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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
 12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $118,188 at December 31, 2015, and $89,441 at December 31, 2014) are as follows:

   DECEMBER 31,
   2015  2014
       
Commercial loans  $50,938,265   $49,899,577 
Commercial real estate:          
Commercial real estate construction   1,005,118    1,511,702 
Commercial real estate other   115,736,034    115,739,682 
Consumer:          
Consumer real estate   69,777,307    62,054,983 
Consumer other   5,165,981    4,911,848 
    242,622,705    234,117,792 
Allowance for loan losses   (3,417,827)   (3,334,848)
           
Loans, net  $239,204,878   $230,782,944 

 
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at December 31, 2015 and December 31, 2014. “Pass” includes loans internally graded as excellent, good and satisfactory.

  

    December 31, 2015
   Commercial  Commercial
Real Estate  Construction		  Commercial   Real Estate Other  Consumer – Real Estate  Consumer-
Other		  Total
                   
Pass  $46,865,088   $572,101   $110,040,948   $65,941,806   $4,857,576   $228,277,519 
Watch   1,096,200    433,017    940,073    2,490,339    175,489    5,135,118 
OAEM   1,337,002    —    1,203,518    99,743    26,961    2,667,224 
Sub-Standard   1,639,975    —    3,551,495    1,245,419    105,955    6,542,844 
Doubtful   —    —    —    —    —    — 
Loss   —    —    —    —    —    — 
                                 
Total  $50,938,265   $1,005,118   $115,736,034   $69,777,307   $5,165,981   $242,622,705 

 

    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 delinquent loans, excluding mortgage loans held for sale

The following tables include an aging analysis of the recorded investment of past-due financing receivable by class:

  

    December 31, 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   $ 1,162,676     $ 250,370     $ 4,317     $ 1,417,363     $ 49,520,902     $ 50,938,265     $ —  
Commercial Real Estate:                                                        
Commercial Real Estate -Construction     —       —       —       —       1,005,118       1,005,118       —  
Commercial Real Estate -Other     91,607       1,215,473       1,152,774       2,459,854       113,276,180       115,736,034       —  
Consumer:                                                        
Consumer Real Estate     68,240       249,754       82,015       400,008       69,377,299       69,777,307       —  
Consumer-Other     69,333       58,116       6,056       133,505       5,032,476       5,165,981       1,606  
Total   $ 1,391,856     $ 1,773,713     $ 1,245,163     $ 4,410,731     $ 238,211,974     $ 242,622,705     $ 1,606  

 

    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 non-accrual loans

The following table summarizes the balances of non-accrual loans:

  

   Loans Receivable on Non-Accrual
   December 31, 2015  December 31, 2014
Commercial  $4,317   $— 
Commercial Real Estate:          
Commercial Real Estate - Construction   —    — 
Commercial Real Estate - Other   1,970,306    882,413 
Consumer:          
Consumer - Real Estate   82,015    — 
Consumer - Other   4,450    — 
Total  $2,061,088   $882,413 
Schedule of changes in the allowance and an allocation of the allowance by loan category

The following tables set forth the changes in the allowance and an allocation of the allowance by loan category at December 31, 2015, December 31, 2014 and December 31, 2013. 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.

 

    December 31, 2015
   Commercial  Commercial Real Estate-Construction  Commercial   Real Estate-Other  Consumer   Real Estate  Consumer   Other  Total
Allowance for Loan Losses                  
Beginning Balance  $1,211,130   $42,904   $1,112,387   $863,351   $105,076   $3,334,848 
Charge-offs   (99,737)   —    (55,252)   (6,075)   (40,007)   (201,071)
Recoveries   9,164    —    53,753    6,075    22,558    91,550 
Provisions   (223,703)   16,957    234,206    78,119    86,921    192,500 
Ending Balance  $896,854   $59,861   $1,345,094   $941,470   $174,548   $3,417,827 

 

    December 31, 2014
   Commercial  Commercial Real Estate-Construction  Commercial   Real Estate-Other  Consumer   Real Estate  Consumer   Other  Total
Allowance for Loan Losses                  
Beginning Balance  $1,448,804   $22,137   $1,064,363   $672,813   $84,160   $3,292,277 
Charge-offs   (83,042)   —    (15,834)   —    (14,154)   (113,030)
Recoveries   —    —    46,000    —    27,101    73,101 
Provisions   (154,632)   20,767    17,858    190,538    7,969    82,500 
Ending Balance  $1,211,130   $42,904   $1,112,387   $863,351   $105,076   $3,334,848 

 

    December 31, 2013
   Commercial  Commercial Real Estate-Construction  Commercial   Real Estate-Other  Consumer   Real Estate  Consumer   Other  Total
Allowance for Loan Losses                  
Beginning Balance  $1,576,002   $30,579   $767,170   $947,280   $111,813   $3,432,844 
Charge-offs   (245,599)   —    —    —    (145,802)   (391,401)
Recoveries   23,004         15,348    —    4,982    43,334 
Provisions   95,397    (8,442)   281,845    (274,467)   113,167    207,500 
Ending Balance  $1,448,804   $22,137   $1,064,363   $672,813   $84,160   $3,292,277 

 

 

The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans.

 

    December 31, 2015
   Commercial  Commercial Real Estate-Construction  Commercial   Real Estate-Other  Consumer Real Estate  Consumer   Other  Total
Allowance for Loan Losses                  
Individually evaluated for impairment  $387,979   $—   $253,105   $342,320   $100,103   $1,083,507 
Collectively evaluated for impairment   508,875    59,861    1,091,989    599,150    74,445    2,334,320 
Total Allowance for Losses  $896,854   $59,861   $1,345,094   $941,470   $174,548   $3,417,827 
Loans Receivable                              
Individually evaluated for impairment  $1,639,974   $—   $3,551,495   $1,245,419   $105,819   $6,542,707 
Collectively evaluated for impairment   49,298,291    1,005,118    112,184,539    68,531,888    5,060,162    236,079,998 
Total Loans Receivable  $50,938,265   $1,005,118   $115,736,034   $69,777,307   $5,165,981   $242,622,705 

 

 

    December 31, 2014
   Commercial  Commercial Real Estate-Construction  Commercial   Real Estate-Other  Consumer Real Estate  Consumer   Other  Total
Allowance for Loan Losses                  
Individually evaluated for impairment  $784,561   $ —      $209,189   $250,590   $39,547   $1,283,887 
Collectively evaluated for impairment   426,569    42,904    903,198    612,761    65,529    2,050,961 
Total Allowance for Loan Losses  $1,211,130   $42,904   $1,112,387   $863,351   $105,076   $3,334,848 
Loans Receivable                              
Individually evaluated for impairment  $1,792,425   $—   $4,195,852   $1,023,303   $39,547   $7,051,127 
Collectively evaluated for impairment   48,107,152    1,511,702    111,543,830    61,031,680    4,872,301    227,066,665 
   $49,899,577   $1,511,702   $115,739,682   $62,054,983   $4,911,848   $234,117,792 

   

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

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

 

  

Impaired and Restructured Loans

As of The Year Ended

December 31,

   2015  2014
With no related allowance recorded:  Unpaid Principal Balance  Recorded Investment  Related Allowance  Unpaid Principal Balance  Recorded Investment  Related Allowance
Commercial  $692,831   $692,831   $—   $634,865   $634,865   $— 
Commercial Real Estate-Construction   —    —    —    —    —    — 
Commercial Real Estate-Other   2,476,018    2,476,018    —    3,349,844    3,349,844    — 
Consumer Real Estate   450,402    450,402    —    351,140    351,140    — 
Consumer Other   5,715    5,715    —    —    —    — 
                               
   $3,542,706   $3,542,706   $—   $4,335,849   $4,335,849   $— 
                               
With an allowance recorded:                              
Commercial  $947,143   $947,143   $387,979    1,157,560    1,157,560    784,561 
Commercial Real Estate- Construction   —    —    —    —    —    — 
Commercial Real Estate-Other   1,075,477    1,075,477    253,105    846,008    846,008    209,189 
Consumer Real Estate   795,017    795,017    342,320    672,163    672,163    250,590 
Consumer Other   100,104    100,104    100,103    39,547    39,547    39,547 
                               
   $2,917,741   $2,917,741   $1,083,507   $2,715,278   $2,715,278   $1,283,887 
                               
Total                              
Commercial  $1,639,974   $1,639,974   $387,979   $1,792,425   $1,792,425   $784,561 
Commercial Real Estate-Construction   —    —    —              — 
Commercial Real Estate-Other   3,551,495    3,551,495    253,105    4,195,852    4,195,852    209,189 
Consumer Real Estate   1,245,419    1,245,419    342,320    1,023,303    1,023,303    250,590 
Consumer Other   105,819    105,819    100,103    39,547    39,547    39,547 
                               
   $6,542,707   $6,542,707   $1,083,507   $7,051,127   $7,051,127   $1,283,887 

   

The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated.

 

   For the Year Ended December 31,
   2015  2014  2013
With no related allowance recorded:  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized
Commercial  $750,350   $43,853   $647,135   $18,129   $424,733   $36,465 
Commercial Real Estate-Construction   —    —    —    —    —    — 
Commercial Real Estate-Other   2,500,204    128,352    3,515,431    177,416    2,427,681    152,529 
Consumer Real Estate   450,117    17,035    351,550    12,877    200,339    9,079 
Consumer-Other   56,758    2,557    —    —    —    — 
                               
   $3,757,429   $191,797   $4,514,116   $208,422   $3,052,753   $198,073 
                               
With an allowance recorded:                              
Commercial  $1,009,765   $49,166   $1,222,383   $56,432   $1,213,799   $58,955 
Commercial Real Estate-Construction   —    —    —    —    —    — 
Commercial Real Estate-Other   1,066,896    48,945    790,998    29,218    2,083,729    78,453 
Consumer Real Estate   811,014    32,362    688,922    34,154    866,800    32,633 
Consumer Other   55,439    3,540    41,631    1,923    46,697    2,268 
                               
   $2,943,114   $134,013   $2,743,934   $121,727   $4,211,025   $172,309 
                               
Total                              
Commercial  $1,760,115   $93,019   $1,869,518   $74,561   $1,638,532   $95,420 
Commercial Real Estate-Construction   —    —    —    —    —    — 
Commercial Real Estate-Other   3,567,100    177,297    4,306,429    206,634    4,511,410    230,982 
Consumer Real Estate   1,261,131    49,397    1,040,472    47,031    1,067,139    41,712 
Consumer Other   112,197    6,097    41,631    1,923    46,697    2,268 
                               
   $6,700,543   $325,810   $7,258,050   $330,149   $7,263,778   $370,382