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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $123,970 at March 31, 2016, and $118,188 at December 31, 2015) are as follows: 

 

 
 		  
 		 March 31,
2016		  
 		 December 31,
2015
Commercial Loans   $ 52,101,572     $ 50,938,265  
Commercial real estate:                
Commercial real estate construction     1,160,893       1,005,118  
Commercial real estate other     121,300,195       115,736,034  
Consumer                
Consumer real estate     73,239,469       69,777,307  
Consumer other     5,523,504       5,165,981  
      253,325,633       242,622,705  
Allowance for Loan losses     (3,436,762 )     (3,417,827 )
Loans, net   $ 249,888,871     $ 239,204,878  
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at March 31, 2016 and December 31, 2015. “Pass” includes loans internally graded as excellent, good and satisfactory.

 

    March 31, 2016
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
Pass   $ 48,126,073     $ 730,876     $ 115,601,053     $ 69,362,054     $ 5,262,539     $ 239,082,595  
Watch     1,010,043       430,017       926,678       2,471,241       133,234       4,971,213  
OAEM     1,191,770       —       1,154,784       733,461       24,574       3,104,589  
Substandard     1,773,686       —       3,617,680       672,713       103,157       6,167,236  
Doubtful     —       —       —       —       —       —  
Loss     —       —       —       —       —       —  
Total   $ 52,101,572     $ 1,160,893     $ 121,300,195     $ 73,239,469     $ 5,523,504     $ 253,325,633  

 

    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  
Substandard     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  
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:

  

    March 31, 2016
    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 Accuring Interest
Commercial Loans   $ 39,664     $ 1,054,310       —     $ 1,093,974     $ 51,007,598     $ 52,101,572     $ —  
Commercial real estate:                                                        
Commercial real estate construction     —       —       —       —       1,160,893       1,160,893       —  
Commercial real estate other     —       986,887       1,817,056       2,803,943       118,496,252       121,300,195       —  
Consumer                                                        
Consumer real estate     —       —       150,255       150,255       73,089,214       73,239,469       —  
Consumer other     —       12,176       2,448       14,624       5,508,880       5,523,504       —  
Total   $ 39,664     $ 2,053,373     $ 1,969,759     $ 4,062,796     $ 249,262,837     $ 253,325,633     $ —  

 

    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 Accuring Interest
Commercial Loans   $ 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       400,009       69,377,298       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     $ 1,245,162     $ 4,410,731     $ 238,211,974     $ 242,622,705     $ 1,606
Schedule of non-accrual loans

There were no loans at March 31, 2016 and one loan at December 31, 2015, over 90 days past due and still accruing interest. The following table summarizes the balances of non-accrual loans:

 

    Loans Receivable on Non-Accrual
For the Period Ending
    March 31, 2016   December 31, 2015
Commercial Loans   $ 3,862     $ 4,317  
Commercial real estate:                
Commercial real estate construction     —       —  
Commercial real estate other     2,453,166       1,970,306  
Consumer                
Consumer real estate     150,255       82,015  
Consumer other     4,857       4,450  
Total   $ 2,612,140     $ 2,061,088  
Schedule of changes in the allowance and an allocation of the allowance by loan category

The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors.

 

    March 31, 2016
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
Beginning Balance   $ 896,854     $ 59,861     $ 1,345,094     $ 941,470     $ 174,548     $ 3,417,827  
Charge-offs     (33,045 )     —        —        —        (1,050 )     (34,095 )
Recoveries     1,284       —        6,000       —        746       8,030  
Provision     635,557       (15,593 )     (242,391 )     (328,228 )     (4,345 )     45,000  
Ending Balance   $ 1,500,650     $ 44,268     $ 1,108,703     $ 613,242     $ 169,899     $ 3,436,762  

 

    March 31, 2015
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
Beginning Balance   $ 1,211,130     $ 42,904     $ 1,112,387     $ 863,351     $ 105,076     $ 3,334,848  
Charge-offs     —       —       (21,000 )     —       —       (21,000 )
Recoveries     —       —       15,000       —       240       15,240  
Provision     (110,328 )     1,792       85,335       (12,093 )     40,294       5,000  
Ending Balance   $ 1,100,802     $ 44,696     $ 1,191,722     $ 851,258     $ 145,610     $ 3,334,088  

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

    March 31, 2016
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Esate   Consumer Other   Total
Allowance for Loan Losses                        
Individually evaluated for impairment   $ 1,103,564     $ —     $ 338,142     $ 150,545     $ 103,157     $ 1,695,408  
Collectively evaluated for impairment     397,086       44,268       770,561       462,697       66,742       1,741,354  
Total Allowance for Losses   $ 1,500,650     $ 44,268     $ 1,108,703     $ 613,242     $ 169,899     $ 3,436,762  
                                                 
Loan Receivable                                                
Individually evaluated for impairment   $ 1,773,687     $ —     $ 4,020,095     $ 604,472     $ 171,397     $ 6,569,651  
Collectively evaluated for impairment     50,327,885       1,160,893       117,280,100       72,634,997       5,352,107       246,755,982  
Total Loans Receivable   $ 52,101,572     $ 1,160,893     $ 121,300,195     $ 73,239,469     $ 5,523,504     $ 253,325,633  

 

    December 31, 2015
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Esate   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  
                                                 
Loan 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
Schedule of impaired loans and average recorded investment and interest income recognized on impaired loans

The following tables set forth the changes in the allowance for loan losses and an allocation of the allowance by loan category for the three months ended March 31, 2016 and March 31, 2015. 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.

 

   March 31, 2016
   Commercial  Commercial Real Estate Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
Beginning Balance  $896,854   $59,861   $1,345,094   $941,470   $174,548   $3,417,827 
Charge-offs   (33,045)   —     —     —     (1,050)   (34,095)
Recoveries   1,284    —     6,000    —     746    8,030 
Provision   635,557    (15,593)   (242,391)   (328,228)   (4,345)   45,000 
Ending Balance  $1,500,650   $44,268   $1,108,703   $613,242   $169,899   $3,436,762 

  

   March 31, 2015
   Commercial  Commercial Real Estate Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
Beginning Balance  $1,211,130   $42,904   $1,112,387   $863,351   $105,076   $3,334,848 
Charge-offs   —    —    (21,000)   —    —    (21,000)
Recoveries   —    —    15,000    —    240    15,240 
Provision   (110,328)   1,792    85,335    (12,093)   40,294    5,000 
Ending Balance  $1,100,802   $44,696   $1,191,722   $851,258   $145,610   $3,334,088 

 

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

    Three Months Ended
    March 31, 2016   March 31, 2015
    Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
With no related allowance recorded:                                
Commercial   $ 1,106,771     $ 16,647     $ 784,435     $ 11,992  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     1,334,158       6,705       3,290,380       42,894  
Consumer Real Estate     154,105       1,119       522,468       5,385  
Consumer Other     106,011       2,374       —       —  
    $ 2,701,045     $ 26,845     $ 4,597,283     $ 60,271  
With an allowance recorded:                                
Commercial   $ 682,992     $ 11,033     $ 1,176,492     $ 13,207  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     2,650,492       29,127       1,111,464       12,938  
Consumer Real Estate     450,403       6,742       748,701       5,431  
Consumer Other     68,240       —       88,346       1,400  
    $ 3,852,127     $ 46,902     $ 3,125,003     $ 32,976  
Total                                
Commercial   $ 1,789,763     $ 27,680     $ 1,960,927     $ 25,199  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     3,984,650       35,832       4,401,844       55,832  
Consumer Real Estate     604,508       7,861       1,271,169       10,816  
Consumer Other     174,251       2,374       88,346       1,400  
    $ 6,553,172     $ 73,747     $ 7,722,286     $ 93,247