| Schedule of estimated fair value and carrying values of financial instruments |
| | | 2015 | | | 2014 | | | 2013 | | | | | Carrying | | | Fair | | | Carrying | | | Fair | | | Carrying | | | Fair | | | | | Amount | | | Value | | | Amount | | | Value | | | Amount | | | Value | | | Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 7,493,524 | | | $ | 7,493,524 | | | $ | 7,101,352 | | | $ | 7,101,352 | | | $ | 9,214,503 | | | $ | 9,214,503 | | | Interest-bearing deposits in other financial institutions | | | 2,308,117 | | | | 2,308,117 | | | | 2,154,817 | | | | 2,154,817 | | | | 1,636,194 | | | | 1,636,194 | | | Federal funds sold | | | 2,569,767 | | | | 2,569,767 | | | | 4,024,065 | | | | 4,024,065 | | | | 102,772 | | | | 102,772 | | | Investment securities available for sale | | | 98,790,010 | | | | 98,790,010 | | | | 87,993,145 | | | | 87,993,145 | | | | 74,313,682 | | | | 74,313,682 | | | Federal Home Loan Bank Stock | | | 1,203,100 | | | | 1,203,100 | | | | 1,327,800 | | | | 1,327,800 | | | | 1,452,900 | | | | 1,452,900 | | | Maryland Financial Bank Stock | | | 30,000 | | | | 30,000 | | | | 30,000 | | | | 30,000 | | | | 30,000 | | | | 30,000 | | | Ground rents | | | 163,638 | | | | 163,638 | | | | 169,200 | | | | 169,200 | | | | 169,200 | | | | 169,200 | | | Loans, less allowance for credit losses | | | 259,636,706 | | | | 252,239,000 | | | | 273,986,237 | | | | 268,536,000 | | | | 270,684,120 | | | | 270,684,120 | | | Accrued interest receivable | | | 1,121,405 | | | | 1,121,405 | | | | 1,274,137 | | | | 1,274,137 | | | | 1,509,238 | | | | 1,509,238 | | | Cash value of life insurance | | | 9,357,712 | | | | 9,357,712 | | | | 9,138,658 | | | | 9,138,658 | | | | 8,914,817 | | | | 8,914,817 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | | 335,191,530 | | | | 307,924,000 | | | | 338,877,292 | | | | 310,239,000 | | | | 323,803,356 | | | | 291,046,000 | | | Long-term borrowings | | | 20,000,000 | | | | 20,688,000 | | | | 20,000,000 | | | | 20,951,000 | | | | 20,000,000 | | | | 21,032,000 | | | Dividends payable | | | - | | | | - | | | | 276,096 | | | | 276,096 | | | | 274,737 | | | | 274,737 | | | Accrued interest payable | | | 39,855 | | | | 39,855 | | | | 39,823 | | | | 39,823 | | | | 28,523 | | | | 28,523 | | | Unrecognized financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | Commitments to extend credit | | | 21,385,509 | | | | 21,385,509 | | | | 21,372,092 | | | | 21,372,092 | | | | 23,868,826 | | | | 23,868,826 | | | Standby letters of credit | | | 47,580 | | | | 47,580 | | | | 57,580 | | | | 57,580 | | | | 32,000 | | | | 32,000 | |
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| Schedule of fair value hierarchy of financial instruments |
| | | Carrying | | | Fair | | | | | | | | | | | | December 31, 2015 | | Amount | | | Value | | | Level 1 | | | Level 2 | | | Level 3 | | | | | | | | | | | | | | | | | | | | Financial instruments - Assets | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 12,371,408 | | | $ | 12,371,408 | | | $ | - | | | $ | 12,371,408 | | | $ | - | | | Loans receivable, net | | | 259,636,706 | | | | 252,239,000 | | | | - | | | | - | | | | 252,239,000 | | | Cash value of life insurance | | | 9,357,712 | | | | 9,357,712 | | | | - | | | | 9,357,712 | | | | - | | | Financial instruments -
Liabilities | | | | | | | | | | | | | | | | | | | | | | Deposits | | | 335,191,530 | | | | 307,924,000 | | | | 192,746,000 | | | | 115,178,000 | | | | - | | | Long-term debt | | | 20,000,000 | | | | 20,688,000 | | | | - | | | | 20,688,000 | | | | - | |
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