Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'UNITED BANCSHARES INC/OH | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 3,367,735 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001087456 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CASH AND CASH EQUIVALENTS | ' | ' |
Cash and due from banks | $12,964,099 | $13,698,325 |
Interest-bearing deposits in other banks | 44,671,016 | 8,709,133 |
Total cash and cash equivalents | 57,635,115 | 22,407,458 |
SECURITIES, available-for-sale | 192,149,247 | 197,079,925 |
FEDERAL HOME LOAN BANK STOCK, at cost | 4,144,200 | 4,893,800 |
CERTIFICATES OF DEPOSIT | 2,490,000 | 2,739,000 |
LOANS HELD FOR SALE | 247,075 | 423,720 |
LOANS | 305,336,866 | 295,313,069 |
Less allowance for loan losses | -4,017,853 | -4,014,391 |
Net loans | 301,319,013 | 291,298,678 |
PREMISES AND EQUIPMENT, net | 8,989,118 | 9,165,532 |
GOODWILL | 8,554,979 | 8,554,979 |
CORE DEPOSIT INTANGIBLE ASSETS, net | 102,143 | 132,786 |
CASH SURRENDER VALUE OF LIFE INSURANCE | 14,467,037 | 14,173,138 |
OTHER REAL ESTATE OWNED | 483,999 | 667,954 |
OTHER ASSETS, including accrued interest and intangible assets | 4,587,404 | 4,697,774 |
TOTAL ASSETS | 595,169,330 | 556,234,744 |
Deposits | ' | ' |
Non-interest bearing | 75,745,567 | 86,752,995 |
Interest bearing | 431,781,782 | 381,247,070 |
Total deposits | 507,527,349 | 468,000,065 |
Other borrowings | 7,500,000 | 12,100,552 |
Junior subordinated deferrable interest debentures | 10,300,000 | 10,300,000 |
Other liabilities | 3,610,637 | 2,826,262 |
Total liabilities | 528,937,986 | 493,226,879 |
Common stock, $1.00 stated value. Authorized 10,000,000 shares; issued 3,760,557 shares | 3,760,557 | 3,760,557 |
Surplus | 14,665,845 | 14,663,861 |
Retained earnings | 53,147,975 | 50,807,689 |
Accumulated other comprehensive income (loss) | 648,975 | -1,358,205 |
Treasury stock 392,822 shares at September 30, 2014 and 318,506 shares at December 31, 2013, at cost | -5,992,008 | -4,866,037 |
Total shareholders' equity | 66,231,344 | 63,007,865 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $595,169,330 | $556,234,744 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, stated value (in Dollars per share) | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,760,557 | 3,760,557 |
Treasury stock, shares | 392,822 | 318,506 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
INTEREST INCOME | ' | ' | ' | ' |
Loans, including fees | $3,676,038 | $3,751,473 | $10,964,945 | $11,237,113 |
Securities: | ' | ' | ' | ' |
Taxable | 648,227 | 611,598 | 1,944,030 | 1,788,606 |
Tax-exempt | 381,515 | 465,183 | 1,310,413 | 1,370,358 |
Other | 93,419 | 84,538 | 251,990 | 253,276 |
Total interest income | 4,799,199 | 4,912,792 | 14,471,378 | 14,649,353 |
INTEREST EXPENSE | ' | ' | ' | ' |
Deposits | 485,755 | 539,418 | 1,504,525 | 1,622,919 |
Other borrowings | 169,802 | 282,259 | 506,943 | 831,536 |
Total interest expense | 655,557 | 821,677 | 2,011,468 | 2,454,455 |
NET INTEREST INCOME | 4,143,642 | 4,091,115 | 12,459,910 | 12,194,898 |
Provision for loan losses | ' | -300,000 | 115,000 | -300,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 4,143,642 | 4,391,115 | 12,344,910 | 12,494,898 |
NON-INTEREST INCOME | ' | ' | ' | ' |
Gain on sales of loans | 133,590 | 124,640 | 254,765 | 638,875 |
Gain on sales of securities | 3,266 | ' | 400,262 | 134,747 |
Change in fair value of mortgage servicing rights | -6,353 | -28,880 | -77,390 | 288,908 |
Other | 847,759 | 795,941 | 2,563,991 | 2,255,963 |
Total non-interest income | 978,262 | 891,701 | 3,141,628 | 3,318,493 |
NON-INTEREST EXPENSES | 3,851,050 | 3,879,367 | 11,426,253 | 11,270,511 |
INCOME BEFORE INCOME TAXES | 1,270,854 | 1,403,449 | 4,060,285 | 4,542,880 |
Provision for income taxes | 233,000 | 287,000 | 796,000 | 982,000 |
NET INCOME | $1,037,854 | $1,116,449 | $3,264,285 | $3,560,880 |
NET INCOME PER SHARE | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.31 | $0.32 | $0.95 | $1.03 |
Weighted average common shares outstanding (in Shares) | 3,395,226 | 3,446,952 | 3,419,154 | 3,446,806 |
Diluted (in Dollars per share) | $0.31 | $0.32 | $0.95 | $1.03 |
Weighted average common shares outstanding (in Shares) | 3,395,226 | 3,446,952 | 3,419,154 | 3,446,806 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income(Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
NET INCOME | $1,037,854 | $1,116,449 | $3,264,285 | $3,560,880 |
Unrealized gains (losses) on securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) during period | -867,197 | -149,090 | 3,441,445 | -5,856,023 |
Reclassification adjustments for gains included in net income | -3,266 | ' | -400,262 | -134,747 |
Other comprehensive income (loss), before income taxes | -870,463 | -149,090 | 3,041,183 | -5,990,770 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 295,958 | 50,691 | -1,034,003 | 2,036,861 |
Other comprehensive income (loss) | -574,505 | -98,399 | 2,007,180 | -3,953,909 |
COMPREHENSIVE INCOME (LOSS) | $463,349 | $1,018,050 | $5,271,465 | ($393,029) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2012 | $3,760,557 | $14,661,664 | $46,855,865 | $3,697,363 | ($4,805,244) | $64,170,205 |
Net income | ' | ' | 3,560,880 | ' | ' | 3,560,880 |
Other comprehensive income (loss) | ' | ' | ' | -3,953,909 | ' | -3,953,909 |
Dividends declared | ' | ' | -517,027 | ' | ' | -517,027 |
Shares issued from treasury in connection with the Corporation’s Employee Stock Purchase Plan | ' | 2,197 | ' | ' | 11,407 | 13,604 |
Balance at Sep. 30, 2013 | 3,760,557 | 14,663,861 | 49,899,718 | -256,546 | -4,793,837 | 63,273,753 |
Balance at Dec. 31, 2013 | 3,760,557 | 14,663,861 | 50,807,689 | -1,358,205 | -4,866,037 | 63,007,865 |
Net income | ' | ' | 3,264,285 | ' | ' | 3,264,285 |
Other comprehensive income (loss) | ' | ' | ' | 2,007,180 | ' | 2,007,180 |
Dividends declared | ' | ' | -923,999 | ' | ' | -923,999 |
Repurchase of 75,000 shares | ' | ' | ' | ' | -1,136,430 | -1,136,430 |
Shares issued from treasury in connection with the Corporation’s Employee Stock Purchase Plan | ' | 1,984 | ' | ' | 10,459 | 12,443 |
Balance at Sep. 30, 2014 | $3,760,557 | $14,665,845 | $53,147,975 | $648,975 | ($5,992,008) | $66,231,344 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends declared (in Dollars per share) | $0.27 | $0.15 |
Repurchase of shares | 75,000 | ' |
Treasury Stock [Member] | ' | ' |
Repurchase of shares | 75,000 | ' |
Treasury shares issued | 684 | 746 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows provided by operating activities | $3,597,967 | $6,998,487 |
Cash flows used by investing activities: | ' | ' |
Proceeds from calls or maturities of securities | 21,441,992 | 29,756,692 |
Proceeds from sales of available-for-sale securities | 9,121,367 | 8,821,116 |
Purchases of available-for-sale securities | -22,734,203 | -59,881,334 |
Net (increase) decrease in loans | -9,905,335 | 2,915,692 |
Proceeds from sale of FHLB stock | 749,600 | ' |
Proceeds from sale of other real estate owned | ' | 694,272 |
Proceeds from maturities of certificates of deposit | 249,000 | ' |
Expenditures for premises and equipment | -171,477 | -220,320 |
Net cash used by investing activities | -1,249,056 | -17,913,882 |
Cash flows from financing activities: | ' | ' |
Net change in deposits | 39,527,284 | -10,390,700 |
Long-term borrowings, net of repayments | -4,600,552 | -456,695 |
Proceeds from issuance of common stock | 12,443 | 13,604 |
Repurchase of common stock | -1,136,430 | ' |
Cash dividends paid | -923,999 | -517,027 |
Net cash provided by (used by) financing activities | 32,878,746 | -11,350,818 |
Net change in cash and cash equivalents | 35,227,657 | -22,266,213 |
Cash and cash equivalents: | ' | ' |
At beginning of period | 22,407,458 | 49,911,807 |
At end of period | 57,635,115 | 27,645,594 |
Cash paid for: | ' | ' |
Interest | 2,029,879 | 2,439,997 |
Income taxes | 460,000 | 210,000 |
Non-cash investing activities | ' | ' |
Change in net unrealized gain (loss) on available-for-sale securities | $3,041,183 | ($5,990,770) |
Note_1_Consolidated_Financial_
Note 1 - Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' |
NOTE 1 – CONSOLIDATED FINANCIAL STATEMENTS | |
The consolidated financial statements of United Bancshares, Inc. and subsidiaries (the “Corporation”) have been prepared without audit and in the opinion of management reflect all adjustments (which include normal recurring adjustments) necessary to present fairly such information for the periods and dates indicated. Since the unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q, they do not contain all information and footnotes typically included in financial statements prepared in conformity with generally accepted accounting principles. Operating results for the quarter and nine month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The balance sheet as of December 31, 2013 is derived from completed audited consolidated financial statements with footnotes, which are included in the Corporation’s Annual Report on Form 10-K/A for the year ended December 31, 2013. | |
The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The Union Bank Company (the “Bank”). The Bank has formed a wholly-owned subsidiary, UBC Investments, Inc. (“UBC”), to hold and manage its securities portfolio. The operations of UBC are located in Wilmington, Delaware. The Bank has also formed a wholly-owned subsidiary, UBC Property, Inc., to hold and manage certain property. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Corporation conform to generally accepted practices within the banking industry. The Corporation considers all of its principal activities to be banking related. |
Note_2_New_Accounting_Pronounc
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 2 – NEW ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The FASB issued ASU 2013-11 to eliminate the diversity in the presentation of unrecognized tax benefits in those instances. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Corporation has determined the provisions for ASU 2013-11 did not have a material impact on the financial statements. | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors. The FASB issued ASU 2014-04 to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real property recognized. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Corporation has determined the provisions for ASU 2014-04 will not have a material impact on future financial statements. | |
In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, amending ASC topic 860. The FASB issued ASU 2014-11 to change the accounting for repurchase-to-maturity transactions and linked repurchase financials to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this update are effective for the first interim or annual period beginning after December 15, 2014, and the Corporation has not yet determined the financial statement impact. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors. The FASB issued ASU 2014-14 to reduce the diversity of how creditors classify government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) The loan has a government guarantee that is not separable from the loan before foreclosure.; 2) At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim.; and 3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. The amendments in this update are effective for annual periods, and interim periods within those periods, beginning after December 15, 2014. The Corporation has determined the provisions for ASU 2014-04 will not have a material impact on future financial statements. |
Note_3_Securities
Note 3 - Securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 3 - SECURITIES | |||||||||||||||||
The amortized cost and fair value of available-for-sale securities as of September 30, 2014 and December 31, 2013 are as follows (dollars in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
cost | value | cost | value | ||||||||||||||
U.S. Government and agencies | $ | 9,639 | $ | 9,507 | $ | 12,637 | $ | 12,333 | |||||||||
Obligations of states and political subdivisions | 55,551 | 57,031 | 66,585 | 66,540 | |||||||||||||
Mortgage-backed | 124,974 | 124,612 | 119,164 | 117,472 | |||||||||||||
Other | 1,002 | 999 | 752 | 735 | |||||||||||||
Total | $ | 191,166 | $ | 192,149 | $ | 199,138 | $ | 197,080 | |||||||||
A summary of gross unrealized gains and losses on available-for-sale securities as of September 30, 2014 and December 31, 2013 follows (dollars in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||
unrealized | unrealized | unrealized | unrealized | ||||||||||||||
gains | losses | gains | losses | ||||||||||||||
U.S. Government and agencies | $ | - | $ | 132 | $ | - | $ | 304 | |||||||||
Obligations of states and political subdivisions | 1,717 | 237 | 1,113 | 1,158 | |||||||||||||
Mortgage-backed | 1,270 | 1,632 | 1,165 | 2,857 | |||||||||||||
Other | - | 3 | - | 17 | |||||||||||||
Total | $ | 2,987 | $ | 2,004 | $ | 2,278 | $ | 4,336 | |||||||||
Note_4_Loans
Note 4 - Loans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 4 – LOANS | |||||||||||||||||||||||||
The following tables present the activity in the allowance for loan losses by portfolio segment for the periods ending September 30, 2014 and 2013: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
and | |||||||||||||||||||||||||
Commercial | multi-family | Residential | Consumer | Total | |||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 305,434 | $ | 3,346,286 | $ | 344,803 | $ | 17,868 | $ | 4,014,391 | |||||||||||||||
Provision charged to expenses | 135,602 | (74,852 | ) | 44,356 | 9,894 | 115,000 | |||||||||||||||||||
Losses charged off | - | (96,610 | ) | (53,764 | ) | (17,401 | ) | (167,775 | ) | ||||||||||||||||
Recoveries | 8,188 | 30,598 | 8,426 | 9,025 | 56,237 | ||||||||||||||||||||
Balance at September 30, 2014 | $ | 449,224 | $ | 3,205,422 | $ | 343,821 | $ | 19,386 | $ | 4,017,853 | |||||||||||||||
Commercial | Commercial | Residential | Consumer | Total | |||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 1,027,837 | $ | 5,240,175 | $ | 602,291 | $ | 47,302 | $ | 6,917,605 | |||||||||||||||
Provision (credit) charged to expenses | (218,322 | ) | 132,417 | (181,472 | ) | (32,623 | ) | (300,000 | ) | ||||||||||||||||
Losses charged off | (201,297 | ) | (2,207,937 | ) | (3,896 | ) | (12,868 | ) | (2,425,998 | ) | |||||||||||||||
Recoveries | 12,187 | 521,057 | 10,709 | 14,976 | 558,929 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 620,405 | $ | 3,685,712 | $ | 427,632 | $ | 16,787 | $ | 4,750,536 | |||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method for the periods ending September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Sep-14 | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Attributable to loans individually evaluated for impairment | $ | 145,406 | $ | 714,116 | $ | - | $ | - | $ | 859,522 | |||||||||||||||
Collectively evaluated for impairment | 303,818 | 2,491,306 | 343,821 | 19,386 | 3,158,331 | ||||||||||||||||||||
Total allowance for loan losses | $ | 449,224 | $ | 3,205,422 | $ | 343,821 | $ | 19,386 | $ | 4,017,853 | |||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 621,210 | $ | 4,237,987 | $ | 79,337 | $ | - | $ | 4,938,534 | |||||||||||||||
Collectively evaluated for impairment | 55,531,745 | 181,765,193 | 59,306,056 | 3,795,338 | 300,398,332 | ||||||||||||||||||||
Total ending loans balance | $ | 56,152,955 | $ | 186,003,180 | $ | 59,385,393 | $ | 3,795,338 | $ | 305,336,866 | |||||||||||||||
31-Dec-13 | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Attributable to loans individually evaluated for impairment | $ | - | $ | 179,016 | $ | - | $ | - | $ | 179,016 | |||||||||||||||
Collectively evaluated for impairment | 305,434 | 3,167,270 | 344,803 | 17,868 | 3,835,375 | ||||||||||||||||||||
Total allowance for loan losses | $ | 305,434 | $ | 3,346,286 | $ | 344,803 | $ | 17,868 | $ | 4,014,391 | |||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 401,028 | $ | 2,316,969 | $ | 81,437 | $ | - | $ | 2,799,434 | |||||||||||||||
Collectively evaluated for impairment | 50,904,208 | 181,529,447 | 56,146,111 | 3,933,869 | 292,513,635 | ||||||||||||||||||||
Total ending loans balance | $ | 51,305,236 | $ | 183,846,416 | $ | 56,227,548 | $ | 3,933,869 | $ | 295,313,069 | |||||||||||||||
Impaired loans were as follows as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Loans with no allowance for loan losses allocated | $ | 1,961,578 | $ | 2,064,203 | |||||||||||||||||||||
Loans with allowance for loan losses allocated | 2,976,956 | 735,231 | |||||||||||||||||||||||
Total impaired loans | $ | 4,938,534 | $ | 2,799,434 | |||||||||||||||||||||
Amount of the allowance allocated to impaired loans | $ | 859,522 | $ | 179,016 | |||||||||||||||||||||
The average recorded investment in impaired loans for the nine month periods ended September 30, 2014 and 2013 was approximately $3.9 million and $10.1 million, respectively. There was approximately $183,000 and $150,000 in interest income recognized by the Corporation on impaired loans on an accrual or cash basis for the nine month periods ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | Allowance for | Recorded | Allowance for | ||||||||||||||||||||||
investment | loan losses | investment | loan losses | ||||||||||||||||||||||
allocated | allocated | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Agriculture | $ | 301,028 | $ | - | $ | 401,028 | $ | - | |||||||||||||||||
Commercial and multi-family real estate | 1,007,177 | - | 1,007,702 | - | |||||||||||||||||||||
Agricultural real estate | 649,036 | - | 649,036 | - | |||||||||||||||||||||
Residential real estate | 4,337 | - | 6,437 | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | 320,182 | 145,406 | - | - | |||||||||||||||||||||
Commercial and multi-family real estate | 2,581,774 | 708,058 | 660,231 | 165,300 | |||||||||||||||||||||
Residential real estate | 75,000 | 6,058 | 75,000 | 13,716 | |||||||||||||||||||||
Total | $ | 4,938,534 | $ | 859,522 | $ | 2,799,434 | $ | 179,016 | |||||||||||||||||
The following tables present the recorded investment in nonaccrual loans, loans past due over 90 days still on accrual and troubled debt restructurings by class of loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Sep-14 | Nonaccrual | Loans past due | Troubled Debt | ||||||||||||||||||||||
over 90 days | Restructurings | ||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||
Commercial | $ | 320,182 | $ | - | $ | - | |||||||||||||||||||
Commercial real estate | 2,806,989 | - | 1,967,898 | ||||||||||||||||||||||
Agriculture | 301,028 | - | - | ||||||||||||||||||||||
Agricultural real estate | 864,112 | - | - | ||||||||||||||||||||||
Consumer | 21,242 | 219 | - | ||||||||||||||||||||||
Residential real estate | 1,407,944 | 144,818 | 153,840 | ||||||||||||||||||||||
Total | $ | 5,721,497 | $ | 145,037 | $ | 2,121,738 | |||||||||||||||||||
31-Dec-13 | Nonaccrual | Loans past due | Troubled Debt | ||||||||||||||||||||||
over 90 days | Restructurings | ||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||
Commercial | $ | 294,475 | $ | - | $ | 294,475 | |||||||||||||||||||
Commercial real estate | 2,966,751 | - | 43,508 | ||||||||||||||||||||||
Agriculture | 401,028 | - | - | ||||||||||||||||||||||
Agricultural real estate | 915,992 | - | - | ||||||||||||||||||||||
Consumer | 7,551 | 3,112 | - | ||||||||||||||||||||||
Residential real estate | 1,925,627 | 33,758 | 157,715 | ||||||||||||||||||||||
Total | $ | 6,511,424 | $ | 36,870 | $ | 495,698 | |||||||||||||||||||
The nonaccrual balances in the table above include troubled debt restructurings that have been classified as nonaccrual. | |||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2014 by class of loans: | |||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 days | Total | Loans | Total | ||||||||||||||||||||
days | days | or greater | past due | not | |||||||||||||||||||||
past due | past due | past due | past due | ||||||||||||||||||||||
Commercial | $ | 35,744 | $ | - | $ | 119,379 | $ | 155,123 | $ | 43,098,290 | $ | 43,253,413 | |||||||||||||
Commercial real estate | 987,931 | 2,229,532 | 2,042,504 | 5,259,967 | 156,123,411 | 161,383,378 | |||||||||||||||||||
Agriculture | - | 15,942 | 301,028 | 316,970 | 12,582,573 | 12,899,543 | |||||||||||||||||||
Agricultural real estate | 107,802 | - | 781,395 | 889,197 | 23,730,604 | 24,619,801 | |||||||||||||||||||
Consumer | 4,443 | 40,138 | 2,387 | 46,968 | 3,748,370 | 3,795,338 | |||||||||||||||||||
Residential real estate | 1,838,209 | 505,547 | 518,005 | 2,861,761 | 56,523,632 | 59,385,393 | |||||||||||||||||||
Total | $ | 2,974,129 | $ | 2,791,159 | $ | 3,764,698 | $ | 9,529,986 | $ | 295,806,880 | $ | 305,336,866 | |||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | |||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 days | Total | Loans | Total | ||||||||||||||||||||
days | days | or greater | past due | not | |||||||||||||||||||||
past due | past due | past due | past due | ||||||||||||||||||||||
Commercial | $ | 149,250 | $ | 4,021 | $ | - | $ | 153,271 | $ | 37,952,459 | $ | 38,105,730 | |||||||||||||
Commercial real estate | 223,934 | 115,269 | 2,465,193 | 2,804,396 | 155,898,123 | 158,702,519 | |||||||||||||||||||
Agriculture | - | - | 401,028 | 401,028 | 12,798,477 | 13,199,505 | |||||||||||||||||||
Agricultural real estate | 508,125 | - | 805,868 | 1,313,993 | 23,829,905 | 25,143,898 | |||||||||||||||||||
Consumer | 68,583 | 24,514 | 10,663 | 103,760 | 3,830,109 | 3,933,869 | |||||||||||||||||||
Residential real estate | 1,420,956 | 930,154 | 479,098 | 2,830,208 | 53,397,340 | 56,227,548 | |||||||||||||||||||
Total | $ | 2,370,848 | $ | 1,073,958 | $ | 4,161,850 | $ | 7,606,656 | $ | 287,706,413 | $ | 295,313,069 | |||||||||||||
Credit Quality Indicators: | |||||||||||||||||||||||||
The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to the credit risk. This analysis generally includes loans with an outstanding balance greater than $250,000 and non-homogenous loans, such as commercial and commercial real estate loans. This analysis is performed on a quarterly basis. The Corporation uses the following definitions for risk ratings: | |||||||||||||||||||||||||
● | Special Mention: Loans which possess some credit deficiency or potential weakness which deserve close attention, but which do not yet warrant substandard classification. Such loans pose unwarranted financial risk that, if not corrected, could weaken the loan and increase risk in the future. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted level of risk, and (2) weaknesses are considered "potential", versus "defined", impairments to the primary source of loan repayment. | ||||||||||||||||||||||||
● | Substandard: These loans are inadequately protected by the current sound net worth and paying ability of the borrower. Loans of this type will generally display negative financial trends such as poor or negative net worth, earnings or cash flow. These loans may also have historic and/or severe delinquency problems, and bank management may depend on secondary repayment sources to liquidate these loans. The Corporation could sustain some degree of loss in these loans if the weaknesses remain uncorrected. | ||||||||||||||||||||||||
● | Doubtful: Loans in this category display a high degree of loss, although the amount of actual loss at the time of classification is undeterminable. This should be a temporary category until such time that actual loss can be identified, or improvements made to reduce the seriousness of the classification. | ||||||||||||||||||||||||
Loans not meeting the previous criteria that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are generally either less than $250,000 or are included in groups of homogenous loans. As of September 30, 2014 and December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||
30-Sep-14 | Pass | Special Mention | Substandard | Doubtful | Not rated | ||||||||||||||||||||
Commercial | $ | 54,455,599 | $ | 1,076,146 | $ | - | $ | 621,210 | $ | - | |||||||||||||||
Commercial and multi-family real estate | 169,521,571 | 9,191,854 | 6,640,719 | 649,036 | - | ||||||||||||||||||||
Residential 1 – 4 family | - | - | 75,000 | 4,337 | 59,306,056 | ||||||||||||||||||||
Consumer | - | - | - | - | 3,795,338 | ||||||||||||||||||||
Total | $ | 223,977,170 | $ | 10,268,000 | $ | 6,715,719 | $ | 1,274,583 | $ | 63,101,394 | |||||||||||||||
31-Dec-13 | Pass | Special Mention | Substandard | Doubtful | Not rated | ||||||||||||||||||||
Commercial | $ | 49,943,919 | $ | 960,289 | $ | - | $ | 401,028 | $ | - | |||||||||||||||
Commercial and multi-family real estate | 169,094,312 | 5,755,107 | 8,347,961 | 649,036 | - | ||||||||||||||||||||
Residential 1 – 4 family | - | - | 75,000 | 6,437 | 56,146,111 | ||||||||||||||||||||
Consumer | - | - | 8,744 | - | 3,925,125 | ||||||||||||||||||||
Total | $ | 219,038,231 | $ | 6,715,396 | $ | 8,431,705 | $ | 1,056,501 | $ | 60,071,236 | |||||||||||||||
The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential 1 – 4 family and consumer loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in non-impaired residential 1 – 4 family and consumer loans based on payment activity as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Residential | Consumer | Residential | Consumer | ||||||||||||||||||||||
1 – 4 family | 1 – 4 family | ||||||||||||||||||||||||
Performing | $ | 57,757,631 | $ | 3,773,878 | $ | 54,501,907 | $ | 3,914,625 | |||||||||||||||||
Nonperforming | 1,548,425 | 21,460 | 1,644,204 | 10,500 | |||||||||||||||||||||
Total | $ | 59,306,056 | $ | 3,795,338 | $ | 56,146,111 | $ | 3,925,125 | |||||||||||||||||
Modifications: | |||||||||||||||||||||||||
The Corporation’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (TDR), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Corporation’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. All TDRs are also classified as impaired loans. | |||||||||||||||||||||||||
When the Corporation modifies a loan, management evaluates any possible concession based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except with the sole (remaining) source of repayment for the loan in the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), an impairment is recognized through a specific reserve in the allowance or a direct write down of the loan balance if collection is not expected. | |||||||||||||||||||||||||
The following table includes the recorded investment and number of modifications for TDR loans during the nine month period ended September 30, 2014. | |||||||||||||||||||||||||
Number of | Recorded | Allowance | |||||||||||||||||||||||
modifications | investment | for loan | |||||||||||||||||||||||
losses | |||||||||||||||||||||||||
allocated | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 1,967,898 | $ | 606,501 | ||||||||||||||||||||
The concession granted in the above TDR was a temporary modification of the original term to interest only payments. The recorded investment in the loan did not change as a result of the modification. There are not any troubled debt restructurings for which there was a payment default in the current reporting period. |
Note_5_Junior_Subordinated_Def
Note 5 - Junior Subordinated Deferrable Interest Debentures | 9 Months Ended |
Sep. 30, 2014 | |
Subordinated Borrowings [Abstract] | ' |
Subordinated Borrowings Disclosure [Text Block] | ' |
NOTE 5 – JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES | |
The Corporation has formed and invested $300,000 in a business trust, United (OH) Statutory Trust (“United Trust”) which is not consolidated by the Corporation. United Trust issued $10,000,000 of trust preferred securities, which are guaranteed by the Corporation, and are subject to mandatory redemption upon payment of the debentures. United Trust used the proceeds from the issuance of the trust preferred securities, as well as the Corporation’s capital investment, to purchase $10,300,000 of junior subordinated deferrable interest debentures issued by the Corporation. The debentures have a stated maturity date of March 26, 2033. As of March 26, 2008, and quarterly thereafter, the debentures may be shortened at the Corporation’s option. Interest is payable quarterly at a floating rate adjustable quarterly and equal to 315 basis points over the 3-month LIBOR amounting to 3.39% at September 30, 2014 and 3.40% at September 30, 2013. The Corporation has the right, subject to events in default, to defer payments of interest on the debentures by extending the interest payment period for a period not exceeding 20 consecutive quarterly periods. Interest expense on the debentures approximated $257,000 and $267,000 for the nine month periods ended September 30, 2014 and 2013, respectively, and is included in interest expense-other borrowings in the accompanying consolidated statements of income. | |
Each issue of the trust preferred securities carries an interest rate identical to that of the related debenture. The securities have been structured to qualify as Tier I capital for regulatory purposes and the dividends paid on such are tax deductible. However, under Federal Reserve Board guidelines, the securities cannot be used to constitute more than 25% of the Corporation’s core Tier I capital inclusive of these securities. |
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||
NOTE 6 - FAIR VALUE MEASUREMENTS | |||||||||
ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, and both able and willing to transact. | |||||||||
ASC 820-10 requires the use of valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, ASC 820-10 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. | |||||||||
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||
Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect the Corporation’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include the Corporation’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment. | |||||||||
Financial assets (there were no financial liabilities) measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013 include available-for-sale securities, which are all valued using Level 2 inputs, and mortgage servicing rights, amounting to $1,304,020 at September 30, 2014 and $1,398,396 at December 31, 2013, which are valued using Level 3 inputs. Financial assets (there were no financial liabilities) measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013 include other real estate owned, as well as impaired loans approximating $4,079,000 at September 30, 2014 and $2,620,000 at December 31, 2013 all of which are valued using Level 3 inputs. | |||||||||
There were no financial instruments measured at fair value that moved to a lower level in the fair value hierarchy during the periods presented due to the lack of observable quotes in inactive markets for those instruments at September 30, 2014 and December 31, 2013. | |||||||||
The table below presents a reconciliation and income statement classification of gains and losses for mortgage servicing rights, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the nine month period ended September 30, 2014 and year ended December 31, 2013: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 1,398,396 | $ | 930,760 | |||||
Gains or losses, including realized and unrealized: | |||||||||
Disposals – amortization based on loan payments and payoffs | (126,187 | ) | (160,873 | ) | |||||
Purchases, issuances, and settlements | 109,201 | 312,751 | |||||||
Other changes in fair value | (77,390 | ) | 315,758 | ||||||
Balance at end of period | $ | 1,304,020 | $ | 1,398,396 | |||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, follows. | |||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, the Corporation’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Corporation’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Corporation’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||
Securities Available-for-Sale | |||||||||
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would typically include government bonds and exchange traded equities. If quoted market prices are not available, then fair values are estimated using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include corporate and municipal bonds, mortgage-backed securities, and asset-backed securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The Corporation did not have any securities classified as Level 1 or Level 3 at September 30, 2014 or December 31, 2013. There were no gains or losses relating to securities available-for-sale included in earnings before income taxes that were attributable to changes in fair values of securities held at September 30, 2014 or December 31, 2013. | |||||||||
Impaired Loans | |||||||||
The Corporation does not record impaired loans at fair value on a recurring basis. However, periodically, a loan is considered impaired and is reported at the fair value of the underlying collateral less estimated cost to sell, if repayment is expected solely from collateral. Collateral values are estimated using Level 2 inputs, including recent appraisals and Level 3 inputs based on customized discounting criteria such as additional appraisal adjustments to consider deterioration of value subsequent to appraisal date and estimated cost to sell. Additional appraisal adjustments range between 15% and 70% of appraised value, and estimated selling cost ranges between 10% and 20% of the adjusted appraised value. Due to the significance of the Level 3 inputs, impaired loans fair values have been classified as Level 3. | |||||||||
Mortgage Servicing Rights | |||||||||
The Corporation records mortgage servicing rights at estimated fair value based on a discounted cash flow model which includes discount rates between -0.11% and 1.14%, in addition to prepayment, internal rate of return, servicing costs, inflation rate of servicing costs and earnings rate assumptions that are considered to be unobservable inputs. Due to the significance of the Level 3 inputs, mortgage servicing rights have been classified as Level 3. | |||||||||
Other Real Estate Owned | |||||||||
The Corporation values other real estate owned at the estimated fair value of the underlying collateral less appraisal adjustments between 10% and 20% of appraised value, and expected selling costs between 10% and 20% of adjusted appraised value. Such values are estimated primarily using appraisals and reflect a market value approach. Due to the significance of the Level 3 inputs, other real estate owned has been classified as Level 3. In accordance with the provisions of ASC 360-10, other real estate owned was written down to its estimated fair value of $484,000, resulting in impairment charges of $184,000, which are included in non-interest expenses for the nine month period ended September 30, 2014. | |||||||||
Certain other financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. Financial assets and financial liabilities, excluding impaired loans and other real estate owned, measured at fair value on a nonrecurring basis were not significant at September 30, 2014 and December 31, 2013. |
Note_7_Fair_Value_of_Financial
Note 7 - Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Financial Instruments Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The carrying amounts and estimated fair values of recognized financial instruments at September 30, 2014 and December 31, 2013 were as follows (dollars in thousands): | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Input | |||||||||||||||||
amount | value | amount | value | Level | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 57,635 | $ | 57,635 | $ | 22,407 | $ | 22,407 | 1 | ||||||||||||
Securities, including Federal Home Loan Bank stock | 196,293 | 196,293 | 201,974 | 201,974 | 2 | ||||||||||||||||
Certificates of deposit | 2,490 | 2,490 | 2,739 | 2,739 | |||||||||||||||||
Loans held for sale | 247 | 247 | 424 | 424 | 3 | ||||||||||||||||
Net loans | 301,319 | 301,270 | 291,299 | 292,257 | 3 | ||||||||||||||||
Mortgage servicing rights | 1,304 | 1,304 | 1,398 | 1,398 | 3 | ||||||||||||||||
$ | 559,288 | $ | 559,239 | $ | 520,241 | $ | 521,199 | ||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Maturity | $ | 155,671 | $ | 155,151 | $ | 172,349 | $ | 172,956 | 3 | ||||||||||||
Non-maturity | 351,856 | 351,856 | 295,651 | 295,651 | 1 | ||||||||||||||||
Other borrowings | 7,500 | 8,092 | 12,101 | 13,036 | 3 | ||||||||||||||||
Junior subordinated deferrable interest debentures | 10,300 | 10,285 | 10,300 | 10,294 | 3 | ||||||||||||||||
$ | 525,327 | $ | 525,384 | $ | 490,401 | $ | 491,937 | ||||||||||||||
The above summary does not include accrued interest receivable or cash surrender value of life insurance which are also considered financial instruments. The estimated fair value of such items is considered to be their carrying amounts. | |||||||||||||||||||||
There are also unrecognized financial instruments at September 30, 2014 and December 31, 2013 which relate to commitments to extend credit and letters of credit. The contract amount of such financial instruments approximated $86,118,000 at September 30, 2014 and $76,322,000 at December 31, 2013. Such amounts are also considered to be the estimated fair values. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments shown above: | |||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Fair value is determined to be the carrying amount for these items (which include cash on hand, due from banks, and federal funds sold) because they represent cash or mature in 90 days or less, and do not represent unanticipated credit concerns. | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
The fair value of securities is determined based on quoted market prices of the individual securities; if not available, estimated fair value is obtained by comparison to other known securities with similar risk and maturity characteristics. Such value does not consider possible tax ramifications or estimated transaction costs. | |||||||||||||||||||||
Loans: | |||||||||||||||||||||
Fair value for loans was estimated for portfolios of loans with similar financial characteristics. For adjustable rate loans, which re-price at least annually and generally possess low risk characteristics, the carrying amount is believed to be a reasonable estimate of fair value. For fixed rate loans, the fair value is estimated based on a discounted cash flow analysis, considering weighted average rates and terms of the portfolio, adjusted for credit and interest rate risk inherent in the loans. Fair value for nonperforming loans is based on recent appraisals or estimated discounted cash flows. | |||||||||||||||||||||
Mortgage servicing rights: | |||||||||||||||||||||
The fair value for mortgage servicing rights is determined based on an analysis of the portfolio by an independent third party. | |||||||||||||||||||||
Deposit liabilities: | |||||||||||||||||||||
The fair value of core deposits, including demand deposits, savings accounts, and certain money market deposits, is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated using the rates offered at quarter end for deposits of similar remaining maturities. The estimated fair value does not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the marketplace. | |||||||||||||||||||||
Other borrowings and junior subordinated deferrable interest debentures: | |||||||||||||||||||||
The fair value of other borrowings (consisting of Federal Home Loan Bank borrowings, securities sold under agreements to repurchase, and customer repurchase agreements), and junior subordinated deferrable interest debentures are determined using the net present value of discounted cash flows based on current borrowing rates for similar types of borrowing arrangements, and are obtained from an independent third party. | |||||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||
The fair value of commitments to extend credit and letters of credit is determined to be the contract amount, since these financial instruments generally represent commitments at existing rates. The fair value of other borrowings is determined based on a discounted cash flow analysis using current interest rates. The fair value of other liabilities is generally considered to be carrying value except for the deferred compensation agreement. The fair value of the contract is determined based on a discounted cash flow analysis using a current interest rate for a similar instrument. | |||||||||||||||||||||
The fair value estimates of financial instruments are made at a specific point in time based on relevant market information. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument over the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Since no ready market exists for a significant portion of the financial instruments, fair value estimates are largely based on judgments after considering such factors as future expected credit losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Note_8_Subsequent_Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 8 – SUBSEQUENT EVENTS | |
Management evaluated subsequent events through the date the consolidated financial statements were issued. Events or transactions occurring after September 30, 2014 but prior to when the consolidated financial statements were issued, that provided additional evidence about conditions that existed at September 30, 2014 have been recognized in the consolidated financial statements for the period ended September 30, 2014. Events or transactions that provided evidence about conditions that did not exist at September 30, 2014 but arose before the financial statements were issued have not been recognized in the consolidated financial statements for the period ended September 30, 2014. | |
On July 1, 2014, the Corporation, Ohio State Bancshares, Inc. (“OSB”) and Rbancshares, Inc. (“Rbancshares”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which United will purchase from OSB all of the issued and outstanding shares of The Ohio State Bank (“Ohio State Bank”), an Ohio banking corporation and wholly-owned subsidiary of OSB. Rbancshares is a majority shareholder of OSB. Under the terms of the Purchase Agreement, United will acquire Ohio State Bank for consideration that includes the assumption of OSB’s $3.0 million Trust Preferred Stock plus unpaid accrued interest thereon, repayment of approximately $550,000 of senior debt as well as a cash payment equal to approximately 50% of Ohio State Bank’s tangible capital at closing, after certain adjustments. Immediately following the acquisition, Ohio State Bank will merge with and into The Union Bank Company and its offices will become branches of The Union Bank Company. The transaction is expected to close in the fourth quarter of 2014, pending the satisfaction of various closing conditions, including the receipt of all necessary bank regulatory approvals, the accuracy of the representations and warranties of each party (subject to certain exceptions), the performance in all material respects by each party of its obligations under the Purchase Agreement, and other conditions customary for transactions of this type. | |
On October 21, 2014, United Bancshares, Inc.’s Board of Directors approved a cash dividend of $0.08 per common share payable December 16, 2014 to shareholders of record at the close of business on November 28, 2014. |
Note_3_Securities_Tables
Note 3 - Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
cost | value | cost | value | ||||||||||||||
U.S. Government and agencies | $ | 9,639 | $ | 9,507 | $ | 12,637 | $ | 12,333 | |||||||||
Obligations of states and political subdivisions | 55,551 | 57,031 | 66,585 | 66,540 | |||||||||||||
Mortgage-backed | 124,974 | 124,612 | 119,164 | 117,472 | |||||||||||||
Other | 1,002 | 999 | 752 | 735 | |||||||||||||
Total | $ | 191,166 | $ | 192,149 | $ | 199,138 | $ | 197,080 | |||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||
unrealized | unrealized | unrealized | unrealized | ||||||||||||||
gains | losses | gains | losses | ||||||||||||||
U.S. Government and agencies | $ | - | $ | 132 | $ | - | $ | 304 | |||||||||
Obligations of states and political subdivisions | 1,717 | 237 | 1,113 | 1,158 | |||||||||||||
Mortgage-backed | 1,270 | 1,632 | 1,165 | 2,857 | |||||||||||||
Other | - | 3 | - | 17 | |||||||||||||
Total | $ | 2,987 | $ | 2,004 | $ | 2,278 | $ | 4,336 |
Note_4_Loans_Tables
Note 4 - Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
and | |||||||||||||||||||||||||
Commercial | multi-family | Residential | Consumer | Total | |||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 305,434 | $ | 3,346,286 | $ | 344,803 | $ | 17,868 | $ | 4,014,391 | |||||||||||||||
Provision charged to expenses | 135,602 | (74,852 | ) | 44,356 | 9,894 | 115,000 | |||||||||||||||||||
Losses charged off | - | (96,610 | ) | (53,764 | ) | (17,401 | ) | (167,775 | ) | ||||||||||||||||
Recoveries | 8,188 | 30,598 | 8,426 | 9,025 | 56,237 | ||||||||||||||||||||
Balance at September 30, 2014 | $ | 449,224 | $ | 3,205,422 | $ | 343,821 | $ | 19,386 | $ | 4,017,853 | |||||||||||||||
Commercial | Commercial | Residential | Consumer | Total | |||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 1,027,837 | $ | 5,240,175 | $ | 602,291 | $ | 47,302 | $ | 6,917,605 | |||||||||||||||
Provision (credit) charged to expenses | (218,322 | ) | 132,417 | (181,472 | ) | (32,623 | ) | (300,000 | ) | ||||||||||||||||
Losses charged off | (201,297 | ) | (2,207,937 | ) | (3,896 | ) | (12,868 | ) | (2,425,998 | ) | |||||||||||||||
Recoveries | 12,187 | 521,057 | 10,709 | 14,976 | 558,929 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 620,405 | $ | 3,685,712 | $ | 427,632 | $ | 16,787 | $ | 4,750,536 | |||||||||||||||
30-Sep-14 | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Attributable to loans individually evaluated for impairment | $ | 145,406 | $ | 714,116 | $ | - | $ | - | $ | 859,522 | |||||||||||||||
Collectively evaluated for impairment | 303,818 | 2,491,306 | 343,821 | 19,386 | 3,158,331 | ||||||||||||||||||||
Total allowance for loan losses | $ | 449,224 | $ | 3,205,422 | $ | 343,821 | $ | 19,386 | $ | 4,017,853 | |||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 621,210 | $ | 4,237,987 | $ | 79,337 | $ | - | $ | 4,938,534 | |||||||||||||||
Collectively evaluated for impairment | 55,531,745 | 181,765,193 | 59,306,056 | 3,795,338 | 300,398,332 | ||||||||||||||||||||
Total ending loans balance | $ | 56,152,955 | $ | 186,003,180 | $ | 59,385,393 | $ | 3,795,338 | $ | 305,336,866 | |||||||||||||||
31-Dec-13 | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||
and | real estate | ||||||||||||||||||||||||
multi-family | |||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Attributable to loans individually evaluated for impairment | $ | - | $ | 179,016 | $ | - | $ | - | $ | 179,016 | |||||||||||||||
Collectively evaluated for impairment | 305,434 | 3,167,270 | 344,803 | 17,868 | 3,835,375 | ||||||||||||||||||||
Total allowance for loan losses | $ | 305,434 | $ | 3,346,286 | $ | 344,803 | $ | 17,868 | $ | 4,014,391 | |||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 401,028 | $ | 2,316,969 | $ | 81,437 | $ | - | $ | 2,799,434 | |||||||||||||||
Collectively evaluated for impairment | 50,904,208 | 181,529,447 | 56,146,111 | 3,933,869 | 292,513,635 | ||||||||||||||||||||
Total ending loans balance | $ | 51,305,236 | $ | 183,846,416 | $ | 56,227,548 | $ | 3,933,869 | $ | 295,313,069 | |||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Loans with no allowance for loan losses allocated | $ | 1,961,578 | $ | 2,064,203 | |||||||||||||||||||||
Loans with allowance for loan losses allocated | 2,976,956 | 735,231 | |||||||||||||||||||||||
Total impaired loans | $ | 4,938,534 | $ | 2,799,434 | |||||||||||||||||||||
Amount of the allowance allocated to impaired loans | $ | 859,522 | $ | 179,016 | |||||||||||||||||||||
Additional Information Regarding Impaired Loans [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | Allowance for | Recorded | Allowance for | ||||||||||||||||||||||
investment | loan losses | investment | loan losses | ||||||||||||||||||||||
allocated | allocated | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Agriculture | $ | 301,028 | $ | - | $ | 401,028 | $ | - | |||||||||||||||||
Commercial and multi-family real estate | 1,007,177 | - | 1,007,702 | - | |||||||||||||||||||||
Agricultural real estate | 649,036 | - | 649,036 | - | |||||||||||||||||||||
Residential real estate | 4,337 | - | 6,437 | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | 320,182 | 145,406 | - | - | |||||||||||||||||||||
Commercial and multi-family real estate | 2,581,774 | 708,058 | 660,231 | 165,300 | |||||||||||||||||||||
Residential real estate | 75,000 | 6,058 | 75,000 | 13,716 | |||||||||||||||||||||
Total | $ | 4,938,534 | $ | 859,522 | $ | 2,799,434 | $ | 179,016 | |||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | Nonaccrual | Loans past due | Troubled Debt | ||||||||||||||||||||||
over 90 days | Restructurings | ||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||
Commercial | $ | 320,182 | $ | - | $ | - | |||||||||||||||||||
Commercial real estate | 2,806,989 | - | 1,967,898 | ||||||||||||||||||||||
Agriculture | 301,028 | - | - | ||||||||||||||||||||||
Agricultural real estate | 864,112 | - | - | ||||||||||||||||||||||
Consumer | 21,242 | 219 | - | ||||||||||||||||||||||
Residential real estate | 1,407,944 | 144,818 | 153,840 | ||||||||||||||||||||||
Total | $ | 5,721,497 | $ | 145,037 | $ | 2,121,738 | |||||||||||||||||||
31-Dec-13 | Nonaccrual | Loans past due | Troubled Debt | ||||||||||||||||||||||
over 90 days | Restructurings | ||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||
Commercial | $ | 294,475 | $ | - | $ | 294,475 | |||||||||||||||||||
Commercial real estate | 2,966,751 | - | 43,508 | ||||||||||||||||||||||
Agriculture | 401,028 | - | - | ||||||||||||||||||||||
Agricultural real estate | 915,992 | - | - | ||||||||||||||||||||||
Consumer | 7,551 | 3,112 | - | ||||||||||||||||||||||
Residential real estate | 1,925,627 | 33,758 | 157,715 | ||||||||||||||||||||||
Total | $ | 6,511,424 | $ | 36,870 | $ | 495,698 | |||||||||||||||||||
Aging Analysis of Recorded Investment in Loans [Table Text Block] | ' | ||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 days | Total | Loans | Total | ||||||||||||||||||||
days | days | or greater | past due | not | |||||||||||||||||||||
past due | past due | past due | past due | ||||||||||||||||||||||
Commercial | $ | 35,744 | $ | - | $ | 119,379 | $ | 155,123 | $ | 43,098,290 | $ | 43,253,413 | |||||||||||||
Commercial real estate | 987,931 | 2,229,532 | 2,042,504 | 5,259,967 | 156,123,411 | 161,383,378 | |||||||||||||||||||
Agriculture | - | 15,942 | 301,028 | 316,970 | 12,582,573 | 12,899,543 | |||||||||||||||||||
Agricultural real estate | 107,802 | - | 781,395 | 889,197 | 23,730,604 | 24,619,801 | |||||||||||||||||||
Consumer | 4,443 | 40,138 | 2,387 | 46,968 | 3,748,370 | 3,795,338 | |||||||||||||||||||
Residential real estate | 1,838,209 | 505,547 | 518,005 | 2,861,761 | 56,523,632 | 59,385,393 | |||||||||||||||||||
Total | $ | 2,974,129 | $ | 2,791,159 | $ | 3,764,698 | $ | 9,529,986 | $ | 295,806,880 | $ | 305,336,866 | |||||||||||||
30 – 59 | 60 – 89 | 90 days | Total | Loans | Total | ||||||||||||||||||||
days | days | or greater | past due | not | |||||||||||||||||||||
past due | past due | past due | past due | ||||||||||||||||||||||
Commercial | $ | 149,250 | $ | 4,021 | $ | - | $ | 153,271 | $ | 37,952,459 | $ | 38,105,730 | |||||||||||||
Commercial real estate | 223,934 | 115,269 | 2,465,193 | 2,804,396 | 155,898,123 | 158,702,519 | |||||||||||||||||||
Agriculture | - | - | 401,028 | 401,028 | 12,798,477 | 13,199,505 | |||||||||||||||||||
Agricultural real estate | 508,125 | - | 805,868 | 1,313,993 | 23,829,905 | 25,143,898 | |||||||||||||||||||
Consumer | 68,583 | 24,514 | 10,663 | 103,760 | 3,830,109 | 3,933,869 | |||||||||||||||||||
Residential real estate | 1,420,956 | 930,154 | 479,098 | 2,830,208 | 53,397,340 | 56,227,548 | |||||||||||||||||||
Total | $ | 2,370,848 | $ | 1,073,958 | $ | 4,161,850 | $ | 7,606,656 | $ | 287,706,413 | $ | 295,313,069 | |||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | Pass | Special Mention | Substandard | Doubtful | Not rated | ||||||||||||||||||||
Commercial | $ | 54,455,599 | $ | 1,076,146 | $ | - | $ | 621,210 | $ | - | |||||||||||||||
Commercial and multi-family real estate | 169,521,571 | 9,191,854 | 6,640,719 | 649,036 | - | ||||||||||||||||||||
Residential 1 – 4 family | - | - | 75,000 | 4,337 | 59,306,056 | ||||||||||||||||||||
Consumer | - | - | - | - | 3,795,338 | ||||||||||||||||||||
Total | $ | 223,977,170 | $ | 10,268,000 | $ | 6,715,719 | $ | 1,274,583 | $ | 63,101,394 | |||||||||||||||
31-Dec-13 | Pass | Special Mention | Substandard | Doubtful | Not rated | ||||||||||||||||||||
Commercial | $ | 49,943,919 | $ | 960,289 | $ | - | $ | 401,028 | $ | - | |||||||||||||||
Commercial and multi-family real estate | 169,094,312 | 5,755,107 | 8,347,961 | 649,036 | - | ||||||||||||||||||||
Residential 1 – 4 family | - | - | 75,000 | 6,437 | 56,146,111 | ||||||||||||||||||||
Consumer | - | - | 8,744 | - | 3,925,125 | ||||||||||||||||||||
Total | $ | 219,038,231 | $ | 6,715,396 | $ | 8,431,705 | $ | 1,056,501 | $ | 60,071,236 | |||||||||||||||
Performance of the Loan Portfolio [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Residential | Consumer | Residential | Consumer | ||||||||||||||||||||||
1 – 4 family | 1 – 4 family | ||||||||||||||||||||||||
Performing | $ | 57,757,631 | $ | 3,773,878 | $ | 54,501,907 | $ | 3,914,625 | |||||||||||||||||
Nonperforming | 1,548,425 | 21,460 | 1,644,204 | 10,500 | |||||||||||||||||||||
Total | $ | 59,306,056 | $ | 3,795,338 | $ | 56,146,111 | $ | 3,925,125 | |||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
Number of | Recorded | Allowance | |||||||||||||||||||||||
modifications | investment | for loan | |||||||||||||||||||||||
losses | |||||||||||||||||||||||||
allocated | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 1,967,898 | $ | 606,501 |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 1,398,396 | $ | 930,760 | |||||
Gains or losses, including realized and unrealized: | |||||||||
Disposals – amortization based on loan payments and payoffs | (126,187 | ) | (160,873 | ) | |||||
Purchases, issuances, and settlements | 109,201 | 312,751 | |||||||
Other changes in fair value | (77,390 | ) | 315,758 | ||||||
Balance at end of period | $ | 1,304,020 | $ | 1,398,396 |
Note_7_Fair_Value_of_Financial1
Note 7 - Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Input | |||||||||||||||||
amount | value | amount | value | Level | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 57,635 | $ | 57,635 | $ | 22,407 | $ | 22,407 | 1 | ||||||||||||
Securities, including Federal Home Loan Bank stock | 196,293 | 196,293 | 201,974 | 201,974 | 2 | ||||||||||||||||
Certificates of deposit | 2,490 | 2,490 | 2,739 | 2,739 | |||||||||||||||||
Loans held for sale | 247 | 247 | 424 | 424 | 3 | ||||||||||||||||
Net loans | 301,319 | 301,270 | 291,299 | 292,257 | 3 | ||||||||||||||||
Mortgage servicing rights | 1,304 | 1,304 | 1,398 | 1,398 | 3 | ||||||||||||||||
$ | 559,288 | $ | 559,239 | $ | 520,241 | $ | 521,199 | ||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Maturity | $ | 155,671 | $ | 155,151 | $ | 172,349 | $ | 172,956 | 3 | ||||||||||||
Non-maturity | 351,856 | 351,856 | 295,651 | 295,651 | 1 | ||||||||||||||||
Other borrowings | 7,500 | 8,092 | 12,101 | 13,036 | 3 | ||||||||||||||||
Junior subordinated deferrable interest debentures | 10,300 | 10,285 | 10,300 | 10,294 | 3 | ||||||||||||||||
$ | 525,327 | $ | 525,384 | $ | 490,401 | $ | 491,937 |
Note_3_Securities_Details_Amor
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities [Line Items] | ' | ' |
Amortized cost | $191,166,000 | $199,138,000 |
Fair value | 192,149,247 | 197,079,925 |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities [Line Items] | ' | ' |
Amortized cost | 9,639,000 | 12,637,000 |
Fair value | 9,507,000 | 12,333,000 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities [Line Items] | ' | ' |
Amortized cost | 55,551,000 | 66,585,000 |
Fair value | 57,031,000 | 66,540,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities [Line Items] | ' | ' |
Amortized cost | 124,974,000 | 119,164,000 |
Fair value | 124,612,000 | 117,472,000 |
Other Available-for-Sale Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Amortized Cost and Fair Value of Available-for-Sale Securities [Line Items] | ' | ' |
Amortized cost | 1,002,000 | 752,000 |
Fair value | $999,000 | $735,000 |
Note_3_Securities_Details_Gros
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities [Line Items] | ' | ' |
Available-for-sale securities gross unrealized gains | $2,987 | $2,278 |
Available-for-sale securities gross unrealized losses | 2,004 | 4,336 |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities [Line Items] | ' | ' |
Available-for-sale securities gross unrealized losses | 132 | 304 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities [Line Items] | ' | ' |
Available-for-sale securities gross unrealized gains | 1,717 | 1,113 |
Available-for-sale securities gross unrealized losses | 237 | 1,158 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities [Line Items] | ' | ' |
Available-for-sale securities gross unrealized gains | 1,270 | 1,165 |
Available-for-sale securities gross unrealized losses | 1,632 | 2,857 |
Other Available-for-Sale Securities [Member] | ' | ' |
Note 3 - Securities (Details) - Gross Unrealized Gains and Losses on Available-for-Sale Securities [Line Items] | ' | ' |
Available-for-sale securities gross unrealized losses | $3 | $17 |
Note_4_Loans_Details
Note 4 - Loans (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Receivables [Abstract] | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | $3,900,000 | $10,100,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 183,000 | 150,000 |
Minimum Loan Balance for Categorization Into Risk Categories | $250,000 | ' |
Note_4_Loans_Details_Activity_
Note 4 - Loans (Details) - Activity in Allowance for Loan Losses by Portfolio Segment (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | $4,750,536 | $4,017,853 | $4,750,536 | $4,014,391 | $6,917,605 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Attributable to loans individually evaluated for impairment | ' | 859,522 | ' | 179,016 | ' |
Allowance for loan losses, collectively evaluated for impairment | ' | 3,158,331 | ' | 3,835,375 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans, individually evaluated for impairment | ' | 4,938,534 | ' | 2,799,434 | ' |
Loans, collectively evaluated for impairment | ' | 300,398,332 | ' | 292,513,635 | ' |
Total ending loans balance | ' | 305,336,866 | ' | 295,313,069 | ' |
Provision (credit) charged to expenses | -300,000 | 115,000 | -300,000 | ' | ' |
Losses charged off | ' | -167,775 | -2,425,998 | ' | ' |
Recoveries | ' | 56,237 | 558,929 | ' | ' |
Commercial Loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | 620,405 | 449,224 | 620,405 | 305,434 | 1,027,837 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Attributable to loans individually evaluated for impairment | ' | 145,406 | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | ' | 303,818 | ' | 305,434 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans, individually evaluated for impairment | ' | 621,210 | ' | 401,028 | ' |
Loans, collectively evaluated for impairment | ' | 55,531,745 | ' | 50,904,208 | ' |
Total ending loans balance | ' | 56,152,955 | ' | 51,305,236 | ' |
Provision (credit) charged to expenses | ' | 135,602 | -218,322 | ' | ' |
Losses charged off | ' | ' | -201,297 | ' | ' |
Recoveries | ' | 8,188 | 12,187 | ' | ' |
Commercial and Multi-Family Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | 3,685,712 | 3,205,422 | 3,685,712 | 3,346,286 | 5,240,175 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Attributable to loans individually evaluated for impairment | ' | 714,116 | ' | 179,016 | ' |
Allowance for loan losses, collectively evaluated for impairment | ' | 2,491,306 | ' | 3,167,270 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans, individually evaluated for impairment | ' | 4,237,987 | ' | 2,316,969 | ' |
Loans, collectively evaluated for impairment | ' | 181,765,193 | ' | 181,529,447 | ' |
Total ending loans balance | ' | 186,003,180 | ' | 183,846,416 | ' |
Provision (credit) charged to expenses | ' | -74,852 | 132,417 | ' | ' |
Losses charged off | ' | -96,610 | -2,207,937 | ' | ' |
Recoveries | ' | 30,598 | 521,057 | ' | ' |
Residential 1-4 Family Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | 427,632 | 343,821 | 427,632 | 344,803 | 602,291 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | ' | 343,821 | ' | 344,803 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans, individually evaluated for impairment | ' | 79,337 | ' | 81,437 | ' |
Loans, collectively evaluated for impairment | ' | 59,306,056 | ' | 56,146,111 | ' |
Total ending loans balance | ' | 59,385,393 | ' | 56,227,548 | ' |
Provision (credit) charged to expenses | ' | 44,356 | -181,472 | ' | ' |
Losses charged off | ' | -53,764 | -3,896 | ' | ' |
Recoveries | ' | 8,426 | 10,709 | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | 16,787 | 19,386 | 16,787 | 17,868 | 47,302 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | ' | 19,386 | ' | 17,868 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | ' | 3,795,338 | ' | 3,933,869 | ' |
Total ending loans balance | ' | 3,795,338 | ' | 3,933,869 | ' |
Provision (credit) charged to expenses | ' | 9,894 | -32,623 | ' | ' |
Losses charged off | ' | -17,401 | -12,868 | ' | ' |
Recoveries | ' | $9,025 | $14,976 | ' | ' |
Note_4_Loans_Details_Impaired_
Note 4 - Loans (Details) - Impaired Loans (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Impaired Loans [Abstract] | ' | ' |
Loans with no allowance for loan losses allocated | $1,961,578 | $2,064,203 |
Loans with allowance for loan losses allocated | 2,976,956 | 735,231 |
Total impaired loans | 4,938,534 | 2,799,434 |
Amount of the allowance allocated to impaired loans | $859,522 | $179,016 |
Note_4_Loans_Details_Loans_Ind
Note 4 - Loans (Details) - Loans Individually Evaluated for Impairment (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
With no related allowance recorded: | ' | ' |
Loans with no related allowance recorded, recorded investment | $1,961,578 | $2,064,203 |
With an allowance recorded: | ' | ' |
Loans with an allowance recorded, recorded investment | 2,976,956 | 735,231 |
Allowance for loan losses allocated | 859,522 | 179,016 |
Total | 4,938,534 | 2,799,434 |
Total | 859,522 | 179,016 |
Indivdually Evaluated for Impairment [Member] | Agriculture Portfolio [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Loans with no related allowance recorded, recorded investment | 301,028 | 401,028 |
Indivdually Evaluated for Impairment [Member] | Commercial and Multi-Family Real Estate [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Loans with no related allowance recorded, recorded investment | 1,007,177 | 1,007,702 |
With an allowance recorded: | ' | ' |
Loans with an allowance recorded, recorded investment | 2,581,774 | 660,231 |
Allowance for loan losses allocated | 708,058 | 165,300 |
Total | 708,058 | 165,300 |
Indivdually Evaluated for Impairment [Member] | Agricultural Real Estate [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Loans with no related allowance recorded, recorded investment | 649,036 | 649,036 |
Indivdually Evaluated for Impairment [Member] | Residential Portfolio Segment [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Loans with no related allowance recorded, recorded investment | 4,337 | 6,437 |
With an allowance recorded: | ' | ' |
Loans with an allowance recorded, recorded investment | 75,000 | 75,000 |
Allowance for loan losses allocated | 6,058 | 13,716 |
Total | 6,058 | 13,716 |
Indivdually Evaluated for Impairment [Member] | Commercial Portfolio Segment [Member] | ' | ' |
With an allowance recorded: | ' | ' |
Loans with an allowance recorded, recorded investment | 320,182 | ' |
Allowance for loan losses allocated | 145,406 | ' |
Total | 145,406 | ' |
Indivdually Evaluated for Impairment [Member] | ' | ' |
With an allowance recorded: | ' | ' |
Allowance for loan losses allocated | 859,522 | 179,016 |
Total | 4,938,534 | 2,799,434 |
Total | $859,522 | $179,016 |
Note_4_Loans_Details_Nonaccrua
Note 4 - Loans (Details) - Nonaccrual Loans (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | $5,721,497 | $6,511,424 |
Loans past due over 90 days and still accruing | 145,037 | 36,870 |
Troubled debt restructurings | 2,121,738 | 495,698 |
Commercial Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 320,182 | 294,475 |
Troubled debt restructurings | ' | 294,475 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 2,806,989 | 2,966,751 |
Troubled debt restructurings | 1,967,898 | 43,508 |
Agriculture Portfolio [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 301,028 | 401,028 |
Agricultural Real Estate [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 864,112 | 915,992 |
Consumer Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 21,242 | 7,551 |
Loans past due over 90 days and still accruing | 219 | 3,112 |
Residential Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Nonaccrual Loans [Line Items] | ' | ' |
Nonaccrual | 1,407,944 | 1,925,627 |
Loans past due over 90 days and still accruing | 144,818 | 33,758 |
Troubled debt restructurings | $153,840 | $157,715 |
Note_4_Loans_Details_Aging_of_
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | $2,974,129 | $2,370,848 |
Loans 60 - 89 days past due | 2,791,159 | 1,073,958 |
Loans 90 days or greater past due | 3,764,698 | 4,161,850 |
Loans past due | 9,529,986 | 7,606,656 |
Loans not past due | 295,806,880 | 287,706,413 |
Loans | 305,336,866 | 295,313,069 |
Commercial Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | 35,744 | 149,250 |
Loans 60 - 89 days past due | ' | 4,021 |
Loans 90 days or greater past due | 119,379 | ' |
Loans past due | 155,123 | 153,271 |
Loans not past due | 43,098,290 | 37,952,459 |
Loans | 43,253,413 | 38,105,730 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | 987,931 | 223,934 |
Loans 60 - 89 days past due | 2,229,532 | 115,269 |
Loans 90 days or greater past due | 2,042,504 | 2,465,193 |
Loans past due | 5,259,967 | 2,804,396 |
Loans not past due | 156,123,411 | 155,898,123 |
Loans | 161,383,378 | 158,702,519 |
Agriculture Portfolio [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 60 - 89 days past due | 15,942 | ' |
Loans 90 days or greater past due | 301,028 | 401,028 |
Loans past due | 316,970 | 401,028 |
Loans not past due | 12,582,573 | 12,798,477 |
Loans | 12,899,543 | 13,199,505 |
Agricultural Real Estate [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | 107,802 | 508,125 |
Loans 90 days or greater past due | 781,395 | 805,868 |
Loans past due | 889,197 | 1,313,993 |
Loans not past due | 23,730,604 | 23,829,905 |
Loans | 24,619,801 | 25,143,898 |
Consumer Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | 4,443 | 68,583 |
Loans 60 - 89 days past due | 40,138 | 24,514 |
Loans 90 days or greater past due | 2,387 | 10,663 |
Loans past due | 46,968 | 103,760 |
Loans not past due | 3,748,370 | 3,830,109 |
Loans | 3,795,338 | 3,933,869 |
Residential Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Aging of Recorded Investment in Past Due Loans [Line Items] | ' | ' |
Loans 30 - 59 days past due | 1,838,209 | 1,420,956 |
Loans 60 - 89 days past due | 505,547 | 930,154 |
Loans 90 days or greater past due | 518,005 | 479,098 |
Loans past due | 2,861,761 | 2,830,208 |
Loans not past due | 56,523,632 | 53,397,340 |
Loans | $59,385,393 | $56,227,548 |
Note_4_Loans_Details_Loans_by_
Note 4 - Loans (Details) - Loans by Credit Quality Indicators (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $305,336,866 | $295,313,069 |
Commercial Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 54,455,599 | 49,943,919 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,076,146 | 960,289 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 621,210 | 401,028 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 43,253,413 | 38,105,730 |
Commercial and Multi-Family Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 169,521,571 | 169,094,312 |
Commercial and Multi-Family Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 9,191,854 | 5,755,107 |
Commercial and Multi-Family Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 6,640,719 | 8,347,961 |
Commercial and Multi-Family Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 649,036 | 649,036 |
Commercial and Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 186,003,180 | 183,846,416 |
Residential 1-4 Family Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 75,000 | 75,000 |
Residential 1-4 Family Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,337 | 6,437 |
Residential 1-4 Family Real Estate [Member] | Not Rated [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 59,306,056 | 56,146,111 |
Residential 1-4 Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 59,385,393 | 56,227,548 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 8,744 |
Consumer Portfolio Segment [Member] | Not Rated [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,795,338 | 3,925,125 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,795,338 | 3,933,869 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 223,977,170 | 219,038,231 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,268,000 | 6,715,396 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 6,715,719 | 8,431,705 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,274,583 | 1,056,501 |
Not Rated [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $63,101,394 | $60,071,236 |
Note_4_Loans_Details_Performan
Note 4 - Loans (Details) - Performance of Loan Portfolio (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Residential 1-4 Family Real Estate [Member] | Performing Financing Receivable [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | $57,757,631 | $54,501,907 |
Residential 1-4 Family Real Estate [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | 1,548,425 | 1,644,204 |
Residential 1-4 Family Real Estate [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | 59,306,056 | 56,146,111 |
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | 3,773,878 | 3,914,625 |
Consumer Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | 21,460 | 10,500 |
Consumer Portfolio Segment [Member] | ' | ' |
Note 4 - Loans (Details) - Performance of Loan Portfolio [Line Items] | ' | ' |
Nonimpaired loans | $3,795,338 | $3,925,125 |
Note_4_Loans_Details_Recorded_
Note 4 - Loans (Details) - Recorded Investment and Number of Modifications for TDR (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Commercial Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructurings: | ' | ' | ' |
Commercial Real Estate | ' | ' | 1 |
Commercial Real Estate | $2,121,738 | $495,698 | $1,967,898 |
Commercial Real Estate | ' | ' | $606,501 |
Note_5_Junior_Subordinated_Def1
Note 5 - Junior Subordinated Deferrable Interest Debentures (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Junior Subordinated Deferrable Interest Debentures (Details) [Line Items] | ' | ' | ' |
Investments in and Advances to Affiliates, Balance, Principal Amount | $300,000 | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000,000 | ' | ' |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 10,300,000 | ' | 10,300,000 |
Interest Expense, Debt | $257,000 | $267,000 | ' |
Maximum Amount of Core Capital | 25.00% | ' | ' |
Junior Subordinated Debt [Member] | ' | ' | ' |
Note 5 - Junior Subordinated Deferrable Interest Debentures (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 3.39% | 3.40% | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' |
Note 5 - Junior Subordinated Deferrable Interest Debentures (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ' | ' |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | $0 | $0 |
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Available-for-sale Securities | 192,149,247 | 197,079,925 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 0 | 0 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 483,999 | 667,954 |
Impairment of Real Estate | 184,000 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,304,020 | ' |
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | ' | 1,398,396 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 4,079,000 | 2,620,000 |
Available-for-sale Securities | 0 | 0 |
Impaired Loans [Member] | Minimum [Member] | Appraisal Adjustments [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 15.00% | ' |
Impaired Loans [Member] | Minimum [Member] | Estimated Selling Costs [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 10.00% | ' |
Impaired Loans [Member] | Maximum [Member] | Appraisal Adjustments [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 70.00% | ' |
Impaired Loans [Member] | Maximum [Member] | Estimated Selling Costs [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 20.00% | ' |
Mortgage Servicing Rights [Member] | Minimum [Member] | Discounted Cash Flow [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | -0.11% | ' |
Mortgage Servicing Rights [Member] | Maximum [Member] | Discounted Cash Flow [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 1.14% | ' |
Other Real Estate Owned [Member] | Minimum [Member] | Appraisal Adjustments [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 10.00% | ' |
Other Real Estate Owned [Member] | Minimum [Member] | Estimated Selling Costs [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 10.00% | ' |
Other Real Estate Owned [Member] | Maximum [Member] | Appraisal Adjustments [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 20.00% | ' |
Other Real Estate Owned [Member] | Maximum [Member] | Estimated Selling Costs [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount | 20.00% | ' |
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $484,000 | ' |
Note_6_Fair_Value_Measurements3
Note 6 - Fair Value Measurements (Details) - Reconciliation and Income Statement Classification of Gains and Losses (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance | $1,398,396 | $930,760 |
Disposals b amortization based on loan payments and payoffs | -126,187 | -160,873 |
Purchases, issuances, and settlements | 109,201 | 312,751 |
Other changes in fair value | -77,390 | 315,758 |
Balance | $1,304,020 | $1,398,396 |
Note_7_Fair_Value_of_Financial2
Note 7 - Fair Value of Financial Instruments (Details) (Commitments to Extend Credit [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments to Extend Credit [Member] | ' | ' |
Note 7 - Fair Value of Financial Instruments (Details) [Line Items] | ' | ' |
Other Commitment | $86,118,000 | $76,322,000 |
Note_7_Fair_Value_of_Financial3
Note 7 - Fair Value of Financial Instruments (Details) - Carrying Amounts and Estimated Fair Values of Recognized Financial Instruments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $57,635,115 | $22,407,458 | $27,645,594 | $49,911,807 |
Certificates of deposit | 2,490,000 | 2,739,000 | ' | ' |
Certificates of deposit | 2,490,000 | 2,739,000 | ' | ' |
Loans held for sale | 247,075 | 423,720 | ' | ' |
Net loans | 301,319,013 | 291,298,678 | ' | ' |
595,169,330 | 556,234,744 | ' | ' | |
Deposits carrying amount | 507,527,349 | 468,000,065 | ' | ' |
Other borrowings | 7,500,000 | 12,100,552 | ' | ' |
Junior subordinated deferrable interest debentures | 10,300,000 | 10,300,000 | ' | ' |
528,937,986 | 493,226,879 | ' | ' | |
Maturity Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits carrying amount | 155,671,000 | 172,349,000 | ' | ' |
Deposits estimated value | 155,151,000 | 172,956,000 | ' | ' |
Non-Maturity Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits carrying amount | 351,856,000 | 295,651,000 | ' | ' |
Deposits estimated value | 351,856,000 | 295,651,000 | ' | ' |
Financial Liabilities [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
525,327,000 | 490,401,000 | ' | ' | |
525,384,000 | 491,937,000 | ' | ' | |
Including Loans Held-for-sale [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Net loans | 301,319,000 | 291,299,000 | ' | ' |
Net loans | 301,270,000 | 292,257,000 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 57,635,000 | 22,407,000 | ' | ' |
Cash and cash equivalents | 57,635,000 | 22,407,000 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Securities, including Federal Home Loan Bank stock | 196,293,000 | 201,974,000 | ' | ' |
Securities, including Federal Home Loan Bank stock | 196,293,000 | 201,974,000 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Loans held for sale | 247,000 | 424,000 | ' | ' |
Loans held for sale | 247,000 | 424,000 | ' | ' |
Mortgage servicing rights | 1,304,000 | 1,398,000 | ' | ' |
Mortgage servicing rights | 1,304,020 | 1,398,396 | ' | 930,760 |
Other borrowings | 7,500,000 | 12,101,000 | ' | ' |
Other borrowings | 8,092,000 | 13,036,000 | ' | ' |
Junior subordinated deferrable interest debentures | 10,300,000 | 10,300,000 | ' | ' |
Junior subordinated deferrable interest debentures | 10,285,000 | 10,294,000 | ' | ' |
Financial Assets [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
559,288,000 | 520,241,000 | ' | ' | |
$559,239,000 | $521,199,000 | ' | ' |
Note_8_Subsequent_Events_Detai
Note 8 - Subsequent Events (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||
Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 21, 2014 | Jul. 01, 2014 | |
Subsequent Event [Member] | Purchase Agreement [Member] | ||||
Ohio State Bank [Member] | |||||
Note 8 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Consideration to be Transferred, Trust Preferred Stock | ' | ' | ' | ' | $3,000,000 |
Business Combination, Consideration to be Transferred, Repayment of Senior Debt | ' | ' | ' | ' | $550,000 |
Business Combination, Consideration to be Transferred, Cash Payment, Percentage of Acquiree's Tangible Capital | 50.00% | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | ' | $0.27 | $0.15 | $0.08 | ' |