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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of summary of investment securities

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
December 31, 2015		Cost				Gains				Losses				Value
Available for sale:
U.S. Treasury		$	2,995,525			$	122			$	4,162			$	2,991,485
State and municipal			29,635,572				397,568				37,041				29,996,099
Mortgage-backed			66,659,924				21,182				878,680				65,802,426
		$	99,291,021			$	418,872			$	919,883			$	98,790,010

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
December 31, 2014		Cost				Gains				Losses				Value
Available for sale:
U.S. Treasury		$	7,946,530			$	5,843			$	23,883			$	7,928,490
U.S. Government agencies			28,360				295,584				-				323,944
State and municipal			32,771,006				813,974				75,534				33,509,446
Corporate trust preferred			247,150				-				83,695				163,455
Mortgage-backed			46,831,094				95,832				859,116				46,067,810
		$	87,824,140			$	1,211,233			$	1,042,228			$	87,993,145

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
December 31, 2013		Cost				Gains				Losses				Value
Available for sale:
U.S. Government agencies		$	28,360			$	575,000			$	-			$	603,360
State and municipal			32,395,630				360,384				1,746,943				31,009,071
Corporate trust preferred			333,395				-				109,403				223,992
Mortgage-backed			43,512,419				688,095				1,723,255				42,477,259
		$	76,269,804			$	1,623,479			$	3,579,601			$	74,313,682

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position

		Less than 12 months								12 months or more								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Loss				Value				Loss				Value				Loss
U.S. Treasury		$	2,492,190			$	4,162			$	-			$	-			$	2,492,190			$	4,162
State and Municipal			3,616,349				25,197				810,953				11,844				4,427,302				37,041
Mortgaged-backed			39,761,158				376,176				16,961,097				502,504				56,722,255				878,680
		$	45,869,697			$	405,535			$	17,772,050			$	514,348			$	63,641,747			$	919,883

Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities

		2015				2014				2013
Estimated credit losses, beginning of year		$	3,262,496			$	3,262,496			$	3,246,915
Sales of securities with previous OTTI recognized			(3,262,496	)			-				-
Credit losses - no previous OTTI recognized			-				-				-
Credit losses - previous OTTI recognized			-				-				15,581
Estimated credit losses, end of year		$	-			$	3,262,496			$	3,262,496

Schedule of contractual maturities of investment securities

		Available for Sale
		Amortized				Fair
December 31, 2015		Cost				Value
Due within one year		$	-			$	-
Due over one to five years			2,995,525				2,991,485
Due over five to ten years			-				-
Due over ten years			29,635,572				29,996,099
Mortgage-backed, due in monthly installments			66,659,924				65,802,426
		$	99,291,021			$	98,790,010

		Available for Sale
		Amortized				Fair
December 31, 2014		Cost				Value
Due within one year		$	61,064			$	61,780
Due over one to five years			5,938,706				5,923,560
Due over five to ten years			2,007,824				2,004,890
Due over ten years			32,957,092				33,611,161
Mortgage-backed, due in monthly installments			46,859,454				46,391,754
		$	87,824,140			$	87,993,145

		Available for Sale
		Amortized				Fair
December 31, 2013		Cost				Value
Due within one year		$	-			$	-
Due over one to five years			-				-
Due over five to ten years			-				-
Due over ten years			32,729,025				31,233,063
Mortgage-backed, due in monthly installments			43,540,779				43,080,619
		$	76,269,804			$	74,313,682

X

- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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