DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Disclosures Regarding Fair Value Of Financial Instruments Tables

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 December 31, 2014 and December 31, 2013 are as follows:

	Balance at December 31, 2014
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
US Treasury Notes	$	29,248,281	$	—	$	—	$	29,248,281
Government Sponsored Enterprises	$	—	$	50,142,649	$	—	$	50,142,649
Municipal Securities	$	—	$	33,226,093	$	1,377,089	$	34,603,182
Total	$	29,248,281	$	83,368,742	$	1,377,089	$	113,994,112

	Balance at December 31, 2013
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
US Treasury Notes	$	15,832,401	$	—	$	—	$	15,832,401
Government Sponsored Enterprises	$	—	$	43,635,038	$	—	$	43,635,038
Municipal Securities	$	—	$	33,655,445	$	1,525,337	$	35,180,782
Total	$	15,832,401	$	77,290,483	$	1,525,337	$	94,648,221

Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis

The following table presents the assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of December 31, 2014, and 2013, for which a nonrecurring change in fair value has been recorded during the twelve months ended December 31, 2014, and 2013.

	December 31, 2014
		Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans		$	—	$	—	$	5,767,240	$	5,767,240
Mortgage loans to be sold			—		7,325,081		—		7,325,081
Other real estate owned			—		521,943		—		521,943
Total		$	—	$	7,847,024	$	5,767,240	$	13,614,264

	December 31, 2013
		Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans		$	—	$	—	$	4,959,281	$	4,959,281
Mortgage loans to be sold			—		4,739,343		—		4,739,343
Other real estate owned			—		—		—		—
Total		$	—	$	4,739,343	$	4,959,281	$	9,698,624

		Inputs
	Valuation Technique	Unobservable Input	General Range of Inputs
Nonrecurring measurements:
Impaired Loans	Discounted Appraisals	Collateral Discounts	0 – 25%
Other Real Estate Owned	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 off balance sheet financial instruments

	December 31, 2014
	Notional Amount		Fair Value
Off-Balance Sheet Financial
Instruments:
Commitments to extend credit	$	62,597,548	$	—
Standby letters of credit		577,943		—

	December 31, 2013
	Notional Amount		Fair Value
Off-Balance Sheet Financial
Instruments:
Commitments to extend credit	$	64,830,461	$	—
Standby letters of credit		557,593		—

Schedule of carrying amount,estimated fair value and the financial hierarchy of entity's financial instruments

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of December 31, 2014 and December 31, 2013. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.

	December 31, 2014
	Fair Value Measurement
		Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Instruments- Assets
Loans		$	234,117,792	$	234,204,303	$	—	$	—	$	234,204,303
Financial Instruments- Liabilities
Deposits		$	322,419,027	$	322,435,308	$	—	$	322,435,308	$	—

	December 31, 2013
	Fair Value Measurement
		Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Instruments- Assets
Loans		$	218,320,304	$	218,406,792	$	—	$	—	$	218,406,792
Financial Instruments- Liabilities
Deposits		$	305,242,655	$	305,269,155	$	—	$	305,269,155	$	—

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of December 31, 2014 and 2013:

		2014
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	4,698,435	$	4,698,435	$	4,698,435	$	—	$	—
Interest-bearing deposits in other banks		5,680,613		5,680,613		5,680,613		—		—
Investments available for sale		113,994,112		113,994,112		29,248,281		83,368,742		1,377,089
Mortgage loans to be sold		7,325,081		7,325,081		—		7,325,081
Loans		234,117,792		234,204,303		—		—		234,204,303
Financial Liabilities:
Deposits		322,419,027		322,435,308		—		322,435,308		—
		Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	62,597,548	$	—	$	—	$	—	$	—
Standby letters of credit		577,943		—		—		—		—

	2013
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,043,375	$	6,043,375	$	6,043,375	$	—	$	—
Interest-bearing deposits in other banks		16,080,721		16,080,721		16,080,721		—		—
Investments available for sale		94,648,221		94,648,221		15,832,401		77,290,483		1,525,337
Mortgage loans to be sold		4,739,343		4,739,343		—		4,739,343		—
Loans		218,320,304		218,406,792		—		—		218,406,792
Financial Liabilities:
Deposits		305,242,655		305,269,155		—		305,269,155		—
		Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	64,830,461		—	$	—	$	—	$	—
Standby letters of credit		557,593		—		—		—		—