Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following table shows the fair value and notional amounts of derivative instruments:

		September 30, 2023						December 31, 2022
	Balance Sheet Location	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives not designated as hedging instruments:
Loan commitments	Other assets and Other liabilities	$	268,292,962	$	4,817,703	$	3,088,542	$	453,371,808	$	4,089,859	$	1,382,979
Call options	Other liabilities		-		-		-		868,600		-		29,715
Put options	Other liabilities		-		-		-		654,500		-		13,888
Total		$	268,292,962	$	4,817,703	$	3,088,542	$	454,894,908	$	4,089,859	$	1,426,582

Schedule of Gains and Losses on Derivatives

The table below presents the gains (losses) on derivatives. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion, or any amounts excluded from effective testing.

		Net Amount Gain (Loss)						Net Amount Gain (Loss)
		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative	Classification	2023			2022			2023			2022
Loan commitments	Mortgage fee income	$	(1,504,286	)	$	(3,271,282	)	$	(977,716	)	$	(2,843,155	)
Call and put options	Gains on investments and other assets	$	-		$	50,045		$	49,963		$	176,274