Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

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 June 30, 2015 and December 31, 2014 are as follows:

Balance  at  June 30, 2015
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
US Treasury Notes	$	24,530,040	$	—	$	—	$	24,530,040
Government Sponsored Enterprises		—		46,155,564		—		46,155,564
Municipal Securities		—		29,202,510		3,289,314		32,491,824
Total	$	24,530,040	$	75,358,074	$	3,289,314	$	103,177,428

Balance at  December 31, 2014
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs   (Level 3)		Total
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

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

The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of June 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of June 30, 2015 and December 31, 2014.

June 30, 2015
	Quoted Market Price in active markets   (Level 1)		Significant Other Observable Inputs   (Level 2)		Significant Unobservable Inputs   (Level 3)		Total
Impaired loans	$	—	$	—	$	6,730,691	$	6,730,691
Other real estate owned		—		521,943		—		521,943
Total	$	—	$	521,943	$	6,730,691	$	7,252,634

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
Other real estate owned		—		521,943		—		521,943
Total	$	—	$	521,943	$	5,767,240	$	6,289,183

There were no liabilities carried at fair value on recurring basis as of June 30, 2015 or December 31, 2014.

		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

There were no liabilities carried at fair value on nonrecurring basis as of June 30, 2015 or December 31, 2014.

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

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2015 and December 31, 2014:

	June 30, 2015
	Carrying   Amount		Estimated   Fair Value		Level   1		Level   2		Level   3
Financial Assets:
Cash and due from banks	$	6,603,741	$	6,603,741		6,603,741		—		—
Interest-bearing deposits in other banks		11,400,374		11,400,374		11,400,374		—		—
Investments available for sale		103,177,428		103,177,428		24,530,040		75,358,074		3,289,314
Mortgage loans to be sold		6,454,882		6,454,882		—		6,454,882		—
Loans		240,456,346		240,523,031		—		—		240,523,031
Financial Liabilities:
Deposits		329,946,149		329,958,339		—		329,958,339		—
		Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	78,194,534	$	—	$	—		—	$	—
Standby letters of credit		577,943		—		—		—		—

	December 31, 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		—		—		—		—