| Fair Value Measurements, Recurring and Nonrecurring |
The following table summarizes financial assets (there were no financial liabilities) measured at fair value as of December 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
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2015
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Level 1 inputs
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Level 2 inputs
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Level 3 inputs
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Total fair value
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Recurring:
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Securities available-for-sale:
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U.S. Government and Agencies
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$
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-
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$
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3,966,390
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$
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-
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$
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3,966,390
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Obligations of state and political subdivisions
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-
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71,093,028
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2,388,864
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73,481,892
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Mortgage-backed
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-
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104,479,413
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-
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104,479,413
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Other
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999,455
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1,888
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-
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1,001,343
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Mortgage servicing rights
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-
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-
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1,181,487
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1,181,487
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Total recurring
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$
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999,455
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$
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179,540,719
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$
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3,570,351
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$
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184,110,525
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Nonrecurring:
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Impaired loans, net
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$
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-
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$
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-
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$
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4,641,469
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$
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4,641,469
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Other real estate owned
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-
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-
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173,047
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173,047
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Total nonrecurring
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$
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-
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$
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-
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$
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4,814,516
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$
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4,814,516
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2014
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Level 1 inputs
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Level 2 inputs
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Level 3 inputs
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Total fair value
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Recurring:
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Securities available-for-sale:
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U.S. Government and Agencies
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$
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-
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$
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9,537,052
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$
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-
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$
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9,537,052
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Obligations of state and political subdivisions
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-
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55,562,707
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2,535,817
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58,098,524
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Mortgage-backed
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-
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137,818,544
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-
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137,818,544
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Other
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1,005,055
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1,888
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-
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1,006,943
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Mortgage servicing rights
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-
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-
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1,217,931
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1,217,931
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Total recurring
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$
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1,005,055
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$
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202,920,191
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$
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3,753,748
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$
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207,678,994
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Nonrecurring:
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Impaired loans, net
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$
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-
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$
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-
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$
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2,874,499
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$
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2,874,499
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Other real estate owned
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-
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-
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535,999
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535,999
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Total nonrecurring
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$
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-
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$
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-
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$
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3,410,498
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$
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3,410,498
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The table below presents a reconciliation and income statement classification of gains and losses for mortgage servicing rights, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015, 2014 and 2013:
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Mortgage Servicing Rights
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2015
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2014
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2013
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Balance at beginning of year
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$
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1,217,931
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$
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1,398,396
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$
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930,760
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Gains or losses, including realized and unrealized:
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Purchases, issuances, and settlements
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252,288
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134,324
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312,751
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Disposals – amortization based on loan payments
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and payoffs
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(551,846)
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(167,739)
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(160,873)
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Changes in fair value
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263,114
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(147,050)
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315,758
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Balance at end of year
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$
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1,181,487
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$
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1,217,931
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$
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1,398,396
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Securities valued using Level 3 inputs
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Balance at beginning of year
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$
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2,535,817
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$
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2,673,424
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Principal payments received
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(145,158)
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(139,400)
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Changes in fair value
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(1,795)
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1,793
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Balance at end of year
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$
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2,388,864
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$
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2,535,817
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