Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable, net, consisted of the following as of the dates shown:



	December 31, 2015		December 31, 2014
Residential Real Estate Loans	$	76,373,071	$	77,282,817
Consumer Loans	50,380,289		50,391,224
Commercial Business	12,514,133		10,564,467
Commercial Real Estate	200,083,125		209,530,209
Total Loans Held For Investment	339,350,618		347,768,717
Loans Held For Sale	2,462,559		1,864,999
Total Loans Receivable, Gross	341,813,177		349,633,716
Less:
Allowance For Loan Losses	8,275,133		8,357,496
Loans In Process	2,902,849		1,379,114
Deferred Loan Fees	62,466		22,611
	11,240,448		9,759,221
Total Loans Receivable, Net	$	330,572,729	$	339,874,495

Schedule of Allowance for Loan Losses

Changes in the allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 are summarized as follows:



	2015			2014			2013
Balance At Beginning Of Period	$	8,357,496		$	10,241,970		$	11,318,371
Provision For Loan Losses	—			450,000			2,645,381
Charge Offs	(1,516,468		)	(3,114,833		)	(5,209,830		)
Recoveries	1,434,105			780,359			1,488,048
Total Allowance For Loan Losses	$	8,275,133		$	8,357,496		$	10,241,970

Financing Receivable Credit Quality Indicators

The following tables list the loan grades used by the Company as credit quality indicators and the balance in each category at the dates presented, excluding loans held for sale.



	Credit Quality Measures
December 31, 2015	Pass		Caution		Special Mention		Substandard		Total Loans
Residential Real Estate	$	67,605,311	$	1,264,415	$	607,336	$	6,896,009	$	76,373,071
Consumer	46,344,056		2,510,519		81,617		1,444,097		50,380,289
Commercial Business	10,519,123		1,465,136		102,046		427,828		12,514,133
Commercial Real Estate	129,242,390		43,863,659		17,304,431		9,672,645		200,083,125
Total	$	253,710,880	$	49,103,729	$	18,095,430	$	18,440,579	$	339,350,618



	Credit Quality Measures
December 31, 2014	Pass		Caution		Special Mention		Substandard		Total Loans
Residential Real Estate	$	69,163,911	$	956,976	$	639,638	$	6,522,292	$	77,282,817
Consumer	48,283,560		1,046,624		128,033		933,007		50,391,224
Commercial Business	9,691,685		340,706		202,895		329,181		10,564,467
Commercial Real Estate	125,339,273		32,549,335		35,169,358		16,472,243		209,530,209
Total	$	252,478,429	$	34,893,641	$	36,139,924	$	24,256,723	$	347,768,717

Past Due Financing Receivables

The following table presents an age analysis of past due balances by category at December 31, 2015.



	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans Receivable
Residential Real Estate	$	—	$	1,144,381	$	3,306,675	$	4,451,056	$	71,922,015	$	76,373,071
Consumer	710,881		282,314		575,866		1,569,061		48,811,228		50,380,289
Commercial Business	101,201		—		178,076		279,277		12,234,856		12,514,133
Commercial Real Estate	3,309,287		929,819		2,973,135		7,212,241		192,870,884		200,083,125
Total	$	4,121,369	$	2,356,514	$	7,033,752	$	13,511,635	$	325,838,983	$	339,350,618

The following table presents an age analysis of past due balances by category at December 31, 2014.



	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans Receivable
Residential Real Estate	$	—	$	1,087,299	$	3,061,339	$	4,148,638	$	73,134,179	$	77,282,817
Consumer	1,868,787		91,223		573,644		2,533,654		47,857,570		50,391,224
Commercial Business	162,481		99,784		246,977		509,242		10,055,225		10,564,467
Commercial Real Estate	4,544,813		1,094,701		9,859,689		15,499,203		194,031,006		209,530,209
Total	$	6,576,081	$	2,373,007	$	13,741,649	$	22,690,737	$	325,077,980	$	347,768,717

Schedule of Financing Receivables, Non Accrual Status

The following table shows non-accrual loans by category at December 31, 2015 compared to 2014.



	At December 31, 2015				At December 31, 2014				$			%
	Amount		Percent ⁽¹⁾		Amount		Percent ⁽¹⁾		Increase (Decrease)			Increase (Decrease)
Non-accrual Loans:
Residential Real Estate	$	3,306,675	1.0	%	$	3,061,339	0.9	%	$	245,336		8.0	%
Commercial Business	178,076		0.1		246,977		0.1		(68,901		)	(27.9	)
Commercial Real Estate	2,973,135		0.8		9,859,689		2.8		(6,886,554		)	(69.8	)
Consumer	575,866		0.2		573,644		0.2		2,222			0.4
Total Non- accrual Loans	$	7,033,752	2.1	%	$	13,741,649	4.0	%	$	(6,707,897	)	(48.8	)%

^{(1) PERCENT OF GROSS LOANS RECEIVABLE HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS.}

Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent

The following tables show the activity in the allowance for loan losses by category for the periods indicated.



	For the Year Ended December 31, 2015
	Residential Real Estate			Consumer			Commercial Business			Commercial Real Estate			Total
Beginning Balance	$	1,392,065		$	886,716		$	159,353		$	5,919,362		$	8,357,496
Provision	53,694			549,462			617,658			(1,220,814		)	—
Charge-Offs	(216,525		)	(527,055		)	(10,947		)	(761,941		)	(1,516,468		)
Recoveries	93,949			154,030			7,884			1,178,242			1,434,105
Ending Balance	$	1,323,183		$	1,063,153		$	773,948		$	5,114,849		$	8,275,133



	For the Year Ended December 31, 2014
	Residential Real Estate			Consumer			Commercial Business			Commercial Real Estate			Total
Beginning Balance	$	1,706,643		$	847,777		$	426,658		$	7,260,892		$	10,241,970
Provision	(91,991		)	352,305			(53,435		)	243,121			450,000
Charge-Offs	(359,021		)	(372,460		)	(328,094		)	(2,055,258		)	(3,114,833		)
Recoveries	136,434			59,094			114,224			470,607			780,359
Ending Balance	$	1,392,065		$	886,716		$	159,353		$	5,919,362		$	8,357,496



	For the Year Ended December 31, 2013
	Residential Real Estate			Consumer			Commercial Business			Commercial Real Estate			Total
Beginning Balance	$	1,521,559		$	1,001,271		$	618,919		$	8,176,622		$	11,318,371
Provision	1,030,237			(5,306		)	(187,377		)	1,807,827			2,645,381
Charge-Offs	(1,118,168		)	(207,230		)	(31,831		)	(3,852,601		)	(5,209,830		)
Recoveries	273,015			59,042			26,947			1,129,044			1,488,048
Ending Balance	$	1,706,643		$	847,777		$	426,658		$	7,260,892		$	10,241,970

Allowance for Credit Losses on Financing Receivables

The following tables present information related to impaired loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable as of the dates indicated.



	Loans Receivable
December 31, 2015	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	2,922,105	$	73,450,966	$	76,373,071
Consumer	372,382		50,007,907		50,380,289
Commercial Business	162,201		12,351,932		12,514,133
Commercial Real Estate	9,190,640		190,892,485		200,083,125
Total	$	12,647,328	$	326,703,290	$	339,350,618



	Loans Receivable
December 31, 2014	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	2,519,814	$	74,763,003	$	77,282,817
Consumer	218,232		50,172,992		50,391,224
Commercial Business	236,030		10,328,437		10,564,467
Commercial Real Estate	17,273,879		192,256,330		209,530,209
Total	$	20,247,955	$	327,520,762	$	347,768,717

The following tables present information related to impaired loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses as of the dates indicated.



	Allowance For Loan Losses
December 31, 2015	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	—	$	1,323,183	$	1,323,183
Consumer	32,300		1,030,853		1,063,153
Commercial Business	—		773,948		773,948
Commercial Real Estate	49,300		5,065,549		5,114,849
Total	$	81,600	$	8,193,533	$	8,275,133



	Allowance For Loan Losses
December 31, 2014	Individually Evaluated For Impairment		Collectively Evaluated For Impairment		Total
Residential Real Estate	$	—	$	1,392,065	$	1,392,065
Consumer	2,600		884,116		886,716
Commercial Business	—		159,353		159,353
Commercial Real Estate	472,400		5,446,962		5,919,362
Total	$	475,000	$	7,882,496	$	8,357,496

Impaired Financing Receivables

The following tables are a summary of information related to impaired loans as of and for the years ended December 31, 2015, 2014 and 2013.



	December 31, 2015
Impaired Loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With No Related Allowance Recorded:
Residential Real Estate	$	2,922,105	$	3,033,735	$	—	$	3,014,807	$	13,909
Consumer	120,889		129,188		—		130,202		—
Commercial Business	162,201		362,201		—		190,562		—
Commercial Real Estate	8,620,301		10,969,642		—		8,952,868		245,197
With An Allowance Recorded:
Residential Real Estate	—		—		—		—		—
Consumer	251,493		256,923		32,300		254,611		4,789
Commercial Business	—		—		—		—		—
Commercial Real Estate	570,339		577,139		49,300		579,418		31,684
Total
Residential Real Estate	2,922,105		3,033,735		—		3,014,807		13,909
Consumer	372,382		386,111		32,300		384,813		4,789
Commercial Business	162,201		362,201		—		190,562		—
Commercial Real Estate	9,190,640		11,546,781		49,300		9,532,286		276,881
Total	$	12,647,328	$	15,328,828	$	81,600	$	13,122,468	$	295,579

(4) Loans Receivable, Net, Continued



	December 31, 2014
Impaired Loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With No Related Allowance Recorded:
Residential Real Estate	$	2,519,814	$	2,618,003	$	—	$	2,642,156	$	—
Consumer	152,029		159,529		—		155,602		1,510
Commercial Business	236,030		436,030		—		413,653		—
Commercial Real Estate	13,721,964		18,088,149		—		14,980,690		297,839
With An Allowance Recorded:
Residential Real Estate	—		—		—		—		—
Consumer	66,203		66,203		2,600		67,522		4,867
Commercial Business	—		—		—		—		—
Commercial Real Estate	3,551,915		3,582,465		472,400		3,952,066		60,207
Total
Residential Real Estate	2,519,814		2,618,003		—		2,642,156		—
Consumer	218,232		225,732		2,600		223,124		6,377
Commercial Business	236,030		436,030		—		413,653		—
Commercial Real Estate	17,273,879		21,670,614		472,400		18,932,756		358,046
Total	$	20,247,955	$	24,950,379	$	475,000	$	22,211,689	$	364,423



	December 31, 2013
Impaired Loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With No Related Allowance Recorded:
Residential Real Estate	$	3,936,316	$	4,588,645	$	—	$	4,044,142	$	31,704
Consumer	106,197		106,198		—		104,539		953
Commercial Business	19,775		19,775		—		19,896		389
Commercial Real Estate	21,810,347		26,775,853		—		23,618,648		886,737
With An Allowance Recorded:
Residential Real Estate	901,920		901,920		158,791		909,473		—
Consumer	169,294		169,294		103,109		170,499		5,173
Commercial Business	—		—		—		—		—
Commercial Real Estate	4,410,965		4,954,058		840,658		4,707,658		251,505
Total
Residential Real Estate	4,838,236		5,490,565		158,791		4,953,615		31,704
Consumer	275,491		275,492		103,109		275,038		6,126
Commercial Business	19,775		19,775		—		19,896		389
Commercial Real Estate	26,221,312		31,729,911		840,658		28,326,306		1,138,242
Total	$	31,354,814	$	37,515,743	$	1,102,558	$	33,574,855	$	1,176,461

Troubled Debt Restructurings on Financing Receivables

The following table is a summary of TDRs restructured during the periods indicated that subsequently defaulted during the same period:



	For the Year Ended December 31,
	2015			2014			2013
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
Residential Real Estate	—	$	—	—	$	—	—	$	—
Consumer Loans	—	—		—	—		—	—
Commercial Business	—	—		—	—		—	—
Commercial Real Estate	2	30,713		1	66,138		1	146,267
Total	2	$	30,713	1	$	66,138	1	$	146,267

The following table is a summary of loans restructured as TDRs during the periods indicated:



	For the Year Ended December 31, 2015
Troubled Debt Restructurings	Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Residential Real Estate	—	$	—	$	—
Consumer Loans	1	36,460		36,460
Commercial Business	—	—		—
Commercial Real Estate	6	922,000		922,000
Total	7	958,460		958,460



	For the Year Ended December 31, 2014					For the Year Ended December 31, 2013
Troubled Debt Restructurings	Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Residential Real Estate	—	$	—	$	—	—	$	—	$	—
Consumer Loans	—	—		—		—	—		—
Commercial Business	—	—		—		1	32,850		32,850
Commercial Real Estate	2	186,188		186,188		4	1,409,693		1,409,693
Total	2	186,188		186,188		5	1,442,543		1,442,543