Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016.

September 30, 2017	Level 1		Level 2		Level 3		Total
Investment securities available for sale:
U.S. government treasury securities	$	0	$	974,490	$	0	$	974,490
U.S. government agency securities		0		44,234,475		0		44,234,475
State and municipal securities		0		7,600,999		0		7,600,999
Residential mortgage-backed securities		0		2,036,772		0		2,036,772
Equity securities		0		100,380		0		100,380
Total	$	0	$	54,947,116	$	0	$	54,947,116

December 31, 2016	Level 1		Level 2		Level 3		Total
Investment securities available for sale:
U.S. government treasury securities	$	0	$	962,150	$	0	$	962,150
U.S. government agency securities		0		40,984,897		0		40,984,897
State and municipal securities		0		6,452,597		0		6,452,597
Residential mortgage-backed securities		0		2,529,314		0		2,529,314
Corporate notes		0		2,524,165		0		2,524,165
Equity securities		0		112,380		0		112,380
Total	$	0	$	53,565,503	$	0	$	53,565,503

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, 2017, and December 31, 2016.

September 30, 2017	Level 1		Level 2		Level 3		Total
Foreclosed assets	$	0	$	0	$	903,842	$	903,842
Impaired loans		0		0		4,278,077		4,278,077
Total assets at fair value	$	0	$	0	$	5,181,919	$	5,181,919

December 31, 2016	Level 1		Level 2		Level 3		Total
Foreclosed assets	$	0	$	0	$	126,713	$	126,713
Impaired loans		0		0		3,011,472		3,011,472
Total assets at fair value	$	0	$	0	$	3,138,185	$	3,138,185

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, 2017, and December 31, 2016, are as follows:

			Estimated Fair Value
September 30, 2017	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	20,288	$	20,288	$	0	$	0	$	20,288
Certificates of deposit in other banks		1,985		1,985		0		0		1,985
Investment securities available for sale		54,947		0		54,947		0		54,947
Investment securities held to maturity		46,955		0		47,812		0		47,812
Federal Home Loan Bank stock		2,464		0		2,464		0		2,464
Loans, net		326,612		0		320,926		4,278		325,204
Bank owned life insurance		5,457		0		5,457		0		5,457
Liabilities:
Deposits		384,756		0		385,008		0		385,008
Federal Home Loan Bank advances		46,886		0		46,793		0		46,793

			Estimated Fair Value
December 31, 2016	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	26,520	$	26,520	$	0	$	0	$	26,520
Certificates of deposit in other banks		0		0		0		0		0
Investment securities available for sale		53,566		0		53,566		0		53,566
Investment securities held to maturity		54,603		0		55,123		0		55,123
Federal Home Loan Bank stock		1,874		0		1,874		0		1,874
Loans, net		289,400		0		286,869		3,011		289,880
Bank owned life insurance		5,357		0		5,357		0		5,357
Liabilities:
Deposits		371,493		0		371,793		0		371,793
Federal Home Loan Bank advances		34,476		0		34,337		0		34,337