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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $133,721 at June 30, 2016, and $118,188 at December 31, 2015) are as follows:

  

    June 30,
2016		   December 31,
2015
         
Commercial Loans   $ 53,236,380     $ 50,938,265  
Commercial real estate:                
Commercial real estate construction     1,295,073       1,005,118  
Commercial real estate other     129,103,382       115,736,034  
Consumer                
Consumer real estate     81,158,674       69,777,307  
Consumer other     5,506,580       5,165,981  
      270,300,089       242,622,705  
Allowance for Loan losses     (3,512,446 )     (3,417,827 )
Loans, net   $ 266,787,643     $ 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 June 30, 2016 and December 31, 2015. “Pass” includes loans internally graded as excellent, good and satisfactory.

  

    June 30,2016
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
                         
Pass   $ 49,359,963     $ 871,056     $ 123,622,814     $ 78,033,500     $ 5,253,174     $ 257,140,507  
Watch     1,168,350       424,017       917,792       1,158,622       127,090       3,795,871  
OAEM     1,134,582       —       658,281       651,537       16,994       2,461,394  
Substandard     1,573,485       —       3,904,495       1,315,015       109,322       6,902,317  
Doubtful     —       —       —       —       —       —  
Loss     —       —       —       —       —       —  
Total   $ 53,236,380     $ 1,295,073     $ 129,103,382     $ 81,158,674     $ 5,506,580     $ 270,300,089  

  

    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:

 

    June 30, 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   $ —     $ 1,174,677     $ 2,685     $ 1,177,362     $ 52,059,018     $ 53,236,380     $ —  
Commercial real estate:                                                        
Commercial real estate construction     —       —       —       —       1,295,073       1,295,073       —  
Commercial real estate other     408,729       547,814       2,162,237       3,118,780       125,984,602       129,103,382       —  
Consumer                                                        
Consumer real estate     43,173       249,754       —       292,927       80,865,747       81,158,674       —  
Consumer other     4,523       4,208       —       8,731       5,497,849       5,506,580       —  
Total   $ 456,425     $ 1,976,453     $ 2,164,922     $ 4,597,800     $ 265,702,289     $ 270,300,089     $ —  

  

    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

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

 

    Loans Receivable on Non-Accrual
For the Period Ending
    June 30, 2016   December 31, 2015
         
Commercial Loans   $ 2,685     $ 4,317  
Commercial real estate:                
Commercial real estate construction     —       —  
Commercial real estate other     2,451,620       1,970,306  
Consumer                
Consumer real estate     —       82,015  
Consumer other     2,149       4,450  
Total   $ 2,456,454     $ 2,061,088  
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 for loan losses and an allocation of the allowance by loan category for the three and six months ended June 30, 2016 and June 30, 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.

 

    Three Months Ended
June 30, 2016
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
                                                 
Beginning Balance   $ 1,500,650     $ 44,268     $ 1,108,703     $ 613,242     $ 169,899     $ 3,436,762  
Charge-offs     —       —       —       (82,015 )     (541 )     (82,556 )
Recoveries     —       —       18,000       —       240       18,240  
Provision     (10,323 )     13,106       59,821       98,546       (21,150 )     140,000  
Ending Balance   $ 1,490,327     $ 57,374     $ 1,186,524     $ 629,773     $ 148,448     $ 3,512,446  

 

    Six Months Ended
June 30, 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 )     —       —       (82,015 )     (1,591 )     (116,651 )
Recoveries     1,284       —       24,000       —       986       26,270  
Provision     625,234       (2,487 )     (182,570 )     (229,682 )     (25,495 )     185,000  
Ending Balance   $ 1,490,327     $ 57,374     $ 1,186,524     $ 629,773     $ 148,448     $ 3,512,446  

 

    Three Months Ended
June 30, 2015
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
                                                 
Beginning Balance   $ 1,100,802     $ 44,696     $ 1,191,722     $ 851,258     $ 145,610     $ 3,334,088  
Charge-offs     —       —       —       —       (20,734 )     (20,734 )
Recoveries     —       —       24,164       —       240       24,404  
Provision     (56,473 )     (378 )     (29,843 )     61,871       94,823       70,000  
Ending Balance   $ 1,044,329     $ 44,318     $ 1,186,043     $ 913,129     $ 219,939     $ 3,407,758  

 

    Six Months Ended
June 30, 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 )     —       (20,734 )     (41,734 )
Recoveries     —       —       39,164       —       480       39,644  
Provision     (166,801 )     1,414       55,492       49,778       135,117       75,000  
Ending Balance   $ 1,044,329     $ 44,318     $ 1,186,043     $ 913,129     $ 219,939     $ 3,407,758  

 

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

 

    June 30, 2016
    Commercial   Commercial Real Estate
Construction		   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total
Allowance for Loan Losses                                                
Individually evaluated for impairment   $ 1,087,995     $ —     $ 303,466     $ 72,008     $ 97,279     $ 1,560,748  
Collectively evaluated for impairment     402,332       57,374       883,058       557,765       51,169       1,951,698  
Total Allowance for Loan Losses   $ 1,490,327     $ 57,374     $ 1,186,524     $ 629,773     $ 148,448     $ 3,512,446  
                                                 
Loans Receivable                                                
Individually evaluated for impairment   $ 1,570,800     $ —     $ 3,904,494     $ 1,315,015     $ 97,279     $ 6,887,588  
Collectively evaluated for impairment     51,665,580       1,295,073       125,198,888       79,843,659       5,409,301       263,412,501  
Total Loans Receivable   $ 53,236,380     $ 1,295,073     $ 129,103,382     $ 81,158,674     $ 5,506,580     $ 270,300,089  

 

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

As of June 30, 2016 and December 31, 2015, loans individually evaluated and considered impaired are presented in the following table:

 

    Impaired and Restructured Loans
As of
    June 30, 2016   December 31, 2015
    Unpaid Principal Balance   Recorded Investment   Related Allowance   Unpaid Principal Balance   Recorded Investment   Related Allowance
With no related allowance recorded:                                                
Commercial   $ 482,805       482,805     $ —     $ 692,831     $ 692,831     $ —  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     2,873,160       2,873,160       —       2,476,018       2,476,018       —  
Consumer Real Estate     1,243,008       1,243,008       —       450,402       450,402       —  
Consumer Other     —       —       —       5,715       5,715       —  
    $ 4,598,973     $ 4,598,973     $ —     $ 3,624,966     $ 3,624,966     $ —  
                                                 
With an allowance recorded:                                                
Commercial   $ 1,087,995       1,087,995     $ 1,087,995     $ 947,143     $ 947,143     $ 387,979  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     1,031,334       1,031,334       303,466       1,075,477       1,075,477       253,105  
Consumer Real Estate     72,008       72,008       72,008       795,017       795,017       342,320  
Consumer Other     97,279       97,279       97,279       100,104       100,104       100,103  
    $ 2,288,616     $ 2,288,616     $ 1,560,748     $ 2,917,741     $ 2,917,741     $ 1,083,507  
Total                                                
Commercial   $ 1,570,800     $ 1,570,800     $ 1,087,995     $ 1,639,974     $ 1,639,974     $ 387,979  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     3,904,494       3,904,494       303,466       3,551,495       3,551,495       253,105  
Consumer Real Estate     1,315,016       1,315,016       72,008       1,245,419       1,245,419       342,320  
Consumer Other     97,279       97,279       97,279       105,819       105,819       100,103  
    $ 6,887,589     $ 6,887,589     $ 1,560,748     $ 6,542,707     $ 6,542,707     $ 1,083,507  

 

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
    June 30, 2016   June 30, 2015
    Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
With no related allowance recorded:                                
Commercial   $ 486,498     $ 4,221     $ 811,606     $ 11,026  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     2,883,625       20,215       3,303,936       42,405  
Consumer Real Estate     1,242,703       14,334       522,399       5,133  
Consumer Other     —       —       7,658       34  
    $ 4,612,826     $ 38,770     $ 4,645,599     $ 58,598  
With an allowance recorded:                                
Commercial   $ 1,097,191     $ 13,912     $ 1,141,727     $ 13,551  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     1,065,261       10,949       1,013,311       12,885  
Consumer Real Estate     72,034       387       1,200,173       7,862  
Consumer Other     100,212       1,177       157,602       2,154  
    $ 2,334,698     $ 26,425     $ 3,512,813     $ 36,452  
Total                                
Commercial   $ 1,583,689     $ 18,133     $ 1,953,333     $ 24,577  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     3,948,886       31,164       4,317,247       55,290  
Consumer Real Estate     1,314,737       14,721       1,722,572       12,995  
Consumer Other     100,212       1,177       165,260       2,188  
    $ 6,947,524     $ 65,195     $ 8,158,412     $ 95,050

  

    Six Months Ended
    June 30, 2016   June 30, 2015
    Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
With no related allowance recorded:                                
Commercial   $ 494,572     $ 10,718     $ 822,849     $ 25,578  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     2,889,248       42,855       3,318,009       88,205  
Consumer Real Estate     1,242,069       27,781       522,429       10,518  
Consumer Other     —       —       7,574       84  
    $ 4,625,889     $ 81,354     $ 4,670,861     $ 124,385  
With an allowance recorded:                                
Commercial   $ 1,101,252     $ 30,364     $ 1,146,928     $ 26,392  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     1,031,087       18,265       1,015,819       25,029  
Consumer Real Estate     72,059       1,006       1,203,183       23,396  
Consumer Other     102,264       3,510       159,093       4,858  
    $ 2,306,662     $ 53,145     $ 3,525,023     $ 79,675  
Total                                
Commercial   $ 1,595,824     $ 41,082     $ 1,969,777     $ 51,970  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     3,920,335       61,120       4,333,828       113,234  
Consumer Real Estate     1,314,128       28,787       1,725,612       33,914  
Consumer Other     102,264       3,510       166,667       4,942  
    $ 6,932,552     $ 134,499     $ 8,195,884     $ 204,060