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FAIR VALUE ACCOUNTING (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents our assets and liabilities related to continuing operations, which are measured at fair value on a recurring basis for each of the fair value hierarchy levels, as of June 30, 2015 and December 31, 2014:
 
  
Fair Value Measurements at Reporting Date Using
 
Fair Value
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Description
 
 
 
 
 
 
 
Assets at June 30, 2015
 
 
 
 
 
 
 
Investment securities—available for sale
 
 
 
 
 
 
 
U.S. government agency obligations
$
13,208,848

 
$
—

 
$
13,208,848

 
$
—

Mortgage-backed securities
1,156,997

 
—

 
1,156,997

 
—

Municipal securities
2,972,571

 
—

 
2,972,571

 
—

Mortgage loans held for sale
193,948,066

 
—

 
193,948,066

 
—

Derivative financial asset
4,622,913

 
—

 
4,622,913

 
—

Derivative financial liability
$
679,709

 
$
—

 
$
679,709

 
$
—

Assets at December 31, 2014
 
 
 
 
 
 
 
Investment securities—available for sale
 
 
 
 
 
 
 
U.S. government agency obligations
$
20,453,875

 
$
—

 
$
20,453,875

 
$
—

Mortgage-backed securities
1,283,633

 
—

 
1,283,633

 
—

Municipal securities
1,987,854

 
—

 
1,987,854

 
—

Mortgage loans held for sale
147,690,276

 
—

 
147,690,276

 
—

Derivative financial asset
1,514,083

 
—

 
1,514,083

 
—

Derivative financial liability
$
1,195,405

 
$
—

 
$
1,195,405

 
$
—
Fair Value Measurements, Nonrecurring
The following table provides quantitative disclosures about the fair value measurements of our assets related to continuing operations which are measured at fair value on a nonrecurring basis as of June 30, 2015 and December 31, 2014.
 
  
Fair Value Measurements at Reporting Date Using
Description
Fair Value
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs  (Level 3)
At June 30, 2015
 
 
 
 
 
 
 
Real estate owned
 
 
 
 
 
 
 
Real estate construction
$
—

 
$
—

 
$
—

 
$
—

Restructured and impaired loans, net
3,167,282

 
—

 
—

 
3,167,282

At December 31, 2014
 
 
 
 
 
 
 
Real estate owned
 
 
 
 
 
 
 
Real estate construction
$
144,000

 
$
—

 
$
—

 
$
144,000

Restructured and impaired loans, net
6,381,231

 
—

 
—

 
6,381,231
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
The following table displays quantitative information about Level 3 Fair Value Measurements for June 30, 2015 and December 31, 2014.
 
Fair Value Measurement at June 30, 2015
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
 
Weighted Average
Commercial
$
144,715

 
Market comparables
 
Discount applied to market comparables (1)
 
58
%
Real Estate
 
 
 
 
 
 
 
Construction
153,265

 
Market comparables
 
Discount applied to market comparables (1)
 
35
%
Residential (1-4 family)
1,206,005

 
Market comparables
 
Discount applied to market comparables (1)
 
17
%
Home equity lines
432,776

 
Market comparables
 
Discount applied to market comparables (1)
 
22
%
Multifamily
—

 
—

 
—

 
—

Commercial
1,230,521

 
Market comparables
 
Discount applied to market comparables (1)
 
11
%
Consumer
 
 
 
 
 
 
 
Consumer and installment loans
—

 
—

 
—

 
—

Total restructures and impaired loans
$
3,167,282

 
 
 
 
 
 
Real estate owned
$
—

 
—

 
Discount applied to market comparables (1)
 
—

 
Fair Value Measurement at December 31, 2014
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
 
Weighted Average
Commercial
$
1,108,698

 
Market comparables
 
Discount applied to market comparables (1)
 
34
%
Real Estate
 
 
 
 
 
 
 
Construction
236,754

 
Market comparables
 
Discount applied to market comparables (1)
 
36
%
Residential (1-4 family)
3,231,952

 
Market comparables
 
Discount applied to market comparables (1)
 
22
%
Home equity lines
438,500

 
Market comparables
 
Discount applied to market comparables (1)
 
22
%
Multifamily
—

 
—

 
—

 
—

Commercial
1,365,327

 
Market comparables
 
Discount applied to market comparables (1)
 
13
%
Consumer
 
 
 
 
 
 
 
Consumer and installment loans
—

 
—

 
—

 
—

Total restructures and impaired loans
$
6,381,231

 
 
 
 
 
 
Real estate owned
$
144,000

 
Market comparables
 
Discount applied to market comparables (1)
 
11
%
(1) A discount percentage is applied based on age of independent appraisals, current market conditions, and experience within the local markets.
Fair Value, by Balance Sheet Grouping
The carrying amounts in the table are included in the balance sheet under the indicated captions.
 
 
 
Fair Value Measurements at June 30, 2015 using
 
Carrying Value
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable
Inputs
 
Significant
Unobservable
Inputs 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
101,920,540

 
$
101,920,540

 
$
—

 
$
—

 
$
101,920,540

Investment securities available for sale
17,338,416

 
—

 
17,338,416

 
—

 
17,338,416

Mortgage loans held for sale
193,948,066

 
—

 
193,948,066

 
—

 
193,948,066

Loans held for investment (net)
784,285,281

 
—

 
—

 
800,572,485

 
800,572,485

Accrued interest receivable
2,122,302

 
—

 
2,122,302

 
—

 
2,122,302

Restricted equity securities
4,706,000

 
—

 
4,706,000

 
—

 
4,706,000

Bank owned life insurance
10,464,611

 
—

 
10,464,611

 
—

 
10,464,611

Derivative financial assets
4,622,913

 
—

 
4,622,913

 
—

 
4,622,913

Liabilities
 
 
 
 
 
 
 
 
 
Deposits
$
979,023,157

 
$
—

 
$
976,454,770

 
$
—

 
$
976,454,770

Borrowings
56,025,500

 
—

 
46,035,219

 
5,721,861

 
51,757,080

Accrued interest payable
177,907

 
—

 
177,907

 
—

 
177,907

Derivative financial liabilities
679,709

 
—

 
679,709

 
—

 
679,709

 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2014 using
 
Carrying Value
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable
Inputs
 
Significant
Unobservable
Inputs 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
65,428,974

 
$
65,428,974

 
$
—

 
$
—

 
$
65,428,974

Investment securities available for sale
23,725,362

 
—

 
23,725,362

 
—

 
23,725,362

Loans held for sale
147,690,276

 
—

 
147,690,276

 
—

 
147,690,276

Loans held for investment (net)
763,640,698

 
—

 
—

 
776,974,812

 
776,974,812

Accrued interest receivable
2,087,880

 
—

 
2,087,880

 
—

 
2,087,880

Restricted equity securities
3,632,500

 
—

 
3,632,500

 
—

 
3,632,500

Bank owned life insurance
9,656,803

 
—

 
9,656,803

 
—

 
9,656,803

Derivative financial assets
1,514,083

 
 
 
1,514,083

 
 
 
1,514,083

Liabilities
 
 
 
 
 
 
 
 
 
Deposits
$
919,413,913

 
$
—

 
$
917,008,847

 
$
—

 
$
917,008,847

Borrowings
21,075,497

 
—

 
11,109,566

 
5,641,087

 
16,750,653

Accrued interest payable
43,280

 
—

 
43,280

 
—

 
43,280

Derivative financial liability
1,195,405

 
—

 
1,195,405

 
—

 
1,195,405