Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2015 and 2014, consisted of the following:

	2015		2014
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.		3,600,000		5,400,000
Advance from FHLB with 0.89% fixed rate of interest with annual installment payments maturing July 24, 2017.		3,333,333		6,666,667
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.		6,400,000		0
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		5,142,857		0
Total long-term debt	$	28,476,190	$	22,066,667

Schedule of Debt Maturities

The following are maturities of long-term debt for the next five years. At December 31, 2015, there was no floating rate long-term debt; however, two of these advances have convertible call features. Two advances totaling $10,000,000 have convertible options by the issuer to convert the rates to a 3-month LIBOR. The Bank intends to pay off these advances at the conversion dates. The Bank has the ability to hold this debt until conversion and the means of repayment.

Due in:		Fixed Rate Amount
	2016	$	0
	2017		7,590,476
	2018*		13,400,000
	2019		3,314,286
	2020		1,600,000
	Later years		2,571,428
	Total long-term debt	$	28,476,190

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