Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'Athens Bancshares Corp | ' |
Entity Central Index Key | '0001472093 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,798,788 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and due from banks | $12,305,224 | $11,119,410 |
Interest-bearing deposits in banks | 4,015,978 | 4,015,977 |
Total cash and cash equivalents | 16,321,202 | 15,135,387 |
Securities available for sale | 29,474,482 | 31,580,183 |
Investments, at cost | 3,299,000 | 3,648,800 |
Loans, net of allowance for loan losses of $3,953,124 and $4,432,069 at June 30, 2014 and December 31, 2013, respectively | 231,329,996 | 226,206,014 |
Premises and equipment, net | 4,256,936 | 4,532,838 |
Accrued interest receivable | 764,470 | 978,201 |
Cash surrender value of bank owned life insurance | 9,953,596 | 9,812,685 |
Foreclosed real estate | 1,292,056 | 413,150 |
Other assets | 2,399,176 | 2,505,156 |
Total assets | 299,090,914 | 294,812,414 |
Deposits: | ' | ' |
Noninterest-bearing | 24,282,218 | 18,252,633 |
Interest-bearing | 228,662,080 | 229,919,419 |
Total deposits | 252,944,298 | 248,172,052 |
Accrued interest payable | 137,268 | 152,897 |
Securities sold under agreements to repurchase | 1,121,961 | 1,303,789 |
Accrued expenses and other liabilities | 4,033,848 | 4,075,481 |
Total liabilities | 258,237,375 | 253,704,219 |
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 1,799,299 outstanding at June 30, 2014 and 1,890,990 outstanding at December 31, 2013 | 17,993 | 18,910 |
Additional paid-in capital | 17,692,390 | 18,523,039 |
Common stock acquired by benefit plans: | ' | ' |
Restricted stock | -485,444 | -616,575 |
Unallocated common stock held by: | ' | ' |
Employee Stock Ownership Plan Trust | -1,629,320 | -1,629,320 |
Retained earnings | 25,062,707 | 24,880,822 |
Accumulated other comprehensive income (loss) | 195,213 | -68,681 |
Total stockholders' equity | 40,853,539 | 41,108,195 |
Total liabilities and stockholders' equity | $299,090,914 | $294,812,414 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $3,953,124 | $4,432,069 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
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 | 1,799,299 | 1,890,990 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest and dividend income: | ' | ' | ' | ' |
Loans, including fees | $3,185,420 | $3,151,272 | $6,402,401 | $6,460,794 |
Dividends | 64,882 | 48,811 | 94,108 | 79,779 |
Securities and interest-bearing deposits in other banks | 177,322 | 174,742 | 362,527 | 360,946 |
Total interest income | 3,427,624 | 3,374,825 | 6,859,036 | 6,901,519 |
Interest expense: | ' | ' | ' | ' |
Deposits | 455,086 | 507,528 | 929,084 | 1,042,653 |
Fed funds purchased and securities sold under agreements to repurchase | 215 | 387 | 514 | 872 |
Federal Home Loan Bank advances | ' | 32,349 | ' | 64,342 |
Total interest expense | 455,301 | 540,264 | 929,598 | 1,107,867 |
Net interest income | 2,972,323 | 2,834,561 | 5,929,438 | 5,793,652 |
Provision for loan losses | 26,890 | 72,223 | 53,162 | 207,672 |
Net interest income after provision for loan losses | 2,945,433 | 2,762,338 | 5,876,276 | 5,585,980 |
Noninterest income: | ' | ' | ' | ' |
Customer service fees | 516,240 | 526,596 | 1,007,585 | 999,832 |
Other charges and fees | 400,194 | 434,350 | 767,756 | 831,204 |
Investment sales commissions | 133,039 | 147,192 | 310,394 | 268,527 |
Increase in cash surrender value of life insurance | 86,948 | 89,114 | 173,014 | 178,270 |
Other noninterest income | 137,925 | 178,647 | 243,723 | 344,862 |
Total noninterest income | 1,274,346 | 1,375,899 | 2,502,472 | 2,622,695 |
Noninterest expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 1,770,903 | 1,761,712 | 3,573,752 | 3,553,883 |
Occupancy and equipment | 390,675 | 390,640 | 791,931 | 751,072 |
Federal deposit insurance premiums | 48,000 | 42,933 | 91,000 | 87,372 |
Data processing | 252,801 | 300,870 | 494,773 | 594,313 |
Advertising | 51,409 | 35,197 | 95,470 | 74,522 |
Other operating expenses | 669,005 | 658,475 | 1,298,629 | 1,365,210 |
Total noninterest expenses | 3,182,793 | 3,189,827 | 6,345,555 | 6,426,372 |
Income before income taxes | 1,036,986 | 948,410 | 2,033,193 | 1,782,303 |
Income tax expense | 367,413 | 298,101 | 703,262 | 575,870 |
Net income | $669,573 | $650,309 | $1,329,931 | $1,206,433 |
Earnings per common share | ' | ' | ' | ' |
Basic | $0.41 | $0.33 | $0.79 | $0.59 |
Diluted | $0.38 | $0.31 | $0.75 | $0.57 |
Dividends per common share | $0.05 | $0.05 | $0.10 | $0.10 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $669,573 | $650,309 | $1,329,931 | $1,206,433 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities available for sale | 184,433 | -461,219 | 425,635 | -545,958 |
Income tax (expense) benefit related to other comprehensive income items | -70,084 | 175,263 | -161,741 | 207,464 |
Other comprehensive income (loss), net of tax | 114,349 | -285,956 | 263,894 | -338,494 |
Comprehensive income | $783,922 | $364,353 | $1,593,825 | $867,939 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Common Stock Acquired By Benefit Plans [Member] | Accumulated Other Comprehensive Income (loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $41,108,195 | $18,910 | $18,523,039 | $24,880,822 | ($2,245,895) | ($68,681) |
Beginning Balance, Shares at Dec. 31, 2013 | 1,890,990 | 1,890,990 | ' | ' | ' | ' |
Net income | 1,329,931 | ' | ' | 1,329,931 | ' | ' |
Other comprehensive income | 263,894 | ' | ' | ' | ' | 263,894 |
Dividends - $0.10 per share | -168,607 | ' | ' | -168,607 | ' | ' |
Release of restricted stock plan shares | ' | ' | -131,131 | ' | 131,131 | ' |
Stock compensation expense | 175,214 | ' | 175,214 | ' | ' | ' |
Repurchase and retirement of Company common stock | -1,855,088 | -917 | -874,732 | -979,439 | ' | ' |
Repurchase and retirement of Company common stock, Shares | ' | -91,691 | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | $40,853,539 | $17,993 | $17,692,390 | $25,062,707 | ($2,114,764) | $195,213 |
Ending Balance, Shares at Jun. 30, 2014 | 1,799,299 | 1,799,299 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Dividends per share | $0.10 |
Retained Earnings [Member] | ' |
Dividends per share | $0.10 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $1,329,931 | $1,206,433 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 325,644 | 264,320 |
Amortization of securities and other assets | 145,111 | 211,040 |
Provision for loan losses | 53,162 | 207,672 |
Deferred income taxes | 148,425 | 506 |
Other gains and losses, net | -55,466 | -59,352 |
Stock compensation expense | 175,214 | 175,214 |
Net change in: | ' | ' |
Cash surrender value of life insurance, net | -140,911 | -148,288 |
Accrued interest receivable | 213,731 | 83,743 |
Accrued interest payable | -15,629 | -6,124 |
Prepaid FDIC assessment | ' | 427,353 |
Other assets and liabilities | -90,888 | 1,133,267 |
Net cash provided by operating activities | 2,088,324 | 3,495,784 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Securities available for sale, Purchases | -2,384,289 | -6,801,386 |
Securities available for sale, Maturities, prepayments and calls | 4,408,542 | 6,756,666 |
Securities available for sale, Sales | 398,763 | ' |
Investments, at cost, Proceeds from redemption of FHLB stock | 349,800 | ' |
Loan originations and principal collections, net | -6,636,750 | 1,498,867 |
Purchases of premises and equipment | -49,742 | -253,301 |
Proceeds from sale of foreclosed real estate | 444,444 | 199,987 |
Net cash (used in) provided by investing activities | -3,469,232 | 1,400,833 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase in deposits | 4,772,246 | 10,945,449 |
Net decrease in securities sold under agreements to repurchase | -181,828 | -842,595 |
Repurchase and retirement of Company common stock | -1,855,088 | -3,968,652 |
Dividends paid | -168,607 | -207,875 |
Net cash provided by financing activities | 2,566,723 | 5,926,327 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,185,815 | 10,822,944 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 15,135,387 | 20,252,112 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 16,321,202 | 31,075,056 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest paid on deposits and borrowed funds | 945,227 | 1,113,991 |
Income taxes paid | 817,366 | 705,903 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES: | ' | ' |
Acquisition of real estate acquired through foreclosure | $1,272,056 | $127,578 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 condition and results of operations are summarized as follows: | |||||||||
Interim Financial Information (Unaudited) | |||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation of the financial condition and results of operations for the periods presented have been included. Operating results for the three and six months ended June 30, 2014, are not necessarily indicative of the results that may be expected for the full year or in any other period. For further information, refer to the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
The Company has evaluated events and transactions for potential recognition and disclosure through the date the financial statements were issued. | |||||||||
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. | |||||||||
Recent Accounting Pronouncements | |||||||||
The Company has determined that recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |||||||||
Earnings Per Common Share | |||||||||
Basic earnings per share are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. | |||||||||
The following is a summary of the basic and diluted earnings per share for the three months ended June 30, 2014 and 2013: | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 669,573 | $ | 650,309 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,642,295 | 1,993,217 | |||||||
Effect of dilutive stock options | 110,031 | 86,326 | |||||||
Diluted shares | 1,752,326 | 2,079,543 | |||||||
Basic earnings per share | $ | 0.41 | $ | 0.33 | |||||
Diluted earnings per share | $ | 0.38 | $ | 0.31 | |||||
The following is a summary of the basic and diluted earnings per share for the six months ended June 30, 2014 and 2013: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Basic earnings per share calculation: | |||||||||
Numerator: Net income | $ | 1,329,931 | $ | 1,206,433 | |||||
Denominator: Weighted average common shares outstanding | 1,675,591 | 2,043,349 | |||||||
Effect of dilutive stock options | 104,832 | 85,116 | |||||||
Diluted shares | 1,780,423 | 2,128,465 | |||||||
Basic earnings per share | $ | 0.79 | $ | 0.59 | |||||
Diluted earnings per share | $ | 0.75 | $ | 0.57 | |||||
Reclassifications | |||||||||
Certain amounts from prior period financial statements have been reclassified to conform to the current period’s presentation. The reclassifications had no effect on net income, total assets or stockholders’ equity as previously reported. |
Securities
Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 2. | Securities | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 2,686,314 | $ | 6,182 | $ | (49,377 | ) | $ | 2,643,119 | ||||||||||||||||
Mortgage-backed and related securities (1) | 14,212,923 | 211,595 | (8,258 | ) | 14,416,260 | ||||||||||||||||||||
State and municipal securities | 12,260,386 | 264,266 | (109,549 | ) | 12,415,103 | ||||||||||||||||||||
$ | 29,159,623 | $ | 482,043 | $ | (167,184 | ) | $ | 29,474,482 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
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 | |||||||||||||||||
-1 | Collateralized by residential mortgages and guaranteed by U.S. Government sponsored entities. | ||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company did not have any securities classified as held-to-maturity or as trading securities. | |||||||||||||||||||||||||
The amortized cost and estimated market value of securities at June 30, 2014, 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. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 301,442 | $ | 304,087 | |||||||||||||||||||||
Due after one year through five years | 4,917,781 | 4,918,749 | |||||||||||||||||||||||
Due five years to ten years | 7,851,884 | 7,952,396 | |||||||||||||||||||||||
Due after ten years | 1,875,593 | 1,882,990 | |||||||||||||||||||||||
Mortgage-backed securities | 14,212,923 | 14,416,260 | |||||||||||||||||||||||
Total | $ | 29,159,623 | $ | 29,474,482 | |||||||||||||||||||||
The Company had no realized gains or losses for the six month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
The Company has pledged securities with carrying values of approximately $17,678,000 and $17,507,000 to secure deposits of public and private funds as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
Securities with gross unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 995 | $ | (4 | ) | $ | 955 | $ | (45 | ) | $ | 1,950 | $ | (49 | ) | ||||||||||
State and municipal securities | — | — | 3,089 | (110 | ) | 3,089 | (110 | ) | |||||||||||||||||
Mortgage-backed and related securities | 873 | (3 | ) | 873 | (5 | ) | 1,746 | (8 | ) | ||||||||||||||||
$ | 1,868 | $ | (7 | ) | $ | 4,917 | $ | (160 | ) | $ | 6,785 | $ | (167 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
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 | ) | ||||||||||||
Management performs periodic reviews for impairment in accordance with ASC Topic 320, Investments – Debt and Equity Securities. | |||||||||||||||||||||||||
At June 30, 2014, the 10 securities with unrealized losses had depreciated 2.41 percent from the Company’s amortized cost basis. At December 31, 2013, the 22 securities with unrealized losses had depreciated 2.89 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 an other-than-temporary impairment has occurred. The Company does not have any securities that have been classified as other-than-temporarily-impaired at June 30, 2014. |
Investments_at_Cost
Investments, at Cost | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Investments, at Cost | ' | ||||||||
Note 3. | 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 June 30, 2014 and December 31, 2013 consist of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Federal Home Loan Bank of Cincinnati common stock | $ | 2,549,000 | $ | 2,898,800 | |||||
Tenth Street Fund III, L.P. investment | 750,000 | 750,000 | |||||||
$ | 3,299,000 | $ | 3,648,800 | ||||||
Loans_and_Allowances_for_Loan_
Loans and Allowances for Loan Losses | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowances for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 4. | Loans and Allowances 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 June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 88,707,131 | $ | 88,414,921 | |||||||||||||||||||||||||
Commercial real estate and multi-family | 79,378,173 | 74,497,078 | |||||||||||||||||||||||||||
Construction and land | 28,588,793 | 30,720,741 | |||||||||||||||||||||||||||
196,674,097 | 193,632,740 | ||||||||||||||||||||||||||||
Commercial loans | 15,081,946 | 13,058,544 | |||||||||||||||||||||||||||
Consumer and equity lines of credit | 24,286,922 | 24,732,518 | |||||||||||||||||||||||||||
Total loans | 236,042,965 | 231,423,802 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (3,953,124 | ) | (4,432,069 | ) | |||||||||||||||||||||||||
Unearned interest and fees | (354,741 | ) | (396,470 | ) | |||||||||||||||||||||||||
Net deferred loan origination fees | (405,104 | ) | (389,249 | ) | |||||||||||||||||||||||||
Loans, net | $ | 231,329,996 | $ | 226,206,014 | |||||||||||||||||||||||||
The following presents activity in the allowance for loan losses for the six months ended June 30, 2014 and the year ended December 31, 2013: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 4,432,069 | $ | 4,475,302 | |||||||||||||||||||||||||
Provision for loan losses | 53,162 | 316,393 | |||||||||||||||||||||||||||
Loans charged-off | (568,289 | ) | (594,470 | ) | |||||||||||||||||||||||||
Recoveries | 36,182 | 234,844 | |||||||||||||||||||||||||||
Ending balance | $ | 3,953,124 | $ | 4,432,069 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 60,545 | $ | 261,182 | $ | 103,471 | $ | 11,650 | $ | 59,082 | $ | — | $ | 495,930 | |||||||||||||||
General reserves | 287,924 | 978,232 | 1,059,874 | 603,726 | 447,952 | 79,486 | 3,457,194 | ||||||||||||||||||||||
Total reserves | $ | 348,469 | $ | 1,239,414 | $ | 1,163,345 | $ | 615,376 | $ | 507,034 | $ | 79,486 | $ | 3,953,124 | |||||||||||||||
Impaired loans | $ | 1,819,754 | $ | 4,180,727 | $ | 500,554 | $ | 681,246 | $ | 415,844 | $ | — | $ | 7,598,125 | |||||||||||||||
Performing loans | 13,262,192 | 84,526,404 | 78,877,619 | 27,907,547 | 23,871,078 | — | 228,444,840 | ||||||||||||||||||||||
Total | $ | 15,081,946 | $ | 88,707,131 | $ | 79,378,173 | $ | 28,588,793 | $ | 24,286,922 | $ | — | $ | 236,042,965 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and 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 | |||||||||||||||
The following table details the changes in the allowance for loan losses from December 31, 2012 to June 30, 2014 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, 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 | ||||||||||||||||||||||
Provision (reallocation) for loan losses | 16,531 | (170,147 | ) | 293,086 | (165,664 | ) | 61,254 | 18,102 | 53,162 | ||||||||||||||||||||
Loans charged-off | — | (35,087 | ) | (238,699 | ) | (175,686 | ) | (118,817 | ) | — | (568,289 | ) | |||||||||||||||||
Recoveries | — | 2,142 | — | — | 34,040 | — | 36,182 | ||||||||||||||||||||||
Balance, June 30, 2014 | $ | 348,469 | $ | 1,239,414 | $ | 1,163,345 | $ | 615,376 | $ | 507,034 | $ | 79,486 | $ | 3,953,124 | |||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 26,993 | $ | 3,047,971 | $ | 238,517 | $ | 603,579 | $ | 206,567 | $ | 4,123,627 | |||||||||||||||||
With a valuation allowance | 1,792,761 | 1,132,756 | 262,037 | 77,667 | 209,277 | 3,474,498 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,819,754 | $ | 4,180,727 | $ | 500,554 | $ | 681,246 | $ | 415,844 | $ | 7,598,125 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,859,602 | $ | 4,572,754 | $ | 500,554 | $ | 1,206,403 | $ | 416,003 | $ | 8,555,316 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 60,545 | $ | 261,182 | $ | 103,471 | $ | 11,650 | $ | 59,082 | $ | 495,930 | |||||||||||||||||
Average investment in impaired loans | $ | 1,863,946 | $ | 4,627,498 | $ | 514,713 | $ | 1,231,008 | $ | 363,481 | $ | 8,006,646 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 45,555 | $ | 82,583 | $ | 13,762 | $ | 23,588 | $ | 7,166 | $ | 172,654 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 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 | |||||||||||||||||
The following tables present an aged analysis of past due loans: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current Loans | Total Loans | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days | Due | Investment ³ | ||||||||||||||||||||||||||
Past Due | 90 Days Past | ||||||||||||||||||||||||||||
and Non- | Due and | ||||||||||||||||||||||||||||
Accrual | Accruing | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 529,456 | $ | 2,148,542 | $ | 2,677,998 | $ | 86,029,133 | $ | 88,707,131 | $ | 52,552 | |||||||||||||||||
Commercial real estate and multifamily | 61,579 | 90,526 | 152,105 | 79,226,068 | 79,378,173 | — | |||||||||||||||||||||||
Construction and land | 34,877 | 225,968 | 260,845 | 28,327,948 | 28,588,793 | — | |||||||||||||||||||||||
Commercial | 49,593 | — | 49,593 | 15,032,353 | 15,081,946 | — | |||||||||||||||||||||||
Consumer and other | 281,415 | 137,789 | 419,204 | 23,867,718 | 24,286,922 | 14,049 | |||||||||||||||||||||||
Total | $ | 956,920 | $ | 2,602,825 | $ | 3,559,745 | $ | 232,483,220 | $ | 236,042,965 | $ | 66,601 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total | Current Loans | Total Loans | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days | Past Due | Investment ³ | ||||||||||||||||||||||||||
Past Due | 90 Days Past | ||||||||||||||||||||||||||||
and Non- | Due and | ||||||||||||||||||||||||||||
Accrual | 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 | |||||||||||||||||
Credit quality indicators: | |||||||||||||||||||||||||||||
Federal regulations require the Company to review and classify its 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 the Company classifies an asset as substandard or doubtful, it 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: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 81,948,375 | $ | 2,578,029 | $ | 4,180,727 | $ | — | $ | — | $ | 88,707,131 | |||||||||||||||||
Commercial real estate and multifamily | 78,750,294 | 127,325 | 500,554 | — | — | 79,378,173 | |||||||||||||||||||||||
Construction and land | 26,208,449 | 1,699,098 | 681,246 | — | — | 28,588,793 | |||||||||||||||||||||||
Commercial | 13,245,359 | 16,833 | 1,819,754 | — | — | 15,081,946 | |||||||||||||||||||||||
Consumer and other | 23,562,375 | 308,703 | 415,844 | — | — | 24,286,922 | |||||||||||||||||||||||
Total | $ | 223,714,852 | $ | 4,729,988 | $ | 7,598,125 | $ | — | $ | — | $ | 236,042,965 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||
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 tables present information related to loans modified in a TDR: | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
Of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 6 | 10,921 | 10,921 | ||||||||||||||||||||||||||
6 | $ | 10,921 | $ | 10,921 | |||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
Of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 64,586 | $ | 64,586 | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 6 | 18,081 | 18,081 | ||||||||||||||||||||||||||
7 | $ | 82,667 | $ | 82,667 | |||||||||||||||||||||||||
The following tables set forth loans modified in a TDR from July 1 through June 30, for each respective period, that subsequently defaulted (i.e., 60 days or more past due following a modification): | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||
Of | Outstanding Recorded | ||||||||||||||||||||||||||||
Loans | Investment at Default | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 2 | 11,258 | |||||||||||||||||||||||||||
2 | $ | 11,258 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||
Of | Outstanding Recorded | ||||||||||||||||||||||||||||
Loans | Investment at Default | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | 1 | 5,353 | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 4 | 50,593 | |||||||||||||||||||||||||||
5 | $ | 55,946 | |||||||||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Note 5. 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments. | |||||||||||||||||
Cash, cash equivalents, and interest-bearing deposits in banks: | |||||||||||||||||
The carrying amounts of cash, cash equivalents, and interest-bearing 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 June 30, 2014, 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 bank owned life insurance 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: | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
June 30, | Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. | |||||||||||||||||
Government agencies and corporations | $ | 2,643,119 | $ | — | $ | 2,643,119 | $ | — | |||||||||
Mortgage-backed securities | 14,416,260 | — | 14,416,260 | — | |||||||||||||
State and municipal securities | 12,415,103 | — | 12,415,103 | — | |||||||||||||
Total securities available for sale | $ | 29,474,482 | $ | — | $ | 29,474,482 | $ | — | |||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
December 31, | Assets | Inputs | Inputs | ||||||||||||||
2013 | (Level 1) | (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 | $ | — | |||||||||
At June 30, 2014 and December 31, 2013, 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 six months ended June 30, 2014. | |||||||||||||||||
The tables below present information about assets and liabilities for which a nonrecurring change in fair value was recorded: | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
June 30, | Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 2,978,568 | $ | — | $ | 1,244,155 | $ | 1,734,413 | |||||||||
Foreclosed real estate | 1,292,056 | — | 1,292,056 | — | |||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
December 31, | Assets | Inputs | Inputs | ||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 5,220,775 | $ | — | $ | 2,623,325 | $ | 2,597,450 | |||||||||
Foreclosed real estate | 413,150 | — | 413,150 | — | |||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 16,321,202 | $ | 16,321,202 | $ | 15,135,387 | $ | 15,135,387 | |||||||||
Securities available for sale | 29,474,482 | 29,474,482 | 31,580,183 | 31,580,183 | |||||||||||||
Investments, at cost | 3,299,000 | 3,299,000 | 3,648,800 | 3,648,800 | |||||||||||||
Loans, net | 231,329,996 | 232,296,285 | 226,206,014 | 227,272,387 | |||||||||||||
Cash surrender value of bank owned life insurance | 9,953,596 | 9,953,596 | 9,812,685 | 9,812,685 | |||||||||||||
Accrued interest receivable | 764,470 | 764,470 | 978,201 | 978,201 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 252,944,298 | 256,965,779 | 248,172,052 | 252,724,560 | |||||||||||||
Securities sold under agreements to repurchase | 1,121,961 | 1,121,961 | 1,303,789 | 1,303,789 | |||||||||||||
Accrued interest payable | 137,268 | 137,268 | 152,897 | 152,897 | |||||||||||||
Unrecognized financial instruments (net of contract amount): | |||||||||||||||||
Commitments to extend credit | — | — | — | — | |||||||||||||
Letter of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — | |||||||||||||
Stock_Options_ESOP_and_Restric
Stock Options, ESOP, and Restricted Shares | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock Options, ESOP, and Restricted Shares | ' | ||||||||||||
Note 6. | Stock Options, ESOP, and Restricted Shares | ||||||||||||
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. | |||||||||||||
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 six months ended June 30, 2014 and 2013, the Company recorded stock compensation expense of $27,075. At June 30, 2014, the total remaining compensation cost to be recognized on non-vested options is approximately $67,688. | |||||||||||||
A summary of the activity in the 2010 Plan for the six months ended June 30, 2014, is presented in the following table: | |||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||
Average | Aggregate | ||||||||||||
Exercise | Intrinsic | ||||||||||||
Shares | Price | Value (1) | |||||||||||
Outstanding at December 31, 2013 | 236,062 | $ | 11.5 | ||||||||||
Granted | — | N/A | |||||||||||
Exercised | — | N/A | |||||||||||
Forfeited | — | N/A | |||||||||||
Outstanding at June 30, 2014 | 236,062 | $ | 11.5 | $ | 2,511,670 | ||||||||
Options exercisable at June 30, 2014 | 141,637 | $ | 11.5 | $ | 1,507,020 | ||||||||
-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 June 30, 2014. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||
Other information regarding options outstanding and exercisable as of June 30, 2014, is as follows: | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Weighted- | Remaining | Weighted- | |||||||||||
Number | Average | Contractual | Number | Average | |||||||||
Exercise | of | Exercise | Life | of | Exercise | ||||||||
Price | Shares | Price | In Years | Shares | Price | ||||||||
$11.50 | 236,062 | $11.50 | 6.5 | 141,637 | $11.50 | ||||||||
Information pertaining to non-vested options for the six months ended June 30, 2014, is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value | ||||||||||||
Non-vested options, December 31, 2013 | 94,425 | $ | 1.27 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Non-vested options, June 30, 2014 | 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 six months ended June 30, 2014 and 2013, the Company recognized $148,139 in compensation expense attributable to restricted shares that have been awarded. At June 30, 2014, the total remaining compensation cost to be recognized on non-vested restricted stock is approximately $795,930. | |||||||||||||
A summary of activity for unvested restricted awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
Number | Grant Date Weighted- | ||||||||||||
Average Cost | |||||||||||||
Unvested at December 31, 2013 | 69,987 | $ | 13.49 | ||||||||||
Shares awarded | — | — | |||||||||||
Restrictions lapsed and shares released | (18,885 | ) | 12.75 | ||||||||||
Shares forfeited | — | — | |||||||||||
Unvested at June 30, 2014 | 51,102 | $ | 13.76 | ||||||||||
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 Company’s 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. No compensation expense has been recorded for the six months ended June 30, 2014 or 2013. | |||||||||||||
A detail of ESOP shares is as follows: | |||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||
Allocated shares | 59,248 | 59,248 | |||||||||||
Unallocated shares | 162,932 | 162,932 | |||||||||||
Total ESOP shares | 222,180 | 222,180 | |||||||||||
Fair value of unallocated shares | $ | 3,607,314 | $ | 3,229,312 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Interim Financial Information (Unaudited) | ' | ||||||||
Interim Financial Information (Unaudited) | |||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation of the financial condition and results of operations for the periods presented have been included. Operating results for the three and six months ended June 30, 2014, are not necessarily indicative of the results that may be expected for the full year or in any other period. For further information, refer to the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
The Company has evaluated events and transactions for potential recognition and disclosure through the date the financial statements were issued. | |||||||||
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. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
The Company has determined that recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |||||||||
Earnings Per Common Share | ' | ||||||||
Earnings Per Common Share | |||||||||
Basic earnings per share are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. | |||||||||
The following is a summary of the basic and diluted earnings per share for the three months ended June 30, 2014 and 2013: | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 669,573 | $ | 650,309 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,642,295 | 1,993,217 | |||||||
Effect of dilutive stock options | 110,031 | 86,326 | |||||||
Diluted shares | 1,752,326 | 2,079,543 | |||||||
Basic earnings per share | $ | 0.41 | $ | 0.33 | |||||
Diluted earnings per share | $ | 0.38 | $ | 0.31 | |||||
The following is a summary of the basic and diluted earnings per share for the six months ended June 30, 2014 and 2013: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Basic earnings per share calculation: | |||||||||
Numerator: Net income | $ | 1,329,931 | $ | 1,206,433 | |||||
Denominator: Weighted average common shares outstanding | 1,675,591 | 2,043,349 | |||||||
Effect of dilutive stock options | 104,832 | 85,116 | |||||||
Diluted shares | 1,780,423 | 2,128,465 | |||||||
Basic earnings per share | $ | 0.79 | $ | 0.59 | |||||
Diluted earnings per share | $ | 0.75 | $ | 0.57 | |||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain amounts from prior period financial statements have been reclassified to conform to the current period’s 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 June 30, 2014 and December 31, 2013. | |||||||||
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 June 30, 2014, 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [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 three months ended June 30, 2014 and 2013: | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 669,573 | $ | 650,309 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,642,295 | 1,993,217 | |||||||
Effect of dilutive stock options | 110,031 | 86,326 | |||||||
Diluted shares | 1,752,326 | 2,079,543 | |||||||
Basic earnings per share | $ | 0.41 | $ | 0.33 | |||||
Diluted earnings per share | $ | 0.38 | $ | 0.31 | |||||
The following is a summary of the basic and diluted earnings per share for the six months ended June 30, 2014 and 2013: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Basic earnings per share calculation: | |||||||||
Numerator: Net income | $ | 1,329,931 | $ | 1,206,433 | |||||
Denominator: Weighted average common shares outstanding | 1,675,591 | 2,043,349 | |||||||
Effect of dilutive stock options | 104,832 | 85,116 | |||||||
Diluted shares | 1,780,423 | 2,128,465 | |||||||
Basic earnings per share | $ | 0.79 | $ | 0.59 | |||||
Diluted earnings per share | $ | 0.75 | $ | 0.57 | |||||
Securities_Tables
Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 2,686,314 | $ | 6,182 | $ | (49,377 | ) | $ | 2,643,119 | ||||||||||||||||
Mortgage-backed and related securities (1) | 14,212,923 | 211,595 | (8,258 | ) | 14,416,260 | ||||||||||||||||||||
State and municipal securities | 12,260,386 | 264,266 | (109,549 | ) | 12,415,103 | ||||||||||||||||||||
$ | 29,159,623 | $ | 482,043 | $ | (167,184 | ) | $ | 29,474,482 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
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 | |||||||||||||||||
-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 market value of securities at June 30, 2014, 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. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 301,442 | $ | 304,087 | |||||||||||||||||||||
Due after one year through five years | 4,917,781 | 4,918,749 | |||||||||||||||||||||||
Due five years to ten years | 7,851,884 | 7,952,396 | |||||||||||||||||||||||
Due after ten years | 1,875,593 | 1,882,990 | |||||||||||||||||||||||
Mortgage-backed securities | 14,212,923 | 14,416,260 | |||||||||||||||||||||||
Total | $ | 29,159,623 | $ | 29,474,482 | |||||||||||||||||||||
Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category | ' | ||||||||||||||||||||||||
Securities with gross unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Securities of U.S. Government agencies and corporations | $ | 995 | $ | (4 | ) | $ | 955 | $ | (45 | ) | $ | 1,950 | $ | (49 | ) | ||||||||||
State and municipal securities | — | — | 3,089 | (110 | ) | 3,089 | (110 | ) | |||||||||||||||||
Mortgage-backed and related securities | 873 | (3 | ) | 873 | (5 | ) | 1,746 | (8 | ) | ||||||||||||||||
$ | 1,868 | $ | (7 | ) | $ | 4,917 | $ | (160 | ) | $ | 6,785 | $ | (167 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
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) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Investments, at Cost Detailed | ' | ||||||||
Investments carried at cost at June 30, 2014 and December 31, 2013 consist of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Federal Home Loan Bank of Cincinnati common stock | $ | 2,549,000 | $ | 2,898,800 | |||||
Tenth Street Fund III, L.P. investment | 750,000 | 750,000 | |||||||
$ | 3,299,000 | $ | 3,648,800 | ||||||
Loans_and_Allowances_for_Loan_1
Loans and Allowances for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Company's Loans | ' | ||||||||||||||||||||||||||||
The Company’s loans consist of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 88,707,131 | $ | 88,414,921 | |||||||||||||||||||||||||
Commercial real estate and multi-family | 79,378,173 | 74,497,078 | |||||||||||||||||||||||||||
Construction and land | 28,588,793 | 30,720,741 | |||||||||||||||||||||||||||
196,674,097 | 193,632,740 | ||||||||||||||||||||||||||||
Commercial loans | 15,081,946 | 13,058,544 | |||||||||||||||||||||||||||
Consumer and equity lines of credit | 24,286,922 | 24,732,518 | |||||||||||||||||||||||||||
Total loans | 236,042,965 | 231,423,802 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (3,953,124 | ) | (4,432,069 | ) | |||||||||||||||||||||||||
Unearned interest and fees | (354,741 | ) | (396,470 | ) | |||||||||||||||||||||||||
Net deferred loan origination fees | (405,104 | ) | (389,249 | ) | |||||||||||||||||||||||||
Loans, net | $ | 231,329,996 | $ | 226,206,014 | |||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
The following presents activity in the allowance for loan losses for the six months ended June 30, 2014 and the year ended December 31, 2013: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 4,432,069 | $ | 4,475,302 | |||||||||||||||||||||||||
Provision for loan losses | 53,162 | 316,393 | |||||||||||||||||||||||||||
Loans charged-off | (568,289 | ) | (594,470 | ) | |||||||||||||||||||||||||
Recoveries | 36,182 | 234,844 | |||||||||||||||||||||||||||
Ending balance | $ | 3,953,124 | $ | 4,432,069 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Specified reserves- impaired loans | $ | 60,545 | $ | 261,182 | $ | 103,471 | $ | 11,650 | $ | 59,082 | $ | — | $ | 495,930 | |||||||||||||||
General reserves | 287,924 | 978,232 | 1,059,874 | 603,726 | 447,952 | 79,486 | 3,457,194 | ||||||||||||||||||||||
Total reserves | $ | 348,469 | $ | 1,239,414 | $ | 1,163,345 | $ | 615,376 | $ | 507,034 | $ | 79,486 | $ | 3,953,124 | |||||||||||||||
Impaired loans | $ | 1,819,754 | $ | 4,180,727 | $ | 500,554 | $ | 681,246 | $ | 415,844 | $ | — | $ | 7,598,125 | |||||||||||||||
Performing loans | 13,262,192 | 84,526,404 | 78,877,619 | 27,907,547 | 23,871,078 | — | 228,444,840 | ||||||||||||||||||||||
Total | $ | 15,081,946 | $ | 88,707,131 | $ | 79,378,173 | $ | 28,588,793 | $ | 24,286,922 | $ | — | $ | 236,042,965 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Unallocated | Total | |||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and 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 | |||||||||||||||
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, 2012 to June 30, 2014 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, 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 | ||||||||||||||||||||||
Provision (reallocation) for loan losses | 16,531 | (170,147 | ) | 293,086 | (165,664 | ) | 61,254 | 18,102 | 53,162 | ||||||||||||||||||||
Loans charged-off | — | (35,087 | ) | (238,699 | ) | (175,686 | ) | (118,817 | ) | — | (568,289 | ) | |||||||||||||||||
Recoveries | — | 2,142 | — | — | 34,040 | — | 36,182 | ||||||||||||||||||||||
Balance, June 30, 2014 | $ | 348,469 | $ | 1,239,414 | $ | 1,163,345 | $ | 615,376 | $ | 507,034 | $ | 79,486 | $ | 3,953,124 | |||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 Family | Real Estate | and Land | and Other | ||||||||||||||||||||||||||
and Multi- | |||||||||||||||||||||||||||||
Family | |||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||
Without a valuation allowance | $ | 26,993 | $ | 3,047,971 | $ | 238,517 | $ | 603,579 | $ | 206,567 | $ | 4,123,627 | |||||||||||||||||
With a valuation allowance | 1,792,761 | 1,132,756 | 262,037 | 77,667 | 209,277 | 3,474,498 | |||||||||||||||||||||||
Recorded investment in impaired loans | $ | 1,819,754 | $ | 4,180,727 | $ | 500,554 | $ | 681,246 | $ | 415,844 | $ | 7,598,125 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 1,859,602 | $ | 4,572,754 | $ | 500,554 | $ | 1,206,403 | $ | 416,003 | $ | 8,555,316 | |||||||||||||||||
Valuation allowance related to impaired loans | $ | 60,545 | $ | 261,182 | $ | 103,471 | $ | 11,650 | $ | 59,082 | $ | 495,930 | |||||||||||||||||
Average investment in impaired loans | $ | 1,863,946 | $ | 4,627,498 | $ | 514,713 | $ | 1,231,008 | $ | 363,481 | $ | 8,006,646 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 45,555 | $ | 82,583 | $ | 13,762 | $ | 23,588 | $ | 7,166 | $ | 172,654 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | Residential | Commercial | Construction | Consumer | Total | ||||||||||||||||||||||||
1-4 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 | |||||||||||||||||
Aged Analysis of Past Due Loans | ' | ||||||||||||||||||||||||||||
The following tables present an aged analysis of past due loans: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Current Loans | Total Loans | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days | Due | Investment ³ | ||||||||||||||||||||||||||
Past Due | 90 Days Past | ||||||||||||||||||||||||||||
and Non- | Due and | ||||||||||||||||||||||||||||
Accrual | Accruing | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 529,456 | $ | 2,148,542 | $ | 2,677,998 | $ | 86,029,133 | $ | 88,707,131 | $ | 52,552 | |||||||||||||||||
Commercial real estate and multifamily | 61,579 | 90,526 | 152,105 | 79,226,068 | 79,378,173 | — | |||||||||||||||||||||||
Construction and land | 34,877 | 225,968 | 260,845 | 28,327,948 | 28,588,793 | — | |||||||||||||||||||||||
Commercial | 49,593 | — | 49,593 | 15,032,353 | 15,081,946 | — | |||||||||||||||||||||||
Consumer and other | 281,415 | 137,789 | 419,204 | 23,867,718 | 24,286,922 | 14,049 | |||||||||||||||||||||||
Total | $ | 956,920 | $ | 2,602,825 | $ | 3,559,745 | $ | 232,483,220 | $ | 236,042,965 | $ | 66,601 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total | Current Loans | Total Loans | Recorded | ||||||||||||||||||||||||
Past Due | 90 Days | Past Due | Investment ³ | ||||||||||||||||||||||||||
Past Due | 90 Days Past | ||||||||||||||||||||||||||||
and Non- | Due and | ||||||||||||||||||||||||||||
Accrual | 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 | |||||||||||||||||
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: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 81,948,375 | $ | 2,578,029 | $ | 4,180,727 | $ | — | $ | — | $ | 88,707,131 | |||||||||||||||||
Commercial real estate and multifamily | 78,750,294 | 127,325 | 500,554 | — | — | 79,378,173 | |||||||||||||||||||||||
Construction and land | 26,208,449 | 1,699,098 | 681,246 | — | — | 28,588,793 | |||||||||||||||||||||||
Commercial | 13,245,359 | 16,833 | 1,819,754 | — | — | 15,081,946 | |||||||||||||||||||||||
Consumer and other | 23,562,375 | 308,703 | 415,844 | — | — | 24,286,922 | |||||||||||||||||||||||
Total | $ | 223,714,852 | $ | 4,729,988 | $ | 7,598,125 | $ | — | $ | — | $ | 236,042,965 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||
Modification of Loans as TDR | ' | ||||||||||||||||||||||||||||
The following tables present information related to loans modified in a TDR: | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
Of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 6 | 10,921 | 10,921 | ||||||||||||||||||||||||||
6 | $ | 10,921 | $ | 10,921 | |||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
Of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 64,586 | $ | 64,586 | ||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer and other | 6 | 18,081 | 18,081 | ||||||||||||||||||||||||||
7 | $ | 82,667 | $ | 82,667 | |||||||||||||||||||||||||
Financial Receivable Modifications Subsequent Default | ' | ||||||||||||||||||||||||||||
The following tables set forth loans modified in a TDR from July 1 through June 30, for each respective period, that subsequently defaulted (i.e., 60 days or more past due following a modification): | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||
Of | Outstanding Recorded | ||||||||||||||||||||||||||||
Loans | Investment at Default | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | — | — | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 2 | 11,258 | |||||||||||||||||||||||||||
2 | $ | 11,258 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||
Of | Outstanding Recorded | ||||||||||||||||||||||||||||
Loans | Investment at Default | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate and multifamily | 1 | 5,353 | |||||||||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||
Consumer and other | 4 | 50,593 | |||||||||||||||||||||||||||
5 | $ | 55,946 | |||||||||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
June 30, | Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Securities available for sale: | |||||||||||||||||
Securities of U.S. | |||||||||||||||||
Government agencies and corporations | $ | 2,643,119 | $ | — | $ | 2,643,119 | $ | — | |||||||||
Mortgage-backed securities | 14,416,260 | — | 14,416,260 | — | |||||||||||||
State and municipal securities | 12,415,103 | — | 12,415,103 | — | |||||||||||||
Total securities available for sale | $ | 29,474,482 | $ | — | $ | 29,474,482 | $ | — | |||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
December 31, | Assets | Inputs | Inputs | ||||||||||||||
2013 | (Level 1) | (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 | $ | — | |||||||||
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: | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
June 30, | Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 2,978,568 | $ | — | $ | 1,244,155 | $ | 1,734,413 | |||||||||
Foreclosed real estate | 1,292,056 | — | 1,292,056 | — | |||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Other | |||||||||||||||
Balance as of | for Identical | Observable | Unobservable | ||||||||||||||
December 31, | Assets | Inputs | Inputs | ||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 5,220,775 | $ | — | $ | 2,623,325 | $ | 2,597,450 | |||||||||
Foreclosed real estate | 413,150 | — | 413,150 | — | |||||||||||||
Carrying Amount and Estimated Fair Value of the Company's Financial Instruments | ' | ||||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 16,321,202 | $ | 16,321,202 | $ | 15,135,387 | $ | 15,135,387 | |||||||||
Securities available for sale | 29,474,482 | 29,474,482 | 31,580,183 | 31,580,183 | |||||||||||||
Investments, at cost | 3,299,000 | 3,299,000 | 3,648,800 | 3,648,800 | |||||||||||||
Loans, net | 231,329,996 | 232,296,285 | 226,206,014 | 227,272,387 | |||||||||||||
Cash surrender value of bank owned life insurance | 9,953,596 | 9,953,596 | 9,812,685 | 9,812,685 | |||||||||||||
Accrued interest receivable | 764,470 | 764,470 | 978,201 | 978,201 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 252,944,298 | 256,965,779 | 248,172,052 | 252,724,560 | |||||||||||||
Securities sold under agreements to repurchase | 1,121,961 | 1,121,961 | 1,303,789 | 1,303,789 | |||||||||||||
Accrued interest payable | 137,268 | 137,268 | 152,897 | 152,897 | |||||||||||||
Unrecognized financial instruments (net of contract amount): | |||||||||||||||||
Commitments to extend credit | — | — | — | — | |||||||||||||
Letter of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — |
Stock_Options_ESOP_and_Restric1
Stock Options, ESOP, and Restricted Shares (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Summary of Activity in the 2010 Plan | ' | ||||||||||||
A summary of the activity in the 2010 Plan for the six months ended June 30, 2014, is presented in the following table: | |||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||
Average | Aggregate | ||||||||||||
Exercise | Intrinsic | ||||||||||||
Shares | Price | Value (1) | |||||||||||
Outstanding at December 31, 2013 | 236,062 | $ | 11.5 | ||||||||||
Granted | — | N/A | |||||||||||
Exercised | — | N/A | |||||||||||
Forfeited | — | N/A | |||||||||||
Outstanding at June 30, 2014 | 236,062 | $ | 11.5 | $ | 2,511,670 | ||||||||
Options exercisable at June 30, 2014 | 141,637 | $ | 11.5 | $ | 1,507,020 | ||||||||
-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 June 30, 2014. 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 June 30, 2014, is as follows: | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Weighted- | Remaining | Weighted- | |||||||||||
Number | Average | Contractual | Number | Average | |||||||||
Exercise | of | Exercise | Life | of | Exercise | ||||||||
Price | Shares | Price | In Years | Shares | Price | ||||||||
$11.50 | 236,062 | $11.50 | 6.5 | 141,637 | $11.50 | ||||||||
Non-Vested Options | ' | ||||||||||||
Information pertaining to non-vested options for the six months ended June 30, 2014, is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value | ||||||||||||
Non-vested options, December 31, 2013 | 94,425 | $ | 1.27 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Non-vested options, June 30, 2014 | 94,425 | $ | 1.27 | ||||||||||
Summary of Activity for Unvested Restricted Awards | ' | ||||||||||||
A summary of activity for unvested restricted awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
Number | Grant Date Weighted- | ||||||||||||
Average Cost | |||||||||||||
Unvested at December 31, 2013 | 69,987 | $ | 13.49 | ||||||||||
Shares awarded | — | — | |||||||||||
Restrictions lapsed and shares released | (18,885 | ) | 12.75 | ||||||||||
Shares forfeited | — | — | |||||||||||
Unvested at June 30, 2014 | 51,102 | $ | 13.76 | ||||||||||
ESOP Shares | ' | ||||||||||||
A detail of ESOP shares is as follows: | |||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Allocated shares | 59,248 | 59,248 | |||||||||||
Unallocated shares | 162,932 | 162,932 | |||||||||||
Total ESOP shares | 222,180 | 222,180 | |||||||||||
Fair value of unallocated shares | $ | 3,607,314 | $ | 3,229,312 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2014 |
Branch | |
Schedule of Accounting Policies [Line Items] | ' |
Number of branches | 7 |
Southland Finance, Inc. [Member] | ' |
Schedule of Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of the Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Basic earnings per share calculation: | ' | ' | ' | ' |
Numerator: Net income | $669,573 | $650,309 | $1,329,931 | $1,206,433 |
Denominator: Weighted average common shares outstanding | 1,642,295 | 1,993,217 | 1,675,591 | 2,043,349 |
Effect of dilutive stock options | 110,031 | 86,326 | 104,832 | 85,116 |
Diluted shares | 1,752,326 | 2,079,543 | 1,780,423 | 2,128,465 |
Basic earnings per share | $0.41 | $0.33 | $0.79 | $0.59 |
Diluted earnings per share | $0.38 | $0.31 | $0.75 | $0.57 |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | $29,159,623 | $31,690,959 |
Securities Available for Sale, Gross Unrealized Gains | 482,043 | 357,393 |
Securities Available for Sale, Gross Unrealized Losses | -167,184 | -468,169 |
Securities Available for Sale, Total, Fair Value | 29,474,482 | 31,580,183 |
Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 2,686,314 | 5,825,027 |
Securities Available for Sale, Gross Unrealized Gains | 6,182 | 14,733 |
Securities Available for Sale, Gross Unrealized Losses | -49,377 | -93,496 |
Securities Available for Sale, Total, Fair Value | 2,643,119 | 5,746,264 |
Mortgage-Backed and Related Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 14,212,923 | 14,514,702 |
Securities Available for Sale, Gross Unrealized Gains | 211,595 | 189,224 |
Securities Available for Sale, Gross Unrealized Losses | -8,258 | -66,861 |
Securities Available for Sale, Total, Fair Value | 14,416,260 | 14,637,065 |
State and Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for Sale, Amortized Cost | 12,260,386 | 11,351,230 |
Securities Available for Sale, Gross Unrealized Gains | 264,266 | 153,436 |
Securities Available for Sale, Gross Unrealized Losses | -109,549 | -307,812 |
Securities Available for Sale, Total, Fair Value | $12,415,103 | $11,196,854 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Security | Security | ||
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Held-to-maturity securities | $0 | ' | $0 |
Trading securities | 0 | ' | 0 |
Gains or losses from marketable securities | 0 | 0 | ' |
Pledged securities, carrying values | $17,678,000 | ' | $17,507,000 |
Number of depreciated securities | 10 | ' | 22 |
Securities with unrealized losses, depreciated from the Company's amortized cost basis | 2.41% | ' | 2.89% |
Securities_Amortized_Cost_and_1
Securities - Amortized Cost and Estimated Fair Value of Securities, by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Securities Available for Sale, Due in one year or less, Amortized Cost | $301,442 | ' |
Securities Available for Sale, Due after one year through five years, Amortized Cost | 4,917,781 | ' |
Securities Available for Sale, Due five years to ten years, Amortized Cost | 7,851,884 | ' |
Securities Available for Sale, Due after ten years, Amortized Cost | 1,875,593 | ' |
Securities Available for Sale, Mortgage-backed securities, Amortized Cost | 14,212,923 | ' |
Securities Available for Sale, Total, Amortized Cost | 29,159,623 | ' |
Securities Available for Sale, Due in one year or less, Fair Value | 304,087 | ' |
Securities Available for Sale, Due after one year through five years, Fair Value | 4,918,749 | ' |
Securities Available for Sale, Due five years to ten years, Fair Value | 7,952,396 | ' |
Securities Available for Sale, Due after ten years, Fair Value | 1,882,990 | ' |
Securities Available for Sale, Mortgage-backed securities, Fair Value | 14,416,260 | ' |
Securities Available for Sale, Total, Fair Value | $29,474,482 | $31,580,183 |
Securities_Summary_of_Securiti
Securities - Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $1,868 | $15,341 |
Less than 12 Months, Gross Unrealized Losses | -7 | -443 |
12 Months or Greater, Fair Value | 4,917 | 411 |
12 Months or Greater, Gross Unrealized Losses | -160 | -25 |
Fair Value, Total | 6,785 | 15,752 |
Gross Unrealized Losses, Total | -167 | -468 |
Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 995 | 1,905 |
Less than 12 Months, Gross Unrealized Losses | -4 | -93 |
12 Months or Greater, Fair Value | 955 | ' |
12 Months or Greater, Gross Unrealized Losses | -45 | ' |
Fair Value, Total | 1,950 | 1,905 |
Gross Unrealized Losses, Total | -49 | -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 | 3,089 | 411 |
12 Months or Greater, Gross Unrealized Losses | -110 | -25 |
Fair Value, Total | 3,089 | 5,515 |
Gross Unrealized Losses, Total | -110 | -308 |
Mortgage-Backed and Related Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 873 | 8,332 |
Less than 12 Months, Gross Unrealized Losses | -3 | -67 |
12 Months or Greater, Fair Value | 873 | ' |
12 Months or Greater, Gross Unrealized Losses | -5 | ' |
Fair Value, Total | 1,746 | 8,332 |
Gross Unrealized Losses, Total | ($8) | ($67) |
Investments_at_Cost_Investment
Investments, at Cost - Investments, at Cost Detailed (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Investments All Other Investments [Abstract] | ' | ' |
Federal Home Loan Bank of Cincinnati common stock | $2,549,000 | $2,898,800 |
Tenth Street Fund III, L.P. investment | 750,000 | 750,000 |
Total | $3,299,000 | $3,648,800 |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses - Company's Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | $196,674,097 | $193,632,740 | ' |
Total loans | 236,042,965 | 231,423,802 | ' |
Less: Allowance for loan losses | -3,953,124 | -4,432,069 | -4,475,302 |
Unearned interest and fees | -354,741 | -396,470 | ' |
Net deferred loan origination fees | -405,104 | -389,249 | ' |
Loans, net | 231,329,996 | 226,206,014 | ' |
Residential 1-4 Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 88,707,131 | 88,414,921 | ' |
Total loans | 88,707,131 | 88,414,921 | ' |
Less: Allowance for loan losses | -1,239,414 | -1,442,506 | -1,348,922 |
Commercial Real Estate and Multi-Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 79,378,173 | 74,497,078 | ' |
Total loans | 79,378,173 | 74,497,078 | ' |
Less: Allowance for loan losses | -1,163,345 | -1,108,958 | -1,074,995 |
Construction and Land [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 28,588,793 | 30,720,741 | ' |
Total loans | 28,588,793 | 30,720,741 | ' |
Less: Allowance for loan losses | -615,376 | -956,726 | -818,984 |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 15,081,946 | 13,058,544 | ' |
Less: Allowance for loan losses | -348,469 | -331,938 | -686,065 |
Consumer and Equity Lines of Credit [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $24,286,922 | $24,732,518 | ' |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses - Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Allowance For Loan And Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $4,432,069 | $4,475,302 | $4,475,302 |
Provision for loan losses | 26,890 | 72,223 | 53,162 | 207,672 | 316,393 |
Loans charged-off | ' | ' | -568,289 | ' | -594,470 |
Recoveries | ' | ' | 36,182 | ' | 234,844 |
Ending balance | $3,953,124 | ' | $3,953,124 | ' | $4,432,069 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | $495,930 | $1,090,060 | ' |
General reserves | 3,457,194 | 3,342,009 | ' |
Total reserves | 3,953,124 | 4,432,069 | 4,475,302 |
Impaired loans | 7,598,125 | 10,316,047 | ' |
Performing loans | 228,444,840 | 221,107,755 | ' |
Total loans | 236,042,965 | 231,423,802 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 60,545 | 86,958 | ' |
General reserves | 287,924 | 244,980 | ' |
Total reserves | 348,469 | 331,938 | 686,065 |
Impaired loans | 1,819,754 | 1,901,209 | ' |
Performing loans | 13,262,192 | 11,157,335 | ' |
Total loans | 15,081,946 | 13,058,544 | ' |
Residential 1-4 Family [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 261,182 | 545,126 | ' |
General reserves | 978,232 | 897,380 | ' |
Total reserves | 1,239,414 | 1,442,506 | 1,348,922 |
Impaired loans | 4,180,727 | 5,821,575 | ' |
Performing loans | 84,526,404 | 82,593,346 | ' |
Total loans | 88,707,131 | 88,414,921 | ' |
Commercial Real Estate and Multi-Family [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 103,471 | 85,175 | ' |
General reserves | 1,059,874 | 1,023,783 | ' |
Total reserves | 1,163,345 | 1,108,958 | 1,074,995 |
Impaired loans | 500,554 | 449,597 | ' |
Performing loans | 78,877,619 | 74,047,481 | ' |
Total loans | 79,378,173 | 74,497,078 | ' |
Construction and Land [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 11,650 | 303,752 | ' |
General reserves | 603,726 | 652,974 | ' |
Total reserves | 615,376 | 956,726 | 818,984 |
Impaired loans | 681,246 | 1,815,293 | ' |
Performing loans | 27,907,547 | 28,905,448 | ' |
Total loans | 28,588,793 | 30,720,741 | ' |
Consumer and Other [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | 59,082 | 69,049 | ' |
General reserves | 447,952 | 461,508 | ' |
Total reserves | 507,034 | 530,557 | 545,476 |
Impaired loans | 415,844 | 328,373 | ' |
Performing loans | 23,871,078 | 24,404,145 | ' |
Total loans | 24,286,922 | 24,732,518 | ' |
Unallocated [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Specified reserves- impaired loans | ' | ' | ' |
General reserves | 79,486 | 61,384 | ' |
Total reserves | 79,486 | 61,384 | 860 |
Impaired loans | ' | ' | ' |
Performing loans | ' | ' | ' |
Total loans | ' | ' | ' |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Changes in the Allowance for Loan Losses by Class of Loan (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | $4,432,069 | $4,475,302 |
Provision (reallocation) for loan losses | 53,162 | 316,393 |
Loans charged-off | -568,289 | -594,470 |
Recoveries | 36,182 | 234,844 |
Ending balance | 3,953,124 | 4,432,069 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 331,938 | 686,065 |
Provision (reallocation) for loan losses | 16,531 | -500,574 |
Loans charged-off | ' | ' |
Recoveries | ' | 146,447 |
Ending balance | 348,469 | 331,938 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 1,442,506 | 1,348,922 |
Provision (reallocation) for loan losses | -170,147 | 257,300 |
Loans charged-off | -35,087 | -194,671 |
Recoveries | 2,142 | 30,955 |
Ending balance | 1,239,414 | 1,442,506 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 1,108,958 | 1,074,995 |
Provision (reallocation) for loan losses | 293,086 | 33,963 |
Loans charged-off | -238,699 | ' |
Recoveries | ' | ' |
Ending balance | 1,163,345 | 1,108,958 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 956,726 | 818,984 |
Provision (reallocation) for loan losses | -165,664 | 235,242 |
Loans charged-off | -175,686 | -97,500 |
Recoveries | ' | ' |
Ending balance | 615,376 | 956,726 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 530,557 | 545,476 |
Provision (reallocation) for loan losses | 61,254 | 229,938 |
Loans charged-off | -118,817 | -302,299 |
Recoveries | 34,040 | 57,442 |
Ending balance | 507,034 | 530,557 |
Unallocated [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 61,384 | 860 |
Provision (reallocation) for loan losses | 18,102 | 60,524 |
Loans charged-off | ' | ' |
Recoveries | ' | ' |
Ending balance | $79,486 | $61,384 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | $4,123,627 | $4,005,212 |
With a valuation allowance | 3,474,498 | 6,310,835 |
Recorded investment in impaired loans | 7,598,125 | 10,316,047 |
Unpaid principal balance of impaired loans | 8,555,316 | 11,703,940 |
Valuation allowance related to impaired loans | 495,930 | 1,090,060 |
Average investment in impaired loans | 8,006,646 | 13,614,384 |
Interest income recognized on impaired loans | 172,654 | 537,410 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 26,993 | 47,141 |
With a valuation allowance | 1,792,761 | 1,854,068 |
Recorded investment in impaired loans | 1,819,754 | 1,901,209 |
Unpaid principal balance of impaired loans | 1,859,602 | 1,941,056 |
Valuation allowance related to impaired loans | 60,545 | 86,958 |
Average investment in impaired loans | 1,863,946 | 1,878,458 |
Interest income recognized on impaired loans | 45,555 | 101,112 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 3,047,971 | 3,285,685 |
With a valuation allowance | 1,132,756 | 2,535,890 |
Recorded investment in impaired loans | 4,180,727 | 5,821,575 |
Unpaid principal balance of impaired loans | 4,572,754 | 6,232,048 |
Valuation allowance related to impaired loans | 261,182 | 545,126 |
Average investment in impaired loans | 4,627,498 | 8,658,167 |
Interest income recognized on impaired loans | 82,583 | 353,260 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 238,517 | 247,422 |
With a valuation allowance | 262,037 | 202,175 |
Recorded investment in impaired loans | 500,554 | 449,597 |
Unpaid principal balance of impaired loans | 500,554 | 449,597 |
Valuation allowance related to impaired loans | 103,471 | 85,175 |
Average investment in impaired loans | 514,713 | 880,839 |
Interest income recognized on impaired loans | 13,762 | 55,697 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 603,579 | 346,571 |
With a valuation allowance | 77,667 | 1,468,722 |
Recorded investment in impaired loans | 681,246 | 1,815,293 |
Unpaid principal balance of impaired loans | 1,206,403 | 2,752,396 |
Valuation allowance related to impaired loans | 11,650 | 303,752 |
Average investment in impaired loans | 1,231,008 | 1,869,016 |
Interest income recognized on impaired loans | 23,588 | 7,275 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Without a valuation allowance | 206,567 | 78,393 |
With a valuation allowance | 209,277 | 249,980 |
Recorded investment in impaired loans | 415,844 | 328,373 |
Unpaid principal balance of impaired loans | 416,003 | 328,843 |
Valuation allowance related to impaired loans | 59,082 | 69,049 |
Average investment in impaired loans | 363,481 | 327,904 |
Interest income recognized on impaired loans | $7,166 | $20,066 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Aged Analysis of Past Due Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | $956,920 | $1,663,283 |
Greater Than 90 Days Past Due and Non-Accrual | 2,602,825 | 4,043,493 |
Total Past Due | 3,559,745 | 5,706,776 |
Current Loans | 232,483,220 | 225,717,026 |
Total loans | 236,042,965 | 231,423,802 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | 66,601 | 47,310 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 529,456 | 915,785 |
Greater Than 90 Days Past Due and Non-Accrual | 2,148,542 | 2,440,384 |
Total Past Due | 2,677,998 | 3,356,169 |
Current Loans | 86,029,133 | 85,058,752 |
Total loans | 88,707,131 | 88,414,921 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | 52,552 | 20,128 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 61,579 | ' |
Greater Than 90 Days Past Due and Non-Accrual | 90,526 | 96,055 |
Total Past Due | 152,105 | 96,055 |
Current Loans | 79,226,068 | 74,401,023 |
Total loans | 79,378,173 | 74,497,078 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 34,877 | 381,336 |
Greater Than 90 Days Past Due and Non-Accrual | 225,968 | 1,402,960 |
Total Past Due | 260,845 | 1,784,296 |
Current Loans | 28,327,948 | 28,936,445 |
Total loans | 28,588,793 | 30,720,741 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 49,593 | 24,515 |
Greater Than 90 Days Past Due and Non-Accrual | ' | 47,141 |
Total Past Due | 49,593 | 71,656 |
Current Loans | 15,032,353 | 12,986,888 |
Total loans | 15,081,946 | 13,058,544 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-89 Days Past Due | 281,415 | 341,647 |
Greater Than 90 Days Past Due and Non-Accrual | 137,789 | 56,953 |
Total Past Due | 419,204 | 398,600 |
Current Loans | 23,867,718 | 24,333,918 |
Total loans | 24,286,922 | 24,732,518 |
Recorded Investment Greater than or equal to 90 Days Past Due and Accruing | $14,049 | $27,182 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Amount of Each Loan Classification and the Amount Categorized into Each Risk Rating Class (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $236,042,965 | $231,423,802 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 88,707,131 | 88,414,921 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 79,378,173 | 74,497,078 |
Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 28,588,793 | 30,720,741 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 15,081,946 | 13,058,544 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 24,286,922 | 24,732,518 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 223,714,852 | 217,678,706 |
Pass [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 81,948,375 | 81,288,044 |
Pass [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 78,750,294 | 73,918,715 |
Pass [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 26,208,449 | 27,155,327 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 13,245,359 | 11,157,335 |
Pass [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 23,562,375 | 24,159,285 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 4,729,988 | 3,429,049 |
Special Mention [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,578,029 | 1,305,302 |
Special Mention [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 127,325 | 128,766 |
Special Mention [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,699,098 | 1,750,121 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 16,833 | ' |
Special Mention [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 308,703 | 244,860 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,598,125 | 10,316,047 |
Substandard [Member] | Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 4,180,727 | 5,821,575 |
Substandard [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 500,554 | 449,597 |
Substandard [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 681,246 | 1,815,293 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,819,754 | 1,901,209 |
Substandard [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $415,844 | $328,373 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Modification of Loans as TDR (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number Of Loans | 6 | 7 |
Pre-Modification Outstanding Recorded Investment | $10,921 | $82,667 |
Post-Modification Outstanding Recorded Investment | 10,921 | 82,667 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number Of Loans | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 64,586 |
Post-Modification Outstanding Recorded Investment | ' | 64,586 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number Of Loans | 6 | 6 |
Pre-Modification Outstanding Recorded Investment | 10,921 | 18,081 |
Post-Modification Outstanding Recorded Investment | $10,921 | $18,081 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Loans modified in TDR that subsequently defaulted | '60 days |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Financial Receivable Modifications Subsequent Default (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | 2 | 5 |
Outstanding Recorded Investment at Default | $11,258 | $55,946 |
Commercial Real Estate and Multi-Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | ' | 1 |
Outstanding Recorded Investment at Default | ' | 5,353 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans, Subsequent Default | 2 | 4 |
Outstanding Recorded Investment at Default | $11,258 | $50,593 |
Fair_Value_Disclosures_Recorde
Fair Value Disclosures - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Securities available for sale: | ' | ' |
Securities available for sale | $29,474,482 | $31,580,183 |
Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,643,119 | 5,746,264 |
Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 14,416,260 | 14,637,065 |
State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 12,415,103 | 11,196,854 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 29,474,482 | 31,580,183 |
Fair Value, Measurements, Recurring [Member] | Securities of U.S. Government Agencies and Corporations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,643,119 | 5,746,264 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed and Related Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 14,416,260 | 14,637,065 |
Fair Value, Measurements, Recurring [Member] | State and Municipal Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 12,415,103 | 11,196,854 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 29,474,482 | 31,580,183 |
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 | 2,643,119 | 5,746,264 |
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 | 14,416,260 | 14,637,065 |
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 | $12,415,103 | $11,196,854 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Transfers between levels 1 and 2 | $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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $232,296,285 | $227,272,387 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 2,978,568 | 5,220,775 |
Foreclosed real estate | 1,292,056 | 413,150 |
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 | 1,244,155 | 2,623,325 |
Foreclosed real estate | 1,292,056 | 413,150 |
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 | $1,734,413 | $2,597,450 |
Fair_Value_Disclosures_Carryin
Fair Value Disclosures - Carrying Amount and Estimated Fair Value of the Company's Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $16,321,202 | $15,135,387 | $31,075,056 | $20,252,112 |
Securities available for sale, Carrying Amount | 29,474,482 | 31,580,183 | ' | ' |
Investments, at cost, Carrying Amount | 3,299,000 | 3,648,800 | ' | ' |
Loans, net, Carrying Amount | 231,329,996 | 226,206,014 | ' | ' |
Cash surrender value of bank owned life insurance, Carrying Amount | 9,953,596 | 9,812,685 | ' | ' |
Accrued interest receivable, Carrying Amount | 764,470 | 978,201 | ' | ' |
Deposits, Carrying Amount | 252,944,298 | 248,172,052 | ' | ' |
Securities sold under agreements to repurchase, Carrying Amount | 1,121,961 | 1,303,789 | ' | ' |
Accrued interest payable, Carrying Amount | 137,268 | 152,897 | ' | ' |
Cash and cash equivalents, Estimated Fair Value | 16,321,202 | 15,135,387 | ' | ' |
Securities available for sale, Estimated Fair Value | 29,474,482 | 31,580,183 | ' | ' |
Investments, at cost, Estimated Fair Value | 3,299,000 | 3,648,800 | ' | ' |
Loans, net, Estimated Fair Value | 232,296,285 | 227,272,387 | ' | ' |
Cash surrender value of bank owned life insurance, Estimated Fair Value | 9,953,596 | 9,812,685 | ' | ' |
Accrued interest receivable, Estimated Fair Value | 764,470 | 978,201 | ' | ' |
Deposits, Estimated Fair Value | 256,965,779 | 252,724,560 | ' | ' |
Securities sold under agreements to repurchase, Estimated Fair Value | 1,121,961 | 1,303,789 | ' | ' |
Accrued interest payable, Estimated Fair Value | $137,268 | $152,897 | ' | ' |
Stock_Options_ESOP_and_Restric2
Stock Options, ESOP, and Restricted Shares - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 19, 2012 | Jan. 19, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | |
Non-Vested Options [Member] | Non-Vested Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 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 | ' | ' | ' | 277,725 | ' | ' | ' | 111,090 | ' |
Maximum term of each option | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Vesting period for all options from the date of grant | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized attributable to the shares that have been awarded | ' | ' | ' | $27,075 | $27,075 | ' | ' | $148,139 | $148,139 |
Total remaining compensation cost to be recognized on non-vested options | ' | ' | ' | 67,688 | ' | ' | ' | ' | ' |
Share awarded of restricted stock to its officers and employees pursuant to the terms of the 2010 Plan | 2,777,250 | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | 795,930 | ' |
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 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Stock_Options_ESOP_and_Restric3
Stock Options, ESOP, and Restricted Shares - Summary of Activity in the 2010 Plan (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 |
Non-vested options, Number of Shares, Ending Balance | 236,062 | 236,062 |
Options exercisable, Shares | 141,637 | ' |
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 | ' |
Aggregate Intrinsic Value, Ending Balance | $2,511,670 | ' |
Options exercisable, Aggregate Intrinsic Value | $1,507,020 | ' |
Stock_Options_ESOP_and_Restric4
Stock Options, ESOP, and Restricted Shares - Information Regarding Options Outstanding and Exercisable (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
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 |
Options Outstanding, Weighted-Average Exercise Price | $11.50 | $11.50 |
Options Outstanding, Weighted Average Remaining Contractual Life In Years | '6 years 6 months | ' |
Options Exercisable, Number of Shares | 141,637 | ' |
Options Exercisable, Weighted-Average Exercise Price | $11.50 | ' |
Stock_Options_ESOP_and_Restric5
Stock Options, ESOP, and Restricted Shares - Non-Vested Options (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Non-vested options, Number of Shares, Beginning Balance | 94,425 | 94,425 |
Non-vested options, Number of Shares, Ending Balance | 94,425 | 94,425 |
Non-vested options, Weighted Average Grant Date Fair Value, Beginning Balance | $1.27 | $1.27 |
Non-vested options, Weighted Average Grant Date Fair Value, Ending Balance | $1.27 | $1.27 |
Stock_Options_ESOP_and_Restric6
Stock Options, ESOP, and Restricted Shares - Summary of Activity for Unvested Restricted Awards (Detail) (Restricted Stock [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested options, Number of shares, Beginning Balance | 69,987 |
Restrictions lapsed and shares released, Number of shares | -18,885 |
Unvested options, Number of shares, Ending Balance | 51,102 |
Unvested options, Grant Date Weighted-Average Cost, Beginning Balance | $13.49 |
Restrictions lapsed and shares released, Grant Date Weighted-Average Cost | $12.75 |
Unvested options, Grant Date Weighted-Average Cost, Ending Balance | $13.76 |
Stock_Options_ESOP_and_Restric7
Stock Options, ESOP, and Restricted Shares - ESOP Shares (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract] | ' | ' |
Allocated shares | 59,248 | 59,248 |
Unallocated shares | 162,932 | 162,932 |
Total ESOP shares | 222,180 | 222,180 |
Fair value of unallocated shares | $3,607,314 | $3,229,312 |