Fair Value of Financial Statements (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016 are as follows:

September 30, 2017
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Treasury Notes	$	26,097,501	$	—	$	—	$	26,097,501
Government Sponsored Enterprises		—		59,369,405		—		59,369,405
Municipal Securities		—		29,120,850		11,909,128		41,029,978
Total	$	26,097,501	$	88,490,255	$	11,909,128	$	126,496,884

December 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	$	23,939,063	$	—	$	—	$	23,939,063
Government Sponsored Enterprises		—		51,034,091		—		51,034,091
Municipal Securities		—		31,027,933		13,977,857		45,005,790
Total	$	23,939,063	$	82,062,024	$	13,977,857	$	119,978,944

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, 2017 and 2016:

	Three Months Ended September 30,
	2017			2016
Beginning balance	$	12,488,995		$	7,704,814
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—
Included in other comprehensive income		13,852			(27,965	)
Purchases, issuances and settlements, net of maturities		(593,719	)		3,717,482
Transfers in and/or out of Level 3		—			—
Ending balance	$	11,909,128		$	11,394,331

	Nine Months Ended September 30,
	2017			2016
Beginning balance	$	13,977,857		$	5,217,678
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—
Included in other comprehensive income		254,990			5,171
Purchases, issuances and settlements, net of maturities		(2,323,719	)		6,171,482
Transfers in and/or out of Level 3		—			—
Ending balance	$	11,909,128		$	11,394,331

Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis

The following tables present information about certain assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016:

September 30, 2017
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	2,407,508	$	2,407,508
Other real estate owned		—		—		566,632		566,632
Loans held for sale		—		3,117,830		—		3,117,830
Total	$	—	$	3,117,830	$	2,974,140	$	6,091,970

December 31, 2016
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	4,143,772	$	4,143,772
Other real estate owned		—		—		521,943		521,943
Loans held for sale		—		4,386,210		—		4,386,210
Total	$	—	$	4,386,210	$	4,665,715	$	9,051,925

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, 2017:

	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, 2017 and December 31, 2016.

Fair Value Measurements at September 30, 2017
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	8,009,824	$	8,009,824	$	8,009,824	$	—	$	—
Interest-bearing deposits at the Federal Reserve		22,159,373		22,159,373		22,159,373		—		—
Investment securities available for sale		126,496,884		126,496,884		26,097,501		88,490,255		11,909,128
Mortgage loans to be sold		3,117,830		3,117,830		—		3,117,830		—
Net loans		265,245,672		264,645,984		—		—		264,645,984
Accrued interest receivable		1,328,542		1,328,542		—		1,328,542		—
Financial Liabilities:
Demand deposits		342,857,357		342,857,357		—		342,857,357		—
Time deposits		43,689,681		43,577,033		—		43,577,033		—
Accrued interest payable		76,360		76,360		—		76,360		—

Fair Value Measurements at December 31, 2016
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	8,141,030	$	8,141,030	$	8,141,030	$	—	$	—
Interest-bearing deposits at the Federal Reserve		18,101,300		18,101,300		18,101,300		—		—
Investment securities available for sale		119,978,944		119,978,944		23,939,063		82,062,024		13,977,857
Mortgage loans to be sold		4,386,210		4,386,210		—		4,386,210		—
Net loans		256,724,498		256,555,052		—		—		256,555,052
Accrued interest receivable		1,614,002		1,614,002		—		1,614,002		—
Financial Liabilities:
Demand deposits		328,681,594		328,681,594		—		328,681,594		—
Time deposits		43,841,257		43,856,383		—		43,856,383		—
Accrued interest payable		51,629		51,629		—		51,629		—