Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

The following table sets forth by Level, within the fair value hierarchy, the fair value of the Company’s assets as of December 31, 2023:


	Level 1		Level 2			Level 3	Total
Stocks and ETF’s	$	—	$	1,755,219	$	—	$	1,755,219
Mutual funds		16,236,445		—		—		16,236,445
Debt securities		18,945,087		839,281		—		19,784,368
Total investment securities	$	35,181,532	$	2,594,500	$	—	$	37,776,032

The following table sets forth by Level, within the fair value hierarchy, the fair value of the Company’s assets as of December 31, 2022:


	Level 1		Level 2		Level 3		Total
Stocks and ETF’s	$	3,282,659	$	1,446,065	$	—	$	4,728,724
Mutual funds		14,850,839		—		—		14,850,839
Debt securities		3,880,045		1,116,854		—		4,996,899
Total investment securities	$	22,013,543	$	2,562,919	$	—	$	24,576,462


	Year Ended
	December 31,
	2023		2022
OCI from AFS securities – debt securities:
Unrealized (losses) on AFS-debt securities at beginning of period	$	(561,490)	$	(476,016)
Reversal of losses from unrealized to realized		—		310,000
Reclassification of losses from unrealized to provision for credit losses		808,561		—
Unrealized (losses) on securities available-for-sale – debt securities		68,543		(395,474)
Unrealized gain (loss) on investment securities, net		68,543		(85,474)
Balance at end of period	$	315,614	$	(561,490)