Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2015 and December 31, 2014 are as follows:

Balance at September 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	$	29,908,712	$	—	$	—	$	29,908,712
Government Sponsored Enterprises		—		51,653,088		—		51,653,088
Municipal Securities		—		29,240,720		5,199,347		34,440,067
Total	$	29,908,712	$	80,893,808	$	5,199,347	$	116,001,867

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

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). 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 September 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of September 30, 2015 and December 31, 2014.

September 30, 2015
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	5,866,100	$	5,866,100
Other real estate owned		—		—		620,394		620,394
Total	$	—	$	—	$	6,486,494	$	6,486,494

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	$	—	$	—	$	6,289,183	$	6,289,183

Schedule of unobservable inputs used in Level 3 fair value measurement

The following table provides information describing the unobservable inputs used in Level 3 fair value measurement at September 30, 2015 and 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

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 September 30, 2015 and December 31, 2014:

September 30, 2015
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,516,874	$	6,516,874		6,516,874		—		—
Interest-bearing deposits in other banks		12,468,073		12,468,073		12,468,073		—		—
Investments available for sale		116,001,867		116,001,867		29,908,712		80,893,808		5,199,347
Mortgage loans to be sold		7,018,137		7,018,137		—		7,018,137		—
Loans		241,250,253		241,286,861		—		—		241,286,861
Financial Liabilities:
Deposits		343,752,504		344,467,342		—		344,467,342		—

	Notional Amount		Fair Value
Off-Balance Sheet Financial Instruments:
Commitments to extend credit	$	82,753,090	$	—	$	—	—	$	—
Standby letters of credit		567,427		—		—	—		—

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		—		—	—		—