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DISCLOSURES REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2015 and December 31, 2014 are as follows:

 

    Balance at
December 31, 2015
    Quoted Market Price in active markets
(Level 1)		   Significant Other Observable Inputs
(Level 2)		   Significant Unobservable Inputs   (Level 3)   Total
US Treasury Notes   $ 34,633,673     $ —     $ —     $ 34,633,673  
Government Sponsored   Enterprises   —     51,284,332     —     51,284,332  
Municipal Securities   —     28,861,902     5,217,678     34,079,580  
Total   $ 34,633,673     $ 80,146,234     $ 5,217,678     $ 119,997,585  

 

 

    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 changes in Level 3 instruments

The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:

 

  Level 3
Municipal Securities
December 31,
    2015   2014
Beginning Balance   $ 1,377,089     $ 1,525,337  
Total gains or (losses)
(realized/unrealized)		                
Included in earnings     —       —  
Included in other comprehensive income     (34,411 )     16,752  
Purchases, issuances and settlements     3,875,000       (165,000 )
Transfers in and/or out of level 3     —       —  
Ending Balance   $ 5,217,678     $ 1,377,089  
Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis

The following table presents information about certain assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015, and 2014:

 

    December 31, 2015
    Quoted Market Price
in active markets
(Level 1)		   Significant Other
Observable Inputs
(Level 2)		   Significant
Unobservable Inputs
(Level 3)		     Total
Impaired loans   $ —       $ —       $ 5,459,200     $ 5,459,200  
Other real estate owned     —         —         620,394       620,394  
Loans held for sale     —         5,820,239       —         5,820,239  
Total   $ —       $ 5,820,239     $ 6,079,594     $ 11,899,833  

 

 

 

    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  
Loans held for sale     —         7,325,081       —         7,325,081  
Total   $ —       $ 7,325,081     $ 6,289,183     $ 13,614,264  
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 measurements at December 31, 2015:

 

        Inputs
        Valuation Technique       Unobservable Input       General Range of Inputs
             
Impaired Loans   Discounted Appraisals   Collateral Discounts   0 – 35%
             
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

    Fair Value Measurements at December 31, 2015
   Carrying   Amount  Estimated   Fair Value  Level   1  Level   2  Level   3
Financial Assets:               
Cash and due from banks  $5,295,924    5,295,924   $5,295,924   $—     $—   
Interest-bearing deposits in other banks   23,898,862    23,898,862    23,898,862    —      —   
Investments available for sale   119,997,585    119,997,585    34,633,673    80,146,234    5,217,678 
Mortgage loans to be sold   5,820,239    5,820,239    —      5,820,239    —   
Loans   242,622,705    242,581,154    —      —      242,581,154 
Accrued interest receivable   1,284,063    1,284,063    —      1,284,063    —   
Financial Liabilities:                         
Demand   deposits   303,950,800    303,950,800    —      303,950,800    —   
Time deposits   54,767,812    54,780,915    —      54,780,915    —   
Accrued interest payable   73,421    73,421    —      73,421    —   

 

    Fair Value Measurements at 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:                         
Demand deposits   260,597,692    260,597,692    —      260,597,692    —   
Time deposits   61,821,335    61,837,616    —      61,837,616    —   
Accrued interest payable   90,039    90,039    —      90,039    —   
Other short-term borrowings   6,980,681    6,980,681    —      6,980,681    —