Bank of South Carolina (BKSC) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 09, 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	Sep. 30, 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		4,984,479
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and due from banks	$ 8,009,824	$ 8,141,030
Interest-bearing deposits at the Federal Reserve Bank	22,159,373	18,101,300
Investment securities available for sale	126,496,884	119,978,944
Mortgage loans to be sold	3,117,830	4,386,210
Loans	269,132,631	260,576,115
Less: Allowance for loan losses	(3,886,959)	(3,851,617)
Net loans	265,245,672	256,724,498
Premises, equipment and leasehold improvements, net	2,252,832	2,296,624
Other real estate owned	566,632	521,943
Accrued interest receivable	1,328,542	1,614,002
Other assets	2,296,720	2,185,085
Total assets	431,474,309	413,949,636
Deposits:
Non-interest-bearing demand	124,661,171	126,034,478
Interest-bearing demand	99,066,299	96,260,589
Money market accounts	84,417,700	77,307,662
Time deposits over $250,000	17,695,869	17,822,136
Other time deposits	25,993,812	26,019,121
Other savings deposits	34,712,187	29,078,865
Total deposits	386,547,038	372,522,851
Accrued interest payable and other liabilities	1,217,803	813,811
Total liabilities	387,764,841	373,336,662
Shareholders' equity
Common stock-no par, 12,000,000 shares authorized; 5,225,875 and 5,197,535 shares issued at September 30, 2017 and December 31, 2016, respectively; 4,984,479 and 4,956,139 shares outstanding at September 30, 2017 and December 31, 2016, respectively
Additional paid in capital	37,172,768	36,824,022
Retained earnings	8,558,442	6,643,476
Treasury stock: 241,396 shares at September 30, 2017 and December 31, 2016	(2,247,415)	(2,247,415)
Accumulated other comprehensive income (loss), net of income taxes	225,673	(607,109)
Total shareholders' equity	43,709,468	40,612,974
Total liabilities and shareholders' equity	$ 431,474,309	$ 413,949,636

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, no par value (in dollars per share)
Common stock, authorized	12,000,000	12,000,000
Common stock, issued	5,225,875	5,197,535
Common stock, outstanding	4,984,479	4,956,139
Treasury stock, shares	241,396	241,396

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest and fee income
Loans, including fees	$ 3,364,293	$ 3,360,151	$ 9,727,886	$ 9,603,030
Taxable securities	409,055	379,039	1,147,811	992,658
Tax-exempt securities	251,172	255,231	778,259	734,716
Other	92,512	35,722	187,782	102,472
Total interest and fee income	4,117,032	4,030,143	11,841,738	11,432,876
Interest expense
Deposits	110,625	96,467	313,929	283,588
Short-term borrowings				7
Total interest expense	110,625	96,467	313,929	283,595
Net interest income	4,006,407	3,933,676	11,527,809	11,149,281
Provision for loan losses	20,000	210,000	52,500	395,000
Net interest income after provision for loan losses	3,986,407	3,723,676	11,475,309	10,754,281
Other income
Service charges and fees	278,204	265,769	835,643	792,036
Mortgage banking income	149,379	409,674	825,003	1,058,438
Gains on sales of securities	45,820		45,820	348,327
Other non-interest income	8,479	11,143	23,769	23,385
Total other income	481,882	686,586	1,730,235	2,222,186
Other expense
Salaries and employee benefits	1,487,207	1,485,621	4,457,778	4,481,067
Net occupancy expense	399,534	377,075	1,157,442	1,133,784
Other operating expenses	597,797	721,572	1,884,928	1,928,994
Net other real estate owned expenses			46,143	13,450
Total other expenses	2,484,538	2,584,268	7,546,291	7,557,295
Income before income tax expense	1,983,751	1,825,994	5,659,253	5,419,172
Income tax expense	543,098	399,656	1,606,127	1,484,989
Net income	$ 1,440,653	$ 1,426,338	$ 4,053,126	$ 3,934,183
Weighted average shares outstanding
Basic (in shares)	4,978,515	4,931,185	4,969,617	4,929,977
Diluted (in shares)	5,067,561	5,054,723	5,058,958	5,058,837
Basic income per common share (in dollars per share)	$ 0.29	$ 0.29	$ 0.82	$ 0.80
Diluted income per common share (in dollars per share)	$ 0.28	$ 0.28	$ 0.80	$ 0.78

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 1,440,653	$ 1,426,338	$ 4,053,126	$ 3,934,183
Other comprehensive income:
Unrealized gain on securities arising during the period	(339,956)		1,242,599
Reclassification adjustment for securities gains realized in net income	45,820	(387,289)	45,820	944,314
Other comprehensive income, before tax	(294,136)	(387,289)	1,288,419	944,314
Income tax effect related to items of other comprehensive income	100,006	104,687	(455,637)	(388,005)
Other comprehensive income, after tax	(194,130)	(282,602)	832,782	556,309
Total comprehensive income	$ 1,246,523	$ 1,143,736	$ 4,885,908	$ 4,490,492

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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		3,934,183			3,934,183
Other comprehensive income				556,309	556,309
Exercise of stock options	333,704				333,704
Stock-based compensation expense	58,112				58,112
Cash dividends		(1,974,529)			(1,974,529)
Ending balance at Sep. 30, 2016	36,733,560	6,024,488	(2,247,415)	1,548,858	42,059,491
Beginning Balance at Dec. 31, 2016	36,824,022	6,643,476	(2,247,415)	(607,109)	40,612,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		4,053,126			4,053,126
Other comprehensive income				832,782	832,782
Exercise of stock options	294,342				294,342
Stock-based compensation expense	54,404				54,404
Cash dividends		(2,138,160)			(2,138,160)
Ending balance at Sep. 30, 2017	$ 37,172,768	$ 8,558,442	$ (2,247,415)	$ 225,673	$ 43,709,468

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.43	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 4,053,126	$ 3,934,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	142,859	140,276
Gain on sale of securities	(45,820)	(446,041)
Loss on sale of other real estate		13,450
Valuation and other adjustments to other real estate	46,143
Provision for loan losses	52,500	395,000
Stock-based compensation expense	54,404	58,112
Deferred income taxes	(567,272)
Net amortization of unearned discounts on investment securities	293,080	223,272
Origination of mortgage loans held for sale	(43,420,076)	(57,759,783)
Proceeds from sale of mortgage loans held for sale	44,688,456	58,617,055
Decrease (increase) in accrued interest receivable and other assets	285,460	(721,562)
Increase in accrued interest payable and other liabilities	350,649	744,530
Net cash provided by operating activities	5,933,509	5,198,492
Cash flows from investing activities:
Proceeds from calls and maturities of investment securities available for sale	4,380,870	4,728,518
Proceeds from sale of available for sale securities	20,231,265	26,113,400
Purchase of investment securities available for sale	(30,088,916)	(24,759,858)
Proceeds from sale of other real estate		85,000
Net increase in loans	(8,664,506)	(23,828,667)
Purchase of premises, equipment and leasehold improvements, net	(99,067)	(69,303)
Net cash used in investing activities	(14,240,354)	(17,730,910)
Cash flows from financing activities:
Net increase in deposit accounts	14,024,187	6,687,942
Dividends paid	(2,084,817)	(1,920,866)
Stock options exercised	294,342	333,704
Net cash provided by financing activities	12,233,712	5,100,780
Net increase (decrease) in cash and cash equivalents	3,926,867	(7,431,638)
Cash and cash equivalents at beginning of period	26,242,330	29,194,786
Cash and cash equivalents at end of period	30,169,197	21,763,148
Cash paid during the year for:
Interest	365,558	308,857
Income taxes	2,055,063	1,669,840
Supplemental disclosure for non-cash investing and financing activity:
Change in unrealized gain on securities available for sale, net of income taxes	832,782	556,309
Change in dividends payable	53,343	$ 53,663
Transfer of loans to other real estate owned	$ 90,832

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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. During 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 (“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 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, deferred tax assets, the fair value of financial instruments 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 that 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 In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization of Purchased Callable Debt Securities, 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	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 2: Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows: SEPTEMBER 30, 2017 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Treasury Notes $ 26,112,531 $ 24,169 $ (39,199 ) $ 26,097,501 Government-Sponsored Enterprises 59,497,890 179,426 (307,911 ) 59,369,405 Municipal Securities 40,561,715 765,902 (297,639 ) 41,029,978 Total $ 126,172,136 $ 969,497 $ (644,749 ) $ 126,496,884 DECEMBER 31, 2016 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE 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 September 30, 2017 and December 31, 2016, by contractual maturity are as follows: SEPTEMBER 30, 2017 DECEMBER 31, 2016 AMORTIZED COST FAIR VALUE AMORTIZED COST FAIR VALUE Due in one year or less $ 8,561,255 $ 8,586,020 $ 3,343,347 $ 3,350,205 Due in one year to five years 70,669,406 71,024,994 82,848,411 82,682,901 Due in five years to ten years 43,799,734 43,853,008 29,662,030 29,169,228 Due in ten years and over 3,141,741 3,032,862 5,088,827 4,776,610 Total $ 126,172,136 $ 126,496,884 $ 120,942,615 $ 119,978,944 Investment securities pledged to secure public deposits and for other purposes required or permitted by law at September 30, 2017 and December 31, 2016, had a fair value of $54.2 million and $47.6 million, 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 September 30, 2017 and December 31, 2016. We believe that all unrealized losses have resulted from temporary changes in the interest rates and current market conditions 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 Gross Gross Gross Unrealized Unrealized Unrealized # Fair Value Loss # Fair Value Loss # Fair Value Loss September 30, 2017 Available for sale U.S. Treasury notes 3 $ 15,146,094 $ (39,199 ) — $ — $ — 3 $ 15,146,094 $ (39,199 ) Government-sponsored enterprises 4 17,620,585 (129,779 ) 2 5,347,950 (178,132 ) 6 22,968,535 (307,911 ) Municipal securities 11 3,541,927 (50,316 ) 20 8,246,598 (247,323 ) 31 11,788,525 (297,639 ) Total 18 $ 36,308,606 $ (219,294 ) 22 $ 13,594,548 $ (425,455 ) 40 $ 49,903,154 $ (644,749 ) D ecember 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 and gross realized gains and losses from sales of securities available for sale as follows: For the Three Months Ended September 30, 2017 2016 Gross proceeds $ 20,231,265 $ 4,902,286 Gross realized gains 154,692 97,714 Gross realized losses 108,872 — For the Nine Months Ended September 3 2017 2016 Gross proceeds $ 20,231,265 $ 25,667,359 Gross realized gains 154,692 446,041 Gross realized losses 108,872 — For the three months ended September 30, 2017 and 2016, the tax provision related to these gains was $15,578 and $36,154, respectively. For the nine months ended September 30, 2017 and 2016, the tax provision related to these gains was $15,578 and $165,035, respectively.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 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 $149,640 at September 30, 2017 and $136,446 at December 31, 2016) are as follows: September 30, December 31, 2017 2016 Commercial loans $ 53,348,364 $ 52,262,209 Commercial real estate: Construction 1,842,668 1,208,901 Other 134,779,206 122,968,126 Consumer: Real Estate 74,254,387 77,131,816 Other 4,908,006 7,005,063 269,132,631 260,576,115 Allowance for loan losses (3,886,959 ) (3,851,617 ) Loans, net $ 265,245,672 $ 256,724,498 We had $101.1 million and $101.2 million of loans pledged as collateral to secure funding with the Federal Reserve Bank Discount Window at September 30, 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 portfolio is graded in its entirety. Our internally assigned grades pursuant to the Board-approved lending policy are as follows: ● Excellent ● Good ● Satisfactory ● Watch ● OAEM ● Substandard ● Doubtful ● Loss The following tables illustrate credit quality by class and internally assigned grades as of September 30, 2017 and December 31, 2016. “Pass” includes loans internally graded as excellent, good and satisfactory. September 30, 2017 Commercial Commercial Real Estate Construction Commercial Real Estate Other Real Estate Consumer Other Total Pass $ 49,209,010 $ 1,453,646 $ 129,338,835 $ 73,172,945 $ 4,665,789 $ 257,840,225 Watch 2,260,670 389,022 2,942,987 587,005 208,110 6,387,794 OAEM 49,164 — 291,128 — — 340,292 Sub-Standard 1,829,520 — 2,206,256 494,437 34,107 4,564,320 Doubtful — — — — — — Loss — — — — — — Total $ 53,348,364 $ 1,842,668 $ 134,779,206 $ 74,254,387 $ 4,908,006 $ 269,132,631 December 31, 2016 Commercial Commercial Real Estate Construction Commercial Real Estate Other 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 in loans segregated by class: September 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 78,271 $ 150,000 $ 13,902 $ 242,173 $ 53,106,191 $ 53,348,364 $ 13,902 Commercial Real Estate - Construction — — — — 1,842,668 1,842,668 — Commercial Real Estate - Other 675,000 — 1,415,738 2,090,738 132,688,468 134,779,206 — Consumer Real Estate 153,112 564,877 — 717,989 73,536,398 74,254,387 — Consumer Other 11,547 — — 11,547 4,896,459 4,908,006 — Total $ 917,930 $ 714,877 $ 1,429,640 $ 3,062,447 $ 266,070,184 $ 269,132,631 $ 13,902 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 438,159 $ — $ — $ 438,159 $ 51,824,050 $ 52,262,209 $ — 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 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 As of September 30, 2017 and December 31, 2016, there were one and two loans over 90 days past due and still accruing, respectively. The following table summarizes the balances of non-accrual loans: Loans Receivable on Non-Accrual September 30, 2017 December 31, 2016 Commercial $ 46,899 $ 61,781 Commercial Real Estate - Construction — — Commercial Real Estate - Other 1,554,368 1,678,876 Consumer Real Estate — — Consumer Other — 964 Total $ 1,601,267 $ 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 class for the three and nine months ended September 30, 2017 and September 30, 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. Three Months Ended September 30, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,628,672 $ 52,763 $ 1,382,919 $ 771,853 $ 91,308 $ 3,927,515 Charge-offs — — — (80,787 ) (2,489 ) (83,276 ) Recoveries — — — 21,000 1,720 22,720 Provisions 403,920 (7,235 ) (209,108 ) (150,697 ) (16,880 ) 20,000 Ending Balance $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Nine Months Ended September 30, 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 — — — (80,786 ) (4,863 ) (85,649 ) Recoveries — — — 63,000 5,491 68,491 Provisions 487,404 (5,941 ) (200,895 ) (147,236 ) (80,832 ) 52,500 Ending Balance $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Three Months Ended September 30, 2016 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,490,327 $ 57,374 $ 1,186,524 $ 629,773 $ 148,448 $ 3,512,446 Charge-offs — — — — — — Recoveries 1,500 — 20,000 — 1,165 22,665 Provisions 4,512 524 98,398 119,044 (12,478 ) 210,000 Ending Balance $ 1,496,339 $ 57,898 $ 1,304,922 $ 748,817 $ 137,135 $ 3,745,111 Nine Months Ended September 30, 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 ) — — (82,015 ) (1,591 ) (116,651 ) Recoveries 2,784 — 44,000 — 2,151 48,935 Provisions 629,746 (1,963 ) (84,172 ) (110,638 ) (37,973 ) 395,000 Ending Balance $ 1,496,339 $ 57,898 $ 1,304,922 $ 748,817 $ 137,135 $ 3,745,111 The following tables present, by class and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans. September 30, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,621,074 $ — $ 268,347 $ 43,119 $ 34,107 $ 1,966,647 Collectively evaluated for impairment 411,518 45,528 905,464 518,250 39,552 1,920,312 Total Allowance for Losses $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Loans Receivable Individually evaluated for impairment $ 1,829,520 $ — $ 2,224,537 $ 494,437 $ 34,107 $ 4,582,601 Collectively evaluated for impairment 51,518,844 1,842,668 132,554,669 73,759,950 4,873,899 264,550,030 Total Loans Receivable $ 53,348,364 $ 1,842,668 $ 134,779,206 $ 74,254,387 $ 4,908,006 $ 269,132,631 December 31, 2016 Commercial Commercial Real Estate-Construction 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 As of September 30, 2017 and December 31, 2016, loans individually evaluated for impairment and the corresponding allowance for loan losses are presented in the following table: September 30, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance With no related allowance recorded: Commercial $ 161,880 $ 161,880 $ — $ 250,040 $ 250,040 $ — Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,283,137 1,283,137 — 2,174,770 2,174,770 — Consumer Real Estate 451,318 451,318 — 1,243,008 1,243,008 — Consumer Other — — — — — — $ 1,896,335 $ 1,896,335 $ — $ 3,667,818 $ 3,667,818 $ — With an allowance recorded: Commercial $ 1,667,640 $ 1,667,640 $ 1,621,074 $ 1,051,219 $ 1,051,219 $ 1,051,219 Commercial Real Estate- Construction — — — — — — Commercial Real Estate-Other 941,400 941,400 268,347 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 34,107 34,107 34,107 89,047 89,047 89,047 $ 2,686,266 $ 2,686,266 $ 1,966,647 $ 2,233,966 $ 2,233,966 $ 1,507,972 Total Commercial $ 1,829,520 $ 1,829,520 $ 1,621,074 $ 1,301,259 $ 1,301,259 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 2,224,537 2,224,537 268,347 3,225,351 3,225,351 324,587 Consumer Real Estate 494,437 494,437 43,119 1,286,127 1,286,127 43,119 Consumer Other 34,107 34,107 34,107 89,047 89,047 89,047 $ 4,582,601 $ 4,582,601 $ 1,966,647 $ 5,901,784 $ 5,901,784 $ 1,507,972 The following tables present average investment in impaired loans and the related interest income recognized on those impaired loans, by class, for the periods indicated. For the Three Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 165,274 $ 2,429 $ 380,933 $ 4,674 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,276,906 9,999 2,253,994 19,738 Consumer Real Estate 451,318 5,972 1,243,008 16,205 Consumer Other — — — — $ 1,893,498 $ 18,400 $ 3,877,935 $ 40,617 With an allowance recorded: Commercial $ 1,685,930 $ 26,484 $ 1,085,201 $ 19,406 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 933,243 2,792 1,068,622 5,330 Consumer Real Estate 43,119 462 71,963 770 Consumer Other 34,579 463 95,367 473 $ 2,696,871 $ 30,201 $ 2,321,153 $ 25,979 Total Commercial $ 1,851,204 $ 28,913 $ 1,466,134 $ 24,080 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,210,149 12,791 3,322,617 25,068 Consumer Real Estate 494,437 6,434 1,314,971 16,975 Consumer Other 34,579 463 95,367 473 $ 4,590,369 $ 48,601 $ 6,199,088 $ 66,596 For the Nine Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 173,964 $ 7,416 $ 392,826 $ 15,393 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,275,402 23,084 2,263,927 69,962 Consumer Real Estate 451,025 16,938 1,242,373 43,220 Consumer Other — — — — $ 1,900,391 $ 47,438 $ 3,899,126 $ 128,575 With an allowance recorded: Commercial $ 1,711,259 $ 76,544 $ 1,095,411 $ 49,770 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 930,420 5,367 1,070,048 12,008 Consumer Real Estate 43,119 1,296 72,025 1,776 Consumer Other 36,056 1,419 99,864 3,777 $ 2,720,854 $ 84,626 $ 2,337,348 $ 67,331 Total Commercial $ 1,885,223 $ 83,960 $ 1,488,237 $ 65,163 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,205,822 28,451 3,333,976 81,970 Consumer Real Estate 494,144 18,234 1,314,398 44,996 Consumer Other 36,056 1,419 99,864 3,777 $ 4,621,245 $ 132,064 $ 6,236,474 $ 195,906 Restructured loans, also known as troubled debt restructurings (“TDR”), are loans, still accruing interest, which have been renegotiated at below-market interest rates or have been granted other concessions. As of September 30, 2017 and December 31, 2016, there were $33,300 (1 loan) and $378,392 (2 loans) in restructured loans, respectively. Our restructured loans were granted extended payment terms with no principal or rate reductions. All TDRs were performing as agreed as of September 30, 2017 and December 31, 2016, respectively. There were no additional loans identified as a TDR during the three or nine months ended September 30, 2017 or 2016. No TDRs defaulted during the three or nine months ended September 30, 2017 and 2016, which were modified within the previous twelve months.

Fair Value of Financial Stateme

Fair Value of Financial Statements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Statements	Note 4: Fair Value of Financial Instruments 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 the 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. GAAP 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 describe the valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis: Investment Securities Available for Sale Investment securities 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 September 30, 2017 or December 31, 2016. We have no embedded derivative instruments requiring separate accounting treatment. We have 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 the short term fair value of the mortgage loans held for sale (derivative contract), our derivative instruments were immaterial to our consolidated financial statements as of September 30, 2017 and December 31, 2016. Assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total U.S. Treasury Notes $ 26,097,501 $ — $ — $ 26,097,501 Government Sponsored Enterprises — 59,369,405 — 59,369,405 Municipal Securities — 29,120,850 11,909,128 41,029,978 Total $ 26,097,501 $ 88,490,255 $ 11,909,128 $ 126,496,884 December 31, 2016 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total U.S. Treasury Notes $ 23,939,063 $ — $ — $ 23,939,063 Government Sponsored Enterprises — 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 September 30, 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 and nine months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 2016 Beginning balance $ 12,488,995 $ 7,704,814 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 13,852 (27,965 ) Purchases, issuances and settlements, net of maturities (593,719 ) 3,717,482 Transfers in and/or out of Level 3 — — Ending balance $ 11,909,128 $ 11,394,331 Nine Months Ended September 30, 2017 2016 Beginning balance $ 13,977,857 $ 5,217,678 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 254,990 5,171 Purchases, issuances and settlements, net of maturities (2,323,719 ) 6,171,482 Transfers in and/or out of Level 3 — — Ending balance $ 11,909,128 $ 11,394,331 There were no transfers between fair value levels during the three or nine months ended September 30, 2017 or September 30, 2016. The following paragraphs describe the 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 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. 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 tables present information about certain assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016: September 30, 2017 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 2,407,508 $ 2,407,508 Other real estate owned — — 566,632 566,632 Loans held for sale — 3,117,830 — 3,117,830 Total $ — $ 3,117,830 $ 2,974,140 $ 6,091,970 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 September 30, 2017 or December 31, 2016. The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at September 30, 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 GAAP requires 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. 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 that have not been previously discussed: a. Cash and due from banks, interest-bearing deposits at the Federal Reserve Bank The carrying value approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. b. Loans The carrying values of variable rate consumer and commercial loans and consumer and commercial loans with remaining maturities of three months or less, approximate fair value. The fair values of fixed rate consumer and commercial loans with maturities greater than three months are determined using a discounted cash flow analysis and assume the rate being offered on these types of loans at September 30, 2017 and December 31, 2016, approximate market. For lines of credit, the carrying value approximates fair value. c. 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. d. 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. e. 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 September 30, 2017 and December 31, 2016. Fair Value Measurements at September 30, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,009,824 $ 8,009,824 $ 8,009,824 $ — $ — Interest-bearing deposits at the Federal Reserve 22,159,373 22,159,373 22,159,373 — — Investment securities available for sale 126,496,884 126,496,884 26,097,501 88,490,255 11,909,128 Mortgage loans to be sold 3,117,830 3,117,830 — 3,117,830 — Net loans 265,245,672 264,645,984 — — 264,645,984 Accrued interest receivable 1,328,542 1,328,542 — 1,328,542 — Financial Liabilities Demand deposits 342,857,357 342,857,357 — 342,857,357 — Time deposits 43,689,681 43,577,033 — 43,577,033 — Accrued interest payable 76,360 76,360 — 76,360 — 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 at the Federal Reserve 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 — Net loans 256,724,498 256,555,052 — — 256,555,052 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	9 Months Ended
	Sep. 30, 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 tables are a summary of the reconciliation of average shares outstanding: Three Months Ended September 30, 2017 2016 Net income $ 1,440,653 $ 1,426,338 Weighted average shares outstanding - basic 4,978,515 4,931,185 Effect of dilutive shares 89,046 123,538 Weighted average shares outstanding - diluted 5,067,561 5,054,723 Earnings per share - basic $ 0.29 $ 0.29 Earnings per share - diluted $ 0.28 $ 0.28 Nine Months Ended September 30, 2017 2016 Net income $ 4,053,126 $ 3,934,183 Weighted average shares outstanding - basic 4,969,617 4,929,977 Effect of dilutive shares 89,341 128,860 Weighted average shares outstanding - diluted 5,058,958 5,058,837 Earnings per share - basic $ 0.82 $ 0.80 Earnings per share - diluted $ 0.80 $ 0.78

Nature of Business and Basis 14

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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. During 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 (“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 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, deferred tax assets, the fair value of financial instruments 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 that 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 In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization of Purchased Callable Debt Securities, 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)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of investment securities available for sale	The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows: SEPTEMBER 30, 2017 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Treasury Notes $ 26,112,531 $ 24,169 $ (39,199 ) $ 26,097,501 Government-Sponsored Enterprises 59,497,890 179,426 (307,911 ) 59,369,405 Municipal Securities 40,561,715 765,902 (297,639 ) 41,029,978 Total $ 126,172,136 $ 969,497 $ (644,749 ) $ 126,496,884 DECEMBER 31, 2016 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE 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 September 30, 2017 and December 31, 2016, by contractual maturity are as follows: SEPTEMBER 30, 2017 DECEMBER 31, 2016 AMORTIZED COST FAIR VALUE AMORTIZED COST FAIR VALUE Due in one year or less $ 8,561,255 $ 8,586,020 $ 3,343,347 $ 3,350,205 Due in one year to five years 70,669,406 71,024,994 82,848,411 82,682,901 Due in five years to ten years 43,799,734 43,853,008 29,662,030 29,169,228 Due in ten years and over 3,141,741 3,032,862 5,088,827 4,776,610 Total $ 126,172,136 $ 126,496,884 $ 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	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 Gross Gross Gross Unrealized Unrealized Unrealized # Fair Value Loss # Fair Value Loss # Fair Value Loss September 30, 2017 Available for sale U.S. Treasury notes 3 $ 15,146,094 $ (39,199 ) — $ — $ — 3 $ 15,146,094 $ (39,199 ) Government-sponsored enterprises 4 17,620,585 (129,779 ) 2 5,347,950 (178,132 ) 6 22,968,535 (307,911 ) Municipal securities 11 3,541,927 (50,316 ) 20 8,246,598 (247,323 ) 31 11,788,525 (297,639 ) Total 18 $ 36,308,606 $ (219,294 ) 22 $ 13,594,548 $ (425,455 ) 40 $ 49,903,154 $ (644,749 ) 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 and gross realized gains and losses from sales of securities available for sale as follows: For the Three Months Ended September 30, 2017 2016 Gross proceeds $ 20,231,265 $ 4,902,286 Gross realized gains 154,692 97,714 Gross realized losses 108,872 — For the Nine Months Ended September 30, 2017 2016 Gross proceeds $ 20,231,265 $ 25,667,359 Gross realized gains 154,692 446,041 Gross realized losses 108,872 —

Loans and Allowance for Loan 16

Loans and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2017
Receivables [Abstract]
Schedule of major classifications of loans	Major classifications of loans (net of deferred loan fees of $149,640 at September 30, 2017 and $136,446 at December 31, 2016) are as follows: Sep tember 30, December 31, 2017 2016 Commercial loans $ 53,348,364 $ 52,262,209 Commercial real estate: Construction 1,842,668 1,208,901 Other 134,779,206 122,968,126 Consumer: Real Estate 74,254,387 77,131,816 Other 4,908,006 7,005,063 269,132,631 260,576,115 Allowance for loan losses (3,886,959 ) (3,851,617 ) Loans, net $ 265,245,672 $ 256,724,498
Schedule of credit risks by category and internally assigned grades	The following tables illustrate credit quality by class and internally assigned grades as of September 30, 2017 and December 31, 2016. “Pass” includes loans internally graded as excellent, good and satisfactory. September 30, 2017 Commercial Commercial Real Estate Construction Commercial Real Estate Other Real Estate Consumer Other Total Pass $ 49,209,010 $ 1,453,646 $ 129,338,835 $ 73,172,945 $ 4,665,789 $ 257,840,225 Watch 2,260,670 389,022 2,942,987 587,005 208,110 6,387,794 OAEM 49,164 — 291,128 — — 340,292 Sub-Standard 1,829,520 — 2,206,256 494,437 34,107 4,564,320 Doubtful — — — — — — Loss — — — — — — Total $ 53,348,364 $ 1,842,668 $ 134,779,206 $ 74,254,387 $ 4,908,006 $ 269,132,631 December 31, 2016 Commercial Commercial Real Estate Construction Commercial Real Estate Other 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 loans by class	The following tables include an aging analysis of the recorded investment in loans segregated by class: September 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 78,271 $ 150,000 $ 13,902 $ 242,173 $ 53,106,191 $ 53,348,364 $ 13,902 Commercial Real Estate - Construction — — — — 1,842,668 1,842,668 — Commercial Real Estate - Other 675,000 — 1,415,738 2,090,738 132,688,468 134,779,206 — Consumer Real Estate 153,112 564,877 — 717,989 73,536,398 74,254,387 — Consumer Other 11,547 — — 11,547 4,896,459 4,908,006 — Total $ 917,930 $ 714,877 $ 1,429,640 $ 3,062,447 $ 266,070,184 $ 269,132,631 $ 13,902 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 438,159 $ — $ — $ 438,159 $ 51,824,050 $ 52,262,209 $ — 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 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 September 30, 2017 December 31, 2016 Commercial $ 46,899 $ 61,781 Commercial Real Estate - Construction — — Commercial Real Estate - Other 1,554,368 1,678,876 Consumer Real Estate — — Consumer Other — 964 Total $ 1,601,267 $ 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 class for the three and nine months ended September 30, 2017 and September 30, 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. Three Months Ended September 30, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,628,672 $ 52,763 $ 1,382,919 $ 771,853 $ 91,308 $ 3,927,515 Charge-offs — — — (80,787 ) (2,489 ) (83,276 ) Recoveries — — — 21,000 1,720 22,720 Provisions 403,920 (7,235 ) (209,108 ) (150,697 ) (16,880 ) 20,000 Ending Balance $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Nine Months Ended September 30, 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 — — — (80,786 ) (4,863 ) (85,649 ) Recoveries — — — 63,000 5,491 68,491 Provisions 487,404 (5,941 ) (200,895 ) (147,236 ) (80,832 ) 52,500 Ending Balance $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Three Months Ended September 30, 2016 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Real Estate Consumer Other Total Allowance for Loan Losses Beginning Balance $ 1,490,327 $ 57,374 $ 1,186,524 $ 629,773 $ 148,448 $ 3,512,446 Charge-offs — — — — — — Recoveries 1,500 — 20,000 — 1,165 22,665 Provisions 4,512 524 98,398 119,044 (12,478 ) 210,000 Ending Balance $ 1,496,339 $ 57,898 $ 1,304,922 $ 748,817 $ 137,135 $ 3,745,111 Nine Months Ended September 30, 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 ) — — (82,015 ) (1,591 ) (116,651 ) Recoveries 2,784 — 44,000 — 2,151 48,935 Provisions 629,746 (1,963 ) (84,172 ) (110,638 ) (37,973 ) 395,000 Ending Balance $ 1,496,339 $ 57,898 $ 1,304,922 $ 748,817 $ 137,135 $ 3,745,111 The following tables present, by class and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans. September 30, 2017 Commercial Commercial Real Estate-Construction Commercial Real Estate-Other Consumer Consumer Other Total Allowance for Loan Losses Individually evaluated for impairment $ 1,621,074 $ — $ 268,347 $ 43,119 $ 34,107 $ 1,966,647 Collectively evaluated for impairment 411,518 45,528 905,464 518,250 39,552 1,920,312 Total Allowance for Losses $ 2,032,592 $ 45,528 $ 1,173,811 $ 561,369 $ 73,659 $ 3,886,959 Loans Receivable Individually evaluated for impairment $ 1,829,520 $ — $ 2,224,537 $ 494,437 $ 34,107 $ 4,582,601 Collectively evaluated for impairment 51,518,844 1,842,668 132,554,669 73,759,950 4,873,899 264,550,030 Total Loans Receivable $ 53,348,364 $ 1,842,668 $ 134,779,206 $ 74,254,387 $ 4,908,006 $ 269,132,631 December 31, 2016 Commercial Commercial Real Estate-Construction 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 for impairment and related allowance for loan losses	As of September 30, 2017 and December 31, 2016, loans individually evaluated for impairment and the corresponding allowance for loan losses are presented in the following table: September 30, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance With no related allowance recorded: Commercial $ 161,880 $ 161,880 $ — $ 250,040 $ 250,040 $ — Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 1,283,137 1,283,137 — 2,174,770 2,174,770 — Consumer Real Estate 451,318 451,318 — 1,243,008 1,243,008 — Consumer Other — — — — — — $ 1,896,335 $ 1,896,335 $ — $ 3,667,818 $ 3,667,818 $ — With an allowance recorded: Commercial $ 1,667,640 $ 1,667,640 $ 1,621,074 $ 1,051,219 $ 1,051,219 $ 1,051,219 Commercial Real Estate- Construction — — — — — — Commercial Real Estate-Other 941,400 941,400 268,347 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 34,107 34,107 34,107 89,047 89,047 89,047 $ 2,686,266 $ 2,686,266 $ 1,966,647 $ 2,233,966 $ 2,233,966 $ 1,507,972 Total Commercial $ 1,829,520 $ 1,829,520 $ 1,621,074 $ 1,301,259 $ 1,301,259 $ 1,051,219 Commercial Real Estate-Construction — — — — — — Commercial Real Estate-Other 2,224,537 2,224,537 268,347 3,225,351 3,225,351 324,587 Consumer Real Estate 494,437 494,437 43,119 1,286,127 1,286,127 43,119 Consumer Other 34,107 34,107 34,107 89,047 89,047 89,047 $ 4,582,601 $ 4,582,601 $ 1,966,647 $ 5,901,784 $ 5,901,784 $ 1,507,972 The following tables present average investment in impaired loans and the related interest income recognized on those impaired loans, by class, for the periods indicated. For the Three Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 165,274 $ 2,429 $ 380,933 $ 4,674 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,276,906 9,999 2,253,994 19,738 Consumer Real Estate 451,318 5,972 1,243,008 16,205 Consumer Other — — — — $ 1,893,498 $ 18,400 $ 3,877,935 $ 40,617 With an allowance recorded: Commercial $ 1,685,930 $ 26,484 $ 1,085,201 $ 19,406 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 933,243 2,792 1,068,622 5,330 Consumer Real Estate 43,119 462 71,963 770 Consumer Other 34,579 463 95,367 473 $ 2,696,871 $ 30,201 $ 2,321,153 $ 25,979 Total Commercial $ 1,851,204 $ 28,913 $ 1,466,134 $ 24,080 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,210,149 12,791 3,322,617 25,068 Consumer Real Estate 494,437 6,434 1,314,971 16,975 Consumer Other 34,579 463 95,367 473 $ 4,590,369 $ 48,601 $ 6,199,088 $ 66,596 For the Nine Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 173,964 $ 7,416 $ 392,826 $ 15,393 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 1,275,402 23,084 2,263,927 69,962 Consumer Real Estate 451,025 16,938 1,242,373 43,220 Consumer Other — — — — $ 1,900,391 $ 47,438 $ 3,899,126 $ 128,575 With an allowance recorded: Commercial $ 1,711,259 $ 76,544 $ 1,095,411 $ 49,770 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 930,420 5,367 1,070,048 12,008 Consumer Real Estate 43,119 1,296 72,025 1,776 Consumer Other 36,056 1,419 99,864 3,777 $ 2,720,854 $ 84,626 $ 2,337,348 $ 67,331 Total Commercial $ 1,885,223 $ 83,960 $ 1,488,237 $ 65,163 Commercial Real Estate-Construction — — — — Commercial Real Estate-Other 2,205,822 28,451 3,333,976 81,970 Consumer Real Estate 494,144 18,234 1,314,398 44,996 Consumer Other 36,056 1,419 99,864 3,777 $ 4,621,245 $ 132,064 $ 6,236,474 $ 195,906

Fair Value of Financial State17

Fair Value of Financial Statements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total U.S. Treasury Notes $ 26,097,501 $ — $ — $ 26,097,501 Government Sponsored Enterprises — 59,369,405 — 59,369,405 Municipal Securities — 29,120,850 11,909,128 41,029,978 Total $ 26,097,501 $ 88,490,255 $ 11,909,128 $ 126,496,884 December 31, 2016 Quoted Market Price in active markets Significant Other Observable Inputs Significant Unobservable Inputs Total U.S. Treasury Notes $ 23,939,063 $ — $ — $ 23,939,063 Government Sponsored Enterprises — 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 and nine months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 2016 Beginning balance $ 12,488,995 $ 7,704,814 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 13,852 (27,965 ) Purchases, issuances and settlements, net of maturities (593,719 ) 3,717,482 Transfers in and/or out of Level 3 — — Ending balance $ 11,909,128 $ 11,394,331 Nine Months Ended September 30, 2017 2016 Beginning balance $ 13,977,857 $ 5,217,678 Total gains or (losses) (realized/unrealized) Included in earnings — — Included in other comprehensive income 254,990 5,171 Purchases, issuances and settlements, net of maturities (2,323,719 ) 6,171,482 Transfers in and/or out of Level 3 — — Ending balance $ 11,909,128 $ 11,394,331
Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis	The following tables present information about certain assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016: September 30, 2017 Quoted Market Price in active markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impaired loans $ — $ — $ 2,407,508 $ 2,407,508 Other real estate owned — — 566,632 566,632 Loans held for sale — 3,117,830 — 3,117,830 Total $ — $ 3,117,830 $ 2,974,140 $ 6,091,970 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 September 30, 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 September 30, 2017 and December 31, 2016. Fair Value Measurements at September 30, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,009,824 $ 8,009,824 $ 8,009,824 $ — $ — Interest-bearing deposits at the Federal Reserve 22,159,373 22,159,373 22,159,373 — — Investment securities available for sale 126,496,884 126,496,884 26,097,501 88,490,255 11,909,128 Mortgage loans to be sold 3,117,830 3,117,830 — 3,117,830 — Net loans 265,245,672 264,645,984 — — 264,645,984 Accrued interest receivable 1,328,542 1,328,542 — 1,328,542 — Financial Liabilities Demand deposits 342,857,357 342,857,357 — 342,857,357 — Time deposits 43,689,681 43,577,033 — 43,577,033 — Accrued interest payable 76,360 76,360 — 76,360 — 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 at the Federal Reserve 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 — Net loans 256,724,498 256,555,052 — — 256,555,052 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)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of reconciliation of average shares outstanding	The following tables are a summary of the reconciliation of average shares outstanding: Three Months Ended September 30, 2017 2016 Net income $ 1,440,653 $ 1,426,338 Weighted average shares outstanding - basic 4,978,515 4,931,185 Effect of dilutive shares 89,046 123,538 Weighted average shares outstanding - diluted 5,067,561 5,054,723 Earnings per share - basic $ 0.29 $ 0.29 Earnings per share - diluted $ 0.28 $ 0.28 Nine Months Ended September 30, 2017 2016 Net income $ 4,053,126 $ 3,934,183 Weighted average shares outstanding - basic 4,969,617 4,929,977 Effect of dilutive shares 89,341 128,860 Weighted average shares outstanding - diluted 5,058,958 5,058,837 Earnings per share - basic $ 0.82 $ 0.80 Earnings per share - diluted $ 0.80 $ 0.78

Investment Securities (Details)

Investment Securities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 126,172,136	$ 120,942,615
Gross Unrealized Gains	969,497	936,448
Gross Unrealized Losses	(644,749)	(1,900,119)
Investment securities available for sale	126,496,884	119,978,944
U.S. Treasury Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	26,112,531	24,148,295
Gross Unrealized Gains	24,169	41,153
Gross Unrealized Losses	(39,199)	(250,385)
Investment securities available for sale	26,097,501	23,939,063
Government-Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	59,497,890	51,737,930
Gross Unrealized Gains	179,426	129,482
Gross Unrealized Losses	(307,911)	(833,321)
Investment securities available for sale	59,369,405	51,034,091
Municipal Securties [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	40,561,715	45,056,390
Gross Unrealized Gains	765,902	765,813
Gross Unrealized Losses	(297,639)	(816,413)
Investment securities available for sale	$ 41,029,978	$ 45,005,790

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less	$ 8,561,255	$ 3,343,347
Due in one year to five years	70,669,406	82,848,411
Due in five years to ten years	43,799,734	29,662,030
Due in ten years and over	3,141,741	5,088,827
Total	126,172,136	120,942,615
Estimated Fair Value
Due in one year or less	8,586,020	3,350,205
Due in one year to five years	71,024,994	82,682,901
Due in five years to ten years	43,853,008	29,169,228
Due in ten years and over	3,032,862	4,776,610
Total	$ 126,496,884	$ 119,978,944

Investment Securities (Detail21

Investment Securities (Details 2)	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)Number	Dec. 31, 2016USD ($)Number
Less than 12 Months
Number of positions | Number	18	66
Fair Value	$ 36,308,606	$ 70,711,744
Gross Unrealized Loss	$ (219,294)	$ (1,900,119)
12 months or Longer
Number of positions | Number	22
Fair value	$ 13,594,548
Gross Unrealized Losses	$ (425,455)
Total
Number of positions | Number	40	66
Fair value	$ 49,903,154	$ 70,711,744
Gross Unrealized Loss	$ (644,749)	$ (1,900,119)
U.S. Treasury Notes [Member]
Less than 12 Months
Number of positions | Number	3	4
Fair Value	$ 15,146,094	$ 17,968,594
Gross Unrealized Loss	$ (39,199)	$ (250,385)
Total
Number of positions | Number	3	4
Fair value	$ 15,146,094	$ 17,968,594
Gross Unrealized Loss	$ (39,199)	$ (250,385)
Government-Sponsored Enterprises [Member]
Less than 12 Months
Number of positions | Number	4	8
Fair Value	$ 17,620,585	$ 30,136,720
Gross Unrealized Loss	$ (129,779)	$ (833,321)
12 months or Longer
Number of positions | Number	2
Fair value	$ 5,347,950
Gross Unrealized Losses	$ (178,132)
Total
Number of positions | Number	6	8
Fair value	$ 22,968,535	$ 30,136,720
Gross Unrealized Loss	$ (307,911)	$ (833,321)
Municipal Securties [Member]
Less than 12 Months
Number of positions | Number	11	54
Fair Value	$ 3,541,927	$ 22,606,430
Gross Unrealized Loss	$ (50,316)	$ (816,413)
12 months or Longer
Number of positions | Number	20
Fair value	$ 8,246,598
Gross Unrealized Losses	$ (247,323)
Total
Number of positions | Number	31	54
Fair value	$ 11,788,525	$ 22,606,430
Gross Unrealized Loss	$ (297,639)	$ (816,413)

Investment Securities (Detail22

Investment Securities (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Gross proceeds	$ 20,231,265	$ 4,902,286	$ 20,231,265	$ 25,667,359
Gross realized gains	154,692	$ 97,714	154,692	$ 446,041
Gross realized losses	$ 108,872		$ 108,872

Investment Securities (Detail23

Investment Securities (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Carrying amount of securities pledged to secure deposits and repurchase agreements	$ 54,200,000		$ 54,200,000		$ 47,600,000
Gross realized gains and losses on sale of investments, tax	$ 15,578	$ 36,154	$ 15,578	$ 165,035

Loans and Allowance for Loan 24

Loans and Allowance for Loan Losses (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Loans	$ 269,132,631	$ 260,576,115
Allowance for loan losses	(3,886,959)	(3,851,617)
Loans, net	265,245,672	256,724,498
Commercial [Member]
Loans	53,348,364	52,262,209
Commercial Real Estate Construction [Member]
Loans	1,842,668	1,208,901
Commercial Real Estate Other [Member]
Loans	134,779,206	122,968,126
Consumer Real Estate [Member]
Loans	74,254,387	77,131,816
Consumer Other [Member]
Loans	$ 4,908,006	$ 7,005,063

Loans and Allowance for Loan 25

Loans and Allowance for Loan Losses (Details 1) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Credit risks by category and internally assigned grades
Loans	$ 269,132,631	$ 260,576,115
Pass [Member]
Credit risks by category and internally assigned grades
Loans	257,840,225	246,423,017
Watch [Member]
Credit risks by category and internally assigned grades
Loans	6,387,794	5,087,351
OAEM [Member]
Credit risks by category and internally assigned grades
Loans	340,292	3,321,493
Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	4,564,320	5,744,254
Commercial [Member]
Credit risks by category and internally assigned grades
Loans	53,348,364	52,262,209
Commercial [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	49,209,010	48,289,944
Commercial [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	2,260,670	1,004,957
Commercial [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	49,164	1,666,048
Commercial [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	1,829,520	1,301,260
Commercial Real Estate Construction [Member]
Credit risks by category and internally assigned grades
Loans	1,842,668	1,208,901
Commercial Real Estate Construction [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	1,453,646	798,884
Commercial Real Estate Construction [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	389,022	410,017
Commercial Real Estate Other [Member]
Credit risks by category and internally assigned grades
Loans	134,779,206	122,968,126
Commercial Real Estate Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	129,338,835	116,490,396
Commercial Real Estate Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	2,942,987	2,625,079
Commercial Real Estate Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans	291,128	995,549
Commercial Real Estate Other [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	2,206,256	2,857,102
Consumer Real Estate [Member]
Credit risks by category and internally assigned grades
Loans	74,254,387	77,131,816
Consumer Real Estate [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	73,172,945	74,115,426
Consumer Real Estate [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	587,005	899,306
Consumer Real Estate [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans		630,957
Consumer Real Estate [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	494,437	1,486,127
Consumer Other [Member]
Credit risks by category and internally assigned grades
Loans	4,908,006	7,005,063
Consumer Other [Member] | Pass [Member]
Credit risks by category and internally assigned grades
Loans	4,665,789	6,728,367
Consumer Other [Member] | Watch [Member]
Credit risks by category and internally assigned grades
Loans	208,110	147,992
Consumer Other [Member] | OAEM [Member]
Credit risks by category and internally assigned grades
Loans		28,939
Consumer Other [Member] | Sub-Standard [Member]
Credit risks by category and internally assigned grades
Loans	$ 34,107	$ 99,765

Loans and Allowance for Loan 26

Loans and Allowance for Loan Losses (Details 2) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 3,062,447	$ 2,451,238
Current	266,070,184	258,124,877
Total Loans Receivable	269,132,631	260,576,115
Recorded Investment > 90 Days and Accuring Interest	13,902	123,230
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	917,930	916,763
Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,429,640	1,534,475
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	714,877
Commercial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	242,173	438,159
Current	53,106,191	51,824,050
Total Loans Receivable	53,348,364	52,262,209
Recorded Investment > 90 Days and Accuring Interest	13,902
Commercial [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	78,271	438,159
Commercial [Member] | Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	13,902
Commercial [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	150,000
Commercial Real Estate Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	1,842,668	1,208,901
Total Loans Receivable	1,842,668	1,208,901
Commercial Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	2,090,738	1,507,516
Current	132,688,468	121,460,610
Total Loans Receivable	134,779,206	122,968,126
Recorded Investment > 90 Days and Accuring Interest		89,908
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	675,000	6,363
Commercial Real Estate Other [Member] | Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,415,738	1,501,153
Consumer Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	717,989	415,457
Current	73,536,398	76,716,359
Total Loans Receivable	74,254,387	77,131,816
Consumer Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	153,112	415,457
Consumer Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	564,877
Consumer Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	11,547	90,106
Current	4,896,459	6,914,957
Total Loans Receivable	4,908,006	7,005,063
Recorded Investment > 90 Days and Accuring Interest		33,322
Consumer Other [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 11,547	56,784
Consumer Other [Member] | Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		$ 33,322

Loans and Allowance for Loan 27

Loans and Allowance for Loan Losses (Details 3) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual loans receivable	$ 1,601,267	$ 1,741,621
Commercial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual loans receivable	46,899	61,781
Commercial Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual loans receivable	$ 1,554,368	1,678,876
Consumer Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual loans receivable		$ 964

Loans and Allowance for Loan 28

Loans and Allowance for Loan Losses (Details 4) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	$ 3,927,515	$ 3,512,446	$ 3,851,617	$ 3,417,827
Charge-offs	(83,276)		(85,649)	(116,651)
Recoveries	22,720	22,665	68,491	48,935
Provisions	20,000	210,000	52,500	395,000
Ending Balance	3,886,959	3,745,111	3,886,959	3,745,111
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment					$ 1,966,647	$ 1,507,972
Collectively evaluated for impairment					1,920,312	2,343,645
Total Allowance for Losses	3,886,959	3,745,111	3,886,959	3,417,827	3,886,959	3,851,617
Loans Receivable:
Individually evaluated for impairment					4,582,601	5,901,784
Collectively evaluated for impairment					264,550,030	254,674,331
Total Loans Receivable					269,132,631	260,576,115
Commercial [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,628,672	1,490,327	1,545,188	896,854
Charge-offs				(33,045)
Recoveries		1,500		2,784
Provisions	403,920	4,512	487,404	629,746
Ending Balance	2,032,592	1,496,339	2,032,592	1,496,339
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment					1,621,074	1,051,219
Collectively evaluated for impairment					411,518	493,969
Total Allowance for Losses	2,032,592	1,496,339	2,032,592	896,854	2,032,592	1,545,188
Loans Receivable:
Individually evaluated for impairment					1,829,520	1,301,259
Collectively evaluated for impairment					51,518,844	50,960,950
Total Loans Receivable					53,348,364	52,262,209
Commercial Real Estate Construction [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	52,763	57,374	51,469	59,861
Provisions	(7,235)	524	(5,941)	(1,963)
Ending Balance	45,528	57,898	45,528	57,898
Allowance for Loan Losses Ending Balances:
Collectively evaluated for impairment					45,528	51,469
Total Allowance for Losses	45,528	57,898	45,528	59,861	45,528	51,469
Loans Receivable:
Collectively evaluated for impairment					1,842,668	1,208,901
Total Loans Receivable					1,842,668	1,208,901
Commercial Real Estate Other [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	1,382,919	1,186,524	1,374,706	1,345,094
Recoveries		20,000		44,000
Provisions	(209,108)	98,398	(200,895)	(84,172)
Ending Balance	1,173,811	1,304,922	1,173,811	1,304,922
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment					268,347	324,587
Collectively evaluated for impairment					905,464	1,050,119
Total Allowance for Losses	1,173,811	1,304,922	1,173,811	1,345,094	1,173,811	1,374,706
Loans Receivable:
Individually evaluated for impairment					2,224,537	3,225,351
Collectively evaluated for impairment					132,554,669	119,742,775
Total Loans Receivable					134,779,206	122,968,126
Consumer Real Estate [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	771,853	629,773	726,391	941,470
Charge-offs	(80,787)		(80,786)	(82,015)
Recoveries	21,000		63,000
Provisions	(150,697)	119,044	(147,236)	(110,638)
Ending Balance	561,369	748,817	561,369	748,817
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment					43,119	43,119
Collectively evaluated for impairment					518,250	683,272
Total Allowance for Losses	561,369	748,817	561,369	941,470	561,369	726,391
Loans Receivable:
Individually evaluated for impairment					494,437	1,286,127
Collectively evaluated for impairment					73,759,950	75,845,689
Total Loans Receivable					74,254,387	77,131,816
Consumer Other [Member]
Activity in the allowance for loan losses by portfolio segment
Beginning Balance	91,308	148,448	153,863	174,548
Charge-offs	(2,489)		(4,863)	(1,591)
Recoveries	1,720	1,165	5,491	2,151
Provisions	(16,880)	(12,478)	(80,832)	(37,973)
Ending Balance	73,659	137,135	73,659	137,135
Allowance for Loan Losses Ending Balances:
Individually evaluated for impairment					34,107	89,047
Collectively evaluated for impairment					39,552	64,816
Total Allowance for Losses	$ 73,659	$ 137,135	$ 73,659	$ 174,548	73,659	153,863
Loans Receivable:
Individually evaluated for impairment					34,107	89,047
Collectively evaluated for impairment					4,873,899	6,916,016
Total Loans Receivable					$ 4,908,006	$ 7,005,063

Loans and Allowance for Loan 29

Loans and Allowance for Loan Losses (Details 5) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	$ 1,896,335		$ 1,896,335		$ 3,667,818
Recorded Investment With no related allowance recorded	1,896,335		1,896,335		3,667,818
Average Recorded Investment With no related allowance recorded	1,893,498	$ 3,877,935	1,900,391	$ 3,899,126
Interest Income Recognized With no related allowance recorded	18,400	40,617	47,438	128,575
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	2,686,266		2,686,266		2,233,966
Recorded Investment With an allowance recorded	2,686,266		2,686,266		2,233,966
Related Allowance	1,966,647		1,966,647		1,507,972
Average Recorded Investment With an allowance recorded	2,696,871	2,321,153	2,720,854	2,337,348
Interest Income Recognized With an allowance recorded	30,201	25,979	84,626	67,331
Total of Impaired and Restructured Loans
Unpaid Principal balance	4,582,601		4,582,601		5,901,784
Recorded Investment	4,582,601		4,582,601		5,901,784
Average Recorded Investment	4,590,369	6,199,088	4,621,245	6,236,474
Interest Income Recognized	48,601	66,596	132,064	195,906
Commercial [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	161,880		161,880		250,040
Recorded Investment With no related allowance recorded	161,880		161,880		250,040
Average Recorded Investment With no related allowance recorded	165,274	380,933	173,964	392,826
Interest Income Recognized With no related allowance recorded	2,429	4,674	7,416	15,393
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	1,667,640		1,667,640		1,051,219
Recorded Investment With an allowance recorded	1,667,640		1,667,640		1,051,219
Related Allowance	1,621,074		1,621,074		1,051,219
Average Recorded Investment With an allowance recorded	1,685,930	1,085,201	1,711,259	1,095,411
Interest Income Recognized With an allowance recorded	26,484	19,406	76,544	49,770
Total of Impaired and Restructured Loans
Unpaid Principal balance	1,829,520		1,829,520		1,301,259
Recorded Investment	1,829,520		1,829,520		1,301,259
Average Recorded Investment	1,851,204	1,466,134	1,885,223	1,488,237
Interest Income Recognized	28,913	24,080	83,960	65,163
Commercial Real Estate Other [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	1,283,137		1,283,137		2,174,770
Recorded Investment With no related allowance recorded	1,283,137		1,283,137		2,174,770
Average Recorded Investment With no related allowance recorded	1,276,906	2,253,994	1,275,402	2,263,927
Interest Income Recognized With no related allowance recorded	9,999	19,738	23,084	69,962
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	941,400		941,400		1,050,581
Recorded Investment With an allowance recorded	941,400		941,400		1,050,581
Related Allowance	268,347		268,347		324,587
Average Recorded Investment With an allowance recorded	933,243	1,068,622	930,420	1,070,048
Interest Income Recognized With an allowance recorded	2,792	5,330	5,367	12,008
Total of Impaired and Restructured Loans
Unpaid Principal balance	2,224,537		2,224,537		3,225,351
Recorded Investment	2,224,537		2,224,537		3,225,351
Average Recorded Investment	2,210,149	3,322,617	2,205,822	3,333,976
Interest Income Recognized	12,791	25,068	28,451	81,970
Consumer Real Estate [Member]
Impaired and Restructured Loans with no related allowance recorded
Unpaid Principal Balance With no related allowance recorded	451,318		451,318		1,243,008
Recorded Investment With no related allowance recorded	451,318		451,318		1,243,008
Average Recorded Investment With no related allowance recorded	451,318	1,243,008	451,025	1,242,373
Interest Income Recognized With no related allowance recorded	5,972	16,205	16,938	43,220
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	43,119		43,119		43,119
Recorded Investment With an allowance recorded	43,119		43,119		43,119
Related Allowance	43,119		43,119		43,119
Average Recorded Investment With an allowance recorded	43,119	71,963	43,119	72,025
Interest Income Recognized With an allowance recorded	462	770	1,296	1,776
Total of Impaired and Restructured Loans
Unpaid Principal balance	494,437		494,437		1,286,127
Recorded Investment	494,437		494,437		1,286,127
Average Recorded Investment	494,437	1,314,971	494,144	1,314,398
Interest Income Recognized	6,434	16,975	18,234	44,996
Consumer Other [Member]
Impaired and Restructured Loans with an allowance recorded
Unpaid Principal Balance With an allowance recorded	34,107		34,107		89,047
Recorded Investment With an allowance recorded	34,107		34,107		89,047
Related Allowance	34,107		34,107		89,047
Average Recorded Investment With an allowance recorded	34,579	95,367	36,056	99,864
Interest Income Recognized With an allowance recorded	463	473	1,419	3,777
Total of Impaired and Restructured Loans
Unpaid Principal balance	34,107		34,107		89,047
Recorded Investment	34,107		34,107		$ 89,047
Average Recorded Investment	34,579	95,367	36,056	99,864
Interest Income Recognized	$ 463	$ 473	$ 1,419	$ 3,777

Loans and Allowance for Loan 30

Loans and Allowance for Loan Losses (Details Narrative)	Sep. 30, 2017USD ($)Number	Dec. 31, 2016USD ($)Number
Receivables [Abstract]
Deferred loan fees	$ 149,640	$ 136,446
Loans pledged as collateral to secure funding with the Federal Reserve Bank	$ 101,100,000	$ 101,200,000
Number of loans over 90 days past due and still accruing | Number	1	2
Restructured loans	$ 33,300	$ 378,392
Number of loans restructured | Number	1	2

Fair Value of Financial State31

Fair Value of Financial Statements (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Investment securities available for sale	$ 126,496,884	$ 119,978,944
U.S. Treasury Notes [Member]
Investment securities available for sale	26,097,501	23,939,063
Government-Sponsored Enterprises [Member]
Investment securities available for sale	59,369,405	51,034,091
Municipal Securities [Member]
Investment securities available for sale	41,029,978	45,005,790
Quoted Prices in Active Markets (Level 1) [Member]
Investment securities available for sale	26,097,501	23,939,063
Significant Other Observable Inputs (Level 2) [Member]
Investment securities available for sale	88,490,255	82,062,024
Significant Unobservable Inputs (Level 3) [Member]
Investment securities available for sale	11,909,128	13,977,857
Recurring Basis [Member]
Total fair value	126,496,884	119,978,944
Recurring Basis [Member] | U.S. Treasury Notes [Member]
Investment securities available for sale	26,097,501	23,939,063
Recurring Basis [Member] | Government-Sponsored Enterprises [Member]
Investment securities available for sale	59,369,405	51,034,091
Recurring Basis [Member] | Municipal Securities [Member]
Investment securities available for sale	41,029,978	45,005,790
Recurring Basis [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Total fair value	26,097,501	23,939,063
Recurring Basis [Member] | Quoted Prices in Active Markets (Level 1) [Member] | U.S. Treasury Notes [Member]
Investment securities available for sale	26,097,501	23,939,063
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Total fair value	88,490,255	82,062,024
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Government-Sponsored Enterprises [Member]
Investment securities available for sale	59,369,405	51,034,091
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member]
Investment securities available for sale	29,120,850	31,027,933
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Total fair value	11,909,128	13,977,857
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal Securities [Member]
Investment securities available for sale	$ 11,909,128	$ 13,977,857

Fair Value of Financial State32

Fair Value of Financial Statements (Details 1) - Significant Unobservable Inputs (Level 3) [Member] - Municipal Securities [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Beginning Balance	$ 12,488,995	$ 7,704,814	$ 13,977,857	$ 5,217,678
Included in other comprehensive income	13,852	(27,965)	254,990	5,171
Purchases, issuances and settlements, net of maturities	(593,719)	3,717,482	(2,323,719)	6,171,482
Ending balance	$ 11,909,128	$ 11,394,331	$ 11,909,128	$ 11,394,331

Fair Value of Financial State33

Fair Value of Financial Statements (Details 2) - Nonrecurring Basis [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Impaired loans fair value	$ 2,407,508	$ 4,143,772
Other real estate owned fair value	566,632	521,943
Loans held for sale fair value	3,117,830	4,386,210
Total fair value	6,091,970	9,051,925
Significant Other Observable Inputs (Level 2) [Member]
Loans held for sale fair value	3,117,830	4,386,210
Total fair value	3,117,830	4,386,210
Significant Unobservable Inputs (Level 3) [Member]
Impaired loans fair value	2,407,508	4,143,772
Other real estate owned fair value	566,632	521,943
Total fair value	$ 2,974,140	$ 4,665,715

Fair Value of Financial State34

Fair Value of Financial Statements (Details 3)	9 Months Ended
	Sep. 30, 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] | Appraisals and/or Sales [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	10.00%
Other Real Estate Owned [Member] | Appraisals and/or Sales [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (in percent)	20.00%
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%

Fair Value of Financial State35

Fair Value of Financial Statements (Details 4) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Financial Assets:
Investment securities available for sale	$ 126,496,884	$ 119,978,944
Quoted Prices in Active Markets (Level 1) [Member]
Financial Assets:
Cash and due from banks	8,009,824	8,141,030
Interest-bearing deposits at the Federal Reserve	22,159,373	18,101,300
Investment securities available for sale	26,097,501	23,939,063
Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Investment securities available for sale	88,490,255	82,062,024
Mortgage loans to be sold	3,117,830	4,386,210
Accrued interest receivable	1,328,542	1,614,002
Financial Liabilities:
Demand deposits	342,857,357	328,681,594
Time deposits	43,577,033	43,856,383
Accrued interest payable	76,360	51,629
Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Investment securities available for sale	11,909,128	13,977,857
Net loans	264,645,984	256,555,052
Carrying Amount [Member]
Financial Assets:
Cash and due from banks	8,009,824	8,141,030
Interest-bearing deposits at the Federal Reserve	22,159,373	18,101,300
Investment securities available for sale	126,496,884	119,978,944
Mortgage loans to be sold	3,117,830	4,386,210
Net loans	265,245,672	256,724,498
Accrued interest receivable	1,328,542	1,614,002
Financial Liabilities:
Demand deposits	342,857,357	328,681,594
Time deposits	43,689,681	43,841,257
Accrued interest payable	76,360	51,629
Estimated Fair Value [Member]
Financial Assets:
Cash and due from banks	8,009,824	8,141,030
Interest-bearing deposits at the Federal Reserve	22,159,373	18,101,300
Investment securities available for sale	126,496,884	119,978,944
Mortgage loans to be sold	3,117,830	4,386,210
Net loans	264,645,984	256,555,052
Accrued interest receivable	1,328,542	1,614,002
Financial Liabilities:
Demand deposits	342,857,357	328,681,594
Time deposits	43,577,033	43,856,383
Accrued interest payable	$ 76,360	$ 51,629

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Income	$ 1,440,653	$ 1,426,338	$ 4,053,126	$ 3,934,183
Weighted average shares outstanding - basic	4,978,515	4,931,185	4,969,617	4,929,977
Effect of dilutive shares	89,046	123,538	89,341	128,860
Weighted average shares outstanding - diluted	5,067,561	5,054,723	5,058,958	5,058,837
Earnings per share - basic	$ 0.29	$ 0.29	$ 0.82	$ 0.80
Earnings per share - diluted	$ 0.28	$ 0.28	$ 0.80	$ 0.78