LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $156,309 at December 31, 2018, and $152,047 at December 31, 2017) are shown in the table below. 

	December 31, 2018			December 31, 2017
Commercial	$	54,829,078		$	51,723,237
Commercial real estate:
Construction		7,304,300			2,317,857
Other		143,703,401			140,186,324
Consumer:
Real estate		63,787,411			70,797,973
Other		5,040,077			5,155,249
Total loans		274,664,267			270,180,640
Allowance for loan losses		(4,214,331	)		(3,875,398	)
Total loans, net	$	270,449,936		$	266,305,242

Schedule of credit risks by category and internally assigned grades

The following tables illustrate credit risks by category and internally assigned grades at December 31, 2018 and December 31, 2017. “Pass” includes loans internally graded as excellent, good and satisfactory.

	December 31, 2018
	Commercial		Commercial Real Estate Construction		Commercial Real Estate Other		Consumer Real Estate		Consumer Other		Total
Pass	$	50,663,356	$	7,304,300	$	136,804,420	$	60,480,317	$	4,726,494	$	259,978,887
Watch		1,973,675		—		4,938,711		2,077,341		226,117		9,215,844
OAEM		157,300		—		590,294		350,000		—		1,097,594
Sub-Standard		2,034,747		—		1,369,976		879,753		87,466		4,371,942
Doubtful		—		—		—		—		—		—
Loss		—		—		—		—		—		—
Total	$	54,829,078	$	7,304,300	$	143,703,401	$	63,787,411	$	5,040,077	$	274,664,267

	December 31, 2017
	Commercial		Commercial Real Estate Construction		Commercial Real Estate Other		Consumer Real Estate		Consumer Other		Total
Pass	$	47,456,205	$	1,936,335	$	134,401,977	$	68,570,298	$	4,933,696	$	257,298,511
Watch		2,403,978		381,522		3,605,621		1,934,802		185,746		8,511,669
OAEM		—		—		610,806		—		—		610,806
Sub-Standard		1,863,054		—		1,567,920		292,873		35,807		3,759,654
Doubtful		—		—		—		—		—		—
Loss		—		—		—		—		—		—
Total	$	51,723,237	$	2,317,857	$	140,186,324	$	70,797,973	$	5,155,249	$	270,180,640

Schedule of aging analysis of the recorded investment in loans segregated by class

The following tables include an aging analysis of the recorded investment in loans segregated by class.

	December 31, 2018
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Recorded Investment ≥ 90 Days and Accruing
Commercial	$	266,567	$	17,492	$	229,395	$	513,454	$	54,315,624	$	54,829,078	$	—
Commercial Real Estate Construction		—		—		—		—		7,304,300		7,304,300		—
Commercial Real Estate Other		35,000		215,049		571,292		821,341		142,882,060		143,703,401		—
Consumer Real Estate		—		—		—		—		63,787,411		63,787,411		—
Consumer Other		24,621		—		—		24,621		5,015,456		5,040,077		—
Total	$	326,188	$	232,541	$	800,687	$	1,359,416	$	273,304,851	$	274,664,267	$	—

	December 31, 2017
	30-59 Days Past Due		60-89 Days  Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Recorded Investment ≥ 90 Days and Accruing
Commercial	$	3,531	$	192,846	$	—	$	196,377	$	51,526,860	$	51,723,237	$	—
Commercial Real Estate Construction		—		—		—		—		2,317,857		2,317,857		—
Commercial Real Estate Other		—		—		651,578		651,578		139,534,746		140,186,324		—
Consumer Real Estate		—		—		—		—		70,797,973		70,797,973		—
Consumer Other		10,302		—		34,107		44,409		5,110,840		5,155,249		34,107
Total	$	13,833	$	192,846	$	685,685	$	892,364	$	269,288,276	$	270,180,640	$	34,107

Schedule of non-accrual loans

The following table summarizes the balances of non-accrual loans.

	Loans Receivable on Non-Accrual
	December 31, 2018		December 31, 2017
Commercial	$	251,219	$	41,651
Commercial Real Estate Construction		—		—
Commercial Real Estate Other		571,292		790,208
Consumer Real Estate		—		—
Consumer Other		1,023		—
Total	$	823,534	$	831,859

Schedule of change in allowance and an allocation of the allowance by loan categery

The following tables set forth the changes in the allowance and an allocation of the allowance by class at December 31, 2018, 2017 and 2016.

	December 31, 2018
	Commercial			Commercial Real Estate Construction		Commercial Real Estate Other			Consumer Real Estate			Consumer Other			Total
Allowance for Loan Losses:
Beginning Balance	$	1,403,588		$	23,638	$	1,549,755		$	796,918		$	101,499		$	3,875,398
Charge-offs		(31,250	)		—		—			—			(84,637	)		(115,887	)
Recoveries		14,000			—		56,827			45,412			13,581			129,820
Provisions		279,075			40,238		(314,236	)		(455,745	)		775,668			325,000
Ending Balance	$	1,665,413		$	63,876	$	1,292,346		$	386,585		$	806,111		$	4,214,331

	December 31, 2017
	Commercial			Commercial Real Estate Construction			Commercial Real Estate Other			Consumer Real Estate		Consumer Other			Total
Allowance for Loan Losses
Beginning Balance	$	1,545,188		$	51,469		$	1,374,706		$	726,391	$	153,863		$	3,851,617
Charge-offs		—			—			(180,587	)		—		(4,862	)		(185,449	)
Recoveries		6,000			—			87,030			60,000		1,200			154,230
Provisions		(147,600	)		(27,831	)		268,606			10,527		(48,702	)		55,000
Ending Balance	$	1,403,588		$	23,638		$	1,549,755		$	796,918	$	101,499		$	3,875,398

	December 31, 2016
	Commercial			Commercial Real Estate Construction			Commercial Real Estate Other			Consumer Real Estate			Consumer Other			Total
Allowance for Loan Losses
Beginning Balance	$	896,854		$	59,861		$	1,345,094		$	941,470		$	174,548		$	3,417,827
Charge-offs		(33,046	)		—			(78,300	)		(82,015	)		(14,934	)		(208,295	)
Recoveries		—			—			65,000			—			7,085			72,085
Provisions		681,380			(8,392	)		42,912			(133,064	)		(12,836	)		570,000
Ending Balance	$	1,545,188		$	51,469		$	1,374,706		$	726,391		$	153,863		$	3,851,617

Schedule of allocation of the allowance for loan losses and the gross investment in loans by class and reserving methodology

The following tables present, by class and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans.

	December 31, 2018
	Commercial		Commercial Real Estate Construction		Commercial Real Estate Other		Consumer Real Estate		Consumer Other		Total
Allowance for Loan Losses
Individually evaluated for impairment	$	1,132,805	$	—	$	37,416	$	—	$	21,324	$	1,191,545
Collectively evaluated for impairment		532,608		63,876		1,254,930		386,585		784,787		3,022,786
Total Allowance for Loan Losses	$	1,665,413	$	63,876	$	1,292,346	$	386,585	$	806,111	$	4,214,331
Loans Receivable
Individually evaluated for impairment	$	1,996,579	$	—	$	1,280,890	$	879,753	$	21,324	$	4,178,546
Collectively evaluated for impairment		52,832,499		7,304,300		142,422,511		62,907,658		5,018,753		270,485,721
Total Loans Receivable	$	54,829,078	$	7,304,300	$	143,703,401	$	63,787,411	$	5,040,077	$	274,664,267

	December 31, 2017
	Commercial		Commercial Real Estate Construction		Commercial  Real Estate Other		Consumer Real Estate		Consumer  Other		Total
Allowance for Loan Losses
Individually evaluated for impairment	$	832,571	$	—	$	99,523	$	43,042	$	34,107	$	1,009,243
Collectively evaluated for impairment		571,017		23,638		1,450,232		753,876		67,392		2,866,155
Total Allowance for Losses	$	1,403,588	$	23,638	$	1,549,755	$	796,918	$	101,499	$	3,875,398
Loans Receivable
Individually evaluated for impairment	$	1,812,461	$	—	$	1,584,821	$	292,873	$	34,107	$	3,724,262
Collectively evaluated for impairment		49,910,776		2,317,857		138,601,503		70,505,100		5,121,142		266,456,378
Total Loans Receivable	$	51,723,237	$	2,317,857	$	140,186,324	$	70,797,973	$	5,155,249	$	270,180,640

Schedule of loans individually evaluated for impairment and the corresponding allowance for loan losses

As of December 31, 2018 and 2017, loans individually evaluated for impairment and the corresponding allowance for loan losses are presented in the following table.

	Impaired and Restructured Loans as of the year ended December 31,
	2018						2017
	Unpaid Principal Balance		Recorded Investment		Related Allowance		Unpaid Principal Balance		Recorded Investment		Related Allowance
With no related allowance recorded:
Commercial	$	115,983	$	115,983	$	—	$	152,490	$	152,490	$	—
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		974,249		974,249		—		1,058,601		1,058,601		—
Consumer Real Estate		879,753		879,753		—		249,754		249,754		—
Consumer Other		—		—		—		—		—		—
Total	$	1,969,985	$	1,969,985	$	—	$	1,460,845	$	1,460,845	$	—
With an allowance recorded:
Commercial	$	1,880,596	$	1,880,596	$	1,132,805	$	1,659,971	$	1,659,971	$	832,571
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		406,442		306,641		37,416		626,021		526,220		99,523
Consumer Real Estate		—		—		—		43,119		43,119		43,042
Consumer Other		21,324		21,324		21,324		34,107		34,107		34,107
Total	$	2,308,362	$	2,208,561	$	1,191,545	$	2,363,218	$	2,263,417	$	1,009,243
Total
Commercial	$	1,996,579	$	1,996,579	$	1,132,805	$	1,812,461	$	1,812,461	$	832,571
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		1,380,691		1,280,890		37,416		1,684,622		1,584,821		99,523
Consumer Real Estate		879,753		879,753		—		292,873		292,873		43,042
Consumer Other		21,324		21,324		21,324		34,107		34,107		34,107
Total	$	4,278,347	$	4,178,546	$	1,191,545	$	3,824,063	$	3,724,262	$	1,009,243

Schedule of average impaired loans and interest income recognized on those impaired loans by class

The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated.

	For the year ended December 31,
	2018				2017				2016
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial	$	133,413	$	8,637	$	173,964	$	7,416	$	267,747	$	12,282
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		982,078		40,174		1,275,402		23,084		2,267,288		81,582
Consumer Real Estate		879,753		51,520		451,025		16,938		1,242,515		22,111
Consumer Other		—		—		—		—		—		—
Total	$	1,995,244	$	100,331	$	1,900,391	$	47,438	$	3,777,550	$	115,975
With an allowance recorded:
Commercial	$	1,915,139	$	100,395	$	1,711,259	$	76,544	$	1,087,559	$	49,985
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		416,569		10,999		930,420		5,367		1,047,685		16,138
Consumer Real Estate		—		—		43,119		1,296		43,155		1,514
Consumer Other		26,314		1,382		36,056		1,419		94,945		5,533
Total	$	2,358,022	$	112,776	$	2,720,854	$	84,626	$	2,273,344	$	73,170
Total
Commercial	$	2,048,552	$	109,032	$	1,885,223	$	83,960	$	1,355,306	$	62,267
Commercial Real Estate Construction		—		—		—		—		—		—
Commercial Real Estate Other		1,398,647		51,173		2,205,822		28,451		3,314,973		97,720
Consumer Real Estate		879,753		51,520		494,144		18,234		1,285,670		23,625
Consumer Other		26,314		1,382		36,056		1,419		94,945		5,533
Total	$	4,353,266	$	213,107	$	4,621,245	$	132,064	$	6,050,894	$	189,145