Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Athens Bancshares Corp | ' | ' |
Entity Central Index Key | '0001472093 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,850,590 | ' |
Entity Public Float | ' | ' | $31.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and due from banks | $11,119,410 | $16,236,135 |
Interest-bearing deposits in banks | 4,015,977 | 4,015,977 |
Total cash and cash equivalents | 15,135,387 | 20,252,112 |
Interest-bearing time deposits in banks | ' | 249,000 |
Securities available for sale | 31,580,183 | 32,150,108 |
Investments, at cost | 3,648,800 | 3,393,800 |
Loans, net of allowance for loan losses of $4,432,069 and $4,475,302 at December 31, 2013 and December 31, 2012, respectively | 226,206,014 | 217,274,617 |
Premises and equipment, net | 4,532,838 | 4,604,882 |
Accrued interest receivable | 978,201 | 914,361 |
Cash surrender value of bank owned life insurance | 9,812,685 | 9,512,171 |
Foreclosed real estate | 413,150 | 508,529 |
Other assets | 2,505,156 | 2,772,917 |
Total assets | 294,812,414 | 291,632,497 |
Deposits: | ' | ' |
Noninterest-bearing | 18,252,633 | 15,640,110 |
Interest-bearing | 229,919,419 | 218,607,993 |
Total deposits | 248,172,052 | 234,248,103 |
Accrued interest payable | 152,897 | 158,299 |
Securities sold under agreements to repurchase | 1,303,789 | 2,109,541 |
Federal Home Loan Bank advances | ' | 3,000,000 |
Accrued expenses and other liabilities | 4,075,481 | 4,112,150 |
Total liabilities | 253,704,219 | 243,628,093 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,890,990 outstanding at December 31, 2013 and 2,358,568 outstanding at December 31, 2012 | 18,910 | 23,586 |
Additional paid-in capital | 18,523,039 | 22,774,875 |
Common stock acquired by benefit plans: | ' | ' |
Restricted stock | -616,575 | -878,732 |
Unallocated common stock held by: | ' | ' |
Employee Stock Ownership Plan Trust | -1,629,320 | -1,777,440 |
Retained earnings | 24,880,822 | 27,319,933 |
Accumulated other comprehensive income | -68,681 | 542,182 |
Total stockholders' equity | 41,108,195 | 48,004,404 |
Total liabilities and stockholders' equity | $294,812,414 | $291,632,497 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Financial Position [Abstract] | ' | ' | ' |
Allowance for loan losses | $4,432,069 | $4,475,302 | $4,166,468 |
Preferred stock, par value | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' |
Preferred stock, shares issued | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' |
Common stock, shares authorized | 50,000,000 | 50,000,000 | ' |
Common stock, shares issued | 2,777,250 | 2,777,250 | ' |
Common stock, shares outstanding | 1,890,990 | 2,358,568 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest and dividend income: | ' | ' |
Loans, including fees | $12,794,430 | $13,418,112 |
Dividends | 177,048 | 146,700 |
Securities and interest-bearing deposits in other banks | 726,740 | 909,541 |
Total interest income | 13,698,218 | 14,474,353 |
Interest expense: | ' | ' |
Deposits | 2,054,429 | 2,504,873 |
Federal funds purchased and securities sold under agreements to repurchase | 1,527 | 1,878 |
Federal Home Loan Bank advances | 78,278 | 131,220 |
Total interest expense | 2,134,234 | 2,637,971 |
Net interest income | 11,563,984 | 11,836,382 |
Provision for loan losses | 316,393 | 1,080,277 |
Net interest income after provision for loan losses | 11,247,591 | 10,756,105 |
Noninterest income: | ' | ' |
Customer service fees | 2,029,982 | 2,036,032 |
Other charges and fees | 1,651,307 | 1,776,849 |
Investment sales commissions | 570,227 | 387,347 |
Increase in cash surrender value of life insurance | 361,647 | 339,310 |
Other noninterest income | 573,748 | 787,029 |
Total noninterest income | 5,186,911 | 5,326,567 |
Noninterest expenses: | ' | ' |
Salaries and employee benefits | 7,483,639 | 6,913,896 |
Occupancy and equipment | 1,578,089 | 1,409,960 |
Federal deposit insurance premiums | 212,248 | 153,327 |
Data processing | 1,191,684 | 907,661 |
Advertising | 173,515 | 180,160 |
Other operating expenses | 2,440,887 | 2,305,741 |
Total noninterest expenses | 13,080,062 | 11,870,745 |
Income before income taxes | 3,354,440 | 4,211,927 |
Income tax expense | 1,042,347 | 1,608,652 |
Net income | $2,312,093 | $2,603,275 |
Earnings per common share: | ' | ' |
Basic | $1.18 | $1.12 |
Diluted | $1.13 | $1.09 |
Dividends per common share | $0.20 | $0.20 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $2,312,093 | $2,603,275 |
Other comprehensive income (loss), before tax: | ' | ' |
Unrealized holding losses on securities available for sale | -985,263 | -53,254 |
Income tax benefit related to other comprehensive income items | 374,400 | 20,236 |
Other comprehensive loss, net of tax | -610,863 | -33,018 |
Comprehensive income | $1,701,230 | $2,570,257 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Common Stock Acquired By Benefit Plans [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2011 | $50,550,313 | $26,860 | $25,745,943 | $27,222,837 | ($3,020,527) | $575,200 |
Beginning Balance, Shares at Dec. 31, 2011 | ' | 2,686,060 | ' | ' | ' | ' |
Net income | 2,603,275 | ' | ' | 2,603,275 | ' | ' |
Other comprehensive loss | -33,018 | ' | ' | ' | ' | -33,018 |
Dividends - $0.20 per share | -473,169 | ' | ' | -473,169 | ' | ' |
Release of restricted stock plan shares | ' | ' | -216,236 | ' | 216,236 | ' |
Shares released by ESOP trust | 222,624 | ' | 74,505 | ' | 148,119 | ' |
Stock compensation expense | 294,937 | ' | 294,937 | ' | ' | ' |
Repurchase and retirement of Company common stock | -5,160,558 | -3,274 | -3,124,274 | -2,033,010 | ' | ' |
Repurchase and retirement of Company common stock, Shares | ' | -327,492 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 48,004,404 | 23,586 | 22,774,875 | 27,319,933 | -2,656,172 | 542,182 |
Ending Balance, Shares at Dec. 31, 2012 | 2,358,568 | 2,358,568 | ' | ' | ' | ' |
Net income | 2,312,093 | ' | ' | 2,312,093 | ' | ' |
Other comprehensive loss | -610,863 | ' | ' | ' | ' | -610,863 |
Dividends - $0.20 per share | -401,217 | ' | ' | -401,217 | ' | ' |
Release of restricted stock plan shares | ' | ' | -262,157 | ' | 262,157 | ' |
Shares released by ESOP trust | 268,707 | ' | 120,587 | ' | 148,120 | ' |
Stock compensation expense | 350,428 | ' | 350,428 | ' | ' | ' |
Repurchase and retirement of Company common stock | -8,815,357 | -4,676 | -4,460,694 | -4,349,987 | ' | ' |
Repurchase and retirement of Company common stock, Shares | ' | -467,578 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $41,108,195 | $18,910 | $18,523,039 | $24,880,822 | ($2,245,895) | ($68,681) |
Ending Balance, Shares at Dec. 31, 2013 | 1,890,990 | 1,890,990 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends per share | $0.20 | $0.20 |
Retained Earnings [Member] | ' | ' |
Dividends per share | $0.20 | $0.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $2,312,093 | $2,603,275 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 588,215 | 476,818 |
Amortization of securities and other assets | 393,850 | 385,867 |
Provision for loan losses | 316,393 | 1,080,277 |
Deferred income taxes | 60,322 | -102,768 |
Other gains and losses, net | -89,739 | -91,092 |
Stock based compensation expense | 619,135 | 517,561 |
Net change in: | ' | ' |
Cash surrender value of life insurance | -300,514 | -288,324 |
Accrued interest receivable | -63,840 | 53,001 |
Accrued interest payable | -5,402 | -12,116 |
Prepaid FDIC assessment | 427,353 | 144,013 |
Other assets and liabilities | 44,484 | 244,194 |
Net cash provided by operating activities | 4,302,350 | 5,010,706 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net change in interest-bearing time deposits in banks | 249,000 | ' |
Securities available for sale: | ' | ' |
Purchases | -12,461,832 | -12,186,716 |
Maturities, prepayments and calls | 11,725,978 | 13,952,286 |
Investments, at cost | ' | ' |
Purchases | -255,000 | -495,000 |
Loan originations and principal collections, net | -9,543,070 | -14,340,075 |
Purchases of premises and equipment | -731,582 | -503,940 |
Proceeds from sales of premises and equipment | 237,105 | ' |
Proceeds from sales of foreclosed real estate | 458,703 | 989,833 |
Net cash used in investing activities | -10,320,698 | -12,583,612 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase in deposits | 13,923,949 | 10,135,894 |
Net decrease in securities sold under agreements to repurchase | -805,752 | -155,467 |
Repayment of Federal Home Loan Bank advances | -3,000,000 | -99,119 |
Repurchase and retirement of Company common stock | -8,815,357 | -5,160,558 |
Dividends paid | -401,217 | -473,169 |
Net cash provided by financing activities | 901,623 | 4,247,581 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -5,116,725 | -3,325,325 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 20,252,112 | 23,577,437 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 15,135,387 | 20,252,112 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest paid on deposits and borrowed funds | 2,139,636 | 2,650,087 |
Income taxes paid | 1,218,013 | 1,671,461 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES: | ' | ' |
Acquisition of real estate acquired through foreclosure | $306,633 | $888,984 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
The accounting and reporting policies of Athens Bancshares Corporation (the “Company”) and subsidiary conform with United States generally accepted accounting principles (“GAAP”) and practices within the banking industry. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) are also sources of authoritative GAAP for SEC registrants. | |
The policies that materially affect financial position and results of operations are summarized as follows: | |
Principles of consolidation | |
The consolidated financial statements include the Company and its wholly-owned subsidiary. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Nature of operations | |
The Company is a holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Athens Federal Community Bank (the “Bank”). The Bank provides a variety of financial services to individuals and corporate customers through its seven branches located in Athens, Sweetwater, Etowah, Madisonville, and Cleveland, Tennessee. The Bank’s primary deposit products include checking, savings, certificates of deposit, and IRA accounts. Its primary lending products are one-to-four family residential, commercial real estate, and consumer loans. Southland Finance, Inc. (“Southland”) is a consumer finance company with one branch located in Athens, Tennessee. Ti-Serv, Inc. (“Ti-Serv”) maintains the Bank’s investment in Valley Title Services, LLC (“Valley Title”). Southland and Ti-Serv are wholly-owned subsidiaries of the Bank. Valley Title is a wholly-owned subsidiary of Ti-Serv. | |
Use of estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, other-than-temporary impairment of securities, and the fair value of financial instruments. | |
Cash and cash equivalents | |
For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and balances due from banks, money market mutual funds and federal funds sold, all of which mature within ninety days. | |
Interest-bearing time deposits in banks | |
Interest-bearing time deposits in banks have a maturity of one year or less and are carried at cost. | |
Securities | |
Debt securities are classified as held to maturity when the Company has the intent and ability to hold the securities to maturity. Securities held to maturity are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. | |
Securities available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Realized gains and losses on securities available for sale are included in other income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on sales of securities are determined on the specific-identification method. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. | |
The Company conducts a regular assessment of its securities portfolio to determine whether any securities are other-than-temporarily impaired. In estimating other-than-temporary impairment losses, management considers, among other factors, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | |
Loans | |
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage and commercial real estate loans located primarily in the East Tennessee area. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are stated at unpaid principal balances, less the allowance for loan losses, net deferred loan origination fees and costs, and unearned interest and fees. | |
Loan fees, net of estimated initial direct cost relating to initiating and closing mortgage loans, have been deferred and are being amortized into interest income over the remaining contractual lives of the loans as an adjustment of yield using the level yield method. | |
Unearned interest on consumer finance loans is recognized as income over the terms of the loans using a declining balance method. Interest on other loans is calculated using the simple interest method on the principal outstanding. | |
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Other personal loans are typically charged off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |
All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Allowance for loan losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
Allowance for loan losses (Continued) | |
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | |
As part of management’s assessment of the allowance, management divides the loan portfolio into five segments: commercial, residential 1-4 family, commercial real estate and multi-family, construction and land and consumer and other. Each segment is then analyzed such that a specific and general allocation of the allowance is estimated for each loan segment. | |
A loan is considered impaired when, based on current information and events, it is probable the Bank will be unable to collect the scheduled payments of principal or interest when due according to contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer loans for impairment disclosures, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | |
The unallocated component of the allowance reflects the uncertainties inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
Significant group concentrations of credit risk | |
Most of the Company’s activities are with customers located in East Tennessee. The types of securities that the Company invests in are included in Note 3. The types of lending the Company engages in are included in Note 5. The Company does not have any significant lending concentrations to any one customer or industry. | |
Commercial real estate, including commercial construction loans, represents 37.6 percent of the loan portfolio at December 31, 2013, and 36.4 percent of the loan portfolio at December 31, 2012. | |
Servicing | |
Generally, servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. | |
The Company has not recorded any servicing assets or liabilities in accordance with ASC Topic 860, Transfers and Servicing, because the benefits received for servicing approximate the costs incurred by the Company for its servicing responsibilities. | |
Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The Company primarily services loans for the Federal Home Loan Mortgage Corporation. | |
Foreclosed real estate | |
Foreclosed real estate is held for sale and is initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed and any write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate (if any) is capitalized. | |
Premises and equipment | |
Land is carried at cost. Other premises and equipment are stated at cost less accumulated depreciation. Depreciation, computed using a combination of accelerated and straight-line methods, is based on estimated useful lives of three to forty years. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Gains and losses on dispositions are included in current operations. | |
Cash surrender value of bank owned life insurance | |
The Company maintains bank-owned life insurance policies (“BOLI”) on certain key executives and directors to help offset the rising cost of employee benefits and to assist in the funding of deferred compensation and other employee benefits. BOLI is accounted for using the cash surrender value method and is recorded at the amount that can be realized under the insurance policies at the balance sheet date. At December 31, 2013 and 2012, the aggregate cash surrender value of these policies was $9,813,000 and $9,512,000, respectively. | |
Income taxes | |
The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740. The income tax accounting guidance results in two components of income tax expense—current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to taxable income or loss. The Company determines deferred income taxes using the liability method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities. The Company’s deferred taxes relate primarily to differences between the basis of the allowance for loan losses and accumulated depreciation. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The Company files consolidated income tax returns with its subsidiary. With few exceptions, the Company is no longer subject to tax examinations by tax authorities for years before 2010. | |
The Company recognizes deferred tax assets if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The Company follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. The Company recognizes interest and penalties on income taxes as a component of income tax expense. | |
Advertising costs | |
Advertising costs are expensed as incurred. | |
Variable interest entities | |
An entity is referred to as a variable interest entity (“VIE”) if it meets the criteria outlined in ASC Topic 810, which are: (1) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb the expected losses or receive the expected returns of the entity. A VIE must be consolidated by the Company if it is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has a majority of the expected losses, expected residual returns, or both. At December 31, 2013, the Company was not involved with any entity that is deemed to be a VIE. | |
Securities sold under agreements to repurchase | |
The Bank enters into sales of securities under agreements to repurchase identical securities the next day. | |
Segment reporting | |
ASC Topic 280, Segment Reporting, provides for the identification of reportable segments on the basis of discrete business units and their financial information to the extent such units are reviewed by an entity’s chief decision maker (which can be an individual or group of management persons). The Statement permits aggregation or combination of segments that have similar characteristics. In the operations of the Bank and its subsidiaries, each bank branch is viewed by management as being a separately identifiable business or segment from the perspective of monitoring performance and allocation of financial resources. Although the branches operate independently and are managed and monitored separately, each is substantially similar in terms of business focus, type of customers, products, and services. Further, the results of Southland and Ti-Serv, Inc. for the years ended | |
December 31, 2013 and 2012, were not significant for separate disclosure. Accordingly, the Company’s consolidated financial statements reflect the presentation of segment information on an aggregated basis in one reportable segment. | |
Transfers of financial assets | |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |
The Company originates fixed-rate mortgage loans for sale to secondary market investors subject to contractually specified and limited recourse provisions. The Company may be required to repurchase a previously sold mortgage loan if there is material noncompliance with defined loan origination or documentation standards, including fraud, negligence or material misstatement in the loan documents. The Company has been notified by FHLMC that two loans previously sold to them may not have qualified under their terms of purchase, and the Company may be required to repurchase these loans in the future. At December 31, 2013, the aggregate outstanding balance of loans subject to this recourse obligation was approximately $18,000. No loans were required to be repurchased for the years ended December 31, 2013 or December 31, 2012. Recourse obligations, if any, are determined based upon an estimate of probable credit losses over the term of the loan, and are not significant to the consolidated financial statements. Loans held for sale are classified as loans on the Consolidated Balance Sheets and were not significant for the years ended December 31, 2013 or 2012. All loans held for sale at December 31, 2013 closed within ten days of year end. | |
Earnings per share | |
Basic earnings per share (“EPS”) is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents such as stock options were vested during the period. | |
Stock option plan | |
The Company recognizes compensation cost relating to share-based payment transactions in accordance with ASC Topic 718, Compensation—Stock Compensation. Compensation cost has been measured based on the grant date fair value of the equity instruments issued. Compensation cost is calculated and recognized over the employee service period, generally defined as the vesting period. The Company uses a stock option pricing model to determine the fair value of the award on the grant date. | |
Employee stock ownership plan | |
The Company accounts for the Bank’s Employee Stock Ownership Plan (“ESOP”) in accordance with the GAAP. ESOP shares are considered to be outstanding for the computation of EPS as they are committed to be released. | |
Comprehensive income | |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains on securities available for sale, and unrealized losses related to factors other than credit losses on debt securities. | |
Recent accounting pronouncements | |
In February 2013, the FASB issued updated guidance related to disclosure of reclassification amounts out of other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirement was effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure requirements surrounding reclassification items out of accumulated other comprehensive income. | |
Recent accounting pronouncements (Continued) | |
The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |
Subsequent events | |
The Company has evaluated subsequent events for potential recognition and disclosures in the consolidated financial statements and accompanying notes included in this annual report. | |
Reclassifications | |
Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the 2013 presentation. The reclassifications had no effect on net income, total assets or stockholders’ equity as previously reported. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents | ' |
Note 2. Cash and Cash Equivalents | |
Restrictions on cash and due from banks | |
The Company is required to maintain average balances on hand or with the Federal Reserve Bank. At December 31, 2013 and 2012, these reserve balances amounted to $1,501,000 and $941,000, respectively. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 3. Securities | |||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at December 31, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 5,825,027 | $ | 14,733 | $ | (93,496 | ) | $ | 5,746,264 | ||||||||||||||||
Mortgage-backed and related securities (1) | 14,514,702 | 189,224 | (66,861 | ) | 14,637,065 | ||||||||||||||||||||
State and municipal securities | 11,351,230 | 153,436 | (307,812 | ) | 11,196,854 | ||||||||||||||||||||
$ | 31,690,959 | $ | 357,393 | $ | (468,169 | ) | $ | 31,580,183 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 13,233,968 | $ | 117,177 | $ | — | $ | 13,351,145 | |||||||||||||||||
Mortgage-backed and related securities (1) | 12,605,316 | 371,395 | (6 | ) | 12,976,705 | ||||||||||||||||||||
State and municipal securities | 5,436,337 | 394,395 | (8,474 | ) | 5,822,258 | ||||||||||||||||||||
$ | 31,275,621 | $ | 882,967 | $ | (8,480 | ) | $ | 32,150,108 | |||||||||||||||||
-1 | Collateralized by residential mortgages and guaranteed by U.S. Government sponsored entities. | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company did not have any securities classified as held-to-maturity. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 3,104,640 | $ | 3,113,774 | |||||||||||||||||||||
Due after one year through five years | 3,727,669 | 3,668,414 | |||||||||||||||||||||||
Due five years to ten years | 8,976,060 | 8,849,370 | |||||||||||||||||||||||
Due after ten years | 1,367,888 | 1,311,560 | |||||||||||||||||||||||
Mortgage-backed securities | 14,514,702 | 14,637,065 | |||||||||||||||||||||||
Total | $ | 31,690,959 | $ | 31,580,183 | |||||||||||||||||||||
The Company had no realized gains or losses for the years ended December 31, 2013 or December 31, 2012. | |||||||||||||||||||||||||
The Company has pledged securities with carrying values of approximately $17,507,000 and $20,281,000 (which approximates market values) to secure deposits of public and private funds as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 1,905 | $ | (93 | ) | $ | — | $ | — | $ | 1,905 | $ | (93 | ) | |||||||||||
State and municipal securities | 5,104 | (283 | ) | 411 | (25 | ) | 5,515 | (308 | ) | ||||||||||||||||
Mortgage-backed and related securities | 8,332 | (67 | ) | — | — | 8,332 | (67 | ) | |||||||||||||||||
$ | 15,341 | $ | (443 | ) | $ | 411 | $ | (25 | ) | $ | 15,752 | $ | (468 | ) | |||||||||||
Unrealized losses on securities at December 31, 2012, were not significant. | |||||||||||||||||||||||||
Management performs periodic reviews for impairment in accordance with ASC Topic 320, Investments—Debt and Equity Securities. | |||||||||||||||||||||||||
At December 31, 2013, there were 22 securities with unrealized losses that had depreciated 2.89 percent from the Company’s amortized cost basis. At December 31, 2012, there were two securities with unrealized losses that had depreciated 1.90 percent from the Company’s amortized cost basis. | |||||||||||||||||||||||||
Most of these securities are guaranteed by either U.S. government corporations or agencies or had investment grade ratings upon purchase. Further, the issuers of these securities have not established any cause for default. The unrealized losses associated with these investment securities are primarily driven by changes in interest rates and are not due to the credit quality of the securities. These securities will continue to be monitored as a part of the Company’s ongoing impairment analysis, but are expected to perform even if the rating agencies reduce the credit rating of the bond insurers. Management evaluates the financial performance of each issuer on a quarterly basis to determine if it is probable that the issuers can make all contractual principal and interest payments. | |||||||||||||||||||||||||
Upon acquisition of a security, the Company determines the appropriate impairment model that is applicable. If the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial assets impairment model. If the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. The Company conducts periodic reviews to evaluate each security to determine whether another-than-temporary impairment has occurred. The Company did not have any securities that were classified as other-than-temporarily-impaired at December 31, 2013. |
Investments_at_Cost
Investments, at Cost | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Investments, at Cost | ' | ||||||||
Note 4. Investments, at Cost | |||||||||
The Bank carries the following investments at cost because they are not readily marketable and there is no established market price for the investments. These investments are normally redeemed by the issuer at par value and may carry call or put options under certain circumstances. Investments carried at cost at December 31, 2013 and 2012, consist of: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Federal Home Loan Bank of Cincinnati common stock | $ | 2,898,800 | $ | 2,898,800 | |||||
Tenth Street Fund III, L.P. investment | 750,000 | 495,000 | |||||||
$ | 3,648,800 | $ | 3,393,800 | ||||||
The Bank, as a member of the Federal Home Loan Bank (“FHLB”) of Cincinnati, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. Management reviews for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. | |||||||||
While the Federal Home Loan Banks have been negatively impacted by current economic conditions, the Federal Home Loan Bank of Cincinnati has reported profits for 2013 and 2012, remains in compliance with regulatory capital and liquidity requirements, continues to pay dividends on the stock and make redemptions at the par value. With consideration given to these factors, management concluded that the stock was not impaired at December 31, 2013 or 2012. | |||||||||
Tenth Street Capital Fund III, L.P. is a limited partnership investment in which the Bank holds an ownership interest of less than 3 percent and does not exercise significant influence over the Fund. As such, this investment is accounted for under the cost method of accounting. | |||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 5. Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||
The Bank and Southland provide mortgage, consumer, and commercial lending services to individuals and businesses primarily in the East Tennessee area. | |||||||||||||||||||||||||||||
The Company’s loans consist of the following at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 88,414,921 | $ | 83,159,454 | |||||||||||||||||||||||||
Commercial real estate and multi-family (5 or more units) | 74,497,078 | 76,752,945 | |||||||||||||||||||||||||||
Construction and land | 30,720,741 | 21,998,286 | |||||||||||||||||||||||||||
193,632,740 | 181,910,685 | ||||||||||||||||||||||||||||
Commercial loans | 13,058,544 | 12,591,324 | |||||||||||||||||||||||||||
Consumer and other | 24,732,518 | 27,992,762 | |||||||||||||||||||||||||||
Total loans | 231,423,802 | 222,494,771 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (4,432,069 | ) | (4,475,302 | ) | |||||||||||||||||||||||||
Unearned interest and fees | (396,470 | ) | (447,656 | ) | |||||||||||||||||||||||||
Net deferred loan origination fees | (389,249 | ) | (297,196 | ) | |||||||||||||||||||||||||
Loans, net | $ | 226,206,014 | $ | 217,274,617 | |||||||||||||||||||||||||
Activity in the allowance for loan losses for 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Beginning balance | $ | 4,475,302 | $ | 4,166,468 | |||||||||||||||||||||||||
Provision for loan losses | 316,393 | 1,080,277 | |||||||||||||||||||||||||||
Loans charged-off | (594,470 | ) | (908,963 | ) | |||||||||||||||||||||||||
Recoveries | 234,844 | 137,520 | |||||||||||||||||||||||||||
Ending balance | $ | 4,432,069 | $ | 4,475,302 | |||||||||||||||||||||||||
Loan impairment and any related valuation allowance is determined under the provisions established by ASC Topic 310. For all periods presented, impaired loans without a valuation allowance represent loans for which management believes that the collateral value of the loan is higher than the carrying value of that loan. | |||||||||||||||||||||||||||||
The allocation of the allowance for loan losses and recorded investment in loans by portfolio segment are as follows: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential 1-4 | Commercial | Construction | Consumer and | Unallocated | Total | |||||||||||||||||||||||
Family | Real Estate and | and Land | Other | ||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 86,958 | $ | 545,126 | $ | 85,175 | $ | 303,752 | $ | 69,049 | $ | — | $ | 1,090,060 | |||||||||||||||
General reserves | 244,980 | 897,380 | 1,023,783 | 652,974 | 461,508 | 61,384 | 3,342,009 | ||||||||||||||||||||||
Total reserves | $ | 331,938 | $ | 1,442,506 | $ | 1,108,958 | $ | 956,726 | $ | 530,557 | $ | 61,384 | $ | 4,432,069 | |||||||||||||||
Impaired loans | $ | 1,901,209 | $ | 5,821,575 | $ | 449,597 | $ | 1,815,293 | $ | 328,373 | $ | — | $ | 10,316,047 | |||||||||||||||
Performing loans | 11,157,335 | 82,593,346 | 74,047,481 | 28,905,448 | 24,404,145 | — | 221,107,755 | ||||||||||||||||||||||
Total | $ | 13,058,544 | $ | 88,414,921 | $ | 74,497,078 | $ | 30,720,741 | $ | 24,732,518 | $ | — | $ | 231,423,802 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Residential 1-4 | Commercial | Construction | Consumer and | Unallocated | Total | |||||||||||||||||||||||
Family | Real Estate and | and Land | Other | ||||||||||||||||||||||||||
Multi- Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 454,620 | $ | 739,943 | $ | 109,659 | $ | 361,470 | $ | 56,094 | $ | — | $ | 1,721,786 | |||||||||||||||
General reserves | 231,445 | 608,979 | 965,336 | 457,514 | 489,382 | 860 | 2,753,516 | ||||||||||||||||||||||
Total reserves | $ | 686,065 | $ | 1,348,922 | $ | 1,074,995 | $ | 818,984 | $ | 545,476 | $ | 860 | $ | 4,475,302 | |||||||||||||||
Impaired loans | $ | 1,870,266 | $ | 6,327,833 | $ | 1,421,168 | $ | 1,978,395 | $ | 281,195 | $ | — | $ | 11,878,857 | |||||||||||||||
Performing loans | 10,721,058 | 76,831,621 | 75,331,777 | 20,019,891 | 27,711,567 | — | 210,615,914 | ||||||||||||||||||||||
Total | $ | 12,591,324 | $ | 83,159,454 | $ | 76,752,945 | $ | 21,998,286 | $ | 27,992,762 | $ | — | $ | 222,494,771 | |||||||||||||||
The following table details the changes in the allowance for loan losses from December 31, 2011 to December 31, 2013 by class of loan: | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 564,853 | $ | 1,344,604 | $ | 1,006,036 | $ | 681,871 | $ | 541,458 | $ | 27,646 | $ | 4,166,468 | |||||||||||||||
Provision (reallocation) for loan losses | 127,298 | 656,567 | 68,959 | 64,938 | 189,301 | (26,786 | ) | 1,080,277 | |||||||||||||||||||||
Loans charged-off | (16,034 | ) | (663,729 | ) | — | — | (229,200 | ) | — | (908,963 | ) | ||||||||||||||||||
Recoveries | 9,948 | 11,480 | — | 72,175 | 43,917 | — | 137,520 | ||||||||||||||||||||||
Balance, December 31, 2012 | 686,065 | 1,348,922 | 1,074,995 | 818,984 | 545,476 | 860 | 4,475,302 | ||||||||||||||||||||||
Provision (reallocation) for loan losses | (500,574 | ) | 257,300 | 33,963 | 235,242 | 229,938 | 60,524 | 316,393 | |||||||||||||||||||||
Loans charged-off | — | (194,671 | ) | — | (97,500 | ) | (302,299 | ) | — | (594,470 | ) | ||||||||||||||||||
Recoveries | 146,447 | 30,955 | — | — | 57,442 | — | 234,844 | ||||||||||||||||||||||
Balance, December 31, 2013 | $ | 331,938 | $ | 1,442,506 | $ | 1,108,958 | $ | 956,726 | $ | 530,557 | $ | 61,384 | $ | 4,432,069 | |||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential 1- | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 47,141 | $ | 3,285,685 | $ | 247,422 | $ | 346,571 | $ | 78,393 | $ | 4,005,212 | |||||||||||||||||
With a valuation allowance | 1,854,068 | 2,535,890 | 202,175 | 1,468,722 | 249,980 | 6,310,835 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,901,209 | $ | 5,821,575 | $ | 449,597 | $ | 1,815,293 | $ | 328,373 | $ | 10,316,047 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,941,056 | $ | 6,232,048 | $ | 449,597 | $ | 2,752,396 | $ | 328,843 | $ | 11,703,940 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 86,958 | $ | 545,126 | $ | 85,175 | $ | 303,752 | $ | 69,049 | $ | 1,090,060 | |||||||||||||||||
Average investment in impaired loans | $ | 1,878,458 | $ | 8,658,167 | $ | 880,839 | $ | 1,869,016 | $ | 327,904 | $ | 13,614,384 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 101,112 | $ | 353,260 | $ | 55,697 | $ | 7,275 | $ | 20,066 | $ | 537,410 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 34,885 | $ | 2,112,736 | $ | 1,061,923 | $ | 768,424 | $ | 73,927 | $ | 4,051,895 | |||||||||||||||||
With a valuation allowance | 1,835,381 | 4,215,097 | 359,245 | 1,209,971 | 207,268 | 7,826,962 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,870,266 | $ | 6,327,833 | $ | 1,421,168 | $ | 1,978,395 | $ | 281,195 | $ | 11,878,857 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,910,113 | $ | 6,719,860 | $ | 1,421,168 | $ | 2,817,998 | $ | 281,865 | $ | 13,151,004 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 454,620 | $ | 739,943 | $ | 109,659 | $ | 361,470 | $ | 56,094 | $ | 1,721,786 | |||||||||||||||||
Average investment in impaired loans | $ | 2,254,699 | $ | 5,750,530 | $ | 2,117,175 | $ | 2,031,800 | $ | 506,201 | $ | 12,660,405 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 114,732 | $ | 333,710 | $ | 104,273 | $ | 29,077 | $ | 35,663 | $ | 617,455 | |||||||||||||||||
The following tables present an aged analysis of past due loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current | Total | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days Past | Due | Loans | Loans | Investment | ||||||||||||||||||||||||
Due and | ³ 90 Days | ||||||||||||||||||||||||||||
Non-Accrual | Past Due | ||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 915,785 | $ | 2,440,384 | $ | 3,356,169 | $ | 85,058,752 | $ | 88,414,921 | $ | 20,128 | |||||||||||||||||
Commercial real estate and multifamily | — | 96,055 | 96,055 | 74,401,023 | 74,497,078 | — | |||||||||||||||||||||||
Construction and land | 381,336 | 1,402,960 | 1,784,296 | 28,936,445 | 30,720,741 | — | |||||||||||||||||||||||
Commercial | 24,515 | 47,141 | 71,656 | 12,986,888 | 13,058,544 | — | |||||||||||||||||||||||
Consumer and other | 341,647 | 56,953 | 398,600 | 24,333,918 | 24,732,518 | 27,182 | |||||||||||||||||||||||
Total | $ | 1,663,283 | $ | 4,043,493 | $ | 5,706,776 | $ | 225,717,026 | $ | 231,423,802 | $ | 47,310 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current | Total | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days Past | Due | Loans | Loans | Investment | ||||||||||||||||||||||||
Due and | ³ 90 Days | ||||||||||||||||||||||||||||
Non-Accrual | Past Due | ||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 107,603 | $ | 2,298,290 | $ | 2,405,893 | $ | 80,753,561 | $ | 83,159,454 | $ | 10,237 | |||||||||||||||||
Commercial real estate and multifamily | 99,229 | — | 99,229 | 76,653,716 | 76,752,945 | — | |||||||||||||||||||||||
Construction and land | 1,704,110 | 1,555,346 | 3,259,456 | 18,738,830 | 21,998,286 | — | |||||||||||||||||||||||
Commercial | — | — | — | 12,591,324 | 12,591,324 | — | |||||||||||||||||||||||
Consumer and other | 183,383 | 44,962 | 228,345 | 27,764,417 | 27,992,762 | 18,160 | |||||||||||||||||||||||
Total | $ | 2,094,325 | $ | 3,898,598 | $ | 5,992,923 | $ | 216,501,848 | $ | 222,494,771 | $ | 28,397 | |||||||||||||||||
Credit quality indicators: | |||||||||||||||||||||||||||||
Federal regulations require us to review and classify our assets on a regular basis. There are three classifications for problem assets: substandard, doubtful, and loss. “Substandard assets” must have one or more defined weaknesses and are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. “Doubtful assets” have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified “loss” is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. The regulations also provide for a “special mention” category, described as assets which do not currently expose an institution to a sufficient degree of risk to warrant classification but do possess credit deficiencies or potential weaknesses deserving close attention. When we classify an asset as substandard or doubtful, we may establish a specific allowance for loan losses. | |||||||||||||||||||||||||||||
The following outlines the amount of each loan classification and the amount categorized into each risk rating class: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 81,288,044 | $ | 1,305,302 | $ | 5,821,575 | $ | — | $ | — | $ | 88,414,921 | |||||||||||||||||
Commercial real estate and multifamily | 73,918,715 | 128,766 | 449,597 | — | — | 74,497,078 | |||||||||||||||||||||||
Construction and land | 27,155,327 | 1,750,121 | 1,815,293 | — | — | 30,720,741 | |||||||||||||||||||||||
Commercial | 11,157,335 | — | 1,901,209 | — | — | 13,058,544 | |||||||||||||||||||||||
Consumer and other | 24,159,285 | 244,860 | 328,373 | — | — | 24,732,518 | |||||||||||||||||||||||
Total | $ | 217,678,706 | $ | 3,429,049 | $ | 10,316,047 | $ | — | $ | — | $ | 231,423,802 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 75,378,535 | $ | 1,453,086 | $ | 6,327,833 | $ | — | $ | — | $ | 83,159,454 | |||||||||||||||||
Commercial real estate and multifamily | 75,200,270 | 131,507 | 1,421,168 | — | — | 76,752,945 | |||||||||||||||||||||||
Construction and land | 19,962,200 | 57,691 | 1,978,395 | — | — | 21,998,286 | |||||||||||||||||||||||
Commercial | 10,721,058 | — | 1,870,266 | — | — | 12,591,324 | |||||||||||||||||||||||
Consumer and other | 27,546,270 | 165,297 | 281,195 | — | — | 27,992,762 | |||||||||||||||||||||||
Total | $ | 208,808,333 | $ | 1,807,581 | $ | 11,878,857 | $ | — | $ | — | $ | 222,494,771 | |||||||||||||||||
A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification constitutes a concession. By granting the concession, the Company expects to increase the probability of collection by more than would be expected by not granting the concession. The Company’s determination of whether a modification is a TDR considers the facts and circumstances surrounding each respective modification. | |||||||||||||||||||||||||||||
The following presents information related to loans modified as a TDR: | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
Of | Outstanding | Modification | |||||||||||||||||||||||||||
Loans | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 64,088 | $ | 64,088 | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 9 | 43,463 | 43,463 | ||||||||||||||||||||||||||
10 | $ | 107,552 | $ | 107,552 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
Of | Outstanding | Modification | |||||||||||||||||||||||||||
Loans | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 263,937 | $ | 263,937 | ||||||||||||||||||||||||
Commercial real estate and multifamily | 1 | 99,687 | 99,687 | ||||||||||||||||||||||||||
Construction and land | 2 | 29,629 | 29,629 | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 12 | 77,614 | 77,614 | ||||||||||||||||||||||||||
18 | $ | 470,867 | $ | 470,867 | |||||||||||||||||||||||||
The following sets forth loans modified in a TDR for the years ended December 31, 2013 and 2012, that subsequently defaulted (i.e., 60 days or more past due following a modification) during the same respective year: | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Number | Outstanding | ||||||||||||||||||||||||||||
of | Recorded | ||||||||||||||||||||||||||||
Loans | Investment | ||||||||||||||||||||||||||||
at Default | |||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 2 | 7,205 | |||||||||||||||||||||||||||
2 | $ | 7,205 | |||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Number | Outstanding | ||||||||||||||||||||||||||||
of | Recorded | ||||||||||||||||||||||||||||
Loans | Investment | ||||||||||||||||||||||||||||
at Default | |||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 219,225 | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | 1 | 5,433 | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 3 | 9,693 | |||||||||||||||||||||||||||
6 | $ | 234,351 | |||||||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Note 6. Premises and Equipment | |||||||||
A summary of the Company’s premises and equipment is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 931,580 | $ | 1,101,580 | |||||
Buildings | 5,548,905 | 5,601,140 | |||||||
Leasehold improvements | 115,105 | 106,525 | |||||||
Equipment | 5,754,231 | 5,153,036 | |||||||
Automobiles | 17,348 | 17,348 | |||||||
Construction in progress | 78,416 | — | |||||||
12,445,585 | 11,979,629 | ||||||||
Less accumulated depreciation | (7,912,747 | ) | (7,374,747 | ) | |||||
$ | 4,532,838 | $ | 4,604,882 | ||||||
Depreciation expense amounted to $588,215 and $476,818 for the years ended December 31, 2013 and 2012, respectively. |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
Note 7. Deposits | |||||||||
The aggregate amount of time deposits in denominations of $100,000 or more were $47,246,566 and $43,216,075 at December 31, 2013 and 2012, respectively. Deposit accounts are federally insured up to $250,000 per depositor. | |||||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||
2014 | $ | 36,660,485 | |||||||
2015 | 37,578,384 | ||||||||
2016 | 11,562,045 | ||||||||
2017 | 5,980,586 | ||||||||
2018 | 2,057,018 | ||||||||
$ | 93,838,518 | ||||||||
Deposit interest expense for the years ended December 31, 2013 and 2012, is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Demand deposit and NOW accounts | $ | 114,026 | $ | 190,328 | |||||
Money market accounts | 248,126 | 225,301 | |||||||
Savings accounts | 21,553 | 20,598 | |||||||
IRA accounts | 443,617 | 615,508 | |||||||
Certificates of deposit | 1,227,107 | 1,453,138 | |||||||
$2,054,429 | $2,504,873 | ||||||||
The Bank had one deposit relationship that approximated 6.0 percent of total deposits at December 31, 2012. There were no deposit relationships that exceed 5.0 percent of total deposits at December 31, 2013. |
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2013 | |
Banking And Thrift [Abstract] | ' |
Securities Sold Under Agreements to Repurchase | ' |
Note 8. Securities Sold Under Agreements to Repurchase | |
Securities sold under agreements to repurchase averaged approximately $1,530,000 and $1,890,000 for the years ended December 31, 2013 and 2012, respectively. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances and Letters of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Banking And Thrift [Abstract] | ' |
Federal Home Loan Bank Advances and Letters of Credit | ' |
Note 9. Federal Home Loan Bank Advances and Letters of Credit | |
All FHLB advances matured and were paid in 2013. No amounts were outstanding at December 31, 2013. Advances outstanding at December 31, 2012 were $3,000,000. | |
Pursuant to collateral agreements with the FHLB, the letters of credit described below are secured by the Bank’s FHLB stock and qualifying first mortgage loans, totaling approximately $15,822,000 and $21,031,000 as of December 31, 2013 and 2012, respectively. | |
The Bank also has a Standby Letter of Credit for Public Unit Deposit Collateralization Line with the FHLB which provides an alternative for the Bank instead of pledging securities to public depositors up to a maximum credit line of approximately $18,000,000. This line of credit is secured by the collateral described above. The FHLB issues irrevocable letters of credit on behalf of the Bank to certain public entities which are depositors of the Bank. Letters of credit outstanding as of December 31, 2013 and 2012, were $11,750,000 and $11,750,000, respectively. |
Minimum_Regulatory_Capital_Req
Minimum Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Minimum Regulatory Capital Requirements | ' | ||||||||||||||||||||||||
Note 10. Minimum Regulatory Capital Requirements | |||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, which historically had been the Office of Thrift Supervision (OTS). Under the Dodd-Frank Act of 2010, the OTS was eliminated and responsibility for the supervision and regulation of the Bank was transferred to the Office of the Comptroller of the Currency (OCC) on July 21, 2011. The OCC is now the agency that is primarily responsible for the regulation and supervision of national banks and federal savings associations. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material affect on the Bank and the consolidated financial statements. | |||||||||||||||||||||||||
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013 and December 31, 2012, that the Bank met all capital adequacy requirements to which it was subject. | |||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s prompt corrective action category. | |||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following tables. Dollar amounts are presented in thousands. | |||||||||||||||||||||||||
Actual | For Capital | To be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 34,472 | 17.01 | % | $ | 16,216 | 8 | % | $ | 20,271 | 10 | % | |||||||||||||
Tier I capital (to risk-weighted assets) | 31,915 | 15.74 | % | 8,108 | 4 | % | 12,162 | 6 | % | ||||||||||||||||
Tier I capital (to adjusted total assets) | 31,915 | 10.84 | % | 11,777 | 4 | % | 14,721 | 5 | % | ||||||||||||||||
Tangible capital (to adjusted total assets) | 31,915 | 10.84 | % | 4,416 | 1.5 | % | N/A | N/A | |||||||||||||||||
Actual | For Capital | To be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purpose | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 41,490 | 21.33 | % | $ | 15,559 | 8 | % | $ | 19,449 | 10 | % | |||||||||||||
Tier I capital (to risk-weighted assets) | 39,034 | 20.07 | % | 7,780 | 4 | % | 11,669 | 6 | % | ||||||||||||||||
Tier I capital (to adjusted total assets) | 39,034 | 13.43 | % | 11,625 | 4 | % | 14,531 | 5 | % | ||||||||||||||||
Tangible capital (to adjusted total assets) | 39,034 | 13.43 | % | 4,359 | 1.5 | % | N/A | N/A | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Note 11. Income Taxes | |||||||||||||||||
Net deferred tax assets consist of the following components as of December 31, 2013 and December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Allowance for loan losses | $ | 865,218 | $ | 918,500 | |||||||||||||
Deferred compensation | 993,953 | 887,302 | |||||||||||||||
Executive benefit plan | 102,744 | 117,940 | |||||||||||||||
Other | 546,434 | 448,957 | |||||||||||||||
2,508,349 | 2,372,699 | ||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
FHLB stock dividends | 375,510 | 375,510 | |||||||||||||||
Depreciable assets | 425,986 | 288,582 | |||||||||||||||
Other | 327,334 | 643,168 | |||||||||||||||
1,128,830 | 1,307,260 | ||||||||||||||||
Net deferred tax assets | $ | 1,379,519 | $ | 1,065,439 | |||||||||||||
The provision for income taxes charged to income for the years ended December 31, 2013 and 2012, consists of the following: | |||||||||||||||||
Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current tax expense | $ | 982,025 | $ | 1,711,420 | |||||||||||||
Deferred expense (benefit) | 60,322 | (102,768 | ) | ||||||||||||||
Provision for income taxes | $ | 1,042,347 | $ | 1,608,652 | |||||||||||||
The income tax provision is less than the expected tax provision computed by multiplying income before income taxes by the statutory federal income tax rates. The reasons for this difference are as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | % | 2012 | % | ||||||||||||||
Expected tax at statutory rates | $ | 1,141,000 | 34 | % | $ | 1,432,000 | 34 | % | |||||||||
Tax-exempt earnings on life insurance policies | (112,510 | ) | (3.34 | ) | (129,922 | ) | (3.09 | ) | |||||||||
Tax-exempt interest | (80,157 | ) | (2.39 | ) | (75,018 | ) | (1.78 | ) | |||||||||
State income taxes, net of federal income tax benefit | 143,905 | 4.29 | 180,691 | 4.29 | |||||||||||||
Other | (49,891 | ) | (1.49 | ) | 200,901 | 4.77 | |||||||||||
Provision for income taxes | $ | 1,042,347 | 31.07 | % | $ | 1,608,652 | 38.19 | % | |||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||
Note 12. Employee Benefits | |||||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||||
The Bank has adopted a 401(k) plan covering substantially all employees. Employees are allowed to contribute up to 75% of earnings, subject to Internal Revenue Service limitations. In addition, the Bank will match a portion of the employees’ contributions. The expenses incurred by the Bank for the plan totaled $263,764 and $156,332 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
2010 Equity Incentive Plan | |||||||||||||||||||||||
The Athens Bancshares Corporation 2010 Equity Incentive Plan (“the 2010 Plan”) was approved by the Company’s stockholders at the annual meeting of stockholders held on July 14, 2010. Under the terms of the 2010 Plan, the Company may grant restricted stock awards and stock options to its employees, officers, and directors. The purpose of the 2010 Plan is to promote the success of the Company by linking the personal interests of its employees, officers, and directors to the interest of the Company’s shareholders, and by providing participants with an incentive for remarkable performance. All of the Company’s employees, officers, and directors are eligible to participate in the 2010 Plan. | |||||||||||||||||||||||
2010 Equity Incentive Plan (Continued) | |||||||||||||||||||||||
Under terms of the 2010 Plan, the Company is authorized to issue up to 277,725 stock options and up to 111,090 shares of restricted stock. | |||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||
The Company granted stock options to its directors, officers, and employees on December 15, 2010. Both incentive stock options and non-qualified stock options were granted under the 2010 Plan. The exercise price for each option was equal to the market price of the Company’s stock on the date of grant and the maximum term of each option is ten years. The vesting period for all options is five years, pro rata, from the date of grant. The Company recognizes compensation expense over the vesting period, based on the grant-date fair value of the options granted. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. For the year ended December 31, 2013 and 2012, the Company recorded stock compensation expense of $54,151 and $54,151, respectively. At December 31, 2013, the total remaining compensation cost to be recognized on non-vested options is approximately $95,000. | |||||||||||||||||||||||
A summary of the activity in the 2010 Plan as of December 31, 2013 and 2012, is presented in the following table: | |||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Shares | Average | Aggregate | Shares | Average | |||||||||||||||||||
Exercise | Intrinsic | Exercise | |||||||||||||||||||||
Price | Value(1) | Price | |||||||||||||||||||||
Outstanding at beginning of year | 236,062 | $ | 11.5 | 236,062 | $ | 11.5 | |||||||||||||||||
Granted | — | N/A | — | N/A | |||||||||||||||||||
Exercised | — | N/A | — | N/A | |||||||||||||||||||
Forfeited | — | N/A | — | N/A | |||||||||||||||||||
Outstanding at end of year | 236,062 | 11.5 | $ | 1,964,036 | 236,062 | 11.5 | |||||||||||||||||
Options exercisable at year-end | 141,637 | $ | 11.5 | 1,178,422 | 94,425 | $ | 11.5 | ||||||||||||||||
Weighted-average fair value of options granted during the year | $ | — | $ | — | |||||||||||||||||||
-1 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||||||||||||
2010 Equity Incentive Plan (Continued) | |||||||||||||||||||||||
Other information regarding options outstanding and exercisable as of December 31, 2013, is as follows: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise | Number | Weighted- | Weighted | Number | Weighted- | ||||||||||||||||||
Price | of | Average | Average | of | Average | ||||||||||||||||||
Shares | Exercise | Remaining | Shares | Exercise | |||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||||
Life | |||||||||||||||||||||||
In Years | |||||||||||||||||||||||
$11.50 | 236,062 | $ | 11.5 | 7 | 141,637 | $ | 11.5 | ||||||||||||||||
Information pertaining to non-vested options for the year ended December 31, 2013, is as follows: | |||||||||||||||||||||||
Number | Weighted Average | ||||||||||||||||||||||
of Shares | Grant Date Fair | ||||||||||||||||||||||
Value | |||||||||||||||||||||||
Non-vested options, December 31, 2012 | 141,637 | $ | 1.27 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Vested | (47,212 | ) | 1.27 | ||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||
Non-vested options, December 31, 2013 | 94,425 | $ | 1.27 | ||||||||||||||||||||
Restricted Stock: | |||||||||||||||||||||||
On January 19, 2011, the Company awarded 94,426 shares of restricted stock to its directors, officers, and employees pursuant to the terms of the 2010 Plan. Compensation expense associated with the performance-based share awards is recognized over the time period that the restrictions associated with the awards lapse based on the total cost of the award, which is the fair market value of the stock on the date of the grant. The closing price on the date of the grants issued on January 19, 2011 was $12.75 per share. | |||||||||||||||||||||||
On December 19, 2012, the Company awarded 16,664 shares of restricted stock to its officers and employees pursuant to the terms of the 2010 Plan. The closing price on the date of the grants issued on December 19, 2012 was $16.65. | |||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the Company recognized $296,277 and $240,786, respectively, in compensation expense attributable to shares that have been awarded. At December 31, 2013, the total remaining compensation cost to be recognized on non-vested restricted stock is approximately $944,000. | |||||||||||||||||||||||
2010 Equity Incentive Plan (Continued) | |||||||||||||||||||||||
A summary of activity for unvested restricted awards for the year ended December 31, 2013, is as follows: | |||||||||||||||||||||||
Number | Grant Date | ||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||
Unvested at December 31, 2012 | 92,205 | $ | 13.45 | ||||||||||||||||||||
Shares awarded | — | — | |||||||||||||||||||||
Restrictions lapsed and shares released | (22,218 | ) | 13.34 | ||||||||||||||||||||
Shares forfeited | — | — | |||||||||||||||||||||
Unvested at December 31, 2013 | 69,987 | $ | 13.49 | ||||||||||||||||||||
Employee Stock Ownership Plan (ESOP) | |||||||||||||||||||||||
The Bank sponsors a leveraged ESOP that covers substantially all employees who meet certain age and eligibility requirements. As part of the initial public offering, the ESOP purchased 222,180 shares, or approximately 8% of the 2,777,250 shares issued, with the proceeds of a 15 year loan from the Company which is payable in annual installments and bears interest at 3.25% per annum. | |||||||||||||||||||||||
The Bank has committed to make contributions to the ESOP sufficient to support the debt service of the loan. The loan is secured by the unallocated shares, which are held in a suspense account, and are allocated among the participants as the loan is repaid. Cash dividends paid on allocated shares are distributed to the participant and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. | |||||||||||||||||||||||
ESOP shares are held by the plan trustee in a suspense account until allocated to participant accounts. Shares released from the suspense account are allocated to participants on the basis of their relative compensation in the year of allocation. Participants become vested in the allocated shares upon four years of employment with the Bank. Any forfeited shares are allocated to other participants in the same proportion as contributions. | |||||||||||||||||||||||
As ESOP shares are allocated to participants, the Bank recognizes compensation expense equal to the fair value of the earned ESOP shares. Total compensation expense for the years ended December 31, 2013 and 2012, respectively was $268,707 and $222,624. | |||||||||||||||||||||||
Employee Stock Ownership Plan (Continued) | |||||||||||||||||||||||
A detail of ESOP shares is as follows: | |||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Allocated shares | 59,248 | 44,436 | |||||||||||||||||||||
Unallocated shares | 162,932 | 177,744 | |||||||||||||||||||||
Total ESOP shares | 222,180 | 222,180 | |||||||||||||||||||||
Fair value of unreleased shares | $ | 3,229,312 | $2,934,553 | ||||||||||||||||||||
Executive Benefit Plans | |||||||||||||||||||||||
The Company has employment agreements with three of its executive officers for post-retirement compensation and other related benefits. As of December 31, 2013 and 2012, the net present value liability of these benefits was approximately $1,455,000 and $1,141,000, respectively. The expenses incurred by the Company for these executive benefits totaled $314,018 and $295,414 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
The Bank has an agreement with its former president that resulted in a net present value liability of $268,332 and $308,017 at December 31, 2013 and 2012, respectively. The expenses incurred by the Bank for such benefits were $17,343 and $19,645 for the years ended December 31, 2013 and 2012, respectively. |
Deferred_Compensation
Deferred Compensation | 12 Months Ended |
Dec. 31, 2013 | |
Compensation Related Costs [Abstract] | ' |
Deferred Compensation | ' |
Note 13. Deferred Compensation | |
The Bank has established deferred compensation plans for the benefit of its board of directors. Under the plans, any director electing to defer directors’ fees will be entitled to receive the accumulated benefits, including interest earned, over a period of five to fifteen years following retirement. The Bank recognizes the liability for these benefits over the service period. As of December 31, 2013 and December 31, 2012, the liability for these benefits was $519,902 and $605,354, respectively. The expenses incurred by the Bank for these plans totaled $14,770 and $6,496 for the years ended December 31, 2013 and 2012, respectively. The Bank, utilizing BOLI, has insured the lives of certain directors who participate in the deferred compensation plans to assist in the funding of the deferred compensation liability. The Bank is the owner and beneficiary of the insurance policies. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Note 14. Fair Value Disclosures | |||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820, Fair Value Measurements and Disclosures, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||
ASC Topic 820 provides a consistent definition of fair value, which focuses on exit price in an orderly transaction between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. | |||||||||||||||||
ASC Topic 820 also establishes a three-tier fair value which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, as follows: | |||||||||||||||||
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||||||||||||||||
Level 2—Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
Level 3—Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There have been no changes in the methodologies used at December 31, 2013 and 2012. | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments. | |||||||||||||||||
Cash, cash equivalents, and interest-bearing time deposits in banks: | |||||||||||||||||
The carrying amounts of cash, cash equivalents, and interest-bearing time deposits in banks approximate fair values based on the short-term nature of the assets. These assets are included in Level 1 of the valuation hierarchy. | |||||||||||||||||
Securities: | |||||||||||||||||
Fair values are estimated using pricing models and discounted cash flows that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, and credit spreads. Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. | |||||||||||||||||
Investments, at cost: | |||||||||||||||||
The carrying value of investments at cost approximate fair value. These assets are included in Level 3 of the valuation hierarchy. | |||||||||||||||||
Loans: | |||||||||||||||||
For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair value for fixed-rate loans are estimated using discounted cash flow analyses, using market interest rates for comparable loans. These are reflected within Level 3 of the valuation hierarchy. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310, Receivables. The fair value of impaired loans is estimated using several methods including collateral value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At December 31, 2013, substantially all of the total impaired loans were evaluated based on the fair value of collateral. In accordance with ASC Topic 310, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on the observable market price or a current, independent appraised value, the Company records the impaired loan as nonrecurring Level 2. The Company records the impaired loan as nonrecurring Level 3 when management has become aware of events that have significantly impacted the condition or marketability of the collateral since the most recent appraisal which are not observable market prices. Also, certain impaired loans recorded as nonrecurring Level 3 are evaluated based on a discounted cash flow methodology comparing the contractual rate against the modified rate. In this case, management will reduce the appraisal value based on factors determined by their judgment and collective knowledge of the collateral and market conditions. | |||||||||||||||||
Cash surrender value of bank owned life insurance: | |||||||||||||||||
The carrying amounts of cash surrender value of BOLI approximate their fair value. The carrying amount is based on information received from the insurance carriers indicating the financial performance of the policies and the amount the Company would receive should the policies be surrendered. The Company reflects these assets within Level 2 of the valuation hierarchy. | |||||||||||||||||
Foreclosed real estate: | |||||||||||||||||
Foreclosed real estate consisting of properties obtained through foreclosure or in satisfaction of loans is initially recorded at fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs. At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. Gains or losses on sale and any subsequent adjustments to the fair value are recorded as a component of foreclosed real estate expense. Foreclosed real estate is included in Level 2 of the valuation hierarchy. | |||||||||||||||||
Deposits: | |||||||||||||||||
The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits and NOW, money market, and savings accounts, is equal to the amount payable on demand at the reporting date. The fair value of time deposits is based on the discounted value of contractual cash flows, and is included in Level 3 of the valuation hierarchy. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Securities sold under agreements to repurchase: | |||||||||||||||||
The estimated fair value of these liabilities, which are extremely short term, approximates their carrying value. These liabilities are included in Level 3 of the valuation hierarchy. | |||||||||||||||||
Federal Home Loan Bank advances: | |||||||||||||||||
Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. These liabilities are included in Level 3 of the valuation hierarchy. | |||||||||||||||||
Accrued interest: | |||||||||||||||||
The carrying amounts of accrued interest approximate fair value. These assets and liabilities are included in Level 3 of the valuation hierarchy. | |||||||||||||||||
Commitments to extend credit, letters of credit and lines of credit: | |||||||||||||||||
The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. | |||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2013 | for Identical | Observable | Unobservable | ||||||||||||||
Assets (Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 5,746,264 | $ | — | $ | 5,746,264 | $ | — | |||||||||
Mortgage-backed securities | 14,637,065 | — | 14,637,065 | — | |||||||||||||
State and municipal securities | 11,196,854 | — | 11,196,854 | — | |||||||||||||
Total securities available for sale | $ | 31,580,183 | $ | — | $ | 31,580,183 | $ | — | |||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2012 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 13,351,145 | $ | — | $ | 13,351,145 | $ | — | |||||||||
Mortgage-backed securities | 12,976,705 | — | 12,976,705 | — | |||||||||||||
State and municipal securities | 5,822,258 | — | 5,822,258 | — | |||||||||||||
Total securities available for sale | $ | 32,150,108 | $ | — | $ | 32,150,108 | $ | — | |||||||||
At December 31, 2013 and December 31, 2012, the Company had no assets or liabilities whose fair values are measured on a recurring basis using Level 3 inputs. Additionally, there were no transfers between Levels 1 and 2 during the years ended December 31, 2013 and 2012. | |||||||||||||||||
The tables below present information about assets and liabilities for which a nonrecurring change in fair value was recorded: | |||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2013 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Impaired loans | $ | 5,220,775 | $ | — | $ | 2,623,325 | $ | 2,597,450 | |||||||||
Foreclosed real estate | 413,150 | — | 413,150 | — | |||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2012 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Impaired loans | $ | 6,105,176 | $ | — | $ | 3,782,329 | $ | 2,322,847 | |||||||||
Foreclosed real estate | 508,529 | — | 508,529 | — | |||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 15,135,387 | $ | 15,135,387 | $ | 20,252,112 | $ | 20,252,112 | |||||||||
Interest-bearing time deposits in banks | — | — | 249,000 | 249,000 | |||||||||||||
Securities | 31,580,183 | 31,580,183 | 32,150,108 | 32,150,108 | |||||||||||||
Investments, at cost | 3,648,800 | 3,648,800 | 3,393,800 | 3,393,800 | |||||||||||||
Loans, net | 226,206,014 | 227,272,387 | 217,274,617 | 218,911,770 | |||||||||||||
Cash surrender value of bank owned life insurance | 9,812,685 | 9,812,685 | 9,512,171 | 9,512,171 | |||||||||||||
Accrued interest receivable | 978,201 | 978,201 | 914,361 | 914,361 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 248,172,052 | 252,724,560 | 234,248,103 | 240,140,950 | |||||||||||||
Securities sold under agreements to repurchase | 1,303,789 | 1,303,789 | 2,109,541 | 2,109,541 | |||||||||||||
Federal Home Loan Bank advances | — | — | 3,000,000 | 3,073,288 | |||||||||||||
Accrued interest payable | 152,897 | 152,897 | 158,299 | 158,299 | |||||||||||||
Unrecognized financial instruments (net of contract amount): | |||||||||||||||||
Commitments to extend credit | — | — | — | — | |||||||||||||
Letter of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — | |||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 15. Related Party Transactions | |||||||||
In the ordinary course of business, the Bank grants loans to principal officers and directors and their affiliates. The Bank is generally prohibited from making loans or extensions of credit to executive officers and directors at different rates or terms than those offered to the general public. Notwithstanding this prohibition, federal regulations permit the Bank to make loans to executive officers at reduced interest rates if the loan is made under a benefit program generally available to all other employees and does not give preference to any executive officer over any other employee. All Bank employees are provided a reduction in their interest rate of approximately 1.00%. Other than a reduced interest rate, the loans are made on substantially the same terms as those prevailing at the time for comparable transactions with other persons. Directors do not participate in this benefit program. Loans to directors are substantially on the same rates and terms offered to the general public. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. | |||||||||
Activity for the years ended December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 424,912 | $ | 692,131 | |||||
New loans | 263,244 | 322,593 | |||||||
Repayments | (334,508 | ) | (589,812 | ) | |||||
Ending balance | $ | 353,648 | $ | 424,912 | |||||
The Bank held related party deposits of $4,709,591 and $4,184,114 at December 31, 2013 and 2012, respectively. |
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Financial Instruments With Off-Balance Sheet Risk | ' |
Note 16. Financial Instruments With Off-Balance Sheet Risk | |
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recorded in the accompanying consolidated balance sheets. Such financial instruments are recorded when they are funded. | |
The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making such commitments as it does for instruments that are included in the balance sheet. | |
At December 31, 2013 and 2012, commitments under standby letters of credit were approximately $445,000 and $920,000, respectively. Undisbursed loan commitments aggregated approximately $33,037,000 and $24,664,000 at December 31, 2013 and 2012, respectively. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. | |
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. | |
The Company has not been required to perform on any financial guarantees during any of the periods presented. The Company did not incur any losses on its commitments for the years ended December 31, 2013 and 2012. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Common Share | ' | ||||||||
Note 17. Earnings Per Common Share | |||||||||
The following is a summary of the basic and diluted earnings per share for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Basic earnings per share calculation: | |||||||||
Numerator: Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Denominator: Weighted average common shares outstanding | 1,966,983 | 2,332,940 | |||||||
Effect of dilutive stock options | 86,378 | 54,067 | |||||||
Diluted shares | 2,053,361 | 2,387,007 | |||||||
Basic earnings per share | $ | 1.18 | $ | 1.12 | |||||
Diluted earnings per share | $ | 1.13 | $ | 1.09 | |||||
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | ' | ||||||||||||||||||||||||||||||||
Note 18. Quarterly Data (Unaudited) | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
Interest income | $ | 3,417,306 | $ | 3,379,393 | $ | 3,374,825 | $ | 3,526,694 | $ | 3,645,928 | $ | 3,631,226 | $ | 3,571,137 | $ | 3,626,062 | |||||||||||||||||
Interest expense | 500,235 | 526,132 | 540,264 | 567,603 | 620,018 | 647,869 | 670,442 | 699,642 | |||||||||||||||||||||||||
Net interest income | 2,917,071 | 2,853,261 | 2,834,561 | 2,959,091 | 3,025,910 | 2,983,357 | 2,900,695 | 2,926,420 | |||||||||||||||||||||||||
Provision for loan losses | 35,303 | 73,418 | 72,223 | 135,449 | 473,851 | 400,098 | 120,232 | 86,096 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 2,881,768 | 2,779,843 | 2,762,338 | 2,823,642 | 2,552,059 | 2,583,259 | 2,780,463 | 2,840,324 | |||||||||||||||||||||||||
Noninterest income | 1,293,824 | 1,270,392 | 1,375,899 | 1,246,796 | 1,473,439 | 1,435,363 | 1,245,678 | 1,172,087 | |||||||||||||||||||||||||
Noninterest expenses | 3,294,601 | 3,359,089 | 3,189,827 | 3,236,545 | 3,159,837 | 2,925,178 | 2,873,049 | 2,912,681 | |||||||||||||||||||||||||
Income before income taxes | 880,991 | 691,146 | 948,410 | 833,893 | 865,661 | 1,093,444 | 1,153,092 | 1,099,730 | |||||||||||||||||||||||||
Income taxes | 272,429 | 194,048 | 298,101 | 277,769 | 284,926 | 347,649 | 418,086 | 557,991 | |||||||||||||||||||||||||
Net income | $ | 608,562 | $ | 497,098 | $ | 650,309 | $ | 556,124 | $ | 580,735 | $ | 745,795 | $ | 735,006 | $ | 541,739 | |||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.26 | $ | 0.33 | $ | 0.27 | $ | 0.27 | $ | 0.33 | $ | 0.31 | $ | 0.22 | |||||||||||||||||
Diluted | $ | 0.32 | $ | 0.24 | $ | 0.31 | $ | 0.26 | $ | 0.26 | $ | 0.32 | $ | 0.3 | $ | 0.22 | |||||||||||||||||
Condensed_Financial_Statements
Condensed Financial Statements of Parent Company | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Condensed Financial Statements of Parent Company | ' | ||||||||
Note 19. Condensed Financial Statements of Parent Company | |||||||||
Financial information pertaining only to Athens Bancshares Corporation is as follows: | |||||||||
Balance Sheets | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Cash and due from banks | $ | 7,167,649 | $ | 5,567,559 | |||||
Investment in wholly owned subsidiary | 32,034,623 | 39,839,259 | |||||||
Premises and equipment, net | 84,749 | 86,392 | |||||||
Other assets | 1,870,548 | 2,607,484 | |||||||
Total assets | $ | 41,157,569 | $ | 48,100,694 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Accrued expenses | $ | 49,374 | $ | 96,290 | |||||
Total liabilities | 49,374 | 96,290 | |||||||
Stockholders’ Equity | |||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | — | — | |||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,890,990 outstanding at December 31, 2013 and 2,358,568 at December 31, 2012 | 18,910 | 23,586 | |||||||
Additional paid-in capital | 18,523,039 | 22,774,875 | |||||||
Common stock acquired by benefit plans: | |||||||||
Restricted stock | (616,575 | ) | (878,732 | ) | |||||
Unallocated common stock held by: | |||||||||
Employee Stock Ownership Plan Trust | (1,629,320 | ) | (1,777,440 | ) | |||||
Retained earnings | 24,880,822 | 27,319,933 | |||||||
Accumulated other comprehensive income | (68,681 | ) | 542,182 | ||||||
Total stockholders’ equity | 41,108,195 | 48,004,404 | |||||||
Total liabilities and stockholders’ equity | $ | 41,157,569 | $ | 48,100,694 | |||||
Statements of Income | |||||||||
Years Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Income | |||||||||
Interest income | $ | 76,908 | $ | 79,667 | |||||
Dividends from subsidiary | 10,000,000 | 4,000,000 | |||||||
Equity in (excess distributions) undistributed earnings of subsidiary | (7,498,029 | ) | (1,157,029 | ) | |||||
Total income | 2,578,879 | 2,922,638 | |||||||
Operating expenses | 409,447 | 436,132 | |||||||
Income before income taxes | 2,169,432 | 2,486,506 | |||||||
Applicable income tax (benefit) | (142,661 | ) | (116,769 | ) | |||||
Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Statements of Cash Flows | |||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Equity in excess distributions (undistributed income) of subsidiary | 7,498,029 | 1,157,029 | |||||||
Depreciation | 1,643 | 789 | |||||||
Stock based compensation expense | 350,428 | 294,937 | |||||||
Increase in other assets and liabilities | 654,471 | 9,668 | |||||||
Net cash provided by operating activities | 10,816,664 | 4,065,698 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of premises and equipment | — | (87,181 | ) | ||||||
Cash flows from financing activities: | |||||||||
Purchase and retirement of Company common stock | (8,815,357 | ) | (5,160,558 | ) | |||||
Dividends paid | (401,217 | ) | (473,169 | ) | |||||
Net cash used in financing activities | (9,216,574 | ) | (5,633,727 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 1,600,090 | (1,655,210 | ) | ||||||
Cash and cash equivalents at beginning of period | 5,567,559 | 7,222,769 | |||||||
Cash and cash equivalents at end of period | $ | 7,167,649 | $ | 5,567,559 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The consolidated financial statements include the Company and its wholly-owned subsidiary. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Nature of Operations | ' |
Nature of operations | |
The Company is a holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Athens Federal Community Bank (the “Bank”). The Bank provides a variety of financial services to individuals and corporate customers through its seven branches located in Athens, Sweetwater, Etowah, Madisonville, and Cleveland, Tennessee. The Bank’s primary deposit products include checking, savings, certificates of deposit, and IRA accounts. Its primary lending products are one-to-four family residential, commercial real estate, and consumer loans. Southland Finance, Inc. (“Southland”) is a consumer finance company with one branch located in Athens, Tennessee. Ti-Serv, Inc. (“Ti-Serv”) maintains the Bank’s investment in Valley Title Services, LLC (“Valley Title”). Southland and Ti-Serv are wholly-owned subsidiaries of the Bank. Valley Title is a wholly-owned subsidiary of Ti-Serv. | |
Use of Estimates | ' |
Use of estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, other-than-temporary impairment of securities, and the fair value of financial instruments. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents | |
For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and balances due from banks, money market mutual funds and federal funds sold, all of which mature within ninety days. | |
Interest-Bearing Time Deposits in Banks | ' |
Interest-bearing time deposits in banks | |
Interest-bearing time deposits in banks have a maturity of one year or less and are carried at cost. | |
Securities | ' |
Securities | |
Debt securities are classified as held to maturity when the Company has the intent and ability to hold the securities to maturity. Securities held to maturity are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. | |
Securities available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Realized gains and losses on securities available for sale are included in other income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on sales of securities are determined on the specific-identification method. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. | |
The Company conducts a regular assessment of its securities portfolio to determine whether any securities are other-than-temporarily impaired. In estimating other-than-temporary impairment losses, management considers, among other factors, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | |
Loans | ' |
Loans | |
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage and commercial real estate loans located primarily in the East Tennessee area. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are stated at unpaid principal balances, less the allowance for loan losses, net deferred loan origination fees and costs, and unearned interest and fees. | |
Loan fees, net of estimated initial direct cost relating to initiating and closing mortgage loans, have been deferred and are being amortized into interest income over the remaining contractual lives of the loans as an adjustment of yield using the level yield method. | |
Unearned interest on consumer finance loans is recognized as income over the terms of the loans using a declining balance method. Interest on other loans is calculated using the simple interest method on the principal outstanding. | |
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Other personal loans are typically charged off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |
All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Allowance for Loan Losses | ' |
Allowance for loan losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
Allowance for loan losses (Continued) | |
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | |
As part of management’s assessment of the allowance, management divides the loan portfolio into five segments: commercial, residential 1-4 family, commercial real estate and multi-family, construction and land and consumer and other. Each segment is then analyzed such that a specific and general allocation of the allowance is estimated for each loan segment. | |
A loan is considered impaired when, based on current information and events, it is probable the Bank will be unable to collect the scheduled payments of principal or interest when due according to contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer loans for impairment disclosures, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | |
The unallocated component of the allowance reflects the uncertainties inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
Significant Group Concentrations of Credit Risk | ' |
Significant group concentrations of credit risk | |
Most of the Company’s activities are with customers located in East Tennessee. The types of securities that the Company invests in are included in Note 3. The types of lending the Company engages in are included in Note 5. The Company does not have any significant lending concentrations to any one customer or industry. | |
Commercial real estate, including commercial construction loans, represents 37.6 percent of the loan portfolio at December 31, 2013, and 36.4 percent of the loan portfolio at December 31, 2012. | |
Servicing | ' |
Servicing | |
Generally, servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. | |
The Company has not recorded any servicing assets or liabilities in accordance with ASC Topic 860, Transfers and Servicing, because the benefits received for servicing approximate the costs incurred by the Company for its servicing responsibilities. | |
Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The Company primarily services loans for the Federal Home Loan Mortgage Corporation. | |
Foreclosed Real Estate | ' |
Foreclosed real estate | |
Foreclosed real estate is held for sale and is initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed and any write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate (if any) is capitalized. | |
Premises and Equipment | ' |
Premises and equipment | |
Land is carried at cost. Other premises and equipment are stated at cost less accumulated depreciation. Depreciation, computed using a combination of accelerated and straight-line methods, is based on estimated useful lives of three to forty years. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Gains and losses on dispositions are included in current operations. | |
Cash Surrender Value of Bank Owned Life Insurance | ' |
Cash surrender value of bank owned life insurance | |
The Company maintains bank-owned life insurance policies (“BOLI”) on certain key executives and directors to help offset the rising cost of employee benefits and to assist in the funding of deferred compensation and other employee benefits. BOLI is accounted for using the cash surrender value method and is recorded at the amount that can be realized under the insurance policies at the balance sheet date. At December 31, 2013 and 2012, the aggregate cash surrender value of these policies was $9,813,000 and $9,512,000, respectively. | |
Income Taxes | ' |
Income taxes | |
The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740. The income tax accounting guidance results in two components of income tax expense—current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to taxable income or loss. The Company determines deferred income taxes using the liability method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities. The Company’s deferred taxes relate primarily to differences between the basis of the allowance for loan losses and accumulated depreciation. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The Company files consolidated income tax returns with its subsidiary. With few exceptions, the Company is no longer subject to tax examinations by tax authorities for years before 2010. | |
The Company recognizes deferred tax assets if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The Company follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. The Company recognizes interest and penalties on income taxes as a component of income tax expense. | |
Advertising Costs | ' |
Advertising costs | |
Advertising costs are expensed as incurred. | |
Variable Interest Entities | ' |
Variable interest entities | |
An entity is referred to as a variable interest entity (“VIE”) if it meets the criteria outlined in ASC Topic 810, which are: (1) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb the expected losses or receive the expected returns of the entity. A VIE must be consolidated by the Company if it is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has a majority of the expected losses, expected residual returns, or both. At December 31, 2013, the Company was not involved with any entity that is deemed to be a VIE. | |
Securities Sold under Agreements to Repurchase | ' |
Securities sold under agreements to repurchase | |
The Bank enters into sales of securities under agreements to repurchase identical securities the next day. | |
Segment Reporting | ' |
Segment reporting | |
ASC Topic 280, Segment Reporting, provides for the identification of reportable segments on the basis of discrete business units and their financial information to the extent such units are reviewed by an entity’s chief decision maker (which can be an individual or group of management persons). The Statement permits aggregation or combination of segments that have similar characteristics. In the operations of the Bank and its subsidiaries, each bank branch is viewed by management as being a separately identifiable business or segment from the perspective of monitoring performance and allocation of financial resources. Although the branches operate independently and are managed and monitored separately, each is substantially similar in terms of business focus, type of customers, products, and services. Further, the results of Southland and Ti-Serv, Inc. for the years ended | |
December 31, 2013 and 2012, were not significant for separate disclosure. Accordingly, the Company’s consolidated financial statements reflect the presentation of segment information on an aggregated basis in one reportable segment. | |
Transfers of Financial Assets | ' |
Transfers of financial assets | |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |
The Company originates fixed-rate mortgage loans for sale to secondary market investors subject to contractually specified and limited recourse provisions. The Company may be required to repurchase a previously sold mortgage loan if there is material noncompliance with defined loan origination or documentation standards, including fraud, negligence or material misstatement in the loan documents. The Company has been notified by FHLMC that two loans previously sold to them may not have qualified under their terms of purchase, and the Company may be required to repurchase these loans in the future. At December 31, 2013, the aggregate outstanding balance of loans subject to this recourse obligation was approximately $18,000. No loans were required to be repurchased for the years ended December 31, 2013 or December 31, 2012. Recourse obligations, if any, are determined based upon an estimate of probable credit losses over the term of the loan, and are not significant to the consolidated financial statements. Loans held for sale are classified as loans on the Consolidated Balance Sheets and were not significant for the years ended December 31, 2013 or 2012. All loans held for sale at December 31, 2013 closed within ten days of year end. | |
Earnings Per Share | ' |
Earnings per share | |
Basic earnings per share (“EPS”) is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents such as stock options were vested during the period. | |
Stock Option Plan | ' |
Stock option plan | |
The Company recognizes compensation cost relating to share-based payment transactions in accordance with ASC Topic 718, Compensation—Stock Compensation. Compensation cost has been measured based on the grant date fair value of the equity instruments issued. Compensation cost is calculated and recognized over the employee service period, generally defined as the vesting period. The Company uses a stock option pricing model to determine the fair value of the award on the grant date. | |
Employee Stock Ownership Plan | ' |
Employee stock ownership plan | |
The Company accounts for the Bank’s Employee Stock Ownership Plan (“ESOP”) in accordance with the GAAP. ESOP shares are considered to be outstanding for the computation of EPS as they are committed to be released. | |
Comprehensive Income | ' |
Comprehensive income | |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains on securities available for sale, and unrealized losses related to factors other than credit losses on debt securities. | |
Recent Accounting Pronouncements | ' |
Recent accounting pronouncements | |
In February 2013, the FASB issued updated guidance related to disclosure of reclassification amounts out of other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirement was effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure requirements surrounding reclassification items out of accumulated other comprehensive income. | |
Recent accounting pronouncements (Continued) | |
The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |
Subsequent Events | ' |
Subsequent events | |
The Company has evaluated subsequent events for potential recognition and disclosures in the consolidated financial statements and accompanying notes included in this annual report. | |
Reclassifications | ' |
Reclassifications | |
Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the 2013 presentation. The reclassifications had no effect on net income, total assets or stockholders’ equity as previously reported. | |
Fair Value Measurements and Disclosures | ' |
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820, Fair Value Measurements and Disclosures, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |
ASC Topic 820 provides a consistent definition of fair value, which focuses on exit price in an orderly transaction between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. | |
ASC Topic 820 also establishes a three-tier fair value which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, as follows: | |
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |
Level 2—Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data. | |
Level 3—Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There have been no changes in the methodologies used at December 31, 2013 and 2012. | |
Receivables | ' |
Loans: | |
For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair value for fixed-rate loans are estimated using discounted cash flow analyses, using market interest rates for comparable loans. These are reflected within Level 3 of the valuation hierarchy. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310, Receivables. The fair value of impaired loans is estimated using several methods including collateral value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At December 31, 2013, substantially all of the total impaired loans were evaluated based on the fair value of collateral. In accordance with ASC Topic 310, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on the observable market price or a current, independent appraised value, the Company records the impaired loan as nonrecurring Level 2. The Company records the impaired loan as nonrecurring Level 3 when management has become aware of events that have significantly impacted the condition or marketability of the collateral since the most recent appraisal which are not observable market prices. Also, certain impaired loans recorded as nonrecurring Level 3 are evaluated based on a discounted cash flow methodology comparing the contractual rate against the modified rate. In this case, management will reduce the appraisal value based on factors determined by their judgment and collective knowledge of the collateral and market conditions. |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at December 31, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 5,825,027 | $ | 14,733 | $ | (93,496 | ) | $ | 5,746,264 | ||||||||||||||||
Mortgage-backed and related securities (1) | 14,514,702 | 189,224 | (66,861 | ) | 14,637,065 | ||||||||||||||||||||
State and municipal securities | 11,351,230 | 153,436 | (307,812 | ) | 11,196,854 | ||||||||||||||||||||
$ | 31,690,959 | $ | 357,393 | $ | (468,169 | ) | $ | 31,580,183 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 13,233,968 | $ | 117,177 | $ | — | $ | 13,351,145 | |||||||||||||||||
Mortgage-backed and related securities (1) | 12,605,316 | 371,395 | (6 | ) | 12,976,705 | ||||||||||||||||||||
State and municipal securities | 5,436,337 | 394,395 | (8,474 | ) | 5,822,258 | ||||||||||||||||||||
$ | 31,275,621 | $ | 882,967 | $ | (8,480 | ) | $ | 32,150,108 | |||||||||||||||||
-1 | Collateralized by residential mortgages and guaranteed by U.S. Government sponsored entities. | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities, by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 3,104,640 | $ | 3,113,774 | |||||||||||||||||||||
Due after one year through five years | 3,727,669 | 3,668,414 | |||||||||||||||||||||||
Due five years to ten years | 8,976,060 | 8,849,370 | |||||||||||||||||||||||
Due after ten years | 1,367,888 | 1,311,560 | |||||||||||||||||||||||
Mortgage-backed securities | 14,514,702 | 14,637,065 | |||||||||||||||||||||||
Total | $ | 31,690,959 | $ | 31,580,183 | |||||||||||||||||||||
Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category | ' | ||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 1,905 | $ | (93 | ) | $ | — | $ | — | $ | 1,905 | $ | (93 | ) | |||||||||||
State and municipal securities | 5,104 | (283 | ) | 411 | (25 | ) | 5,515 | (308 | ) | ||||||||||||||||
Mortgage-backed and related securities | 8,332 | (67 | ) | — | — | 8,332 | (67 | ) | |||||||||||||||||
$ | 15,341 | $ | (443 | ) | $ | 411 | $ | (25 | ) | $ | 15,752 | $ | (468 | ) | |||||||||||
Investments_at_Cost_Tables
Investments, at Cost (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Investments, at Cost Detailed | ' | ||||||||
Investments carried at cost at December 31, 2013 and 2012, consist of: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Federal Home Loan Bank of Cincinnati common stock | $ | 2,898,800 | $ | 2,898,800 | |||||
Tenth Street Fund III, L.P. investment | 750,000 | 495,000 | |||||||
$ | 3,648,800 | $ | 3,393,800 | ||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Company's Loans | ' | ||||||||||||||||||||||||||||
The Company’s loans consist of the following at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 88,414,921 | $ | 83,159,454 | |||||||||||||||||||||||||
Commercial real estate and multi-family (5 or more units) | 74,497,078 | 76,752,945 | |||||||||||||||||||||||||||
Construction and land | 30,720,741 | 21,998,286 | |||||||||||||||||||||||||||
193,632,740 | 181,910,685 | ||||||||||||||||||||||||||||
Commercial loans | 13,058,544 | 12,591,324 | |||||||||||||||||||||||||||
Consumer and other | 24,732,518 | 27,992,762 | |||||||||||||||||||||||||||
Total loans | 231,423,802 | 222,494,771 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (4,432,069 | ) | (4,475,302 | ) | |||||||||||||||||||||||||
Unearned interest and fees | (396,470 | ) | (447,656 | ) | |||||||||||||||||||||||||
Net deferred loan origination fees | (389,249 | ) | (297,196 | ) | |||||||||||||||||||||||||
Loans, net | $ | 226,206,014 | $ | 217,274,617 | |||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Activity in the allowance for loan losses for 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Beginning balance | $ | 4,475,302 | $ | 4,166,468 | |||||||||||||||||||||||||
Provision for loan losses | 316,393 | 1,080,277 | |||||||||||||||||||||||||||
Loans charged-off | (594,470 | ) | (908,963 | ) | |||||||||||||||||||||||||
Recoveries | 234,844 | 137,520 | |||||||||||||||||||||||||||
Ending balance | $ | 4,432,069 | $ | 4,475,302 | |||||||||||||||||||||||||
Allocation of the Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The allocation of the allowance for loan losses and recorded investment in loans by portfolio segment are as follows: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential 1-4 | Commercial | Construction | Consumer and | Unallocated | Total | |||||||||||||||||||||||
Family | Real Estate and | and Land | Other | ||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 86,958 | $ | 545,126 | $ | 85,175 | $ | 303,752 | $ | 69,049 | $ | — | $ | 1,090,060 | |||||||||||||||
General reserves | 244,980 | 897,380 | 1,023,783 | 652,974 | 461,508 | 61,384 | 3,342,009 | ||||||||||||||||||||||
Total reserves | $ | 331,938 | $ | 1,442,506 | $ | 1,108,958 | $ | 956,726 | $ | 530,557 | $ | 61,384 | $ | 4,432,069 | |||||||||||||||
Impaired loans | $ | 1,901,209 | $ | 5,821,575 | $ | 449,597 | $ | 1,815,293 | $ | 328,373 | $ | — | $ | 10,316,047 | |||||||||||||||
Performing loans | 11,157,335 | 82,593,346 | 74,047,481 | 28,905,448 | 24,404,145 | — | 221,107,755 | ||||||||||||||||||||||
Total | $ | 13,058,544 | $ | 88,414,921 | $ | 74,497,078 | $ | 30,720,741 | $ | 24,732,518 | $ | — | $ | 231,423,802 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Residential 1-4 | Commercial | Construction | Consumer and | Unallocated | Total | |||||||||||||||||||||||
Family | Real Estate and | and Land | Other | ||||||||||||||||||||||||||
Multi- Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 454,620 | $ | 739,943 | $ | 109,659 | $ | 361,470 | $ | 56,094 | $ | — | $ | 1,721,786 | |||||||||||||||
General reserves | 231,445 | 608,979 | 965,336 | 457,514 | 489,382 | 860 | 2,753,516 | ||||||||||||||||||||||
Total reserves | $ | 686,065 | $ | 1,348,922 | $ | 1,074,995 | $ | 818,984 | $ | 545,476 | $ | 860 | $ | 4,475,302 | |||||||||||||||
Impaired loans | $ | 1,870,266 | $ | 6,327,833 | $ | 1,421,168 | $ | 1,978,395 | $ | 281,195 | $ | — | $ | 11,878,857 | |||||||||||||||
Performing loans | 10,721,058 | 76,831,621 | 75,331,777 | 20,019,891 | 27,711,567 | — | 210,615,914 | ||||||||||||||||||||||
Total | $ | 12,591,324 | $ | 83,159,454 | $ | 76,752,945 | $ | 21,998,286 | $ | 27,992,762 | $ | — | $ | 222,494,771 | |||||||||||||||
Changes in the Allowance for Loan Losses by Class of Loan | ' | ||||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses from December 31, 2011 to December 31, 2013 by class of loan: | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 564,853 | $ | 1,344,604 | $ | 1,006,036 | $ | 681,871 | $ | 541,458 | $ | 27,646 | $ | 4,166,468 | |||||||||||||||
Provision (reallocation) for loan losses | 127,298 | 656,567 | 68,959 | 64,938 | 189,301 | (26,786 | ) | 1,080,277 | |||||||||||||||||||||
Loans charged-off | (16,034 | ) | (663,729 | ) | — | — | (229,200 | ) | — | (908,963 | ) | ||||||||||||||||||
Recoveries | 9,948 | 11,480 | — | 72,175 | 43,917 | — | 137,520 | ||||||||||||||||||||||
Balance, December 31, 2012 | 686,065 | 1,348,922 | 1,074,995 | 818,984 | 545,476 | 860 | 4,475,302 | ||||||||||||||||||||||
Provision (reallocation) for loan losses | (500,574 | ) | 257,300 | 33,963 | 235,242 | 229,938 | 60,524 | 316,393 | |||||||||||||||||||||
Loans charged-off | — | (194,671 | ) | — | (97,500 | ) | (302,299 | ) | — | (594,470 | ) | ||||||||||||||||||
Recoveries | 146,447 | 30,955 | — | — | 57,442 | — | 234,844 | ||||||||||||||||||||||
Balance, December 31, 2013 | $ | 331,938 | $ | 1,442,506 | $ | 1,108,958 | $ | 956,726 | $ | 530,557 | $ | 61,384 | $ | 4,432,069 | |||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential 1- | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 47,141 | $ | 3,285,685 | $ | 247,422 | $ | 346,571 | $ | 78,393 | $ | 4,005,212 | |||||||||||||||||
With a valuation allowance | 1,854,068 | 2,535,890 | 202,175 | 1,468,722 | 249,980 | 6,310,835 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,901,209 | $ | 5,821,575 | $ | 449,597 | $ | 1,815,293 | $ | 328,373 | $ | 10,316,047 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,941,056 | $ | 6,232,048 | $ | 449,597 | $ | 2,752,396 | $ | 328,843 | $ | 11,703,940 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 86,958 | $ | 545,126 | $ | 85,175 | $ | 303,752 | $ | 69,049 | $ | 1,090,060 | |||||||||||||||||
Average investment in impaired loans | $ | 1,878,458 | $ | 8,658,167 | $ | 880,839 | $ | 1,869,016 | $ | 327,904 | $ | 13,614,384 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 101,112 | $ | 353,260 | $ | 55,697 | $ | 7,275 | $ | 20,066 | $ | 537,410 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 34,885 | $ | 2,112,736 | $ | 1,061,923 | $ | 768,424 | $ | 73,927 | $ | 4,051,895 | |||||||||||||||||
With a valuation allowance | 1,835,381 | 4,215,097 | 359,245 | 1,209,971 | 207,268 | 7,826,962 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,870,266 | $ | 6,327,833 | $ | 1,421,168 | $ | 1,978,395 | $ | 281,195 | $ | 11,878,857 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,910,113 | $ | 6,719,860 | $ | 1,421,168 | $ | 2,817,998 | $ | 281,865 | $ | 13,151,004 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 454,620 | $ | 739,943 | $ | 109,659 | $ | 361,470 | $ | 56,094 | $ | 1,721,786 | |||||||||||||||||
Average investment in impaired loans | $ | 2,254,699 | $ | 5,750,530 | $ | 2,117,175 | $ | 2,031,800 | $ | 506,201 | $ | 12,660,405 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 114,732 | $ | 333,710 | $ | 104,273 | $ | 29,077 | $ | 35,663 | $ | 617,455 | |||||||||||||||||
Aged Analysis of Past Due Loans | ' | ||||||||||||||||||||||||||||
The following tables present an aged analysis of past due loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current | Total | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days Past | Due | Loans | Loans | Investment | ||||||||||||||||||||||||
Due and | ³ 90 Days | ||||||||||||||||||||||||||||
Non-Accrual | Past Due | ||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 915,785 | $ | 2,440,384 | $ | 3,356,169 | $ | 85,058,752 | $ | 88,414,921 | $ | 20,128 | |||||||||||||||||
Commercial real estate and multifamily | — | 96,055 | 96,055 | 74,401,023 | 74,497,078 | — | |||||||||||||||||||||||
Construction and land | 381,336 | 1,402,960 | 1,784,296 | 28,936,445 | 30,720,741 | — | |||||||||||||||||||||||
Commercial | 24,515 | 47,141 | 71,656 | 12,986,888 | 13,058,544 | — | |||||||||||||||||||||||
Consumer and other | 341,647 | 56,953 | 398,600 | 24,333,918 | 24,732,518 | 27,182 | |||||||||||||||||||||||
Total | $ | 1,663,283 | $ | 4,043,493 | $ | 5,706,776 | $ | 225,717,026 | $ | 231,423,802 | $ | 47,310 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current | Total | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days Past | Due | Loans | Loans | Investment | ||||||||||||||||||||||||
Due and | ³ 90 Days | ||||||||||||||||||||||||||||
Non-Accrual | Past Due | ||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 107,603 | $ | 2,298,290 | $ | 2,405,893 | $ | 80,753,561 | $ | 83,159,454 | $ | 10,237 | |||||||||||||||||
Commercial real estate and multifamily | 99,229 | — | 99,229 | 76,653,716 | 76,752,945 | — | |||||||||||||||||||||||
Construction and land | 1,704,110 | 1,555,346 | 3,259,456 | 18,738,830 | 21,998,286 | — | |||||||||||||||||||||||
Commercial | — | — | — | 12,591,324 | 12,591,324 | — | |||||||||||||||||||||||
Consumer and other | 183,383 | 44,962 | 228,345 | 27,764,417 | 27,992,762 | 18,160 | |||||||||||||||||||||||
Total | $ | 2,094,325 | $ | 3,898,598 | $ | 5,992,923 | $ | 216,501,848 | $ | 222,494,771 | $ | 28,397 | |||||||||||||||||
Amount of Each Loan Classification and the Amount Categorized into Each Risk Rating Class | ' | ||||||||||||||||||||||||||||
The following outlines the amount of each loan classification and the amount categorized into each risk rating class: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 81,288,044 | $ | 1,305,302 | $ | 5,821,575 | $ | — | $ | — | $ | 88,414,921 | |||||||||||||||||
Commercial real estate and multifamily | 73,918,715 | 128,766 | 449,597 | — | — | 74,497,078 | |||||||||||||||||||||||
Construction and land | 27,155,327 | 1,750,121 | 1,815,293 | — | — | 30,720,741 | |||||||||||||||||||||||
Commercial | 11,157,335 | — | 1,901,209 | — | — | 13,058,544 | |||||||||||||||||||||||
Consumer and other | 24,159,285 | 244,860 | 328,373 | — | — | 24,732,518 | |||||||||||||||||||||||
Total | $ | 217,678,706 | $ | 3,429,049 | $ | 10,316,047 | $ | — | $ | — | $ | 231,423,802 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 75,378,535 | $ | 1,453,086 | $ | 6,327,833 | $ | — | $ | — | $ | 83,159,454 | |||||||||||||||||
Commercial real estate and multifamily | 75,200,270 | 131,507 | 1,421,168 | — | — | 76,752,945 | |||||||||||||||||||||||
Construction and land | 19,962,200 | 57,691 | 1,978,395 | — | — | 21,998,286 | |||||||||||||||||||||||
Commercial | 10,721,058 | — | 1,870,266 | — | — | 12,591,324 | |||||||||||||||||||||||
Consumer and other | 27,546,270 | 165,297 | 281,195 | — | — | 27,992,762 | |||||||||||||||||||||||
Total | $ | 208,808,333 | $ | 1,807,581 | $ | 11,878,857 | $ | — | $ | — | $ | 222,494,771 | |||||||||||||||||
Modification of Loans as TDR | ' | ||||||||||||||||||||||||||||
The following presents information related to loans modified as a TDR: | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
Of | Outstanding | Modification | |||||||||||||||||||||||||||
Loans | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 64,088 | $ | 64,088 | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 9 | 43,463 | 43,463 | ||||||||||||||||||||||||||
10 | $ | 107,552 | $ | 107,552 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
Of | Outstanding | Modification | |||||||||||||||||||||||||||
Loans | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 263,937 | $ | 263,937 | ||||||||||||||||||||||||
Commercial real estate and multifamily | 1 | 99,687 | 99,687 | ||||||||||||||||||||||||||
Construction and land | 2 | 29,629 | 29,629 | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 12 | 77,614 | 77,614 | ||||||||||||||||||||||||||
18 | $ | 470,867 | $ | 470,867 | |||||||||||||||||||||||||
Financial Receivable Modifications Subsequent Default | ' | ||||||||||||||||||||||||||||
The following sets forth loans modified in a TDR for the years ended December 31, 2013 and 2012, that subsequently defaulted (i.e., 60 days or more past due following a modification) during the same respective year: | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Number | Outstanding | ||||||||||||||||||||||||||||
of | Recorded | ||||||||||||||||||||||||||||
Loans | Investment | ||||||||||||||||||||||||||||
at Default | |||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 2 | 7,205 | |||||||||||||||||||||||||||
2 | $ | 7,205 | |||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Number | Outstanding | ||||||||||||||||||||||||||||
of | Recorded | ||||||||||||||||||||||||||||
Loans | Investment | ||||||||||||||||||||||||||||
at Default | |||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 219,225 | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | 1 | 5,433 | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 3 | 9,693 | |||||||||||||||||||||||||||
6 | $ | 234,351 | |||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of the Company's Premises and Equipment | ' | ||||||||
A summary of the Company’s premises and equipment is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 931,580 | $ | 1,101,580 | |||||
Buildings | 5,548,905 | 5,601,140 | |||||||
Leasehold improvements | 115,105 | 106,525 | |||||||
Equipment | 5,754,231 | 5,153,036 | |||||||
Automobiles | 17,348 | 17,348 | |||||||
Construction in progress | 78,416 | — | |||||||
12,445,585 | 11,979,629 | ||||||||
Less accumulated depreciation | (7,912,747 | ) | (7,374,747 | ) | |||||
$ | 4,532,838 | $ | 4,604,882 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Schedule of Maturities of Time Deposits | ' | ||||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||
2014 | $ | 36,660,485 | |||||||
2015 | 37,578,384 | ||||||||
2016 | 11,562,045 | ||||||||
2017 | 5,980,586 | ||||||||
2018 | 2,057,018 | ||||||||
$ | 93,838,518 | ||||||||
Schedule of Deposit Interest Expense | ' | ||||||||
Deposit interest expense for the years ended December 31, 2013 and 2012, is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Demand deposit and NOW accounts | $ | 114,026 | $ | 190,328 | |||||
Money market accounts | 248,126 | 225,301 | |||||||
Savings accounts | 21,553 | 20,598 | |||||||
IRA accounts | 443,617 | 615,508 | |||||||
Certificates of deposit | 1,227,107 | 1,453,138 | |||||||
$2,054,429 | $2,504,873 | ||||||||
Minimum_Regulatory_Capital_Req1
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Bank's Actual Capital Amounts and Ratio | ' | ||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following tables. Dollar amounts are presented in thousands. | |||||||||||||||||||||||||
Actual | For Capital | To be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 34,472 | 17.01 | % | $ | 16,216 | 8 | % | $ | 20,271 | 10 | % | |||||||||||||
Tier I capital (to risk-weighted assets) | 31,915 | 15.74 | % | 8,108 | 4 | % | 12,162 | 6 | % | ||||||||||||||||
Tier I capital (to adjusted total assets) | 31,915 | 10.84 | % | 11,777 | 4 | % | 14,721 | 5 | % | ||||||||||||||||
Tangible capital (to adjusted total assets) | 31,915 | 10.84 | % | 4,416 | 1.5 | % | N/A | N/A | |||||||||||||||||
Actual | For Capital | To be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purpose | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 41,490 | 21.33 | % | $ | 15,559 | 8 | % | $ | 19,449 | 10 | % | |||||||||||||
Tier I capital (to risk-weighted assets) | 39,034 | 20.07 | % | 7,780 | 4 | % | 11,669 | 6 | % | ||||||||||||||||
Tier I capital (to adjusted total assets) | 39,034 | 13.43 | % | 11,625 | 4 | % | 14,531 | 5 | % | ||||||||||||||||
Tangible capital (to adjusted total assets) | 39,034 | 13.43 | % | 4,359 | 1.5 | % | N/A | N/A | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
Net deferred tax assets consist of the following components as of December 31, 2013 and December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Allowance for loan losses | $ | 865,218 | $ | 918,500 | |||||||||||||
Deferred compensation | 993,953 | 887,302 | |||||||||||||||
Executive benefit plan | 102,744 | 117,940 | |||||||||||||||
Other | 546,434 | 448,957 | |||||||||||||||
2,508,349 | 2,372,699 | ||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
FHLB stock dividends | 375,510 | 375,510 | |||||||||||||||
Depreciable assets | 425,986 | 288,582 | |||||||||||||||
Other | 327,334 | 643,168 | |||||||||||||||
1,128,830 | 1,307,260 | ||||||||||||||||
Net deferred tax assets | $ | 1,379,519 | $ | 1,065,439 | |||||||||||||
Schedule of Provision for Income Taxes | ' | ||||||||||||||||
The provision for income taxes charged to income for the years ended December 31, 2013 and 2012, consists of the following: | |||||||||||||||||
Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current tax expense | $ | 982,025 | $ | 1,711,420 | |||||||||||||
Deferred expense (benefit) | 60,322 | (102,768 | ) | ||||||||||||||
Provision for income taxes | $ | 1,042,347 | $ | 1,608,652 | |||||||||||||
Schedule of Reasons for Income Tax Provision Less than the Expected Tax Provision | ' | ||||||||||||||||
The income tax provision is less than the expected tax provision computed by multiplying income before income taxes by the statutory federal income tax rates. The reasons for this difference are as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | % | 2012 | % | ||||||||||||||
Expected tax at statutory rates | $ | 1,141,000 | 34 | % | $ | 1,432,000 | 34 | % | |||||||||
Tax-exempt earnings on life insurance policies | (112,510 | ) | (3.34 | ) | (129,922 | ) | (3.09 | ) | |||||||||
Tax-exempt interest | (80,157 | ) | (2.39 | ) | (75,018 | ) | (1.78 | ) | |||||||||
State income taxes, net of federal income tax benefit | 143,905 | 4.29 | 180,691 | 4.29 | |||||||||||||
Other | (49,891 | ) | (1.49 | ) | 200,901 | 4.77 | |||||||||||
Provision for income taxes | $ | 1,042,347 | 31.07 | % | $ | 1,608,652 | 38.19 | % | |||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Summary of Activity in the 2010 Plan | ' | ||||||||||||||||||||||
A summary of the activity in the 2010 Plan as of December 31, 2013 and 2012, is presented in the following table: | |||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Shares | Average | Aggregate | Shares | Average | |||||||||||||||||||
Exercise | Intrinsic | Exercise | |||||||||||||||||||||
Price | Value(1) | Price | |||||||||||||||||||||
Outstanding at beginning of year | 236,062 | $ | 11.5 | 236,062 | $ | 11.5 | |||||||||||||||||
Granted | — | N/A | — | N/A | |||||||||||||||||||
Exercised | — | N/A | — | N/A | |||||||||||||||||||
Forfeited | — | N/A | — | N/A | |||||||||||||||||||
Outstanding at end of year | 236,062 | 11.5 | $ | 1,964,036 | 236,062 | 11.5 | |||||||||||||||||
Options exercisable at year-end | 141,637 | $ | 11.5 | 1,178,422 | 94,425 | $ | 11.5 | ||||||||||||||||
Weighted-average fair value of options granted during the year | $ | — | $ | — | |||||||||||||||||||
-1 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||||||||||||
Information Regarding Options Outstanding and Exercisable | ' | ||||||||||||||||||||||
Other information regarding options outstanding and exercisable as of December 31, 2013, is as follows: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise | Number | Weighted- | Weighted | Number | Weighted- | ||||||||||||||||||
Price | of | Average | Average | of | Average | ||||||||||||||||||
Shares | Exercise | Remaining | Shares | Exercise | |||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||||
Life | |||||||||||||||||||||||
In Years | |||||||||||||||||||||||
$11.50 | 236,062 | $ | 11.5 | 7 | 141,637 | $ | 11.5 | ||||||||||||||||
Non-Vested Options | ' | ||||||||||||||||||||||
Information pertaining to non-vested options for the year ended December 31, 2013, is as follows: | |||||||||||||||||||||||
Number | Weighted Average | ||||||||||||||||||||||
of Shares | Grant Date Fair | ||||||||||||||||||||||
Value | |||||||||||||||||||||||
Non-vested options, December 31, 2012 | 141,637 | $ | 1.27 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Vested | (47,212 | ) | 1.27 | ||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||
Non-vested options, December 31, 2013 | 94,425 | $ | 1.27 | ||||||||||||||||||||
Summary of Activity for Unvested Restricted Awards | ' | ||||||||||||||||||||||
A summary of activity for unvested restricted awards for the year ended December 31, 2013, is as follows: | |||||||||||||||||||||||
Number | Grant Date | ||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||
Unvested at December 31, 2012 | 92,205 | $ | 13.45 | ||||||||||||||||||||
Shares awarded | — | — | |||||||||||||||||||||
Restrictions lapsed and shares released | (22,218 | ) | 13.34 | ||||||||||||||||||||
Shares forfeited | — | — | |||||||||||||||||||||
Unvested at December 31, 2013 | 69,987 | $ | 13.49 | ||||||||||||||||||||
ESOP Shares | ' | ||||||||||||||||||||||
A detail of ESOP shares is as follows: | |||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Allocated shares | 59,248 | 44,436 | |||||||||||||||||||||
Unallocated shares | 162,932 | 177,744 | |||||||||||||||||||||
Total ESOP shares | 222,180 | 222,180 | |||||||||||||||||||||
Fair value of unreleased shares | $ | 3,229,312 | $2,934,553 | ||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2013 | for Identical | Observable | Unobservable | ||||||||||||||
Assets (Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 5,746,264 | $ | — | $ | 5,746,264 | $ | — | |||||||||
Mortgage-backed securities | 14,637,065 | — | 14,637,065 | — | |||||||||||||
State and municipal securities | 11,196,854 | — | 11,196,854 | — | |||||||||||||
Total securities available for sale | $ | 31,580,183 | $ | — | $ | 31,580,183 | $ | — | |||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2012 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 13,351,145 | $ | — | $ | 13,351,145 | $ | — | |||||||||
Mortgage-backed securities | 12,976,705 | — | 12,976,705 | — | |||||||||||||
State and municipal securities | 5,822,258 | — | 5,822,258 | — | |||||||||||||
Total securities available for sale | $ | 32,150,108 | $ | — | $ | 32,150,108 | $ | — | |||||||||
Assets and Liabilities for which a Nonrecurring Change in Fair Value was Recorded | ' | ||||||||||||||||
The tables below present information about assets and liabilities for which a nonrecurring change in fair value was recorded: | |||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2013 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Impaired loans | $ | 5,220,775 | $ | — | $ | 2,623,325 | $ | 2,597,450 | |||||||||
Foreclosed real estate | 413,150 | — | 413,150 | — | |||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Other | ||||||||||||||
2012 | for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Impaired loans | $ | 6,105,176 | $ | — | $ | 3,782,329 | $ | 2,322,847 | |||||||||
Foreclosed real estate | 508,529 | — | 508,529 | — | |||||||||||||
Carrying Amount and Estimated Fair Value of the Company's Financial Instruments | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 15,135,387 | $ | 15,135,387 | $ | 20,252,112 | $ | 20,252,112 | |||||||||
Interest-bearing time deposits in banks | — | — | 249,000 | 249,000 | |||||||||||||
Securities | 31,580,183 | 31,580,183 | 32,150,108 | 32,150,108 | |||||||||||||
Investments, at cost | 3,648,800 | 3,648,800 | 3,393,800 | 3,393,800 | |||||||||||||
Loans, net | 226,206,014 | 227,272,387 | 217,274,617 | 218,911,770 | |||||||||||||
Cash surrender value of bank owned life insurance | 9,812,685 | 9,812,685 | 9,512,171 | 9,512,171 | |||||||||||||
Accrued interest receivable | 978,201 | 978,201 | 914,361 | 914,361 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 248,172,052 | 252,724,560 | 234,248,103 | 240,140,950 | |||||||||||||
Securities sold under agreements to repurchase | 1,303,789 | 1,303,789 | 2,109,541 | 2,109,541 | |||||||||||||
Federal Home Loan Bank advances | — | — | 3,000,000 | 3,073,288 | |||||||||||||
Accrued interest payable | 152,897 | 152,897 | 158,299 | 158,299 | |||||||||||||
Unrecognized financial instruments (net of contract amount): | |||||||||||||||||
Commitments to extend credit | — | — | — | — | |||||||||||||
Letter of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transaction Activity | ' | ||||||||
Activity for the years ended December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 424,912 | $ | 692,131 | |||||
New loans | 263,244 | 322,593 | |||||||
Repayments | (334,508 | ) | (589,812 | ) | |||||
Ending balance | $ | 353,648 | $ | 424,912 | |||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Summary of the Basic and Diluted Earnings Per Share | ' | ||||||||
The following is a summary of the basic and diluted earnings per share for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Basic earnings per share calculation: | |||||||||
Numerator: Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Denominator: Weighted average common shares outstanding | 1,966,983 | 2,332,940 | |||||||
Effect of dilutive stock options | 86,378 | 54,067 | |||||||
Diluted shares | 2,053,361 | 2,387,007 | |||||||
Basic earnings per share | $ | 1.18 | $ | 1.12 | |||||
Diluted earnings per share | $ | 1.13 | $ | 1.09 | |||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Data | ' | ||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
Interest income | $ | 3,417,306 | $ | 3,379,393 | $ | 3,374,825 | $ | 3,526,694 | $ | 3,645,928 | $ | 3,631,226 | $ | 3,571,137 | $ | 3,626,062 | |||||||||||||||||
Interest expense | 500,235 | 526,132 | 540,264 | 567,603 | 620,018 | 647,869 | 670,442 | 699,642 | |||||||||||||||||||||||||
Net interest income | 2,917,071 | 2,853,261 | 2,834,561 | 2,959,091 | 3,025,910 | 2,983,357 | 2,900,695 | 2,926,420 | |||||||||||||||||||||||||
Provision for loan losses | 35,303 | 73,418 | 72,223 | 135,449 | 473,851 | 400,098 | 120,232 | 86,096 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 2,881,768 | 2,779,843 | 2,762,338 | 2,823,642 | 2,552,059 | 2,583,259 | 2,780,463 | 2,840,324 | |||||||||||||||||||||||||
Noninterest income | 1,293,824 | 1,270,392 | 1,375,899 | 1,246,796 | 1,473,439 | 1,435,363 | 1,245,678 | 1,172,087 | |||||||||||||||||||||||||
Noninterest expenses | 3,294,601 | 3,359,089 | 3,189,827 | 3,236,545 | 3,159,837 | 2,925,178 | 2,873,049 | 2,912,681 | |||||||||||||||||||||||||
Income before income taxes | 880,991 | 691,146 | 948,410 | 833,893 | 865,661 | 1,093,444 | 1,153,092 | 1,099,730 | |||||||||||||||||||||||||
Income taxes | 272,429 | 194,048 | 298,101 | 277,769 | 284,926 | 347,649 | 418,086 | 557,991 | |||||||||||||||||||||||||
Net income | $ | 608,562 | $ | 497,098 | $ | 650,309 | $ | 556,124 | $ | 580,735 | $ | 745,795 | $ | 735,006 | $ | 541,739 | |||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.26 | $ | 0.33 | $ | 0.27 | $ | 0.27 | $ | 0.33 | $ | 0.31 | $ | 0.22 | |||||||||||||||||
Diluted | $ | 0.32 | $ | 0.24 | $ | 0.31 | $ | 0.26 | $ | 0.26 | $ | 0.32 | $ | 0.3 | $ | 0.22 | |||||||||||||||||
Condensed_Financial_Statements1
Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Financial Information Pertaining to Balance Sheets | ' | ||||||||
Balance Sheets | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Cash and due from banks | $ | 7,167,649 | $ | 5,567,559 | |||||
Investment in wholly owned subsidiary | 32,034,623 | 39,839,259 | |||||||
Premises and equipment, net | 84,749 | 86,392 | |||||||
Other assets | 1,870,548 | 2,607,484 | |||||||
Total assets | $ | 41,157,569 | $ | 48,100,694 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Accrued expenses | $ | 49,374 | $ | 96,290 | |||||
Total liabilities | 49,374 | 96,290 | |||||||
Stockholders’ Equity | |||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | — | — | |||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,890,990 outstanding at December 31, 2013 and 2,358,568 at December 31, 2012 | 18,910 | 23,586 | |||||||
Additional paid-in capital | 18,523,039 | 22,774,875 | |||||||
Common stock acquired by benefit plans: | |||||||||
Restricted stock | (616,575 | ) | (878,732 | ) | |||||
Unallocated common stock held by: | |||||||||
Employee Stock Ownership Plan Trust | (1,629,320 | ) | (1,777,440 | ) | |||||
Retained earnings | 24,880,822 | 27,319,933 | |||||||
Accumulated other comprehensive income | (68,681 | ) | 542,182 | ||||||
Total stockholders’ equity | 41,108,195 | 48,004,404 | |||||||
Total liabilities and stockholders’ equity | $ | 41,157,569 | $ | 48,100,694 | |||||
Financial Information Pertaining to Statements of Income | ' | ||||||||
Statements of Income | |||||||||
Years Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Income | |||||||||
Interest income | $ | 76,908 | $ | 79,667 | |||||
Dividends from subsidiary | 10,000,000 | 4,000,000 | |||||||
Equity in (excess distributions) undistributed earnings of subsidiary | (7,498,029 | ) | (1,157,029 | ) | |||||
Total income | 2,578,879 | 2,922,638 | |||||||
Operating expenses | 409,447 | 436,132 | |||||||
Income before income taxes | 2,169,432 | 2,486,506 | |||||||
Applicable income tax (benefit) | (142,661 | ) | (116,769 | ) | |||||
Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Financial Information Pertaining to Statements of Cash Flows | ' | ||||||||
Statements of Cash Flows | |||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 2,312,093 | $ | 2,603,275 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Equity in excess distributions (undistributed income) of subsidiary | 7,498,029 | 1,157,029 | |||||||
Depreciation | 1,643 | 789 | |||||||
Stock based compensation expense | 350,428 | 294,937 | |||||||
Increase in other assets and liabilities | 654,471 | 9,668 | |||||||
Net cash provided by operating activities | 10,816,664 | 4,065,698 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of premises and equipment | — | (87,181 | ) | ||||||
Cash flows from financing activities: | |||||||||
Purchase and retirement of Company common stock | (8,815,357 | ) | (5,160,558 | ) | |||||
Dividends paid | (401,217 | ) | (473,169 | ) | |||||
Net cash used in financing activities | (9,216,574 | ) | (5,633,727 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 1,600,090 | (1,655,210 | ) | ||||||
Cash and cash equivalents at beginning of period | 5,567,559 | 7,222,769 | |||||||
Cash and cash equivalents at end of period | $ | 7,167,649 | $ | 5,567,559 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Loans | |
Component | ||
Loans | ||
Branch | ||
Schedule of Accounting Policies [Line Items] | ' | ' |
Number of branches | 7 | ' |
Interest-bearing time deposits in banks have a maturity | 'One year or less and are carried at cost. | ' |
Accrual of interest on mortgage and commercial loans is discontinued at the time | '90 days | ' |
Other personal loans are typically charged at the time | '120 days | ' |
Number of loan portfolio segments | 5 | ' |
Cash surrender value of bank owned life insurance | $9,812,685 | $9,512,171 |
Number of components of income tax expense | 2 | ' |
Number of reportable segments | 1 | ' |
Number of loans previously sold required to be repurchased | 2 | ' |
Aggregate outstanding balance of loans subject to this recourse obligation | $18,000 | ' |
Number of mortgage loans to be repurchased | 0 | 0 |
Accounts Receivable [Member] | Commercial [Member] | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' |
Commercial real estate, including commercial construction loans portfolio | 37.60% | 36.40% |
Maximum [Member] | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' |
Cash and cash equivalents maturity | '90 days | ' |
Depreciation is calculated using the combination of accelerated straight line methods, is estimated useful life | '40 years | ' |
Minimum [Member] | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' |
Depreciation is calculated using the combination of accelerated straight line methods, is estimated useful life | '3 years | ' |
Southland Finance, Inc. [Member] | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' |
Number of branches | 1 | ' |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash And Cash Equivalents [Abstract] | ' | ' |
Federal reserve bank balance | $1,501,000 | $941,000 |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | $31,690,959 | $31,275,621 |
Securities Available for Sale, Gross Unrealized Gains | 357,393 | 882,967 |
Securities Available for Sale, Gross Unrealized Losses | -468,169 | -8,480 |
Securities Available for Sale, Total, Fair Value | 31,580,183 | 32,150,108 |
Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 5,825,027 | 13,233,968 |
Securities Available for Sale, Gross Unrealized Gains | 14,733 | 117,177 |
Securities Available for Sale, Gross Unrealized Losses | -93,496 | ' |
Securities Available for Sale, Total, Fair Value | 5,746,264 | 13,351,145 |
Mortgage-Backed and Related Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 14,514,702 | 12,605,316 |
Securities Available for Sale, Gross Unrealized Gains | 189,224 | 371,395 |
Securities Available for Sale, Gross Unrealized Losses | -66,861 | -6 |
Securities Available for Sale, Total, Fair Value | 14,637,065 | 12,976,705 |
State and Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 11,351,230 | 5,436,337 |
Securities Available for Sale, Gross Unrealized Gains | 153,436 | 394,395 |
Securities Available for Sale, Gross Unrealized Losses | -307,812 | -8,474 |
Securities Available for Sale, Total, Fair Value | $11,196,854 | $5,822,258 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Security | Security | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Securities, held-to-maturity | $0 | $0 |
Gains or losses from marketable securities | 0 | 0 |
Pledged securities, carrying values | $17,507,000 | $20,281,000 |
Number of depreciated securities | 22 | 2 |
Securities with unrealized losses, depreciated from the Company's amortized cost basis | 2.89% | 1.90% |
Securities_Amortized_Cost_and_1
Securities - Amortized Cost and Estimated Fair Value of Securities, by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Securities Available for Sale, Due in one year or less, Amortized Cost | $3,104,640 | ' |
Securities Available for Sale, Due after one year through five years, Amortized Cost | 3,727,669 | ' |
Securities Available for Sale, Due five years to ten years, Amortized Cost | 8,976,060 | ' |
Securities Available for Sale, Due after ten years, Amortized Cost | 1,367,888 | ' |
Securities Available for Sale, Mortgage-backed securities, Amortized Cost | 14,514,702 | ' |
Securities Available for Sale, Total, Amortized Cost | 31,690,959 | ' |
Securities Available for Sale, Due in one year or less, Fair Value | 3,113,774 | ' |
Securities Available for Sale, Due after one year through five years, Fair Value | 3,668,414 | ' |
Securities Available for Sale, Due five years to ten years, Fair Value | 8,849,370 | ' |
Securities Available for Sale, Due after ten years, Fair Value | 1,311,560 | ' |
Securities Available for Sale, Mortgage-backed securities, Fair Value | 14,637,065 | ' |
Securities Available for Sale, Total, Fair Value | $31,580,183 | $32,150,108 |
Securities_Summary_of_Securiti
Securities - Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | $15,341 |
Less than 12 Months, Gross Unrealized Losses | -443 |
12 Months or Greater, Fair Value | 411 |
12 Months or Greater, Gross Unrealized Losses | -25 |
Fair Value, Total | 15,752 |
Gross Unrealized Losses, Total | -468 |
Securities of U.S. Government Agencies and Corporations [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | 1,905 |
Less than 12 Months, Gross Unrealized Losses | -93 |
Fair Value, Total | 1,905 |
Gross Unrealized Losses, Total | -93 |
State and Municipal Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | 5,104 |
Less than 12 Months, Gross Unrealized Losses | -283 |
12 Months or Greater, Fair Value | 411 |
12 Months or Greater, Gross Unrealized Losses | -25 |
Fair Value, Total | 5,515 |
Gross Unrealized Losses, Total | -308 |
Mortgage-Backed and Related Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | 8,332 |
Less than 12 Months, Gross Unrealized Losses | -67 |
Fair Value, Total | 8,332 |
Gross Unrealized Losses, Total | ($67) |
Investments_at_Cost_Investment
Investments, at Cost - Investments, at Cost Detailed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investments All Other Investments [Abstract] | ' | ' |
Federal Home Loan Bank of Cincinnati common stock | $2,898,800 | $2,898,800 |
Tenth Street Fund III, L.P. investment | 750,000 | 495,000 |
Total | $3,648,800 | $3,393,800 |
Investments_at_Cost_Additional
Investments at Cost - Additional Information (Detail) (Maximum [Member]) | Dec. 31, 2013 |
Maximum [Member] | ' |
Ownership interest hold | 3.00% |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Company's Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | $193,632,740 | $181,910,685 | ' |
Total loans | 231,423,802 | 222,494,771 | ' |
Less: Allowance for loan losses | -4,432,069 | -4,475,302 | -4,166,468 |
Unearned interest and fees | -396,470 | -447,656 | ' |
Net deferred loan origination fees | -389,249 | -297,196 | ' |
Loans, net | 226,206,014 | 217,274,617 | ' |
Residential 1-4 Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 88,414,921 | 83,159,454 | ' |
Total loans | 88,414,921 | 83,159,454 | ' |
Less: Allowance for loan losses | -1,442,506 | -1,348,922 | -1,344,604 |
Commercial Real Estate and Multi-Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 74,497,078 | 76,752,945 | ' |
Total loans | 74,497,078 | 76,752,945 | ' |
Less: Allowance for loan losses | -1,108,958 | -1,074,995 | -1,006,036 |
Construction and Land [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 30,720,741 | 21,998,286 | ' |
Total loans | 30,720,741 | 21,998,286 | ' |
Less: Allowance for loan losses | -956,726 | -818,984 | -681,871 |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 13,058,544 | 12,591,324 | ' |
Less: Allowance for loan losses | -331,938 | -686,065 | -564,853 |
Consumer and Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 24,732,518 | 27,992,762 | ' |
Less: Allowance for loan losses | ($530,557) | ($545,476) | ($541,458) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance For Loan And Lease Losses [Roll Forward] | ' | ' |
Beginning balance | $4,475,302 | $4,166,468 |
Provision for loan losses | 316,393 | 1,080,277 |
Loans charged-off | -594,470 | -908,963 |
Recoveries | 234,844 | 137,520 |
Ending balance | $4,432,069 | $4,475,302 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | $1,090,060 | $1,721,786 | ' |
General reserves | 3,342,009 | 2,753,516 | ' |
Total reserves | 4,432,069 | 4,475,302 | 4,166,468 |
Impaired loans | 10,316,047 | 11,878,857 | ' |
Performing loans | 221,107,755 | 210,615,914 | ' |
Total loans | 231,423,802 | 222,494,771 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 86,958 | 454,620 | ' |
General reserves | 244,980 | 231,445 | ' |
Total reserves | 331,938 | 686,065 | 564,853 |
Impaired loans | 1,901,209 | 1,870,266 | ' |
Performing loans | 11,157,335 | 10,721,058 | ' |
Total loans | 13,058,544 | 12,591,324 | ' |
Residential 1-4 Family [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 545,126 | 739,943 | ' |
General reserves | 897,380 | 608,979 | ' |
Total reserves | 1,442,506 | 1,348,922 | 1,344,604 |
Impaired loans | 5,821,575 | 6,327,833 | ' |
Performing loans | 82,593,346 | 76,831,621 | ' |
Total loans | 88,414,921 | 83,159,454 | ' |
Commercial Real Estate and Multi-Family [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 85,175 | 109,659 | ' |
General reserves | 1,023,783 | 965,336 | ' |
Total reserves | 1,108,958 | 1,074,995 | 1,006,036 |
Impaired loans | 449,597 | 1,421,168 | ' |
Performing loans | 74,047,481 | 75,331,777 | ' |
Total loans | 74,497,078 | 76,752,945 | ' |
Construction and Land [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 303,752 | 361,470 | ' |
General reserves | 652,974 | 457,514 | ' |
Total reserves | 956,726 | 818,984 | 681,871 |
Impaired loans | 1,815,293 | 1,978,395 | ' |
Performing loans | 28,905,448 | 20,019,891 | ' |
Total loans | 30,720,741 | 21,998,286 | ' |
Consumer and Other [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 69,049 | 56,094 | ' |
General reserves | 461,508 | 489,382 | ' |
Total reserves | 530,557 | 545,476 | 541,458 |
Impaired loans | 328,373 | 281,195 | ' |
Performing loans | 24,404,145 | 27,711,567 | ' |
Total loans | 24,732,518 | 27,992,762 | ' |
Unallocated [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
General reserves | 61,384 | 860 | ' |
Total reserves | $61,384 | $860 | $27,646 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Changes in the Allowance for Loan Losses by Class of Loan (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | $4,475,302 | $4,166,468 |
Provision (reallocation) for loan losses | 316,393 | 1,080,277 |
Loans charged-off | -594,470 | -908,963 |
Recoveries | 234,844 | 137,520 |
Ending balance | 4,432,069 | 4,475,302 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 686,065 | 564,853 |
Provision (reallocation) for loan losses | -500,574 | 127,298 |
Loans charged-off | ' | -16,034 |
Recoveries | 146,447 | 9,948 |
Ending balance | 331,938 | 686,065 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 1,348,922 | 1,344,604 |
Provision (reallocation) for loan losses | 257,300 | 656,567 |
Loans charged-off | -194,671 | -663,729 |
Recoveries | 30,955 | 11,480 |
Ending balance | 1,442,506 | 1,348,922 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 1,074,995 | 1,006,036 |
Provision (reallocation) for loan losses | 33,963 | 68,959 |
Ending balance | 1,108,958 | 1,074,995 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 818,984 | 681,871 |
Provision (reallocation) for loan losses | 235,242 | 64,938 |
Loans charged-off | -97,500 | ' |
Recoveries | ' | 72,175 |
Ending balance | 956,726 | 818,984 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 545,476 | 541,458 |
Provision (reallocation) for loan losses | 229,938 | 189,301 |
Loans charged-off | -302,299 | -229,200 |
Recoveries | 57,442 | 43,917 |
Ending balance | 530,557 | 545,476 |
Unallocated [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 860 | 27,646 |
Provision (reallocation) for loan losses | 60,524 | -26,786 |
Ending balance | $61,384 | $860 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | $4,005,212 | $4,051,895 |
With a valuation allowance | 6,310,835 | 7,826,962 |
Recorded investment in impaired loans | 10,316,047 | 11,878,857 |
Unpaid principal balance of impaired loans | 11,703,940 | 13,151,004 |
Valuation allowance related to impaired loans | 1,090,060 | 1,721,786 |
Average investment in impaired loans | 13,614,384 | 12,660,405 |
Interest income recognized on impaired loans | 537,410 | 617,455 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 47,141 | 34,885 |
With a valuation allowance | 1,854,068 | 1,835,381 |
Recorded investment in impaired loans | 1,901,209 | 1,870,266 |
Unpaid principal balance of impaired loans | 1,941,056 | 1,910,113 |
Valuation allowance related to impaired loans | 86,958 | 454,620 |
Average investment in impaired loans | 1,878,458 | 2,254,699 |
Interest income recognized on impaired loans | 101,112 | 114,732 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 3,285,685 | 2,112,736 |
With a valuation allowance | 2,535,890 | 4,215,097 |
Recorded investment in impaired loans | 5,821,575 | 6,327,833 |
Unpaid principal balance of impaired loans | 6,232,048 | 6,719,860 |
Valuation allowance related to impaired loans | 545,126 | 739,943 |
Average investment in impaired loans | 8,658,167 | 5,750,530 |
Interest income recognized on impaired loans | 353,260 | 333,710 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 247,422 | 1,061,923 |
With a valuation allowance | 202,175 | 359,245 |
Recorded investment in impaired loans | 449,597 | 1,421,168 |
Unpaid principal balance of impaired loans | 449,597 | 1,421,168 |
Valuation allowance related to impaired loans | 85,175 | 109,659 |
Average investment in impaired loans | 880,839 | 2,117,175 |
Interest income recognized on impaired loans | 55,697 | 104,273 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 346,571 | 768,424 |
With a valuation allowance | 1,468,722 | 1,209,971 |
Recorded investment in impaired loans | 1,815,293 | 1,978,395 |
Unpaid principal balance of impaired loans | 2,752,396 | 2,817,998 |
Valuation allowance related to impaired loans | 303,752 | 361,470 |
Average investment in impaired loans | 1,869,016 | 2,031,800 |
Interest income recognized on impaired loans | 7,275 | 29,077 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 78,393 | 73,927 |
With a valuation allowance | 249,980 | 207,268 |
Recorded investment in impaired loans | 328,373 | 281,195 |
Unpaid principal balance of impaired loans | 328,843 | 281,865 |
Valuation allowance related to impaired loans | 69,049 | 56,094 |
Average investment in impaired loans | 327,904 | 506,201 |
Interest income recognized on impaired loans | $20,066 | $35,663 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Aged Analysis of Past Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | $1,663,283 | $2,094,325 |
Greater Than 90 Days Past Due and Non-Accrual | 4,043,493 | 3,898,598 |
Total Past Due | 5,706,776 | 5,992,923 |
Current Loans | 225,717,026 | 216,501,848 |
Total loans | 231,423,802 | 222,494,771 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | 47,310 | 28,397 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 915,785 | 107,603 |
Greater Than 90 Days Past Due and Non-Accrual | 2,440,384 | 2,298,290 |
Total Past Due | 3,356,169 | 2,405,893 |
Current Loans | 85,058,752 | 80,753,561 |
Total loans | 88,414,921 | 83,159,454 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | 20,128 | 10,237 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | ' | 99,229 |
Greater Than 90 Days Past Due and Non-Accrual | 96,055 | ' |
Total Past Due | 96,055 | 99,229 |
Current Loans | 74,401,023 | 76,653,716 |
Total loans | 74,497,078 | 76,752,945 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 381,336 | 1,704,110 |
Greater Than 90 Days Past Due and Non-Accrual | 1,402,960 | 1,555,346 |
Total Past Due | 1,784,296 | 3,259,456 |
Current Loans | 28,936,445 | 18,738,830 |
Total loans | 30,720,741 | 21,998,286 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 24,515 | ' |
Greater Than 90 Days Past Due and Non-Accrual | 47,141 | ' |
Total Past Due | 71,656 | ' |
Current Loans | 12,986,888 | 12,591,324 |
Total loans | 13,058,544 | 12,591,324 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 341,647 | 183,383 |
Greater Than 90 Days Past Due and Non-Accrual | 56,953 | 44,962 |
Total Past Due | 398,600 | 228,345 |
Current Loans | 24,333,918 | 27,764,417 |
Total loans | 24,732,518 | 27,992,762 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | $27,182 | $18,160 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Amount of Each Loan Classification and the Amount Categorized into Each Risk Rating Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | $231,423,802 | $222,494,771 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 88,414,921 | 83,159,454 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 74,497,078 | 76,752,945 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 30,720,741 | 21,998,286 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 13,058,544 | 12,591,324 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 24,732,518 | 27,992,762 |
Pass [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 217,678,706 | 208,808,333 |
Pass [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 81,288,044 | 75,378,535 |
Pass [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 73,918,715 | 75,200,270 |
Pass [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 27,155,327 | 19,962,200 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 11,157,335 | 10,721,058 |
Pass [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 24,159,285 | 27,546,270 |
Special Mention [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 3,429,049 | 1,807,581 |
Special Mention [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,305,302 | 1,453,086 |
Special Mention [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 128,766 | 131,507 |
Special Mention [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,750,121 | 57,691 |
Special Mention [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 244,860 | 165,297 |
Substandard [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 10,316,047 | 11,878,857 |
Substandard [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 5,821,575 | 6,327,833 |
Substandard [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 449,597 | 1,421,168 |
Substandard [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,815,293 | 1,978,395 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,901,209 | 1,870,266 |
Substandard [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 328,373 | 281,195 |
Doubtful [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Doubtful [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Doubtful [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Doubtful [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Doubtful [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Doubtful [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loss [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | ' | ' |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Modification of Loans as TDR (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 10 | 18 |
Pre-Modification Outstanding Recorded Investment | $107,552 | $470,867 |
Post-Modification Outstanding Recorded Investment | 107,552 | 470,867 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 3 |
Pre-Modification Outstanding Recorded Investment | 64,088 | 263,937 |
Post-Modification Outstanding Recorded Investment | 64,088 | 263,937 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 99,687 |
Post-Modification Outstanding Recorded Investment | ' | 99,687 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Pre-Modification Outstanding Recorded Investment | ' | 29,629 |
Post-Modification Outstanding Recorded Investment | ' | 29,629 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 9 | 12 |
Pre-Modification Outstanding Recorded Investment | 43,463 | 77,614 |
Post-Modification Outstanding Recorded Investment | $43,463 | $77,614 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Loans modified in TDR that subsequently defaulted | '60 days |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Financial Receivable Modifications Subsequent Default (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | 2 | 6 |
Outstanding Recorded Investment at Default | $7,205 | $234,351 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | ' | 2 |
Outstanding Recorded Investment at Default | ' | 219,225 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | ' | ' |
Outstanding Recorded Investment at Default | ' | ' |
Construction and Land [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | ' | 1 |
Outstanding Recorded Investment at Default | ' | 5,433 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | ' | ' |
Outstanding Recorded Investment at Default | ' | ' |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | 2 | 3 |
Outstanding Recorded Investment at Default | $7,205 | $9,693 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of the Company's Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $12,445,585 | $11,979,629 |
Less accumulated depreciation | -7,912,747 | -7,374,747 |
Premises and Equipment, Net | 4,532,838 | 4,604,882 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 931,580 | 1,101,580 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 5,548,905 | 5,601,140 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 115,105 | 106,525 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 5,754,231 | 5,153,036 |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 17,348 | 17,348 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $78,416 | ' |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation expense | $588,215 | $476,818 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Time Deposits [Line Items] | ' | ' |
Aggregate amount of time deposits in denominations of $100,000 or more | $47,246,566 | $43,216,075 |
Insurance limit for each depositor | $250,000 | ' |
Denominations of aggregate amount of time deposits | '$100,000 or more | ' |
Customer Concentration Risk [Member] | ' | ' |
Time Deposits [Line Items] | ' | ' |
Percentage of total deposits | ' | 6.00% |
Maximum [Member] | Customer Concentration Risk [Member] | ' | ' |
Time Deposits [Line Items] | ' | ' |
Percentage of total deposits | 5.00% | ' |
Deposits_Schedule_of_Maturitie
Deposits - Schedule of Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
Banking And Thrift [Abstract] | ' |
2014 | $36,660,485 |
2015 | 37,578,384 |
2016 | 11,562,045 |
2017 | 5,980,586 |
2018 | 2,057,018 |
Time Deposits | $93,838,518 |
Deposits_Schedule_of_Deposit_I
Deposits - Schedule of Deposit Interest Expense (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Banking And Thrift [Abstract] | ' | ' |
Demand deposit and NOW accounts | $114,026 | $190,328 |
Money market accounts | 248,126 | 225,301 |
Savings accounts | 21,553 | 20,598 |
IRA accounts | 443,617 | 615,508 |
Certificates of deposit | 1,227,107 | 1,453,138 |
Deposit interest expense | $2,054,429 | $2,504,873 |
Securities_Sold_Under_Agreemen1
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Average amount of securities sold under agreements to repurchase | $1,530,000 | $1,890,000 |
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances and Letters of Credit - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
FHLB advances maturing period | '2013 | ' |
FHLB advances | $0 | $3,000,000 |
Stock and qualifying first mortgage loans | 15,822,000 | 21,031,000 |
Maximum credit line to public depositors | 18,000,000 | ' |
Letters of credit outstanding | $11,750,000 | $11,750,000 |
Minimum_Regulatory_Capital_Req2
Minimum Regulatory Capital Requirements - Summary of Bank's Actual Capital Amounts and Ratio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ' | ' |
Total capital to risk-weighted assets, Actual Amount | $34,472 | $41,490 |
Tier I capital to risk-weighted assets, Actual Amount | 31,915 | 39,034 |
Tier I capital to adjusted total assets, Actual Amount | 31,915 | 39,034 |
Tangible capital to adjusted total assets, Actual Amount | 31,915 | 39,034 |
Total capital to risk-weighted assets, Actual Ratio | 17.01% | 21.33% |
Tier I capital to risk-weighted assets, Actual Ratio | 15.74% | 20.07% |
Tier I capital to adjusted total assets, Actual Ratio | 10.84% | 13.43% |
Tangible capital to adjusted total assets, Actual Ratio | 10.84% | 13.43% |
Total capital to risk-weighted assets, For Capital Adequacy Purposes, Amount | 16,216 | 15,559 |
Tire l capital to risk-weighted assets, For Capital Adequacy Purposes, Amount | 8,108 | 7,780 |
Tier I capital to adjusted total assets, For Capital Adequacy Purposes, Amount | 11,777 | 11,625 |
Tangible capital to adjusted total assets, For Capital Adequacy Purposes, Amount | 4,416 | 4,359 |
Total capital to risk-weighted assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tire l capital to risk-weighted assets, For Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier I capital to adjusted total assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tangible capital to adjusted total assets, For Capital Adequacy Purposes, Ratio | 1.50% | 1.50% |
Total capital to risk-weighted assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 20,271 | 19,449 |
Tier I capital to risk-weighted assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 12,162 | 11,669 |
Tier I capital to adjusted total assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 14,721 | 14,531 |
Tangible capital to adjusted total assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ' | ' |
Total capital to risk-weighted assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I capital to risk-weighted assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier I capital to adjusted total assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tangible capital to adjusted total assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ' | ' |
Income_Taxes_Schedule_of_Net_D
Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Allowance for loan losses | $865,218 | $918,500 |
Deferred compensation | 993,953 | 887,302 |
Executive benefit plan | 102,744 | 117,940 |
Other | 546,434 | 448,957 |
Deferred tax assets, gross, total | 2,508,349 | 2,372,699 |
Deferred tax liabilities: | ' | ' |
FHLB stock dividends | 375,510 | 375,510 |
Depreciable assets | 425,986 | 288,582 |
Other | 327,334 | 643,168 |
Deferred tax liabilities, gross, total | 1,128,830 | 1,307,260 |
Net deferred tax assets | $1,379,519 | $1,065,439 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $982,025 | $1,711,420 |
Deferred expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 60,322 | -102,768 |
Provision for income taxes | $272,429 | $194,048 | $298,101 | $277,769 | $284,926 | $347,649 | $418,086 | $557,991 | $1,042,347 | $1,608,652 |
Income_Taxes_Schedule_of_Reaso
Income Taxes - Schedule of Reasons for Income Tax Provision Less than the Expected Tax Provision (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Expense Benefit And Effective Income Tax Rate Reconciliation Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected tax at statutory rates | ' | ' | ' | ' | ' | ' | ' | ' | $1,141,000 | $1,432,000 |
Tax-exempt earnings on life insurance policies | ' | ' | ' | ' | ' | ' | ' | ' | -112,510 | -129,922 |
Tax-exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -80,157 | -75,018 |
State income taxes, net of federal income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 143,905 | 180,691 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -49,891 | 200,901 |
Provision for income taxes | $272,429 | $194,048 | $298,101 | $277,769 | $284,926 | $347,649 | $418,086 | $557,991 | $1,042,347 | $1,608,652 |
Expected tax at statutory rates, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% |
Tax-exempt earnings on life insurance policies, Percent | ' | ' | ' | ' | ' | ' | ' | ' | -3.34% | -3.09% |
Tax-exempt interest, Percent | ' | ' | ' | ' | ' | ' | ' | ' | -2.39% | -1.78% |
State income taxes, net of federal income tax benefit, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 4.29% | 4.29% |
Other, Percent | ' | ' | ' | ' | ' | ' | ' | ' | -1.49% | 4.77% |
Provision for income taxes, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 31.07% | 38.19% |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 19, 2012 | Jan. 19, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of contribution by employees | ' | ' | 75.00% | ' |
Expenses incurred | ' | ' | $263,764 | $156,332 |
Vesting period for all options from the date of grant | ' | ' | '5 years | ' |
Share awarded of restricted stock to its officers and employees pursuant to the terms of the 2010 Plan | ' | ' | 2,777,250 | ' |
Number of shares purchased under the Employee Stock Ownership Plan "ESOP" | ' | ' | 222,180 | 222,180 |
Percentage of shares purchased from the number of shares issued under the Employee Stock Ownership Plan "ESOP" | ' | ' | 8.00% | ' |
Tenure of loan | ' | ' | '15 years | ' |
Interest percentage on Term Loan | ' | ' | 3.25% | ' |
Number of years for participants to become vested in the allocated shares | ' | ' | '4 years | ' |
Total compensation expense | ' | ' | 268,707 | 222,624 |
President [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Net present value liability for executive benefit plan | ' | ' | 268,332 | 308,017 |
Expenses incurred for the plan | ' | ' | 17,343 | 19,645 |
Executive Officer [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of employees covered under employment agreement | ' | ' | 3 | ' |
Net present value liability for executive benefit plan | ' | ' | 1,455,000 | 1,141,000 |
Expenses incurred for the plan | ' | ' | 314,018 | 295,414 |
Non-Vested Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum number of shares authorized to issue under 2010 Equity Incentive Plan | ' | ' | 277,725 | ' |
Maximum term of each option | ' | ' | '10 years | ' |
Compensation expense recognized attributable to the shares that have been awarded | ' | ' | 54,151 | 54,151 |
Total remaining compensation cost to be recognized on non-vested options | ' | ' | 95,000 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum number of shares authorized to issue under 2010 Equity Incentive Plan | ' | ' | 111,090 | ' |
Compensation expense recognized attributable to the shares that have been awarded | ' | ' | 296,277 | 240,786 |
Share awarded of restricted stock to its officers and employees pursuant to the terms of the 2010 Plan | 16,664 | 94,426 | ' | ' |
Shares awarded, Grant Date Weighted-Average Cost | $16.65 | $12.75 | ' | ' |
Total remaining compensation cost to be recognized on non-vested restricted stock | ' | ' | $944,000 | ' |
Employee_Benefits_Summary_of_A
Employee Benefits - Summary of Activity in the 2010 Plan (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ' | ' |
Non-vested options, Number of Shares, Beginning Balance | 236,062 | 236,062 |
Granted, Shares | ' | ' |
Exercised, Shares | ' | ' |
Forfeited, Shares | ' | ' |
Non-vested options, Number of Shares, Ending Balance | 236,062 | 236,062 |
Options exercisable, Shares | 141,637 | 94,425 |
Weighted-average fair value of options granted during the year | ' | ' |
Average Exercise Price, Beginning Balance | $11.50 | $11.50 |
Average Exercise Price, Ending Balance | $11.50 | $11.50 |
Options exercisable, Average Exercise Price | $11.50 | $11.50 |
Aggregate Intrinsic Value, Ending Balance | $1,964,036 | ' |
Options exercisable, Aggregate Intrinsic Value | $1,178,422 | ' |
Employee_Benefits_Information_
Employee Benefits - Information Regarding Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ' | ' | ' |
Exercise Price | $11.50 | ' | ' |
Options Outstanding, Number of Shares | 236,062 | 236,062 | 236,062 |
Options Outstanding, Weighted-Average Exercise Price | $11.50 | $11.50 | $11.50 |
Options Outstanding, Weighted Average Remaining Contractual Life In Years | '7 years | ' | ' |
Options Exercisable, Number of Shares | 141,637 | 94,425 | ' |
Options Exercisable, Weighted-Average Exercise Price | $11.50 | ' | ' |
Employee_Benefits_NonVested_Op
Employee Benefits - Non-Vested Options (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Non-vested options, Number of Shares, Beginning Balance | 141,637 | ' |
Granted, Number of Shares | ' | ' |
Vested, Number of Shares | -47,212 | ' |
Forfeited, Number of Shares | ' | ' |
Non-vested options, Number of Shares, Ending Balance | 94,425 | 141,637 |
Non-vested options, Weighted Average Grant Date Fair Value, Beginning Balance | $1.27 | ' |
Granted, Weighted Average Grant Date Fair Value | ' | ' |
Vested, Weighted Average Grant Date Fair Value | $1.27 | ' |
Forfeited, Weighted Average Grant Date Fair Value | ' | ' |
Non-vested options, Weighted Average Grant Date Fair Value, Ending Balance | $1.27 | $1.27 |
Employee_Benefits_Summary_of_A1
Employee Benefits - Summary of Activity for Unvested Restricted Awards (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Dec. 19, 2012 | Jan. 19, 2011 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares awarded, Number of shares | ' | ' | 2,777,250 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested options, Number of shares, Beginning Balance | ' | ' | 92,205 |
Shares awarded, Number of shares | 16,664 | 94,426 | ' |
Restrictions lapsed and shares released, Number of shares | ' | ' | -22,218 |
Shares forfeited, Number of shares | ' | ' | ' |
Unvested options, Number of shares, Ending Balance | ' | ' | 69,987 |
Unvested options, Grant Date Weighted-Average Cost, Beginning Balance | ' | ' | $13.45 |
Shares awarded, Grant Date Weighted-Average Cost | $16.65 | $12.75 | ' |
Restrictions lapsed and shares released, Grant Date Weighted-Average Cost | ' | ' | $13.34 |
Shares forfeited, Grant Date Weighted-Average Cost | ' | ' | ' |
Unvested options, Grant Date Weighted-Average Cost, Ending Balance | ' | ' | $13.49 |
Employee_Benefits_ESOP_Shares_
Employee Benefits - ESOP Shares (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract] | ' | ' |
Allocated shares | 59,248 | 44,436 |
Unallocated shares | 162,932 | 177,744 |
Total ESOP shares | 222,180 | 222,180 |
Fair value of unreleased shares | $3,229,312 | $2,934,553 |
Deferred_Compensation_Addition
Deferred Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' |
Liability for the benefits | $519,902 | $605,354 |
Expenses incurred | $14,770 | $6,496 |
Maximum [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' |
Period of retirement | '15 years | ' |
Minimum [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' |
Period of retirement | '5 years | ' |
Fair_Value_Disclosures_Recorde
Fair Value Disclosures - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Securities available for sale: | ' | ' |
Securities available for sale | $31,580,183 | $32,150,108 |
Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 5,746,264 | 13,351,145 |
Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 14,637,065 | 12,976,705 |
State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 11,196,854 | 5,822,258 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 31,580,183 | 32,150,108 |
Fair Value, Measurements, Recurring [Member] | Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 5,746,264 | 13,351,145 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 14,637,065 | 12,976,705 |
Fair Value, Measurements, Recurring [Member] | State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 11,196,854 | 5,822,258 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 31,580,183 | 32,150,108 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 5,746,264 | 13,351,145 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 14,637,065 | 12,976,705 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 11,196,854 | 5,822,258 |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | ' | ' |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Transfers between levels 1 and 2 | $0 | $0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, whose fair values are measured on a recurring basis using Level 3 inputs | 0 | 0 |
Liabilities, whose fair values are measured on a recurring basis using Level 3 inputs | $0 | $0 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets and Liabilities for which a Nonrecurring Change in Fair Value was Recorded (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $227,272,387 | $218,911,770 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 5,220,775 | 6,105,176 |
Foreclosed real estate | 413,150 | 508,529 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Foreclosed real estate | ' | ' |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 2,623,325 | 3,782,329 |
Foreclosed real estate | 413,150 | 508,529 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 2,597,450 | 2,322,847 |
Foreclosed real estate | ' | ' |
Fair_Value_Disclosures_Carryin
Fair Value Disclosures - Carrying Amount and Estimated Fair Value of the Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $15,135,387 | $20,252,112 | $23,577,437 |
Interest-bearing time deposits in banks, Carrying Amount | ' | 249,000 | ' |
Securities, Carrying Amount | 31,580,183 | 32,150,108 | ' |
Investments, at cost, Carrying Amount | 3,648,800 | 3,393,800 | ' |
Loans, net, Carrying Amount | 226,206,014 | 217,274,617 | ' |
Cash surrender value of bank owned life insurance, Carrying Amount | 9,812,685 | 9,512,171 | ' |
Accrued interest receivable, Carrying Amount | 978,201 | 914,361 | ' |
Deposits, Carrying Amount | 248,172,052 | 234,248,103 | ' |
Securities sold under agreements to repurchase, Carrying Amount | 1,303,789 | 2,109,541 | ' |
Federal Home Loan Bank advances, Carrying Amount | ' | 3,000,000 | ' |
Accrued interest payable, Carrying Amount | 152,897 | 158,299 | ' |
Cash and cash equivalents, Estimated Fair Value | 15,135,387 | 20,252,112 | ' |
Interest-bearing time deposits in banks, Estimated Fair Value | ' | 249,000 | ' |
Securities, Estimated Fair Value | 31,580,183 | 32,150,108 | ' |
Investments, at cost, Estimated Fair Value | 3,648,800 | 3,393,800 | ' |
Loans, net, Estimated Fair Value | 227,272,387 | 218,911,770 | ' |
Cash surrender value of bank owned life insurance, Estimated Fair Value | 9,812,685 | 9,512,171 | ' |
Accrued interest receivable, Estimated Fair Value | 978,201 | 914,361 | ' |
Deposits, Estimated Fair Value | 252,724,560 | 240,140,950 | ' |
Securities sold under agreements to repurchase, Estimated Fair Value | 1,303,789 | 2,109,541 | ' |
Federal Home Loan Bank advances, Estimated Fair Value | ' | 3,073,288 | ' |
Accrued interest payable, Estimated Fair Value | 152,897 | 158,299 | ' |
Carrying Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Commitments to extend credit | ' | ' | ' |
Letter of credit | ' | ' | ' |
Lines of credit | ' | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Commitments to extend credit | ' | ' | ' |
Letter of credit | ' | ' | ' |
Lines of credit | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' |
Reduction in the interest rate | 1.00% | ' |
Related party deposits | $4,709,591 | $4,184,114 |
Related_Party_Transactions_Rel
Related Party Transactions - Related Party Transaction Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' |
Beginning balance | $424,912 | $692,131 |
New loans | 263,244 | 322,593 |
Repayments | -334,508 | -589,812 |
Ending balance | $353,648 | $424,912 |
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ' | ' |
Commitments under standby letters of credit | $11,750,000 | $11,750,000 |
Undisbursed loan commitments | 33,037,000 | 24,664,000 |
Losses on commitments | 0 | 0 |
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments under standby letters of credit | $445,000 | $920,000 |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share - Summary of the Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic earnings per share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator: Net income | $608,562 | $497,098 | $650,309 | $556,124 | $580,735 | $745,795 | $735,006 | $541,739 | $2,312,093 | $2,603,275 |
Denominator: Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 1,966,983 | 2,332,940 |
Effect of dilutive stock options | ' | ' | ' | ' | ' | ' | ' | ' | 86,378 | 54,067 |
Diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,053,361 | 2,387,007 |
Basic earnings per share | $0.33 | $0.26 | $0.33 | $0.27 | $0.27 | $0.33 | $0.31 | $0.22 | $1.18 | $1.12 |
Diluted earnings per share | $0.32 | $0.24 | $0.31 | $0.26 | $0.26 | $0.32 | $0.30 | $0.22 | $1.13 | $1.09 |
Quarterly_Data_Unaudited_Quart
Quarterly Data (Unaudited) - Quarterly Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $3,417,306 | $3,379,393 | $3,374,825 | $3,526,694 | $3,645,928 | $3,631,226 | $3,571,137 | $3,626,062 | $13,698,218 | $14,474,353 |
Interest expense | 500,235 | 526,132 | 540,264 | 567,603 | 620,018 | 647,869 | 670,442 | 699,642 | 2,134,234 | 2,637,971 |
Net interest income | 2,917,071 | 2,853,261 | 2,834,561 | 2,959,091 | 3,025,910 | 2,983,357 | 2,900,695 | 2,926,420 | 11,563,984 | 11,836,382 |
Provision for loan losses | 35,303 | 73,418 | 72,223 | 135,449 | 473,851 | 400,098 | 120,232 | 86,096 | ' | ' |
Net interest income after provision for loan losses | 2,881,768 | 2,779,843 | 2,762,338 | 2,823,642 | 2,552,059 | 2,583,259 | 2,780,463 | 2,840,324 | 11,247,591 | 10,756,105 |
Noninterest income | 1,293,824 | 1,270,392 | 1,375,899 | 1,246,796 | 1,473,439 | 1,435,363 | 1,245,678 | 1,172,087 | 5,186,911 | 5,326,567 |
Noninterest expenses | 3,294,601 | 3,359,089 | 3,189,827 | 3,236,545 | 3,159,837 | 2,925,178 | 2,873,049 | 2,912,681 | 13,080,062 | 11,870,745 |
Income before income taxes | 880,991 | 691,146 | 948,410 | 833,893 | 865,661 | 1,093,444 | 1,153,092 | 1,099,730 | 3,354,440 | 4,211,927 |
Income taxes | 272,429 | 194,048 | 298,101 | 277,769 | 284,926 | 347,649 | 418,086 | 557,991 | 1,042,347 | 1,608,652 |
Net income | $608,562 | $497,098 | $650,309 | $556,124 | $580,735 | $745,795 | $735,006 | $541,739 | $2,312,093 | $2,603,275 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.33 | $0.26 | $0.33 | $0.27 | $0.27 | $0.33 | $0.31 | $0.22 | $1.18 | $1.12 |
Diluted | $0.32 | $0.24 | $0.31 | $0.26 | $0.26 | $0.32 | $0.30 | $0.22 | $1.13 | $1.09 |
Condensed_Financial_Statements2
Condensed Financial Statements of Parent Company - Financial Information Pertaining to Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ' | ' | ' |
Cash and due from banks | $11,119,410 | $16,236,135 | ' |
Premises and equipment, net | 4,532,838 | 4,604,882 | ' |
Other assets | 2,505,156 | 2,772,917 | ' |
Total assets | 294,812,414 | 291,632,497 | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' |
Total liabilities | 253,704,219 | 243,628,093 | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,890,990 outstanding at December 31, 2013 and 2,358,568 at December 31, 2012 | 18,910 | 23,586 | ' |
Additional paid-in capital | 18,523,039 | 22,774,875 | ' |
Common stock acquired by benefit plans: | ' | ' | ' |
Restricted stock | -616,575 | -878,732 | ' |
Unallocated common stock held by: | ' | ' | ' |
Employee Stock Ownership Plan Trust | -1,629,320 | -1,777,440 | ' |
Retained earnings | 24,880,822 | 27,319,933 | ' |
Accumulated other comprehensive income | -68,681 | 542,182 | ' |
Total stockholders' equity | 41,108,195 | 48,004,404 | 50,550,313 |
Total liabilities and stockholders' equity | 294,812,414 | 291,632,497 | ' |
Parent Company [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and due from banks | 7,167,649 | 5,567,559 | ' |
Investment in wholly owned subsidiary | 32,034,623 | 39,839,259 | ' |
Premises and equipment, net | 84,749 | 86,392 | ' |
Other assets | 1,870,548 | 2,607,484 | ' |
Total assets | 41,157,569 | 48,100,694 | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' |
Accrued expenses | 49,374 | 96,290 | ' |
Total liabilities | 49,374 | 96,290 | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,890,990 outstanding at December 31, 2013 and 2,358,568 at December 31, 2012 | 18,910 | 23,586 | ' |
Additional paid-in capital | 18,523,039 | 22,774,875 | ' |
Common stock acquired by benefit plans: | ' | ' | ' |
Restricted stock | -616,575 | -878,732 | ' |
Unallocated common stock held by: | ' | ' | ' |
Employee Stock Ownership Plan Trust | -1,629,320 | -1,777,440 | ' |
Retained earnings | 24,880,822 | 27,319,933 | ' |
Accumulated other comprehensive income | -68,681 | 542,182 | ' |
Total stockholders' equity | 41,108,195 | 48,004,404 | ' |
Total liabilities and stockholders' equity | $41,157,569 | $48,100,694 | ' |
Condensed_Financial_Statements3
Condensed Financial Statements of Parent Company - Financial Information Pertaining to Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 2,777,250 | 2,777,250 |
Common stock, shares outstanding | 1,890,990 | 2,358,568 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 2,777,250 | 2,777,250 |
Common stock, shares outstanding | 1,890,990 | 2,358,568 |
Condensed_Financial_Statements4
Condensed Financial Statements of Parent Company - Financial Information Pertaining to Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | $177,048 | $146,700 |
Total interest income | 3,417,306 | 3,379,393 | 3,374,825 | 3,526,694 | 3,645,928 | 3,631,226 | 3,571,137 | 3,626,062 | 13,698,218 | 14,474,353 |
Income before income taxes | 880,991 | 691,146 | 948,410 | 833,893 | 865,661 | 1,093,444 | 1,153,092 | 1,099,730 | 3,354,440 | 4,211,927 |
Applicable income tax (benefit) | 272,429 | 194,048 | 298,101 | 277,769 | 284,926 | 347,649 | 418,086 | 557,991 | 1,042,347 | 1,608,652 |
Net income | 608,562 | 497,098 | 650,309 | 556,124 | 580,735 | 745,795 | 735,006 | 541,739 | 2,312,093 | 2,603,275 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 76,908 | 79,667 |
Dividends from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 4,000,000 |
Equity in (excess distributions) undistributed earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -7,498,029 | -1,157,029 |
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2,578,879 | 2,922,638 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 409,447 | 436,132 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,169,432 | 2,486,506 |
Applicable income tax (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -142,661 | -116,769 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $2,312,093 | $2,603,275 |
Condensed_Financial_Statements5
Condensed Financial Statements of Parent Company - Financial Information Pertaining to Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $2,312,093 | $2,603,275 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 588,215 | 476,818 |
Stock based compensation expense | 619,135 | 517,561 |
Net cash provided by operating activities | 4,302,350 | 5,010,706 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of premises and equipment | -731,582 | -503,940 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchase and retirement of Company common stock | -8,815,357 | -5,160,558 |
Dividends paid | -401,217 | -473,169 |
Net cash provided by financing activities | 901,623 | 4,247,581 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -5,116,725 | -3,325,325 |
Parent Company [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 2,312,093 | 2,603,275 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in excess distributions (undistributed income) of subsidiary | 7,498,029 | 1,157,029 |
Depreciation | 1,643 | 789 |
Stock based compensation expense | 350,428 | 294,937 |
Increase in other assets and liabilities | 654,471 | 9,668 |
Net cash provided by operating activities | 10,816,664 | 4,065,698 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of premises and equipment | ' | -87,181 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchase and retirement of Company common stock | -8,815,357 | -5,160,558 |
Dividends paid | -401,217 | -473,169 |
Net cash provided by financing activities | -9,216,574 | -5,633,727 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 1,600,090 | -1,655,210 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 5,567,559 | 7,222,769 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $7,167,649 | $5,567,559 |