Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2015

Receivables [Abstract]

Schedule of non-accrual loans

The following is a summary of the non-accrual loans as of September 30, 2015 and December 31, 2014.

September 30, 2015
Loans Receivable on Non-Accrual
Commercial	$	—
Commercial Real Estate:
Commercial Real Estate - Construction		—
Commercial  Real Estate - Other		1,400,600
Consumer:
Consumer  Real Estate		82,015
Consumer - Other		—
Total	$	1,482,615

December 31, 2014
Loans Receivable on Non-Accrual
Commercial	$	—
Commercial Real Estate:
Commercial Real Estate - Construction		—
Commercial Real Estate - Other		882,413
Consumer:
Consumer Real Estate		—
Consumer - Other		—
Total	$	882,413

Schedule of delinquent loans, excluding mortgage loans held for sale

The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of September 30, 2015 and December 31, 2014.

September 30, 2015
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Recorded Investment > 90 Days and Accruing
Commercial	$	4,640		1,065,264		—		1,069,904		47,010,005		48,079,909		—
Commercial Real Estate:
Commercial Real Estate -Construction		—		—		—		—		1,371,523		1,371,523		—
Commercial Real Estate -Other		187,359		696,206		685,271		1,568,836		118,209,088		119,777,924		89,500
Consumer:
Consumer- Real Estate		53,989		—		82,015		136,004		67,184,285		67,320,289		—
Consumer-Other		7,803		1,735		—		9,538		4,691,070		4,700,608		—
Total	$	253,792		1,763,204		767,286		2,784,282		238,465,971		241,250,253		89,500

December 31, 2014
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Recorded Investment > 90 Days and Accruing
Commercial	$	557,608		2,474		—		560,082		49,339,495		49,899,577		—
Commercial Real Estate:
Commercial Real Estate -Construction		—		—		—		—		1,511,702		1,511,702		—
Commercial Real Estate -Other		229,607		589,705		1,665,673		2,484,985		113,254,697		115,739,682		1,274,119
Consumer:
Consumer- Real Estate		—		—		—		—		62,054,983		62,054,983		—
Consumer-Other		17,468		—		—		17,468		4,894,380		4,911,848		—
Total	$	804,683		592,179		1,665,673		3,062,535		231,055,257		234,117,792		1,274,119

Schedule of impaired loans and average recorded investment and interest income recognized on impaired loans

As of September 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table:

Impaired and Restructured Loans For September 30, 2015
With no related allowance recorded:	Unpaid Principal Balance		Recorded Investment		Related Allowance
Commercial	$	719,343	$	719,343	$	—
Commercial Real Estate		2,670,690		2,670,690		—
Consumer Real Estate		450,053		450,053		—
Consumer Other		6,613		6,613		—
Total		3,846,699		3,846,699		—
With an allowance recorded:
Commercial		956,983		956,983		507,152
Commercial Real Estate		1,249,419		1,249,419		198,681
Consumer Real Estate		911,450		911,450		392,618
Consumer Other		97,171		97,171		97,171
Total		3,215,023		3,215,023		1,195,622
Grand Total	$	7,061,722	$	7,061,722	$	1,195,622

Impaired and Restructured Loans As of December 31, 2014
With no related allowance recorded:	Unpaid Principal Balance		Recorded Investment		Related Allowance
Commercial	$	634,865	$	634,865	$	—
Commercial Real Estate		3,349,844		3,349,844		—
Consumer Real Estate		351,140		351,140		—
Consumer Other		—		—		—
Total		4,335,849		4,335,849		—
With an allowance recorded:
Commercial		1,157,560		1,157,560		784,561
Commercial Real Estate		846,008		846,008		209,189
Consumer Real Estate		672,163		672,163		250,590
Consumer Other		39,547		39,547		39,547
Total		2,715,278		2,715,278		1,283,887
Grand Total	$	7,051,127	$	7,051,127	$	1,283,887

The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014, respectively.

Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Three Months Ended
	September 30, 2015				September 30, 2014
With no related allowance recorded:	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Commercial	$	736,376	$	11,289	$	591,490	$	12,344
Commercial Real Estate		2,689,602		37,625		3,212,538		40,197
Consumer Real Estate		450,053		4,559		351,712		2,576
Consumer Other		6,930		146		—		—
Total		3,882,961		53,619		4,155,740		55,117
With an allowance recorded:
Commercial		989,914		11,865		1,270,229		14,578
Commercial Real Estate		1,253,113		14,333		1,794,000		21,349
Consumer Real Estate		914,480		10,495		681,958		10,726
Consumer Other		98,486		1,415		39,996		419
Total		3,255,993		38,108		3,786,183		47,072
Grand Total	$	7,138,954	$	91,727	$	7,941,923	$	102,189

Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Nine months Ended
	September 30, 2015				September 30, 2014
With no related allowance recorded:	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Commercial	$	763,464	$	33,861	$	603,268	$	34,784
Commercial Real Estate		2,646,960		111,164		3,298,665		100,952
Consumer Real Estate		450,053		14,009		351,775		8,102
Consumer Other		7,139		224		—		—
Total		3,867,616		159,258		4,253,708		143,838
With an allowance recorded:
Commercial		1,026,875		37,673		1,320,051		42,558
Commercial Real Estate		1,254,696		43,702		1,803,242		61,062
Consumer Real Estate		920,347		29,772		691,169		26,365
Consumer Other		100,889		4,462		42,114		1,528
Total		3,302,807		115,609		3,856,576		131,513
Grand Total	$	7,170,423	$	274,867	$	8,110,284	$	275,351

Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at September 30, 2015 and December 31, 2014.

September 30, 2015
		Commercial		Commercial Real Estate Construction		Commercial Real Estate Other		Consumer Real Estate		Consumer Other		Total
	Pass	$	43,993,347	$	935,506	$	113,436,081	$	63,862,429	$	4,313,261	$	226,540,624
	Watch		1,033,532		436,017		1,221,544		1,992,556		254,295		4,937,944
	OAEM		1,376,704		—		1,200,190		103,801		29,268		2,709,963
	Sub-Standard		1,676,326		—		3,920,109		1,361,503		103,784		7,061,722
	Doubtful		—		—		—		—		—		—
	Loss		—		—		—		—		—		—
	Total	$	48,079,909	$	1,371,523	$	119,777,924	$	67,320,289	$	4,700,608	$	241,250,253

December 31, 2014
		Commercial		Commercial Real Estate Construction		Commercial Real Estate Other		Consumer Real Estate		Consumer Other		Total
	Pass	$	45,154,058	$	1,062,185	$	108,568,274	$	58,744,677	$	4,512,912	$	218,042,106
	Watch		2,401,715		—		1,697,883		1,818,923		276,557		6,195,078
	OAEM		551,380		449,517		1,378,436		467,482		82,832		2,929,647
	Sub-Standard		1,792,424		—		4,095,089		1,023,901		39,547		6,950,961
	Doubtful		—		—		—		—		—		—
	Loss		—		—		—		—		—		—
	Total	$	49,899,577	$	1,511,702	$	115,739,682	$	62,054,983	$	4,911,848	$	234,117,792

Schedule of changes in the allowance and an allocation of the allowance by loan category

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above.

For the Three Months Ended
September 30, 2015
	Commercial			Commercial Real Estate			Consumer Real Estate			Consumer Other			Total
Allowance for Loan Losses
Beginning Balance June 30, 2015	$	1,044,329			1,186,043			957,447			219,939			3,407,758
Charge-offs		(99,737	)		(34,252	)		(6,075	)		(19,274	)		(159,338	)
Recoveries		—			17,000			6,075			10,276			33,351
Provisions		3,450			100,935			(46,204	)		(50,681	)		7,500
Ending Balance		948,042			1,269,726			911,243			160,260			3,289,271

As of and for the Nine Months Ended
September 30, 2015
	Commercial			Commercial Real Estate			Consumer Real Estate			Consumer Other			Total
Allowance for Loan Losses
Beginning Balance December 31, 2014	$	1,211,130		$	1,112,387		$	906,255		$	105,076		$	3,334,848
Charge-offs		(99,737	)		(55,252	)		(6,075	)		(40,007	)		(201,071	)
Recoveries		9,164			47,000			6,075			10,755			72,994
Provisions		(172,515	)		165,591			4,988			84,436			82,500
Ending Balance		948,042			1,269,726			911,243			160,260			3,289,271
Allowance for  Loan Losses Ending Balances:
Individually evaluated for impairment		507,152			198,681			392,618			97,171			1,195,622
Collectively evaluated for impairment		440,890			1,071,045			518,625			63,089			2,093,649
Investment in Loans Ending Balance:
Individually evaluated for impairment		1,676,326			3,920,109			1,361,503			103,784			7,061,722
Collectively evaluated for impairment	$	46,403,583		$	117,229,338		$	65,958,786		$	4,596,824		$	234,188,531

For the Three Months Ended
September 30, 2014
	Commercial			Commercial Real Estate			Consumer Real Estate		Consumer Other			Total
Allowance for Loan Losses
Beginning Balance June 30, 2014	$	1,277,246		$	1,317,450		$	696,661	$	88,451		$	3,379,808
Charge-offs		—			(15,834	)		—		(3,004	)		(18,838	)
Recoveries		—			12,000			—		206			12,206
Provisions		(23,077	)		(25,135	)		44,219		16,493			12,500
Ending Balance		1,254,169			1,288,481			740,880		102,146			3,385,676

As of and for the Nine Months Ended
September 30, 2014
	Commercial			Commercial Real Estate			Consumer Real Estate		Consumer Other			Total
Allowance for Loan Losses
Beginning Balance December 31, 2013	$	1,448,804		$	1,064,363		$	694,950	$	84,160		$	3,292,277
Charge-offs		—			(19,787	)		—		(7,133	)		(26,920	)
Recoveries		—			31,100			—		26,719			57,819
Provisions		(194,635	)		212,805			45,930		(1,600	)		62,500
Ending Balance		1,254,169			1,288,451			740,880		102,146			3,385,676
Allowance for  Loan Losses Ending Balances:
Individually evaluated for impairment		872,728			470,189			151,431		39,547			1,533,895
Collectively evaluated for impairment		381,441			738,704			589,449		62,599			1,851,781
Investment in Loans Ending Balance:
Individually evaluated for impairment		2,224,613			4,600,806			1,031,280		39,547			7,896,246
Collectively evaluated for impairment	$	46,495,983		$	110,560,553		$	59,724,271	$	4,996,056		$	221,776,863