Disclosure Regarding Fair Value of Financial Statements (Tables)

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015 are as follows: 

		September 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	$	24,330,157	$	—	$	—	$	24,330,157
Government-Sponsored Enterprises		—		47,375,962		—		47,375,962
Municipal Securities		—		31,982,158		11,394,331		43,376,489
Total	$	24,330,157	$	79,358,120	$	11,394,331	$	115,082,608

		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 nine months ended September 30, 2016 and September 30, 2015, respectively:

	Three Months Ended
	September 30,
	2016		2015
Beginning Balance	$	7,704,814	$	3,289,314
Total gains or (losses)
(realized/unrealized)
included in earnings
Included in other comprehensive income		27,965		(19,967	)
Purchases, issuances and settlements		3,717,482		1,930,000
Transfers in and/or out of level 3		—		—
Ending balance	$	11,394,331	$	5,199,347

	Nine Months Ended
	September 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		5,171		(52,742	)
Purchases, issuances and settlements		6,171,482		3,875,000
Transfers in and/or out of level 3		—		—
Ending balance	$	11,394,331	$	5,199,347

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 September 30, 2016, and December 31, 2015: 

		September 30, 2016
		Quoted Market Price in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
		(Level 1)		(Level 2)		(Level 3)		Total
Impaired loans	$	—	$	—	$	4,258,608	$	4,258,608
Other real estate owned		—		—		521,943		521,943
Loans held for sale		—		4,962,967		—		4,962,967
Total	$	—	$	4,962,967	$	4,780,551	$	9,743,518

		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	$	—	$	—	$	4,201,489	$	4,201,489
Other real estate owned		—		—		620,394		620,394
Loans held for sale		—		5,820,239		—		5,820,239
Total	$	—	$	5,820,239	$	4,821,883	$	10,642,122

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 September 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 September 30, 2016 and December 31, 2015.

	September 30, 2016
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,187,028	$	7,187,028	$	7,187,028	$		$
Interest-bearing deposits in other banks		14,576,120		14,576,120		14,576,120
Investments available for sale		115,082,608		115,082,608		24,330,157		79,358,120		11,394,331
Mortgage loans to be sold		4,962,967		4,962,967				4,962,967
Loans		266,383,656		266,185,324						266,185,324
Accrued interest receivable		1,018,121		1,018,121				1,018,121
Financial Liabilities:
Demand deposits		321,889,866		321,889,866				321,889,866
Time deposits		43,516,688		43,525,203				43,525,203
Accrued interest payable		48,158		48,158				48,158

	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
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