Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at June 30 2018 and December 31, 2017 are summarized below:

			Fair Value Measuring Using
			Quoted		Significant Other		Significant
			Prices in		Observable		Unobservable
	Total		Active Markets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
As of June 30, 2018:
U.S. Government sponsored agency securities	$	6,874,767	$	—	$	6,874,767	$	—
Mortgage-backed securities - residential		12,178,719		—		12,178,719		—
Collateralized mortgage obligations		25,952,401		—		25,952,401		—
Other investments:
Mutual fund - CRA qualified		2,453,944		2,453,944		—		—

As of December 31, 2017:
U.S. Government sponsored agency securities	$	6,932,008	$	—	$	6,932,008	$	—
Mortgage-backed securities - residential		13,940,525		—		13,940,525		—
Collateralized mortgage obligations		18,113,498		—		18,113,498		—
Other investments:
Mutual fund - CRA qualified		2,485,680		2,485,680		—		—

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

Financial Instruments: The carrying amounts and estimated fair values of financial instruments not carried at fair value, at June 30, 2018 are as follows:

As of June 30, 2018:	Carrying Amount		Level 1		Level 2		Level 3		Value
Financial Assets:
Cash and cash equivalents	$	61,251,684	$	61,251,684	$	—	$	—	$	61,251,684
Loans held for sale		8,717,723		—		9,515,395		—		9,515,395
Loans receivable, net		816,317,043		—		—		809,133,453		809,133,453
Accrued interest receivable		2,597,504		—		214,659		2,382,845		2,597,504
Other investments:
FHLB and PCBB stock		4,771,700	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	823,372,999	$	—	$	822,443,166	$	—	$	822,443,166
FHLB Advances		25,000,000		—		25,000,000		—		25,000,000
Accrued interest payable		872,879		—		872,879		—		872,879

The carrying amounts and estimated fair values of financial instruments not carried at fair value at December 31, 2017 are as follows:

As of December 31, 2017:	Carrying Amount		Level 1		Level 2		Level 3		Value
Financial Assets:
Cash and cash equivalents	$	63,249,952	$	63,249,952	$	—	$	—	$	63,249,952
Loans held for sale		15,739,305		—		17,203,060		—		17,203,060
Loans receivable, net		738,884,413		—		—		731,436,572		731,436,572
Accrued interest receivable		2,463,486		—		189,005		2,274,481		2,463,486
Other investments:
FHLB and PCBB stock		4,286,500	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	773,306,014	$	—	$	773,071,521	$	—	$	773,071,521
FHLB Advances		25,000,000		—		25,000,000		—		25,000,000
Accrued interest payable		423,239		—		423,239		—		423,239