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

Major classifications of loans (net of deferred loan fees of $142,460 at September 30, 2016, and $118,188 at December 31, 2015) are as follows: 

 

    September 30,   December 31,
    2016   2015
                 
Commercial Loans   $ 48,155,901     $ 50,938,265  
Commercial real estate:                
Commercial real estate construction     1,189,986       1,005,118  
Commercial real estate other     127,715,800       115,736,034  
Consumer                
Consumer real estate     83,531,237       69,777,307  
Consumer other     5,790,732       5,165,981  
      266,383,656       242,622,705  
Allowance for Loan losses     (3,745,111 )     (3,417,827 )
Loans, net   $ 262,638,545     $ 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 September 30, 2016 and December 31, 2015. “Pass” includes loans internally graded as excellent, good and satisfactory. 

 

    September 30, 2016
          Commercial       Commercial
Real Estate Construction		       Commercial
Real Estate Other		       Consumer Real Estate       Consumer Other       Total  
                                                   
Pass     $ 43,904,613     $ 771,969     $ 122,873,476     $ 80,614,704     $ 5,434,552     $ 253,599,314  
Watch       1,109,909       418,017       890,620       959,998       217,141       3,595,685  
OAEM       1,678,655       —         652,460       641,604       34,724       3,007,443  
Substandard       1,462,724       —         3,299,244       1,314,931       104,315       6,181,214  
Doubtful       —         —         —         —         —         —    
Loss       —         —         —         —         —         —    
Total     $ 48,155,901     $ 1,189,986     $ 127,715,800     $ 83,531,237     $ 5,790,732     $ 266,383,656  

  

    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 aging analysis of the recorded investment of past-due financing receivable by class

The following tables include an aging analysis of the recorded investment of past-due financing receivable by class: 

 

    September 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   $ 94,329     $ 1,038,198     $ 125,244     $ 1,257,771     $ 46,898,130     $ 48,155,901     $ 125,244  
Commercial real estate:                                                        
Commercial real estate construction     —         —         —         —         1,189,986       1,189,986       —    
Commercial real estate other     89,908       —         1,735,695       1,825,603       125,890,197       127,715,800       64,777  
Consumer                                                        
Consumer real estate     200,649       —         —         200,649       83,330,588       83,531,237       —    
Consumer other     22,380       —         —         22,380       5,768,352       5,790,732       —    
Total   $ 407,266     $ 1,038,198     $ 1,860,939     $ 3,306,403     $ 263,077,253     $ 266,383,656     $ 190,021  

  

    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
    September 30, 2016   December 31, 2015
         
Commercial Loans   $ 65,000     $ 4,317  
Commercial real estate:                
Commercial real estate construction     —         —    
Commercial real estate other     1,891,540       1,970,306  
Consumer                
Consumer real estate     —         82,015  
Consumer other     2,939       4,450  
Total   $ 1,959,479     $ 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 nine months ended September 30, 2016 and September 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
    September 30, 2016
      Commercial       Commercial Real Estate Construction       Commercial Real Estate Other       Consumer
Real Estate		       Consumer Other       Total  
                                                 
Beginning Balance   $ 1,490,327     $ 57,374     $ 1,186,524     $ 629,773     $ 148,448     $ 3,512,446  
Charge-offs     —         —         —         —         —         —    
Recoveries     1,500       —         20,000       —         1,165       22,665  
Provision     4,512       524       98,398       119,044       (12,478 )     210,000  

Ending Balance  $1,496,339   $57,898   $1,304,922   $748,817   $137,135   $3,745,111 

  

    Nine Months Ended
    September 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     2,784       —         44,000       —         2,151       48,935  
Provision     629,746       (1,963 )     (84,172 )     (110,638 )     (37,973 )     395,000  
Ending Balance  $1,496,339   $57,898   $1,304,922   $748,817   $137,135   $3,745,111 

  

   

Three Months Ended

    September 30, 2015
      Commercial       Commercial Real Estate Construction       Commercial Real Estate Other       Consumer
Real Estate		       Consumer Other       Total  
                                                 
Beginning Balance   $ 1,044,329     $ 44,318     $ 1,186,043     $ 913,129     $ 219,939     $ 3,407,758  
Charge-offs     (99,737 )     —         (34,252 )     (6,075 )     (19,274 )     (159,338 )
Recoveries     —         —         17,000       6,075       10,276       33,351  
Provision     3,450       5,442       51,175       (1,886 )     (50,681 )     7,500  
Ending Balance   $ 948,042     $ 49,760     $ 1,219,966     $ 911,243     $ 160,260     $ 3,289,271  

  

    Nine Months Ended
    September 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     (99,737 )     —         (55,252 )     (6,075 )     (40,007 )     (201,071 )
Recoveries     9,164       —         47,000       6,075       10,755       72,994  
Provision     (172,515 )     6,856       115,831       47,892       84,436       82,500  
Ending Balance   $ 948,042     $ 49,760     $ 1,219,966     $ 911,243     $ 160,260     $ 3,289,271  

 

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

 

    September 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   $ 1,076,158     $ —       $ 307,975     $ 71,923     $ 92,929     $ 1,548,985  
 Collectively evaluated for impairment     420,181       57,898       996,947       676,894       44,206       2,196,126  
 Total Allowance for Losses   $ 1,496,339     $ 57,898     $ 1,304,922     $ 748,817     $ 137,135     $ 3,745,111  
                                                 
 Loan Receivable                                                
 Individually evaluated for impairment   $ 1,452,006     $ —       $ 3,323,576     $ 1,314,931     $ 92,929     $ 6,183,441  
 Collectively evaluated for impairment     46,703,895       1,189,986       124,392,224       82,216,306       5,697,803       260,200,215  
 Total Loans Receivable   $ 48,155,901     $ 1,189,986     $ 127,715,800     $ 83,531,237     $ 5,790,732     $ 266,383,656  

  

    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 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 loans individually evaluated and considered impaired

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

 

    Impaired and Restructured Loans
    As of
    September 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   $ 375,847     $ 375,847     $ —       $ 692,831     $ 692,831     $ —    
 Commercial Real Estate Construction     —         —         —         —         —         —    
 Commercial Real Estate Other     2,245,717       2,245,717       —         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       —    
    $ 3,864,572     $ 3,864,572     $ —       $ 3,624,966     $ 3,624,966     $ —    
                                                 
With an allowance recorded:                                                
 Commercial   $ 1,076,158     $ 1,076,158     $ 1,076,158     $ 947,143     $ 947,143     $ 387,979  
 Commercial Real Estate Construction     —         —         —         —         —         —    
 Commercial Real Estate Other     1,077,858       1,077,858       307,975       1,075,477       1,075,477       253,105  
 Consumer Real Estate     71,923       71,923       71,923       795,017       795,017       342,320  
 Consumer Other     92,929       92,929       92,929       100,104       100,104       100,103  
    $ 2,318,868     $ 2,318,868     $ 1,548,985     $ 2,917,741     $ 2,917,741     $ 1,083,507  
Total                                                
 Commercial   $ 1,452,006     $ 1,452,006     $ 1,076,158     $ 1,639,974     $ 1,639,974     $ 387,979  
 Commercial Real Estate Construction     —         —         —         —         —         —    
 Commercial Real Estate Other     3,323,576       3,323,576       307,975       3,551,495       3,551,495       253,105  
 Consumer Real Estate     1,314,931       1,314,931       71,923       1,245,419       1,245,419       342,320  
 Consumer Other     92,929       92,929       92,929       105,819       105,819       100,103  
    $ 6,183,441     $ 6,183,441     $ 1,548,985     $ 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
   September 30, 2016  September 30, 2015
   Average
Recorded Investment		  Interest
Income Recognized		  Average
Recorded Investment		  Interest
Income Recognized
With no related allowance recorded:                    
 Commercial  $380,933   $4,674   $736,376   $11,289 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   2,253,994    19,738    2,689,602    37,625 
 Consumer Real Estate   1,243,008    16,205    450,053    4,559 
 Consumer Other   —      —      6,930    146 
   $3,877,935   $40,617   $3,882,961   $53,619 
With an allowance recorded:                    
 Commercial  $1,085,201   $19,406   $989,914   $11,865 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   1,068,622    5,330    1,253,113    14,333 
 Consumer Real Estate   71,963    770    914,480    10,495 
 Consumer Other   95,367    473    98,486    1,415 
   $2,321,153   $25,979   $3,255,993   $38,108 
Total                    
 Commercial  $1,466,134   $24,080   $1,726,290   $23,154 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   3,322,617    25,068    3,942,715    51,958 
 Consumer Real Estate   1,314,971    16,975    1,364,533    15,054 
 Consumer Other   95,367    473    105,416    1,561 
   $6,199,088   $66,596   $7,138,954   $91,727 

 

   Nine Months Ended
   September 30, 2016  September 30, 2015
   Average
Recorded
Investment		  Interest
Income
Recognized		  Average
Recorded
Investment		  Interest
Income
Recognized
With no related allowance recorded:                    
 Commercial  $392,826   $15,393   $763,464   $33,861 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   2,263,927    69,962    2,646,960    111,164 
 Consumer Real Estate   1,242,373    43,220    450,053    14,009 
 Consumer Other   —      —      7,139    224 
   $3,899,126   $128,575   $3,867,616   $159,258 
With an allowance recorded:                    
 Commercial  $1,095,411   $49,770   $1,026,875   $37,673 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   1,070,048    12,008    1,254,696    43,702 
 Consumer Real Estate   72,025    1,776    920,347    29,772 
 Consumer Other   99,864    3,777    100,889    4,462 
   $2,337,348   $67,331   $3,302,807   $115,609 
Total                    
 Commercial  $1,488,237   $65,163   $1,790,339   $71,534 
 Commercial Real Estate Construction   —      —      —      —   
 Commercial Real Estate Other   3,333,976    81,970    3,901,656    154,866 
 Consumer Real Estate   1,314,398    44,996    1,370,400    43,781 
 Consumer Other   99,864    3,777    108,028    4,686 
   $6,236,474   $195,906   $7,170,423   $274,867