Disclosures About Fair Value of Assets and Liabilities | Period [Axis] |
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2015-01-01 - 2015-12-31 |
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Disclosures About Fair Value of Assets and Liabilities | |
Schedule of fair value measurements of assets measured at fair value on a recurring basis |
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|
December 31, 2015 Fair Value Measurements Using
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Assets
|
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Fair Value
|
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Significant Other Observable Inputs (Level 2)
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Significant Unobservable Inputs (Level 3)
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Available-for-sale securities: |
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U.S. Government and federal agency
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|
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|
$ |
5,924,942 |
|
|
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|
$ |
— |
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|
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|
$ |
5,924,942 |
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|
|
|
$ |
— |
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|
State and political
subdivisions
|
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|
|
|
2,558,886 |
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|
|
|
|
— |
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|
2,558,886 |
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|
|
|
|
— |
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|
Mortgage-backed – GSE residential
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|
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|
2,570,256 |
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|
|
|
|
— |
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|
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|
2,570,256 |
|
|
|
|
|
— |
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|
Collateralized mortgage obligations – GSE
|
|
|
|
|
659,654 |
|
|
|
|
|
— |
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|
|
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|
659,654 |
|
|
|
|
|
— |
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|
Mortgage servicing rights
|
|
|
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|
83,176 |
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|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
83,176 |
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|
|
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|
December 31, 2014 Fair Value Measurements Using
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Assets
|
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Fair Value
|
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|
Quoted Prices in Active Markets for Identical Assets (Level 1)
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|
Significant Other Observable Inputs (Level 2)
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Significant Unobservable Inputs (Level 3)
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Available-for-sale securities: |
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|
|
|
|
U.S. Government and federal agency
|
|
|
|
$ |
4,939,830 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
4,939,830 |
|
|
|
|
$ |
— |
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|
State and political subdivisions
|
|
|
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|
3,361,085 |
|
|
|
|
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— |
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|
3,361,085 |
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|
|
|
|
— |
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|
Mortgage-backed – GSE residential
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|
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|
3,384,002 |
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|
|
|
|
— |
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|
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|
3,384,002 |
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|
|
|
|
— |
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|
Collateralized mortgage obligations – GSE
|
|
|
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|
1,033,148 |
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|
|
|
|
— |
|
|
|
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|
1,033,148 |
|
|
|
|
|
— |
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|
Mortgage servicing rights
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|
|
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|
114,193 |
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|
|
|
|
— |
|
|
|
|
|
— |
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|
|
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|
114,193 |
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|
Schedule of reconciliation of the beginning and ending balances of recurring fair value measurements recognized using significant unobservable (Level 3) inputs |
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2015
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2014
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Balance, beginning of year
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$ |
114,193 |
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|
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|
$ |
148,171 |
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Total changes in fair value included in earnings
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(31,017) |
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(33,978) |
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Balance, end of year
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|
$ |
83,176 |
|
|
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|
$ |
114,193 |
|
|
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|
Schedule of fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis |
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Fair Value Measurements Using
|
|
Assets
|
|
|
Fair Value
|
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
|
Significant Other Observable Inputs (Level 2)
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Significant Unobservable Inputs (Level 3)
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December 31, 2015 |
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Other real estate owned
|
|
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|
$ |
202,100 |
|
|
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|
$ |
— |
|
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|
$ |
— |
|
|
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|
$ |
202,100 |
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|
Collateral-dependent
impaired loans, Net of ALLL
|
|
|
|
|
1,274,372 |
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|
|
|
— |
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— |
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1,274,372 |
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December 31, 2014 |
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Other real estate owned
|
|
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|
$ |
190,000 |
|
|
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|
$ |
— |
|
|
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|
$ |
— |
|
|
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|
$ |
190,000 |
|
|
Collateral-dependent impaired loans Net of ALLL
|
|
|
|
|
1,441,487 |
|
|
|
|
|
— |
|
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|
|
— |
|
|
|
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|
1,441,487 |
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|
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill |
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Fair Value
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Valuation Technique
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Unobservable Inputs
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Weighted Average
|
|
At December 31, 2015: |
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Other real estate owned
|
|
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|
$ |
202,100 |
|
|
|
Market comparable properties
|
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|
Comparability adjustment (%)
|
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Not available
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|
Collateral-dependent impaired loans, net of ALLL
|
|
|
|
|
1,274,372 |
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Market comparable properties
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|
Marketability discount
|
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10% – 15% (11.4%)
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Mortgage
servicing rights
|
|
|
|
|
83,176 |
|
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|
Discounted cash flow
|
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Constant prepayment rate
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8.8% – 16% (11.9%)
|
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Probability of default
|
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1% – 8% (2.9%)
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Discount rate
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5.6% – 12.0% (10.4%)
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At December 31, 2014: |
|
|
|
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Other real estate owned
|
|
|
|
$ |
190,000 |
|
|
|
Market comparable properties
|
|
|
Comparability adjustment (%)
|
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|
Not available
|
|
Collateral-dependent impaired loans, net of ALLL
|
|
|
|
|
1,441,487 |
|
|
|
Market comparable properties
|
|
|
Marketability discount
|
|
|
10% – 15% (12%)
|
|
Mortgage servicing rights
|
|
|
|
|
114,193 |
|
|
|
Discounted cash flow
|
|
|
Constant prepayment rate
|
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|
8.5% – 16% (11.2%)
|
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|
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Probability of default
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1% – 8% (2.1%)
|
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Discount rate
|
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|
7.6% – 13.0% (10.4%)
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|
Schedule of estimated fair values of the Company's financial instruments |
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Fair Value Measurements Using
|
|
|
|
|
Carrying Amount
|
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
|
Significant Other Observable Inputs (Level 2)
|
|
|
Significant Unobservable Inputs (Level 3)
|
|
At December 31, 2015: |
|
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|
Financial assets: |
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$ |
10,906,893 |
|
|
|
|
$ |
10,906,893 |
|
|
|
|
$ |
— |
|
|
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|
$ |
— |
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|
FHLB Stock
|
|
|
|
|
686,200 |
|
|
|
|
|
— |
|
|
|
|
|
686,200 |
|
|
|
|
|
— |
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Loans, net of allowance for loan losses
|
|
|
|
|
106,955,455 |
|
|
|
|
|
— |
|
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|
|
|
— |
|
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|
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|
107,347,000 |
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|
Accrued interest receivable
|
|
|
|
|
314,174 |
|
|
|
|
|
— |
|
|
|
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|
314,174 |
|
|
|
|
|
— |
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|
Mortgage servicing rights
|
|
|
|
|
325,539 |
|
|
|
|
|
— |
|
|
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|
|
— |
|
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|
612,290 |
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|
Financial liabilities: |
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|
|
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|
Deposits
|
|
|
|
|
113,330,856 |
|
|
|
|
|
13,940,853 |
|
|
|
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|
99,414,003 |
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|
— |
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Federal Home Loan Bank advances
|
|
|
|
|
8,000,000 |
|
|
|
|
|
|
|
|
|
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|
8,063,000 |
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|
Accrued interest payable
|
|
|
|
|
6,137 |
|
|
|
|
|
— |
|
|
|
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|
6,137 |
|
|
|
|
|
— |
|
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|
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|
Fair Value Measurements Using
|
|
|
|
|
Carrying Amount
|
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
|
Significant Other Observable Inputs (Level 2)
|
|
|
Significant Unobservable Inputs (Level 3)
|
|
At December 31, 2014: |
|
|
|
|
|
Financial assets: |
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$ |
13,444,597 |
|
|
|
|
$ |
13,444,597 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
FHLB Stock
|
|
|
|
|
1,078,900 |
|
|
|
|
|
— |
|
|
|
|
|
1,078,900 |
|
|
|
|
|
— |
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|
Loans held for sale
|
|
|
|
|
48,300 |
|
|
|
|
|
— |
|
|
|
|
|
48,300 |
|
|
|
Loans, net of allowance for loan losses
|
|
|
|
|
89,479,525 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
89,756,000 |
|
|
Accrued interest receivable
|
|
|
|
|
302,777 |
|
|
|
|
|
— |
|
|
|
|
|
302,777 |
|
|
|
|
|
— |
|
|
Mortgage servicing rights
|
|
|
|
|
317,912 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
526,647 |
|
|
Financial liabilities: |
|
|
|
|
|
Deposits
|
|
|
|
|
98,493,112 |
|
|
|
|
|
11,730,674 |
|
|
|
|
|
86,842,438 |
|
|
|
|
|
— |
|
|
Federal Home Loan Bank advances
|
|
|
|
|
10,000,000 |
|
|
|
|
|
— |
|
|
|
|
|
10,098,000 |
|
|
|
|
|
— |
|
|
Accrued interest payable
|
|
|
|
|
6,256 |
|
|
|
|
|
— |
|
|
|
|
|
6,256 |
|
|
|
|
|
— |
|
|
|