Disclosures Regarding Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2017 and December 31, 2016 are as follows:

December 31, 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	$	35,559,845	$	—	$	—	$	35,559,845
Government Sponsored Enterprises		—		63,556,504		—		63,556,504
Municipal Securities		—		28,675,012		11,458,889		40,133,901
Total	$	35,559,845	$	92,231,516	$	11,458,889	$	139,250,250

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 years ended December 31, 2017 and 2016:

	December 31,
	2017			2016
Beginning balance	$	13,977,857		$	5,217,678
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—
Included in other comprehensive income		137,751			(818,821	)
Purchases, issuances and settlements, net of maturities		(2,656,719	)		9,579,000
Transfers in and/or out of Level 3		—			—
Ending balance	$	11,458,889		$	13,977,857

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 December 31, 2017, and 2016.

December 31, 2017
	Quoted Market  Price in active  markets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable  Inputs   (Level 3)		Total
Impaired loans	$	—	$	—	$	1,735,051	$	1,735,051
Other real estate owned		—		—		435,479		435,479
Mortgage loans to be sold		—		2,093,723		—		2,093,723
Total	$	—	$	2,093,723	$	2,170,530	$	4,264,253

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
Mortgage loans to be sold		—		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 December 31, 2017:

	Inputs
	Valuation Technique	Unobservable Input	General Range of Inputs
Impaired Loans	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
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 December 31, 2017 and December 31, 2016.

Fair Value Measurements at December 31, 2017
	Carrying  Amount		Estimated  Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	8,486,025	$	8,486,025	$	8,486,025	$	—	$	—
Interest-bearing deposits at the Federal Reserve		24,034,194		24,034,194		24,034,194		—		—
Investment securities available for sale		139,250,250		139,250,250		35,559,845		92,231,516		11,458,889
Mortgage loans to be sold		2,093,723		2,093,723		—		2,093,723		—
Net loans		266,305,242		265,277,204		—		—		265,277,204
Accrued interest receivable		1,720,920		1,720,920		—		1,720,920		—
Financial Liabilities:
Demand deposits		360,967,884		360,967,884		—		360,967,884		—
Time deposits		41,920,416		40,722,870		—		40,722,870		—
Accrued interest payable		96,190		96,190		—		96,190		—

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		—