Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2014 and 2013 consisted of the following:

	2014		2013
Advance from FHLB with a 3.39% fixed rate of interest maturing August 20, 2018  (convertible to a variable rate at quarterly options of FHLB – no conversion option has been made).	$	5,000,000	$	5,000,000
Advance from FHLB with a 2.78% fixed rate of interest maturing September 10, 2018  (convertible to a variable rate at quarterly options of FHLB – no conversion option has been made).		5,000,000		5,000,000
Advance from FHLB with 1.43% fixed rate of interest with annual installment payments maturing September 4, 2018.		5,400,000		7,200,000
Advance from FHLB with 0.89% fixed rate of interest with annual installment payments maturing July 24, 2017.		6,666,667		0
Total long-term debt	$	22,066,667	$	17,200,000

Schedule of Debt Maturities

The Bank has the ability to hold this debt until conversion and the means of repayment.

Due in:			Fixed Rate Amount
	2015		$	0
	2016			5,133,333
	2017			5,133,333
	2018	*		11,800,000
	Total long-term debt		$	22,066,667

*Fixed rate advances with convertible options of $10,000,000.