Disclosure Regarding Fair Value of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017 are as follows:

Balance at March 31, 2018
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
US Treasury Notes	$	35,174,877	$	—	$	—	$	35,174,877
Government Sponsored Enterprises		—		59,789,587		—		59,789,587
Municipal Securities		—		23,466,734		7,483,696		30,950,430
Total	$	35,174,877	$	83,256,321	$	7,483,696	$	125,914,894

Balance at December 31, 2017
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
US 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

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 months ended March 31, 2018 and 2017:

	2018			2017
Beginning Balance	$	11,458,889		$	13,977,857
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—
Included in other comprehensive income		64,807			25,588
Purchases, issuances and settlements, net of maturities		(4,040,000	)		(545,000	)
Transfers in and/or out of level 3		—			—
Ending Balance	$	7,483,696		$	13,458,445

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 March 31, 2018 and December 31, 2017:

March 31, 2018
		Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans	$	—	$	—	$	1,671,342	$	1,671,342
Other real estate owned		—		—		435,479		435,479
Loans held for sale		—		3,640,385		—		3,640,385
Total	$	—	$	3,640,385	$	2,106,821	$	5,747,206

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
Loans held for sale		—		2,093,723		—		2,093,723
Total	$	—	$	2,093,723	$	2,170,530	$	4,264,253

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 March 31, 2018:

		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 March 31, 2018 and December 31, 2017.

Fair Value Measurements at March 31, 2018
		Carrying Amount		Estimated Fair Value			Level 1			Level 2			Level 3
Financial Assets:
Cash and due from banks	$	6,952,114	$		6,952,114	$		6,952,114	$		—	$		—
Interest-bearing deposits in other banks		27,468,258			27,468,258			27,468,258			—			—
Investment securities available for sale		125,914,894			125,914,894			35,174,877			83,256,321			7,483,696
Mortgage loans to be sold		3,640,385			3,640,385			—			3,640,385			—
Loans, net		264,167,916			260,538,313			—			—			260,538,313
Accrued interest receivable		1,368,258			1,368,258			—			1,368,258			—
Financial Liabilities:
Demand deposits		349,525,353			349,525,353			—			349,525,353			—
Time deposits		41,160,211			45,037,591			—			45,037,591			—
Accrued interest payable		118,444			118,444			—			118,444			—

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 in other banks		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			—
Loans, net		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			—