334	27,646
Commercial Real Estate Other [Member]
Average Impaired Loans with no related allowance recorded
Average Recorded Investment with no related allowance recorded	5,482,702	2,093,392
Interest Income Recognized with no related allowance recorded	49,760	16,136
Average Impaired Loans with an allowance recorded
Average Recorded Investment with an allowance recorded		246,884
Total Average Impaired Loans
Average Recorded Investment	5,482,702	2,340,276
Interest Income Recognized	49,760	16,136
Consumer Real Estate [Member]
Average Impaired Loans with no related allowance recorded
Average Recorded Investment with no related allowance recorded	249,833	879,753
Interest Income Recognized with no related allowance recorded	3,491	3,580
Total Average Impaired Loans
Average Recorded Investment	249,833	879,753
Interest Income Recognized	3,491	3,580
Consumer Other [Member]
Average Impaired Loans with an allowance recorded
Average Recorded Investment with an allowance recorded	41,848	49,758
Interest Income Recognized with an allowance recorded	672	783
Total Average Impaired Loans
Average Recorded Investment	41,848	49,758
Interest Income Recognized	$ 672	$ 783

LOANS AND ALLOWANCE FOR LOAN_11

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Narrative)	Dec. 27, 2020USD ($)	Mar. 27, 2020USD ($)	Mar. 31, 2021USD ($)Number	Dec. 31, 2020USD ($)Number	Apr. 24, 2020USD ($)
Deferred loan fees			$ 830,945	$ 676,155
Loans pledged as collateral to secure funding with the Federal Reserve Bank			$ 91,000,000	$ 76,000,000
Number of loans over 90 days past due and still accruing | Number			0	0
Restructured loans number | Number			12	14
Restructured loans amount			$ 5,300,000	$ 5,800,000
Principal deferments amount				$ 700,000
Principal deferments number of customers | Number				84
Loan balance of principal deferred loans				$ 25,900,000
Principal deferments percentage of portfolio				0.24%
Principal deferments number classified as TDRs | Number			6	8
Loan balance of principal deferred loans classified as TDRs			$ 3,500,000	$ 3,900,000
Principal deferments number not classified as TDRs | Number			75
Principal deferments number not classified as TDRs paid in full | Number			22
Loan balance of principal deferred loans not classified as TDRs paid in full			$ 5,100,000
Principal deferments number not classified as TDRs past due | Number			7
Loan balance of principal deferred loans not classified as TDRs past due			$ 800,000
Principal deferments number not classified as TDRs paying as agreed | Number			46
Loan balance of principal deferred loans not classified as TDRs paying as agreed			$ 21,600,000
Paycheck Protection Program [Member]
Loans to be issued under CARES Act		$ 349,000,000,000
Loans fixed rate	1.00%	1.00%
Term of loan	5 years	2 years
Guarantee of loan by SBA (percent)	100.00%	100.00%
Processing fees received			1,400,000
Processing fees recognized				$ 600,000
Additional funding of loans to be issued under CARES Act	$ 325,000,000,000				$ 310,000,000,000
Bank funding amount			$ 37,800,000
Bank funding number of customers | Number			266
Paycheck Protection Program [Member] | Loans Range Two [Member]
Processing fee of SBA loans (percent)	5.00%
Paycheck Protection Program [Member] | Loans Range Three [Member]
Processing fee of SBA loans (percent)	3.00%
Paycheck Protection Program [Member] | Loans Range Four [Member]
Processing fee of SBA loans (percent)	1.00%
Paycheck Protection Program [Member] | Second Round [Member]
Processing fees received			$ 800,000
Bank funding amount			$ 15,500,000
Bank funding number of customers | Number			176
Number of loan applications received | Number			193
Amount of loan applications received			$ 16,100,000
Number of loan applications approved | Number			184
Amount of loan applications approved			$ 15,700,000
Paycheck Protection Program [Member] | Minimum [Member]
Processing fee of SBA loans (percent)			1.00%
Paycheck Protection Program [Member] | Minimum [Member] | Loans Range Two [Member]
Loan principal amount	$ 50,000
Paycheck Protection Program [Member] | Minimum [Member] | Loans Range Three [Member]
Loan principal amount	350,000
Paycheck Protection Program [Member] | Minimum [Member] | Loans Range Four [Member]
Loan principal amount	$ 2,000,000
Paycheck Protection Program [Member] | Maximum [Member]
Processing fee of SBA loans (percent)			5.00%
Paycheck Protection Program [Member] | Maximum [Member] | Loans Range One [Member]
Processing fee of SBA loans (percent)	50.00%
Loan principal amount	$ 50,000
Processing fee amount	2,500
Paycheck Protection Program [Member] | Maximum [Member] | Loans Range Two [Member]
Loan principal amount	$ 350,000

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Expense Components
Operating lease expense	$ 301,537	$ 233,959
Short-term lease expense
Total lease expense	$ 301,537	$ 233,959

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 12,605,156		$ 12,730,151
Operating Lease, Liability	$ 12,605,156		$ 12,730,151
Renewal terms	20 years
Weighted average remaining lease term	17 years 3 months 22 days
Weighted average rate	4.35%
Rent expense	$ 301,537	$ 233,959

DISCLOSURE REGARDING FAIR VAL_3

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investment securities available for sale	$ 142,667,417	$ 134,819,818
Level 1 [Member]
Investment securities available for sale	35,329,100	20,410,550
Level 2 [Member]
Investment securities available for sale	105,369,441	108,725,338
Level 3 [Member]
Investment securities available for sale	1,968,876	5,683,930
U.S. Treasury Notes [Member]
Investment securities available for sale	35,329,100	20,410,550
Government-Sponsored Enterprises [Member]
Investment securities available for sale	95,291,360	97,852,806
Municipal Securities [Member]
Investment securities available for sale	12,046,957	16,556,462
Recurring Basis [Member]
Investment securities available for sale	142,667,417	134,819,818
Recurring Basis [Member] | Level 1 [Member]
Investment securities available for sale	35,329,100	20,410,550
Recurring Basis [Member] | Level 2 [Member]
Investment securities available for sale	105,369,441	108,725,338
Recurring Basis [Member] | Level 3 [Member]
Investment securities available for sale	1,968,876	5,683,930
Recurring Basis [Member] | U.S. Treasury Notes [Member]
Investment securities available for sale	35,329,100	20,410,550
Recurring Basis [Member] | U.S. Treasury Notes [Member] | Level 1 [Member]
Investment securities available for sale	35,329,100	20,410,550
Recurring Basis [Member] | Government-Sponsored Enterprises [Member]
Investment securities available for sale	95,291,360	97,852,806
Recurring Basis [Member] | Government-Sponsored Enterprises [Member] | Level 2 [Member]
Investment securities available for sale	95,291,360	97,852,806
Recurring Basis [Member] | Municipal Securities [Member]
Investment securities available for sale	12,046,957	16,556,462
Recurring Basis [Member] | Municipal Securities [Member] | Level 2 [Member]
Investment securities available for sale	10,078,081	10,872,532
Recurring Basis [Member] | Municipal Securities [Member] | Level 3 [Member]
Investment securities available for sale	$ 1,968,876	$ 5,683,930

DISCLOSURE REGARDING FAIR VAL_4

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Level 3 [Member] - Municipal Securities [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning Balance	$ 5,683,930	$ 11,954,451
Total gains or (losses) (realized/unrealized)
Included in other comprehensive income	(78,054)	28,269
Purchases, issuances, and settlements net of maturities	(3,637,000)	(5,579,000)
Ending balance	$ 1,968,876	$ 6,403,720

DISCLOSURE REGARDING FAIR VAL_5

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Nonrecurring Basis [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Impaired loans	$ 5,729,657	$ 5,419,726
Mortgage loans to be sold	13,230,017	12,965,733
Total	18,959,674	18,385,459
Level 2 [Member]
Mortgage loans to be sold	13,230,017	12,965,733
Total	13,230,017	12,965,733
Level 3 [Member]
Impaired loans	5,729,657	5,419,726
Total	$ 5,729,657	$ 5,419,726

DISCLOSURE REGARDING FAIR VAL_6

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - Appraisals and/or Sales [Member] - Discount Rate [Member]	Mar. 31, 2021	Dec. 31, 2020
Minimum [Member]
Impaired loans	0.10	0.10
Maximum [Member]
Impaired loans	0.20	0.20

DISCLOSURE REGARDING FAIR VAL_7

DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 4) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financial Assets:
Investment securities available for sale	$ 142,667,417	$ 134,819,818
Level 1 [Member]
Financial Assets:
Cash and due from banks	6,211,365	5,977,896
Interest-bearing deposits at the Federal Reserve	53,223,741	42,348,085
Investment securities available for sale	35,329,100	20,410,550
Level 2 [Member]
Financial Assets:
Investment securities available for sale	105,369,441	108,725,338
Mortgage loans to be sold	13,230,017	12,965,733
Accrued interest receivable	1,375,181	1,595,629
Financial Liabilities:
Demand deposits	464,430,793	441,498,500
Time deposits	19,953,662	20,294,852
Accrued interest payable	19,088	20,707
Level 3 [Member]
Financial Assets:
Investment securities available for sale	1,968,876	5,683,930
Loans, net	309,683,584	308,721,680
Carrying Amount [Member]
Financial Assets:
Cash and due from banks	6,211,365	5,977,896
Interest-bearing deposits at the Federal Reserve	53,223,741	42,348,085
Investment securities available for sale	142,667,417	134,819,818
Mortgage loans to be sold	13,230,017	12,965,733
Loans, net	317,987,064	316,616,979
Accrued interest receivable	1,375,181	1,595,629
Financial Liabilities:
Demand deposits	464,430,793	441,498,500
Time deposits	20,215,219	20,699,131
Accrued interest payable	19,088	20,707
Estimated Fair Value [Member]
Financial Assets:
Cash and due from banks	6,211,365	5,977,896
Interest-bearing deposits at the Federal Reserve	53,223,741	42,348,085
Investment securities available for sale	142,667,417	134,819,818
Mortgage loans to be sold	13,230,017	12,965,733
Loans, net	309,683,584	308,721,680
Accrued interest receivable	1,375,181	1,595,629
Financial Liabilities:
Demand deposits	464,430,793	441,498,500
Time deposits	19,953,662	20,294,852
Accrued interest payable	$ 19,088	$ 20,707

INCOME PER COMMON SHARE (Detail

INCOME PER COMMON SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 1,810,075	$ 1,521,131
Weighted average shares outstanding	5,521,707	5,530,256
Effect of dilutive shares	163,444	55,366
Weighted average shares outstanding - diluted	5,685,151	5,585,622
Earnings per share - basic (in dollars per share)	$ 0.33	$ 0.28
Earnings per share - diluted (in dollars per share)	$ 0.32	$ 0.27