Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Assets Recorded at Fair Value on a Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015.

September 30, 2016	Level 1		Level 2		Level 3		Total
Investment securities available for sale:
U.S. government agency securities	$	0	$	35,780,250	$	0	$	35,780,250
State and municipal securities		0		4,148,889		0		4,148,889
Residential mortgage-backed securities		0		2,779,468		0		2,779,468
Corporate notes		0		2,517,155		0		2,517,155
Equity securities		0		112,380		0		112,380
Total	$	0	$	45,338,142	$	0	$	45,338,142

December 31, 2015	Level 1		Level 2		Level 3		Total
Investment securities available for sale:
U.S. government agency securities	$	0	$	42,642,322	$	0	$	42,642,322
State and municipal securities		0		2,607,684		0		2,607,684
Residential mortgage-backed securities		0		3,741,445		0		3,741,445
Corporate notes		0		2,472,960		0		2,472,960
Equity securities		0		12,000		0		12,000
Total	$	0	$	51,476,411	$	0	$	51,476,411

Schedule of Fair Value of Assets Recorded on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2016, and December 31, 2015.

September 30, 2016	Level 1		Level 2		Level 3		Total
Foreclosed assets	$	0	$	0	$	126,713	$	126,713
Impaired loans		0		0		3,562,656		3,562,656
Total assets at fair value	$	0	$	0	$	3,689,369	$	3,689,369

December 31, 2015	Level 1		Level 2		Level 3		Total
Foreclosed assets	$	0	$	0	$	81,750	$	81,750
Impaired loans		0		0		5,254,501		5,254,501
Total assets at fair value	$	0	$	0	$	5,336,251	$	5,336,251

Schedule of Carrying and Estimated Fair Value of Assets and Liabilities Recorded at Fair Value

The carrying amount and estimated fair values of the Corporation’s assets and liabilities which are required to be either disclosed or recorded at fair value at September 30, 2016, and December 31, 2015, are as follows:

			Estimated Fair Value
September 30, 2016	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	33,018,000	$	33,018,000	$	0	$	0	$	33,018,000
Investment securities available for sale		45,338,000		0		45,338,000		0		45,338,000
Investment securities held to maturity		56,389,000		0		58,000,000		0		58,000,000
Federal Home Loan Bank stock		1,874,000		0		1,874,000		0		1,874,000
Loans, net		284,133,000		0		281,468,000		3,563,000		285,031,000
Liabilities:
Deposits		364,256,000		0		364,616,000		0		364,616,000
Federal Home Loan Bank advances		35,333,000		0		35,517,000		0		35,517,000

			Estimated Fair Value
December 31, 2015	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	31,080,000	$	31,080,000	$	0	$	0	$	31,080,000
Certificates of deposit in other banks		245,000		245,000		0		0		245,000
Investment securities available for sale		51,476,000		0		51,476,000		0		51,476,000
Investment securities held to maturity		60,889,000		0		62,199,000		0		62,199,000
Federal Home Loan Bank stock		1,869,000		0		1,869,000		0		1,869,000
Loans, net		247,754,000		0		243,460,000		5,255,000		248,715,000
Liabilities:
Deposits		339,016,000		0		339,337,000		0		339,337,000
Federal Home Loan Bank advances		36,067,000		0		35,964,000		0		35,964,000