Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Investment Securities 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, 2018:

	Quoted Prices
	in Active
	Markets for		Significant Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
Securities available for sale
Obligations of U.S.
Government agencies	$	—	$	95,977,783	$	—	$	95,977,783
Mortgage-backed securities		—		247,374,153		—		247,374,153
State, County, Municipals		—		101,394,518		—		101,394,518
	$	—	$	444,746,454	$	—	$	444,746,454

The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2017:

	Quoted Prices
	in Active
	Markets for		Significant Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
Securities available for sale
Obligations of U.S.
Government agencies	$	—	$	176,448,558	$	—	$	176,448,558
Mortgage-backed securities		—		208,423,057		—		208,423,057
State, County, Municipals		—		117,100,535		—		117,100,535
Other Investments		—		—		3,074,227		3,074,227
	$	—	$	501,972,150	$	3,074,227	$	505,046,377

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, 2018 and December 31, 2017.

	Fair Value Measurements Using
	Significant Unobservable Inputs
	(Level 3)
	2018			2017
Balance at January 1	$	3,074,227		$	2,971,106
Sales	$	(2,865,294	)
Principal payments received		—			(4,466	)
Unrealized loss included in other comprehensive income		(208,933	)		107,587
Balance at December 31	$	—		$	3,074,227

Asset Measured at Fair Value on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis during December 31, 2018 and 2017 and were still held at those respective dates:

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Asset		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Totals
December 31, 2018
Impaired loans	$	—	$	—	$	3,364,538	$	3,364,538
Other real estate owned		—		—		188,609		188,609
	$	—	$	—	$	3,553,147	$	3,553,147
December 31, 2017
Impaired loans	$	—	$	—	$	544,502	$	544,502
Other real estate owned		—		—		1,307,250		1,307,250
	$	—	$	—	$	1,851,752	$	1,851,752

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, 2018 and December 31, 2017:

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Carrying Value		Assets		Inputs		Inputs		Total Fair Value
2018			(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and due from banks	$	12,592,130	$	12,592,130	$	—	$	—	$	12,592,130
Interest bearing deposits with banks		8,079,742		8,079,742		—		—		8,079,742
Securities available-for-sale		444,746,454		—		444,746,454		—		444,746,454
Net loans		425,905,093		—		—		420,992,074		420,992,074
Financial liabilities
Deposits	$	756,221,510	$	544,985,869	$	210,477,092	$	—	$	755,462,961
Securities Sold under
Agreement to Repurchase		107,965,505		107,965,505		—		—		107,965,505

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Carrying Value		Assets		Inputs		Inputs		Total Fair Value
2017			(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and due from banks	$	17,962,990	$	17,962,990	$	—	$	—	$	17,962,990
Interest bearing deposits with banks		1,532,420		1,532,420		—		—		1,532,420
Securities available-for-sale		505,046,377		—		501,972,150		3,074,227		505,046,377
Net loans		402,390,574		—		—		401,706,081		401,706,081
Financial liabilities
Deposits	$	720,685,499	$	543,123,284	$	177,698,280	$	—	$	720,821,564
Federal Home Loan Bank advances		30,000,000		30,005,541		—		—		30,005,541
Securities Sold under Agreement to Repurchase		142,497,938		142,497,938		—		—		142,497,938