Bank of South Carolina (BKSC) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document And Entity Information
Entity Registrant Name	BANK OF SOUTH CAROLINA CORP
Entity Central Index Key	1,007,273
Document Type	10-Q
Trading Symbol	BKSC
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,916,600
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and due from banks	$ 6,516,874	$ 4,698,435
Interest bearing deposits in other banks	12,468,073	5,680,613
Investment securities available for sale	116,001,867	113,994,112
Mortgage loans to be sold	7,018,137	7,325,081
Loans	241,250,253	234,117,792
Less: Allowance for loan losses	(3,289,271)	(3,334,848)
Net loans	237,960,982	230,782,944
Premises and equipment, net	2,297,831	2,352,423
Other real estate owned	620,394	521,943
Accrued interest receivable	1,118,076	1,290,380
Other assets	556,859	579,871
Total assets	384,559,093	367,225,802
Deposits:
Non-interest bearing demand	116,488,824	107,072,271
Interest bearing demand	79,865,760	79,397,647
Money market accounts	56,659,892	47,450,210
Time deposits over $250,000	34,121,413	32,363,615
Other time deposits	30,297,705	29,457,720
Other savings deposits	26,318,910	26,677,564
Total deposits	343,752,504	322,419,027
Short-term borrowings	481,141	6,980,681
Accrued interest payable and other liabilities	1,328,087	1,066,112
Total liabilities	$ 345,561,732	$ 330,465,820
Shareholders' Equity
Common Stock - No par value; 12,000,000 shares authorized; Shares issued 5,157,006 at September 30, 2015 and 4,680,839 at December 31, 2014. Shares outstanding 4,915,610 at September 30, 2015 and 4,461,388 at December 31, 2014.
Additional paid in capital	$ 36,312,008	$ 28,779,108
Retained earnings	3,477,121	8,640,291
Treasury stock: 241,396 shares at September 30, 2015 and 219,451 at December 31, 2014	(2,247,415)	(1,902,439)
Accumulated other comprehensive income, net of income taxes	1,455,647	1,243,022
Total shareholders' equity	38,997,361	36,759,982
Total liabilities and shareholders' equity	$ 384,559,093	$ 367,225,802

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	5,157,006	4,680,839
Common stock, shares outstanding	4,915,610	4,461,388
Treasury stock, shares	241,396	219,451

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest and fee income
Interest and fees on loans	$ 2,975,653	$ 2,868,904	$ 8,798,553	$ 8,392,884
Interest and dividends on investment securities	581,708	536,034	1,770,754	1,516,239
Other interest income	12,311	14,927	25,629	33,483
Total interest and fee income	3,569,672	3,419,865	10,594,936	9,942,606
Interest expense
Interest on deposits	101,199	104,009	293,356	308,655
Interest on short-term borrowings	31	244	924	244
Total interest expense	101,230	104,253	294,280	308,899
Net interest income	3,468,442	3,315,612	10,300,656	9,633,707
Provision for loan losses	7,500	12,500	82,500	62,500
Net interest income after provision for loan losses	3,460,942	3,303,112	10,218,156	9,571,207
Other income
Service charges, fees and commissions	240,306	223,369	728,799	679,806
Mortgage banking income	413,077	383,304	1,247,813	913,646
Other non-interest income	$ 8,655	8,330	$ 20,175	20,384
Gain on sale of other real estate owned		$ 2,382		2,382
Gain on sale of securities			$ 264,401	223,735
Total other income	$ 662,038	$ 617,385	2,261,188	1,839,953
Other expense
Salaries and employee benefits	1,450,852	1,349,779	4,342,702	4,008,738
Net occupancy expense	372,727	369,201	1,112,354	1,101,929
Other operating expenses	549,163	522,998	1,656,198	1,624,749
Total other expense	2,372,742	2,241,978	7,111,254	6,735,416
Income before income tax expense	1,750,238	1,678,519	5,368,090	4,675,744
Income tax expense	551,319	536,806	1,710,774	1,468,306
Net income	$ 1,198,919	$ 1,141,713	$ 3,657,316	$ 3,207,438
Basic income per common share (in dollars per share)	$ 0.24	$ 0.23	$ 0.74	$ 0.65
Diluted income per common share (in dollars per share)	$ 0.24	$ 0.23	$ 0.72	$ 0.64
Weighted average shares outstanding
Basic (in shares)	4,915,610	4,907,203	4,911,142	4,907,203
Diluted (in shares)	5,061,685	5,020,082	5,062,695	5,019,905
Cash Dividend Per Share (in dollars per share)	$ 0.13	$ 0.23	$ 0.39	$ 0.49

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 1,198,919	$ 1,141,713	$ 3,657,316	$ 3,207,438
Other comprehensive income
Unrealized (loss) gain on securities ,net of tax	$ 502,516	$ (81,316)	379,197	231,718
Reclassification adjustment for gains included in income ,net of tax			(166,572)	(140,953)
Other comprehensive income (loss), net of tax	$ 502,516	$ (81,316)	212,625	90,765
Total Comprehensive income	$ 1,701,435	$ 1,060,397	$ 3,869,941	$ 3,298,203

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Tax on unrealized gain on securities	$ 295,129	$ 47,757	$ 27,046	$ 53,306
Tax on reclassification adjustment for gains included in income			$ 97,829	$ 82,782

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance beginning at Dec. 31, 2013	$ 28,678,150	$ 7,007,532	$ (1,902,439)	$ 955,900	$ 34,739,143
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		3,207,438			3,207,438
Other comprehensive income				$ 90,765	90,765
Exercise of stock options	$ 26,050				26,050
Stock-based compensation expense	55,709				55,709
Cash dividends ($0.49 and $0.39 per common share for the nine months ended September 30, 2015 and 2014 respectively)		(2,186,080)			(2,186,080)
Balance ending at Sep. 30, 2014	28,759,909	8,028,890	$ (1,902,439)	1,046,665	35,933,025
Balance beginning at Dec. 31, 2014	28,779,108	8,640,291	(1,902,439)	1,243,022	36,759,982
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		3,657,316			3,657,316
Other comprehensive income				$ 212,625	212,625
Exercise of stock options	113,254				113,254
10% Stock dividend 446,597 common 21,945 treasury at $15.72	7,360,703	(7,020,505)	(344,976)		(4,778)
Stock-based compensation expense	58,943				58,943
Cash dividends ($0.49 and $0.39 per common share for the nine months ended September 30, 2015 and 2014 respectively)		(1,799,981)			(1,799,981)
Balance ending at Sep. 30, 2015	$ 36,312,008	$ 3,477,121	$ (2,247,415)	$ 1,455,647	$ 38,997,361

Consolidated Statements of Sha8

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends	$ 0.39	$ 0.49
Common stock, shares	446,597
Treasury stock, shares	21,945
Stock dividend	$ 15.72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 1,198,919	$ 1,141,713	$ 3,657,316	$ 3,207,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			148,425	152,869
Gain on sale of securities			$ (264,401)	(223,735)
Gain on sale of other real estate owned		$ (2,382)		(2,382)	$ (2,382)
Provision for loan losses	$ 7,500	12,500	$ 82,500	62,500
Stock-based compensation expense			58,943	55,709
Net amortization of unearned discounts on investments			73,622	256,679
Origination of mortgage loans held for sale			(74,776,964)	(50,265,314)
Proceeds from sale of mortgage loans held for sale			75,083,908	48,374,207
Decrease (increase) in accrued interest receivable and other assets			334,841	(161,354)
Increase in accrued interest payable and other liabilities			202,926	358,805
Net cash provided by operating activities			4,601,116	1,815,422
Cash flows from investing activities:
Proceeds from maturities of investment securities available for sale			2,315,000	1,920,000
Proceeds from sale of investment securities available for sale			$ 15,219,799	19,529,603
Proceeds from sale of other real estate owned				37,855
Purchase of investment securities available for sale			$ (19,278,675)	(33,418,244)
Net increase in loans			(7,358,989)	(11,879,322)
Purchase of premises, equipment and leasehold improvements, net			(93,833)	(98,424)
Net cash used by investing activities			(9,196,698)	(23,908,532)
Cash flows from financing activities:
Net increase in deposit accounts			21,333,477	24,032,780
Net (decrease) increase in short-term borrowings			(6,499,540)	9,680,244
Dividends paid			(1,740,932)	$ (1,739,616)
Cash paid for fractional shares			(4,778)
Stock options exercised			113,254	$ 26,050
Net cash provided by financing activities			13,201,481	31,999,458
Net increase in cash and cash equivalents			8,605,899	9,906,348
Cash and cash equivalents at beginning of period			10,379,048	22,124,096	22,124,096
Cash and cash equivalents at end of period	$ 18,984,947	$ 32,030,444	18,984,947	32,030,444	$ 10,379,048
Cash paid during the period for:
Interest			313,689	329,710
Income taxes			1,631,252	1,232,000
Supplemental disclosure for non-cash investing and financing activity:
Change in dividends payable			59,049	446,464
Change in unrealized gain on available for sale securities, net of tax			212,625	90,765
Transfer of loans to other real estate owned			$ 98,451	$ 557,416

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation The Bank of South Carolina (the “Bank”) was organized on October 22, 1986 and opened for business as a state-chartered financial institution on February 26, 1987, in Charleston, South Carolina. The Bank was reorganized into a wholly-owned subsidiary of Bank of South Carolina Corporation (the “Company”), effective April 17, 1995. At the time of the reorganization, each outstanding share of the Bank was exchanged for two shares of Bank of South Carolina Corporation Stock. The Bank operates as an independent, community oriented, commercial bank providing a broad range of financial services and products. We have four banking house locations: 256 Meeting Street, Charleston, SC, 100 North Main Street, Summerville, SC, 1337 Chuck Dawley Boulevard, Mt. Pleasant, SC and 2027 Sam Rittenberg Boulevard, Charleston, SC. We intend to open a banking office in North Charleston, SC on Highway 78 and Ingleside Boulevard in the future. References to “we,” “us,” “our,” “the Bank,” or “the Company” refer to the parent and its subsidiary, that are consolidated for financial purposes. The consolidated financial statements in this report are unaudited, except for the December 31, 2014 consolidated balance sheet. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. The results of operations for the three and nine months ended September 30, 2015, are not necessarily indicative of the results which may be expected for the entire year. The preparation of the consolidated financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from these estimates and assumptions. Material estimates generally susceptible to significant change are related to the determination of the allowance for loan losses, impaired loans, other real estate owned, asset prepayment rates and other-than-temporary impairment of investment securities. In preparing these financial statements, we evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued.

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 2: Cash and Cash Equivalents Cash and cash equivalents include working cash funds, due from banks, interest-bearing deposits in other banks, items in process of collection and federal funds sold. All cash equivalents are readily convertible to cash and have maturities of less than 90 days. To comply with Federal Reserve regulations, we are required to maintain certain average cash reserve balances. Our daily reserve requirement for the three and nine month periods ending September 30, 2015 and the three and nine month periods ending September 30, 2014 was satisfied by vault cash.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 3: Investment Securities We classify investments into three categories as follows: (1) Held to Maturity - debt securities that we have the positive intent and ability to hold to maturity, which are reported at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income using a methodology which approximates a level yield of interest over the estimated remaining period until maturity; (2) Trading - debt and equity securities that are bought and held principally for the purpose of selling them in the near term, which are reported at fair value, with unrealized gains and losses included in earnings; and (3) Available for Sale - debt and equity securities that may be sold under certain conditions, which are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders' equity, net of income taxes. Unrealized losses on securities due to fluctuations in fair value are recognized when it is determined that an other than temporary decline in value has occurred. Realized gains or losses on the sale of investments are recognized on a specific identification, trade date basis. All securities were classified as available for sale for the three and nine months ended September 30, 2015 and at December 31, 2014. We do not have any mortgage-backed securities nor have we ever invested in mortgage-backed securities. (See “non-interest income” for discussion on the sale of investment securities.)

Mortgage Loans to be Sold

Mortgage Loans to be Sold	9 Months Ended
	Sep. 30, 2015
Mortgage Loans To Be Sold
Mortgage Loans to be Sold	Note 4: Mortgage Loans to be Sold We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination . Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. At September 30, 2015 and December 31, 2014, we had approximately $7.0 million and $7.3 million in mortgage loans held for sale, respectively. Gains or losses on sales of loans are recognized when control over these assets has been surrendered and are included in mortgage banking income in the consolidated statements of income.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans and Allowance for Loan Losses	Note 5: Loans and Allowance for Loan Losses Loans are carried at principal amounts outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to yield. Interest income on all loans is recorded on an accrual basis. The accrual of interest and the amortization of net loan fees are generally discontinued and accrued interest amounts are reversed against interest income on loans which 1) are maintained on a cash basis because of deterioration in the financial condition of the borrower; 2) for which payment of full principal is not expected; or 3) upon which principal or interest has been in default for a period of 90 days or more. The accrual of interest, however, may continue on these loans if they are well secured, in the process of collection, and management deems it appropriate. If non-accrual loans decrease their past due status to less than 30 days for a period of six to nine months, they are reviewed individually by management to determine if they should be returned to accrual status. We define past due loans based on contractual payment and maturity dates. We account for nonrefundable fees and costs associated with originating or acquiring loans by requiring that loan origination fees be recognized over the life of the related loan as an adjustment on the loan’s yield. Deferred loan fees were $108,939 at September 30, 2015 and $89,441 at December 31, 2014. Certain direct loan origination costs shall be recognized over the life of the related loan as a reduction of the loan’s yield. We account for impaired loans by requiring that all loans for which it is estimated that we will be unable to collect all amounts due according to the terms of the loan agreement be recorded at the loan's fair value. Fair value may be determined based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral less cost to sell, if the loan is collateral dependent. Additional accounting guidance allows us to use existing methods for recognizing interest income on an impaired loan. The guidance also requires additional disclosures about how we estimate interest income related to our impaired loans. When the ultimate collectability of an impaired loan's principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest income and then to principal. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). For this type of impaired loan, cash receipts are typically applied to principal and interest receivable in accordance with the terms of the restructured loan agreement. Interest income is recognized on these loans using the accrual method of accounting, provided they are performing in accordance with their restructured terms. We believe that the allowance is adequate to absorb inherent losses in the loan portfolio; however, assessing the adequacy of the allowance is a process that requires considerable judgment. Our judgments are based on numerous assumptions about current events which we believe to be reasonable, but which may or may not be valid. Thus there can be no assurance that loan losses in future periods will not exceed the current allowance amount or that future increases in the allowance will not be required. No assurance can be given that our ongoing evaluation of the loan portfolio, in light of changing economic conditions and other relevant circumstances, will not require significant future additions to the allowance, thus adversely affecting our operating results. The allowance is also subject to examination by regulatory agencies, which may consider such factors as the methodology used to determine adequacy and the size of the allowance relative to that of peer institutions and other adequacy tests. In addition, such regulatory agencies could require us to adjust our allowance based on information available to us at the time of our examination. The methodology used to determine the reserve for unfunded lending commitments, which is included in other liabilities, is inherently similar to the methodology used to determine the allowance for loan losses adjusted for factors specific to binding commitments, including the probability of funding and historical loss ratio. The following is a summary of the non-accrual loans as of September 30, 2015 and December 31, 2014. September 30, 2015 Loans Receivable on Non-Accrual Commercial $ — Commercial Real Estate: Commercial Real Estate - Construction — Commercial Real Estate - Other 1,400,600 Consumer: Consumer Real Estate 82,015 Consumer - Other — Total $ 1,482,615 December 31, 2014 Loans Receivable on Non-Accrual Commercial $ — Commercial Real Estate: Commercial Real Estate - Construction — Commercial Real Estate - Other 882,413 Consumer: Consumer Real Estate — Consumer - Other — Total $ 882,413 The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of September 30, 2015 and December 31, 2014. September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial $ 4,640 1,065,264 — 1,069,904 47,010,005 48,079,909 — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,371,523 1,371,523 — Commercial Real Estate -Other 187,359 696,206 685,271 1,568,836 118,209,088 119,777,924 89,500 Consumer: Consumer- Real Estate 53,989 — 82,015 136,004 67,184,285 67,320,289 — Consumer-Other 7,803 1,735 — 9,538 4,691,070 4,700,608 — Total $ 253,792 1,763,204 767,286 2,784,282 238,465,971 241,250,253 89,500 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial $ 557,608 2,474 — 560,082 49,339,495 49,899,577 — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,511,702 1,511,702 — Commercial Real Estate -Other 229,607 589,705 1,665,673 2,484,985 113,254,697 115,739,682 1,274,119 Consumer: Consumer- Real Estate — — — — 62,054,983 62,054,983 — Consumer-Other 17,468 — — 17,468 4,894,380 4,911,848 — Total $ 804,683 592,179 1,665,673 3,062,535 231,055,257 234,117,792 1,274,119 We grant short to intermediate term commercial and consumer loans to customers throughout our primary market area of Charleston, Berkeley and Dorchester Counties of South Carolina. Our primary market area is heavily dependent on tourism and medical services. Although we have a diversified loan portfolio, a substantial portion of our debtors' ability to honor their contracts is dependent upon the stability of the economic environment in their primary markets including the government, tourism and medical industries. The majority of the loan portfolio is located in our immediate market area with a concentration in Real Estate Related, Offices and Clinics of Medical Doctors, Real Estate Agents and Managers, and Legal Services. As of September 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table: Impaired and Restructured Loans For September 30, 2015 With no related allowance recorded: Unpaid Recorded Related Commercial $ 719,343 $ 719,343 $ — Commercial Real Estate 2,670,690 2,670,690 — Consumer Real Estate 450,053 450,053 — Consumer Other 6,613 6,613 — Total 3,846,699 3,846,699 — With an allowance recorded: Commercial 956,983 956,983 507,152 Commercial Real Estate 1,249,419 1,249,419 198,681 Consumer Real Estate 911,450 911,450 392,618 Consumer Other 97,171 97,171 97,171 Total 3,215,023 3,215,023 1,195,622 Grand Total $ 7,061,722 $ 7,061,722 $ 1,195,622 Impaired and Restructured Loans As of December 31, 2014 With no related allowance recorded: Unpaid Recorded Related Commercial $ 634,865 $ 634,865 $ — Commercial Real Estate 3,349,844 3,349,844 — Consumer Real Estate 351,140 351,140 — Consumer Other — — — Total 4,335,849 4,335,849 — With an allowance recorded: Commercial 1,157,560 1,157,560 784,561 Commercial Real Estate 846,008 846,008 209,189 Consumer Real Estate 672,163 672,163 250,590 Consumer Other 39,547 39,547 39,547 Total 2,715,278 2,715,278 1,283,887 Grand Total $ 7,051,127 $ 7,051,127 $ 1,283,887 The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014, respectively. Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Three Months Ended September 30, 2015 September 30, 2014 With no related allowance recorded: Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Commercial $ 736,376 $ 11,289 $ 591,490 $ 12,344 Commercial 2,689,602 37,625 3,212,538 40,197 Consumer 450,053 4,559 351,712 2,576 Consumer 6,930 146 — — Total 3,882,961 53,619 4,155,740 55,117 With an allowance recorded: Commercial 989,914 11,865 1,270,229 14,578 Commercial 1,253,113 14,333 1,794,000 21,349 Consumer 914,480 10,495 681,958 10,726 Consumer 98,486 1,415 39,996 419 Total 3,255,993 38,108 3,786,183 47,072 Grand Total $ 7,138,954 $ 91,727 $ 7,941,923 $ 102,189 Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Nine months Ended September 30, 2015 September 30, 2014 With no related allowance recorded: Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Commercial $ 763,464 $ 33,861 $ 603,268 $ 34,784 Commercial 2,646,960 111,164 3,298,665 100,952 Consumer 450,053 14,009 351,775 8,102 Consumer 7,139 224 — — Total 3,867,616 159,258 4,253,708 143,838 With an allowance recorded: Commercial 1,026,875 37,673 1,320,051 42,558 Commercial 1,254,696 43,702 1,803,242 61,062 Consumer 920,347 29,772 691,169 26,365 Consumer 100,889 4,462 42,114 1,528 Total 3,302,807 115,609 3,856,576 131,513 Grand Total $ 7,170,423 $ 274,867 $ 8,110,284 $ 275,351 The following table illustrates credit risks by category and internally assigned grades at September 30, 2015 and December 31, 2014. September 30, 2015 Commercial Commercial Commercial Consumer Consumer Total Pass $ 43,993,347 $ 935,506 $ 113,436,081 $ 63,862,429 $ 4,313,261 $ 226,540,624 Watch 1,033,532 436,017 1,221,544 1,992,556 254,295 4,937,944 OAEM 1,376,704 — 1,200,190 103,801 29,268 2,709,963 Sub-Standard 1,676,326 — 3,920,109 1,361,503 103,784 7,061,722 Doubtful — — — — — — Loss — — — — — — Total $ 48,079,909 $ 1,371,523 $ 119,777,924 $ 67,320,289 $ 4,700,608 $ 241,250,253 December 31, 2014 Commercial Commercial Commercial Consumer Consumer Total Pass $ 45,154,058 $ 1,062,185 $ 108,568,274 $ 58,744,677 $ 4,512,912 $ 218,042,106 Watch 2,401,715 — 1,697,883 1,818,923 276,557 6,195,078 OAEM 551,380 449,517 1,378,436 467,482 82,832 2,929,647 Sub-Standard 1,792,424 — 4,095,089 1,023,901 39,547 6,950,961 Doubtful — — — — — — Loss — — — — — — Total $ 49,899,577 $ 1,511,702 $ 115,739,682 $ 62,054,983 $ 4,911,848 $ 234,117,792 The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above. For the Three Months Ended September 30, 2015 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance June 30, 2015 $ 1,044,329 1,186,043 957,447 219,939 3,407,758 Charge-offs (99,737 ) (34,252 ) (6,075 ) (19,274 ) (159,338 ) Recoveries — 17,000 6,075 10,276 33,351 Provisions 3,450 100,935 (46,204 ) (50,681 ) 7,500 Ending Balance 948,042 1,269,726 911,243 160,260 3,289,271 As of and for the Nine Months Ended September 30, 2015 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance December 31, 2014 $ 1,211,130 $ 1,112,387 $ 906,255 $ 105,076 $ 3,334,848 Charge-offs (99,737 ) (55,252 ) (6,075 ) (40,007 ) (201,071 ) Recoveries 9,164 47,000 6,075 10,755 72,994 Provisions (172,515 ) 165,591 4,988 84,436 82,500 Ending Balance 948,042 1,269,726 911,243 160,260 3,289,271 Allowance for Loan Losses Ending Balances: Individually evaluated for impairment 507,152 198,681 392,618 97,171 1,195,622 Collectively evaluated for impairment 440,890 1,071,045 518,625 63,089 2,093,649 Investment in Loans Ending Balance: Individually evaluated for impairment 1,676,326 3,920,109 1,361,503 103,784 7,061,722 Collectively evaluated for impairment $ 46,403,583 $ 117,229,338 $ 65,958,786 $ 4,596,824 $ 234,188,531 For the Three Months Ended September 30, 2014 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance June 30, 2014 $ 1,277,246 $ 1,317,450 $ 696,661 $ 88,451 $ 3,379,808 Charge-offs — (15,834 ) — (3,004 ) (18,838 ) Recoveries — 12,000 — 206 12,206 Provisions (23,077 ) (25,135 ) 44,219 16,493 12,500 Ending Balance 1,254,169 1,288,481 740,880 102,146 3,385,676 As of and for the Nine Months Ended September 30, 2014 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance December 31, 2013 $ 1,448,804 $ 1,064,363 $ 694,950 $ 84,160 $ 3,292,277 Charge-offs — (19,787 ) — (7,133 ) (26,920 ) Recoveries — 31,100 — 26,719 57,819 Provisions (194,635 ) 212,805 45,930 (1,600 ) 62,500 Ending Balance 1,254,169 1,288,451 740,880 102,146 3,385,676 Allowance for Loan Losses Ending Balances: Individually evaluated for impairment 872,728 470,189 151,431 39,547 1,533,895 Collectively evaluated for impairment 381,441 738,704 589,449 62,599 1,851,781 Investment in Loans Ending Balance: Individually evaluated for impairment 2,224,613 4,600,806 1,031,280 39,547 7,896,246 Collectively evaluated for impairment $ 46,495,983 $ 110,560,553 $ 59,724,271 $ 4,996,056 $ 221,776,863 TDR’s (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $433,743 and $466,541 at September 30, 2015 and December 31, 2014, respectively. All restructured loans were renegotiated to allow multiple principal extensions and were performing as agreed as of September 30, 2015 and December 31, 2014, respectively. There were no additional loans identified as a TDR during the nine months ended September 30, 2015. There were no loans identified as a TDR that were in default as of September 30, 2015 or as of December 31, 2014.

Premises, Equipment and Leaseho

Premises, Equipment and Leasehold Improvements and Depreciation	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Premises, Equipment and Leasehold Improvements and Depreciation	Note 6: Premises, Equipment and Leasehold Improvements and Depreciation Buildings and equipment are carried at cost less accumulated depreciation, calculated on the straight-line method over the estimated useful life of the related assets - 40 years for buildings and 3 to 15 years for equipment. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Note 7: Concentration of Credit Risk Our primary market consists of the Counties of Berkeley, Charleston and Dorchester, South Carolina. At September 30, 2015 and December 31, 2014, the majority of the total loan portfolio, as well as a substantial portion of the commercial and real estate loan portfolios, were to borrowers within this region. No other areas of significant concentration of credit risk have been identified.

Other Real Estate Owned

Other Real Estate Owned	9 Months Ended
	Sep. 30, 2015
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Other Real Estate Owned	Note 8: Other Real Estate Owned Other real estate owned (“OREO”) is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral, or our estimation of the value of the collateral. Gains and losses on the sale of OREO and subsequent write-downs from periodic re-evaluation are charged to Other Operating Income. We had two properties valued at $620,394 classified as OREO at September 30, 2015 and one property valued at $521,943 at December 31, 2014. A property valued at $35,473 classified as OREO sold at a gain of $2,382 during the year ended December 31, 2014. The following table summarizes the activity in OREO at September 30, 2015 and December 31, 2014. September 30, December 31, 2015 2014 Balance, beginning of period $ 521,943 $ — Additions-foreclosure 98,451 557,416 Sales — 35,473 Write-downs — — Balance, end of period $ 620,394 $ 521,943

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Net deferred tax assets are included in other assets in the consolidated balance sheet. Accounting standards require the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. These standards also prescribe a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. We believe that we had no uncertain tax positions as of September 30, 2015 or December 31, 2014.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Note 10: Stock Based Compensation The shareholders of the Company voted at the Company’s Annual Meeting, April 13, 2010 to approve the 2010 Omnibus Stock Incentive Plan, including 363,000 shares (adjusted for a 10% stock dividend declared on August 26, 2010 and a 10% stock dividend declared on August 27, 2015) reserved under the plan (copy of the plan was filed with 2010 Proxy Statement). This plan is intended to assist the Company in recruiting and retaining employees with ability and initiative by enabling employees to participate in its future success and to align their interest with those of the Company and its shareholders. Under the Omnibus Stock Incentive Plan, options are periodically granted to employees at a price not less than 100% of the fair market value of the shares at the date of the grant. All employees are eligible to participate in this plan if the Executive Committee, in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of the Company or its subsidiary. Options may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Executive Committee shall determine. The maximum period in which an option may be exercised is determined at the date of grant and shall not exceed 10 years from the date of grant. The options are not transferable except by will or by the laws of descent and distribution. On April 23, 2015, the Executive Committee granted options to purchase an aggregate of 20,350 shares to nine employees. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. In addition, the Executive Committee granted options to purchase 3,300 shares to an employee on June 29, 2015. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. On July 24, 2014, the Executive Committee granted options to purchase an aggregate of 11,000 shares to twelve employees. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 3.74%, historical volatility 31.69%, risk free interest rate of 2.52% and an expected life of 10 years. On April 14, 1998, the Company adopted the 1998 Omnibus Stock Incentive Plan which expired on April 14, 2008. Options can no longer be granted under the 1998 Plan. Options granted before April 14, 2008, shall remain valid in accordance with their terms. There are currently options to purchase 19,017 shares outstanding under this plan with options to purchase 13,209 shares exercisable. All of the above shares subject to options have been adjusted to reflect a 10% stock dividend declared on August 27, 2015. Under both plans, employees become 20% vested after five years and vest 20% each year until fully vested. The right to exercise each such 20% of the options is cumulative and will not expire until the tenth anniversary of the date of the grant. The following is a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plan for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014. Three Months Ended September 30, 2015 Options Weighted Average Exercise Price Balance at July 1, 2015 187,042 $ 10.84 Forfeited (1,925 ) 13.49 Balance at September 30, 2015 185,117 10.81 Nine months Ended September 30, 2015 Options Weighted Average Exercise Price Balance at January 1, 2015 176,181 $ 10.48 Forfeited (6,326 ) 11.88 Exercised (8,388 ) 13.51 Granted 23,650 14.48 Balance at September 30, 2015 185,117 10.81 Three months Ended September 30, 2014 Options Weighted Average Exercise Price Balance at July 1, 2014 168,206 $ 10.03 Granted 11,000 13.49 Forfeited (1,375 ) 11.67 Balance at September 30, 2014 177,831 10.23 Nine months Ended September 30, 2014 Options Weighted Average Exercise Price Balance at January 1, 2014 175,081 $ 10.03 Granted 11,000 13.49 Forfeited (5,500 ) 10.73 Exercised (2,750 ) 9.47 Balance at September 30, 2014 177,831 10.23 Options exercisable at September 30, 2015 13,209 $ 13.41 All shares and exercise prices per share have been adjusted to reflect a 10% stock dividend declared on August 27, 2015.

Income Per Common Share

Income Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Income Per Common Share	Note 11: Income Per Common Share Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock. The following table is a summary of dividends declared during the nine months ended September 30, 2015 and the nine months ended September 30, 2014. Quarterly Dividend Date Declared Date of Record Date Payable $.13 March 26, 2015 April 7, 2015 April 30, 2015 $.13 June 25, 2015 July 6, 2015 July 31, 2015 $.13 September 24, 2015 October 5, 2015 October 30, 2015 Quarterly Dividend Date Declared Date of Record Date Payable $.13 March 27, 2014 April 8, 2014 April 30, 2014 $.13 June 26, 2014 July 7, 2014 July 31, 2014 $.13 September 25, 2014 October 8, 2014 October 31, 2014 Special $.10 September 25, 2014 October 8, 2014 October 31, 2014 Income per common share for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 was calculated as follows: All shares have been adjusted to reflect a 10% stock dividend declared August 27, 2015. For The Three Months Ended September 30, 2015 Income Shares Per Share Net income $ 1,198,919 Basic income available to $ 1,198,919 4,915,610 $ .24 Effect of dilutive options 146,075 Diluted income available to common $ 1,198,919 5,061,685 $ .24 For The Nine Months Ended September 30, 2015 Income Shares Per Share Net income $ 3,657,316 Basic income available to $ 3,657,316 4,911,142 $ .74 Effect of dilutive options 151,553 Diluted income available to common $ 3,657,316 5,062,695 $ .72 For The Three Months Ended September 30, 2014 Income Shares Per Share Net income $ 1,141,713 Basic income available to $ 1,141,713 4,907,203 $ .23 Effect of dilutive options 112,879 Diluted income available to common $ 1,141,713 5,020,082 $ .23 For The Nine Months Ended September 30, 2014 Income Shares Per Share Net income $ 3,207,438 Basic income available to $ 3,207,438 4,907,203 $ .65 Effect of dilutive options 112,702 Diluted income available to common $ 3,207,438 5,019,905 $ .64 The future payment of cash dividends is subject to the discretion of the Board of Directors and depends upon a number of factors, including future earnings, financial condition, cash requirements, and general business conditions. Cash dividends when declared, are paid by the Bank to the Company for distribution to shareholders of the Company. The Bank’s ability to pay dividends to the Company is restricted by the laws and regulations of the State of South Carolina. Generally, these restrictions allow the Bank to pay dividends from current earnings without the prior written consent of the South Carolina Commissioner of Banking, if it received a satisfactory rating at its most recent examination.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Comprehensive Income	Note 12: Comprehensive Income We apply accounting standards Comprehensive income totaled $1,701,435 and $1,060,397 for the three months ended September 30, 2015 and 2014, respectively and $3,869,941 and $3,298,203 for the nine months ended September 30, 2015 and 2014, respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Note 13: Segment Information We report operating segments in accordance with accounting standards. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Financial Officer/Executive Vice President in deciding how to allocate resources and assess performance. Accounting standards require that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has one reporting segment, The Bank of South Carolina.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 14: Derivative Instruments Accounting standards require that all derivative instruments be recorded on the balance sheet at fair value. The accounting for the gain or loss due to change in fair value of the derivative instrument depends on whether the derivative instrument qualifies as a hedge. If the derivative does not qualify as a hedge, the gains or losses are reported in earnings when they occur. However, if the derivative instrument qualifies as a hedge, the accounting varies based on the type of risk being hedged. We had no embedded derivative instruments requiring separate accounting treatment. We had freestanding derivative instruments consisting of fixed rate conforming loan commitments as interest rate locks and commitments to sell fixed rate conforming loans on a best efforts basis. We do not currently engage in hedging activities. Based on short term fair value of the mortgage loans held for sale (derivative contract), our derivative instruments were immaterial to our consolidated financial statements as of September 30, 2015 and September 30, 2014.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15: Fair Value Measurements Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that we believe market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance establishes a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. The three levels of input that may be used to measure fair value are the following: Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as US Treasuries and money market funds. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts and impaired loans. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The guidance requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis (for example, available for sale investment securities) or on a nonrecurring basis (for example, impaired loans). Fair value estimates, methods, and assumptions are set forth below. Investment Securities Available for Sale Securities available for sale are recorded at fair value on a recurring basis and are based upon quoted prices if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange such as the New York Stock Exchange, or by dealers or brokers in active over-the counter markets. Level 2 securities include mortgage backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Other Real Estate Owned (OREO) Loans, secured by real estate, are adjusted to fair value upon transfer to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or our estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraisal, we record the asset as nonrecurring Level 2. When an appraised value is not available or we determine the fair value of the collateral is further impaired below the appraised value and there is no observable market price, we record the asset as nonrecurring Level 3. We had two properties valued at $620,394 and one property valued at $521,943 classified as OREO at September 30, 2015 and December 31, 2014, respectively. Impaired Loans We do not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans are reviewed for impairment on a quarterly basis if any of the following criteria are met: 1) Any loan on non-accrual 2) Any loan that is a troubled debt restructuring 3) Any loan over 60 days past due 4) Any loan rated sub-standard, doubtful, or loss 5) Excessive principal extensions are executed 6) If we are provided information that indicates that we will not collect all principal and interest as scheduled Once a loan is identified as individually impaired, we measure the impairment in accordance with Accounting Standards Codification (“ASC”) 310-10, “Accounting by Creditors for Impairment of a Loan”. In accordance with this standard, the fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, we review the most recent appraisal and if it is over 18 months old we may request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, we may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of our primary market area, we would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where we are familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, we may perform an internal analysis whereby the previous appraisal value would be reviewed considering recent current conditions, and known recent sales or listings of similar properties in the area, and any other relevant economic trends. This analysis may result in the call for a new appraisal. These valuations are reviewed and updated on a quarterly basis. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At September 30, 2015 and December 31, 2014, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. In accordance with topic ASC 820 “Fair Value Measurement”, impaired loans, where an allowance is established based on the fair value of collateral, require classification in the fair value hierarchy. We record the impaired loan as nonrecurring Level 3. Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 are as follows: Balance at September 30, 2015 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 29,908,712 $ — $ — $ 29,908,712 Government Sponsored — 51,653,088 — 51,653,088 Municipal Securities — 29,240,720 5,199,347 34,440,067 Total $ 29,908,712 $ 80,893,808 $ 5,199,347 $ 116,001,867 Balance at December 31, 2014 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 29,248,281 $ — $ — $ 29,248,281 Government Sponsored — 50,142,649 — 50,142,649 Municipal Securities — 33,226,093 1,377,089 34,603,182 Total $ 29,248,281 $ 83,368,742 $ 1,377,089 $ 113,994,112 There were no liabilities carried at fair value on a recurring basis as of September 30, 2015 or December 31, 2014. Mortgage Loans Held for Sale We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of September 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of September 30, 2015 and December 31, 2014. September 30, 2015 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total Impaired loans $ — $ — $ 5,866,100 $ 5,866,100 Other real estate owned — — 620,394 620,394 Total $ — $ — $ 6,486,494 $ 6,486,494 December 31, 2014 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total Impaired loans $ — $ — $ 5,767,240 $ 5,767,240 Other real estate owned — — 521,943 521,943 Total $ — $ — $ 6,289,183 $ 6,289,183 There were no liabilities carried at fair value on nonrecurring basis as of September 30, 2015 or December 31, 2014. The following table provides information describing the unobservable inputs used in Level 3 fair value measurement at September 30, 2015 and December 31, 2014. Inputs Valuation Technique Unobservable Input General Range of Inputs Nonrecurring measurements: Impaired Loans Discounted Appraisals Collateral Discounts 0-25% Other Real Estate Owned Appraisal Value/ Comparison Sales/Other Estimates Appraisals and/or Sales of Comparable Properties Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs Accounting standards require disclosure of fair value information about financial instruments whether or not recognized on the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, prepayments, and estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may or may not be realized in an immediate sale of the instrument. Under the accounting standard, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of the assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts of existing financial instruments do not represent the underlying value of those instruments on our books. The following describes the methods and assumptions we use in estimating the fair values of financial instruments: a. Cash and due from banks, interest-bearing deposits in other banks The carrying value approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. b. Investment securities available for sale The fair value of investment securities is derived from quoted market prices. c. Loans The carrying values of variable rate consumer and commercial loans and consumer and commercial loans with remaining maturities of three months or less, approximate fair value. The fair values of fixed rate consumer and commercial loans with maturities greater than three months are determined using a discounted cash flow analysis and assume the rate being offered on these types of loans at September 30, 2015 and December 31, 2014, approximate market. The carrying value of mortgage loans held for sale approximates fair value. For lines of credit, the carrying value approximates fair value. d. Deposits The estimated fair value of deposits with no stated maturity is equal to the carrying amount. The fair value of time deposits is estimated by discounting contractual cash flows, by applying interest rates currently being offered on the deposit products. The fair value estimates for deposits do not include the benefit that results from the low cost funding provided by the deposit liabilities as compared to the cost of alternative forms of funding (deposit base intangibles). e. Short-term borrowings The carrying amount approximates fair value due to the short-term nature of these instruments. The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of September 30, 2015 and December 31, 2014: September 30, 2015 Carrying Estimated Level Level Level 3 Financial Assets: Cash and due from banks $ 6,516,874 $ 6,516,874 6,516,874 — — Interest-bearing deposits in other banks 12,468,073 12,468,073 12,468,073 — — Investments available for sale 116,001,867 116,001,867 29,908,712 80,893,808 5,199,347 Mortgage loans to be sold 7,018,137 7,018,137 — 7,018,137 — Loans 241,250,253 241,286,861 — — 241,286,861 Financial Liabilities: Deposits 343,752,504 344,467,342 — 344,467,342 — Notional Amount Fair Value Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 82,753,090 $ — $ — — $ — Standby letters of credit 567,427 — — — — December 31, 2014 Carrying Estimated Level Level Level 3 Financial Assets: Cash and due from banks $ 4,698,435 $ 4,698,435 4,698,435 — — Interest-bearing deposits in other banks 5,680,613 5,680,613 5,680,613 — — Investments available for sale 113,994,112 113,994,112 29,248,281 83,368,742 1,377,089 Mortgage loans to be sold 7,325,081 7,325,081 — 7,325,081 — Loans 234,117,792 234,204,303 — — 234,204,303 Financial Liabilities: Deposits 322,419,027 322,435,308 — 322,435,308 — Notional Amount Fair Value Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 62,597,548 $ — $ — — $ — Standby letters of credit 577,943 — — — —

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	Note 16: Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company. In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments became effective for interim and annual reporting periods beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. We applied the amendments prospectively using the modified retrospective approach. These amendments did not have a material effect on our financial statements. In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for reporting periods beginning after December 15, 2017. We will apply this guidance using a modified retrospective approach. We do not expect this amendment to have a material effect on our consolidated financial statements. In August 2015, the FASB deferred the effective date of ASU 2014-09, Revenue from Contracts with Customers. As a result of the deferral, the guidance in ASU 2014-09 will be effective for reporting periods beginning after December 15, 2017. We will apply this guidance using the modified retrospective approach. We do not expect this amendment to have a material effect on our financial statements. In June 2014, the FASB issued guidance which makes limited amendments to the guidance on accounting for certain repurchase agreements. The guidance (1) requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The amendments became effective for the Company for the first interim or annual period beginning after December 31, 2014. We applied the guidance by making a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This adjustment did not have a material effect on our financial statements. In August 2014, the FASB issued guidance that is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization’s ability to continue as a going concern within one year after the date that the financial statements are issued. This amendment will be effective for annual periods ending after December 31, 2016, and for annual and interim periods thereafter. We do not expect this amendment to have a material effect on our financial statements. In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We will apply the guidance prospectively. We do not expect this amendment to have a material effect on our financial statements. In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. We do not expect this amendment to have a material effect on our financial statements. In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 , In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. This amendment was effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not expect this amendment to have a material effect on our financial statements. In August 2015, the FASB issued amendments to the interest topic of the Accounting Standards Codification to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements. The amendments were effective upon issuance. These amendments did not have a material effect on our financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

Reclassification

Reclassification	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification	Note 17: Reclassification Certain reclassifications of accounts reported for previous periods have been made in these consolidated financial statements. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 18: Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. We have reviewed events occurring through the date the financial statements were issued and noted no subsequent event requiring accrual or disclosure.

Loans and Allowance for Loan 28

Loans and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of non-accrual loans	The following is a summary of the non-accrual loans as of September 30, 2015 and December 31, 2014. September 30, 2015 Loans Receivable on Non-Accrual Commercial $ — Commercial Real Estate: Commercial Real Estate - Construction — Commercial Real Estate - Other 1,400,600 Consumer: Consumer Real Estate 82,015 Consumer - Other — Total $ 1,482,615 December 31, 2014 Loans Receivable on Non-Accrual Commercial $ — Commercial Real Estate: Commercial Real Estate - Construction — Commercial Real Estate - Other 882,413 Consumer: Consumer Real Estate — Consumer - Other — Total $ 882,413
Schedule of delinquent loans, excluding mortgage loans held for sale	The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of September 30, 2015 and December 31, 2014. September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial $ 4,640 1,065,264 — 1,069,904 47,010,005 48,079,909 — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,371,523 1,371,523 — Commercial Real Estate -Other 187,359 696,206 685,271 1,568,836 118,209,088 119,777,924 89,500 Consumer: Consumer- Real Estate 53,989 — 82,015 136,004 67,184,285 67,320,289 — Consumer-Other 7,803 1,735 — 9,538 4,691,070 4,700,608 — Total $ 253,792 1,763,204 767,286 2,784,282 238,465,971 241,250,253 89,500 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial $ 557,608 2,474 — 560,082 49,339,495 49,899,577 — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,511,702 1,511,702 — Commercial Real Estate -Other 229,607 589,705 1,665,673 2,484,985 113,254,697 115,739,682 1,274,119 Consumer: Consumer- Real Estate — — — — 62,054,983 62,054,983 — Consumer-Other 17,468 — — 17,468 4,894,380 4,911,848 — Total $ 804,683 592,179 1,665,673 3,062,535 231,055,257 234,117,792 1,274,119
Schedule of impaired loans and average recorded investment and interest income recognized on impaired loans	As of September 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table: Impaired and Restructured Loans For September 30, 2015 With no related allowance recorded: Unpaid Recorded Related Commercial $ 719,343 $ 719,343 $ — Commercial Real Estate 2,670,690 2,670,690 — Consumer Real Estate 450,053 450,053 — Consumer Other 6,613 6,613 — Total 3,846,699 3,846,699 — With an allowance recorded: Commercial 956,983 956,983 507,152 Commercial Real Estate 1,249,419 1,249,419 198,681 Consumer Real Estate 911,450 911,450 392,618 Consumer Other 97,171 97,171 97,171 Total 3,215,023 3,215,023 1,195,622 Grand Total $ 7,061,722 $ 7,061,722 $ 1,195,622 Impaired and Restructured Loans As of December 31, 2014 With no related allowance recorded: Unpaid Recorded Related Commercial $ 634,865 $ 634,865 $ — Commercial Real Estate 3,349,844 3,349,844 — Consumer Real Estate 351,140 351,140 — Consumer Other — — — Total 4,335,849 4,335,849 — With an allowance recorded: Commercial 1,157,560 1,157,560 784,561 Commercial Real Estate 846,008 846,008 209,189 Consumer Real Estate 672,163 672,163 250,590 Consumer Other 39,547 39,547 39,547 Total 2,715,278 2,715,278 1,283,887 Grand Total $ 7,051,127 $ 7,051,127 $ 1,283,887 The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014, respectively. Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Three Months Ended September 30, 2015 September 30, 2014 With no related allowance recorded: Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Commercial $ 736,376 $ 11,289 $ 591,490 $ 12,344 Commercial 2,689,602 37,625 3,212,538 40,197 Consumer 450,053 4,559 351,712 2,576 Consumer 6,930 146 — — Total 3,882,961 53,619 4,155,740 55,117 With an allowance recorded: Commercial 989,914 11,865 1,270,229 14,578 Commercial 1,253,113 14,333 1,794,000 21,349 Consumer 914,480 10,495 681,958 10,726 Consumer 98,486 1,415 39,996 419 Total 3,255,993 38,108 3,786,183 47,072 Grand Total $ 7,138,954 $ 91,727 $ 7,941,923 $ 102,189 Average Recorded Investment and Interest Income Impaired and Restructured Loans For the Nine months Ended September 30, 2015 September 30, 2014 With no related allowance recorded: Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Commercial $ 763,464 $ 33,861 $ 603,268 $ 34,784 Commercial 2,646,960 111,164 3,298,665 100,952 Consumer 450,053 14,009 351,775 8,102 Consumer 7,139 224 — — Total 3,867,616 159,258 4,253,708 143,838 With an allowance recorded: Commercial 1,026,875 37,673 1,320,051 42,558 Commercial 1,254,696 43,702 1,803,242 61,062 Consumer 920,347 29,772 691,169 26,365 Consumer 100,889 4,462 42,114 1,528 Total 3,302,807 115,609 3,856,576 131,513 Grand Total $ 7,170,423 $ 274,867 $ 8,110,284 $ 275,351
Schedule of credit risks by category and internally assigned grades	The following table illustrates credit risks by category and internally assigned grades at September 30, 2015 and December 31, 2014. September 30, 2015 Commercial Commercial Commercial Consumer Consumer Total Pass $ 43,993,347 $ 935,506 $ 113,436,081 $ 63,862,429 $ 4,313,261 $ 226,540,624 Watch 1,033,532 436,017 1,221,544 1,992,556 254,295 4,937,944 OAEM 1,376,704 — 1,200,190 103,801 29,268 2,709,963 Sub-Standard 1,676,326 — 3,920,109 1,361,503 103,784 7,061,722 Doubtful — — — — — — Loss — — — — — — Total $ 48,079,909 $ 1,371,523 $ 119,777,924 $ 67,320,289 $ 4,700,608 $ 241,250,253 December 31, 2014 Commercial Commercial Commercial Consumer Consumer Total Pass $ 45,154,058 $ 1,062,185 $ 108,568,274 $ 58,744,677 $ 4,512,912 $ 218,042,106 Watch 2,401,715 — 1,697,883 1,818,923 276,557 6,195,078 OAEM 551,380 449,517 1,378,436 467,482 82,832 2,929,647 Sub-Standard 1,792,424 — 4,095,089 1,023,901 39,547 6,950,961 Doubtful — — — — — — Loss — — — — — — Total $ 49,899,577 $ 1,511,702 $ 115,739,682 $ 62,054,983 $ 4,911,848 $ 234,117,792
Schedule of changes in the allowance and an allocation of the allowance by loan category	The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above. For the Three Months Ended September 30, 2015 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance June 30, 2015 $ 1,044,329 1,186,043 957,447 219,939 3,407,758 Charge-offs (99,737 ) (34,252 ) (6,075 ) (19,274 ) (159,338 ) Recoveries — 17,000 6,075 10,276 33,351 Provisions 3,450 100,935 (46,204 ) (50,681 ) 7,500 Ending Balance 948,042 1,269,726 911,243 160,260 3,289,271 As of and for the Nine Months Ended September 30, 2015 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance December 31, 2014 $ 1,211,130 $ 1,112,387 $ 906,255 $ 105,076 $ 3,334,848 Charge-offs (99,737 ) (55,252 ) (6,075 ) (40,007 ) (201,071 ) Recoveries 9,164 47,000 6,075 10,755 72,994 Provisions (172,515 ) 165,591 4,988 84,436 82,500 Ending Balance 948,042 1,269,726 911,243 160,260 3,289,271 Allowance for Loan Losses Ending Balances: Individually evaluated for impairment 507,152 198,681 392,618 97,171 1,195,622 Collectively evaluated for impairment 440,890 1,071,045 518,625 63,089 2,093,649 Investment in Loans Ending Balance: Individually evaluated for impairment 1,676,326 3,920,109 1,361,503 103,784 7,061,722 Collectively evaluated for impairment $ 46,403,583 $ 117,229,338 $ 65,958,786 $ 4,596,824 $ 234,188,531 For the Three Months Ended September 30, 2014 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance June 30, 2014 $ 1,277,246 $ 1,317,450 $ 696,661 $ 88,451 $ 3,379,808 Charge-offs — (15,834 ) — (3,004 ) (18,838 ) Recoveries — 12,000 — 206 12,206 Provisions (23,077 ) (25,135 ) 44,219 16,493 12,500 Ending Balance 1,254,169 1,288,481 740,880 102,146 3,385,676 As of and for the Nine Months Ended September 30, 2014 Commercial Commercial Consumer Consumer Total Allowance for Loan Losses Beginning Balance December 31, 2013 $ 1,448,804 $ 1,064,363 $ 694,950 $ 84,160 $ 3,292,277 Charge-offs — (19,787 ) — (7,133 ) (26,920 ) Recoveries — 31,100 — 26,719 57,819 Provisions (194,635 ) 212,805 45,930 (1,600 ) 62,500 Ending Balance 1,254,169 1,288,451 740,880 102,146 3,385,676 Allowance for Loan Losses Ending Balances: Individually evaluated for impairment 872,728 470,189 151,431 39,547 1,533,895 Collectively evaluated for impairment 381,441 738,704 589,449 62,599 1,851,781 Investment in Loans Ending Balance: Individually evaluated for impairment 2,224,613 4,600,806 1,031,280 39,547 7,896,246 Collectively evaluated for impairment $ 46,495,983 $ 110,560,553 $ 59,724,271 $ 4,996,056 $ 221,776,863

Other Real Estate Owned (Tables

Other Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Schedule of activity in other real estate owned	The following table summarizes the activity in OREO at September 30, 2015 and December 31, 2014. September 30, December 31, 2015 2014 Balance, beginning of period $ 521,943 $ — Additions-foreclosure 98,451 557,416 Sales — 35,473 Write-downs — — Balance, end of period $ 620,394 $ 521,943

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of activity under stock incentive plan	The following is a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plan for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014. Three Months Ended September 30, 2015 Options Weighted Average Exercise Price Balance at July 1, 2015 187,042 $ 10.84 Forfeited (1,925 ) 13.49 Balance at September 30, 2015 185,117 10.81 Nine months Ended September 30, 2015 Options Weighted Average Exercise Price Balance at January 1, 2015 176,181 $ 10.48 Forfeited (6,326 ) 11.88 Exercised (8,388 ) 13.51 Granted 23,650 14.48 Balance at September 30, 2015 185,117 10.81 Three months Ended September 30, 2014 Options Weighted Average Exercise Price Balance at July 1, 2014 168,206 $ 10.03 Granted 11,000 13.49 Forfeited (1,375 ) 11.67 Balance at September 30, 2014 177,831 10.23 Nine months Ended September 30, 2014 Options Weighted Average Exercise Price Balance at January 1, 2014 175,081 $ 10.03 Granted 11,000 13.49 Forfeited (5,500 ) 10.73 Exercised (2,750 ) 9.47 Balance at September 30, 2014 177,831 10.23 Options exercisable at September 30, 2015 13,209 $ 13.41 All shares and exercise prices per share have been adjusted to reflect a 10% stock dividend declared on August 27, 2015.

Income Per Common Share (Tables

Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of dividends declared	The following table is a summary of dividends declared during the nine months ended September 30, 2015 and the nine months ended September 30, 2014. Quarterly Dividend Date Declared Date of Record Date Payable $.13 March 26, 2015 April 7, 2015 April 30, 2015 $.13 June 25, 2015 July 6, 2015 July 31, 2015 $.13 September 24, 2015 October 5, 2015 October 30, 2015 Quarterly Dividend Date Declared Date of Record Date Payable $.13 March 27, 2014 April 8, 2014 April 30, 2014 $.13 June 26, 2014 July 7, 2014 July 31, 2014 $.13 September 25, 2014 October 8, 2014 October 31, 2014 Special $.10 September 25, 2014 October 8, 2014 October 31, 2014
Schedule of income per common share	Income per common share for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 was calculated as follows: All shares have been adjusted to reflect a 10% stock dividend declared August 27, 2015. For The Three Months Ended September 30, 2015 Income Shares Per Share Net income $ 1,198,919 Basic income available to $ 1,198,919 4,915,610 $ .24 Effect of dilutive options 146,075 Diluted income available to common $ 1,198,919 5,061,685 $ .24 For The Nine Months Ended September 30, 2015 Income Shares Per Share Net income $ 3,657,316 Basic income available to $ 3,657,316 4,911,142 $ .74 Effect of dilutive options 151,553 Diluted income available to common $ 3,657,316 5,062,695 $ .72 For The Three Months Ended September 30, 2014 Income Shares Per Share Net income $ 1,141,713 Basic income available to $ 1,141,713 4,907,203 $ .23 Effect of dilutive options 112,879 Diluted income available to common $ 1,141,713 5,020,082 $ .23 For The Nine Months Ended September 30, 2014 Income Shares Per Share Net income $ 3,207,438 Basic income available to $ 3,207,438 4,907,203 $ .65 Effect of dilutive options 112,702 Diluted income available to common $ 3,207,438 5,019,905 $ .64

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 are as follows: Balance at September 30, 2015 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 29,908,712 $ — $ — $ 29,908,712 Government Sponsored — 51,653,088 — 51,653,088 Municipal Securities — 29,240,720 5,199,347 34,440,067 Total $ 29,908,712 $ 80,893,808 $ 5,199,347 $ 116,001,867 Balance at December 31, 2014 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 29,248,281 $ — $ — $ 29,248,281 Government Sponsored — 50,142,649 — 50,142,649 Municipal Securities — 33,226,093 1,377,089 34,603,182 Total $ 29,248,281 $ 83,368,742 $ 1,377,089 $ 113,994,112
Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis	Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of September 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of September 30, 2015 and December 31, 2014. September 30, 2015 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total Impaired loans $ — $ — $ 5,866,100 $ 5,866,100 Other real estate owned — — 620,394 620,394 Total $ — $ — $ 6,486,494 $ 6,486,494 December 31, 2014 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total Impaired loans $ — $ — $ 5,767,240 $ 5,767,240 Other real estate owned — — 521,943 521,943 Total $ — $ — $ 6,289,183 $ 6,289,183
Schedule of unobservable inputs used in Level 3 fair value measurement	The following table provides information describing the unobservable inputs used in Level 3 fair value measurement at September 30, 2015 and December 31, 2014. Inputs Valuation Technique Unobservable Input General Range of Inputs Nonrecurring measurements: Impaired Loans Discounted Appraisals Collateral Discounts 0-25% Other Real Estate Owned Appraisal Value/ Comparison Sales/Other Estimates Appraisals and/or Sales of Comparable Properties Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs
Schedule of carrying amount,estimated fair value and the financial hierarchy of entity's financial instruments	The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of September 30, 2015 and December 31, 2014: September 30, 2015 Carrying Estimated Level Level Level 3 Financial Assets: Cash and due from banks $ 6,516,874 $ 6,516,874 6,516,874 — — Interest-bearing deposits in other banks 12,468,073 12,468,073 12,468,073 — — Investments available for sale 116,001,867 116,001,867 29,908,712 80,893,808 5,199,347 Mortgage loans to be sold 7,018,137 7,018,137 — 7,018,137 — Loans 241,250,253 241,286,861 — — 241,286,861 Financial Liabilities: Deposits 343,752,504 344,467,342 — 344,467,342 — Notional Amount Fair Value Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 82,753,090 $ — $ — — $ — Standby letters of credit 567,427 — — — — December 31, 2014 Carrying Estimated Level Level Level 3 Financial Assets: Cash and due from banks $ 4,698,435 $ 4,698,435 4,698,435 — — Interest-bearing deposits in other banks 5,680,613 5,680,613 5,680,613 — — Investments available for sale 113,994,112 113,994,112 29,248,281 83,368,742 1,377,089 Mortgage loans to be sold 7,325,081 7,325,081 — 7,325,081 — Loans 234,117,792 234,204,303 — — 234,204,303 Financial Liabilities: Deposits 322,419,027 322,435,308 — 322,435,308 — Notional Amount Fair Value Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 62,597,548 $ — $ — — $ — Standby letters of credit 577,943 — — — —

Mortgage Loans to be Sold (Deta

Mortgage Loans to be Sold (Details Narrative) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans To Be Sold Details Narrative
Mortgage loans to be sold	$ 7,018,137	$ 7,325,081

Loans and Allowance for Loan 34

Loans and Allowance for Loan Losses (Details Narrative) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Restructured loans	$ 433,743	$ 466,541
Deferred loan fees	$ 108,939	$ 89,441

Loans and Allowance for Loan 35

Loans and Allowance for Loan Losses (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Receivable on Non-Accrual	$ 1,482,615	$ 882,413
Commercial Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Receivable on Non-Accrual	1,400,600	$ 882,413
Consumer Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Receivable on Non-Accrual	$ 82,015

Loans and Allowance for Loan 36

Loans and Allowance for Loan Losses (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 2,784,282	$ 3,062,535
Current	238,465,971	231,055,257
Total Loans Receivable	241,250,253	234,117,792
Recorded Investment > 90 Days and Accruing	89,500	1,274,119
30-59 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	253,792	804,683
60-89 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	1,763,204	592,179
Greater Than 90 Days [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	767,286	1,665,673
Commercial [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	1,069,904	560,082
Current	47,010,005	49,339,495
Total Loans Receivable	$ 48,079,909	49,899,577
Recorded Investment > 90 Days and Accruing
Commercial [Member] | 30-59 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 4,640	557,608
Commercial [Member] | 60-89 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 1,065,264	2,474
Commercial [Member] | Greater Than 90 Days [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due
Commercial Real Estate Construction [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due
Current	$ 1,371,523	1,511,702
Total Loans Receivable	$ 1,371,523	1,511,702
Recorded Investment > 90 Days and Accruing
Commercial Real Estate Other [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 1,568,836	2,484,985
Current	118,209,088	113,254,697
Total Loans Receivable	119,777,924	115,739,682
Recorded Investment > 90 Days and Accruing	89,500	1,274,119
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	187,359	229,607
Commercial Real Estate Other [Member] | 60-89 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	696,206	589,705
Commercial Real Estate Other [Member] | Greater Than 90 Days [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	685,271	1,665,673
Consumer Real Estate [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	136,004
Current	67,184,285	62,054,983
Total Loans Receivable	$ 67,320,289	62,054,983
Recorded Investment > 90 Days and Accruing
Consumer Real Estate [Member] | 30-59 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 53,989
Consumer Real Estate [Member] | Greater Than 90 Days [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	82,015
Consumer Other [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	9,538	17,468
Current	4,691,070	4,894,380
Total Loans Receivable	$ 4,700,608	4,911,848
Recorded Investment > 90 Days and Accruing
Consumer Other [Member] | 30-59 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 7,803	$ 17,468
Consumer Other [Member] | 60-89 Days Past Due [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due	$ 1,735
Consumer Other [Member] | Greater Than 90 Days [Member]
Delinquent loans, excluding mortgage loans held for sale
Total Past Due

Loans and Allowance for Loan 37

Loans and Allowance for Loan Losses (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	$ 3,846,699		$ 3,846,699		$ 4,335,849
Recorded Investment With no related allowance recorded	3,846,699		3,846,699		4,335,849
Average Recorded Investment With no related allowance recorded	3,882,961	$ 4,155,740	3,867,616	$ 4,253,708
Interest Income Recognized With no related allowance recorded	53,619	55,117	159,258	143,838
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	3,215,023		3,215,023		2,715,278
Recorded Investment With an allowance recorded	3,215,023		3,215,023		2,715,278
Related Allowance	1,195,622		1,195,622		1,283,887
Average Recorded Investment With an allowance recorded	3,255,993	3,786,183	3,302,807	3,856,576
Interest Income Recognized With an allowance recorded	38,108	47,072	115,609	131,513
Grand Total of Impaired and Restructured Loans
Unpaid Principal balance	7,061,722		7,061,722		7,051,127
Recorded Investment	7,061,722		7,061,722		7,051,127
Average Recorded Investment	7,138,954	7,941,923	7,170,423	8,110,284
Interest Income Recognized	91,727	102,189	274,867	275,351
Commercial [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	719,343		719,343		634,865
Recorded Investment With no related allowance recorded	719,343		719,343		634,865
Average Recorded Investment With no related allowance recorded	736,376	591,490	763,464	603,268
Interest Income Recognized With no related allowance recorded	11,289	12,344	33,861	34,784
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	956,983		956,983		1,157,560
Recorded Investment With an allowance recorded	956,983		956,983		1,157,560
Related Allowance	507,152		507,152		784,561
Average Recorded Investment With an allowance recorded	989,914	1,270,229	1,026,875	1,320,051
Interest Income Recognized With an allowance recorded	11,865	14,578	37,673	42,558
Commercial Real Estate [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	2,670,690		2,670,690		3,349,844
Recorded Investment With no related allowance recorded	2,670,690		2,670,690		3,349,844
Average Recorded Investment With no related allowance recorded	2,689,602	3,212,538	2,646,960	3,298,665
Interest Income Recognized With no related allowance recorded	37,625	40,197	111,164	100,952
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	1,249,419		1,249,419		846,008
Recorded Investment With an allowance recorded	1,249,419		1,249,419		846,008
Related Allowance	198,681		198,681		209,189
Average Recorded Investment With an allowance recorded	1,253,113	1,794,000	1,254,696	1,803,242
Interest Income Recognized With an allowance recorded	14,333	21,349	43,702	61,062
Consumer Real Estate [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	450,053		450,053		351,140
Recorded Investment With no related allowance recorded	450,053		450,053		351,140
Average Recorded Investment With no related allowance recorded	450,053	351,712	450,053	351,775
Interest Income Recognized With no related allowance recorded	4,559	2,576	14,009	8,102
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	911,450		911,450		672,163
Recorded Investment With an allowance recorded	911,450		911,450		672,163
Related Allowance	392,618		392,618		250,590
Average Recorded Investment With an allowance recorded	914,480	681,958	920,347	691,169
Interest Income Recognized With an allowance recorded	10,495	$ 10,726	29,772	$ 26,365
Consumer Other [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	6,613		6,613
Recorded Investment With no related allowance recorded	6,613		6,613
Average Recorded Investment With no related allowance recorded	6,930		7,139
Interest Income Recognized With no related allowance recorded	146		224
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	97,171		97,171		39,547
Recorded Investment With an allowance recorded	97,171		97,171		39,547
Related Allowance	97,171		97,171		$ 39,547
Average Recorded Investment With an allowance recorded	98,486	$ 39,996	100,889	$ 42,114
Interest Income Recognized With an allowance recorded	$ 1,415	$ 419	$ 4,462	$ 1,528

Loans and Allowance for Loan 38

Loans and Allowance for Loan Losses (Details 3) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Credit risks by category and internally assigned grades
Loans	$ 241,250,253	$ 234,117,792
Pass [Member]
Credit risks by category and internally assigned grades
Loans	226,540,624	218,042,106
Watch [Member]
Credit risks by category and internally assigned grades
Loans	4,937,944	6,195,078
OAEM [Member]
Credit risks by category and internally assigned grades
Loans	2,709,963	2,929,647
Substandard [Member]
Credit risks by category and internally assigned grades
Loans	7,061,722	6,950,961
Commercial [Member]
Credit risks by category and internally assigned grades
Loans	48,079,909	49,899,577
Commercial [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	43,993,347	45,154,058
Commercial [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	1,033,532	2,401,715
Commercial [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	1,376,704	551,380
Commercial [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	1,676,326	1,792,424
Commercial Real Estate Construction [Member]
Credit risks by category and internally assigned grades
Loans	1,371,523	1,511,702
Commercial Real Estate Construction [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	935,506	1,062,185
Commercial Real Estate Construction [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	436,017
Commercial Real Estate Construction [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans		449,517
Commercial Real Estate Other [Member]
Credit risks by category and internally assigned grades
Loans	119,777,924	115,739,682
Commercial Real Estate Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	113,436,081	108,568,274
Commercial Real Estate Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	1,221,544	1,697,883
Commercial Real Estate Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	1,200,190	1,378,436
Commercial Real Estate Other [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	3,920,109	4,095,089
Consumer Real Estate [Member]
Credit risks by category and internally assigned grades
Loans	67,320,289	62,054,983
Consumer Real Estate [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	63,862,429	58,744,677
Consumer Real Estate [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	1,992,556	1,818,923
Consumer Real Estate [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	103,801	467,482
Consumer Real Estate [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	1,361,503	1,023,901
Consumer Other [Member]
Credit risks by category and internally assigned grades
Loans	4,700,608	4,911,848
Consumer Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	4,313,261	4,512,912
Consumer Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	254,295	276,557
Consumer Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	29,268	82,832
Consumer Other [Member] | Substandard [Member]
Credit risks by category and internally assigned grades
Loans	$ 103,784	$ 39,547

Loans and Allowance for Loan 39

Loans and Allowance for Loan Losses (Details 4) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	$ 3,407,758	$ 3,379,808	$ 3,334,848	$ 3,292,277
Charge-offs	(159,338)	(18,838)	(201,071)	(26,920)
Recoveries	33,351	12,206	72,994	57,819
Provisions	7,500	12,500	82,500	62,500
Ending Balance	3,289,271	3,385,676	3,289,271	3,385,676
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment	1,195,622	1,533,895	1,195,622	1,533,895
Collectively evaluated for impairment	2,093,649	1,851,781	2,093,649	1,851,781
Individually evaluated for impairment	7,061,722	7,896,246	7,061,722	7,896,246
Collectively evaluated for impairment	234,188,531	221,776,863	234,188,531	221,776,863
Commercial [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,044,329	$ 1,277,246	1,211,130	$ 1,448,804
Charge-offs	$ (99,737)		(99,737)
Recoveries			9,164
Provisions	$ 3,450	$ (23,077)	(172,515)	$ (194,635)
Ending Balance	948,042	1,254,169	948,042	1,254,169
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment	507,152	872,728	507,152	872,728
Collectively evaluated for impairment	440,890	381,441	440,890	381,441
Individually evaluated for impairment	1,676,326	2,224,613	1,676,326	2,224,613
Collectively evaluated for impairment	46,403,583	46,495,983	46,403,583	46,495,983
Commercial Real Estate [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,186,043	1,317,450	1,112,387	1,064,363
Charge-offs	(34,252)	(15,834)	(55,252)	(19,787)
Recoveries	17,000	12,000	47,000	31,100
Provisions	100,935	(25,135)	165,591	212,805
Ending Balance	1,269,726	1,288,481	1,269,726	1,288,481
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment	198,681	470,189	198,681	470,189
Collectively evaluated for impairment	1,071,045	738,704	1,071,045	738,704
Individually evaluated for impairment	3,920,109	4,600,806	3,920,109	4,600,806
Collectively evaluated for impairment	117,229,338	110,560,553	117,229,338	110,560,553
Consumer Real Estate [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	957,447	$ 696,661	906,255	$ 694,950
Charge-offs	(6,075)		(6,075)
Recoveries	6,075		6,075
Provisions	(46,204)	$ 44,219	4,988	$ 45,930
Ending Balance	911,243	740,880	911,243	740,880
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment	392,618	151,431	392,618	151,431
Collectively evaluated for impairment	518,625	589,449	518,625	589,449
Individually evaluated for impairment	1,361,503	1,031,280	1,361,503	1,031,280
Collectively evaluated for impairment	65,958,786	59,724,271	65,958,786	59,724,271
Consumer Other [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	219,939	88,451	105,076	84,160
Charge-offs	(19,274)	(3,004)	(40,007)	(7,133)
Recoveries	10,276	206	10,755	26,719
Provisions	(50,681)	16,493	84,436	(1,600)
Ending Balance	160,260	102,146	160,260	102,146
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment	97,171	39,547	97,171	39,547
Collectively evaluated for impairment	63,089	62,599	63,089	62,599
Individually evaluated for impairment	103,784	39,547	103,784	39,547
Collectively evaluated for impairment	$ 4,596,824	$ 4,996,056	$ 4,596,824	$ 4,996,056

Premises, Equipment and Lease40

Premises, Equipment and Leasehold Improvements and Depreciation (Details Narrative)	9 Months Ended
	Sep. 30, 2015
Buildings [Member]
Useful life	40 years
Equipment [Member] | Lower Range [Member]
Useful life	3 years
Equipment [Member] | Upper Range [Member]
Useful life	15 years

Other Real Estate Owned (Detail

Other Real Estate Owned (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Gain on other real estate owned		$ 2,382		$ 2,382	$ 2,382

Other Real Estate Owned (Deta42

Other Real Estate Owned (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Summary of activity in other real estate owned:
Balance, beginning of period	$ 521,943
Additions - foreclosure	$ 98,451	$ 557,416
Sales		$ 35,473
Write-downs
Balance, end of period	$ 620,394	$ 521,943

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - shares	Jun. 29, 2015	Apr. 23, 2015	Jul. 24, 2014	Sep. 30, 2015
Number of options exercisable under plan				13,209
Nine Employees [Member]
Options granted		20,350
Dividend yield		4.13%
Historical volatility		19.62%
Risk free interest rate		1.96%
Employee [Member]
Options granted	3,300
Dividend yield	4.13%
Historical volatility	19.62%
Risk free interest rate	1.96%
Twelve Employees [Member]
Options granted			11,000
Dividend yield			3.74%
Historical volatility			31.69%
Risk free interest rate			2.52%
Expected life			10 years
2010 Stock Incentive Plan [Member]
Number of share or future issuance				363,000
Percent of options vesting in five years				20.00%
Percentage of options vesting each following year				20.00%
1998 Stock Incentive Plan [Member]
Percent of options vesting in five years				20.00%
Percentage of options vesting each following year				20.00%
Total outstanding shares under plan				19,017
Number of options exercisable under plan				13,209

Stock Based Compensation (Det44

Stock Based Compensation (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Options
Options outstanding, beginning	187,042	168,206	176,181	175,081
Options forfeited	(1,925)	(1,375)	(6,326)	(5,500)
Options exercised			(8,388)	(2,750)
Options granted		11,000	23,650	11,000
Options outstanding, ending	185,117	177,831	185,117	177,831
Options exercisable	13,209		13,209
Weighted Average Exercise Price
Options outstanding, beginning	$ 10.84	$ 10.03	$ 10.48	$ 10.03
Options forfeited	13.49	11.67	11.88	10.73
Options exercised			13.51	9.47
Options granted		13.49	14.48	13.49
Options outstanding, ending	10.81	$ 10.23	10.81	$ 10.23
Options exercisable	$ 13.41		$ 13.41

Income Per Common Share (Detail

Income Per Common Share (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Quarterly Dividend	$ 0.13	$ 0.13	$ 0.13	$ 0.23	$ 0.13	$ 0.13	$ 0.39	$ 0.49
Date Declared	Sep. 24, 2015	Jun. 25, 2015	Mar. 26, 2015	Sep. 25, 2014	Jun. 26, 2014	Mar. 27, 2014
Date of Record	Oct. 5, 2015	Jul. 6, 2015	Apr. 7, 2015	Oct. 8, 2014	Jul. 7, 2014	Apr. 8, 2014
Date Payable	Oct. 30, 2015	Jul. 31, 2015	Apr. 30, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014
Special Quarterly Dividend [Member]
Quarterly Dividend				$ .10
Date Declared				Sep. 25, 2014
Date of Record				Oct. 8, 2014
Date Payable				Oct. 31, 2014
Third Quarterly Dividend [Member]
Quarterly Dividend				$ .13

Income Per Common Share (Deta46

Income Per Common Share (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
NUMERATOR
Net income	$ 1,198,919	$ 1,141,713	$ 3,657,316	$ 3,207,438
Basic income available to common shareholders	1,198,919	1,141,713	3,657,316	3,207,438
Diluted income available to common shareholders	$ 1,198,919	$ 1,141,713	$ 3,657,316	$ 3,207,438
DENOMINATOR
Basic income available to common shareholders (in shares)	4,915,610	4,907,203	4,911,142	4,907,203
Effect of dilutive options (in shares)	146,075	112,879	151,553	112,702
Diluted income available to common shareholders (in shares)	5,061,685	5,020,082	5,062,695	5,019,905
Earning per share Basic and Diluted
Basic income available to common shareholders (in dollars per share)	$ 0.24	$ 0.23	$ 0.74	$ 0.65
Diluted income available to common shareholders (in dollars per share)	$ 0.24	$ 0.23	$ 0.72	$ 0.64

Comprehensive Income (Details N

Comprehensive Income (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stockholders' Equity Note [Abstract]
Total comprehensive income	$ 1,701,435	$ 1,060,397	$ 3,869,941	$ 3,298,203

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring Basis [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 116,001,867	$ 113,994,112
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	29,908,712	29,248,281
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	80,893,808	83,368,742
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,199,347	1,377,089
U.S. Treasury Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	29,908,712	29,248,281
U.S. Treasury Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	29,908,712	29,248,281
Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	51,653,088	50,142,649
Government-Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	51,653,088	50,142,649
Municipal Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	34,440,067	34,603,182
Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	29,240,720	33,226,093
Municipal Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 5,199,347	$ 1,377,089

Fair Value Measurements (Deta49

Fair Value Measurements (Details 1) - Nonrecurring Basis [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 6,486,494	$ 6,289,183
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,486,494	6,289,183
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,866,100	5,767,240
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,866,100	5,767,240
Other real estate owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	620,394	521,943
Other real estate owned [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 620,394	$ 521,943

Fair Value Measurements (Deta50

Fair Value Measurements (Details 2) - Nonrecurring Basis [Member]	9 Months Ended
	Sep. 30, 2015
Impaired Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Valuation technique	Discounted Appraisals
Unobservable Input	Collateral Discounts
Description of general range of inputs	0-25%
Impaired Loans [Member] | Lower Range [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate (in percent)	0.00%
Impaired Loans [Member] | Upper Range [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate (in percent)	25.00%
Other real estate owned [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Valuation technique	Appraisal Value/ Comparison Sales/Other Estimates
Unobservable Input	Appraisals and/or Sales of Comparable Properties
Description of general range of inputs	Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs
Other real estate owned [Member] | Lower Range [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate (in percent)	10.00%
Other real estate owned [Member] | Upper Range [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate (in percent)	20.00%

Fair Value Measurements (Deta51

Fair Value Measurements (Details 3) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Financial Instruments-Assets
Cash and due from banks	$ 6,516,874	$ 4,698,435
Interest bearing deposits in other banks	12,468,073	5,680,613
Investments available for sale	116,001,867	113,994,112
Mortgage loans to be sold	7,018,137	7,325,081
Commitments to extend credit [Member]
Off-Balance Sheet Financial Instruments:
Off Balance Sheet Financial Instruments, Notional Amount	82,753,090	62,597,548
Standby letters of credit [Member]
Off-Balance Sheet Financial Instruments:
Off Balance Sheet Financial Instruments, Notional Amount	567,427	577,943
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Instruments-Assets
Cash and due from banks	6,516,874	4,698,435
Interest bearing deposits in other banks	12,468,073	5,680,613
Investments available for sale	29,908,712	29,248,281
Significant Other Observable Inputs (Level 2) [Member]
Financial Instruments-Assets
Investments available for sale	80,893,808	83,368,742
Mortgage loans to be sold	7,018,137	7,325,081
Financial Instruments-Liabilities
Deposits	344,467,342	322,435,308
Significant Unobservable Inputs (Level 3) [Member]
Financial Instruments-Assets
Investments available for sale	5,199,347	1,377,089
Loans	241,286,861	234,204,303
Carrying Amount [Member]
Financial Instruments-Assets
Cash and due from banks	6,516,874	4,698,435
Interest bearing deposits in other banks	12,468,073	5,680,613
Investments available for sale	116,001,867	113,994,112
Mortgage loans to be sold	7,018,137	7,325,081
Loans	241,250,253	234,117,792
Financial Instruments-Liabilities
Deposits	343,752,504	322,419,027
Fair Value [Member]
Financial Instruments-Assets
Cash and due from banks	6,516,874	4,698,435
Interest bearing deposits in other banks	12,468,073	5,680,613
Investments available for sale	116,001,867	113,994,112
Mortgage loans to be sold	7,018,137	7,325,081
Loans	241,286,861	234,204,303
Financial Instruments-Liabilities
Deposits	$ 344,467,342	$ 322,435,308