Disclosure Regarding Fair Value of Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 as of June 30, 2018 and December 31, 2017 are as follows:

Balance at June 30, 2018
	Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Treasury Notes	$	32,030,197	$	—	$	—	$	32,030,197
Government Sponsored Enterprises		—		58,921,085		—		58,921,085
Municipal Securities		—		21,783,687		7,096,356		28,880,043
Total	$	32,030,197	$	80,704,772	$	7,096,356	$	119,831,325

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
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

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 and six months ended June 30, 2018 and 2017:

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Beginning Balance	$	7,483,696		$	13,458,445		$	11,458,889		$	13,977,857
Total gains or (losses) (realized/unrealized)
Included in earnings		—			—			—			—
Included in other comprehensive income		2,660			215,500			67,467			241,088
Purchases, issuances, and settlements net of maturities		(390,000	)		(1,185,000	)		(4,430,000	)		(1,730,000	)
Transfers in and/or out of level 3		—			—			—			—
Ending Balance	$	7,096,356		$	12,488,945		$	7,096,356		$	12,488,945

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 as of June 30, 2018 and December 31, 2017:

	June 30, 2018
			Quoted Market Price in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans		$	—	$	—	$	1,545,538	$	1,545,538
Other real estate owned			—		—		411,842		411,842
Loans held for sale			—		3,651,150		—		3,651,150
Total		$	—	$	3,651,150	$	1,957,380	$	5,608,530

	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 as of June 30, 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 June 30, 2018 and December 31, 2017. 

Fair Value Measurements at June 30, 2018
		Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	7,945,003	$	7,945,003	$	7,945,003	$	—	$	—
Interest-bearing deposits at the Federal Reserve		14,319,336		14,319,336		14,319,336		—		—
Investment securities available for sale		119,831,325		119,831,325		32,030,197		80,704,772		7,096,356
Mortgage loans to be sold		3,651,150		3,651,150		—		3,651,150		—
Loans, net		274,097,073		269,509,849		—		—		269,509,849
Accrued interest receivable		1,568,814		1,568,814		—		1,568,814		—
Financial Liabilities:
Demand deposits		336,848,278		336,848,278		—		336,848,278		—
Time deposits		45,491,331		45,356,971		—		45,356,971		—
Accrued interest payable		134,746		134,746		—		134,746		—

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		—
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		—