Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2016 and 2015, consisted of the following:

	2016		2015
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.		1,800,000		3,600,000
Advance from FHLB with 0.89% fixed rate of interest with annual installment payments maturing July 24, 2017.		0		3,333,333
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.		4,800,000		6,400,000
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		4,285,714		5,142,857
Advance from FHLB with 1.42% fixed rate of interest with annual installment payments maturing August 30, 2023.		5,142,857		0
Total long-term debt	$	26,028,571	$	28,476,190

Schedule of Debt Maturities

The following are maturities of long-term debt for the next five years. At December 31, 2016, 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
	2017		$	0
	2018	*		15,114,286
	2019			3,314,286
	2020			3,314,286
	2021			1,714,285
	Later years			2,571,428
	Total long-term debt		$	26,028,571

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