Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Guaranty Federal Bancshares Inc | |
Entity Central Index Key | 1,046,203 | |
Trading Symbol | gfed | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 4,421,775 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 3,456,243 | $ 3,769,478 |
Interest-bearing deposits in other financial institutions | 7,264,941 | 5,318,963 |
Cash and cash equivalents | 10,721,184 | 9,088,441 |
Available-for-sale securities | 83,205,195 | 92,399,235 |
Held-to-maturity securities | 18,424 | 27,528 |
Stock in Federal Home Loan Bank, at cost | 4,137,500 | 4,611,000 |
Mortgage loans held for sale | 2,516,520 | 2,183,633 |
Loans receivable, net of allowance for loan losses of September 30, 2017 - $7,009,097 - December 31, 2016 - $5,742,449 | 616,884,052 | 538,273,640 |
Accrued interest receivable | 2,164,278 | 1,947,063 |
Prepaid expenses and other assets | 4,283,144 | 2,961,336 |
Foreclosed assets held for sale | 588,443 | 2,682,353 |
Premises and equipment, net | 11,713,174 | 10,871,039 |
Bank owned life insurance | 19,623,719 | 19,272,893 |
Deferred and income taxes receivable | 3,483,169 | 3,661,658 |
759,338,802 | 687,979,819 | |
LIABILITIES | ||
Deposits | 584,088,617 | 505,362,750 |
Federal Home Loan Bank advances | 82,800,000 | 95,700,000 |
Subordinated debentures | 15,465,000 | 15,465,000 |
Advances from borrowers for taxes and insurance | 515,087 | 192,460 |
Accrued expenses and other liabilities | 1,562,509 | 1,077,396 |
Accrued interest payable | 253,045 | 207,833 |
684,684,258 | 618,005,439 | |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $0.10 par value; authorized 10,000,000 shares; issued September 30, 2017 and December 31, 2016 - 6,875,503 shares | 687,550 | 687,550 |
Additional paid-in capital | 50,705,315 | 50,552,077 |
Retained earnings, substantially restricted | 60,759,996 | 57,347,282 |
Accumulated other comprehensive loss | (372,776) | (1,309,241) |
111,780,085 | 107,277,668 | |
Treasury stock, at cost; September 30, 2017 and December 31, 2016 - 2,453,728 and 2,465,476 shares, respectively | (37,125,541) | (37,303,288) |
74,654,544 | 69,974,380 | |
$ 759,338,802 | $ 687,979,819 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Loans receivable, allowance for loans losses | $ 7,009,097 | $ 5,742,449 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 6,875,503 | 6,875,503 |
Treasury stock, shares (in shares) | 2,453,728 | 2,465,476 |
Condensed Consolidated Statemen
Condensed 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 Income | ||||
Loans | $ 7,052,544 | $ 5,854,069 | $ 20,042,667 | $ 17,184,094 |
Investment securities | 431,560 | 461,587 | 1,361,069 | 1,445,151 |
Other | 41,083 | 38,647 | 134,361 | 134,417 |
7,525,187 | 6,354,303 | 21,538,097 | 18,763,662 | |
Interest Expense | ||||
Deposits | 893,197 | 560,168 | 2,261,752 | 1,715,179 |
FHLB and Federal Reserve advancese | 419,918 | 349,575 | 1,269,543 | 963,847 |
Subordinated debentures | 160,075 | 146,438 | 467,665 | 429,348 |
1,473,190 | 1,056,181 | 3,998,960 | 3,108,374 | |
Net Interest Income | 6,051,997 | 5,298,122 | 17,539,137 | 15,655,288 |
Provision for loan losses | 450,000 | 200,000 | 1,500,000 | 950,000 |
Net Interest Income After Provision for Loan Losses | 5,601,997 | 5,098,122 | 16,039,137 | 14,705,288 |
Noninterest Income | ||||
Service charges | 311,070 | 303,958 | 869,102 | 849,026 |
Gain on sale of investment securities | 11,199 | 44,060 | 73,473 | 155,465 |
Gain on sale of mortgage loans held for sale | 618,732 | 528,521 | 1,550,880 | 1,260,978 |
Gain on sale of Small Business Administration loans | 228,895 | 85,624 | 484,240 | 237,862 |
Net gain (loss) on foreclosed assets | 47,787 | (33,808) | 56,051 | (53,313) |
Other income | 353,186 | 387,146 | 1,133,548 | 1,153,718 |
1,570,869 | 1,315,501 | 4,167,294 | 3,603,736 | |
Noninterest Expense | ||||
Salaries and employee benefits | 3,052,417 | 2,694,069 | 8,844,836 | 7,950,867 |
Occupancy | 591,961 | 465,237 | 1,563,344 | 1,343,062 |
FDIC deposit insurance premiums | 63,522 | 117,311 | 176,011 | 362,025 |
Data processing | 268,508 | 223,618 | 730,260 | 650,283 |
Advertising | 131,250 | 131,250 | 393,750 | 393,750 |
Impairment on investment tax credits | 146,857 | 146,857 | ||
Other expense | 757,317 | 686,222 | 2,144,310 | 2,036,590 |
5,011,832 | 4,317,707 | 13,999,368 | 12,736,577 | |
Income Before Income Taxes | 2,161,034 | 2,095,916 | 6,207,063 | 5,572,447 |
Provision for Income Taxes | 443,651 | 554,009 | 1,467,866 | 1,497,783 |
Net Income Available to Common Shareholders | $ 1,717,383 | $ 1,541,907 | $ 4,739,197 | $ 4,074,664 |
Basic Income Per Common Share (in dollars per share) | $ 0.39 | $ 0.35 | $ 1.08 | $ 0.93 |
Diluted Income Per Common Share (in dollars per share) | $ 0.39 | $ 0.35 | $ 1.07 | $ 0.92 |
Condensed Consolidated Stateme5
Condensed 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 | |
NET INCOME | $ 1,717,383 | $ 1,541,907 | $ 4,739,197 | $ 4,074,664 |
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS): | ||||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | (39,661) | (272,470) | 1,408,504 | 2,174,594 |
Change in unrealized gain (loss) on interest rate swaps, before income taxes | (76,222) | 151,420 | ||
Less: Reclassification adjustment for realized gains on investment securities included in net income, before income taxes | (11,199) | (44,060) | (73,473) | (155,465) |
Total other items of comprehensive income | (127,082) | (316,530) | 1,486,451 | 2,019,129 |
Income tax expense (benefit) related to other items of comprehensive income | (47,022) | (117,115) | 549,986 | 747,078 |
Other comprehensive income (loss) | (80,060) | (199,415) | 936,465 | 1,272,051 |
TOTAL COMPREHENSIVE INCOME | $ 1,637,323 | $ 1,342,492 | $ 5,675,662 | $ 5,346,715 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2016 | $ 687,550 | $ 50,552,077 | $ (37,303,288) | $ 57,347,282 | $ (1,309,241) | $ 69,974,380 |
Net income | 4,739,197 | 4,739,197 | ||||
Change in unrealized gain on available-for-sale securities and effect of interest rate swaps, net of income taxes | 936,465 | 936,465 | ||||
Dividends on common stock | (1,326,483) | (1,326,483) | ||||
Stock award plans | 153,238 | 177,747 | 330,985 | |||
Balance at Sep. 30, 2017 | $ 687,550 | $ 50,705,315 | $ (37,125,541) | $ 60,759,996 | $ (372,776) | $ 74,654,544 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Retained Earnings [Member] | |
Common stock dividends (in dollars per share) | $ 0.30 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,739,197 | $ 4,074,664 |
Items not requiring (providing) cash: | ||
Deferred income taxes | (603,683) | (88,504) |
Depreciation | 791,473 | 615,224 |
Provision for loan losses | 1,500,000 | 950,000 |
Gain on sale of mortgage loans held for sale and investment securities | (1,624,353) | (1,416,443) |
(Gain) loss on sale of foreclosed assets | (119,157) | 2,798 |
Gain on sale of Small Business Administration Loans | (484,240) | (237,862) |
Amortization of deferred income, premiums and discounts | 728,144 | 469,088 |
Stock award plan expense | 330,985 | 293,998 |
Origination of loans held for sale | (52,757,873) | (47,274,120) |
Proceeds from sale of loans held for sale | 53,975,866 | 47,873,689 |
Increase in cash surrender value of bank owned life insurance | (350,826) | (369,695) |
Changes in: | ||
Accrued interest receivable | (217,215) | 177,712 |
Prepaid expenses and other assets | 44,393 | 307,528 |
Accounts payable and accrued expenses | 529,150 | 707,875 |
Income taxes receivable | 232,186 | 703,175 |
Net cash provided by operating activities | 6,714,047 | 6,789,127 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of loans receivable | (11,132,508) | |
Proceeds on sale of loans | 24,919,859 | |
Net change in loans | (105,083,322) | (24,782,137) |
Principal payments on available-for-sale securities | 5,153,878 | 6,385,019 |
Principal payments on held-to-maturity securities | 9,104 | 12,736 |
Proceeds from calls/maturities of available-for-sale securities | 535,000 | |
Purchase of premises and equipment | (1,633,608) | (939,191) |
Purchase of available-for-sale securities | (13,350,996) | (71,652,913) |
Proceeds from sale of available-for-sale securities | 18,388,216 | 67,177,538 |
Redemption (purchase) of Federal Home Loan Bank stock | 473,500 | (929,500) |
Purchase of tax credit investments | (1,214,781) | |
Proceeds from sale of foreclosed assets held for sale | 2,433,660 | 463,863 |
Net cash used in investing activities | (69,904,490) | (34,862,093) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash dividends paid on common stock | (1,325,308) | (1,060,619) |
Net increase in demand deposits, NOW accounts and savings accounts | 50,768,740 | 5,344,326 |
Net increase (decrease) in certificates of deposit | 27,957,127 | (6,965,873) |
Proceeds from Federal Home Loan Bank advances | 333,700,000 | 173,400,000 |
Repayments of Federal Home Loan Bank and Federal Reserve advances | (346,600,000) | (150,900,000) |
Advances from borrowers for taxes and insurance | 322,627 | 343,618 |
Stock options exercised | 85,800 | |
Net cash provided by financing activities | 64,823,186 | 20,247,252 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,632,743 | (7,825,714) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 9,088,441 | 18,774,419 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 10,721,184 | $ 10,948,705 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1: The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 8 03 X. not These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Guaranty Federal Bancshares, Inc.’s (the “Company”) Annual Report on Form 10 December 31, 2016 ( “2016 not December 31, 2016, |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 2: The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Guaranty Bank (the “Bank”). All significant intercompany transactions and balances have been eliminated in consolidation. |
Note 3 - Securities
Note 3 - Securities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: The amortized cost and approximate fair values of securities classified as available-for-sale were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of September 30, 2017 Debt Securities: Municipals $ 34,012,067 $ 210,255 $ (328,991 ) $ 33,893,331 Corporates 3,000,000 70,000 - 3,070,000 Government sponsored mortgage-backed securities and SBA loan pools 46,936,147 32,472 (726,755 ) 46,241,864 $ 83,948,214 $ 312,727 $ (1,055,746 ) $ 83,205,195 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2016 Debt Securities: Municipals $ 39,357,506 $ 65,673 $ (1,085,654 ) $ 38,337,525 Corporates 7,003,986 54,050 (4,514 ) 7,053,522 Government sponsored mortgage-backed securities and SBA loan pools 48,115,793 19,432 (1,127,037 ) 47,008,188 $ 94,477,285 $ 139,155 $ (2,217,205 ) $ 92,399,235 Maturities of available-for-sale debt securities as of September 30, 2017: Amortized Cost Approximate Fair Value 1-5 years 564,554 581,359 6-10 years 9,254,809 9,317,277 After 10 years 27,192,704 27,064,695 Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date 46,936,147 46,241,864 $ 83,948,214 $ 83,205,195 The amortized cost and approximate fair values of securities classified as held to maturity are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of September 30, 2017 Debt Securities: Government sponsored mortgage-backed securities $ 18,424 $ 215 $ (57 ) $ 18,582 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2016 Debt Securities: Government sponsored mortgage-backed securities $ 27,528 $ 625 $ - $ 28,153 Maturities of held-to-maturity securities as of September 30, 2017: Amortized Cost Approximate Fair Value Government sponsored mortgage-backed securities not due on a single maturity date $ 18,424 $ 18,582 The book value of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $48,651,661 $48,723,259 September 30, 2017 December 31, 2016, $48,125,394 $47,617,900 September 30, 2017 December 31, 2016, Realized gains and losses are recorded as net securit ies gains. Gains on sales of securities are determined on the specific identification method. Gross gains of $73,473 $155,465 September 30, 2017 September 30, 2016, $27,185 $57,522 September 30, 2017 September 30, 2016, The Company evaluates all securities quarterly to determine if any unrealized losses are deemed to be other than temporary. Certain investment securities are valued at less than their historical cost. These declines are primarily the result of the rate for these investments yielding less than current market rates, or declines in stock prices of equity securities. Based on evaluation of available evidence, management believes the declines in fair value for these securities are temporary. It is management’s intent to hold the debt securities to maturity or until recovery of the unrealized loss. Should the impairment of any of these debt securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified, to the extent the loss is related to credit issues, and to other comprehensive income to the extent the decline on debt securities is related to other factors and the Company does not Certain other investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at September 30, 2017 December 31, 2016, $63,471,654 $79,361,229, 76% 86% The following table shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2017 December 31, 2016. September 30, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 10,507,517 $ (91,926 ) $ 10,671,807 $ (237,065 ) $ 21,179,324 $ (328,991 ) Government sponsored mortgage-backed securities and SBA loan pools 21,281,498 (219,697 ) 21,010,832 (507,115 ) 42,292,330 (726,812 ) $ 31,789,015 $ (311,623 ) $ 31,682,639 $ (744,180 ) $ 63,471,654 $ (1,055,803 ) December 31, 2016 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 33,084,816 $ (1,082,021 ) $ 179,402 $ (3,633 ) $ 33,264,218 $ (1,085,654 ) Corporates 1,996,172 (3,828 ) 881,100 (686 ) 2,877,272 (4,514 ) Government sponsored mortgage-backed securities and SBA loan pools 39,570,463 (1,022,511 ) 3,649,276 (104,526 ) 43,219,739 (1,127,037 ) $ 74,651,451 $ (2,108,360 ) $ 4,709,778 $ (108,845 ) $ 79,361,229 $ (2,217,205 ) |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Categories of loans at September 30, 2017 December 31, 2016 September 30, December 31, 2017 2016 Real estate - residential mortgage: One to four family units $ 107,750,990 $ 106,410,559 Multi-family 74,653,469 48,483,523 Real estate - construction 62,046,871 40,912,307 Real estate - commercial 266,292,510 249,580,873 Commercial loans 90,186,600 75,404,732 Consumer and other loans 23,661,618 23,606,306 Total loans 624,592,058 544,398,300 Less: Allowance for loan losses (7,009,097 ) (5,742,449 ) Deferred loan fees/costs, net (698,909 ) (382,211 ) Net loans $ 616,884,052 $ 538,273,640 Classes of loans by aging at September 30, 2017 December 31, 2016 As of September 30, 2017 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > and Accruing (In Thousands) Real estate - residential mortgage: One to four family units $ 1,542 $ 644 $ 249 $ 2,435 $ 105,316 $ 107,751 $ - Multi-family 783 - - 783 73,870 74,653 - Real estate - construction - - - - 62,047 62,047 - Real estate - commercial - - 215 215 266,077 266,292 - Commercial loans - - 1,384 1,384 88,803 90,187 - Consumer and other loans 10 4 - 14 23,648 23,662 - Total $ 2,335 $ 648 $ 1,848 $ 4,831 $ 619,761 $ 624,592 $ - As of December 31, 2016 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 367 $ 495 $ 103 $ 965 $ 105,446 $ 106,411 $ - Multi-family - - - - 48,483 48,483 - Real estate - construction - - - - 40,912 40,912 - Real estate - commercial - - - - 249,581 249,581 - Commercial loans - - 593 593 74,812 75,405 - Consumer and other loans - - 38 38 23,568 23,606 - Total $ 367 $ 495 $ 734 $ 1,596 $ 542,802 $ 544,398 $ - Nonaccruing loans are summarized as follows: September 30, December 31, 2017 2016 Real estate - residential mortgage: One to four family units $ 2,274,040 $ 2,060,180 Multi-family - - Real estate - construction 5,309,728 5,446,896 Real estate - commercial 376,091 161,491 Commercial loans 1,610,950 925,281 Consumer and other loans 124,161 37,791 Total $ 9,694,970 $ 8,631,639 The following tables present the activity in the allowance for loan losses based on portfolio segment for the three nine September 30, 2017 2016: Three months ended September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,739 $ 1,954 $ 936 $ 323 $ 1,226 $ 335 $ 127 $ 6,640 Provision charged to expense 524 (116 ) (81 ) 52 (99 ) 126 44 $ 450 Losses charged off - (71 ) - - - (46 ) - $ (117 ) Recoveries 16 - 1 - 7 12 - $ 36 Balance, end of period $ 2,279 $ 1,767 $ 856 $ 375 $ 1,134 $ 427 $ 171 $ 7,009 Nine months ended September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,377 $ 1,687 $ 856 $ 206 $ 1,168 $ 337 $ 111 $ 5,742 Provision charged to expense 847 151 2 169 40 231 60 $ 1,500 Losses charged off - (71 ) (11 ) - (85 ) (169 ) - $ (336 ) Recoveries 55 - 9 - 11 28 - $ 103 Balance, end of period $ 2,279 $ 1,767 $ 856 $ 375 $ 1,134 $ 427 $ 171 $ 7,009 Three months ended September 30, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,668 $ 1,613 $ 862 $ 157 $ 1,366 $ 288 $ 227 $ 6,181 Provision charged to expense 282 86 6 6 (40 ) 33 (173 ) $ 200 Losses charged off - - - - (11 ) (58 ) - $ (69 ) Recoveries 46 - 17 - 8 14 - $ 85 Balance, end of period $ 1,996 $ 1,699 $ 885 $ 163 $ 1,323 $ 277 $ 54 $ 6,397 Nine months ended September 30, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,246 $ 1,526 $ 821 $ 177 $ 1,382 $ 223 $ 437 $ 5,812 Provision charged to expense 922 141 80 (14 ) 102 102 (383 ) $ 950 Losses charged off (252 ) - (47 ) - (170 ) (132 ) - $ (601 ) Recoveries 80 32 31 - 9 84 - $ 236 Balance, end of period $ 1,996 $ 1,699 $ 885 $ 163 $ 1,323 $ 277 $ 54 $ 6,397 The following tables present the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2017 December 31, 2016: As of September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 830 $ - $ 56 $ - $ 310 $ 130 $ - $ 1,326 Ending balance: collectively evaluated for impairment $ 1,449 $ 1,767 $ 800 $ 375 $ 824 $ 297 $ 171 $ 5,683 Loans: Ending balance: individually evaluated for impairment $ 5,310 $ 161 $ 2,274 $ - $ 931 $ 187 $ - $ 8,863 Ending balance: collectively evaluated for impairment $ 56,737 $ 266,131 $ 105,477 $ 74,653 $ 89,256 $ 23,475 $ - $ 615,729 December 31, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 302 $ - $ 14 $ - $ 241 $ 45 $ - $ 602 Ending balance: collectively evaluated for impairment $ 1,075 $ 1,687 $ 842 $ 206 $ 927 $ 292 $ 111 $ 5,140 Loans: Ending balance: individually evaluated for impairment $ 5,447 $ 161 $ 2,060 $ - $ 925 $ 106 $ - $ 8,699 Ending balance: collectively evaluated for impairment $ 35,465 $ 249,420 $ 104,351 $ 48,483 $ 74,480 $ 23,500 $ - $ 535,699 The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollect ability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management ’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Bank ’s internal risk rating process. Other adjustments may not A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not ’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group ’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. The following table summarizes the recorded investment in impaired loans at September 30, 2017 December 31, 2016: September 30, 2017 December 31, 2016 Recorded Balance Unpaid Principal Specific Allowance Recorded Balance Unpaid Principal Specific Allowance (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,815 $ 1,815 $ - $ 2,006 $ 2,006 $ - Multi-family - - - - - - Real estate - construction 2,937 2,937 - 3,017 3,017 - Real estate - commercial 161 161 - 161 161 - Commercial loans 500 500 - 622 622 - Consumer and other loans 4 4 - 3 3 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 459 $ 459 $ 56 $ 54 $ 54 $ 14 Multi-family - - - - - - Real estate - construction 2,373 3,606 830 2,430 3,663 302 Real estate - commercial - 72 - - - - Commercial loans 431 932 310 303 755 241 Consumer and other loans 183 183 130 103 103 45 Total Real estate - residential mortgage: One to four family units $ 2,274 $ 2,274 56 $ 2,060 $ 2,060 $ 14 Multi-family - - - - - - Real estate - construction 5,310 6,543 830 5,447 6,680 302 Real estate - commercial 161 233 - 161 161 - Commercial loans 931 1,432 310 925 1,377 241 Consumer and other loans 187 187 130 106 106 45 Total $ 8,863 $ 10,669 $ 1,326 $ 8,699 $ 10,384 $ 602 The following table summarizes average impaired loans and related interest recognized on impaired loans for the three nine September 30, 2017 2016: For the Three Months Ended For the Three Months Ended September 30, 2017 September 30, 2016 Average Investment Interest Income Average Investment Interest Income (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,946 $ - $ 2,153 $ - Multi-family - - - - Real estate - construction 2,937 - 5,597 - Real estate - commercial 161 - 244 - Commercial loans 504 - 657 - Consumer and other loans 2 - 185 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 183 $ - $ 28 $ - Multi-family - - - - Real estate - construction 2,373 - 2,051 - Real estate - commercial - - 278 - Commercial loans 431 - 375 - Consumer and other loans 123 - 110 - Total Real estate - residential mortgage: One to four family units $ 2,129 $ - $ 2,181 $ - Multi-family - - - - Real estate - construction 5,310 - 7,648 - Real estate - commercial 161 - 522 - Commercial loans 935 - 1,032 - Consumer and other loans 125 - 295 - Total $ 8,660 $ - $ 11,678 $ - For the Nine Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 Average Investment Interest Income Average Investment Interest Income (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,886 $ - $ 2,200 $ - Multi-family - - - - Real estate - construction 2,964 - 5,661 - Real estate - commercial 360 - 657 - Commercial loans 557 - 960 - Consumer and other loans 8 - 114 1 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 90 $ - $ 23 $ - Multi-family - - - - Real estate - construction 2,395 - 2,222 - Real estate - commercial - - 93 - Commercial loans 481 - 489 - Consumer and other loans 94 - 105 - Total Real estate - residential mortgage: One to four family units $ 1,976 $ - $ 2,223 $ - Multi-family - - - - Real estate - construction 5,359 - 7,883 - Real estate - commercial 360 - 750 - Commercial loans 1,038 - 1,449 - Consumer and other loans 102 - 219 1 Total $ 8,835 $ - $ 12,524 $ 1 At September 30, 2017, In assessing whether or not not The Bank considers all aspects of the modification to loan terms to determine whether or not one The following table summarizes, by class, loans that were newly classified as TDRs for the three September 30, 2017: Number of Loans Pre-Modification Post-Modification Real estate - residential mortgage: One to four family units - $ - $ - Multi-family - - - Real estate - construction - - - Real estate - commercial - - - Commercial loans - - - Consumer and other loans 1 119,459 119,459 Total 1 $ 119,459 $ 119,459 The following table summarizes, by type of concession, loans that were newly classified as TDRs for the three September 30, 2017: Interest Rate Term Combination Total Modification Real estate - residential mortgage: One to four family units $ - $ - $ - $ - Multi-family - - - - Real estate - construction - - - - Real estate - commercial - - - - Commercial loans - - - - Consumer and other loans - 119,459 - 119,459 Total $ - $ 119,459 $ - $ 119,459 The following table presents the carrying balance of TDRs as of September 30, 2017 December 31, 2016: September 30, 2017 December 31, 2016 Real estate - residential mortgage: One to four family units $ 1,313,598 $ 1,564,468 Multi-family - - Real estate - construction 5,309,728 5,446,895 Real estate - commercial 5,701,518 5,736,849 Commercial loans 246,150 401,403 Consumer and other loans 119,717 - Total $ 12,690,711 $ 13,149,615 The Bank has allocated $947,843 $329,734 September 30, 2017 December 31, 2016, There were no twelve three nine September 30, 2017 2016. 90 As part of the on-going monitoring of the credit quality of the Bank ’s loan portfolio, management tracks loans by an internal rating system. All loans are assigned an internal credit quality rating based on an analysis of the borrower’s financial condition. The criteria used to assign quality ratings to extensions of credit that exhibit potential problems or well-defined weaknesses are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect on the Bank’s safety and soundness. The following are the internally assigned ratings: Pass : This rating represents loans that have strong asset quality and liquidity along with a multi-year track record of profitability. Special mention : This rating represents loans that are currently protected but are potentially weak. The credit risk may Substandard : This rating represents loans that show signs of continuing negative financial trends and unprofitability and therefore, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Doubtful : This rating represents loans that have all the weaknesses of substandard classified loans with the additional characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Real estate-Residential 1 4 1 4 1 4 ’s market areas that might impact either property values or a borrower’s personal income. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Real estate-Construction: Construction and land development real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may may ’s market areas. Real estate-Commercial: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may ’s market areas. Commercial: The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower ’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower ’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower. The following tables provide information about the credit quality of the loan portfolio using the Bank’s internal rating system as of September 30, 2017 December 31, 2016: September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 56,737 $ 259,020 $ 97,921 $ 73,870 $ 88,441 $ 23,475 $ 599,464 Special Mention - 5,615 6,190 783 200 - 12,788 Substandard 5,310 1,657 3,640 - 862 187 11,656 Doubtful - - - - 684 - 684 Total $ 62,047 $ 266,292 $ 107,751 $ 74,653 $ 90,187 $ 23,662 $ 624,592 December 31, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 35,465 $ 242,200 $ 100,367 $ 48,483 $ 69,093 $ 23,380 $ 518,988 Special Mention - 5,922 2,591 - 4,503 - 13,016 Substandard 5,447 1,459 3,453 - 1,225 226 11,810 Doubtful - - - - 584 - 584 Total $ 40,912 $ 249,581 $ 106,411 $ 48,483 $ 75,405 $ 23,606 $ 544,398 For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 loan is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not |
Note 5 - Benefit Plans
Note 5 - Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5: The Company has stock-based employee compensation plans, which are described in the Company’s 2016 The following tables below summarize transactions under the Company’s equity plans for the nine September 30, 2017: Stock Options Number of shares Incentive Stock Option Non- Incentive Stock Option Weighted Average Exercise Price Balance outstanding as of January 1, 2017 60,000 52,500 $ 20.15 Granted - - - Exercised - - - Forfeited (11,000 ) (25,000 ) 29.48 Balance outstanding as of September 30, 2017 49,000 27,500 $ 15.75 Options exercisable as of September 30, 2017 49,000 27,500 $ 15.75 The total intrinsic value of stock options exercised for the nine September 30, 2017 2016 $0 $169,103, $669,800 $438,800 September 30, 2017 2016, Restricted Stock Number of Shares Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2017 60,955 $ 13.62 Granted 13,386 20.33 Vested (27,291 ) 12.25 Forfeited - - Balance of shares non-vested as of September 30, 2017 47,050 $ 16.33 In February 2017, 6,960 2015 6,195 one 765 three $20.35 nine September 30, 2017 2016 $101,099 $94,136, For the nine September 30, 2017 2016, 6,426 15,343 three nine September 30, 2017 2016 $159,413 $209,430, Performance Stock Units Performance Stock Units Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2017 - $ - Granted 55,823 20.48 Vested - - Forfeited - - Balance of shares non-vested as of September 30, 2017 55,823 $ 20.48 On March 29, 2017, 55,823 three 25% 50% 100% two March 29, 2017 December 31, 2019 ( two 50% 50% $20.48 nine September 30, 2017 $102,529. Total stock-based compensation expense recognized for the three September 30, 2017 2016 $136,263 $100,594, nine September 30, 2017 2016 $363,041 $313,855, September 30, 2017, $768,224 |
Note 6 - Income Per Common Shar
Note 6 - Income Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6: For three months ended September 30, 2017 For nine months ended September 30, 2017 Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Basic Income Per Common Share $ 1,717,383 4,374,725 $ 0.39 $ 4,739,197 4,370,877 $ 1.08 Effect of Dilutive Securities 72,841 64,815 Diluted Income Per Common Share $ 1,717,383 4,447,566 $ 0.39 $ 4,739,197 4,435,692 $ 1.07 For three months ended September 30, 2016 For nine months ended September 30, 2016 Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Basic Income Per Common Share $ 1,541,907 4,370,700 $ 0.35 $ 4,074,664 4,365,835 $ 0.93 Effect of Dilutive Securities 56,853 53,553 Diluted Income Per Common Share $ 1,541,907 4,427,553 $ 0.35 $ 4,074,664 4,419,388 $ 0.92 Stock options to purchase 32,500 three nine September 30, 2017 73,500 three nine September 30, 2016 not |
Note 7 - New Accounting Pronoun
Note 7 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 7: In May 2014, 2014 09, 606 Revenue from Contracts with Customers 2014 09” 2014 09 not December 15, 2016, 2015 14 Revenue from Contracts with Customers (Topic 606 2014 09 one December 15, 2017. not first 2018, 2014 09 not In January 2016, 2016 01, 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” 2016 01 2016 01 2016 01 December 15, 2017. 2016 01 not In February 2016, 2016 02, Leases 2016 02” 2016 02 12 2016 02 December 15, 2018, ’s new leased headquarters that will be put into place during the fourth 2017. In March 2016, 2016 09, 718 Improvements to Employee Share-Based Payment Accounting not may December 15, 2016. not In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments December 15, 2019, December 15, 2018. No. 2016 13 In August 2016, 2016 15, 230 Classification of Certain Cash Receipts and Cash Payments. eight December 15, 2017. 2016 15 not In March 2017, the FASB issued ASU 2017 08, 310 20 Premium Amortization of Purchased Callable Debt Securities . not December 15, 2018. 2017 08 2017 not In May 2017, 2017 09, 718 Scope of Modification Accounting. 2017 09 not 2017 09 December 15, 2017. 2017 09 not In July 2017, B issued ASU 2017 11, 260 480 815 (Part 1 December 15, 2019. The Company is currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements, but at this time do not In August 2017, issued ASU 2017 12, 815 Targeted improvements to accounting for hedging activities . of this updated guidance is to better align financial reporting for hedging activities with the economic objectives of those activities. The amendments in this update are effective for fiscal years beginning after December 15, 2018, |
Note 8 - Derivative Financial I
Note 8 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 8 : Derivative Financial Instruments The Company records all derivative financial instruments at fair value in the financial statements. Derivatives are used as a risk management tool to hedge the exposure to changes in interest rates or other identified market risks. When a derivative is intended to be a qualifying hedged instrument, the Company prepares written hedge documentation that designates the derivative as 1 2 In June 2017, $50 September 30, 2017, $95,395 $56,025 September 30, 2017, no A summary of the Company’s derivative financial instruments at September 30, 2017 Forward Start Termination Derivative Notional Rate Rate Estimated Fair Value Inception Date Date Type Amount Paid Hedged at September 30, 2017 2/28/2018 2/28/2025 Interest rate swap $ 50,000,000 2.12 % 3 month LIBOR Floating $ 151,420 |
Note 9 - Disclosures About Fair
Note 9 - Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9: ASC Topic 820, Fair Value Measurements 820 three may Level 1 Level 2 1 not Level 3 no The following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale securities: Where quoted market prices are available in an active market, securities are classified within Level 1 1 not may one two 2 2 no 3 Derivative Financial Instruments : 2 may The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2017 December 31, 2016 ( 9/30/2017 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Municipals $ - $ 33,893 $ - $ 33,893 Corporates - 3,070 - 3,070 Government sponsored mortgage-backed securities and SBA loan pools - 46,242 - 46,242 Available-for-sale securities $ - $ 83,205 $ - $ 83,205 Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Interest rate swaps $ - $ 151 $ - $ 151 12/31/2016 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Municipals $ - $ 38,338 $ - $ 38,338 Corporates - 7,053 - 7,053 Government sponsored mortgage-backed securities and SBA loan pools - 47,008 - 47,008 Available-for-sale securities $ - $ 92,399 $ - $ 92,399 The following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. Foreclosed Assets Held for Sale : 3 Impaired loans (Collateral Dependent) : not If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2017 December 31, 2016 ( Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value September 30, 2017 $ - $ - $ 1,474 $ 1,474 December 31, 2016 $ - $ - $ 1,006 $ 1,006 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value September 30, 2017 $ - $ - $ - $ - December 31, 2016 $ - $ - $ 149 $ 149 There were no nine September 30, 2017 2016. The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 Fair Value September 30, 2017 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans (collateral dependent) $ 1,474 Market Comparable Discount to reflect realizable value 0% - 100% (15%) Foreclosed assets held for sale $ - Market Comparable Discount to reflect realizable value 0% Fair Value December 31, 2016 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans (collateral dependent) $ 1,006 Market Comparable Discount to reflect realizable value 0% - 100% (7%) Foreclosed assets held for sale $ 149 Market Comparable Discount to reflect realizable value 10% The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying condensed consolidated balance sheets at amounts other than fair value. Cash and cash equivalents, interest-bearing deposits and Federal Home Loan Bank stock The carrying amounts reported in the condensed consolidated balance sheets approximate those assets' fair value. Held-to-maturity securities Fair value is based on quoted market prices, if available. If a quoted market price is not Loans The fair value of loans is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. The carrying amount of accrued interest approximates its fair value. Deposits Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank advances The fair value of advances is estimated by using rates on debt with similar terms and remaining maturities. Subordinated debentures For these variable rate instruments, the carrying amount is a reasonable estimate of fair value. There is currently a limited market for similar debt instruments and the Company has the option to call the subordinated debentures at an amount close to its par value. Interest payable The carrying amount approximates fair value. Commitments to originate loans, letters of credit and lines of credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The following table s present estimated fair values of the Company’s financial instruments at September 30, 2017 December 31, 2016. September 30, 2017 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 10,721,184 $ 10,721,184 1 Held-to-maturity securities 18,424 18,582 2 Federal Home Loan Bank stock 4,137,500 4,137,500 2 Mortgage loans held for sale 2,516,520 2,516,520 2 Loans, net 616,884,052 613,749,211 3 Interest receivable 2,164,278 2,164,278 2 Financial liabilities: Deposits 584,088,617 583,406,521 2 Federal Home Loan Bank advances 82,800,000 83,002,996 2 Subordinated debentures 15,465,000 15,465,000 3 Interest payable 253,045 253,045 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - December 31, 2016 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 9,088,441 $ 9,088,441 1 Held-to-maturity securities 27,528 28,153 2 Federal Home Loan Bank stock 4,611,000 4,611,000 2 Mortgage loans held for sale 2,183,633 2,183,633 2 Loans, net 538,273,640 537,645,692 3 Interest receivable 1,947,063 1,947,063 2 Financial liabilities: Deposits 505,362,750 504,829,161 2 Federal Home Loan Bank advances 95,700,000 95,764,840 2 Subordinated debentures 15,465,000 15,465,000 3 Interest payable 207,833 207,833 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of September 30, 2017 Debt Securities: Municipals $ 34,012,067 $ 210,255 $ (328,991 ) $ 33,893,331 Corporates 3,000,000 70,000 - 3,070,000 Government sponsored mortgage-backed securities and SBA loan pools 46,936,147 32,472 (726,755 ) 46,241,864 $ 83,948,214 $ 312,727 $ (1,055,746 ) $ 83,205,195 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2016 Debt Securities: Municipals $ 39,357,506 $ 65,673 $ (1,085,654 ) $ 38,337,525 Corporates 7,003,986 54,050 (4,514 ) 7,053,522 Government sponsored mortgage-backed securities and SBA loan pools 48,115,793 19,432 (1,127,037 ) 47,008,188 $ 94,477,285 $ 139,155 $ (2,217,205 ) $ 92,399,235 |
Available-for-sale Securities [Table Text Block] | Amortized Cost Approximate Fair Value 1-5 years 564,554 581,359 6-10 years 9,254,809 9,317,277 After 10 years 27,192,704 27,064,695 Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date 46,936,147 46,241,864 $ 83,948,214 $ 83,205,195 |
Held-to-maturity Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of September 30, 2017 Debt Securities: Government sponsored mortgage-backed securities $ 18,424 $ 215 $ (57 ) $ 18,582 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2016 Debt Securities: Government sponsored mortgage-backed securities $ 27,528 $ 625 $ - $ 28,153 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 10,507,517 $ (91,926 ) $ 10,671,807 $ (237,065 ) $ 21,179,324 $ (328,991 ) Government sponsored mortgage-backed securities and SBA loan pools 21,281,498 (219,697 ) 21,010,832 (507,115 ) 42,292,330 (726,812 ) $ 31,789,015 $ (311,623 ) $ 31,682,639 $ (744,180 ) $ 63,471,654 $ (1,055,803 ) December 31, 2016 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 33,084,816 $ (1,082,021 ) $ 179,402 $ (3,633 ) $ 33,264,218 $ (1,085,654 ) Corporates 1,996,172 (3,828 ) 881,100 (686 ) 2,877,272 (4,514 ) Government sponsored mortgage-backed securities and SBA loan pools 39,570,463 (1,022,511 ) 3,649,276 (104,526 ) 43,219,739 (1,127,037 ) $ 74,651,451 $ (2,108,360 ) $ 4,709,778 $ (108,845 ) $ 79,361,229 $ (2,217,205 ) |
Held-to-maturity Securities [Member] | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | Amortized Cost Approximate Fair Value Government sponsored mortgage-backed securities not due on a single maturity date $ 18,424 $ 18,582 |
Note 4 - Loans and Allowance 19
Note 4 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2017 2016 Real estate - residential mortgage: One to four family units $ 107,750,990 $ 106,410,559 Multi-family 74,653,469 48,483,523 Real estate - construction 62,046,871 40,912,307 Real estate - commercial 266,292,510 249,580,873 Commercial loans 90,186,600 75,404,732 Consumer and other loans 23,661,618 23,606,306 Total loans 624,592,058 544,398,300 Less: Allowance for loan losses (7,009,097 ) (5,742,449 ) Deferred loan fees/costs, net (698,909 ) (382,211 ) Net loans $ 616,884,052 $ 538,273,640 |
Past Due Financing Receivables [Table Text Block] | As of September 30, 2017 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > and Accruing (In Thousands) Real estate - residential mortgage: One to four family units $ 1,542 $ 644 $ 249 $ 2,435 $ 105,316 $ 107,751 $ - Multi-family 783 - - 783 73,870 74,653 - Real estate - construction - - - - 62,047 62,047 - Real estate - commercial - - 215 215 266,077 266,292 - Commercial loans - - 1,384 1,384 88,803 90,187 - Consumer and other loans 10 4 - 14 23,648 23,662 - Total $ 2,335 $ 648 $ 1,848 $ 4,831 $ 619,761 $ 624,592 $ - As of December 31, 2016 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 367 $ 495 $ 103 $ 965 $ 105,446 $ 106,411 $ - Multi-family - - - - 48,483 48,483 - Real estate - construction - - - - 40,912 40,912 - Real estate - commercial - - - - 249,581 249,581 - Commercial loans - - 593 593 74,812 75,405 - Consumer and other loans - - 38 38 23,568 23,606 - Total $ 367 $ 495 $ 734 $ 1,596 $ 542,802 $ 544,398 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | September 30, December 31, 2017 2016 Real estate - residential mortgage: One to four family units $ 2,274,040 $ 2,060,180 Multi-family - - Real estate - construction 5,309,728 5,446,896 Real estate - commercial 376,091 161,491 Commercial loans 1,610,950 925,281 Consumer and other loans 124,161 37,791 Total $ 9,694,970 $ 8,631,639 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three months ended September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,739 $ 1,954 $ 936 $ 323 $ 1,226 $ 335 $ 127 $ 6,640 Provision charged to expense 524 (116 ) (81 ) 52 (99 ) 126 44 $ 450 Losses charged off - (71 ) - - - (46 ) - $ (117 ) Recoveries 16 - 1 - 7 12 - $ 36 Balance, end of period $ 2,279 $ 1,767 $ 856 $ 375 $ 1,134 $ 427 $ 171 $ 7,009 Nine months ended September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,377 $ 1,687 $ 856 $ 206 $ 1,168 $ 337 $ 111 $ 5,742 Provision charged to expense 847 151 2 169 40 231 60 $ 1,500 Losses charged off - (71 ) (11 ) - (85 ) (169 ) - $ (336 ) Recoveries 55 - 9 - 11 28 - $ 103 Balance, end of period $ 2,279 $ 1,767 $ 856 $ 375 $ 1,134 $ 427 $ 171 $ 7,009 Three months ended September 30, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,668 $ 1,613 $ 862 $ 157 $ 1,366 $ 288 $ 227 $ 6,181 Provision charged to expense 282 86 6 6 (40 ) 33 (173 ) $ 200 Losses charged off - - - - (11 ) (58 ) - $ (69 ) Recoveries 46 - 17 - 8 14 - $ 85 Balance, end of period $ 1,996 $ 1,699 $ 885 $ 163 $ 1,323 $ 277 $ 54 $ 6,397 Nine months ended September 30, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of period $ 1,246 $ 1,526 $ 821 $ 177 $ 1,382 $ 223 $ 437 $ 5,812 Provision charged to expense 922 141 80 (14 ) 102 102 (383 ) $ 950 Losses charged off (252 ) - (47 ) - (170 ) (132 ) - $ (601 ) Recoveries 80 32 31 - 9 84 - $ 236 Balance, end of period $ 1,996 $ 1,699 $ 885 $ 163 $ 1,323 $ 277 $ 54 $ 6,397 As of September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 830 $ - $ 56 $ - $ 310 $ 130 $ - $ 1,326 Ending balance: collectively evaluated for impairment $ 1,449 $ 1,767 $ 800 $ 375 $ 824 $ 297 $ 171 $ 5,683 Loans: Ending balance: individually evaluated for impairment $ 5,310 $ 161 $ 2,274 $ - $ 931 $ 187 $ - $ 8,863 Ending balance: collectively evaluated for impairment $ 56,737 $ 266,131 $ 105,477 $ 74,653 $ 89,256 $ 23,475 $ - $ 615,729 December 31, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 302 $ - $ 14 $ - $ 241 $ 45 $ - $ 602 Ending balance: collectively evaluated for impairment $ 1,075 $ 1,687 $ 842 $ 206 $ 927 $ 292 $ 111 $ 5,140 Loans: Ending balance: individually evaluated for impairment $ 5,447 $ 161 $ 2,060 $ - $ 925 $ 106 $ - $ 8,699 Ending balance: collectively evaluated for impairment $ 35,465 $ 249,420 $ 104,351 $ 48,483 $ 74,480 $ 23,500 $ - $ 535,699 |
Impaired Financing Receivables [Table Text Block] | September 30, 2017 December 31, 2016 Recorded Balance Unpaid Principal Specific Allowance Recorded Balance Unpaid Principal Specific Allowance (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,815 $ 1,815 $ - $ 2,006 $ 2,006 $ - Multi-family - - - - - - Real estate - construction 2,937 2,937 - 3,017 3,017 - Real estate - commercial 161 161 - 161 161 - Commercial loans 500 500 - 622 622 - Consumer and other loans 4 4 - 3 3 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 459 $ 459 $ 56 $ 54 $ 54 $ 14 Multi-family - - - - - - Real estate - construction 2,373 3,606 830 2,430 3,663 302 Real estate - commercial - 72 - - - - Commercial loans 431 932 310 303 755 241 Consumer and other loans 183 183 130 103 103 45 Total Real estate - residential mortgage: One to four family units $ 2,274 $ 2,274 56 $ 2,060 $ 2,060 $ 14 Multi-family - - - - - - Real estate - construction 5,310 6,543 830 5,447 6,680 302 Real estate - commercial 161 233 - 161 161 - Commercial loans 931 1,432 310 925 1,377 241 Consumer and other loans 187 187 130 106 106 45 Total $ 8,863 $ 10,669 $ 1,326 $ 8,699 $ 10,384 $ 602 For the Three Months Ended For the Three Months Ended September 30, 2017 September 30, 2016 Average Investment Interest Income Average Investment Interest Income (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,946 $ - $ 2,153 $ - Multi-family - - - - Real estate - construction 2,937 - 5,597 - Real estate - commercial 161 - 244 - Commercial loans 504 - 657 - Consumer and other loans 2 - 185 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 183 $ - $ 28 $ - Multi-family - - - - Real estate - construction 2,373 - 2,051 - Real estate - commercial - - 278 - Commercial loans 431 - 375 - Consumer and other loans 123 - 110 - Total Real estate - residential mortgage: One to four family units $ 2,129 $ - $ 2,181 $ - Multi-family - - - - Real estate - construction 5,310 - 7,648 - Real estate - commercial 161 - 522 - Commercial loans 935 - 1,032 - Consumer and other loans 125 - 295 - Total $ 8,660 $ - $ 11,678 $ - For the Nine Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 Average Investment Interest Income Average Investment Interest Income (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,886 $ - $ 2,200 $ - Multi-family - - - - Real estate - construction 2,964 - 5,661 - Real estate - commercial 360 - 657 - Commercial loans 557 - 960 - Consumer and other loans 8 - 114 1 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 90 $ - $ 23 $ - Multi-family - - - - Real estate - construction 2,395 - 2,222 - Real estate - commercial - - 93 - Commercial loans 481 - 489 - Consumer and other loans 94 - 105 - Total Real estate - residential mortgage: One to four family units $ 1,976 $ - $ 2,223 $ - Multi-family - - - - Real estate - construction 5,359 - 7,883 - Real estate - commercial 360 - 750 - Commercial loans 1,038 - 1,449 - Consumer and other loans 102 - 219 1 Total $ 8,835 $ - $ 12,524 $ 1 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Number of Loans Pre-Modification Post-Modification Real estate - residential mortgage: One to four family units - $ - $ - Multi-family - - - Real estate - construction - - - Real estate - commercial - - - Commercial loans - - - Consumer and other loans 1 119,459 119,459 Total 1 $ 119,459 $ 119,459 September 30, 2017 December 31, 2016 Real estate - residential mortgage: One to four family units $ 1,313,598 $ 1,564,468 Multi-family - - Real estate - construction 5,309,728 5,446,895 Real estate - commercial 5,701,518 5,736,849 Commercial loans 246,150 401,403 Consumer and other loans 119,717 - Total $ 12,690,711 $ 13,149,615 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2017 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 56,737 $ 259,020 $ 97,921 $ 73,870 $ 88,441 $ 23,475 $ 599,464 Special Mention - 5,615 6,190 783 200 - 12,788 Substandard 5,310 1,657 3,640 - 862 187 11,656 Doubtful - - - - 684 - 684 Total $ 62,047 $ 266,292 $ 107,751 $ 74,653 $ 90,187 $ 23,662 $ 624,592 December 31, 2016 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 35,465 $ 242,200 $ 100,367 $ 48,483 $ 69,093 $ 23,380 $ 518,988 Special Mention - 5,922 2,591 - 4,503 - 13,016 Substandard 5,447 1,459 3,453 - 1,225 226 11,810 Doubtful - - - - 584 - 584 Total $ 40,912 $ 249,581 $ 106,411 $ 48,483 $ 75,405 $ 23,606 $ 544,398 |
Modification Type [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Interest Rate Term Combination Total Modification Real estate - residential mortgage: One to four family units $ - $ - $ - $ - Multi-family - - - - Real estate - construction - - - - Real estate - commercial - - - - Commercial loans - - - - Consumer and other loans - 119,459 - 119,459 Total $ - $ 119,459 $ - $ 119,459 |
Note 5 - Benefit Plans (Tables)
Note 5 - Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options Number of shares Incentive Stock Option Non- Incentive Stock Option Weighted Average Exercise Price Balance outstanding as of January 1, 2017 60,000 52,500 $ 20.15 Granted - - - Exercised - - - Forfeited (11,000 ) (25,000 ) 29.48 Balance outstanding as of September 30, 2017 49,000 27,500 $ 15.75 Options exercisable as of September 30, 2017 49,000 27,500 $ 15.75 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted Stock Number of Shares Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2017 60,955 $ 13.62 Granted 13,386 20.33 Vested (27,291 ) 12.25 Forfeited - - Balance of shares non-vested as of September 30, 2017 47,050 $ 16.33 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Performance Stock Units Performance Stock Units Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2017 - $ - Granted 55,823 20.48 Vested - - Forfeited - - Balance of shares non-vested as of September 30, 2017 55,823 $ 20.48 |
Note 6 - Income Per Common Sh21
Note 6 - Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For three months ended September 30, 2017 For nine months ended September 30, 2017 Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Basic Income Per Common Share $ 1,717,383 4,374,725 $ 0.39 $ 4,739,197 4,370,877 $ 1.08 Effect of Dilutive Securities 72,841 64,815 Diluted Income Per Common Share $ 1,717,383 4,447,566 $ 0.39 $ 4,739,197 4,435,692 $ 1.07 For three months ended September 30, 2016 For nine months ended September 30, 2016 Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Income Available to Common Shareholders Average Common Shares Outstanding Per Common Share Basic Income Per Common Share $ 1,541,907 4,370,700 $ 0.35 $ 4,074,664 4,365,835 $ 0.93 Effect of Dilutive Securities 56,853 53,553 Diluted Income Per Common Share $ 1,541,907 4,427,553 $ 0.35 $ 4,074,664 4,419,388 $ 0.92 |
Note 8 - Derivative Financial22
Note 8 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Forward Start Termination Derivative Notional Rate Rate Estimated Fair Value Inception Date Date Type Amount Paid Hedged at September 30, 2017 2/28/2018 2/28/2025 Interest rate swap $ 50,000,000 2.12 % 3 month LIBOR Floating $ 151,420 |
Note 9 - Disclosures About Fa23
Note 9 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 9/30/2017 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Municipals $ - $ 33,893 $ - $ 33,893 Corporates - 3,070 - 3,070 Government sponsored mortgage-backed securities and SBA loan pools - 46,242 - 46,242 Available-for-sale securities $ - $ 83,205 $ - $ 83,205 Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Interest rate swaps $ - $ 151 $ - $ 151 12/31/2016 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Municipals $ - $ 38,338 $ - $ 38,338 Corporates - 7,053 - 7,053 Government sponsored mortgage-backed securities and SBA loan pools - 47,008 - 47,008 Available-for-sale securities $ - $ 92,399 $ - $ 92,399 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value September 30, 2017 $ - $ - $ 1,474 $ 1,474 December 31, 2016 $ - $ - $ 1,006 $ 1,006 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value September 30, 2017 $ - $ - $ - $ - December 31, 2016 $ - $ - $ 149 $ 149 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value September 30, 2017 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans (collateral dependent) $ 1,474 Market Comparable Discount to reflect realizable value 0% - 100% (15%) Foreclosed assets held for sale $ - Market Comparable Discount to reflect realizable value 0% Fair Value December 31, 2016 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans (collateral dependent) $ 1,006 Market Comparable Discount to reflect realizable value 0% - 100% (7%) Foreclosed assets held for sale $ 149 Market Comparable Discount to reflect realizable value 10% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2017 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 10,721,184 $ 10,721,184 1 Held-to-maturity securities 18,424 18,582 2 Federal Home Loan Bank stock 4,137,500 4,137,500 2 Mortgage loans held for sale 2,516,520 2,516,520 2 Loans, net 616,884,052 613,749,211 3 Interest receivable 2,164,278 2,164,278 2 Financial liabilities: Deposits 584,088,617 583,406,521 2 Federal Home Loan Bank advances 82,800,000 83,002,996 2 Subordinated debentures 15,465,000 15,465,000 3 Interest payable 253,045 253,045 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - December 31, 2016 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 9,088,441 $ 9,088,441 1 Held-to-maturity securities 27,528 28,153 2 Federal Home Loan Bank stock 4,611,000 4,611,000 2 Mortgage loans held for sale 2,183,633 2,183,633 2 Loans, net 538,273,640 537,645,692 3 Interest receivable 1,947,063 1,947,063 2 Financial liabilities: Deposits 505,362,750 504,829,161 2 Federal Home Loan Bank advances 95,700,000 95,764,840 2 Subordinated debentures 15,465,000 15,465,000 3 Interest payable 207,833 207,833 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Available for Sale Securities Pledged as Collateral Book Value | $ 48,651,661 | $ 48,723,259 | |
Available-for-sale Securities Pledged as Collateral | 48,125,394 | 47,617,900 | |
Available-for-sale Securities, Gross Realized Gains | 73,473 | $ 155,465 | |
Availablefor Sale Securities Gross Realized Gain Loss Tax Effect | 27,185 | $ 57,522 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 63,471,654 | $ 79,361,229 | |
Percentage of Securities in Continuous Unrealized Loss Position to Total Investment Portfolio | 76.00% | 86.00% |
Note 3 - Securities - Available
Note 3 - Securities - Available-for-sale Securities (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities, amortized cost | $ 83,948,214 | $ 94,477,285 |
Available-for-sale securities, gross unrealized gains | 312,727 | 139,155 |
Available-for-sale securities, gross unrealized (losses) | (1,055,746) | (2,217,205) |
Available-for-sale securities, approximate fair value | 83,205,195 | 92,399,235 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 34,012,067 | 39,357,506 |
Available-for-sale securities, gross unrealized gains | 210,255 | 65,673 |
Available-for-sale securities, gross unrealized (losses) | (328,991) | (1,085,654) |
Available-for-sale securities, approximate fair value | 33,893,331 | 38,337,525 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 3,000,000 | 7,003,986 |
Available-for-sale securities, gross unrealized gains | 70,000 | 54,050 |
Available-for-sale securities, gross unrealized (losses) | (4,514) | |
Available-for-sale securities, approximate fair value | 3,070,000 | 7,053,522 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 46,936,147 | 48,115,793 |
Available-for-sale securities, gross unrealized gains | 32,472 | 19,432 |
Available-for-sale securities, gross unrealized (losses) | (726,755) | (1,127,037) |
Available-for-sale securities, approximate fair value | $ 46,241,864 | $ 47,008,188 |
Note 3 - Securities - Availab26
Note 3 - Securities - Available-for-sale Securities by Maturity (Details) | Sep. 30, 2017USD ($) |
1-5 years, amortized cost | $ 564,554 |
1-5 years, fair value | 581,359 |
5-10 years, amortized cost | 9,254,809 |
5-10 years, fair value | 9,317,277 |
After ten years, amortized cost | 27,192,704 |
After ten years, fair value | 27,064,695 |
Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date, amortized cost | 46,936,147 |
Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date, fair value | 46,241,864 |
Amortized cost | 83,948,214 |
Fair value | $ 83,205,195 |
Note 3 - Securities - Held-to-m
Note 3 - Securities - Held-to-maturity Securities (Details) - Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Securities: | ||
Held-to-maturity securities, amortized cost | $ 18,424 | $ 27,528 |
Held-to-maturity securities, gross unrealized gains | 215 | 625 |
Held-to-maturity securities, gross unrealized losses | (57) | 0 |
Held-to-maturity securities, approximate fair value | $ 18,582 | $ 28,153 |
Note 3 - Securities - Held-to28
Note 3 - Securities - Held-to-maturity Securities by Maturity (Details) | Sep. 30, 2017USD ($) |
Government sponsored mortgage-backed securities not due on a single maturity date, amortized cost | $ 18,424 |
Government sponsored mortgage-backed securities not due on a single maturity date, approximate fair value | $ 18,582 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Securities, continuous unrealized loss position, less than 12 months, fair value | $ 31,789,015 | $ 74,651,451 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (311,623) | (2,108,360) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 31,682,639 | 4,709,778 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (744,180) | (108,845) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 63,471,654 | 79,361,229 |
Securities, continuous unrealized loss position, unrealized losses | (1,055,803) | (2,217,205) |
Securities, continuous unrealized loss position, less than 12 months, fair value | 31,789,015 | 74,651,451 |
Securities, continuous unrealized loss position, fair value | 63,471,654 | 79,361,229 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 10,507,517 | 33,084,816 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (91,926) | (1,082,021) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 10,671,807 | 179,402 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (237,065) | (3,633) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,179,324 | 33,264,218 |
Securities, continuous unrealized loss position, unrealized losses | (328,991) | (1,085,654) |
Securities, continuous unrealized loss position, less than 12 months, fair value | 10,507,517 | 33,084,816 |
Securities, continuous unrealized loss position, fair value | 21,179,324 | 33,264,218 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 21,281,498 | 39,570,463 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (219,697) | (1,022,511) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 21,010,832 | 3,649,276 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (507,115) | (104,526) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,292,330 | 43,219,739 |
Securities, continuous unrealized loss position, unrealized losses | (726,812) | (1,127,037) |
Securities, continuous unrealized loss position, less than 12 months, fair value | 21,281,498 | 39,570,463 |
Securities, continuous unrealized loss position, fair value | $ 42,292,330 | 43,219,739 |
Corporate Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 1,996,172 | |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (3,828) | |
Securities, continuous unrealized loss position, 12 months or more, fair value | 881,100 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (686) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,877,272 | |
Securities, continuous unrealized loss position, unrealized losses | (4,514) | |
Securities, continuous unrealized loss position, less than 12 months, fair value | 1,996,172 | |
Securities, continuous unrealized loss position, fair value | $ 2,877,272 |
Note 4 - Loans and Allowance 30
Note 4 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2016 | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Troubled Debt Restructurings [Member] | |||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 947,843 | $ 947,843 | $ 329,734 |
Note 4 - Loans and Allowance 31
Note 4 - Loans and Allowance for Loan Losses - Loans by Category (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Loans receivable | $ 624,592,058 | $ 544,398,300 | ||||
Allowance for loan losses | (7,009,097) | $ (6,640,000) | (5,742,449) | $ (6,397,000) | $ (6,181,000) | $ (5,812,000) |
Deferred loan fees/costs, net | (698,909) | (382,211) | ||||
Net loans | 616,884,052 | 538,273,640 | ||||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||||||
Loans receivable | 107,750,990 | 106,410,559 | ||||
Allowance for loan losses | (856,000) | (936,000) | (856,000) | (885,000) | (862,000) | (821,000) |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||||||
Loans receivable | 74,653,469 | 48,483,523 | ||||
Allowance for loan losses | (375,000) | (323,000) | (206,000) | (163,000) | (157,000) | (177,000) |
Real Estate, Construction [Member] | ||||||
Loans receivable | 62,046,871 | 40,912,307 | ||||
Allowance for loan losses | (2,279,000) | (1,739,000) | (1,377,000) | (1,996,000) | (1,668,000) | (1,246,000) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | 266,292,510 | 249,580,873 | ||||
Allowance for loan losses | (1,767,000) | (1,954,000) | (1,687,000) | (1,699,000) | (1,613,000) | (1,526,000) |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable | 90,186,600 | 75,404,732 | ||||
Allowance for loan losses | (1,134,000) | (1,226,000) | (1,168,000) | (1,323,000) | (1,366,000) | (1,382,000) |
Consumer and Other Loans [Member] | ||||||
Loans receivable | 23,661,618 | 23,606,306 | ||||
Allowance for loan losses | $ (427,000) | $ (335,000) | $ (337,000) | $ (277,000) | $ (288,000) | $ (223,000) |
Note 4 - Loans and Allowance 32
Note 4 - Loans and Allowance for Loan Losses - Loans by Aging (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Loans receivable, past due | $ 4,831,000 | $ 1,596,000 |
Loans receivable, current | 619,761,000 | 542,802,000 |
Loans receivable | 624,592,058 | 544,398,300 |
Loans receivable, past due and accruing | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 2,435,000 | 965,000 |
Loans receivable, current | 105,316,000 | 105,446,000 |
Loans receivable | 107,750,990 | 106,410,559 |
Loans receivable, past due and accruing | ||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 783,000 | |
Loans receivable, current | 73,870,000 | 48,483,000 |
Loans receivable | 74,653,469 | 48,483,523 |
Loans receivable, past due and accruing | ||
Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Loans receivable, current | 62,047,000 | 40,912,000 |
Loans receivable | 62,046,871 | 40,912,307 |
Loans receivable, past due and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 215,000 | |
Loans receivable, current | 266,077,000 | 249,581,000 |
Loans receivable | 266,292,510 | 249,580,873 |
Loans receivable, past due and accruing | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 1,384,000 | 593,000 |
Loans receivable, current | 88,803,000 | 74,812,000 |
Loans receivable | 90,186,600 | 75,404,732 |
Loans receivable, past due and accruing | ||
Consumer and Other Loans [Member] | ||
Loans receivable, past due | 14,000 | 38,000 |
Loans receivable, current | 23,648,000 | 23,568,000 |
Loans receivable | 23,661,618 | 23,606,306 |
Loans receivable, past due and accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, past due | 2,335,000 | 367,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 1,542,000 | 367,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 783,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 10,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, past due | 648,000 | 495,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 644,000 | 495,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 4,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, past due | 1,848,000 | 734,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 249,000 | 103,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 215,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 1,384,000 | 593,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | $ 38,000 |
Note 4 - Loans and Allowance 33
Note 4 - Loans and Allowance for Loan Losses - Nonaccruing Loans (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Nonaccruing loans | $ 9,694,970 | $ 8,631,639 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Nonaccruing loans | 2,274,040 | 2,060,180 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Nonaccruing loans | ||
Real Estate, Construction [Member] | ||
Nonaccruing loans | 5,309,728 | 5,446,896 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccruing loans | 376,091 | 161,491 |
Commercial Portfolio Segment [Member] | ||
Nonaccruing loans | 1,610,950 | 925,281 |
Consumer and Other Loans [Member] | ||
Nonaccruing loans | $ 124,161 | $ 37,791 |
Note 4 - Loans and Allowance 34
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Balance, beginning of period | $ 6,640,000 | $ 6,181,000 | $ 5,742,449 | $ 5,812,000 | |
Provision for loan losses | 450,000 | 200,000 | 1,500,000 | 950,000 | |
Losses charged off | (117,000) | (69,000) | (336,000) | (601,000) | |
Recoveries | 36,000 | 85,000 | 103,000 | 236,000 | |
Balance, end of period | 7,009,097 | 6,397,000 | 7,009,097 | 6,397,000 | |
Ending balance: individually evaluated for impairment | 1,326,000 | 1,326,000 | $ 602,000 | ||
Ending balance: collectively evaluated for impairment | 5,683,000 | 5,683,000 | 5,140,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 8,863,000 | 8,863,000 | 8,699,000 | ||
Ending balance: collectively evaluated for impairment | 615,729,000 | 615,729,000 | 535,699,000 | ||
Ending balance: individually evaluated for impairment | 1,326,000 | 1,326,000 | 602,000 | ||
Ending balance: collectively evaluated for impairment | 5,683,000 | 5,683,000 | 5,140,000 | ||
Real Estate, Construction [Member] | |||||
Balance, beginning of period | 1,739,000 | 1,668,000 | 1,377,000 | 1,246,000 | |
Provision for loan losses | 524,000 | 282,000 | 847,000 | 922,000 | |
Losses charged off | (252,000) | ||||
Recoveries | 16,000 | 46,000 | 55,000 | 80,000 | |
Balance, end of period | 2,279,000 | 1,996,000 | 2,279,000 | 1,996,000 | |
Ending balance: individually evaluated for impairment | 830,000 | 830,000 | 302,000 | ||
Ending balance: collectively evaluated for impairment | 1,449,000 | 1,449,000 | 1,075,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 5,310,000 | 5,310,000 | 5,447,000 | ||
Ending balance: collectively evaluated for impairment | 56,737,000 | 56,737,000 | 35,465,000 | ||
Ending balance: individually evaluated for impairment | 830,000 | 830,000 | 302,000 | ||
Ending balance: collectively evaluated for impairment | 1,449,000 | 1,449,000 | 1,075,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Balance, beginning of period | 1,954,000 | 1,613,000 | 1,687,000 | 1,526,000 | |
Provision for loan losses | (116,000) | 86,000 | 151,000 | 141,000 | |
Losses charged off | (71,000) | (71,000) | |||
Recoveries | 32,000 | ||||
Balance, end of period | 1,767,000 | 1,699,000 | 1,767,000 | 1,699,000 | |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 1,767,000 | 1,767,000 | 1,687,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 161,000 | 161,000 | 161,000 | ||
Ending balance: collectively evaluated for impairment | 266,131,000 | 266,131,000 | 249,420,000 | ||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 1,767,000 | 1,767,000 | 1,687,000 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |||||
Balance, beginning of period | 936,000 | 862,000 | 856,000 | 821,000 | |
Provision for loan losses | (81,000) | 6,000 | 2,000 | 80,000 | |
Losses charged off | (11,000) | (47,000) | |||
Recoveries | 1,000 | 17,000 | 9,000 | 31,000 | |
Balance, end of period | 856,000 | 885,000 | 856,000 | 885,000 | |
Ending balance: individually evaluated for impairment | 56,000 | 56,000 | 14,000 | ||
Ending balance: collectively evaluated for impairment | 800,000 | 800,000 | 842,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 2,274,000 | 2,274,000 | 2,060,000 | ||
Ending balance: collectively evaluated for impairment | 105,477,000 | 105,477,000 | 104,351,000 | ||
Ending balance: individually evaluated for impairment | 56,000 | 56,000 | 14,000 | ||
Ending balance: collectively evaluated for impairment | 800,000 | 800,000 | 842,000 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |||||
Balance, beginning of period | 323,000 | 157,000 | 206,000 | 177,000 | |
Provision for loan losses | 52,000 | 6,000 | 169,000 | (14,000) | |
Losses charged off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, end of period | 375,000 | 163,000 | 375,000 | 163,000 | |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 375,000 | 375,000 | 206,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 74,653,000 | 74,653,000 | 48,483,000 | ||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 375,000 | 375,000 | 206,000 | ||
Commercial Portfolio Segment [Member] | |||||
Balance, beginning of period | 1,226,000 | 1,366,000 | 1,168,000 | 1,382,000 | |
Provision for loan losses | (99,000) | (40,000) | 40,000 | 102,000 | |
Losses charged off | (11,000) | (85,000) | (170,000) | ||
Recoveries | 7,000 | 8,000 | 11,000 | 9,000 | |
Balance, end of period | 1,134,000 | 1,323,000 | 1,134,000 | 1,323,000 | |
Ending balance: individually evaluated for impairment | 310,000 | 310,000 | 241,000 | ||
Ending balance: collectively evaluated for impairment | 824,000 | 824,000 | 927,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 931,000 | 931,000 | 925,000 | ||
Ending balance: collectively evaluated for impairment | 89,256,000 | 89,256,000 | 74,480,000 | ||
Ending balance: individually evaluated for impairment | 310,000 | 310,000 | 241,000 | ||
Ending balance: collectively evaluated for impairment | 824,000 | 824,000 | 927,000 | ||
Consumer and Other Loans [Member] | |||||
Balance, beginning of period | 335,000 | 288,000 | 337,000 | 223,000 | |
Provision for loan losses | 126,000 | 33,000 | 231,000 | 102,000 | |
Losses charged off | (46,000) | (58,000) | (169,000) | (132,000) | |
Recoveries | 12,000 | 14,000 | 28,000 | 84,000 | |
Balance, end of period | 427,000 | 277,000 | 427,000 | 277,000 | |
Ending balance: individually evaluated for impairment | 130,000 | 130,000 | 45,000 | ||
Ending balance: collectively evaluated for impairment | 297,000 | 297,000 | 292,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | 187,000 | 187,000 | 106,000 | ||
Ending balance: collectively evaluated for impairment | 23,475,000 | 23,475,000 | 23,500,000 | ||
Ending balance: individually evaluated for impairment | 130,000 | 130,000 | 45,000 | ||
Ending balance: collectively evaluated for impairment | 297,000 | 297,000 | 292,000 | ||
Unallocated Financing Receivables [Member] | |||||
Balance, beginning of period | 127,000 | 227,000 | 111,000 | 437,000 | |
Provision for loan losses | 44,000 | (173,000) | 60,000 | (383,000) | |
Losses charged off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, end of period | 171,000 | $ 54,000 | 171,000 | $ 54,000 | |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 171,000 | 171,000 | 111,000 | ||
Loans: | |||||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | |||||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | $ 171,000 | $ 171,000 | $ 111,000 |
Note 4 - Loans and Allowance 35
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Valuation allowance | $ 1,326 | $ 1,326 | $ 602 | ||
Loans recorded balance | 8,863 | 8,863 | 8,699 | ||
Loans unpaid principal | 10,669 | 10,669 | 10,384 | ||
Loans interest income recognized | $ 1 | ||||
Loans average investment in impaired loans | 8,660 | 11,678 | 8,835 | 12,524 | |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |||||
Loans without a specific valuation allowance, recorded balance | 1,815 | 1,815 | 2,006 | ||
Loans without a specific valuation allowance, unpaid principal | 1,815 | 1,815 | 2,006 | ||
Loans with a specific valuation allowance, recorded balance | 459 | 459 | 54 | ||
Loans with a specific valuation allowance, unpaid principal | 459 | 459 | 54 | ||
Valuation allowance | 56 | 56 | 14 | ||
Loans recorded balance | 2,274 | 2,274 | 2,060 | ||
Loans unpaid principal | 2,274 | 2,274 | 2,060 | ||
Loans without a specific valuation allowance, average investment in impaired loans | 1,946 | 2,153 | 1,886 | 2,200 | |
Loans interest income recognized | |||||
Loans with a specific valuation allowance, average investment in impaired loans | 183 | 28 | 90 | 23 | |
Loans average investment in impaired loans | 2,129 | 2,181 | 1,976 | 2,223 | |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |||||
Loans without a specific valuation allowance, recorded balance | |||||
Loans without a specific valuation allowance, unpaid principal | |||||
Valuation allowance | |||||
Loans recorded balance | |||||
Loans unpaid principal | |||||
Loans without a specific valuation allowance, average investment in impaired loans | |||||
Loans interest income recognized | |||||
Loans with a specific valuation allowance, average investment in impaired loans | |||||
Loans average investment in impaired loans | |||||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans without a specific valuation allowance, average investment in impaired loans | 2,937 | 5,597 | 2,964 | 5,661 | |
Loans interest income recognized | |||||
Loans with a specific valuation allowance, average investment in impaired loans | 2,373 | 2,051 | 2,395 | 2,222 | |
Loans average investment in impaired loans | 5,310 | 7,648 | 5,359 | 7,883 | |
Real Estate, Construction [Member] | |||||
Loans without a specific valuation allowance, recorded balance | 2,937 | 2,937 | 3,017 | ||
Loans without a specific valuation allowance, unpaid principal | 2,937 | 2,937 | 3,017 | ||
Loans with a specific valuation allowance, recorded balance | 2,373 | 2,373 | 2,430 | ||
Loans with a specific valuation allowance, unpaid principal | 3,606 | 3,606 | 3,663 | ||
Valuation allowance | 830 | 830 | 302 | ||
Loans recorded balance | 5,310 | 5,310 | 5,447 | ||
Loans unpaid principal | 6,543 | 6,543 | 6,680 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance, recorded balance | 161 | 161 | 161 | ||
Loans without a specific valuation allowance, unpaid principal | 161 | 161 | 161 | ||
Loans with a specific valuation allowance, recorded balance | |||||
Loans with a specific valuation allowance, unpaid principal | 72 | 72 | |||
Valuation allowance | |||||
Loans recorded balance | 161 | 161 | 161 | ||
Loans unpaid principal | 233 | 233 | 161 | ||
Loans without a specific valuation allowance, average investment in impaired loans | 161 | 244 | 360 | 657 | |
Loans interest income recognized | |||||
Loans with a specific valuation allowance, average investment in impaired loans | 278 | 93 | |||
Loans average investment in impaired loans | 161 | 522 | 360 | 750 | |
Commercial Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance, recorded balance | 500 | 500 | 622 | ||
Loans without a specific valuation allowance, unpaid principal | 500 | 500 | 622 | ||
Loans with a specific valuation allowance, recorded balance | 431 | 431 | 303 | ||
Loans with a specific valuation allowance, unpaid principal | 932 | 932 | 755 | ||
Valuation allowance | 310 | 310 | 241 | ||
Loans recorded balance | 931 | 931 | 925 | ||
Loans unpaid principal | 1,432 | 1,432 | 1,377 | ||
Loans without a specific valuation allowance, average investment in impaired loans | 504 | 657 | 557 | 960 | |
Loans interest income recognized | |||||
Loans with a specific valuation allowance, average investment in impaired loans | 431 | 375 | 481 | 489 | |
Loans average investment in impaired loans | 935 | 1,032 | 1,038 | 1,449 | |
Consumer and Other Loans [Member] | |||||
Loans without a specific valuation allowance, recorded balance | 4 | 4 | 3 | ||
Loans without a specific valuation allowance, unpaid principal | 4 | 4 | 3 | ||
Loans with a specific valuation allowance, recorded balance | 183 | 183 | 103 | ||
Loans with a specific valuation allowance, unpaid principal | 183 | 183 | 103 | ||
Valuation allowance | 130 | 130 | 45 | ||
Loans recorded balance | 187 | 187 | 106 | ||
Loans unpaid principal | 187 | 187 | $ 106 | ||
Consumer Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance, average investment in impaired loans | 2 | 185 | 8 | 114 | |
Loans interest income recognized | 1 | ||||
Loans with a specific valuation allowance, average investment in impaired loans | 123 | 110 | 94 | 105 | |
Loans average investment in impaired loans | $ 125 | $ 295 | $ 102 | $ 219 |
Note 4 - Loans and Allowance 36
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | |
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of loans | 1 | |
Pre-modification outstanding recorded balance | $ 119,459 | |
Post-modification outstanding recorded balance | 119,459 | |
TDRs, carrying balance | $ 12,690,711 | $ 13,149,615 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Number of loans | 0 | |
Pre-modification outstanding recorded balance | $ 0 | |
Post-modification outstanding recorded balance | 0 | |
TDRs, carrying balance | $ 1,313,598 | 1,564,468 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Number of loans | 0 | |
Pre-modification outstanding recorded balance | $ 0 | |
Post-modification outstanding recorded balance | 0 | |
TDRs, carrying balance | ||
Real Estate, Construction [Member] | ||
Number of loans | 0 | |
Pre-modification outstanding recorded balance | $ 0 | |
Post-modification outstanding recorded balance | 0 | |
TDRs, carrying balance | $ 5,309,728 | 5,446,895 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of loans | 0 | |
Pre-modification outstanding recorded balance | $ 0 | |
Post-modification outstanding recorded balance | 0 | |
TDRs, carrying balance | $ 5,701,518 | 5,736,849 |
Commercial Portfolio Segment [Member] | ||
Number of loans | 0 | |
Pre-modification outstanding recorded balance | $ 0 | |
Post-modification outstanding recorded balance | 0 | |
TDRs, carrying balance | $ 246,150 | 401,403 |
Consumer and Other Loans [Member] | ||
Number of loans | 1 | |
Pre-modification outstanding recorded balance | $ 119,459 | |
Post-modification outstanding recorded balance | 119,459 | |
TDRs, carrying balance | $ 119,717 |
Note 4 - Loans and Allowance 37
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings by Modification Type (Details) | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Post-modification outstanding recorded balance | $ 119,459 |
Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Term [Member] | |
Post-modification outstanding recorded balance | 119,459 |
Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Real Estate, Construction [Member] | |
Post-modification outstanding recorded balance | 0 |
Real Estate, Construction [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Real Estate, Construction [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 0 |
Real Estate, Construction [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Real Estate Portfolio Segment [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Real Estate Portfolio Segment [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Real Estate Portfolio Segment [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Portfolio Segment [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Portfolio Segment [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Portfolio Segment [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 0 |
Commercial Portfolio Segment [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | 0 |
Consumer and Other Loans [Member] | |
Post-modification outstanding recorded balance | 119,459 |
Consumer and Other Loans [Member] | Interest Rate [Member] | |
Post-modification outstanding recorded balance | 0 |
Consumer and Other Loans [Member] | Term [Member] | |
Post-modification outstanding recorded balance | 119,459 |
Consumer and Other Loans [Member] | Combination [Member] | |
Post-modification outstanding recorded balance | $ 0 |
Note 4 - Loans and Allowance 38
Note 4 - Loans and Allowance for Loan Losses - Loans by Credit Quality (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Rating: | ||
Loans receivable | $ 624,592,058 | $ 544,398,300 |
Real Estate, Construction [Member] | ||
Rating: | ||
Loans receivable | 62,046,871 | 40,912,307 |
Commercial Real Estate Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 266,292,510 | 249,580,873 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Rating: | ||
Loans receivable | 107,750,990 | 106,410,559 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Rating: | ||
Loans receivable | 74,653,469 | 48,483,523 |
Commercial Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 90,186,600 | 75,404,732 |
Consumer and Other Loans [Member] | ||
Rating: | ||
Loans receivable | 23,661,618 | 23,606,306 |
Pass [Member] | ||
Rating: | ||
Loans receivable | 599,464,000 | 518,988,000 |
Pass [Member] | Real Estate, Construction [Member] | ||
Rating: | ||
Loans receivable | 56,737,000 | 35,465,000 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 259,020,000 | 242,200,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Rating: | ||
Loans receivable | 97,921,000 | 100,367,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Rating: | ||
Loans receivable | 73,870,000 | 48,483,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 88,441,000 | 69,093,000 |
Pass [Member] | Consumer and Other Loans [Member] | ||
Rating: | ||
Loans receivable | 23,475,000 | 23,380,000 |
Special Mention [Member] | ||
Rating: | ||
Loans receivable | 12,788,000 | 13,016,000 |
Special Mention [Member] | Real Estate, Construction [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 5,615,000 | 5,922,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Rating: | ||
Loans receivable | 6,190,000 | 2,591,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Rating: | ||
Loans receivable | 783,000 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 200,000 | 4,503,000 |
Special Mention [Member] | Consumer and Other Loans [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Substandard [Member] | ||
Rating: | ||
Loans receivable | 11,656,000 | 11,810,000 |
Substandard [Member] | Real Estate, Construction [Member] | ||
Rating: | ||
Loans receivable | 5,310,000 | 5,447,000 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 1,657,000 | 1,459,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Rating: | ||
Loans receivable | 3,640,000 | 3,453,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 862,000 | 1,225,000 |
Substandard [Member] | Consumer and Other Loans [Member] | ||
Rating: | ||
Loans receivable | 187,000 | 226,000 |
Doubtful [Member] | ||
Rating: | ||
Loans receivable | 684,000 | 584,000 |
Doubtful [Member] | Real Estate, Construction [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 0 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Rating: | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Rating: | ||
Loans receivable | 684,000 | 584,000 |
Doubtful [Member] | Consumer and Other Loans [Member] | ||
Rating: | ||
Loans receivable | $ 0 | $ 0 |
Note 5 - Benefit Plans (Details
Note 5 - Benefit Plans (Details Textual) - USD ($) | Mar. 29, 2017 | Feb. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 169,103 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 669,800 | $ 438,800 | 669,800 | 438,800 | ||
Share Price | $ 20.48 | |||||
Allocated Share-based Compensation Expense | 136,263 | $ 100,594 | 363,041 | 313,855 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 768,224 | 768,224 | ||||
Officer [Member] | ||||||
Restricted Stock or Unit Expense | $ 102,529 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 13,386 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.33 | |||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,960 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.35 | |||||
Restricted Stock or Unit Expense | $ 101,099 | $ 94,136 | ||||
Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,195 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options, Cliff Vesting Period | 1 year | |||||
Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 765 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options, Cliff Vesting Period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,823 | 6,426 | 15,343 | |||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options, Cliff Vesting Period | 3 years | |||||
Restricted Stock or Unit Expense | $ 159,413 | $ 209,430 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Threshold, Percentage | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Target, Percentage | 50.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Incentive Award Level, Percentage | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Total Assets, Percentage | 50.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Return on Average Assets, Percentage | 50.00% |
Note 5 - Benefit Plans - Stock
Note 5 - Benefit Plans - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Balance outstanding (in dollars per share) | $ / shares | $ 20.15 |
Granted (in dollars per share) | $ / shares | |
Exercised (in dollars per share) | $ / shares | |
Forfeited (in dollars per share) | $ / shares | 29.48 |
Balance outstanding (in dollars per share) | $ / shares | 15.75 |
Options exercisable as of September 30, 2017 (in dollars per share) | $ / shares | $ 15.75 |
Incentive Stock Options [Member] | |
Balance outstanding (in shares) | 60,000 |
Granted (in shares) | |
Exercised (in shares) | |
Forfeited (in shares) | (11,000) |
Balance outstanding (in shares) | 49,000 |
Options exercisable as of September 30, 2017 (in shares) | 49,000 |
Non-Incentive Stock Options [Member] | |
Balance outstanding (in shares) | 52,500 |
Granted (in shares) | |
Exercised (in shares) | |
Forfeited (in shares) | (25,000) |
Balance outstanding (in shares) | 27,500 |
Options exercisable as of September 30, 2017 (in shares) | 27,500 |
Note 5 - Benefit Plans - Restri
Note 5 - Benefit Plans - Restricted Stock (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Balance of shares non-vested (in shares) | shares | 60,955 |
Balance of shares non-vested (in dollars per share) | $ / shares | $ 13.62 |
Granted (in shares) | shares | 13,386 |
Granted (in dollars per share) | $ / shares | $ 20.33 |
Vested (in shares) | shares | (27,291) |
Vested (in dollars per share) | $ / shares | $ 12.25 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Balance of shares non-vested (in shares) | shares | 47,050 |
Balance of shares non-vested (in dollars per share) | $ / shares | $ 16.33 |
Note 5 - Benefits Plan - Perfor
Note 5 - Benefits Plan - Performance Stock Units (Details) - Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Balance of shares non-vested (in shares) | shares | 0 |
Balance of shares non-vested (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 55,823 |
Granted (in dollars per share) | $ / shares | $ 20.48 |
Vested (in shares) | shares | 0 |
Vested (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Balance of shares non-vested (in shares) | shares | 55,823 |
Balance of shares non-vested (in dollars per share) | $ / shares | $ 20.48 |
Note 6 - Income Per Common Sh43
Note 6 - Income Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 32,500 | 73,500 | 32,500 | 73,500 |
Note 6 - Income Per Common Sh44
Note 6 - Income Per Common Share - Income Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic Income Per Common Share, Income Available to Common Shareholders | $ 1,717,383 | $ 1,541,907 | $ 1,541,907 | $ 4,074,664 | $ 4,739,197 | $ 4,074,664 |
Basic Income Per Common Share, Average Common Shares Outstanding (in shares) | 4,374,725 | 4,370,700 | 4,365,835 | 4,370,877 | ||
Basic Income Per Common Share (in dollars per share) | $ 0.39 | $ 0.35 | $ 0.35 | $ 0.93 | $ 1.08 | $ 0.93 |
Effect of Dilutive Securities, Average Common Shares Outstanding (in shares) | 72,841 | 56,853 | 53,553 | 64,815 | ||
Diluted Income Per Common Share, Income Available to Common Shareholders | $ 1,717,383 | $ 1,541,907 | $ 4,074,664 | $ 4,739,197 | ||
Diluted Income Per Common Share, Average Common Shares Outstanding (in shares) | 4,447,566 | 4,427,553 | 4,419,388 | 4,435,692 | ||
Diluted Income Per Common Share (in dollars per share) | $ 0.39 | $ 0.35 | $ 0.35 | $ 0.92 | $ 1.07 | $ 0.92 |
Note 8 - Derivative Financial45
Note 8 - Derivative Financial Instruments (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (76,222) | $ 151,420 | ||||
Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 95,395 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 56,025 |
Note 8 - Derivative Financial46
Note 8 - Derivative Financial Instruments - Summary of Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Termination Date | Feb. 28, 2025 | |
Notional Amount | $ 50,000,000 | $ 50,000,000 |
Rate Paid | 2.12% | |
Estimated Fair Value | $ 151,420 |
Note 9 - Disclosures About Fa47
Note 9 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities | $ 83,205,195 | $ 92,399,235 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 33,893,331 | 38,337,525 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 3,070,000 | 7,053,522 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 46,241,864 | 47,008,188 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 83,205,000 | 92,399,000 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 33,893,000 | 38,338,000 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 3,070,000 | 7,053,000 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 46,242,000 | 47,008,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | ||
Interest Rate Swap [Member] | ||
Interest rate swaps | 151,420 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 151,000 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps |
Note 9 - Disclosures About Fa48
Note 9 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Impaired Loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | $ 1,474 | $ 1,006 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a nonrecurring basis | 1,474 | 1,006 |
Foreclosed Assets Held For Sale [Member] | ||
Assets measured at fair value on a nonrecurring basis | 149 | |
Foreclosed Assets Held For Sale [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Foreclosed Assets Held For Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Foreclosed Assets Held For Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a nonrecurring basis | $ 149 |
Note 9 - Disclosures About Fa49
Note 9 - Disclosures About Fair Value of Assets and Liabilities - Fair Value Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Market Approach Valuation Technique [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Impaired Loans [Member] | ||
Assets, fair value | $ 1,474 | $ 1,006 |
Valuation technique | Market Comparable | Market Comparable |
Unobservable input | Discount to reflect realizable value | Discount to reflect realizable value |
Impaired Loans [Member] | Minimum [Member] | ||
Range | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Range | 100.00% | 100.00% |
Impaired Loans [Member] | Weighted Average [Member] | ||
Range | 15.00% | 7.00% |
Foreclosed Assets Held For Sale [Member] | ||
Assets, fair value | $ 149 | |
Valuation technique | Market Comparable | Market Comparable |
Unobservable input | Discount to reflect realizable value | Discount to reflect realizable value |
Range | 0.00% | 10.00% |
Note 9 - Disclosures About Fa50
Note 9 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | $ 10,721,184 | $ 9,088,441 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Held-to-maturity securities, approximate fair value | 18,424 | 27,528 |
Federal Home Loan Bank stock | 4,137,500 | 4,611,000 |
Mortgage loans held for sale | 2,516,520 | 2,183,633 |
Interest receivable | 2,164,278 | 1,947,063 |
Financial liabilities: | ||
Deposits | 584,088,617 | 505,362,750 |
Federal Home Loan Bank advances | 82,800,000 | 95,700,000 |
Interest payable | 253,045 | 207,833 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 616,884,052 | 538,273,640 |
Financial liabilities: | ||
Subordinated debentures | 15,465,000 | 15,465,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 10,721,184 | 9,088,441 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Held-to-maturity securities, approximate fair value | 18,582 | 28,153 |
Federal Home Loan Bank stock | 4,137,500 | 4,611,000 |
Mortgage loans held for sale | 2,516,520 | 2,183,633 |
Interest receivable | 2,164,278 | 1,947,063 |
Financial liabilities: | ||
Deposits | 583,406,521 | 504,829,161 |
Federal Home Loan Bank advances | 83,002,996 | 95,764,840 |
Interest payable | 253,045 | 207,833 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 613,749,211 | 537,645,692 |
Financial liabilities: | ||
Subordinated debentures | $ 15,465,000 | $ 15,465,000 |