Disclosure Regarding Fair Value of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016
	Quoted Market Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Treasury Notes	$	24,242,344	$	—	$	—	$	24,242,344
Government-Sponsored Enterprises		—		46,916,408		—		46,916,408
Municipal Securities		—		30,945,701		5,249,351		36,195,052
Total	$	24,242,344	$	77,862,109	$	5,249,351	$	107,353,804

	December 31, 2015
	Quoted Market Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. 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

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 three months ended March 31, 2016 and the three months ended March 31, 2015:

	March 31, 2016		March 31, 2015
Beginning Balance	$	5,217,678	$	1,377,089
Total gains or (losses) (realized/unrealized) included in earnings		—		—
Included in other comprehensive income		31,673		(8,646	)
Purchases, issuances and settlements		—		—
Transfers in and/or out of level 3		—		—
Ending balance	$	5,249,351	$	1,368,443

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 March 31, 2016, and December 31, 2015:

	March 31, 2016
	Quoted Market Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	4,874,243	$	4,874,243
Other real estate owned		—		—		521,943		521,943
Loans held for sale		—		3,929,539		—		3,929,539
Total	$	—	$	3,929,539	$	5,396,186	$	9,325,725

	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

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 March 31, 2016:

		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

This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.

	March 31, 2016
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,622,989	$	7,622,989	$	7,622,989	$		$
Interest-bearing deposits in other banks		30,503,030		30,503,030		30,503,030
Investments available for sale		107,353,804		107,353,804		24,242,344		77,862,109		5,249,351
Mortgage loans to be sold		3,929,539		3,929,539				3,929,539
Loans		253,325,633		253,194,574						253,194,574
Accrued interest receivable		1,040,677		1,040,677				1,040,677
Financial Liabilities:
Demand deposits		308,917,075		308,917,075				308,917,075
Time deposits		52,752,227		52,764,119				52,764,119
Accrued interest payable		66,634		66,634				66,634

	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