Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2015:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
Securities available for sale
Obligations of U.S.
Government agencies	$	—	$	82,250,366	$	—	$	82,250,366
Mortgage-backed securities		—		91,721,965		—		91,721,965
State, County, Municipals		—		90,376,363		—		90,376,363
Other Investments		—		—		2,915,709		2,915,709

	$	—	$	264,348,694	$	2,915,709	$	267,264,403

The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2014:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
Securities available for sale
Obligations of U.S.
Government agencies	$	—	$	75,961,075	$	—	$	75,961,075
Mortgage-backed securities		—		13,326,834		—		13,326,834
State, County, Municipals		—		87,584,498		—		87,584,498
Other Investments		—		—		2,872,723		2,872,723

	$	—	$	176,872,407	$	2,872,723	$	179,745,130

Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table reports the activity in assets measured at fair value on a recurring basis using significant unobservable inputs, during the years ended December 31, 2015 and December 31, 2014.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2015			2014
Balance at January 1	$	2,872,723		$	2,766,203
Principal payments received		(75,182	)		(31,824	)
Unrealized gains included in other comprehensive income		118,168			138,344


Balance at December 31	$	2,915,709		$	2,872,723

Asset Measured at Fair Value on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis during December 31, 2015 and 2014 and were still held at those respective dates:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
December 31, 2015
Impaired loans	$	—	$	—	$	8,926,364	$	8,926,364
Other real estate owned		—		—		538,262		538,262

	$	—	$	—	$	9,464,626	$	9,464,626


December 31, 2014
Impaired loans	$	—	$	—	$	8,218,696	$	8,218,696
Other real estate owned		—		—		3,309,824		3,309,824


	$	—	$	—	$	11,528,520	$	11,528,520

Carrying Value and Estimated Fair Value of Financial Instruments

The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2015 and December 31, 2014:


	Carrying Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
2015			(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and due from banks	$	14,947,690	$	14,947,690	$	—	$	—	$	14,947,690
Interest bearing deposits with banks		42,267,777		42,267,777		—		—		42,267,777
Securities available-for-sale		267,264,403		—		264,348,694		2,915,709		267,264,403
Securities held-to-maturity		161,043,404		—		169,045,835		—		169,045,835
Net loans		423,108,391		—		—		425,096,569		425,096,569

Financial liabilities
Deposits	$	753,404,788	$	542,640,313	$	—	$	210,890,430	$	753,530,743
Federal Home Loan Bank advances		20,000,000		—		—		20,534,935		20,534,935
Securities Sold under Agreement to Repurchase		104,298,182		104,298,182		—		—		104,298,182


	Carrying Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
2014			(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and due from banks	$	22,405,730	$	22,405,730	$	—	$	—	$	22,405,730
Interest bearing deposits with banks		61,481,223		61,481,223		—		—		61,481,223
Securities available-for-sale		179,745,130		—		176,872,407		2,872,723		179,745,130
Securities held-to-maturity		206,817,168		—		216,745,438		—		216,745,438
Net loans		384,417,508		—		—		386,206,117		386,206,117

Financial liabilities
Deposits	$	696,093,894	$	474,551,535	$	—	$	221,685,000	$	696,236,535
Federal Home Loan Bank advances		20,000,000		—		—		20,804,047		20,804,047
Securities Sold under Agreement to Repurchase		114,426,770		114,426,770		—		—		114,426,770