Disclosure Regarding Fair Value of Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows:

	June 30, 2016
	Quoted Market Price in active markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
U.S. Treasury Notes	$	24,374,531	$	—	$	—	$	24,374,531
Government-Sponsored Enterprises		—		41,917,431		—		41,917,431
Municipal Securities		—		31,362,166		7,704,814		39,066,980
Total	$	24,374,531	$	73,279,597	$	7,704,814	$	105,358,942

	December 31, 2015
	Quoted Market Price in active markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(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 and six months ended June 30, 2016 and June 30, 2015, respectively:

	Three Months Ended June 30,
	2016			2015
Beginning Balance	$	5,249,351		$	1,368,443
Total gains or (losses) (realized/unrealized) included in earnings
Included in other comprehensive income		(1,463	)		(24,129	)
Purchases, issuances and settlements		2,454,000			1,945,000
Transfers in and/or out of level 3		—			—
Ending balance	$	7,704,814		$	3,289,314

	Six Months Ended June 30,
	2016			2015
Beginning Balance	$	5,217,678		$	1,377,089
Total gains or (losses) (realized/unrealized) included in earnings
Included in other comprehensive income		(33,136	)		(32,775	)
Purchases, issuances and settlements		2,454,000			1,945,000
Transfers in and/or out of level 3		—			—
Ending balance	$	7,704,814		$	3,289,314

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 June 30, 2016, and December 31, 2015:

	June 30, 2016
	Quoted Market Price in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Impaired loans	$	—	$	—	$	5,326,841	$	5,326,841
Other real estate owned		—		—		521,943		521,943
Loans held for sale		—		6,500,452		—		6,500,452
Total	$	—	$	6,500,452	$	5,848,784	$	12,349,236

	December 31, 2015
	Quoted Market Price in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(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 June 30, 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

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of June 30, 2016 and December 31, 2015. 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. 

	June 30, 2016
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,455,536	$	6,455,536	$	6,455,536	$		$
Interest-bearing deposits in other banks		35,256,752		35,256,752		35,256,752
Investments available for sale		105,358,942		105,358,942		24,374,531		73,279,597		7,704,814
Mortgage loans to be sold		6,500,452		6,500,452				6,500,452
Loans		270,300,089		270,170,410						270,170,410
Accrued interest receivable		1,401,353		1,401,353				1,401,353
Financial Liabilities:
Demand deposits		334,445,792		334,445,792				334,445,792
Time deposits		47,776,488		47,790,915				47,790,915
Accrued interest payable		56,580		56,580				56,580

	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		242,851,154						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