Disclosures about Fair Value of Assets (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of fair value measurements of assets recognized in balance sheets on recurring basis

			December 31, 2014
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

U.S. Government agencies	$	9,958,273	$	—	$	9,958,273	$	—
Mortgage-backed securities (Government-sponsored enterprises - residential)		41,419,921		—		41,419,921		—
Municipal bonds		45,306,703		—		45,306,703		—

			December 31, 2013
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

U.S. Government agencies	$	10,420,076	$	—	$	10,420,076	$	—
Mortgage-backed securities (Government-sponsored enterprises - residential)		48,345,655		—		48,345,655		—
Municipal bonds		50,218,866		—		50,218,866		—

Schedule of fair value measurement of assets measured at fair value on nonrecurring basis

			December 31, 2014
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Impaired loans (collateral dependent)	$	1,147,400	$	—	$	—	$	1,147,400

			December 31, 2013
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Impaired loans (collateral dependent)	$	1,219,185	$	—	$	—	$	1,219,185
Mortgage servicing rights		673,576		—		—		673,576

Schedule of quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements

	Fair Value at December 31, 2014		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Collateral-dependent impaired loans	$	1,147,400	Market comparable properties	Marketability discount		20% – 30%(25	%)

	Fair Value at December 31, 2013		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Collateral-dependent impaired loans	$	1,219,185	Market comparable properties	Marketability discount		20% – 30%(25	%)

Mortgage servicing rights	$	673,576	Discounted cash flow	Discount rate PSA standard prepayment model rate		8% - 12.5%(10.24%) 144 – 342 (164	)

Schedule of estimated fair values of other financial instruments

			December 31, 2014
			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Financial assets
Cash and cash equivalents	$	9,611,638	$	9,611,638	$	—	$	—
Other investments		73,766		—		73,766		—
Loans held for sale		235,600		—		235,600		—
Loans, net of allowance for loan losses		184,718,612		—		—		184,573,401
Federal Home Loan Bank stock		1,113,800		—		1,113,800		—
Interest receivable		1,713,243		—		1,713,243		—

Financial liabilities
Deposits		245,941,562		—		151,341,999		96,956,400
Short-term borrowings		13,821,730		—		8,821,730		4,996,109
Advances from borrowers for taxes and insurance		962,762		—		962,762		—
Interest payable		166,052		—		166,052		—

Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		—		—		—		—
Letters of credit		—		—		—		—
Lines of credit		—		—		—		—

			December 31, 2013
			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Financial assets
Cash and cash equivalents	$	6,098,870	$	6,098,870	$	—	$	—
Other investments		81,918		—		81,918		—
Loans held for sale		262,461		—		262,461		—
Loans, net of allowance for loan losses		180,639,502		—		—		178,866,833
Federal Home Loan Bank stock		1,113,800		—		1,113,800		—
Interest receivable		1,817,415		—		1,817,415		—

Financial liabilities
Deposits		251,738,391		—		143,586,822		111,116,837
Short-term borrowings		19,610,297		—		19,610,297		—
Advances from borrowers for taxes and insurance		857,814		—		857,814		—
Interest payable		210,226		—		210,226		—

Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		—		—		—		—
Letters of credit		—		—		—		—
Lines of credit		—		—		—		—

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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