Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2017 and 2016, consisted of the following:

	2017		2016
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).	$	0	$	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).		0		5,000,000
Advance from FHLB with 1.43% fixed rate of interest with annual installment payments maturing September 4, 2018.		0		1,800,000
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.		3,200,000		4,800,000
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		3,428,571		4,285,714
Advance from FHLB with 1.42% fixed rate of interest with annual installment payments maturing August 30, 2023.		4,285,715		5,142,857
Advance from FHLB with a 1.53% fixed rate of interest maturing January 10, 2019.		1,500,000		0
Advance from FHLB with a 1.60% fixed rate of interest maturing July 10, 2019.		1,500,000		0
Advance from FHLB with a 1.80% fixed rate of interest maturing July 10, 2020.		2,000,000		0
Advance from FHLB with a 1.93% fixed rate of interest with annual installment payments maturing September 28, 2022.		8,000,000		0
Advance from FHLB with a 2.34% fixed rate of interest with annual installment payments maturing December 5, 2024.		5,142,857		0
Total long-term debt	$	29,057,143	$	26,028,571

Schedule of Debt Maturities

The following are maturities of long-term debt for the next five years. At December 31, 2017, there was no floating rate long-term debt.

Due in:		Fixed Rate Amount
	2018	$	0
	2019		9,171,428
	2020		8,171,429
	2021		4,571,429
	2022		4,571,429
	Later years		2,571,428
	Total long-term debt	$	29,057,143