FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurements, Recurring and Nonrecurring

Assets measured at fair value as of December 31, 2022 and 2021 are available-for-sale investment securities which are summarized below:


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2022		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Corporate securities	$	380,316	$	380,316	$	—	$	—
Obligations of states and political subdivisions	219,648,027		—		219,648,027		—
Available-for-sale investment securities	$	220,028,343	$	380,316	$	219,648,027	$	—


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2021		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Corporate securities	$	418,548	$	418,548	$	—	$	—
Obligations of states and political subdivisions	261,183,377		—		261,183,377		—
Available-for-sale investment securities	$	261,601,925	$	418,548	$	261,183,377	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details