Bank of South Carolina (BKSC) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 11, 2017
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	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,971,539
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and due from banks	$ 7,122,113	$ 8,141,030
Interest-bearing deposits in other banks	31,153,847	18,101,300
Investment securities available for sale	129,313,988	119,978,944
Mortgage loans to be sold	3,524,646	4,386,210
Loans	255,463,843	260,576,115
Less: Allowance for loan losses	(3,876,857)	(3,851,617)
Net loans	251,586,986	256,724,498
Premises, equipment and leasehold improvements, net	2,263,872	2,296,624
Other real estate owned	521,943	521,943
Accrued interest receivable	1,177,290	1,614,002
Other assets	2,131,942	2,185,085
Total assets	428,796,627	413,949,636
Deposits:
Non-interest-bearing demand	134,728,089	126,034,478
Interest-bearing demand	98,021,399	96,260,589
Money market accounts	74,670,607	77,307,662
Time deposits over $250,000	20,442,457	17,822,136
Other time deposits	24,888,719	26,019,121
Other savings deposits	33,213,468	29,078,865
Total deposits	385,964,739	372,522,851
Accrued interest payable and other liabilities	1,186,749	813,811
Total liabilities	387,151,488	373,336,662
Shareholders' Equity
Common stock-no par, 12,000,000 shares authorized; 5,212,935 and 5,197,535 at March 31, 2017 and December 31, 2016, respectively; 4,971,539 and 4,956,139 shares issued at March 31, 2017 and December 31, 2016, respectively
Additional paid in capital	36,956,047	36,824,022
Retained earnings	7,174,548	6,643,476
Treasury stock: 241,396 shares at March 31, 2017 and December 31, 2016	(2,247,415)	(2,247,415)
Accumulated other comprehensive loss, net of income taxes	(238,041)	(607,109)
Total shareholders' equity	41,645,139	40,612,974
Total liabilities and shareholders' equity	$ 428,796,627	$ 413,949,636

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common Stock, no par value (in dollars per share)
Common Stock, shares authorized	12,000,000	12,000,000
Common Stock, shares issued	5,212,935	5,197,535
Common Stock, shares outstanding	4,971,539	4,956,139
Treasury stock, shares	241,396	241,396

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest and fee income
Loans, including fees	$ 3,141,738	$ 3,034,043
Taxable securities	338,847	323,133
Tax-exempt securities	270,885	239,314
Other	39,951	35,575
Total interest and fee income	3,791,421	3,632,065
Interest expense
Deposits	96,782	94,139
Total interest expense	96,782	94,139
Net interest income	3,694,639	3,537,926
Provision for loan losses	2,500	45,000
Net interest income after provision for loan losses	3,692,139	3,492,926
Other income
Service charges, fees and commissions	269,566	260,531
Mortgage banking income	275,105	351,873
Gains on sales of securities		187,936
Other non-interest income	7,203	5,689
Total other income	551,874	806,029
Other expense
Salaries and employee benefits	1,470,209	1,515,027
Net occupancy expense	364,145	376,399
Other operating expenses	637,276	631,272
Net other real estate owned expenses		13,450
Total other expenses	2,471,630	2,536,148
Income before income tax expense	1,772,383	1,762,807
Income tax expense	546,295	567,071
Net income	$ 1,226,088	$ 1,195,736
Weighted average shares outstanding
Basic (in shares)	4,962,250	4,917,334
Diluted (in shares)	5,073,101	5,067,563
Basic income per common share (in dollars per share)	$ 0.25	$ 0.24
Diluted income per common share (in dollars per share)	$ 0.24	$ 0.24

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 1,226,088	$ 1,195,736
Other comprehensive income:
Unrealized gain on securities arising during the period	585,821	709,731
Reclassification adjustment for securities gains realized in net income		(187,936)
Other comprehensive income, before tax	585,821	521,795
Income tax effect related to items of other comprehensive income	(216,753)	69,499
Other comprehensive income, after tax	369,068	591,294
Total comprehensive income	$ 1,595,156	$ 1,787,030

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 (Loss) [Member]	Total
Beginning Balance at Dec. 31, 2015	$ 36,341,744	$ 4,064,834	$ (2,247,415)	$ 992,549	$ 39,151,712
Net income		1,195,736			1,195,736
Other comprehensive loss				591,294	591,294
Exercise of stock options	12,462				12,462
Stock-based compensation expense	18,582				18,582
Cash dividends		(639,276)			(639,276)
Ending balance at Mar. 31, 2016	36,372,788	4,621,294	(2,247,415)	1,583,843	40,330,510
Beginning Balance at Dec. 31, 2016	36,824,022	6,643,476	(2,247,415)	(607,109)	40,612,974
Net income		1,226,088			1,226,088
Other comprehensive loss				369,068	369,068
Exercise of stock options	113,190				113,190
Stock-based compensation expense	18,835				18,835
Cash dividends		(695,016)			(695,016)
Ending balance at Mar. 31, 2017	$ 36,956,047	$ 7,174,548	$ (2,247,415)	$ (238,041)	$ 41,645,139

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Exercise of stock options	9,350	907
Cash dividends	$ 0.14	$ 0.13

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 1,226,088	$ 1,195,736
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	47,518	48,807
Gain on sale of securities		(187,936)
Loss on sale of other real estate		13,450
Provision for loan losses	2,500	45,000
Stock-based compensation expense	18,835	18,582
Deferred income taxes	(163,611)
Net amortization of unearned discounts on investment securities	98,428	44,680
Origination of mortgage loans held for sale	(14,107,053)	(15,696,295)
Proceeds from sale of mortgage loans held for sale	14,968,617	17,586,995
Decrease in accrued interest receivable and other assets	436,712	277,334
Increase in accrued interest payable and other liabilities	371,786	391,874
Net cash provided by operating activities	2,899,820	3,738,227
Cash flows from investing activities:
Proceeds from calls and maturities of investment securities available for sale	1,212,150	2,000,000
Proceeds from sale of available for sale securities		15,629,464
Purchase of investment securities available for sale	(10,059,800)	(4,091,802)
Proceeds from sale of other real estate		85,001
Net decrease (increase) in loans	5,135,012	(10,728,993)
Purchase of premises, equipment and leasehold improvements, net	(14,766)	(24,658)
Net cash (used) provided by investing activities	(3,727,404)	2,869,012
Cash flows from financing activities:
Net increase in deposit accounts	13,441,888	2,950,690
Dividends paid	(693,864)	(639,158)
Stock options exercised	113,190	12,462
Net cash provided by financing activities	12,861,214	2,323,994
Net increase in cash and cash equivalents	12,033,630	8,931,233
Cash and cash equivalents at beginning of year	26,242,330	29,194,786
Cash and cash equivalents at end of year	38,275,960	38,126,019
Cash paid during the year for:
Interest	91,352	100,926
Income taxes	879,432
Supplemental disclosure for non-cash investing and financing activity:
Change in unrealized gain on securities available for sale, net of income taxes	369,068	591,294
Change in dividends payable	$ 1,152	$ 118

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Note 1: Nature of Business and Basis of Presentation Organization 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. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all significant intercompany balances and transactions have been eliminated. References to “we”, “us”, “our”, “the Bank”, or “the Company” refer to the parent and its subsidiary that are consolidated for financial purposes. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for the interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2017. In the opinion of management, these interim financial statements present fairly, in all material respects, the Company’s consolidated financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Accounting Estimates and Assumptions The preparation of the consolidated financial statements 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 reported periods. 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. Reclassification Certain amounts in the prior years’ financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications had no effect on shareholders’ equity or the net income as previously reported. Income per share Basic income per share represents income available to shareholders divided by the weighted-average number of common shares outstanding during the period. Dilutive income per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued. The only potential common share equivalents are those related to stock options. Stock options which are anti-dilutive are excluded from the calculation of diluted net income per share. The dilutive effect of options outstanding under our stock compensation plan is reflected in diluted earnings per share by the application of the treasury stock method. Retroactive recognition has been given for the effects of all stock dividends. 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. Non recognized 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 available to be issued and no subsequent events occurred requiring accrual or disclosure. Recent 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, Topic 606. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Instruments and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), . In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share – Based Payment Accounting, In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow- Scope Improvements and Practical Expedients In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Revenue from Contracts with Customers 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.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 2: Investment Securities The amortized cost and fair value of investment securities available for sale are summarized as follows: MARCH 31, 2017 AMORTIZED GROSS GROSS ESTIMATED U.S. Treasury Notes $ 24,144,127 $ 49,684 $ (118,030 ) $ 24,075,781 Government-Sponsored Enterprises 61,742,184 188,804 (610,925 ) 61,320,063 Municipal Securities 43,805,527 772,578 (659,961 ) 43,918,144 Total $ 129,691,838 $ 1,011,066 $ (1,388,916 ) $ 129,313,988 DECEMBER 31, 2016 AMORTIZED GROSS GROSS ESTIMATED U.S. Treasury Notes $ 24,148,295 $ 41,153 $ (250,385 ) $ 23,939,063 Government-Sponsored Enterprises 51,737,930 129,482 (833,321 ) 51,034,091 Municipal Securities 45,056,390 765,813 (816,413 ) 45,005,790 Total $ 120,942,615 $ 936,448 $ (1,900,119 ) $ 119,978,944 The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2017 and December 31, 2016, by contractual maturity are as follows: MARCH 31, 2017 DECEMBER 31, 2016 AMORTIZED ESTIMATED AMORTIZED ESTIMATED Due in one year or less $ 3,811,077 $ 3,821,293 $ 3,343,347 $ 3,350,205 Due in one year to five years 82,729,225 82,978,074 82,848,411 82,682,901 Due in five years to ten years 39,597,559 39,147,035 29,662,030 29,169,228 Due in ten years and over 3,553,977 3,367,586 5,088,827 4,776,610 Total $ 129,691,838 $ 129,313,988 $ 120,942,615 $ 119,978,944 Securities pledged to secure deposits at March 31, 2017 and December 31, 2016, had a fair value of $53,958,188 and $47,619,232, respectively. The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2017 and December 31, 2016. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost. Less Than 12 Months 12 Months or Longer Total # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss March 31, 2017 Available for sale U.S. Treasury notes 3 $ 15,089,844 $ (118,030 ) — $ — $ — 3 $ 15,089,844 $ (118,030 ) Government- sponsored enterprises 7 25,215,240 (610,925 ) — — — 7 25,215,240 (610,925 ) Municipal securities 52 21,601,367 (659,961 ) — — — 52 21,601,367 (659,961 ) Total 62 $ 61,906,451 $ (1,388,916 ) — $ — $ — 62 $ 61,906,451 $ (1,388,916 ) December 31, 2016 Available for sale U.S. Treasury notes 4 $ 17,968,594 $ (250,385 ) — $ — $ — 4 $ 17,968,594 $ (250,385 ) Government- sponsored enterprises 8 30,136,720 (833,321 ) — — — 8 30,136,720 (833,321 ) Municipal securities 54 22,606,430 (816,413 ) — — — 54 22,606,430 (816,413 ) Total 66 $ 70,711,744 $ (1,900,119 ) — $ — $ — 66 $ 70,711,744 $ (1,900,119 ) We received proceeds from sales of securities available for sale and gross realized gains and losses as follows: For the Three Months Ended March 31, 2017 2016 Gross proceeds $ — $ 15,629,464 Gross realized gains — 187,936 Gross realized losses — — The tax provision related to these gains was $69,499 for the three months ended March 31, 2016.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Loans and Allowance for Loan Losses	Note 3: Loans and Allowance for Loan Losses Major classifications of loans (net of deferred loan fees of $140,127 at March 31, 2017 and $136,446 at December 31, 2016) are as follows: March 31, December 31, 2017 2016 Commercial loans $ 51,616,214 $ 52,262,209 Commercial real estate: Construction 1,076,143 1,208,901 Other 120,843,784 122,968,126 Consumer: Real Estate 76,616,037 77,131,816 Other 5,311,665 7,005,063 255,463,843 260,576,115 Allowance for loan losses (3,876,857 ) (3,851,617 ) Loans, net $ 251,586,986 $ 256,724,498 We had $99.0 million and $101.2 million of loans pledged as collateral to secure funding with the Federal Reserve Bank (“FRB”) Discount Window at March 31, 2017 and at December 31, 2016, respectively. Our portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Our internal credit risk grading system is based on experience with similarly graded loans, industry best practices, and regulatory guidance. Our internally assigned grades pursuant to the Board-approved lending policy are as follows: ● Excellent ● Good ● Satisfactory ● Watch ● OAEM ● Substandard ● Doubtful ● Loss The following table illustrates credit risks by category and internally assigned grades at March 31, 2017 and December 31, 2016. “Pass” includes loans internally graded as excellent, good and satisfactory. March 31, 2017 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Total Pass $ 47,382,739 $ 672,121 $ 115,258,858 $ 74,598,257 $ 5,115,618 $ 243,027,593 Watch 2,273,480 404,022 2,612,476 902,734 126,690 6,319,402 OAEM 680,334 — 645,619 621,174 32,757 1,979,884 Sub-Standard 1,279,661 — 2,326,831 493,872 36,600 4,136,964 Doubtful — — — — — — Loss — — — — — — Total $ 51,616,214 $ 1,076,143 $ 120,843,784 $ 76,616,037 $ 5,311,665 $ 255,463,843 December 31, 2016 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Total Pass $ 48,289,944 $ 798,884 $ 116,490,396 $ 74,115,426 $ 6,728,367 $ 246,423,017 Watch 1,004,957 410,017 2,625,079 899,306 147,992 5,087,351 OAEM 1,666,048 — 995,549 630,957 28,939 3,321,493 Sub-Standard 1,301,260 — 2,857,102 1,486,127 99,765 5,744,254 Doubtful — — — — — — Loss — — — — — — Total $ 52,262,209 $ 1,208,901 $ 122,968,126 $ 77,131,816 $ 7,005,063 $ 260,576,115 The following tables include an aging analysis of the recorded investment of past-due financing receivable by class: March 31, 2017 30-59 60-89 Greater Total Current Total Loans Receivable Recorded Investment > Commercial $ 54,563 $ 35,000 $ 26,868 $ 116,431 $ 51,499,783 $ 51,616,214 $ — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,076,143 1,076,143 — Commercial Real Estate -Other — 1,366,640 1,545,221 2,911,861 117,931,923 120,843,784 — Consumer: Consumer Real Estate — — — — 76,616,037 76,616,037 — Consumer-Other 90,032 1,022 — 91,054 5,220,611 5,311,665 — Total $ 144,595 $ 1,402,662 $ 1,572,089 $ 3,119,346 $ 252,344,497 $ 255,463,843 $ — December 31, 2016 30-59 60-89 Greater Total Current Total Loans Receivable Recorded Investment > Commercial $ 438,159 $ — $ — $ 438,159 $ 51,824,050 $ 52,262,209 $ — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,208,901 1,208,901 — Commercial Real Estate -Other 6,363 — 1,501,153 1,507,516 121,460,610 122,968,126 89,908 Consumer: Consumer Real Estate 415,457 — — 415,457 76,716,359 77,131,816 — Consumer-Other 56,784 — 33,322 90,106 6,914,957 7,005,063 33,322 Total $ 916,763 $ — $ 1,534,475 $ 2,451,238 $ 258,124,877 $ 260,576,115 $ 123,230 There were no loans at March 31, 2017 and two loans at December 31, 2016 over 90 days past due and still accruing. The following table summarizes the balances of non-accrual loans: Loans Receivable on Non-Accrual March 31, December 31, Commercial $ 85,659 $ 61,781 Commercial Real Estate: Commercial Real Estate - Construction — — Commercial Real Estate - Other 1,769,854 1,678,876 Consumer: Consumer - Real Estate — — Consumer - Other — 964 Total $ 1,855,513 $ 1,741,621 The following tables set forth the changes in the allowance for loan losses and an allocation of the allowance for loan losses by loan category for the three months ended March 31, 2017 and March 31, 2016. The allowance for loan losses 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. March 31, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,545,188 $ 51,469 $ 1,374,706 $ 726,391 $ 153,863 $ 3,851,617 Charge-offs — — — — — — Recoveries — — — 21,000 1,740 22,740 Provisions 7,971 5,602 43,869 9,501 (64,443 ) 2,500 Ending Balance $ 1,553,159 $ 57,071 $ 1,418,575 $ 756,892 $ 91,160 $ 3,876,857 March 31, 2016 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 896,854 $ 59,861 $ 1,345,094 $ 941,470 $ 174,548 $ 3,417,827 Charge-offs (33,045 ) — — — (1,050 ) (34,095 ) Recoveries 1,284 — 6,000 — 746 8,030 Provisions 635,557 (15,593 ) (242,391 ) (328,228 ) (4,345 ) 45,000 Ending Balance $ 1,500,650 $ 44,268 $ 1,108,703 $ 613,242 $ 169,899 $ 3,436,762 The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans. March 31, 2017 Commercial Commercial Commercial Real Estate- Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,041,145 $ — $ 324,454 $ 43,119 $ 36,600 $ 1,445,318 Collectively evaluated for impairment 512,014 57,071 1,094,121 713,773 54,560 2,431,539 Total Allowance for Losses $ 1,553,159 $ 57,071 $ 1,418,575 $ 756,892 $ 91,160 $ 3,876,857 Loans Receivable Individually evaluated for impairment $ 1,279,661 $ — $ 2,348,397 $ 493,872 $ 36,600 $ 4,158,530 Collectively evaluated for impairment 50,336,553 1,076,143 118,495,387 76,122,165 5,275,065 251,305,313 Total Loans Receivable $ 51,616,214 $ 1,076,143 $ 120,843,784 $ 76,616,037 $ 5,311,665 $ 255,463,843 December 31, 2016 Commercial Commercial Commercial Real Estate- Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,051,219 $ — $ 324,587 $ 43,119 $ 89,047 $ 1,507,972 Collectively evaluated for impairment 493,969 51,469 1,050,119 683,272 64,816 2,343,645 Total Allowance for Losses $ 1,545,188 $ 51,469 $ 1,374,706 $ 726,391 $ 153,863 $ 3,851,617 Loans Receivable Individually evaluated for impairment $ 1,301,259 $ — $ 3,225,351 $ 1,286,127 $ 89,047 $ 5,901,784 Collectively evaluated for impairment 50,960,950 1,208,901 119,742,775 75,845,689 6,916,016 254,674,331 Total Loans Receivable $ 52,262,209 $ 1,208,901 $ 122,968,126 $ 77,131,816 $ 7,005,063 $ 260,576,115 As of March 31, 2017 and December 31, 2016, loans individually evaluated and considered impaired are presented in the following table: Impaired and Restructured Loans As of March 31, 2017 December 31, 2016 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded: Commercial $ 180,000 $ 180,000 $ — $ 250,040 $ 250,040 $ — Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,297,815 1,297,815 — 2,174,770 2,174,770 — Consumer Real Estate 450,753 450,753 — 1,243,008 1,243,008 — Consumer Other — — — — — — $ 1,928,568 $ 1,928,568 $ — $ 3,667,818 $ 3,667,818 $ — With an allowance recorded: Commercial $ 1,099,661 $ 1,099,661 $ 1,041,145 $ 1,051,219 $ 1,051,219 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,050,582 1,050,582 324,454 1,050,581 1,050,581 324,587 Consumer Real Estate 43,119 43,119 43,119 43,119 43,119 43,119 Consumer Other 36,600 36,600 36,600 89,047 89,047 89,047 $ 2,229,962 $ 2,229,962 $ 1,445,318 $ 2,233,966 $ 2,233,966 $ 1,507,972 Total Commercial $ 1,279,661 $ 1,279,661 $ 1,041,145 $ 1,301,259 $ 1,301,259 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 2,348,397 2,348,397 324,454 3,225,351 3,225,351 324,587 Consumer Real Estate 493,872 493,872 43,119 1,286,127 1,286,127 43,119 Consumer Other 36,600 36,600 36,600 89,047 89,047 89,047 $ 4,158,530 $ 4,158,530 $ 1,445,318 $ 5,901,784 $ 5,901,784 $ 1,507,972 The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated. For the Three Months Ended 2017 2016 Average Recorded Investment Interest Average Recorded Investment Interest With no related allowance recorded: Commercial $ 183,126 $ 5,146 $ 1,106,771 $ 16,647 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,300,763 20,043 1,334,158 6,705 Consumer Real Estate 450,570 5,394 154,105 1,119 Consumer-Other — — 106,011 2,374 $ 1,934,459 $ 30,583 $ 2,701,045 $ 26,845 With an allowance recorded: Commercial $ 1,105,705 $ 34,712 $ 682,992 $ 11,033 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,050,581 4,479 2,650,492 29,127 Consumer Real Estate 43,119 408 450,403 6,742 Consumer Other 37,594 570 68,240 — $ 2,236,999 $ 40,169 $ 3,852,127 $ 46,902 Total Commercial $ 1,288,831 $ 39,858 $ 1,789,763 $ 27,680 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,351,344 24,522 3,984,650 35,832 Consumer Real Estate 493,689 5,802 604,508 7,861 Consumer Other 37,594 570 174,251 2,374 $ 4,171,458 $ 70,752 $ 6,553,172 $ 73,747 Restructured loans (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $33,300 (1 loan) and $378,392 (2 loans) at March 31, 2017 and December 31, 2016, respectively. Our restructured loans were granted extended payment terms with no principal or rate reductions. All restructured loans were performing as agreed as of March 31, 2017 and December 31, 2016, respectively. There were no additional loans identified as a troubled debt restructuring (“TDR”) during the three months ended March 31, 2017 or 2016. No TDRs defaulted during the three months ended March 31, 2017 and 2016, which were modified within the previous twelve months.

Disclosure Regarding Fair Value

Disclosure Regarding Fair Value of Financial Statements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Disclosure Regarding Fair Value of Financial Statements	Note 4: Disclosure Regarding Fair Value of Financial Statements 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 the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs, which are developed based on market data we have obtained from independent sources, are ones that market participants would use in pricing an asset or liability. Unobservable inputs, which are developed based on the best information available in the circumstances, reflect our estimate of assumptions that market participants would use in pricing an asset or liability. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. ● Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. ● Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. Fair value estimates are made at a specific point of time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale our entire holdings of a particular financial instrument. Because no active market exists for a significant portion of our financial instruments, fair value estimates are based on judgements regarding future expected loss experience, current economic conditions, current interest rates and prepayment trends, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore cannot be determined with precision. Changes in any of these assumptions used in calculating fair value also would affect significantly the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The following paragraphs are a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis: 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 value is 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. Derivative Instruments Derivative instruments include interest rate lock commitments and forward sale commitments. These instruments are valued based on the change in the value of the underlying loan between the commitment date and the end of the period. We classify these instruments as Level 3. The fair value of these commitments was not significant at March 31, 2017 or December 31, 2016. 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 March 31, 2017 and December 31, 2016. Assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 are as follows: Balance at March 31, 2017 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 24,075,781 $ — $ — $ 24,075,781 Government Sponsored — 61,320,063 — 61,320,063 Municipal Securities — 30,459,699 13,458,445 43,918,144 Total $ 24,075,781 $ 91,779,762 $ 13,458,445 $ 129,313,988 Balance at December 31, 2016 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 23,939,063 $ — $ — $ 23,939,063 Government Sponsored — 51,034,091 — 51,034,091 Municipal Securities — 31,027,933 13,977,857 45,005,790 Total $ 23,939,063 $ 82,062,024 $ 13,977,857 $ 119,978,944 There were no liabilities recorded at fair value on a recurring basis as of March 31, 2017 or December 31, 2016. The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 and 2016: 2017 2016 Beginning Balance $ 13,977,857 $ 5,217,678 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 25,588 31,673 Purchases, issuances and settlements, net of maturities (545,000 ) — Transfers in and/or out of level 3 — — Ending Balance $ 13,458,445 $ 5,249,351 There were no transfers between fair value levels during the three months ended March 31, 2017 or March 31, 2016. The following paragraphs are a description of valuation methodologies used for assets and liabilities recorded at fair value on a nonrecurring basis: Other Real Estate Owned (“OREO”) Loans secured by real estate are adjusted to the lower of the recorded investment in the loan or the fair value of the real estate 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. Impaired Loans Impaired loans are carried at the lower of recorded investment or fair value. 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 12 to 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. In accordance with 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. At March 31, 2017 and December 31, 2016, substantially all of the impaired loans were evaluated based on the fair value of the collateral. These impaired loans are classified as Level 3. Impaired loans measured using discounted future cash flows are not deemed to be measured at fair value. Loans Held for Sale Loans held for sale include mortgage loans and are carried at the lower of cost or market value. The fair values of mortgage loans held for sale are based on current market rates from investors within the secondary market for loans with similar characteristics. Carrying value approximates fair value. 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 information about certain assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2017 and December 31, 2016: March 31, 2017 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 2,474,696 $ 2,474,696 Other real estate owned — — 521,943 521,943 Loans held for sale — 3,524,646 — 3,524,646 Total $ — $ 3,524,646 $ 2,996,639 $ 6,521,285 December 31, 2016 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 4,143,772 $ 4,143,772 Other real estate owned — — 521,943 521,943 Loans held for sale — 4,386,210 — 4,386,210 Total $ — $ 4,386,210 $ 4,665,715 $ 9,051,925 There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2017 or December 31, 2016. The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at March 31, 2017: Inputs Valuation Technique Unobservable Input General Range of Inputs Impaired Loans Discounted Appraisals Collateral Discounts 0 – 35% 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 for all of our assets and liabilities that are considered 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 paragraphs describe 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 Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is 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. 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 March 31, 2017 and December 31, 2016, 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, using 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. Accrued interest receivable and payable Since these financial instruments will typically be received or paid within three months, the carrying amounts of such instruments are deemed to be a reasonable estimate of fair value. f. Loan commitments Estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of March 31, 2017 and December 31, 2016. Fair Value Measurements at March 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,122,113 $ 7,122,113 $ 7,122,113 $ — $ — Interest-bearing deposits in other banks 31,153,847 31,153,847 31,153,847 — — Investment securities available for sale 129,313,988 129,313,988 24,075,781 91,779,762 13,458,445 Mortgage loans to be sold 3,524,646 3,524,646 — 3,524,646 — Loans 255,463,843 258,853,584 — — 258,853,584 Accrued interest receivable 1,177,290 1,177,290 — 1,177,290 — Financial Liabilities: Demand deposits 340,633,563 340,633,563 — 340,633,563 — Time deposits 45,331,176 45,476,893 — 45,476,893 — Accrued interest payable 57,059 57,059 — 57,059 — Fair Value Measurements at December 31, 2016 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,141,030 $ 8,141,030 $ 8,141,030 $ — $ — Interest-bearing deposits in other banks 18,101,300 18,101,300 18,101,300 — — Investment securities available for sale 119,978,944 119,978,944 23,939,063 82,062,024 13,977,857 Mortgage loans to be sold 4,386,210 4,386,210 — 4,386,210 — Loans 260,576,115 260,406,669 — — 260,406,669 Accrued interest receivable 1,614,002 1,614,002 — 1,614,002 — Financial Liabilities: Demand deposits 328,681,594 328,681,594 — 328,681,594 — Time deposits 43,841,257 43,856,383 — 43,856,383 — Accrued interest payable 51,629 51,629 — 51,629 —

Income Per Common Share

Income Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Income Per Common Share	Note 5: 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 is 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 the reconciliation of average shares outstanding for the three months ended March 31: 2017 2016 Numerator Net income $ 1,226,088 $ 1,195,736 Denominator: Weighted average shares outstanding 4,962,250 4,917,334 Effect of dilutive shares 110,851 150,229 Weighted average shares outstanding - diluted 5,073,101 5,067,563 Earnings per share - basic $ 0.25 $ 0.24 Earnings per share - diluted $ 0.24 $ 0.24

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Note 6: Accumulated Other Comprehensive (Loss) Income The following table summarizes the components of accumulated other comprehensive income and changes in those components as of and for the three months ended March 31, 2017 and 2016: Available for sale securities Beginning Balance December 31, 2016 $ (607,109 ) Change in net unrealized gains on securities available for sale 585,821 Reclassification adjustment for net securities gains included in net income — Income tax benefit (216,753 ) Ending Balance at March 31, 2017 $ (238,041 ) Beginning Balance December 31, 2015 $ 992,549 Change in net unrealized gains on securities available for sale 709,731 Reclassification adjustment for net securities gains included in net income (187,396 ) Income tax expense 69,499 Ending Balance at March 31, 2016 $ 1,583,843 The following table shows the line items in the consolidated Statements of Income affected by amounts reclassified from accumulated other comprehensive income: Three Months Ended March 31, 2017 2016 Gain on sale of investments, net $ — $ 187,936 Tax effect — — Total reclassification, net of tax $ — $ 187,936

Nature of Business and Basis 15

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all significant intercompany balances and transactions have been eliminated. References to “we”, “us”, “our”, “the Bank”, or “the Company” refer to the parent and its subsidiary that are consolidated for financial purposes.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for the interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2017. In the opinion of management, these interim financial statements present fairly, in all material respects, the Company’s consolidated financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Accounting Estimates and Assumptions	Accounting Estimates and Assumptions The preparation of the consolidated financial statements 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 reported periods. 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.
Reclassification	Reclassification Certain amounts in the prior years’ financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications had no effect on shareholders’ equity or the net income as previously reported.
Income per share	Income per share Basic income per share represents income available to shareholders divided by the weighted-average number of common shares outstanding during the period. Dilutive income per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued. The only potential common share equivalents are those related to stock options. Stock options which are anti-dilutive are excluded from the calculation of diluted net income per share. The dilutive effect of options outstanding under our stock compensation plan is reflected in diluted earnings per share by the application of the treasury stock method. Retroactive recognition has been given for the effects of all stock dividends.
Subsequent Events	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. Non recognized 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 available to be issued and no subsequent events occurred requiring accrual or disclosure.
Recent Accounting Pronouncements	Recent 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, Topic 606. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Instruments and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), . In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share – Based Payment Accounting, In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow- Scope Improvements and Practical Expedients In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Revenue from Contracts with Customers 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.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of investment securities available for sale	The amortized cost and fair value of investment securities available for sale are summarized as follows: MARCH 31, 2017 AMORTIZED GROSS GROSS ESTIMATED U.S. Treasury Notes $ 24,144,127 $ 49,684 $ (118,030 ) $ 24,075,781 Government-Sponsored Enterprises 61,742,184 188,804 (610,925 ) 61,320,063 Municipal Securities 43,805,527 772,578 (659,961 ) 43,918,144 Total $ 129,691,838 $ 1,011,066 $ (1,388,916 ) $ 129,313,988 DECEMBER 31, 2016 AMORTIZED GROSS GROSS ESTIMATED U.S. Treasury Notes $ 24,148,295 $ 41,153 $ (250,385 ) $ 23,939,063 Government-Sponsored Enterprises 51,737,930 129,482 (833,321 ) 51,034,091 Municipal Securities 45,056,390 765,813 (816,413 ) 45,005,790 Total $ 120,942,615 $ 936,448 $ (1,900,119 ) $ 119,978,944
Schedule of amortized cost and estimated fair value of investment securities available for sale by contractual maturity	The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2017 and December 31, 2016, by contractual maturity are as follows: MARCH 31, 2017 DECEMBER 31, 2016 AMORTIZED COST ESTIMATED FAIR VALUE AMORTIZED COST ESTIMATED FAIR VALUE Due in one year or less $ 3,811,077 $ 3,821,293 $ 3,343,347 $ 3,350,205 Due in one year to five years 82,729,225 82,978,074 82,848,411 82,682,901 Due in five years to ten years 39,597,559 39,147,035 29,662,030 29,169,228 Due in ten years and over 3,553,977 3,367,586 5,088,827 4,776,610 Total $ 129,691,838 $ 129,313,988 $ 120,942,615 $ 119,978,944
Schedule of investment securities gross unrealized losses on investment securities and the fair market value of the related securities	The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2017 and December 31, 2016. We believe that all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost. Less Than 12 Months 12 Months or Longer Total # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss # Fair Value Gross Unrealized Loss March 31, 2017 Available for sale U.S. Treasury notes 3 $ 15,089,844 $ (118,030 ) — $ — $ — 3 $ 15,089,844 $ (118,030 ) Government- sponsored enterprises 7 25,215,240 (610,925 ) — — — 7 25,215,240 (610,925 ) Municipal securities 52 21,601,367 (659,961 ) — — — 52 21,601,367 (659,961 ) Total 62 $ 61,906,451 $ (1,388,916 ) — $ — $ — 62 $ 61,906,451 $ (1,388,916 ) December 31, 2016 Available for sale U.S. Treasury notes 4 $ 17,968,594 $ (250,385 ) — $ — $ — 4 $ 17,968,594 $ (250,385 ) Government- sponsored enterprises 8 30,136,720 (833,321 ) — — — 8 30,136,720 (833,321 ) Municipal securities 54 22,606,430 (816,413 ) — — — 54 22,606,430 (816,413 ) Total 66 $ 70,711,744 $ (1,900,119 ) — $ — $ — 66 $ 70,711,744 $ (1,900,119 )
Schedule of proceeds from sales of securities available for sale and gross realized gains and losses	We received proceeds from sales of securities available for sale and gross realized gains and losses as follows: For the Three Months Ended March 31, 2017 2016 Gross proceeds $ — $ 15,629,464 Gross realized gains — 187,936 Gross realized losses — —

Loans and Allowance for Loan 17

Loans and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of major classifications of loans	Major classifications of loans (net of deferred loan fees of $140,127 at March 31, 2017 and $136,446 at December 31, 2016) are as follows: March 31, December 31, 2017 2016 Commercial loans $ 51,616,214 $ 52,262,209 Commercial real estate: Construction 1,076,143 1,208,901 Other 120,843,784 122,968,126 Consumer: Real Estate 76,616,037 77,131,816 Other 5,311,665 7,005,063 255,463,843 260,576,115 Allowance for loan losses (3,876,857 ) (3,851,617 ) Loans, net $ 251,586,986 $ 256,724,498
Schedule of credit risks by category and internally assigned grades	The following table illustrates credit risks by category and internally assigned grades at March 31, 2017 and December 31, 2016. “Pass” includes loans internally graded as excellent, good and satisfactory. March 31, 2017 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Total Pass $ 47,382,739 $ 672,121 $ 115,258,858 $ 74,598,257 $ 5,115,618 $ 243,027,593 Watch 2,273,480 404,022 2,612,476 902,734 126,690 6,319,402 OAEM 680,334 — 645,619 621,174 32,757 1,979,884 Sub-Standard 1,279,661 — 2,326,831 493,872 36,600 4,136,964 Doubtful — — — — — — Loss — — — — — — Total $ 51,616,214 $ 1,076,143 $ 120,843,784 $ 76,616,037 $ 5,311,665 $ 255,463,843 December 31, 2016 Commercial Commercial Real Estate Construction Commercial Real Estate Other Consumer Real Estate Consumer Other Total Pass $ 48,289,944 $ 798,884 $ 116,490,396 $ 74,115,426 $ 6,728,367 $ 246,423,017 Watch 1,004,957 410,017 2,625,079 899,306 147,992 5,087,351 OAEM 1,666,048 — 995,549 630,957 28,939 3,321,493 Sub-Standard 1,301,260 — 2,857,102 1,486,127 99,765 5,744,254 Doubtful — — — — — — Loss — — — — — — Total $ 52,262,209 $ 1,208,901 $ 122,968,126 $ 77,131,816 $ 7,005,063 $ 260,576,115
Schedule of aging analysis of the recorded investment of past-due financing receivable by class	The following tables include an aging analysis of the recorded investment of past-due financing receivable by class: March 31, 2017 30-59 60-89 Greater Total Current Total Loans Receivable Recorded Investment > Commercial $ 54,563 $ 35,000 $ 26,868 $ 116,431 $ 51,499,783 $ 51,616,214 $ — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,076,143 1,076,143 — Commercial Real Estate -Other — 1,366,640 1,545,221 2,911,861 117,931,923 120,843,784 — Consumer: Consumer Real Estate — — — — 76,616,037 76,616,037 — Consumer-Other 90,032 1,022 — 91,054 5,220,611 5,311,665 — Total $ 144,595 $ 1,402,662 $ 1,572,089 $ 3,119,346 $ 252,344,497 $ 255,463,843 $ — December 31, 2016 30-59 60-89 Greater Total Current Total Loans Receivable Recorded Investment > Commercial $ 438,159 $ — $ — $ 438,159 $ 51,824,050 $ 52,262,209 $ — Commercial Real Estate: Commercial Real Estate -Construction — — — — 1,208,901 1,208,901 — Commercial Real Estate -Other 6,363 — 1,501,153 1,507,516 121,460,610 122,968,126 89,908 Consumer: Consumer Real Estate 415,457 — — 415,457 76,716,359 77,131,816 — Consumer-Other 56,784 — 33,322 90,106 6,914,957 7,005,063 33,322 Total $ 916,763 $ — $ 1,534,475 $ 2,451,238 $ 258,124,877 $ 260,576,115 $ 123,230
Schedule of non-accrual loans	The following table summarizes the balances of non-accrual loans: Loans Receivable on Non-Accrual March 31, 2017 December 31, 2016 Commercial $ 85,659 $ 61,781 Commercial Real Estate: Commercial Real Estate - Construction — — Commercial Real Estate - Other 1,769,854 1,678,876 Consumer: Consumer - Real Estate — — Consumer - Other — 964 Total $ 1,855,513 $ 1,741,621
Schedule of changes in the allowance and an allocation of the allowance by loan category	The following tables set forth the changes in the allowance for loan losses and an allocation of the allowance for loan losses by loan category for the three months ended March 31, 2017 and March 31, 2016. The allowance for loan losses 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. March 31, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,545,188 $ 51,469 $ 1,374,706 $ 726,391 $ 153,863 $ 3,851,617 Charge-offs — — — — — — Recoveries — — — 21,000 1,740 22,740 Provisions 7,971 5,602 43,869 9,501 (64,443 ) 2,500 Ending Balance $ 1,553,159 $ 57,071 $ 1,418,575 $ 756,892 $ 91,160 $ 3,876,857 March 31, 2016 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 896,854 $ 59,861 $ 1,345,094 $ 941,470 $ 174,548 $ 3,417,827 Charge-offs (33,045 ) — — — (1,050 ) (34,095 ) Recoveries 1,284 — 6,000 — 746 8,030 Provisions 635,557 (15,593 ) (242,391 ) (328,228 ) (4,345 ) 45,000 Ending Balance $ 1,500,650 $ 44,268 $ 1,108,703 $ 613,242 $ 169,899 $ 3,436,762 The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans. March 31, 2017 Commercial Commercial Commercial Real Estate- Other Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,041,145 $ — $ 324,454 $ 43,119 $ 36,600 $ 1,445,318 Collectively evaluated for impairment 512,014 57,071 1,094,121 713,773 54,560 2,431,539 Total Allowance for Losses $ 1,553,159 $ 57,071 $ 1,418,575 $ 756,892 $ 91,160 $ 3,876,857 Loans Receivable Individually evaluated for impairment $ 1,279,661 $ — $ 2,348,397 $ 493,872 $ 36,600 $ 4,158,530 Collectively evaluated for impairment 50,336,553 1,076,143 118,495,387 76,122,165 5,275,065 251,305,313 Total Loans Receivable $ 51,616,214 $ 1,076,143 $ 120,843,784 $ 76,616,037 $ 5,311,665 $ 255,463,843 December 31, 2016 Commercial Commercial Commercial Real Estate- Other Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,051,219 $ — $ 324,587 $ 43,119 $ 89,047 $ 1,507,972 Collectively evaluated for impairment 493,969 51,469 1,050,119 683,272 64,816 2,343,645 Total Allowance for Losses $ 1,545,188 $ 51,469 $ 1,374,706 $ 726,391 $ 153,863 $ 3,851,617 Loans Receivable Individually evaluated for impairment $ 1,301,259 $ — $ 3,225,351 $ 1,286,127 $ 89,047 $ 5,901,784 Collectively evaluated for impairment 50,960,950 1,208,901 119,742,775 75,845,689 6,916,016 254,674,331 Total Loans Receivable $ 52,262,209 $ 1,208,901 $ 122,968,126 $ 77,131,816 $ 7,005,063 $ 260,576,115
Schedule of loans individually evaluated and considered impaired	As of March 31, 2017 and December 31, 2016, loans individually evaluated and considered impaired are presented in the following table: Impaired and Restructured Loans As of March 31, 2017 December 31, 2016 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded: Commercial $ 180,000 $ 180,000 $ — $ 250,040 $ 250,040 $ — Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,297,815 1,297,815 — 2,174,770 2,174,770 — Consumer Real Estate 450,753 450,753 — 1,243,008 1,243,008 — Consumer Other — — — — — — $ 1,928,568 $ 1,928,568 $ — $ 3,667,818 $ 3,667,818 $ — With an allowance recorded: Commercial $ 1,099,661 $ 1,099,661 $ 1,041,145 $ 1,051,219 $ 1,051,219 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,050,582 1,050,582 324,454 1,050,581 1,050,581 324,587 Consumer Real Estate 43,119 43,119 43,119 43,119 43,119 43,119 Consumer Other 36,600 36,600 36,600 89,047 89,047 89,047 $ 2,229,962 $ 2,229,962 $ 1,445,318 $ 2,233,966 $ 2,233,966 $ 1,507,972 Total Commercial $ 1,279,661 $ 1,279,661 $ 1,041,145 $ 1,301,259 $ 1,301,259 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 2,348,397 2,348,397 324,454 3,225,351 3,225,351 324,587 Consumer Real Estate 493,872 493,872 43,119 1,286,127 1,286,127 43,119 Consumer Other 36,600 36,600 36,600 89,047 89,047 89,047 $ 4,158,530 $ 4,158,530 $ 1,445,318 $ 5,901,784 $ 5,901,784 $ 1,507,972 The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated. For the Three Months Ended 2017 2016 Average Recorded Investment Interest Average Recorded Investment Interest With no related allowance recorded: Commercial $ 183,126 $ 5,146 $ 1,106,771 $ 16,647 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,300,763 20,043 1,334,158 6,705 Consumer Real Estate 450,570 5,394 154,105 1,119 Consumer-Other — — 106,011 2,374 $ 1,934,459 $ 30,583 $ 2,701,045 $ 26,845 With an allowance recorded: Commercial $ 1,105,705 $ 34,712 $ 682,992 $ 11,033 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,050,581 4,479 2,650,492 29,127 Consumer Real Estate 43,119 408 450,403 6,742 Consumer Other 37,594 570 68,240 — $ 2,236,999 $ 40,169 $ 3,852,127 $ 46,902 Total Commercial $ 1,288,831 $ 39,858 $ 1,789,763 $ 27,680 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,351,344 24,522 3,984,650 35,832 Consumer Real Estate 493,689 5,802 604,508 7,861 Consumer Other 37,594 570 174,251 2,374 $ 4,171,458 $ 70,752 $ 6,553,172 $ 73,747

Disclosure Regarding Fair Val18

Disclosure Regarding Fair Value of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are as follows: Balance at March 31, 2017 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 24,075,781 $ — $ — $ 24,075,781 Government Sponsored — 61,320,063 — 61,320,063 Municipal Securities — 30,459,699 13,458,445 43,918,144 Total $ 24,075,781 $ 91,779,762 $ 13,458,445 $ 129,313,988 Balance at December 31, 2016 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total US Treasury $ 23,939,063 $ — $ — $ 23,939,063 Government Sponsored — 51,034,091 — 51,034,091 Municipal Securities — 31,027,933 13,977,857 45,005,790 Total $ 23,939,063 $ 82,062,024 $ 13,977,857 $ 119,978,944
Schedule of changes in Level 3 instruments	The following table reconciles the changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 and 2016: 2017 2016 Beginning Balance $ 13,977,857 $ 5,217,678 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 25,588 31,673 Purchases, issuances and settlements, net of maturities (545,000 ) — Transfers in and/or out of level 3 — — Ending Balance $ 13,458,445 $ 5,249,351
Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis	The following table presents information about certain assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2017 and December 31, 2016: March 31, 2017 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 2,474,696 $ 2,474,696 Other real estate owned — — 521,943 521,943 Loans held for sale — 3,524,646 — 3,524,646 Total $ — $ 3,524,646 $ 2,996,639 $ 6,521,285 December 31, 2016 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 4,143,772 $ 4,143,772 Other real estate owned — — 521,943 521,943 Loans held for sale — 4,386,210 — 4,386,210 Total $ — $ 4,386,210 $ 4,665,715 $ 9,051,925
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 measurements at March 31, 2017: Inputs Valuation Technique Unobservable Input General Range of Inputs Impaired Loans Discounted Appraisals Collateral Discounts 0 – 35% 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 tables present the carrying amount, fair value, and placement in the fair value hierarchy of our financial instruments as of March 31, 2017 and December 31, 2016. Fair Value Measurements at March 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,122,113 $ 7,122,113 $ 7,122,113 $ — $ — Interest-bearing deposits in other banks 31,153,847 31,153,847 31,153,847 — — Investment securities available for sale 129,313,988 129,313,988 24,075,781 91,779,762 13,458,445 Mortgage loans to be sold 3,524,646 3,524,646 — 3,524,646 — Loans 255,463,843 258,853,584 — — 258,853,584 Accrued interest receivable 1,177,290 1,177,290 — 1,177,290 — Financial Liabilities: Demand deposits 340,633,563 340,633,563 — 340,633,563 — Time deposits 45,331,176 45,476,893 — 45,476,893 — Accrued interest payable 57,059 57,059 — 57,059 — Fair Value Measurements at December 31, 2016 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,141,030 $ 8,141,030 $ 8,141,030 $ — $ — Interest-bearing deposits in other banks 18,101,300 18,101,300 18,101,300 — — Investment securities available for sale 119,978,944 119,978,944 23,939,063 82,062,024 13,977,857 Mortgage loans to be sold 4,386,210 4,386,210 — 4,386,210 — Loans 260,576,115 260,406,669 — — 260,406,669 Accrued interest receivable 1,614,002 1,614,002 — 1,614,002 — Financial Liabilities: Demand deposits 328,681,594 328,681,594 — 328,681,594 — Time deposits 43,841,257 43,856,383 — 43,856,383 — Accrued interest payable 51,629 51,629 — 51,629 —

Income Per Common Share (Tables

Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of income per common share	The following table is a summary of the reconciliation of average shares outstanding for the three months ended March 31: 2017 2016 Numerator: Net income $ 1,226,088 $ 1,195,736 Denominator: Weighted average shares outstanding 4,962,250 4,917,334 Effect of dilutive shares 110,851 150,229 Weighted average shares outstanding - diluted 5,073,101 5,067,563 Earnings per share - basic $ 0.25 $ 0.24 Earnings per share - diluted $ 0.24 $ 0.24

Accumulated Other Comprehensi20

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of reclassification in accumulated other comprehensive income	The following table summarizes the components of accumulated other comprehensive income and changes in those components as of and for the three months ended March 31, 2017 and 2016: Available for sale securities Beginning Balance December 31, 2016 $ (607,109 ) Change in net unrealized gains on securities available for sale 585,821 Reclassification adjustment for net securities gains included in net income — Income tax benefit (216,753 ) Ending Balance at March 31, 2017 $ (238,041 ) Beginning Balance December 31, 2015 $ 992,549 Change in net unrealized gains on securities available for sale 709,731 Reclassification adjustment for net securities gains included in net income (187,396 ) Income tax expense 69,499 Ending Balance at March 31, 2016 $ 1,583,843
Schedule of amounts reclassified from accumulated other comprehensive income	The following table shows the line items in the consolidated Statements of Income affected by amounts reclassified from accumulated other comprehensive income: Three Months Ended March 31, 2017 2016 Gain on sale of investments, net $ — $ 187,936 Tax effect — — Total reclassification, net of tax $ — $ 187,936

Investment Securities (Details)

Investment Securities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 129,691,838	$ 120,942,615
Gross Unrealized Gains	1,011,066	936,448
Gross Unrealized Losses	(1,388,916)	(1,900,119)
Investment securities available for sale	129,313,988	119,978,944
U.S. Treasury Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	24,144,127	24,148,295
Gross Unrealized Gains	49,684	41,153
Gross Unrealized Losses	(118,030)	(250,385)
Investment securities available for sale	24,075,781	23,939,063
Government-Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,742,184	51,737,930
Gross Unrealized Gains	188,804	129,482
Gross Unrealized Losses	(610,925)	(833,321)
Investment securities available for sale	61,320,063	51,034,091
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	43,805,527	45,056,390
Gross Unrealized Gains	772,578	765,813
Gross Unrealized Losses	(659,961)	(816,413)
Investment securities available for sale	$ 43,918,144	$ 45,005,790

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less	$ 3,811,077	$ 3,343,347
Due in one year to five years	82,729,225	82,848,411
Due in five years to ten years	39,597,559	29,662,030
Due in ten years and over	3,553,977	5,088,827
Total	129,691,838	120,942,615
Estimated Fair Value
Due in one year or less	3,821,293	3,350,205
Due in one year to five years	82,978,074	82,682,901
Due in five years to ten years	39,147,035	29,169,228
Due in ten years and over	3,367,586	4,776,610
Total	$ 129,313,988	$ 119,978,944

Investment Securities (Detail23

Investment Securities (Details 2)	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)Number	Dec. 31, 2016USD ($)Number
Less than 12 Months
Number of positions | Number	62	66
Fair Value	$ 61,906,451	$ 70,711,744
Gross Unrealized Losses	$ (1,388,916)	$ (1,900,119)
Total
Number of positions | Number	62	66
Fair value	$ 61,906,451	$ 70,711,744
Gross Unrealized Losses	$ (1,388,916)	$ (1,900,119)
U.S. Treasury Notes [Member]
Less than 12 Months
Number of positions | Number	3	4
Fair Value	$ 15,089,844	$ 17,968,594
Gross Unrealized Losses	$ (118,030)	$ (250,385)
Total
Number of positions | Number	3	4
Fair value	$ 15,089,844	$ 17,968,594
Gross Unrealized Losses	$ (118,030)	$ (250,385)
Government-Sponsored Enterprises [Member]
Less than 12 Months
Number of positions | Number	7	8
Fair Value	$ 25,215,240	$ 30,136,720
Gross Unrealized Losses	$ (610,925)	$ (833,321)
Total
Number of positions | Number	7	8
Fair value	$ 25,215,240	$ 30,136,720
Gross Unrealized Losses	$ (610,925)	$ (833,321)
Municipal Securities [Member]
Less than 12 Months
Number of positions | Number	52	54
Fair Value	$ 21,601,367	$ 22,606,430
Gross Unrealized Losses	$ (659,961)	$ (816,413)
Total
Number of positions | Number	52	54
Fair value	$ 21,601,367	$ 22,606,430
Gross Unrealized Losses	$ (659,961)	$ (816,413)

Investment Securities (Detail24

Investment Securities (Details 3)	3 Months Ended
	Mar. 31, 2016USD ($)
Investments, Debt and Equity Securities [Abstract]
Gross proceeds	$ 15,629,464
Gross realized gains	$ 187,936

Investment Securities (Detail25

Investment Securities (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Carrying amount of securities pledged to secure deposits and repurchase agreements		$ 53,958,188	$ 47,619,232
Tax provision	$ 69,499

Loans and Allowance for Loan 26

Loans and Allowance for Loan Losses (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Impaired [Line Items]
Loans	$ 255,463,843	$ 260,576,115
Allowance for loan losses	(3,876,857)	(3,851,617)
Loans, net	251,586,986	256,724,498
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Loans	51,616,214	52,262,209
Commercial Real Estate Construction [Member]
Financing Receivable, Impaired [Line Items]
Loans	1,076,143	1,208,901
Commercial Real Estate Other [Member]
Financing Receivable, Impaired [Line Items]
Loans	120,843,784	122,968,126
Consumer Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Loans	76,616,037	77,131,816
Consumer Other [Member]
Financing Receivable, Impaired [Line Items]
Loans	$ 5,311,665	$ 7,005,063

Loans and Allowance for Loan 27

Loans and Allowance for Loan Losses (Details 1) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Credit risks by category and internally assigned grades
Loans	$ 255,463,843	$ 260,576,115
Pass [Member]
Credit risks by category and internally assigned grades
Loans	243,027,593	246,423,017
Watch [Member]
Credit risks by category and internally assigned grades
Loans	6,319,402	5,087,351
OAEM [Member]
Credit risks by category and internally assigned grades
Loans	1,979,884	3,321,493
Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	4,136,964	5,744,254
Commercial [Member]
Credit risks by category and internally assigned grades
Loans	51,616,214	52,262,209
Commercial [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	47,382,739	48,289,944
Commercial [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	2,273,480	1,004,957
Commercial [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	680,334	1,666,048
Commercial [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	1,279,661	1,301,260
Commercial Real Estate Construction [Member]
Credit risks by category and internally assigned grades
Loans	1,076,143	1,208,901
Commercial Real Estate Construction [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	672,121	798,884
Commercial Real Estate Construction [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	404,022	410,017
Commercial Real Estate Other [Member]
Credit risks by category and internally assigned grades
Loans	120,843,784	122,968,126
Commercial Real Estate Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	115,258,858	116,490,396
Commercial Real Estate Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	2,612,476	2,625,079
Commercial Real Estate Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	645,619	995,549
Commercial Real Estate Other [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	2,326,831	2,857,102
Consumer Real Estate [Member]
Credit risks by category and internally assigned grades
Loans	76,616,037	77,131,816
Consumer Real Estate [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	74,598,257	74,115,426
Consumer Real Estate [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	902,734	899,306
Consumer Real Estate [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	621,174	630,957
Consumer Real Estate [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	493,872	1,486,127
Consumer Other [Member]
Credit risks by category and internally assigned grades
Loans	5,311,665	7,005,063
Consumer Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	5,115,618	6,728,367
Consumer Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	126,690	147,992
Consumer Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	32,757	28,939
Consumer Other [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	$ 36,600	$ 99,765

Loans and Allowance for Loan 28

Loans and Allowance for Loan Losses (Details 2) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Past-due loans
Total Past Due	$ 3,119,346	$ 2,451,238
Current	252,344,497	258,124,877
Total Loans Receivable	255,463,843	260,576,115
Recorded Investment > 90 Days and Accuring Interest		123,230
30-59 Days Past Due [Member]
Past-due loans
Total Past Due	144,595	916,763
Greater Than 90 Days [Member]
Past-due loans
Total Past Due	1,572,089	1,534,475
60-89 Days Past Due [Member]
Past-due loans
Total Past Due	1,402,662
Commercial [Member]
Past-due loans
Total Past Due	116,431	438,159
Current	51,499,783	51,824,050
Total Loans Receivable	51,616,214	52,262,209
Commercial [Member] | 30-59 Days Past Due [Member]
Past-due loans
Total Past Due	54,563	438,159
Commercial [Member] | Greater Than 90 Days [Member]
Past-due loans
Total Past Due	26,868
Commercial [Member] | 60-89 Days Past Due [Member]
Past-due loans
Total Past Due	35,000
Commercial Real Estate Construction [Member]
Past-due loans
Current	1,076,143	1,208,901
Total Loans Receivable	1,076,143	1,208,901
Commercial Real Estate Other [Member]
Past-due loans
Total Past Due	2,911,861	1,507,516
Current	117,931,923	121,460,610
Total Loans Receivable	120,843,784	122,968,126
Recorded Investment > 90 Days and Accuring Interest		89,908
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member]
Past-due loans
Total Past Due		6,363
Commercial Real Estate Other [Member] | Greater Than 90 Days [Member]
Past-due loans
Total Past Due	1,545,221	1,501,153
Commercial Real Estate Other [Member] | 60-89 Days Past Due [Member]
Past-due loans
Total Past Due	1,366,640
Consumer Real Estate [Member]
Past-due loans
Total Past Due		415,457
Current	76,616,037	76,716,359
Total Loans Receivable	76,616,037	77,131,816
Consumer Real Estate [Member] | 30-59 Days Past Due [Member]
Past-due loans
Total Past Due		415,457
Consumer Other [Member]
Past-due loans
Total Past Due	91,054	90,106
Current	5,220,611	6,914,957
Total Loans Receivable	5,311,665	7,005,063
Recorded Investment > 90 Days and Accuring Interest		33,322
Consumer Other [Member] | 30-59 Days Past Due [Member]
Past-due loans
Total Past Due	90,032	56,784
Consumer Other [Member] | Greater Than 90 Days [Member]
Past-due loans
Total Past Due		$ 33,322
Consumer Other [Member] | 60-89 Days Past Due [Member]
Past-due loans
Total Past Due	$ 1,022

Loans and Allowance for Loan 29

Loans and Allowance for Loan Losses (Details 3) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Non-accrual loans receivable	$ 1,855,513	$ 1,741,621
Commercial [Member]
Non-accrual loans receivable	85,659	61,781
Commercial Real Estate Other [Member]
Non-accrual loans receivable	$ 1,769,854	1,678,876
Consumer Other [Member]
Non-accrual loans receivable		$ 964

Loans and Allowance for Loan 30

Loans and Allowance for Loan Losses (Details 4) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	$ 3,851,617	$ 3,417,827
Charge-offs		(34,095)
Recoveries	22,740	8,030
Provisions	2,500	45,000
Ending Balance	3,876,857	3,436,762
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment			$ 1,445,318	$ 1,507,972
Collectively evaluated for impairment			2,431,539	2,343,645
Total Allowance for Losses	3,851,617	3,417,827	3,876,857	3,851,617
Loans Receivable:
Individually evaluated for impairment			4,158,530	5,901,784
Collectively evaluated for impairment			251,305,313	254,674,331
Total Loan Receivable			255,463,843	260,576,115
Commercial [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,545,188	896,854
Charge-offs		(33,045)
Recoveries		1,284
Provisions	7,971	635,557
Ending Balance	1,553,159	1,500,650
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment			1,041,145	1,051,219
Collectively evaluated for impairment			512,014	493,969
Total Allowance for Losses	1,553,159	896,854	1,553,159	1,545,188
Loans Receivable:
Individually evaluated for impairment			1,279,661	1,301,259
Collectively evaluated for impairment			50,336,553	50,960,950
Total Loan Receivable			51,616,214	52,262,209
Commercial Real Estate Construction [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	51,469	59,861
Provisions	5,602	(15,593)
Ending Balance	57,071	44,268
Allowance for Loan Losses Ending Balances:
Collectively evaluated for impairment			57,071	51,469
Total Allowance for Losses	57,071	59,861	57,071	51,469
Loans Receivable:
Collectively evaluated for impairment			1,076,143	1,208,901
Total Loan Receivable			1,076,143	1,208,901
Commercial Real Estate Other [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,374,706	1,345,094
Recoveries		6,000
Provisions	43,869	(242,391)
Ending Balance	1,418,575	1,108,703
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment			324,454	324,587
Collectively evaluated for impairment			1,094,121	1,050,119
Total Allowance for Losses	1,418,575	1,345,094	1,418,575	1,374,706
Loans Receivable:
Individually evaluated for impairment			2,348,397	3,225,351
Collectively evaluated for impairment			118,495,387	119,742,775
Total Loan Receivable			120,843,784	122,968,126
Consumer Real Estate [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	726,391	941,470
Recoveries	21,000
Provisions	9,501	(328,228)
Ending Balance	756,892	613,242
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment			43,119	43,119
Collectively evaluated for impairment			713,773	683,272
Total Allowance for Losses	756,892	941,470	756,892	726,391
Loans Receivable:
Individually evaluated for impairment			493,872	1,286,127
Collectively evaluated for impairment			76,122,165	75,845,689
Total Loan Receivable			76,616,037	77,131,816
Consumer Other [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	153,863	174,548
Charge-offs		(1,050)
Recoveries	1,740	746
Provisions	(64,443)	(4,345)
Ending Balance	91,160	169,899
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment			36,600	89,047
Collectively evaluated for impairment			54,560	64,816
Total Allowance for Losses	$ 91,160	$ 174,548	91,160	153,863
Loans Receivable:
Individually evaluated for impairment			36,600	89,047
Collectively evaluated for impairment			5,275,065	6,916,016
Total Loan Receivable			$ 5,311,665	$ 7,005,063

Loans and Allowance for Loan 31

Loans and Allowance for Loan Losses (Details 5) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	$ 1,928,568		$ 3,667,818
Recorded Investment With no related allowance recorded	1,928,568		3,667,818
Average Recorded Investment With no related allowance recorded	1,934,459	$ 2,701,045
Interest Income Recognized With no related allowance recorded	30,583	26,845
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	2,229,962		2,233,966
Recorded Investment With an allowance recorded	2,229,962		2,233,966
Related Allowance	1,445,318		1,507,972
Average Recorded Investment With an allowance recorded	2,236,999	3,852,127
Interest Income Recognized With an allowance recorded	40,169	46,902
Total of Impaired and Restructured Loans
Unpaid Principal balance	4,158,530		5,901,784
Recorded Investment	4,158,530		5,901,784
Average Recorded Investment	4,171,458	6,553,172
Interest Income Recognized	70,752	73,747
Commercial [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	180,000		250,040
Recorded Investment With no related allowance recorded	180,000		250,040
Average Recorded Investment With no related allowance recorded	183,126	1,106,771
Interest Income Recognized With no related allowance recorded	5,146	16,647
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	1,099,661		1,051,219
Recorded Investment With an allowance recorded	1,099,661		1,051,219
Related Allowance	1,041,145		1,051,219
Average Recorded Investment With an allowance recorded	1,105,705	682,992
Interest Income Recognized With an allowance recorded	34,712	11,033
Total of Impaired and Restructured Loans
Unpaid Principal balance	1,279,661		1,301,259
Recorded Investment	1,279,661		1,301,259
Average Recorded Investment	1,288,831	1,789,763
Interest Income Recognized	39,858	27,680
Commercial Real Estate Other [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	1,297,815		2,174,770
Recorded Investment With no related allowance recorded	1,297,815		2,174,770
Average Recorded Investment With no related allowance recorded	1,300,763	1,334,158
Interest Income Recognized With no related allowance recorded	20,043	6,705
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	1,050,582		1,050,581
Recorded Investment With an allowance recorded	1,050,582		1,050,581
Related Allowance	324,454		324,587
Average Recorded Investment With an allowance recorded	1,050,581	2,650,492
Interest Income Recognized With an allowance recorded	4,479	29,127
Total of Impaired and Restructured Loans
Unpaid Principal balance	2,348,397		3,225,351
Recorded Investment	2,348,397		3,225,351
Average Recorded Investment	2,351,344	3,984,650
Interest Income Recognized	24,522	35,832
Consumer Real Estate [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	450,753		1,243,008
Recorded Investment With no related allowance recorded	450,753		1,243,008
Average Recorded Investment With no related allowance recorded	450,570	154,105
Interest Income Recognized With no related allowance recorded	5,394	1,119
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	43,119		43,119
Recorded Investment With an allowance recorded	43,119		43,119
Related Allowance	43,119		43,119
Average Recorded Investment With an allowance recorded	43,119	450,403
Interest Income Recognized With an allowance recorded	408	6,742
Total of Impaired and Restructured Loans
Unpaid Principal balance	493,872		1,286,127
Recorded Investment	493,872		1,286,127
Average Recorded Investment	493,689	604,508
Interest Income Recognized	5,802	7,861
Consumer Other [Member]
Impaired and Restructured Loans with no related allowance recorded
Average Recorded Investment With no related allowance recorded		106,011
Interest Income Recognized With no related allowance recorded		2,374
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	36,600		89,047
Recorded Investment With an allowance recorded	36,600		89,047
Related Allowance	36,600		89,047
Average Recorded Investment With an allowance recorded	37,594	68,240
Interest Income Recognized With an allowance recorded	570
Total of Impaired and Restructured Loans
Unpaid Principal balance	36,600		89,047
Recorded Investment	36,600		$ 89,047
Average Recorded Investment	37,594	174,251
Interest Income Recognized	$ 570	$ 2,374

Loans and Allowance for Loan 32

Loans and Allowance for Loan Losses (Details Narrative)	Mar. 31, 2017USD ($)Number	Dec. 31, 2016USD ($)Number
Receivables [Abstract]
Deferred loan fees	$ 140,127	$ 136,446
Loans pledged as collateral to secure funding with the Federal Reserve Bank	99,000,000	$ 101,200,000
Number of loans over 90 days past due and still accruing | Number		2
Restructured loans	$ 33,300	$ 378,392
Number of loans restructured | Number	1	2

Disclosure Regarding Fair Val33

Disclosure Regarding Fair Value of Financial Statements (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Investment securities available for sale	$ 129,313,988	$ 119,978,944
Quoted Prices in Active Markets (Level 1) [Member]
Investment securities available for sale	24,075,781	23,939,063
Significant Other Observable Inputs (Level 2) [Member]
Investment securities available for sale	91,779,762	82,062,024
Significant Unobservable Inputs (Level 3) [Member]
Investment securities available for sale	13,458,445	13,977,857
U.S. Treasury Notes [Member]
Investment securities available for sale	24,075,781	23,939,063
Government-Sponsored Enterprises [Member]
Investment securities available for sale	61,320,063	51,034,091
Municipal Securities [Member]
Investment securities available for sale	43,918,144	45,005,790
Recurring Basis [Member]
Total fair value	129,313,988	119,978,944
Recurring Basis [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Total fair value	24,075,781	23,939,063
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Total fair value	91,779,762	82,062,024
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Total fair value	13,458,445	13,977,857
Recurring Basis [Member] | U.S. Treasury Notes [Member]
Investment securities available for sale	24,075,781	23,939,063
Recurring Basis [Member] | U.S. Treasury Notes [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Investment securities available for sale	24,075,781	23,939,063
Recurring Basis [Member] | Government-Sponsored Enterprises [Member]
Investment securities available for sale	61,320,063	51,034,091
Recurring Basis [Member] | Government-Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member]
Investment securities available for sale	61,320,063	51,034,091
Recurring Basis [Member] | Municipal Securities [Member]
Investment securities available for sale	43,918,144	45,005,790
Recurring Basis [Member] | Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Investment securities available for sale	30,459,699	31,027,933
Recurring Basis [Member] | Municipal Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Investment securities available for sale	$ 13,458,445	$ 13,977,857

Disclosure Regarding Fair Val34

Disclosure Regarding Fair Value of Financial Statements (Details 1) - Significant Unobservable Inputs (Level 3) [Member] - Municipal Securities [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Beginning Balance	$ 13,977,857	$ 5,217,678
Included in other comprehensive income	25,588	31,673
Purchases, issuances and settlements, net of maturities	(545,000)
Ending balance	$ 13,458,445	$ 5,249,351

Disclosure Regarding Fair Val35

Disclosure Regarding Fair Value of Financial Statements (Details 2) - Nonrecurring Basis [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Impaired loans fair value	$ 2,474,696	$ 4,143,772
Other real estate owned fair value	521,943	521,943
Loans held for sale fair value	3,524,646	4,386,210
Total fair value	6,521,285	9,051,925
Significant Other Observable Inputs (Level 2) [Member]
Loans held for sale fair value	3,524,646	4,386,210
Total fair value	3,524,646	4,386,210
Significant Unobservable Inputs (Level 3) [Member]
Impaired loans fair value	2,474,696	4,143,772
Other real estate owned fair value	521,943	521,943
Total fair value	$ 2,996,639	$ 4,665,715

Disclosure Regarding Fair Val36

Disclosure Regarding Fair Value of Financial Statements (Details 3)	3 Months Ended
	Mar. 31, 2017
Other Real Estate Owned [Member]
Fair Value Inputs, Assets, Quantitative Information [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] | Collateral Discounts [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	20.00%
Other Real Estate Owned [Member] | Appraisals and/or Sales [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	10.00%
Impaired Loans [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Valuation technique	Discounted Appraisals
Unobservable Input	Collateral Discounts
Description of general range of inputs	0 – 35%
Impaired Loans [Member] | Collateral Discounts [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	0.00%
Impaired Loans [Member] | Collateral Discounts [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	35.00%

Disclosure Regarding Fair Val37

Disclosure Regarding Fair Value of Financial Statements (Details 4) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Financial Assets:
Investment securities available for sale	$ 129,313,988	$ 119,978,944
Quoted Prices in Active Markets (Level 1) [Member]
Financial Assets:
Cash and due from banks	7,122,113	8,141,030
Interest-bearing deposits in other banks	31,153,847	18,101,300
Investment securities available for sale	24,075,781	23,939,063
Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Investment securities available for sale	91,779,762	82,062,024
Mortgage loans to be sold	3,524,646	4,386,210
Accrued interest receivable	1,177,290	1,614,002
Financial Liabilities:
Demand deposits	340,633,563	328,681,594
Time deposits	45,476,893	43,856,383
Accrued interest payable	57,059	51,629
Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Investment securities available for sale	13,458,445	13,977,857
Loans	258,853,584	260,406,669
Carrying Amount [Member]
Financial Assets:
Cash and due from banks	7,122,113	8,141,030
Interest-bearing deposits in other banks	31,153,847	18,101,300
Investment securities available for sale	129,313,988	119,978,944
Mortgage loans to be sold	3,524,646	4,386,210
Loans	255,463,843	260,576,115
Accrued interest receivable	1,177,290	1,614,002
Financial Liabilities:
Demand deposits	340,633,563	328,681,594
Time deposits	45,331,176	43,841,257
Accrued interest payable	57,059	51,629
Estimated Fair Value [Member]
Financial Assets:
Cash and due from banks	7,122,113	8,141,030
Interest-bearing deposits in other banks	31,153,847	18,101,300
Investment securities available for sale	129,313,988	119,978,944
Mortgage loans to be sold	3,524,646	4,386,210
Loans	258,853,584	260,406,669
Accrued interest receivable	1,177,290	1,614,002
Financial Liabilities:
Demand deposits	340,633,563	328,681,594
Time deposits	45,476,893	43,856,383
Accrued interest payable	$ 57,059	$ 51,629

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net Income	$ 1,226,088	$ 1,195,736
Denominator:
Weighted average shares outstanding	4,962,250	4,917,334
Effect of dilutive shares	110,851	150,229
Weighted average shares outstanding-diluted	5,073,101	5,067,563
Earnings per share
Earnings per share - basic	$ 0.25	$ 0.24
Earnings per share - diluted	$ 0.24	$ 0.24

Accumulated Other Comprehensi39

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Available for sale securities, beginning	$ (607,109)	$ 992,549
Change in net unrealized gains on securities available for sale	585,821	709,731
Reclassification adjustment for net securities gains included in net income		(187,936)
Income tax expense (benefit)	(216,753)	69,499
Available for sale securities, ending	$ (238,041)	$ 1,583,843

Accumulated Other Comprehensi40

Accumulated Other Comprehensive (Loss) Income (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of investments, net		$ 187,936
Tax effect	$ (546,295)	(567,071)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of investments, net		187,936
Tax effect
Total reclassification, net of tax		$ 187,936