Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information Abstract | ' | ' |
Entity Registrant Name | 'Jacksonville Bancorp, Inc. | ' |
Entity Central Index Key | '0001484949 | ' |
Trading Symbol | 'jxsb | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 1,826,708 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $5,298,795 | $6,098,870 |
Investment securities - available for sale | 59,455,244 | 60,638,942 |
Mortgage-backed securities - available for sale | 48,356,203 | 48,345,655 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Other investment securities | 76,639 | 81,918 |
Loans held for sale - net | 482,155 | 262,461 |
Loans receivable - net of allowance for loan losses of $3,341,267 and $3,406,434 as of June 30, 2014 and December 31, 2013 | 173,900,464 | 180,639,502 |
Premises and equipment - net | 5,059,462 | 5,178,978 |
Cash surrender value of life insurance | 6,861,328 | 6,815,059 |
Accrued interest receivable | 1,903,253 | 1,817,415 |
Goodwill | 2,726,567 | 2,726,567 |
Capitalized mortgage servicing rights, net of valuation allowance of $66,406 and $73,392 as of June 30, 2014 and December 31, 2013 | 653,732 | 673,576 |
Real estate owned | 183,671 | 281,918 |
Income taxes receivable | 47,768 | ' |
Deferred income taxes | 1,710,943 | 2,703,110 |
Other assets | 999,669 | 1,041,005 |
Total Assets | 308,829,693 | 318,418,776 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Deposits | 252,086,057 | 251,738,391 |
Other borrowings | 5,307,729 | 19,610,297 |
Advance payments by borrowers for taxes and insurance | 1,019,680 | 857,814 |
Accrued interest payable | 180,355 | 210,226 |
Deferred compensation payable | 4,127,037 | 3,999,371 |
Income taxes payable | ' | 34,621 |
Other liabilities | 2,015,413 | 829,260 |
Total liabilities | 264,736,271 | 277,279,980 |
Commitments and contingencies | ' | ' |
Preferred stock, $0.01 par value - authorized 10,000,000 shares; none issued and outstanding | ' | ' |
Common stock, $0.01 par value - authorized 25,000,000 shares; issued 1,824,651 shares as of June 30, 2014 and 1,832,860 shares as of December 31, 2013 | 18,247 | 18,329 |
Additional paid-in-capital | 14,400,163 | 14,561,085 |
Retained earnings | 29,412,656 | 28,233,876 |
Less: Unallocated ESOP shares | -276,310 | -287,530 |
Accumulated other comprehensive income (loss) | 538,666 | -1,386,964 |
Total stockholders' equity | 44,093,422 | 41,138,796 |
Total Liabilities and Stockholders' Equity | $308,829,693 | $318,418,776 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses of loans receivable (in dollars) | $3,341,267 | $3,406,434 |
Valuation allowance on mortgage servicing rights (in dollars) | $66,406 | $73,392 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 1,824,651 | 1,832,860 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED 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 INCOME: | ' | ' | ' | ' |
Loans | $2,287,872 | $2,299,427 | $4,565,331 | $4,644,989 |
Investment securities | 443,985 | 441,778 | 893,561 | 876,052 |
Mortgage-backed securities | 246,030 | 171,551 | 564,665 | 332,119 |
Other | 597 | 11,958 | 698 | 23,721 |
Total interest income | 2,978,484 | 2,924,714 | 6,024,255 | 5,876,881 |
INTEREST EXPENSE: | ' | ' | ' | ' |
Deposits | 368,858 | 451,698 | 755,330 | 921,148 |
Other borrowings | 2,178 | 2,600 | 5,364 | 5,241 |
Total interest expense | 371,036 | 454,298 | 760,694 | 926,389 |
NET INTEREST INCOME | 2,607,448 | 2,470,416 | 5,263,561 | 4,950,492 |
PROVISION FOR LOAN LOSSES | 30,000 | ' | 60,000 | 30,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,577,448 | 2,470,416 | 5,203,561 | 4,920,492 |
NON-INTEREST INCOME: | ' | ' | ' | ' |
Fiduciary activities | 62,272 | 58,007 | 146,347 | 124,109 |
Commission income | 301,569 | 289,711 | 655,905 | 598,871 |
Service charges on deposit accounts | 183,488 | 206,711 | 343,144 | 408,137 |
Mortgage banking operations, net | 49,833 | 75,844 | 62,246 | 146,461 |
Net realized gains on sales of available-for-sale securities | 61,727 | 104,668 | 161,582 | 688,899 |
Loan servicing fees | 90,642 | 91,599 | 182,575 | 185,122 |
ATM and bank card interchange income | 127,948 | 105,538 | 248,098 | 200,717 |
Other | 70,199 | 95,730 | 145,313 | 161,530 |
Total non-interest income | 947,678 | 1,027,808 | 1,945,210 | 2,513,846 |
NON-INTEREST EXPENSE: | ' | ' | ' | ' |
Salaries and employee benefits | 1,588,778 | 1,585,829 | 3,174,635 | 3,186,564 |
Occupancy and equipment | 236,692 | 258,764 | 495,228 | 512,430 |
Data processing and telecommunications | 136,004 | 140,099 | 274,588 | 283,522 |
Professional | 313,335 | 72,077 | 369,406 | 157,370 |
Postage and office supplies | 57,934 | 62,574 | 120,802 | 131,238 |
ATM and bank card expense | 74,038 | 59,882 | 149,925 | 107,762 |
Other | 317,091 | 288,385 | 609,634 | 573,603 |
Total non-interest expense | 2,723,872 | 2,467,610 | 5,194,218 | 4,952,489 |
INCOME BEFORE INCOME TAXES | 801,254 | 1,030,614 | 1,954,553 | 2,481,849 |
INCOME TAXES | 176,277 | 270,539 | 489,786 | 709,326 |
NET INCOME | $624,977 | $760,075 | $1,464,767 | $1,772,523 |
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) | $0.35 | $0.41 | $0.82 | $0.95 |
NET INCOME PER COMMON SHARE - DILUTED (in shares) | $0.35 | $0.41 | $0.81 | $0.95 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (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 | $624,977 | $760,075 | $1,464,767 | $1,772,523 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Unrealized appreciation (depreciation) on available- for-sale securities, net of taxes of $582,945 and $(1,713,570) for the three months ended June 30, 2014 and 2013, respectively, and $1,046,929 and $(1,957,571) for the six months ended June 30, 2014 and 2013, respectively. | 1,131,600 | -3,326,340 | 2,032,274 | -3,799,991 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $20,987 and $35,587, for the three months ended June 30, 2014 and 2013, respectively, and $54,938 and $234,226 for the six months ended June 30, 2014 and 2013, respectively. | 40,740 | 69,081 | 106,644 | 454,673 |
Total other comprehensive income (loss) | 1,090,860 | -3,395,421 | 1,925,630 | -4,254,664 |
Comprehensive Income (Loss) | $1,715,837 | ($2,635,346) | $3,390,397 | ($2,482,141) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parentheticals) (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] | ' | ' | ' | ' |
Taxes on unrealized appreciation (depreciation) on available-for-sale securities | $582,945 | ($1,713,570) | $1,046,929 | ($1,957,571) |
Taxes on reclassification adjustment for realized gains included in net income | $20,987 | $35,587 | $54,938 | $234,226 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid-in Capital | Retained Earnings | Unallocated ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Total |
BALANCE at Dec. 31, 2013 | $18,329 | $14,561,085 | $28,233,876 | ($287,530) | ($1,386,964) | $41,138,796 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | 1,464,767 | ' | ' | 1,464,767 |
Other comprehensive income | ' | ' | ' | ' | 1,925,630 | 1,925,630 |
Stock repurchases | -181 | -370,551 | ' | ' | ' | -370,732 |
Exercise of stock options | 99 | 149,153 | ' | ' | ' | 149,252 |
Tax benefit of non-qualified options | ' | 3,860 | ' | ' | ' | 3,860 |
Vesting options expense | ' | 44,711 | ' | ' | ' | 44,711 |
Shares held by ESOP, committed to be released | ' | 11,905 | ' | 11,220 | ' | 23,125 |
Dividends ($0.16 per share) | ' | ' | -285,987 | ' | ' | -285,987 |
BALANCE at Jun. 30, 2014 | $18,247 | $14,400,163 | $29,412,656 | ($276,310) | $538,666 | $44,093,422 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Statement Of Stockholders Equity [Abstract] | ' |
Dividends, per share (in dollars per share) | $0.16 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $1,464,767 | $1,772,523 |
Depreciation, amortization and accretion: | ' | ' |
Premises and equipment | 194,456 | 188,640 |
Amortization of investment premiums and discounts, net | 329,580 | 574,012 |
Accretion of loan discounts | -259 | -259 |
Net realized gains on sales of available-for-sale securities | -161,582 | -688,899 |
Provision for loan losses | 60,000 | 30,000 |
Mortgage banking operations, net | -62,246 | -146,461 |
Loss on sale of real estate owned | 5,569 | ' |
Shares held by ESOP committed to be released | 23,125 | 20,697 |
Tax benefit related to stock options exercised | 3,860 | 1,796 |
Stock option compensation expense | 44,711 | 44,711 |
Changes in income taxes payable | -82,389 | -467,271 |
Changes in assets and liabilities | 1,207,100 | 1,154,674 |
Net cash provided by operations before loan sales | 3,026,692 | 2,484,163 |
Origination of loans for sale to secondary market | -6,074,896 | -14,825,738 |
Proceeds from sales of loans to secondary market | 5,933,423 | 14,951,997 |
Net cash provided by operating activities | 2,885,219 | 2,610,422 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of investment and mortgage-backed securities | -12,590,753 | -26,942,590 |
Maturity or call of investment securities available-for-sale | ' | 1,500,000 |
Sale of investment securities available-for-sale | 13,337,041 | 18,021,637 |
Principal payments on mortgage-backed and investment securities | 3,181,765 | 6,559,637 |
Proceeds from sale of real estate owned | 78,930 | ' |
Net decrease in loans | 6,683,166 | 4,845,484 |
Additions to premises and equipment | -74,940 | -135,483 |
Net cash provided by investing activities | 10,615,209 | 3,848,685 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase (decrease) in deposits | 347,666 | -136,245 |
Net decrease in other borrowings | -14,302,568 | -5,643,553 |
Increase in advance payments by borrowers for taxes and insurance | 161,866 | 91,942 |
Exercise of stock options | 149,252 | 86,893 |
Stock repurchases | -370,732 | -232,063 |
Dividends paid - common stock | -285,987 | -283,542 |
Net cash used in financing activities | -14,300,503 | -6,116,568 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -800,075 | 342,539 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 6,098,870 | 7,293,711 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 5,298,795 | 7,636,250 |
Cash paid during the year for: | ' | ' |
Interest on deposits | 784,386 | 957,159 |
Interest on other borrowings | 6,179 | 5,241 |
Income taxes paid | 572,000 | 1,176,073 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Loans to facilitate sales of real estate owned | $90,000 | ' |
FINANCIAL_STATEMENTS
FINANCIAL STATEMENTS | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
FINANCIAL STATEMENTS | ' | |
1 | FINANCIAL STATEMENTS | |
The accompanying interim condensed consolidated financial statements include the accounts of Jacksonville Bancorp, Inc. and its wholly-owned subsidiary, Jacksonville Savings Bank (the “Bank”) and its wholly-owned subsidiary, Financial Resources Group, Inc. collectively (the “Company”). All significant intercompany accounts and transactions have been eliminated. | ||
In the opinion of management, the preceding unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the financial condition of the Company as of June 30, 2014 and the results of its operations for the three and six month periods ended June 30, 2014 and 2013. The results of operations for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results which may be expected for the entire year. The condensed consolidated balance sheet of the Company as of December 31, 2013 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2013 filed as an exhibit to the Company’s Form 10-K filed in March, 2014. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP) and to prevailing practices within the industry. | ||
Certain amounts included in the 2013 consolidated statements have been reclassified to conform to the 2014 presentation. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
NEW ACCOUNTING PRONOUNCEMENTS | ' | |
2 | NEW ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-04, Troubled Debt Restructurings by Creditors (Subtopic 310-40: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure which affects all creditors who obtain physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The ASU is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015 which the entity’s annual or interim financial statements have not been made available for issuance. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
3 | EARNINGS PER SHARE | ||||||||||||||||
Earnings Per Share - Basic earnings per share is determined by dividing net income for the period by the weighted average number of common shares. Diluted earnings per share considers the potential effects of the exercise of the outstanding stock options under the Company’s stock option plans. | |||||||||||||||||
The following reflects earnings per share calculations for basic and diluted methods: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common shareholders | $ | 624,977 | $ | 760,075 | $ | 1,464,767 | $ | 1,772,523 | |||||||||
Basic average shares outstanding | 1,795,133 | 1,869,499 | 1,794,883 | 1,873,692 | |||||||||||||
Diluted potential common shares: | |||||||||||||||||
Stock option equivalents | 11,347 | 299 | 8,156 | 284 | |||||||||||||
Diluted average shares outstanding | 1,806,480 | 1,869,798 | 1,803,039 | 1,873,976 | |||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.41 | $ | 0.82 | $ | 0.95 | |||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.41 | $ | 0.81 | $ | 0.95 | |||||||||
Stock options for 100,335 shares of common stock were not considered in computing diluted earnings per share for the three and six month periods ending June 30, 2013, because they were anti-dilutive. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | ' | ||||||||||||||||
STOCK BASED COMPENSATION | ' | ||||||||||||||||
4 | STOCK–BASED COMPENSATION | ||||||||||||||||
In connection with our 2010 second step conversion and related stock offering, the ESOP purchased an additional 41,614 shares for its Employee Stock Ownership Plan (ESOP) for the exclusive benefit of eligible employees. The ESOP borrowed funds from the Company in an amount sufficient to purchase the 41,614 shares (approximately 4% of the common stock issued in the offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Bank and dividends received by the ESOP, with funds from any contributions on ESOP assets. Contributions will be applied to repay interest on the loan first, and the remainder will be applied to principal. The loan is expected to be repaid over a period of up to 20 years. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest on a pro-rata basis and reach 100% vesting in the accrued benefits under the ESOP after six years. Vesting is accelerated upon retirement, death, or disability of the participant or a change in control of the Bank. Forfeitures will be reallocated to remaining plan participants. Benefits may be payable upon retirement, death, disability, separation from service, or termination of the ESOP. Since the Bank’s annual contributions are discretionary, benefits payable under the ESOP cannot be estimated. | |||||||||||||||||
The Company is accounting for its ESOP in accordance with ASC Topic 718, “Employers Accounting for Employee Stock Ownership Plans.” Accordingly, the debt of the ESOP is eliminated in consolidation and the shares pledged as collateral are reported as unearned ESOP shares in the consolidated balance sheet. Contributions to the ESOP shall be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from the collateral, the Company reports compensation expense equal to the average market price of the shares for the respective period, and the shares become outstanding for earnings per share computations. Dividends, if any, on unallocated shares are recorded as a reduction of debt and accrued interest. | |||||||||||||||||
A summary of ESOP shares at June 30, 2014 and 2013 is shown below. | |||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Unearned shares | 27,636 | 31,340 | |||||||||||||||
Shares committed for release | 1,122 | 1,098 | |||||||||||||||
Allocated shares | 54,539 | 56,292 | |||||||||||||||
Total ESOP shares | 83,297 | 88,730 | |||||||||||||||
Fair value of unearned shares | $ | 584,225 | $ | 597,340 | |||||||||||||
On April 24, 2012, the compensation committee of the board of directors approved the awards of 104,035 options to purchase Company common stock. The stock options vest over a five-year period and expire ten years after issuance. Apart from the vesting schedule, there are no performance-based conditions or any other material conditions applicable to the options issued. | |||||||||||||||||
The following table summarizes stock option activity for the six months ended June 30, 2014. | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Exercise | Contractual | Instrinsic | |||||||||||||||
Options | Price/Share | Life (in years) | Value | ||||||||||||||
Outstanding, December 31, 2013 | 101,336 | $ | 15.63 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (9,901 | ) | 15.46 | ||||||||||||||
Forfeited | (400 | ) | 15.65 | ||||||||||||||
Outstanding, June 30, 2014 | 91,035 | $ | 15.65 | 7.75 | $ | 499,782 | |||||||||||
Exercisable, June 30, 2014 | 28,800 | $ | 15.65 | 7.75 | $ | 158,112 | |||||||||||
Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The value is based upon a closing price of $21.14 per share on June 30, 2014. |
LOAN_PORTFOLIO_COMPOSITION
LOAN PORTFOLIO COMPOSITION | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
LOAN PORTFOLIO COMPOSITION | ' | ||||||||||||||||||||||||||||||||||||
5 | LOAN PORTFOLIO COMPOSITION | ||||||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the composition of the Company’s loan portfolio is shown below. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 43,684,425 | 25.1 | % | $ | 44,286,657 | 24.5 | % | |||||||||||||||||||||||||||||
Commercial | 37,004,558 | 21.3 | 38,920,692 | 21.5 | |||||||||||||||||||||||||||||||||
Agricultural | 35,266,843 | 20.3 | 35,005,662 | 19.4 | |||||||||||||||||||||||||||||||||
Home equity | 10,831,605 | 6.2 | 11,729,112 | 6.5 | |||||||||||||||||||||||||||||||||
Total real estate loans | 126,787,431 | 72.9 | 129,942,123 | 71.9 | |||||||||||||||||||||||||||||||||
Commercial loans | 27,187,727 | 15.6 | 29,946,928 | 16.6 | |||||||||||||||||||||||||||||||||
Agricultural loans | 10,047,982 | 5.8 | 10,559,593 | 5.9 | |||||||||||||||||||||||||||||||||
Consumer loans | 13,223,710 | 7.6 | 13,605,897 | 7.5 | |||||||||||||||||||||||||||||||||
Total loans receivable | 177,246,850 | 101.9 | 184,054,541 | 101.9 | |||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Net deferred loan fees | 5,119 | 0 | 8,605 | 0 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 3,341,267 | 1.9 | 3,406,434 | 1.9 | |||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 173,900,464 | 100 | % | $ | 180,639,502 | 100 | % | |||||||||||||||||||||||||||||
The Company believes that originating or purchasing sound loans are a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures in place designed to focus lending efforts on the types, locations, and duration of loans most appropriate for the business model and markets. The Company’s principal lending activities include the origination of one-to four-family residential mortgage loans, multi-family loans, commercial real estate loans, agricultural loans, home equity lines of credits, commercial business loans, and consumer loans. The primary lending market includes the Illinois counties of Morgan, Macoupin and Montgomery. Generally, loans are collateralized by assets, primarily real estate, of the borrowers and guaranteed by individuals. The loans are expected to be repaid from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers. | |||||||||||||||||||||||||||||||||||||
Loan originations are derived from a number of sources such as real estate broker referrals, existing customers, builders, attorneys and walk-in customers. Upon receipt of a loan application, a credit report is obtained to verify specific information relating to the applicant’s employment, income, and credit standing. In the case of a real estate loan, an appraisal of the real estate intended to secure the proposed loan is undertaken by an independent appraiser approved by the Company. A loan application file is first reviewed by a loan officer in the loan department who checks applications for accuracy and completeness, and verifies the information provided. The financial resources of the borrower and the borrower’s credit history, as well as the collateral securing the loan, are considered an integral part of each risk evaluation prior to approval. The board of directors has established individual lending authorities for each loan officer by loan type. Loans over an individual officer’s lending limit must be approved by the officers’ loan committee consisting of the chairman of the board, president, chief lending officer and all lending officers, which meets three times a week, and has lending authority up to $750,000 depending on the type of loan. Loans to borrowers with an aggregate principal balance over this limit, up to $1.0 million, must be approved by the directors’ loan committee, which meets weekly and consists of the chairman of the board, president, senior vice president, chief lending officer and at least two outside directors, plus all lending officers as non-voting members. The board of directors approves all loans to borrowers with an aggregate principal balance over $1.0 million. The board of directors ratifies all loans that are originated. Once the loan is approved, the applicant is informed and a closing date is scheduled. Loan commitments are typically funded within 30 days. | |||||||||||||||||||||||||||||||||||||
If the loan is approved, the borrower must provide proof of fire and casualty insurance on the property serving as collateral which insurance must be maintained during the full term of the loan; flood insurance is required in certain instances. Title insurance or an attorney’s opinion based on a title search of the property is generally required on loans secured by real property. | |||||||||||||||||||||||||||||||||||||
One-to-Four Family Mortgage Loans - Historically, the Bank’s primary lending origination activity has been one-to-four family, owner-occupied, residential mortgage loans secured by property located in the Company’s market area. The Company generates loans through marketing efforts, existing customers and referrals, real estate brokers, builders and local businesses. Generally, one-to-four family loan originations are limited to the financing of loans secured by properties located within the Company’s market area. | |||||||||||||||||||||||||||||||||||||
Fixed rate one-to-four family residential mortgage loans are generally conforming loans, underwritten according to secondary market guidelines. The Company generally originates both fixed and adjustable rate mortgage loans in amounts up to the maximum conforming loan limits established by the Federal Housing Finance Agency. | |||||||||||||||||||||||||||||||||||||
The Company originates for resale to Freddie Mac and the Federal Home Loan Bank fixed-rate one-to-four family residential mortgage loans with terms of 15 years or more. The fixed-rate mortgage loans amortize monthly with principal and interest due each month. Residential real estate loans often remain outstanding for significantly shorter periods than their contractual terms because borrowers may refinance or prepay loans at their option. The Company offers fixed-rate one-to-four family residential mortgage loans with terms of up to 30 years without prepayment penalty. | |||||||||||||||||||||||||||||||||||||
The Company currently offers adjustable-rate mortgage loans for terms ranging up to 30 years. They generally offer adjustable-rate mortgage loans that adjust between one and five years on the anniversary date of origination. Interest rate adjustments are up to two hundred basis points per year, with a cap of up to six hundred basis points on interest rate increases over the life of the loan. In a rising interest rate environment, such rate limitations may prevent adjustable-rate mortgage loans from repricing to market interest rates, which would have an adverse effect on the net interest income. In the low interest rate environment that has existed over the past five years, the adjustable-rate portfolio has repriced downward resulting in lower interest income from this portion of the loan portfolio. In addition, during this period borrowers have shown a preference for fixed-rate loans. The Company has used different interest indices for adjustable-rate mortgage loans in the past such as the average yield on U.S. Treasury securities, adjusted to a constant maturity of one-year, three-years or five-years. The origination of fixed-rate mortgage loans versus adjustable-rate mortgage loans is monitored on an ongoing basis and is affected significantly by the level of market interest rates, customer preference, interest rate risk position and competitors’ loan products. | |||||||||||||||||||||||||||||||||||||
Adjustable-rate mortgage loans make the loan portfolio more interest rate sensitive and provide an alternative for those borrowers who meet the underwriting criteria, but are unable to qualify for a fixed-rate mortgage. However, as the interest income earned on adjustable-rate mortgage loans varies with prevailing interest rates, such loans do not offer predictable cash flows in the same manner as long-term, fixed-rate loans. Adjustable-rate mortgage loans carry increased credit risk associated with potentially higher monthly payments by borrowers as general market interest rates increase. It is possible that during periods of rising interest rates that the risk of delinquencies and defaults on adjustable-rate mortgage loans may increase due to the upward adjustment of interest costs to the borrower, resulting in increased loan losses. | |||||||||||||||||||||||||||||||||||||
Residential first mortgage loans customarily include due-on-sale clauses, which gives the Company the right to declare a loan immediately due and payable in the event that, among other things, the borrower sells or otherwise disposes of the underlying real property serving as collateral for the loan. Due-on-sale clauses are a means of imposing assumption fees and increasing the interest rate on mortgage portfolio during periods of rising interest rates. | |||||||||||||||||||||||||||||||||||||
When underwriting residential real estate loans, the Company reviews and verifies each loan applicant’s income and credit history. Management believes that stability of income and past credit history are integral parts in the underwriting process. Generally, the applicant’s total monthly mortgage payment, including all escrow amounts, is limited to 28% of the applicant’s total monthly income. In addition, total monthly obligations of the applicant, including mortgage payments, generally should not exceed 38% of total monthly income. Written appraisals are generally required on real estate property offered to secure an applicant’s loan. For one-to-four family real estate loans with loan to value ratios of over 80%, private mortgage insurance is generally required. Fire and casualty insurance is also required on all properties securing real estate loans. Title insurance, or an attorney’s title opinion, may be required, as circumstances warrant. | |||||||||||||||||||||||||||||||||||||
The Company does not offer an “interest only” mortgage loan product on one-to-four family residential properties (where the borrower pays interest for an initial period, after which the loan converts to a fully amortizing loan). They also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loan. The Company does not offer a “subprime loan” program (loans that generally target borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios) or Alt-A loans (traditionally defined as loans having less than full documentation). | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate Loans - The Company originates and purchases commercial real estate loans. Commercial real estate loans are secured primarily by improved properties such as multi-family residential, retail facilities and office buildings, restaurants and other non-residential buildings. The maximum loan-to-value ratio for commercial real estate loans originated is generally 80%. Commercial real estate loans are generally written up to terms of five years with adjustable interest rates. The rates are generally tied to the prime rate and generally have a specified floor. Many of the fixed-rate commercial real estate loans are not fully amortizing and therefore require a “balloon” payment at maturity. The Company purchases from time to time commercial real estate loan participations primarily from outside the Company’s market area. All participation loans are approved following a review to ensure that the loan satisfies the underwriting standards. | |||||||||||||||||||||||||||||||||||||
Underwriting standards for commercial real estate loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The income approach is primarily utilized to determine whether income generated from the applicant’s business or real estate offered as collateral is adequate to repay the loan. There is an emphasis on the ratio of the property’s projected net cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%). In underwriting a loan, the value of the real estate offered as collateral in relation to the proposed loan amount is considered. Generally, the loan amount cannot be greater than 80% of the value of the real estate. Written appraisals are usually obtained from either licensed or certified appraisers on all commercial real estate loans in excess of $250,000. Creditworthiness of the applicant is assessed by reviewing a credit report, financial statements and tax returns of the applicant, as well as obtaining other public records regarding the applicant. | |||||||||||||||||||||||||||||||||||||
Loans secured by commercial real estate generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the effects of general economic conditions on income producing properties and the successful operation or management of the properties securing the loans. Furthermore, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related business and real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. | |||||||||||||||||||||||||||||||||||||
Agricultural Real Estate Loans - The Company originates and purchases agricultural real estate loans. The maximum loan-to-value ratio for agricultural real estate loans we originate is generally 80%. Our agricultural real estate loans are generally written up to terms of five years with adjustable interest rates. The rates are generally tied to the average yield on U.S. Treasury securities, adjusted to a constant maturity of one-year, three-years, or five-years and generally have a specified floor. Many of our fixed-rate agricultural real estate loans are not fully amortizing and therefore require a “balloon” payment at maturity. We purchase from time to time agricultural real estate loan participations primarily from other local institutions within our market area. All participation loans are approved following a review to ensure that the loan satisfies our underwriting standards | |||||||||||||||||||||||||||||||||||||
Underwriting standards for agricultural real estate include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The income approach is primarily utilized to determine whether income generated from the applicant’s farm operation or real estate offered as collateral is adequate to repay the loan. We emphasize the ratio of the property’s projected cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%). In underwriting a loan, we consider the value of the real estate offered as collateral in relation to the proposed loan amount. Generally, the loan amount cannot be greater than 80% of the value of the real estate. We usually obtain written appraisals from either licensed or certified appraisers on all agricultural real estate loans in excess of $250,000. We assess the creditworthiness of the applicant by reviewing a credit report, financial statements and tax returns of the applicant, as well as obtaining other public records regarding the applicant. | |||||||||||||||||||||||||||||||||||||
Loans secured by agricultural real estate generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the effects of general economic and market conditions on farm operations and the successful operation or management of the properties securing the loans. The repayment of loans secured by agricultural estate is typically dependent upon the successful operation of the farm and real estate property. If the cash flow is reduced, the borrower’s ability to repay the loan may be impaired. | |||||||||||||||||||||||||||||||||||||
Home Equity Loans – The Company originates home equity loans and lines of credit, which are generally secured by the borrower’s principal residence. The maximum amount of a home equity loan or line of credit is generally 95% of the appraised value of a borrower’s real estate collateral less the amount of any existing mortgages or related liabilities. Home equity loans and lines of credit are approved with both fixed and adjustable interest rates which we determine based upon market conditions. Such loans may be fully amortized over the life of the loan or have a balloon feature. Generally, the maximum term for home equity loans is 10 years. | |||||||||||||||||||||||||||||||||||||
Underwriting standards for home equity loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The stability of the applicant’s monthly income may be determined by verification of gross monthly income from primary employment, and additionally from any verifiable secondary income. We also consider the length of employment with the borrower’s present employer as well as the amount of time the borrower has lived in the local area. Creditworthiness of the applicant is of primary consideration; however, the underwriting process also includes a comparison of the value of the collateral in relation to the proposed loan amount. | |||||||||||||||||||||||||||||||||||||
Home equity loans entail greater risks than one-to-four family residential mortgage loans, which are secured by first lien mortgages. In such cases, collateral repossessed after a default may not provide an adequate source of repayment of the outstanding loan balance because of damage or depreciation in the value of the property or loss of equity to the first lien position. Further, home equity loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Finally, the application of various Federal and state laws, including Federal and state bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans in the event of a default. | |||||||||||||||||||||||||||||||||||||
Commercial Business Loans - The Company originates commercial business loans to borrowers located in the Company’s market area which are secured by collateral other than real estate or which can be unsecured. Commercial business loan participations are also purchased from other lenders, which may be made to borrowers outside the Company’s market area. Commercial business loans are generally secured by equipment and inventory and generally are offered with adjustable rates tied to the prime rate or the average yield on U.S. Treasury securities, adjusted to a constant maturity of either one-year, three-years or five-years and various terms of maturity generally from three years to five years. Unsecured business loans are originated on a limited basis in those instances where the applicant’s financial strength and creditworthiness has been established. Commercial business loans generally bear higher interest rates than residential loans, but they also may involve a higher risk of default since their repayment is generally dependent on the successful operation of the borrower’s business. Personal guarantees are generally obtained from the borrower or a third party as a condition to originating its business loans. | |||||||||||||||||||||||||||||||||||||
Underwriting standards for commercial and agricultural business loans include a determination of the applicant’s ability to meet existing obligations and payments on the proposed loan from normal cash flows generated in the applicant’s business. The financial strength of each applicant is assessed through the review of financial statements and tax returns provided by the applicant. The creditworthiness of an applicant is derived from a review of credit reports as well as a search of public records. Business loans are periodically reviewed following origination. Financial statements are requested at least annually and review them for substantial deviations or changes that might affect repayment of the loan. Loan officers also visit the premises of borrowers to observe the business premises, facilities, and personnel and to inspect the pledged collateral. Underwriting standards for business loans are different for each type of loan depending on the financial strength of the applicant and the value of collateral offered as security. | |||||||||||||||||||||||||||||||||||||
Agricultural Business Loans - The Company originates agricultural business loans to borrowers located in our market area which are secured by collateral other than real estate or which can be unsecured. Agricultural business loans are generally secured by equipment and blanket security agreements on all farm assets. These loans are generally offered with fixed rates with terms up to five years. Agricultural business loans generally bear lower interest rates than residential loans due to competitive market pressures. The repayment of agricultural business loans is generally dependent on the successful operation of the farm operation. Personal guarantees are generally obtained from the borrower as a condition to originating agricultural business loans. | |||||||||||||||||||||||||||||||||||||
Underwriting standards for agricultural business loans include a determination of the applicant’s ability to meet existing obligations and payments on the proposed loan from normal cash flows generated in the applicant’s business. The financial strength of each applicant is assessed through the review of financial statements, pro-forma cash flow statements, and tax returns provided by the applicant. The creditworthiness of an applicant is derived from a review of credit reports as well as a search of public records. Financial statements are requested at least annually and reviewed for substantial deviations or changes that might affect repayment of the loan. Loan officers may also visit the premises of borrowers to observe the operation, facilities, equipment, and personnel and to inspect the pledged collateral. Underwriting standards for agricultural business loans are different for each type of loan depending on the financial strength of the applicant and the value of collateral offered as security. | |||||||||||||||||||||||||||||||||||||
The repayment of agricultural business loans generally is dependent on the successful operation of a farm and can be adversely affected by fluctuations in crop prices, increase in interest rates, and changes in weather conditions. These developments may result in smaller harvests and less income for farmers which may adversely affect such borrower’s ability to repay a loan, and potentially result in an increase in the level of problem loans and loan losses in our agricultural portfolio. While not required, the majority of our agricultural business loans are covered by crop insurance, which provides protection against loss due to lower crop yields as a result of unfavorable weather conditions. | |||||||||||||||||||||||||||||||||||||
Consumer Loans – The Company originates consumer loans, including automobile loans, loans secured by deposit accounts, unsecured loans and mobile home loans. Consumer loans are generally offered on a fixed-rate basis. Automobile loans are offered with maturities of up to 60 months for new automobiles. Loans secured by used automobiles will have maximum terms which vary depending upon the age of the automobile. Automobile loans are generally originated with a loan-to-value ratio below the greater of 80% of the purchase price or 100% of NADA loan value. In the case of a new car loan, the loan-to-value ratio may be greater or less depending on the borrower’s credit history, debt to income ratio, home ownership and other banking relationships with us. | |||||||||||||||||||||||||||||||||||||
Underwriting standards for consumer loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The stability of the applicant’s monthly income may be determined by verification of gross monthly income from primary employment, and additionally from any verifiable secondary income. We also consider the length of employment with the borrower’s present employer as well as the amount of time the borrower has lived in the local area. Creditworthiness of the applicant is of primary consideration; however, the underwriting process also includes a comparison of the value of the collateral in relation to the proposed loan amount. | |||||||||||||||||||||||||||||||||||||
Consumer loans entail greater risks than one-to-four family residential mortgage loans, particularly consumer loans secured by rapidly depreciating assets such as automobiles or loans that are unsecured. In such cases, collateral repossessed after a default may not provide an adequate source of repayment of the outstanding loan balance because of damage, loss or depreciation. Further, consumer loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Such events would increase our risk of loss on unsecured loans. Finally, the application of various Federal and state laws, including Federal and state bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans in the event of a default. | |||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of and for the periods ended June 30, 2014, June 30, 2013, and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
April 1, 2014 | $ | 1,062,470 | $ | 714,561 | $ | 178,854 | $ | 198,395 | $ | 834,930 | $ | 43,650 | $ | 199,926 | $ | 135,696 | $ | 3,368,482 | |||||||||||||||||||
Provision charged to expense | (32,365 | ) | 86,603 | (3,151 | ) | (23,445 | ) | (96,626 | ) | 6,590 | (16,481 | ) | 108,875 | 30,000 | |||||||||||||||||||||||
Losses charged off | (30,000 | ) | (30,000 | ) | - | - | - | - | - | - | (60,000 | ) | |||||||||||||||||||||||||
Recoveries | 660 | 168 | - | 525 | 32 | - | 1,400 | - | 2,785 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 1,000,765 | $ | 771,332 | $ | 175,703 | $ | 175,475 | $ | 738,336 | $ | 50,240 | $ | 184,845 | $ | 244,571 | $ | 3,341,267 | |||||||||||||||||||
Beginning Balance, January 1, 2014 | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 201,993 | $ | 1,034,189 | $ | 52,798 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Provision charged to expense | 173,661 | 118,878 | 675 | (27,568 | ) | (295,885 | ) | (2,558 | ) | 3,900 | 88,897 | 60,000 | |||||||||||||||||||||||||
Losses charged off | (30,000 | ) | (93,474 | ) | - | - | - | - | (5,503 | ) | - | (128,977 | ) | ||||||||||||||||||||||||
Recoveries | 960 | 168 | - | 1,050 | 32 | - | 1,600 | - | 3,810 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 1,000,765 | $ | 771,332 | $ | 175,703 | $ | 175,475 | $ | 738,336 | $ | 50,240 | $ | 184,845 | $ | 244,571 | $ | 3,341,267 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 151,622 | $ | 305,955 | $ | - | $ | - | $ | 460,722 | $ | - | $ | 11,689 | $ | - | $ | 929,988 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 849,143 | $ | 465,377 | $ | 175,703 | $ | 175,475 | $ | 277,614 | $ | 50,240 | $ | 173,156 | $ | 244,571 | $ | 2,411,279 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 43,684,425 | $ | 37,004,558 | $ | 35,266,843 | $ | 10,831,605 | $ | 27,187,727 | $ | 10,047,982 | $ | 13,223,710 | $ | - | $ | 177,246,850 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 533,710 | $ | 1,457,895 | $ | 126,323 | $ | 29,246 | $ | 547,437 | $ | - | $ | 110,179 | $ | - | $ | 2,804,790 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 43,150,715 | $ | 35,546,663 | $ | 35,140,520 | $ | 10,802,359 | $ | 26,640,290 | $ | 10,047,982 | $ | 13,113,531 | $ | - | $ | 174,442,060 | |||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
April 1, 2013 | $ | 779,243 | $ | 837,443 | $ | 183,780 | $ | 227,620 | $ | 959,663 | $ | 44,570 | $ | 173,674 | $ | 239,976 | $ | 3,445,969 | |||||||||||||||||||
Provision charged to expense | 48,470 | (67,621 | ) | 1,606 | (11,574 | ) | 11,911 | 8,813 | (6,715 | ) | 15,110 | - | |||||||||||||||||||||||||
Losses charged off | - | - | - | - | - | - | (6,427 | ) | - | (6,427 | ) | ||||||||||||||||||||||||||
Recoveries | 840 | 23,687 | - | 525 | 7,341 | - | 601 | - | 32,994 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | |||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
January 1, 2013 | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 72,053 | (146,933 | ) | 35,818 | (125,975 | ) | 37,323 | 9,453 | 54,518 | 93,743 | 30,000 | ||||||||||||||||||||||||||
Losses charged off | - | - | - | - | - | - | (52,186 | ) | - | (52,186 | ) | ||||||||||||||||||||||||||
Recoveries | 15,471 | 111,569 | - | 13,550 | 7,341 | - | 7,327 | - | 155,258 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | - | $ | 231,740 | $ | - | $ | - | $ | 648,701 | $ | - | $ | - | $ | - | $ | 880,441 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 828,553 | $ | 561,769 | $ | 185,386 | $ | 216,571 | $ | 330,214 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 2,592,095 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 41,156,553 | $ | 33,004,015 | $ | 37,077,179 | $ | 11,652,179 | $ | 24,400,611 | $ | 10,676,640 | $ | 14,361,986 | $ | - | $ | 172,329,163 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 420,195 | $ | 1,366,682 | $ | - | $ | 64,765 | $ | 690,046 | $ | - | $ | 6,505 | $ | - | $ | 2,548,193 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 40,736,358 | $ | 31,637,333 | $ | 37,077,179 | $ | 11,587,414 | $ | 23,710,565 | $ | 10,676,640 | $ | 14,355,481 | $ | - | $ | 169,780,970 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 261,492 | (218,949 | ) | 25,460 | (78,628 | ) | 92,597 | 8,868 | 84,829 | (5,669 | ) | 170,000 | |||||||||||||||||||||||||
Losses charged off | (162,448 | ) | - | - | (63,410 | ) | - | - | (66,467 | ) | - | (292,325 | ) | ||||||||||||||||||||||||
Recoveries | 16,071 | 135,836 | - | 15,035 | 7,341 | - | 15,012 | - | 189,295 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 201,993 | $ | 1,034,189 | $ | 52,798 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | - | $ | 248,857 | $ | - | $ | - | $ | 622,730 | $ | - | $ | 10,836 | $ | - | $ | 882,423 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 856,144 | $ | 496,903 | $ | 175,028 | $ | 201,993 | $ | 411,459 | $ | 52,798 | $ | 174,012 | $ | 155,674 | $ | 2,524,011 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,286,657 | $ | 38,920,692 | $ | 35,005,662 | $ | 11,729,112 | $ | 29,946,928 | $ | 10,559,593 | $ | 13,605,897 | $ | - | $ | 184,054,541 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 563,524 | $ | 1,531,078 | $ | - | $ | 71,548 | $ | 662,730 | $ | - | $ | 101,089 | $ | - | $ | 2,929,969 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 43,723,133 | $ | 37,389,614 | $ | 35,005,662 | $ | 11,657,564 | $ | 29,284,198 | $ | 10,559,593 | $ | 13,504,808 | $ | - | $ | 181,124,572 | |||||||||||||||||||
Management’s opinion as to the ultimate collectability of loans is subject to estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. | |||||||||||||||||||||||||||||||||||||
The allowance for loan losses is maintained at a level that, in management’s judgment, is adequate to cover probable credit losses inherent in the loan portfolio at the balance sheet date. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||||||||||||||||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. | |||||||||||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest will not be able to be collected when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and agricultural loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||||||||||
Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, individual consumer and residential loans are not separately identified for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | |||||||||||||||||||||||||||||||||||||
The general component covers non-classified loans and is based on historical charge-off experience and expected loss given the internal risk rating process. The loan portfolio is stratified into homogeneous groups of loans that possess similar loss characteristics and an appropriate loss ratio adjusted for other qualitative factors is applied to the homogeneous pools of loans to estimate the incurred losses in the loan portfolio. | |||||||||||||||||||||||||||||||||||||
There have been no changes to the Company’s accounting policies or methodology from the prior periods. | |||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on all loans at origination. In addition, lending relationships over $500,000, new commercial and commercial real estate loans, and watch list credits are reviewed annually by our loan review department in order to verify risk ratings. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||||||
Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | |||||||||||||||||||||||||||||||||||||
Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||
Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. | |||||||||||||||||||||||||||||||||||||
The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial Real Estate | Agricultural Real Estate | Home Equity | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Rating: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 40,724,601 | $ | 41,061,498 | $ | 34,880,240 | $ | 36,489,660 | $ | 35,140,520 | $ | 35,005,662 | $ | 10,470,971 | $ | 11,215,416 | |||||||||||||||||||||
Special Mention | 709,084 | 775,545 | 55,087 | 57,488 | - | - | 120,047 | 155,515 | |||||||||||||||||||||||||||||
Substandard | 2,250,740 | 2,449,614 | 2,069,231 | 2,373,544 | 126,323 | - | 240,587 | 358,181 | |||||||||||||||||||||||||||||
Total | $ | 43,684,425 | $ | 44,286,657 | $ | 37,004,558 | $ | 38,920,692 | $ | 35,266,843 | $ | 35,005,662 | $ | 10,831,605 | $ | 11,729,112 | |||||||||||||||||||||
Commercial | Agricultural | Consumer | Total | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Rating: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 26,589,902 | $ | 29,231,227 | $ | 10,047,982 | $ | 10,559,593 | $ | 12,896,586 | $ | 13,302,507 | $ | 170,750,802 | $ | 176,865,563 | |||||||||||||||||||||
Special Mention | - | - | - | - | 72,601 | 68,480 | 956,819 | 1,057,028 | |||||||||||||||||||||||||||||
Substandard | 597,825 | 715,701 | - | - | 254,523 | 234,910 | 5,539,229 | 6,131,950 | |||||||||||||||||||||||||||||
Total | $ | 27,187,727 | $ | 29,946,928 | $ | 10,047,982 | $ | 10,559,593 | $ | 13,223,710 | $ | 13,605,897 | $ | 177,246,850 | $ | 184,054,541 | |||||||||||||||||||||
The following tables present the Company’s loan portfolio aging analysis as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 | Total | Total Loans >90 | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Days Past Due | Past Due | Current | Total Loans | Days & Accruing | |||||||||||||||||||||||||||||||
One-to-four family residential | $ | 222,264 | $ | 225,591 | $ | 838,823 | $ | 1,286,678 | $ | 42,397,747 | $ | 43,684,425 | $ | - | |||||||||||||||||||||||
Commercial real estate | 889,308 | - | 61,270 | 950,578 | 36,053,980 | 37,004,558 | - | ||||||||||||||||||||||||||||||
Agricultural real estate | - | - | 126,323 | 126,323 | 35,140,520 | 35,266,843 | - | ||||||||||||||||||||||||||||||
Home equity | 132,223 | 20,681 | 51,296 | 204,200 | 10,627,405 | 10,831,605 | - | ||||||||||||||||||||||||||||||
Commercial | - | - | 286,411 | 286,411 | 26,901,316 | 27,187,727 | - | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | 10,047,982 | 10,047,982 | - | ||||||||||||||||||||||||||||||
Consumer | 48,504 | 47,192 | 120,286 | 215,982 | 13,007,728 | 13,223,710 | - | ||||||||||||||||||||||||||||||
Total | $ | 1,292,299 | $ | 293,464 | $ | 1,484,409 | $ | 3,070,172 | $ | 174,176,678 | $ | 177,246,850 | $ | - | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 | Total | Total Loans >90 | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Days Past Due | Past Due | Current | Total Loans | Days & Accruing | |||||||||||||||||||||||||||||||
One-to-four family residential | $ | 350,539 | $ | 95,782 | $ | 806,877 | $ | 1,253,198 | $ | 43,033,459 | $ | 44,286,657 | $ | - | |||||||||||||||||||||||
Commercial real estate | - | 68,216 | 78,281 | 146,497 | 38,774,195 | 38,920,692 | - | ||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | 35,005,662 | 35,005,662 | - | ||||||||||||||||||||||||||||||
Home equity | 156,331 | 47,585 | 55,288 | 259,204 | 11,469,908 | 11,729,112 | - | ||||||||||||||||||||||||||||||
Commercial | - | - | - | - | 29,946,928 | 29,946,928 | - | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | 10,559,593 | 10,559,593 | - | ||||||||||||||||||||||||||||||
Consumer | 108,452 | 26,212 | 9,900 | 144,564 | 13,461,333 | 13,605,897 | - | ||||||||||||||||||||||||||||||
Total | $ | 615,322 | $ | 237,795 | $ | 950,346 | $ | 1,803,463 | $ | 182,251,078 | $ | 184,054,541 | $ | - | |||||||||||||||||||||||
The accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at the earlier date if collection of principal and interest is considered doubtful. | |||||||||||||||||||||||||||||||||||||
All interest accrued but not collected for loans that are placed on non-accrual or charged-off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||||||
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. | |||||||||||||||||||||||||||||||||||||
Impairment is measured on a loan-by-loan basis by either the present value of the expected future cash flows, the loan’s observable market value, or, for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expenses. Significant restructured loans are considered impaired in determining the adequacy of the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||
The Company actively seeks to reduce its investment in impaired loans. The primary tools to work through impaired loans are settlement with the borrowers or guarantors, foreclosure of the underlying collateral, or restructuring. | |||||||||||||||||||||||||||||||||||||
The Company will restructure loans when the borrower demonstrates the inability to comply with the terms of the loan, but can demonstrate the ability to meet acceptable restructured terms. Restructurings generally include one or more of the following restructuring options; reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection. Restructured loans in compliance with modified terms are classified as impaired. | |||||||||||||||||||||||||||||||||||||
The following tables present impaired loans at or for the three and six months ended June 30, 2014 and the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 138,562 | $ | 138,562 | $ | - | $ | 221,698 | $ | 3,220 | $ | 3,170 | |||||||||||||||||||||||||
Commercial real estate | 58,366 | 58,366 | - | 337,676 | 4,001 | 8,342 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 3,134 | - | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,240 | 708 | 685 | |||||||||||||||||||||||||||||||
Consumer | 12,765 | 12,765 | - | 12,965 | 234 | 20 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 395,148 | 395,148 | 151,622 | 401,035 | 6,185 | 7,811 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,399,529 | 1,399,529 | 305,955 | 1,404,581 | 20,860 | 17,806 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 609,401 | 7,807 | 2,542 | |||||||||||||||||||||||||||||||
Consumer | 97,414 | 97,414 | 11,689 | 97,414 | 970 | - | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 533,710 | 533,710 | 151,622 | 622,733 | 9,405 | 10,981 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,457,895 | 1,457,895 | 305,955 | 1,742,257 | 24,861 | 26,148 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 3,134 | - | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 609,401 | 7,807 | 2,542 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,240 | 708 | 685 | |||||||||||||||||||||||||||||||
Consumer | 110,179 | 110,179 | 11,689 | 110,379 | 1,204 | 20 | |||||||||||||||||||||||||||||||
Total | $ | 2,804,790 | $ | 2,804,790 | $ | 929,988 | $ | 3,242,176 | $ | 47,119 | $ | 40,376 | |||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 138,562 | $ | 138,562 | $ | - | $ | 222,794 | $ | 6,464 | $ | 6,664 | |||||||||||||||||||||||||
Commercial real estate | 58,366 | 58,366 | - | 406,539 | 9,511 | 9,524 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 6,234 | 843 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,544 | 1,426 | 1,483 | |||||||||||||||||||||||||||||||
Consumer | 12,765 | 12,765 | - | 13,305 | 510 | 336 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 395,148 | 395,148 | 151,622 | 405,796 | 12,114 | 12,466 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,399,529 | 1,399,529 | 305,955 | 1,426,043 | 42,034 | 38,754 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 629,941 | 15,653 | 10,460 | |||||||||||||||||||||||||||||||
Consumer | 97,414 | 97,414 | 11,689 | 97,414 | 1,928 | - | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 533,710 | 533,710 | 151,622 | 628,590 | 18,578 | 19,130 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,457,895 | 1,457,895 | 305,955 | 1,832,582 | 51,545 | 48,278 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 6,234 | 843 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 629,941 | 15,653 | 10,460 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,544 | 1,426 | 1,483 | |||||||||||||||||||||||||||||||
Consumer | 110,179 | 110,179 | 11,689 | 110,719 | 2,438 | 336 | |||||||||||||||||||||||||||||||
Total | $ | 2,804,790 | $ | 2,804,790 | $ | 929,988 | $ | 3,359,542 | $ | 95,874 | $ | 80,530 | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 563,524 | $ | 563,524 | $ | - | $ | 652,373 | $ | 27,250 | $ | 25,347 | |||||||||||||||||||||||||
Commercial real estate | 63,293 | 63,293 | - | 96,019 | 5,282 | 5,327 | |||||||||||||||||||||||||||||||
Home equity | 71,548 | 71,548 | - | 66,388 | 3,017 | 2,980 | |||||||||||||||||||||||||||||||
Consumer | 4,528 | 4,528 | - | 6,419 | 453 | 442 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,467,785 | 1,467,785 | 248,857 | 1,488,243 | 79,719 | 74,028 | |||||||||||||||||||||||||||||||
Commercial | 662,730 | 662,730 | 622,730 | 726,269 | 34,465 | 33,921 | |||||||||||||||||||||||||||||||
Consumer | 96,561 | 96,561 | 10,836 | 99,401 | 1,586 | 1,576 | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 563,524 | 563,524 | - | 652,373 | 27,250 | 25,347 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,531,078 | 1,531,078 | 248,857 | 1,584,262 | 85,001 | 79,355 | |||||||||||||||||||||||||||||||
Commercial | 662,730 | 662,730 | 622,730 | 726,269 | 34,465 | 33,921 | |||||||||||||||||||||||||||||||
Home equity | 71,548 | 71,548 | - | 66,388 | 3,017 | 2,980 | |||||||||||||||||||||||||||||||
Consumer | 101,089 | 101,089 | 10,836 | 105,820 | 2,039 | 2,018 | |||||||||||||||||||||||||||||||
Total | $ | 2,929,969 | $ | 2,929,969 | $ | 882,423 | $ | 3,135,112 | $ | 151,772 | $ | 143,621 | |||||||||||||||||||||||||
Included in certain loan categories in the impaired loans are troubled debt restructurings (TDR’s), where economic concessions have been granted to borrowers who have experienced financial difficulties, that were classified as impaired. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. TDR’s are considered impaired at the time of restructuring and typically are returned to accrual status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. | |||||||||||||||||||||||||||||||||||||
When loans are modified into a TDR, the Company evaluates any possible impairment similar to other impaired loans based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or based upon on the current fair value of the collateral, less selling costs for collateral dependent loans. If the Company determined that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, the Company evaluates all TDR’s, including those that have payment defaults, for possible impairment and recognizes impairment through the allowance. | |||||||||||||||||||||||||||||||||||||
The following table presents the recorded balance, at original cost, of TDR’s, as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 585,528 | $ | 661,880 | |||||||||||||||||||||||||||||||||
Commercial real estate | 943,025 | 1,137,667 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | |||||||||||||||||||||||||||||||||||
Home equity | 15,502 | 79,087 | |||||||||||||||||||||||||||||||||||
Commercial loans | 558,994 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 48,742 | 43,559 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,151,791 | $ | 2,597,676 | |||||||||||||||||||||||||||||||||
The following table presents the recorded balance, at original cost, of TDR’s, which were performing according to the terms of the restructuring, as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 546,572 | $ | 591,000 | |||||||||||||||||||||||||||||||||
Commercial real estate | 53,992 | 1,074,194 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | |||||||||||||||||||||||||||||||||||
Home equity | 11,700 | 13,015 | |||||||||||||||||||||||||||||||||||
Commercial loans | 272,583 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 48,742 | 42,059 | |||||||||||||||||||||||||||||||||||
Total | $ | 933,589 | $ | 2,395,751 | |||||||||||||||||||||||||||||||||
The following tables present loans modified as TDR’s during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
One-to-four family residential | - | $ | - | - | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer loans | - | - | 1 | 18,489 | |||||||||||||||||||||||||||||||||
Total | - | $ | - | 1 | $ | 18,489 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
One-to-four family residential | 3 | $ | 234,015 | 6 | $ | 383,982 | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 2 | 114,567 | |||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer loans | - | - | 2 | 14,151 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 234,015 | 10 | $ | 512,700 | |||||||||||||||||||||||||||||||
2014 Modifications | |||||||||||||||||||||||||||||||||||||
The Company modified one consumer loan with a recorded investment of $18,489. The modification was made to change the payment schedule to interest-only for three months. The modification did not result in a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
Management considers the level of defaults within the various portfolios when evaluating qualitative adjustments used to determine the adequacy of the allowance for loan losses. During the six month period ended June 30, 2014, two residential real estate loans of $38,956, two commercial loans of $286,411 and one home equity loan of $3,802 were considered TDR’s defaulted as they were more than 90 days past due at June 30, 2014. Default occurs when a loan is 90 days or more past due, transferred to nonaccrual or charged-off, and is within twelve months of restructuring. | |||||||||||||||||||||||||||||||||||||
2013 Modifications | |||||||||||||||||||||||||||||||||||||
During the six month period ended June 30, 2013, the Company modified six one-to-four family residential real estate loans, with a recorded investment of $383,982, which were deemed to be TDR’s. One modification was made to combine notes and capitalize interest. Two of the modifications involved rate concessions. Three of the modifications were made to renew notes and capitalize real estate taxes. None of the modifications resulted in a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
The Company also modified two commercial real estate loans with a recorded investment of $114,567. Both modifications were made for the same borrower to provide some payment concessions while trying to sell the property. The modification did not result in a reduction of the contractual interest rate or a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
The Company also modified two consumer loans with a recorded investment of $14,151. One modification was made to combine notes and capitalize interest. The second modification was a renewal with a rate concession. Neither modification resulted in a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
Management considers the level of defaults within the various portfolios when evaluating qualitative adjustments used to determine the adequacy of the allowance for loan losses. During the six month period ended June 30, 2013, two residential real estate loans of $110,792 and one home equity loan of $5,141 that were considered TDR’s defaulted as they were more than 90 days past due at June 30, 2013. Default occurs when a loan is 90 days or more past due, transferred to nonaccrual or charged-off, and is within twelve months of restructuring. | |||||||||||||||||||||||||||||||||||||
The following table presents the Company’s nonaccrual loans at June 30, 2014 and December 31, 2013. This table excludes performing troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 1,219,580 | $ | 1,339,487 | |||||||||||||||||||||||||||||||||
Commercial real estate | 173,629 | 208,297 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | - | |||||||||||||||||||||||||||||||||||
Home equity | 138,764 | 133,823 | |||||||||||||||||||||||||||||||||||
Commercial loans | 315,234 | 37,939 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 179,529 | 62,617 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,153,059 | $ | 1,782,163 |
INVESTMENTS
INVESTMENTS | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||
6 | INVESTMENTS | ||||||||||||||||||||||||
The amortized cost and approximate fair value of securities, all of which are classified as available-for-sale, are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||||||
U.S. government and agencies | $ | 10,630,874 | $ | 103,887 | $ | (195,812 | ) | $ | 10,538,949 | ||||||||||||||||
Mortgage-backed securities (government- | 48,365,899 | 416,864 | (426,560 | ) | 48,356,203 | ||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
Municipal bonds | 47,998,513 | 1,598,673 | (680,891 | ) | 48,916,295 | ||||||||||||||||||||
$ | 106,995,286 | $ | 2,119,424 | $ | (1,303,263 | ) | $ | 107,811,447 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government and agencies | $ | 10,710,675 | $ | 114,936 | $ | (405,535 | ) | $ | 10,420,076 | ||||||||||||||||
Mortgage-backed securities (government- | 49,486,337 | 219,222 | (1,359,904 | ) | 48,345,655 | ||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
Municipal bonds | 50,889,046 | 1,053,134 | (1,723,314 | ) | 50,218,866 | ||||||||||||||||||||
$ | 111,086,058 | $ | 1,387,292 | $ | (3,488,753 | ) | $ | 108,984,597 | |||||||||||||||||
The amortized cost and fair value of available-for-sale securities at June 30, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Within one year | $ | 95,658 | $ | 96,307 | |||||||||||||||||||||
One to five years | 7,785,004 | 8,081,775 | |||||||||||||||||||||||
Five to ten years | 25,427,676 | 25,880,922 | |||||||||||||||||||||||
After ten years | 25,321,049 | 25,396,240 | |||||||||||||||||||||||
58,629,387 | 59,455,244 | ||||||||||||||||||||||||
Mortgage-backed securities (government- | 48,365,899 | 48,356,203 | |||||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
$ | 106,995,286 | $ | 107,811,447 | ||||||||||||||||||||||
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $20,838,000 at June 30, 2014 and $20,420,000 at December 31, 2013. | |||||||||||||||||||||||||
The carrying value of securities sold under agreement to repurchase amounted to $8,700,000 at June 30, 2014 and $9,541,000 at December 31, 2013. | |||||||||||||||||||||||||
Gross gains of $62,000 and $105,000 and gross losses of $0 resulting from sales of available-for-sale securities were realized during the three months ended June 30, 2014 and 2013, respectively. Gross gains of $182,000 and $689,000 and gross losses of $20,000 and $0 resulting from sales of available-for-sale securities were realized during the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2014 and December 31, 2013 were $46,770,000, and $71,198,000, respectively, which were approximately 43% and 65% of the Company’s available-for-sale investment portfolio. | |||||||||||||||||||||||||
Management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | |||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||||||
Municipal bonds | $ | (17,144 | ) | $ | 1,926,262 | $ | (663,747 | ) | $ | 17,230,583 | $ | (680,891 | ) | $ | 19,156,845 | ||||||||||
U.S. government agencies | - | - | (195,812 | ) | 4,948,380 | (195,812 | ) | 4,948,380 | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
(government sponsored | |||||||||||||||||||||||||
enterprises - residential) | (5,089 | ) | 1,833,883 | (421,471 | ) | 20,831,355 | $ | (426,560 | ) | $ | 22,665,238 | ||||||||||||||
Total | $ | (22,233 | ) | $ | 3,760,145 | $ | (1,281,030 | ) | $ | 43,010,318 | $ | (1,303,263 | ) | $ | 46,770,463 | ||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Municipal bonds | $ | (1,462,733 | ) | $ | 22,534,325 | $ | (260,581 | ) | $ | 2,759,523 | $ | (1,723,314 | ) | $ | 25,293,848 | ||||||||||
U.S. government agencies | (367,005 | ) | 5,824,808 | (38,530 | ) | 470,324 | (405,535 | ) | 6,295,132 | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
(government sponsored | |||||||||||||||||||||||||
enterprises - residential) | (1,065,542 | ) | 33,521,545 | (294,362 | ) | 6,087,526 | (1,359,904 | ) | 39,609,071 | ||||||||||||||||
Total | $ | (2,895,280 | ) | $ | 61,880,678 | $ | (593,473 | ) | $ | 9,317,373 | $ | (3,488,753 | ) | $ | 71,198,051 | ||||||||||
The unrealized losses on the Company’s investments in municipal bonds, U.S. government agencies, and mortgage-backed securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2014 and December 31, 2013. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||
7 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Net unrealized gains (losses) on securities available-for-sale | $ | 816,161 | $ | (2,101,461 | ) | ||||
Tax effect | (277,495 | ) | 714,497 | ||||||
Net-of-tax amount | $ | 538,666 | $ | (1,386,964 | ) |
CHANGES_IN_ACCUMULATED_OTHER_C
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | ' | |||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | ' | |||||||||||||||||
8 | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | |||||||||||||||||
Amounts reclassified from AOCI and the affected line items in the statements of income during the three and six months ended June 30, 2014 and 2013, were as follows: | ||||||||||||||||||
Amounts Reclassified | ||||||||||||||||||
from AOCI | ||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item in the | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | Statements of Income | ||||||||||||||
Unrealized gains on available | $ | 61,727 | $ | 104,668 | $ | 161,582 | $ | 688,899 | Net realized gains on sales of | |||||||||
-for-sale securities | available-for-sale securities | |||||||||||||||||
Tax effect | (20,987 | ) | (35,587 | ) | (54,938 | ) | (234,226 | ) | Income taxes | |||||||||
Total reclassification out of AOCI | $ | 40,740 | $ | 69,081 | $ | 106,644 | $ | 454,673 | Net reclassified amount |
DISCLOSURES_ABOUT_FAIR_VALUE_O
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | ' | ||||||||||||||||
9 | DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | ||||||||||||||||
Fair value 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 measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||||||
Recurring Measurements | |||||||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2014 and December 31, 2013: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
U.S. Government and | $ | 10,538,949 | $ | - | $ | 10,538,949 | $ | - | |||||||||
agencies | |||||||||||||||||
Mortgage-backed securities | 48,356,203 | - | 48,356,203 | - | |||||||||||||
(Government sponsored | |||||||||||||||||
enterprises - residential) | |||||||||||||||||
Municipal bonds | 48,916,295 | - | 48,916,295 | - | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
U.S. Government and | $ | 10,420,076 | $ | - | $ | 10,420,076 | $ | - | |||||||||
agencies | |||||||||||||||||
Mortgage-backed securities | 48,345,655 | - | 48,345,655 | - | |||||||||||||
(Government sponsored | |||||||||||||||||
enterprises - residential) | |||||||||||||||||
Municipal bonds | 50,218,866 | - | 50,218,866 | - | |||||||||||||
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended June 30, 2014. | |||||||||||||||||
Available-for-Sale Securities - Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. | |||||||||||||||||
Nonrecurring Measurements | |||||||||||||||||
The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2014 and December 31, 2013: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 1,612,417 | $ | - | $ | - | $ | 1,612,417 | |||||||||
(collateral dependent) | |||||||||||||||||
Foreclosed assets | 7,000 | - | - | 7,000 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 1,219,185 | $ | - | $ | - | $ | 1,219,185 | |||||||||
(collateral dependent) | |||||||||||||||||
Mortgage servicing rights | 673,576 | - | - | 673,576 | |||||||||||||
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. | |||||||||||||||||
Impaired Loans (Collateral Dependent) - The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary. Appraisals are reviewed for accuracy and consistency. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. | |||||||||||||||||
Foreclosed Assets – The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary. Appraisals are reviewed for accuracy and consistency. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. | |||||||||||||||||
Mortgage Servicing Rights – Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of discount rate, prepayment speed and default rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. | |||||||||||||||||
Mortgage servicing rights are tested for impairment on at least an annual basis. The Company uses a third-party to measure mortgage servicing rights through the completion of a proprietary model. Inputs to the model are reviewed by the Company. | |||||||||||||||||
Unobservable (Level 3) Inputs | |||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements (dollars in thousands). | |||||||||||||||||
Fair Value at 6/30/14 | Valuation | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||
Technique | |||||||||||||||||
Foreclosed assets | $ | 7,000 | Market comparable | Comparability adjustments (%) | 30% | ||||||||||||
properties | |||||||||||||||||
Collateral-dependent impaired loans | 1,612,417 | Market comparable | Marketability discount | 25% – 50% (40%) | |||||||||||||
properties | |||||||||||||||||
Fair Value at 12/31/13 | Valuation | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||
Technique | |||||||||||||||||
Mortgage servicing rights | $ | 673,576 | Discounted cash flow | Discount rate | 8 – 12.5% (10.24%) | ||||||||||||
PSA standard prepayment | 144 – 342 (164) | ||||||||||||||||
model rate | |||||||||||||||||
Collateral-dependent impaired loans | 1,219,185 | Market comparable | Marketability discount | 20% – 30% (25%) | |||||||||||||
properties | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following table presents estimated fair values of the Company’s other financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2014 and December 31, 2013: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 5,298,795 | $ | 5,298,795 | $ | - | $ | - | |||||||||
Other investments | 76,639 | - | 76,639 | - | |||||||||||||
Loans held for sale | 482,155 | - | 482,155 | - | |||||||||||||
Loans, net of allowance for loan losses | 173,900,464 | - | - | 172,047,508 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | - | 1,113,800 | - | |||||||||||||
Interest receivable | 1,903,253 | - | 1,903,253 | - | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 252,086,057 | - | 149,377,511 | 105,339,433 | |||||||||||||
Short-term borrowings | 5,307,729 | - | 5,307,729 | - | |||||||||||||
Advances from borrowers for taxes and insurance | 1,019,680 | - | 1,019,680 | - | |||||||||||||
Interest payable | 180,355 | - | 180,355 | - | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | - | - | - | - | |||||||||||||
Letters of credit | - | - | - | - | |||||||||||||
Lines of credit | - | - | - | - | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 6,098,870 | $ | 6,098,870 | $ | - | $ | - | |||||||||
Other investments | 81,918 | - | 81,918 | - | |||||||||||||
Loans held for sale | 262,461 | - | 262,461 | - | |||||||||||||
Loans, net of allowance for loan losses | 180,639,502 | - | - | 178,866,833 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | - | 1,113,800 | - | |||||||||||||
Interest receivable | 1,817,415 | - | 1,817,415 | - | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 251,738,391 | - | 143,586,822 | 111,116,837 | |||||||||||||
Short-term borrowings | 19,610,297 | - | 19,610,297 | - | |||||||||||||
Advances from borrowers for taxes and insurance | 857,814 | - | 857,814 | - | |||||||||||||
Interest payable | 210,226 | - | 210,226 | - | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | - | - | - | - | |||||||||||||
Letters of credit | - | - | - | - | |||||||||||||
Lines of credit | - | - | - | - | |||||||||||||
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying condensed consolidated balance sheets at amounts other than fair value. | |||||||||||||||||
Cash and Cash Equivalents, Interest Receivable, Federal Home Loan Bank Stock, and Other Investments - The carrying amount approximates fair value. | |||||||||||||||||
Loans Held for Sale - For homogeneous categories of loans, such as mortgage loans held for sale, fair value is estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. | |||||||||||||||||
Loans - The fair value of loans is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. | |||||||||||||||||
Deposits - Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Short-term Borrowings, Interest Payable, and Advances from Borrowers for Taxes and Insurance - The carrying amount approximates fair value. | |||||||||||||||||
Commitments to Originate Loans, Letters of Credit, and Lines of Credit - The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present 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 fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. |
MORTGAGE_SERVICING_RIGHTS
MORTGAGE SERVICING RIGHTS | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
MORTGAGE SERVICING RIGHTS | ' | ||||||||
10 | MORTGAGE SERVICING RIGHTS | ||||||||
Activity in the balance of mortgage servicing rights, measured using the amortization method, for the six month period ending June 30, 2014 and the year ended December 31, 2013 was as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance, beginning of year | $ | 673,576 | $ | 664,436 | |||||
Servicing rights capitalized | 26,989 | 101,538 | |||||||
Amortization of servicing rights | (53,819 | ) | (148,285 | ) | |||||
Change in valuation allowance | 6,986 | 55,887 | |||||||
Balance, end of period | $ | 653,732 | $ | 673,576 | |||||
Activity in the valuation allowance for mortgage servicing rights for the six month period ending June 30, 2014 and the year ended December 31, 2013 was as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance, beginning of year | $ | 73,392 | $ | 129,279 | |||||
Additions | - | - | |||||||
Reductions | (6,986 | ) | (55,887 | ) | |||||
Balance, end of period | $ | 66,406 | $ | 73,392 |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
11 | INCOME TAXES | ||||||||
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense for the six months ended June 30, 2014 and 2013 is shown below. | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Computed at the statutory rate (34%) | $ | 664,548 | $ | 843,829 | |||||
Increase (decrease) resulting from | |||||||||
Tax exempt interest | (257,009 | ) | (249,632 | ) | |||||
State income taxes, net | 113,509 | 146,828 | |||||||
Increase in cash surrender value | (31,821 | ) | (32,555 | ) | |||||
Other, net | 559 | 856 | |||||||
Actual tax expense | $ | 489,786 | $ | 709,326 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
12 | COMMITMENTS AND CONTINGENCIES | |
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers in the way of commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. Substantially all of the Company’s loans are to borrowers located in Cass, Morgan, Macoupin, Montgomery, and surrounding counties in Illinois. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of earnings per share calculations for basic and diluted methods | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common shareholders | $ | 624,977 | $ | 760,075 | $ | 1,464,767 | $ | 1,772,523 | |||||||||
Basic average shares outstanding | 1,795,133 | 1,869,499 | 1,794,883 | 1,873,692 | |||||||||||||
Diluted potential common shares: | |||||||||||||||||
Stock option equivalents | 11,347 | 299 | 8,156 | 284 | |||||||||||||
Diluted average shares outstanding | 1,806,480 | 1,869,798 | 1,803,039 | 1,873,976 | |||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.41 | $ | 0.82 | $ | 0.95 | |||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.41 | $ | 0.81 | $ | 0.95 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | ' | ||||||||||||||||
Schedule of summary of ESOP shares | ' | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Unearned shares | 27,636 | 31,340 | |||||||||||||||
Shares committed for release | 1,122 | 1,098 | |||||||||||||||
Allocated shares | 54,539 | 56,292 | |||||||||||||||
Total ESOP shares | 83,297 | 88,730 | |||||||||||||||
Fair value of unearned shares | $ | 584,225 | $ | 597,340 | |||||||||||||
Schedule of stock option activity | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Exercise | Contractual | Instrinsic | |||||||||||||||
Options | Price/Share | Life (in years) | Value | ||||||||||||||
Outstanding, December 31, 2013 | 101,336 | $ | 15.63 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (9,901 | ) | 15.46 | ||||||||||||||
Forfeited | (400 | ) | 15.65 | ||||||||||||||
Outstanding, June 30, 2014 | 91,035 | $ | 15.65 | 7.75 | $ | 499,782 | |||||||||||
Exercisable, June 30, 2014 | 28,800 | $ | 15.65 | 7.75 | $ | 158,112 |
LOAN_PORTFOLIO_COMPOSITION_Tab
LOAN PORTFOLIO COMPOSITION (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of composition of loan portfolio | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 43,684,425 | 25.1 | % | $ | 44,286,657 | 24.5 | % | |||||||||||||||||||||||||||||
Commercial | 37,004,558 | 21.3 | 38,920,692 | 21.5 | |||||||||||||||||||||||||||||||||
Agricultural | 35,266,843 | 20.3 | 35,005,662 | 19.4 | |||||||||||||||||||||||||||||||||
Home equity | 10,831,605 | 6.2 | 11,729,112 | 6.5 | |||||||||||||||||||||||||||||||||
Total real estate loans | 126,787,431 | 72.9 | 129,942,123 | 71.9 | |||||||||||||||||||||||||||||||||
Commercial loans | 27,187,727 | 15.6 | 29,946,928 | 16.6 | |||||||||||||||||||||||||||||||||
Agricultural loans | 10,047,982 | 5.8 | 10,559,593 | 5.9 | |||||||||||||||||||||||||||||||||
Consumer loans | 13,223,710 | 7.6 | 13,605,897 | 7.5 | |||||||||||||||||||||||||||||||||
Total loans receivable | 177,246,850 | 101.9 | 184,054,541 | 101.9 | |||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Net deferred loan fees | 5,119 | 0 | 8,605 | 0 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 3,341,267 | 1.9 | 3,406,434 | 1.9 | |||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 173,900,464 | 100 | % | $ | 180,639,502 | 100 | % | |||||||||||||||||||||||||||||
Schedule of allowance for loan losses and recorded investment in loans based on portfolio segment and impairment method | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
April 1, 2014 | $ | 1,062,470 | $ | 714,561 | $ | 178,854 | $ | 198,395 | $ | 834,930 | $ | 43,650 | $ | 199,926 | $ | 135,696 | $ | 3,368,482 | |||||||||||||||||||
Provision charged to expense | (32,365 | ) | 86,603 | (3,151 | ) | (23,445 | ) | (96,626 | ) | 6,590 | (16,481 | ) | 108,875 | 30,000 | |||||||||||||||||||||||
Losses charged off | (30,000 | ) | (30,000 | ) | - | - | - | - | - | - | (60,000 | ) | |||||||||||||||||||||||||
Recoveries | 660 | 168 | - | 525 | 32 | - | 1,400 | - | 2,785 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 1,000,765 | $ | 771,332 | $ | 175,703 | $ | 175,475 | $ | 738,336 | $ | 50,240 | $ | 184,845 | $ | 244,571 | $ | 3,341,267 | |||||||||||||||||||
Beginning Balance, January 1, 2014 | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 201,993 | $ | 1,034,189 | $ | 52,798 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Provision charged to expense | 173,661 | 118,878 | 675 | (27,568 | ) | (295,885 | ) | (2,558 | ) | 3,900 | 88,897 | 60,000 | |||||||||||||||||||||||||
Losses charged off | (30,000 | ) | (93,474 | ) | - | - | - | - | (5,503 | ) | - | (128,977 | ) | ||||||||||||||||||||||||
Recoveries | 960 | 168 | - | 1,050 | 32 | - | 1,600 | - | 3,810 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 1,000,765 | $ | 771,332 | $ | 175,703 | $ | 175,475 | $ | 738,336 | $ | 50,240 | $ | 184,845 | $ | 244,571 | $ | 3,341,267 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 151,622 | $ | 305,955 | $ | - | $ | - | $ | 460,722 | $ | - | $ | 11,689 | $ | - | $ | 929,988 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 849,143 | $ | 465,377 | $ | 175,703 | $ | 175,475 | $ | 277,614 | $ | 50,240 | $ | 173,156 | $ | 244,571 | $ | 2,411,279 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 43,684,425 | $ | 37,004,558 | $ | 35,266,843 | $ | 10,831,605 | $ | 27,187,727 | $ | 10,047,982 | $ | 13,223,710 | $ | - | $ | 177,246,850 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 533,710 | $ | 1,457,895 | $ | 126,323 | $ | 29,246 | $ | 547,437 | $ | - | $ | 110,179 | $ | - | $ | 2,804,790 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 43,150,715 | $ | 35,546,663 | $ | 35,140,520 | $ | 10,802,359 | $ | 26,640,290 | $ | 10,047,982 | $ | 13,113,531 | $ | - | $ | 174,442,060 | |||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
April 1, 2013 | $ | 779,243 | $ | 837,443 | $ | 183,780 | $ | 227,620 | $ | 959,663 | $ | 44,570 | $ | 173,674 | $ | 239,976 | $ | 3,445,969 | |||||||||||||||||||
Provision charged to expense | 48,470 | (67,621 | ) | 1,606 | (11,574 | ) | 11,911 | 8,813 | (6,715 | ) | 15,110 | - | |||||||||||||||||||||||||
Losses charged off | - | - | - | - | - | - | (6,427 | ) | - | (6,427 | ) | ||||||||||||||||||||||||||
Recoveries | 840 | 23,687 | - | 525 | 7,341 | - | 601 | - | 32,994 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | |||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
January 1, 2013 | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 72,053 | (146,933 | ) | 35,818 | (125,975 | ) | 37,323 | 9,453 | 54,518 | 93,743 | 30,000 | ||||||||||||||||||||||||||
Losses charged off | - | - | - | - | - | - | (52,186 | ) | - | (52,186 | ) | ||||||||||||||||||||||||||
Recoveries | 15,471 | 111,569 | - | 13,550 | 7,341 | - | 7,327 | - | 155,258 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | - | $ | 231,740 | $ | - | $ | - | $ | 648,701 | $ | - | $ | - | $ | - | $ | 880,441 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 828,553 | $ | 561,769 | $ | 185,386 | $ | 216,571 | $ | 330,214 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 2,592,095 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 41,156,553 | $ | 33,004,015 | $ | 37,077,179 | $ | 11,652,179 | $ | 24,400,611 | $ | 10,676,640 | $ | 14,361,986 | $ | - | $ | 172,329,163 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 420,195 | $ | 1,366,682 | $ | - | $ | 64,765 | $ | 690,046 | $ | - | $ | 6,505 | $ | - | $ | 2,548,193 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 40,736,358 | $ | 31,637,333 | $ | 37,077,179 | $ | 11,587,414 | $ | 23,710,565 | $ | 10,676,640 | $ | 14,355,481 | $ | - | $ | 169,780,970 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||
1-4 Family | Real Estate | Real Estate | Home Equity | Commercial | Agricultural | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balance, | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 261,492 | (218,949 | ) | 25,460 | (78,628 | ) | 92,597 | 8,868 | 84,829 | (5,669 | ) | 170,000 | |||||||||||||||||||||||||
Losses charged off | (162,448 | ) | - | - | (63,410 | ) | - | - | (66,467 | ) | - | (292,325 | ) | ||||||||||||||||||||||||
Recoveries | 16,071 | 135,836 | - | 15,035 | 7,341 | - | 15,012 | - | 189,295 | ||||||||||||||||||||||||||||
Ending balance, | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 201,993 | $ | 1,034,189 | $ | 52,798 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | - | $ | 248,857 | $ | - | $ | - | $ | 622,730 | $ | - | $ | 10,836 | $ | - | $ | 882,423 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 856,144 | $ | 496,903 | $ | 175,028 | $ | 201,993 | $ | 411,459 | $ | 52,798 | $ | 174,012 | $ | 155,674 | $ | 2,524,011 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,286,657 | $ | 38,920,692 | $ | 35,005,662 | $ | 11,729,112 | $ | 29,946,928 | $ | 10,559,593 | $ | 13,605,897 | $ | - | $ | 184,054,541 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | $ | 563,524 | $ | 1,531,078 | $ | - | $ | 71,548 | $ | 662,730 | $ | - | $ | 101,089 | $ | - | $ | 2,929,969 | |||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 43,723,133 | $ | 37,389,614 | $ | 35,005,662 | $ | 11,657,564 | $ | 29,284,198 | $ | 10,559,593 | $ | 13,504,808 | $ | - | $ | 181,124,572 | |||||||||||||||||||
Schedule of credit risk profile of loan portfolio based on rating category and payment activity | ' | ||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial Real Estate | Agricultural Real Estate | Home Equity | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Rating: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 40,724,601 | $ | 41,061,498 | $ | 34,880,240 | $ | 36,489,660 | $ | 35,140,520 | $ | 35,005,662 | $ | 10,470,971 | $ | 11,215,416 | |||||||||||||||||||||
Special Mention | 709,084 | 775,545 | 55,087 | 57,488 | - | - | 120,047 | 155,515 | |||||||||||||||||||||||||||||
Substandard | 2,250,740 | 2,449,614 | 2,069,231 | 2,373,544 | 126,323 | - | 240,587 | 358,181 | |||||||||||||||||||||||||||||
Total | $ | 43,684,425 | $ | 44,286,657 | $ | 37,004,558 | $ | 38,920,692 | $ | 35,266,843 | $ | 35,005,662 | $ | 10,831,605 | $ | 11,729,112 | |||||||||||||||||||||
Commercial | Agricultural | Consumer | Total | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Rating: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 26,589,902 | $ | 29,231,227 | $ | 10,047,982 | $ | 10,559,593 | $ | 12,896,586 | $ | 13,302,507 | $ | 170,750,802 | $ | 176,865,563 | |||||||||||||||||||||
Special Mention | - | - | - | - | 72,601 | 68,480 | 956,819 | 1,057,028 | |||||||||||||||||||||||||||||
Substandard | 597,825 | 715,701 | - | - | 254,523 | 234,910 | 5,539,229 | 6,131,950 | |||||||||||||||||||||||||||||
Total | $ | 27,187,727 | $ | 29,946,928 | $ | 10,047,982 | $ | 10,559,593 | $ | 13,223,710 | $ | 13,605,897 | $ | 177,246,850 | $ | 184,054,541 | |||||||||||||||||||||
Schedule of loan portfolio aging analysis | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 | Total | Total Loans >90 | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Days Past Due | Past Due | Current | Total Loans | Days & Accruing | |||||||||||||||||||||||||||||||
One-to-four family residential | $ | 222,264 | $ | 225,591 | $ | 838,823 | $ | 1,286,678 | $ | 42,397,747 | $ | 43,684,425 | $ | - | |||||||||||||||||||||||
Commercial real estate | 889,308 | - | 61,270 | 950,578 | 36,053,980 | 37,004,558 | - | ||||||||||||||||||||||||||||||
Agricultural real estate | - | - | 126,323 | 126,323 | 35,140,520 | 35,266,843 | - | ||||||||||||||||||||||||||||||
Home equity | 132,223 | 20,681 | 51,296 | 204,200 | 10,627,405 | 10,831,605 | - | ||||||||||||||||||||||||||||||
Commercial | - | - | 286,411 | 286,411 | 26,901,316 | 27,187,727 | - | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | 10,047,982 | 10,047,982 | - | ||||||||||||||||||||||||||||||
Consumer | 48,504 | 47,192 | 120,286 | 215,982 | 13,007,728 | 13,223,710 | - | ||||||||||||||||||||||||||||||
Total | $ | 1,292,299 | $ | 293,464 | $ | 1,484,409 | $ | 3,070,172 | $ | 174,176,678 | $ | 177,246,850 | $ | - | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 | Total | Total Loans >90 | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Days Past Due | Past Due | Current | Total Loans | Days & Accruing | |||||||||||||||||||||||||||||||
One-to-four family residential | $ | 350,539 | $ | 95,782 | $ | 806,877 | $ | 1,253,198 | $ | 43,033,459 | $ | 44,286,657 | $ | - | |||||||||||||||||||||||
Commercial real estate | - | 68,216 | 78,281 | 146,497 | 38,774,195 | 38,920,692 | - | ||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | 35,005,662 | 35,005,662 | - | ||||||||||||||||||||||||||||||
Home equity | 156,331 | 47,585 | 55,288 | 259,204 | 11,469,908 | 11,729,112 | - | ||||||||||||||||||||||||||||||
Commercial | - | - | - | - | 29,946,928 | 29,946,928 | - | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | 10,559,593 | 10,559,593 | - | ||||||||||||||||||||||||||||||
Consumer | 108,452 | 26,212 | 9,900 | 144,564 | 13,461,333 | 13,605,897 | - | ||||||||||||||||||||||||||||||
Total | $ | 615,322 | $ | 237,795 | $ | 950,346 | $ | 1,803,463 | $ | 182,251,078 | $ | 184,054,541 | $ | - | |||||||||||||||||||||||
Schedule of impaired loan | ' | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 138,562 | $ | 138,562 | $ | - | $ | 221,698 | $ | 3,220 | $ | 3,170 | |||||||||||||||||||||||||
Commercial real estate | 58,366 | 58,366 | - | 337,676 | 4,001 | 8,342 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 3,134 | - | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,240 | 708 | 685 | |||||||||||||||||||||||||||||||
Consumer | 12,765 | 12,765 | - | 12,965 | 234 | 20 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 395,148 | 395,148 | 151,622 | 401,035 | 6,185 | 7,811 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,399,529 | 1,399,529 | 305,955 | 1,404,581 | 20,860 | 17,806 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 609,401 | 7,807 | 2,542 | |||||||||||||||||||||||||||||||
Consumer | 97,414 | 97,414 | 11,689 | 97,414 | 970 | - | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 533,710 | 533,710 | 151,622 | 622,733 | 9,405 | 10,981 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,457,895 | 1,457,895 | 305,955 | 1,742,257 | 24,861 | 26,148 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 3,134 | - | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 609,401 | 7,807 | 2,542 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,240 | 708 | 685 | |||||||||||||||||||||||||||||||
Consumer | 110,179 | 110,179 | 11,689 | 110,379 | 1,204 | 20 | |||||||||||||||||||||||||||||||
Total | $ | 2,804,790 | $ | 2,804,790 | $ | 929,988 | $ | 3,242,176 | $ | 47,119 | $ | 40,376 | |||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 138,562 | $ | 138,562 | $ | - | $ | 222,794 | $ | 6,464 | $ | 6,664 | |||||||||||||||||||||||||
Commercial real estate | 58,366 | 58,366 | - | 406,539 | 9,511 | 9,524 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 6,234 | 843 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,544 | 1,426 | 1,483 | |||||||||||||||||||||||||||||||
Consumer | 12,765 | 12,765 | - | 13,305 | 510 | 336 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 395,148 | 395,148 | 151,622 | 405,796 | 12,114 | 12,466 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,399,529 | 1,399,529 | 305,955 | 1,426,043 | 42,034 | 38,754 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 629,941 | 15,653 | 10,460 | |||||||||||||||||||||||||||||||
Consumer | 97,414 | 97,414 | 11,689 | 97,414 | 1,928 | - | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 533,710 | 533,710 | 151,622 | 628,590 | 18,578 | 19,130 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,457,895 | 1,457,895 | 305,955 | 1,832,582 | 51,545 | 48,278 | |||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | 126,323 | - | 127,166 | 6,234 | 843 | |||||||||||||||||||||||||||||||
Commercial | 547,437 | 547,437 | 460,722 | 629,941 | 15,653 | 10,460 | |||||||||||||||||||||||||||||||
Home equity | 29,246 | 29,246 | - | 30,544 | 1,426 | 1,483 | |||||||||||||||||||||||||||||||
Consumer | 110,179 | 110,179 | 11,689 | 110,719 | 2,438 | 336 | |||||||||||||||||||||||||||||||
Total | $ | 2,804,790 | $ | 2,804,790 | $ | 929,988 | $ | 3,359,542 | $ | 95,874 | $ | 80,530 | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Average | Interest | ||||||||||||||||||||||||||||||||||||
Unpaid | Impairment in | Interest | Income | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | Recognized | ||||||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Cash Basis | ||||||||||||||||||||||||||||||||
Loans without a specific allowance: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 563,524 | $ | 563,524 | $ | - | $ | 652,373 | $ | 27,250 | $ | 25,347 | |||||||||||||||||||||||||
Commercial real estate | 63,293 | 63,293 | - | 96,019 | 5,282 | 5,327 | |||||||||||||||||||||||||||||||
Home equity | 71,548 | 71,548 | - | 66,388 | 3,017 | 2,980 | |||||||||||||||||||||||||||||||
Consumer | 4,528 | 4,528 | - | 6,419 | 453 | 442 | |||||||||||||||||||||||||||||||
Loans with a specific allowance: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,467,785 | 1,467,785 | 248,857 | 1,488,243 | 79,719 | 74,028 | |||||||||||||||||||||||||||||||
Commercial | 662,730 | 662,730 | 622,730 | 726,269 | 34,465 | 33,921 | |||||||||||||||||||||||||||||||
Consumer | 96,561 | 96,561 | 10,836 | 99,401 | 1,586 | 1,576 | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential | 563,524 | 563,524 | - | 652,373 | 27,250 | 25,347 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,531,078 | 1,531,078 | 248,857 | 1,584,262 | 85,001 | 79,355 | |||||||||||||||||||||||||||||||
Commercial | 662,730 | 662,730 | 622,730 | 726,269 | 34,465 | 33,921 | |||||||||||||||||||||||||||||||
Home equity | 71,548 | 71,548 | - | 66,388 | 3,017 | 2,980 | |||||||||||||||||||||||||||||||
Consumer | 101,089 | 101,089 | 10,836 | 105,820 | 2,039 | 2,018 | |||||||||||||||||||||||||||||||
Total | $ | 2,929,969 | $ | 2,929,969 | $ | 882,423 | $ | 3,135,112 | $ | 151,772 | $ | 143,621 | |||||||||||||||||||||||||
Schedule of recorded balance at original cost of troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 585,528 | $ | 661,880 | |||||||||||||||||||||||||||||||||
Commercial real estate | 943,025 | 1,137,667 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | |||||||||||||||||||||||||||||||||||
Home equity | 15,502 | 79,087 | |||||||||||||||||||||||||||||||||||
Commercial loans | 558,994 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 48,742 | 43,559 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,151,791 | $ | 2,597,676 | |||||||||||||||||||||||||||||||||
Schedule of recorded balance at original cost of troubled debt restructurings which were performing according to terms of restructuring | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 546,572 | $ | 591,000 | |||||||||||||||||||||||||||||||||
Commercial real estate | 53,992 | 1,074,194 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | |||||||||||||||||||||||||||||||||||
Home equity | 11,700 | 13,015 | |||||||||||||||||||||||||||||||||||
Commercial loans | 272,583 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 48,742 | 42,059 | |||||||||||||||||||||||||||||||||||
Total | $ | 933,589 | $ | 2,395,751 | |||||||||||||||||||||||||||||||||
Schedule of loans modified as troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
One-to-four family residential | - | $ | - | - | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer loans | - | - | 1 | 18,489 | |||||||||||||||||||||||||||||||||
Total | - | $ | - | 1 | $ | 18,489 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
One-to-four family residential | 3 | $ | 234,015 | 6 | $ | 383,982 | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 2 | 114,567 | |||||||||||||||||||||||||||||||||
Agricultural real estate | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Agricultural loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer loans | - | - | 2 | 14,151 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 234,015 | 10 | $ | 512,700 | |||||||||||||||||||||||||||||||
Schedule of nonaccrual loans | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 1,219,580 | $ | 1,339,487 | |||||||||||||||||||||||||||||||||
Commercial real estate | 173,629 | 208,297 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | 126,323 | - | |||||||||||||||||||||||||||||||||||
Home equity | 138,764 | 133,823 | |||||||||||||||||||||||||||||||||||
Commercial loans | 315,234 | 37,939 | |||||||||||||||||||||||||||||||||||
Agricultural loans | - | - | |||||||||||||||||||||||||||||||||||
Consumer loans | 179,529 | 62,617 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,153,059 | $ | 1,782,163 |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost and approximate fair values with gross unrealized gains and losses of available for sale securities | ' | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||||||
U.S. government and agencies | $ | 10,630,874 | $ | 103,887 | $ | (195,812 | ) | $ | 10,538,949 | ||||||||||||||||
Mortgage-backed securities (government- | 48,365,899 | 416,864 | (426,560 | ) | 48,356,203 | ||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
Municipal bonds | 47,998,513 | 1,598,673 | (680,891 | ) | 48,916,295 | ||||||||||||||||||||
$ | 106,995,286 | $ | 2,119,424 | $ | (1,303,263 | ) | $ | 107,811,447 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government and agencies | $ | 10,710,675 | $ | 114,936 | $ | (405,535 | ) | $ | 10,420,076 | ||||||||||||||||
Mortgage-backed securities (government- | 49,486,337 | 219,222 | (1,359,904 | ) | 48,345,655 | ||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
Municipal bonds | 50,889,046 | 1,053,134 | (1,723,314 | ) | 50,218,866 | ||||||||||||||||||||
$ | 111,086,058 | $ | 1,387,292 | $ | (3,488,753 | ) | $ | 108,984,597 | |||||||||||||||||
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturities | ' | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Within one year | $ | 95,658 | $ | 96,307 | |||||||||||||||||||||
One to five years | 7,785,004 | 8,081,775 | |||||||||||||||||||||||
Five to ten years | 25,427,676 | 25,880,922 | |||||||||||||||||||||||
After ten years | 25,321,049 | 25,396,240 | |||||||||||||||||||||||
58,629,387 | 59,455,244 | ||||||||||||||||||||||||
Mortgage-backed securities (government- | 48,365,899 | 48,356,203 | |||||||||||||||||||||||
sponsored enterprises - residential) | |||||||||||||||||||||||||
$ | 106,995,286 | $ | 107,811,447 | ||||||||||||||||||||||
Schedule of gross unrealized losses and fair value in continuous loss position | ' | ||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||||||
Municipal bonds | $ | (17,144 | ) | $ | 1,926,262 | $ | (663,747 | ) | $ | 17,230,583 | $ | (680,891 | ) | $ | 19,156,845 | ||||||||||
U.S. government agencies | - | - | (195,812 | ) | 4,948,380 | (195,812 | ) | 4,948,380 | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
(government sponsored | |||||||||||||||||||||||||
enterprises - residential) | (5,089 | ) | 1,833,883 | (421,471 | ) | 20,831,355 | $ | (426,560 | ) | $ | 22,665,238 | ||||||||||||||
Total | $ | (22,233 | ) | $ | 3,760,145 | $ | (1,281,030 | ) | $ | 43,010,318 | $ | (1,303,263 | ) | $ | 46,770,463 | ||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Municipal bonds | $ | (1,462,733 | ) | $ | 22,534,325 | $ | (260,581 | ) | $ | 2,759,523 | $ | (1,723,314 | ) | $ | 25,293,848 | ||||||||||
U.S. government agencies | (367,005 | ) | 5,824,808 | (38,530 | ) | 470,324 | (405,535 | ) | 6,295,132 | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
(government sponsored | |||||||||||||||||||||||||
enterprises - residential) | (1,065,542 | ) | 33,521,545 | (294,362 | ) | 6,087,526 | (1,359,904 | ) | 39,609,071 | ||||||||||||||||
Total | $ | (2,895,280 | ) | $ | 61,880,678 | $ | (593,473 | ) | $ | 9,317,373 | $ | (3,488,753 | ) | $ | 71,198,051 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Net unrealized gains (losses) on securities available-for-sale | $ | 816,161 | $ | (2,101,461 | ) | ||||
Tax effect | (277,495 | ) | 714,497 | ||||||
Net-of-tax amount | $ | 538,666 | $ | (1,386,964 | ) |
CHANGES_IN_ACCUMULATED_OTHER_C1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | ' | |||||||||||||||||
Schedule of reclassified from AOCI and the affected line items in the statements of income | ' | |||||||||||||||||
Amounts Reclassified | ||||||||||||||||||
from AOCI | ||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item in the | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | Statements of Income | ||||||||||||||
Unrealized gains on available | $ | 61,727 | $ | 104,668 | $ | 161,582 | $ | 688,899 | Net realized gains on sales of | |||||||||
-for-sale securities | available-for-sale securities | |||||||||||||||||
Tax effect | (20,987 | ) | (35,587 | ) | (54,938 | ) | (234,226 | ) | Income taxes | |||||||||
Total reclassification out of AOCI | $ | 40,740 | $ | 69,081 | $ | 106,644 | $ | 454,673 | Net reclassified amount |
DISCLOSURES_ABOUT_FAIR_VALUE_O1
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of fair value measurements of assets recognized in balance sheets measured at fair value on recurring basis | ' | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
U.S. Government and | $ | 10,538,949 | $ | - | $ | 10,538,949 | $ | - | |||||||||
agencies | |||||||||||||||||
Mortgage-backed securities | 48,356,203 | - | 48,356,203 | - | |||||||||||||
(Government sponsored | |||||||||||||||||
enterprises - residential) | |||||||||||||||||
Municipal bonds | 48,916,295 | - | 48,916,295 | - | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
U.S. Government and | $ | 10,420,076 | $ | - | $ | 10,420,076 | $ | - | |||||||||
agencies | |||||||||||||||||
Mortgage-backed securities | 48,345,655 | - | 48,345,655 | - | |||||||||||||
(Government sponsored | |||||||||||||||||
enterprises - residential) | |||||||||||||||||
Municipal bonds | 50,218,866 | - | 50,218,866 | - | |||||||||||||
Schedule of fair value measurement of assets measured at fair value on nonrecurring basis | ' | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 1,612,417 | $ | - | $ | - | $ | 1,612,417 | |||||||||
(collateral dependent) | |||||||||||||||||
Foreclosed assets | 7,000 | - | - | 7,000 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Impaired loans | $ | 1,219,185 | $ | - | $ | - | $ | 1,219,185 | |||||||||
(collateral dependent) | |||||||||||||||||
Mortgage servicing rights | 673,576 | - | - | 673,576 | |||||||||||||
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurements | ' | ||||||||||||||||
Fair Value at 6/30/14 | Valuation | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||
Technique | |||||||||||||||||
Foreclosed assets | $ | 7,000 | Market comparable | Comparability adjustments (%) | 30% | ||||||||||||
properties | |||||||||||||||||
Collateral-dependent impaired loans | 1,612,417 | Market comparable | Marketability discount | 25% – 50% (40%) | |||||||||||||
properties | |||||||||||||||||
Fair Value at 12/31/13 | Valuation | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||
Technique | |||||||||||||||||
Mortgage servicing rights | $ | 673,576 | Discounted cash flow | Discount rate | 8 – 12.5% (10.24%) | ||||||||||||
PSA standard prepayment | 144 – 342 (164) | ||||||||||||||||
model rate | |||||||||||||||||
Collateral-dependent impaired loans | 1,219,185 | Market comparable | Marketability discount | 20% – 30% (25%) | |||||||||||||
properties | |||||||||||||||||
Schedule of estimated fair values of other financial instrument | ' | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 5,298,795 | $ | 5,298,795 | $ | - | $ | - | |||||||||
Other investments | 76,639 | - | 76,639 | - | |||||||||||||
Loans held for sale | 482,155 | - | 482,155 | - | |||||||||||||
Loans, net of allowance for loan losses | 173,900,464 | - | - | 172,047,508 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | - | 1,113,800 | - | |||||||||||||
Interest receivable | 1,903,253 | - | 1,903,253 | - | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 252,086,057 | - | 149,377,511 | 105,339,433 | |||||||||||||
Short-term borrowings | 5,307,729 | - | 5,307,729 | - | |||||||||||||
Advances from borrowers for taxes and insurance | 1,019,680 | - | 1,019,680 | - | |||||||||||||
Interest payable | 180,355 | - | 180,355 | - | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | - | - | - | - | |||||||||||||
Letters of credit | - | - | - | - | |||||||||||||
Lines of credit | - | - | - | - | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 6,098,870 | $ | 6,098,870 | $ | - | $ | - | |||||||||
Other investments | 81,918 | - | 81,918 | - | |||||||||||||
Loans held for sale | 262,461 | - | 262,461 | - | |||||||||||||
Loans, net of allowance for loan losses | 180,639,502 | - | - | 178,866,833 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | - | 1,113,800 | - | |||||||||||||
Interest receivable | 1,817,415 | - | 1,817,415 | - | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 251,738,391 | - | 143,586,822 | 111,116,837 | |||||||||||||
Short-term borrowings | 19,610,297 | - | 19,610,297 | - | |||||||||||||
Advances from borrowers for taxes and insurance | 857,814 | - | 857,814 | - | |||||||||||||
Interest payable | 210,226 | - | 210,226 | - | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | - | - | - | - | |||||||||||||
Letters of credit | - | - | - | - | |||||||||||||
Lines of credit | - | - | - | - |
MORTGAGE_SERVICING_RIGHTS_Tabl
MORTGAGE SERVICING RIGHTS (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Schedule of activity in balance of mortgage servicing rights measured using amortization method | ' | ||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance, beginning of year | $ | 673,576 | $ | 664,436 | |||||
Servicing rights capitalized | 26,989 | 101,538 | |||||||
Amortization of servicing rights | (53,819 | ) | (148,285 | ) | |||||
Change in valuation allowance | 6,986 | 55,887 | |||||||
Balance, end of period | $ | 653,732 | $ | 673,576 | |||||
Schedule of activity in valuation allowance for mortgage servicing rights | ' | ||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance, beginning of year | $ | 73,392 | $ | 129,279 | |||||
Additions | - | - | |||||||
Reductions | (6,986 | ) | (55,887 | ) | |||||
Balance, end of period | $ | 66,406 | $ | 73,392 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of reconciliation of income tax expense at statutory rate to actual income tax expense | ' | ||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Computed at the statutory rate (34%) | $ | 664,548 | $ | 843,829 | |||||
Increase (decrease) resulting from | |||||||||
Tax exempt interest | (257,009 | ) | (249,632 | ) | |||||
State income taxes, net | 113,509 | 146,828 | |||||||
Increase in cash surrender value | (31,821 | ) | (32,555 | ) | |||||
Other, net | 559 | 856 | |||||||
Actual tax expense | $ | 489,786 | $ | 709,326 |
EARNINGS_PER_SHARE_Earnings_Pe
EARNINGS PER SHARE - Earnings Per Share Calculations for Basic and Diluted Methods (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income available to common shareholders | $624,977 | $760,075 | $1,464,767 | $1,772,523 |
Basic average shares outstanding (in shares) | 1,795,133 | 1,869,499 | 1,794,883 | 1,873,692 |
Diluted potential common shares: | ' | ' | ' | ' |
Stock option equivalents (in shares) | 11,347 | 299 | 8,156 | 284 |
Diluted average shares outstanding (in shares) | 1,806,480 | 1,869,798 | 1,803,039 | 1,873,976 |
Basic earnings per share (in dollars per share) | $0.35 | $0.41 | $0.82 | $0.95 |
Diluted earnings per share (in dollars per share) | $0.35 | $0.41 | $0.81 | $0.95 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (Stock Options) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2013 | Jun. 30, 2013 | |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities (in shares) | 100,335 | 100,335 |
STOCK_BASED_COMPENSATION_Summa
STOCK BASED COMPENSATION - Summary of ESOP Shares (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | ' | ' |
Unearned shares | 27,636 | 31,340 |
Shares committed for release | 1,122 | 1,098 |
Allocated shares | 54,539 | 56,292 |
Total ESOP shares | 83,297 | 88,730 |
Fair value of unearned shares | $584,225 | $597,340 |
STOCK_BASED_COMPENSATION_Stock
STOCK BASED COMPENSATION - Stock Option Activity (Details 1) (Stock Options, USD $) | 1 Months Ended | 6 Months Ended |
Apr. 24, 2012 | Jun. 30, 2014 | |
Stock Options | ' | ' |
Shares | ' | ' |
Outstanding, December 31, 2013 | ' | 101,336 |
Granted | 104,035 | ' |
Exercised | ' | -9,901 |
Forfeited | ' | -400 |
Outstanding, June 30, 2014 | ' | 91,035 |
Exercisable, June 30, 2014 | ' | 28,800 |
Weighted Average Exercise price/Share | ' | ' |
Outstanding, December 31, 2013 | ' | $15.63 |
Granted | ' | ' |
Exercised | ' | $15.46 |
Forfeited | ' | $15.65 |
Outstanding, June 30, 2014 | ' | $15.65 |
Exercisable, June 30, 2014 | ' | $15.65 |
Weighted Average Remaining Contractual Life (in years) | ' | ' |
Outstanding, June 30, 2014 | ' | '7 years 9 months |
Exercisable, June 30, 2014 | ' | '7 years 9 months |
Aggregate Intrinsic Value | ' | ' |
Outstanding, June 30, 2014 | ' | $499,782 |
Exercisable, June 30, 2014 | ' | $158,112 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Detail Textuals) (USD $) | 1 Months Ended | 6 Months Ended |
Apr. 24, 2012 | Jun. 30, 2014 | |
Stock Options | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Common stock reserved and awarded | 104,035 | ' |
Vesting period | '5 years | ' |
Award expiration period | '10 years | ' |
Closing price per share | ' | $21.14 |
Jacksonville Savings Bank Employee Stock Ownership Plan (ESOP) | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Common stock, shares issued in stock offerings | ' | 41,614 |
ESOP shares, percentage of common stock issued in the offering | ' | 4.00% |
Maximum loan repayment term | ' | '20 years |
Vesting period | ' | '6 years |
LOAN_PORTFOLIO_COMPOSITION_Com
LOAN PORTFOLIO COMPOSITION - Composition of Loan Portfolio (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Less: Allowance for loan losses | $3,341,267 | $3,406,434 | ' |
Total loans receivable, net | 173,900,464 | 180,639,502 | ' |
Loans Receivable | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 177,246,850 | 184,054,541 | 172,329,163 |
Total loans receivable, percentage | 101.90% | 101.90% | ' |
Less: Net deferred loan fees | 5,119 | 8,605 | ' |
Less: Net deferred loan fees, percentage | 0.00% | 0.00% | ' |
Less: Allowance for loan losses | 3,341,267 | 3,406,434 | ' |
Less: Allowance for loan losses, percentage | 1.90% | 1.90% | ' |
Total loans receivable, net | 173,900,464 | 180,639,502 | ' |
Total loans receivable, net, percentage | 100.00% | 100.00% | ' |
Loans Receivable | Real estate loans | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 126,787,431 | 129,942,123 | ' |
Total loans receivable, percentage | 72.90% | 71.90% | ' |
Loans Receivable | One-to-four family residential | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 43,684,425 | 44,286,657 | 41,156,553 |
Total loans receivable, percentage | 25.10% | 24.50% | ' |
Loans Receivable | Commercial | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 37,004,558 | 38,920,692 | 33,004,015 |
Total loans receivable, percentage | 21.30% | 21.50% | ' |
Loans Receivable | Agricultural | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 35,266,843 | 35,005,662 | 37,077,179 |
Total loans receivable, percentage | 20.30% | 19.40% | ' |
Loans Receivable | Home equity | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 10,831,605 | 11,729,112 | 11,652,179 |
Total loans receivable, percentage | 6.20% | 6.50% | ' |
Loans Receivable | Commercial loans | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 27,187,727 | 29,946,928 | 24,400,611 |
Total loans receivable, percentage | 15.60% | 16.60% | ' |
Loans Receivable | Agricultural loans | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | 10,047,982 | 10,559,593 | 10,676,640 |
Total loans receivable, percentage | 5.80% | 5.90% | ' |
Loans Receivable | Consumer loans | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Total loans receivable | $13,223,710 | $13,605,897 | $14,361,986 |
Total loans receivable, percentage | 7.60% | 7.50% | ' |
LOAN_PORTFOLIO_COMPOSITION_Bal
LOAN PORTFOLIO COMPOSITION - Balance in Allowances for Loan Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method (Details 1) (Loans Receivable, 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 Losses: | ' | ' | ' | ' | ' |
Beginning Balance | $3,368,482 | $3,445,969 | $3,406,434 | $3,339,464 | $3,339,464 |
Provision charged to expense | 30,000 | ' | 60,000 | 30,000 | 170,000 |
Losses charged off | -60,000 | -6,427 | -128,977 | -52,186 | -292,325 |
Recoveries | 2,785 | 32,994 | 3,810 | 155,258 | 189,295 |
Ending balance | 3,341,267 | 3,472,536 | 3,341,267 | 3,472,536 | 3,406,434 |
Ending balance: individually evaluated for impairment, ending balance | 929,988 | 880,441 | 929,988 | 880,441 | 882,423 |
Ending balance: collectively evaluated for impairment, ending balance | 2,411,279 | 2,592,095 | 2,411,279 | 2,592,095 | 2,524,011 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 177,246,850 | 172,329,163 | 177,246,850 | 172,329,163 | 184,054,541 |
Ending balance: individually evaluated for impairment, ending balance | 2,804,790 | 2,548,193 | 2,804,790 | 2,548,193 | 2,929,969 |
Ending balance: collectively evaluated for impairment, ending balance | 174,442,060 | 169,780,970 | 174,442,060 | 169,780,970 | 181,124,572 |
1-4 Family | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 1,062,470 | 779,243 | 856,144 | 741,029 | 741,029 |
Provision charged to expense | -32,365 | 48,470 | 173,661 | 72,053 | 261,492 |
Losses charged off | -30,000 | ' | -30,000 | ' | -162,448 |
Recoveries | 660 | 840 | 960 | 15,471 | 16,071 |
Ending balance | 1,000,765 | 828,553 | 1,000,765 | 828,553 | 856,144 |
Ending balance: individually evaluated for impairment, ending balance | 151,622 | ' | 151,622 | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 849,143 | 828,553 | 849,143 | 828,553 | 856,144 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 43,684,425 | 41,156,553 | 43,684,425 | 41,156,553 | 44,286,657 |
Ending balance: individually evaluated for impairment, ending balance | 533,710 | 420,195 | 533,710 | 420,195 | 563,524 |
Ending balance: collectively evaluated for impairment, ending balance | 43,150,715 | 40,736,358 | 43,150,715 | 40,736,358 | 43,723,133 |
Commercial Real Estate | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 714,561 | 837,443 | 745,760 | 828,873 | 828,873 |
Provision charged to expense | 86,603 | -67,621 | 118,878 | -146,933 | -218,949 |
Losses charged off | -30,000 | ' | -93,474 | ' | ' |
Recoveries | 168 | 23,687 | 168 | 111,569 | 135,836 |
Ending balance | 771,332 | 793,509 | 771,332 | 793,509 | 745,760 |
Ending balance: individually evaluated for impairment, ending balance | 305,955 | 231,740 | 305,955 | 231,740 | 248,857 |
Ending balance: collectively evaluated for impairment, ending balance | 465,377 | 561,769 | 465,377 | 561,769 | 496,903 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 37,004,558 | 33,004,015 | 37,004,558 | 33,004,015 | 38,920,692 |
Ending balance: individually evaluated for impairment, ending balance | 1,457,895 | 1,366,682 | 1,457,895 | 1,366,682 | 1,531,078 |
Ending balance: collectively evaluated for impairment, ending balance | 35,546,663 | 31,637,333 | 35,546,663 | 31,637,333 | 37,389,614 |
Agricultural Real Estate | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 178,854 | 183,780 | 175,028 | 149,568 | 149,568 |
Provision charged to expense | -3,151 | 1,606 | 675 | 35,818 | 25,460 |
Losses charged off | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' |
Ending balance | 175,703 | 185,386 | 175,703 | 185,386 | 175,028 |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 175,703 | 185,386 | 175,703 | 185,386 | 175,028 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 35,266,843 | 37,077,179 | 35,266,843 | 37,077,179 | 35,005,662 |
Ending balance: individually evaluated for impairment, ending balance | 126,323 | ' | 126,323 | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 35,140,520 | 37,077,179 | 35,140,520 | 37,077,179 | 35,005,662 |
Home Equity | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 198,395 | 227,620 | 201,993 | 328,996 | 328,996 |
Provision charged to expense | -23,445 | -11,574 | -27,568 | -125,975 | -78,628 |
Losses charged off | ' | ' | ' | ' | -63,410 |
Recoveries | 525 | 525 | 1,050 | 13,550 | 15,035 |
Ending balance | 175,475 | 216,571 | 175,475 | 216,571 | 201,993 |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 175,475 | 216,571 | 175,475 | 216,571 | 201,993 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 10,831,605 | 11,652,179 | 10,831,605 | 11,652,179 | 11,729,112 |
Ending balance: individually evaluated for impairment, ending balance | 29,246 | 64,765 | 29,246 | 64,765 | 71,548 |
Ending balance: collectively evaluated for impairment, ending balance | 10,802,359 | 11,587,414 | 10,802,359 | 11,587,414 | 11,657,564 |
Commercial | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 834,930 | 959,663 | 1,034,189 | 934,251 | 934,251 |
Provision charged to expense | -96,626 | 11,911 | -295,885 | 37,323 | 92,597 |
Losses charged off | ' | ' | ' | ' | ' |
Recoveries | 32 | 7,341 | 32 | 7,341 | 7,341 |
Ending balance | 738,336 | 978,915 | 738,336 | 978,915 | 1,034,189 |
Ending balance: individually evaluated for impairment, ending balance | 460,722 | 648,701 | 460,722 | 648,701 | 622,730 |
Ending balance: collectively evaluated for impairment, ending balance | 277,614 | 330,214 | 277,614 | 330,214 | 411,459 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 27,187,727 | 24,400,611 | 27,187,727 | 24,400,611 | 29,946,928 |
Ending balance: individually evaluated for impairment, ending balance | 547,437 | 690,046 | 547,437 | 690,046 | 662,730 |
Ending balance: collectively evaluated for impairment, ending balance | 26,640,290 | 23,710,565 | 26,640,290 | 23,710,565 | 29,284,198 |
Agricultural | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 43,650 | 44,570 | 52,798 | 43,930 | 43,930 |
Provision charged to expense | 6,590 | 8,813 | -2,558 | 9,453 | 8,868 |
Losses charged off | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' |
Ending balance | 50,240 | 53,383 | 50,240 | 53,383 | 52,798 |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 50,240 | 53,383 | 50,240 | 53,383 | 52,798 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 10,047,982 | 10,676,640 | 10,047,982 | 10,676,640 | 10,559,593 |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 10,047,982 | 10,676,640 | 10,047,982 | 10,676,640 | 10,559,593 |
Consumer | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 199,926 | 173,674 | 184,848 | 151,474 | 151,474 |
Provision charged to expense | -16,481 | -6,715 | 3,900 | 54,518 | 84,829 |
Losses charged off | ' | -6,427 | -5,503 | -52,186 | -66,467 |
Recoveries | 1,400 | 601 | 1,600 | 7,327 | 15,012 |
Ending balance | 184,845 | 161,133 | 184,845 | 161,133 | 184,848 |
Ending balance: individually evaluated for impairment, ending balance | 11,689 | ' | 11,689 | ' | 10,836 |
Ending balance: collectively evaluated for impairment, ending balance | 173,156 | 161,133 | 173,156 | 161,133 | 174,012 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | 13,223,710 | 14,361,986 | 13,223,710 | 14,361,986 | 13,605,897 |
Ending balance: individually evaluated for impairment, ending balance | 110,179 | 6,505 | 110,179 | 6,505 | 101,089 |
Ending balance: collectively evaluated for impairment, ending balance | 13,113,531 | 14,355,481 | 13,113,531 | 14,355,481 | 13,504,808 |
Unallocated | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning Balance | 135,696 | 239,976 | 155,674 | 161,343 | 161,343 |
Provision charged to expense | 108,875 | 15,110 | 88,897 | 93,743 | -5,669 |
Losses charged off | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' |
Ending balance | 244,571 | 255,086 | 244,571 | 255,086 | 155,674 |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | 244,571 | 255,086 | 244,571 | 255,086 | 155,674 |
Loans: | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
Ending balance: collectively evaluated for impairment, ending balance | ' | ' | ' | ' | ' |
LOAN_PORTFOLIO_COMPOSITION_Cre
LOAN PORTFOLIO COMPOSITION - Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity (Details 2) (Loans Receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | $177,246,850 | $184,054,541 | $172,329,163 |
Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 170,750,802 | 176,865,563 | ' |
Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 956,819 | 1,057,028 | ' |
Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 5,539,229 | 6,131,950 | ' |
1-4 Family | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 43,684,425 | 44,286,657 | 41,156,553 |
1-4 Family | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 40,724,601 | 41,061,498 | ' |
1-4 Family | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 709,084 | 775,545 | ' |
1-4 Family | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 2,250,740 | 2,449,614 | ' |
Commercial Real Estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 37,004,558 | 38,920,692 | 33,004,015 |
Commercial Real Estate | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 34,880,240 | 36,489,660 | ' |
Commercial Real Estate | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 55,087 | 57,488 | ' |
Commercial Real Estate | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 2,069,231 | 2,373,544 | ' |
Agricultural Real Estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 35,266,843 | 35,005,662 | 37,077,179 |
Agricultural Real Estate | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 35,140,520 | 35,005,662 | ' |
Agricultural Real Estate | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | ' | ' | ' |
Agricultural Real Estate | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 126,323 | ' | ' |
Home Equity | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 10,831,605 | 11,729,112 | 11,652,179 |
Home Equity | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 10,470,971 | 11,215,416 | ' |
Home Equity | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 120,047 | 155,515 | ' |
Home Equity | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 240,587 | 358,181 | ' |
Commercial | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 27,187,727 | 29,946,928 | 24,400,611 |
Commercial | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 26,589,902 | 29,231,227 | ' |
Commercial | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | ' | ' | ' |
Commercial | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 597,825 | 715,701 | ' |
Agricultural | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 10,047,982 | 10,559,593 | 10,676,640 |
Agricultural | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 10,047,982 | 10,559,593 | ' |
Agricultural | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | ' | ' | ' |
Agricultural | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | ' | ' | ' |
Consumer | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 13,223,710 | 13,605,897 | 14,361,986 |
Consumer | Pass | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 12,896,586 | 13,302,507 | ' |
Consumer | Special Mention | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | 72,601 | 68,480 | ' |
Consumer | Substandard | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans receivable gross | $254,523 | $234,910 | ' |
LOAN_PORTFOLIO_COMPOSITION_Loa
LOAN PORTFOLIO COMPOSITION - Loan Portfolio Aging Analysis (Details 3) (Loans Receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | $1,292,299 | $615,322 | ' |
60-89 Days Past Due | 293,464 | 237,795 | ' |
Greater than 90 Days Past Due | 1,484,409 | 950,346 | ' |
Total Past Due | 3,070,172 | 1,803,463 | ' |
Current | 174,176,678 | 182,251,078 | ' |
Total Loans | 177,246,850 | 184,054,541 | 172,329,163 |
Total Loans >90 Days & Accruing | ' | ' | ' |
One-to-four family residential | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 222,264 | 350,539 | ' |
60-89 Days Past Due | 225,591 | 95,782 | ' |
Greater than 90 Days Past Due | 838,823 | 806,877 | ' |
Total Past Due | 1,286,678 | 1,253,198 | ' |
Current | 42,397,747 | 43,033,459 | ' |
Total Loans | 43,684,425 | 44,286,657 | 41,156,553 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Commercial real estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 889,308 | ' | ' |
60-89 Days Past Due | ' | 68,216 | ' |
Greater than 90 Days Past Due | 61,270 | 78,281 | ' |
Total Past Due | 950,578 | 146,497 | ' |
Current | 36,053,980 | 38,774,195 | ' |
Total Loans | 37,004,558 | 38,920,692 | 33,004,015 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Agricultural real estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | 126,323 | ' | ' |
Total Past Due | 126,323 | ' | ' |
Current | 35,140,520 | 35,005,662 | ' |
Total Loans | 35,266,843 | 35,005,662 | 37,077,179 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Home equity | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 132,223 | 156,331 | ' |
60-89 Days Past Due | 20,681 | 47,585 | ' |
Greater than 90 Days Past Due | 51,296 | 55,288 | ' |
Total Past Due | 204,200 | 259,204 | ' |
Current | 10,627,405 | 11,469,908 | ' |
Total Loans | 10,831,605 | 11,729,112 | 11,652,179 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Commercial | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | 286,411 | ' | ' |
Total Past Due | 286,411 | ' | ' |
Current | 26,901,316 | 29,946,928 | ' |
Total Loans | 27,187,727 | 29,946,928 | 24,400,611 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Agricultural | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | ' | ' |
Current | 10,047,982 | 10,559,593 | ' |
Total Loans | 10,047,982 | 10,559,593 | 10,676,640 |
Total Loans >90 Days & Accruing | ' | ' | ' |
Consumer | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 48,504 | 108,452 | ' |
60-89 Days Past Due | 47,192 | 26,212 | ' |
Greater than 90 Days Past Due | 120,286 | 9,900 | ' |
Total Past Due | 215,982 | 144,564 | ' |
Current | 13,007,728 | 13,461,333 | ' |
Total Loans | 13,223,710 | 13,605,897 | 14,361,986 |
Total Loans >90 Days & Accruing | ' | ' | ' |
LOAN_PORTFOLIO_COMPOSITION_Imp
LOAN PORTFOLIO COMPOSITION - Impaired Loans (Details 4) (Loans Receivable, USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Recorded Balance, Total | $2,804,790 | $2,804,790 | $2,929,969 |
Unpaid Principal Balance, Total | 2,804,790 | 2,804,790 | 2,929,969 |
Specific Allowance, Total | 929,988 | 929,988 | 882,423 |
Average Impairment in Impaired Loans, Total | 3,242,176 | 3,359,542 | 3,135,112 |
Interest Income Recognized, Total | 47,119 | 95,874 | 151,772 |
Interest Income Recognized Cash Basis, Total | 40,376 | 80,530 | 143,621 |
One-to-four family residential | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 138,562 | 138,562 | 563,524 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 138,562 | 138,562 | 563,524 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 221,698 | 222,794 | 652,373 |
Loans without a specific valuation allowance, Interest Income Recognized | 3,220 | 6,464 | 27,250 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 3,170 | 6,664 | 25,347 |
Loans with a specific valuation allowance, Recorded Balance | 395,148 | 395,148 | ' |
Loans with a specific valuation allowance, Unpaid Principal Balance | 395,148 | 395,148 | ' |
Loans with a specific valuation allowance, Specific Allowance | 151,622 | 151,622 | ' |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 401,035 | 405,796 | ' |
Loans with a specific valuation allowance, Interest Income Recognized | 6,185 | 12,114 | ' |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 7,811 | 12,466 | ' |
Recorded Balance, Total | 533,710 | 533,710 | 563,524 |
Unpaid Principal Balance, Total | 533,710 | 533,710 | 563,524 |
Specific Allowance, Total | 151,622 | 151,622 | ' |
Average Impairment in Impaired Loans, Total | 622,733 | 628,590 | 652,373 |
Interest Income Recognized, Total | 9,405 | 18,578 | 27,250 |
Interest Income Recognized Cash Basis, Total | 10,981 | 19,130 | 25,347 |
Commercial real estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 58,366 | 58,366 | 63,293 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 58,366 | 58,366 | 63,293 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 337,676 | 406,539 | 96,019 |
Loans without a specific valuation allowance, Interest Income Recognized | 4,001 | 9,511 | 5,282 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 8,342 | 9,524 | 5,327 |
Loans with a specific valuation allowance, Recorded Balance | 1,399,529 | 1,399,529 | 1,467,785 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,399,529 | 1,399,529 | 1,467,785 |
Loans with a specific valuation allowance, Specific Allowance | 305,955 | 305,955 | 248,857 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 1,404,581 | 1,426,043 | 1,488,243 |
Loans with a specific valuation allowance, Interest Income Recognized | 20,860 | 42,034 | 79,719 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 17,806 | 38,754 | 74,028 |
Recorded Balance, Total | 1,457,895 | 1,457,895 | 1,531,078 |
Unpaid Principal Balance, Total | 1,457,895 | 1,457,895 | 1,531,078 |
Specific Allowance, Total | 305,955 | 305,955 | 248,857 |
Average Impairment in Impaired Loans, Total | 1,742,257 | 1,832,582 | 1,584,262 |
Interest Income Recognized, Total | 24,861 | 51,545 | 85,001 |
Interest Income Recognized Cash Basis, Total | 26,148 | 48,278 | 79,355 |
Agricultural real estate | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 126,323 | 126,323 | ' |
Loans without a specific valuation allowance, Unpaid Principal Balance | 126,323 | 126,323 | ' |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 127,166 | 127,166 | ' |
Loans without a specific valuation allowance, Interest Income Recognized | 3,134 | 6,234 | ' |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | ' | 843 | ' |
Recorded Balance, Total | 126,323 | 126,323 | ' |
Unpaid Principal Balance, Total | 126,323 | 126,323 | ' |
Specific Allowance, Total | ' | ' | ' |
Average Impairment in Impaired Loans, Total | 127,166 | 127,166 | ' |
Interest Income Recognized, Total | 3,134 | 6,234 | ' |
Interest Income Recognized Cash Basis, Total | ' | 843 | ' |
Commercial | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans with a specific valuation allowance, Recorded Balance | 547,437 | 547,437 | 662,730 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 547,437 | 547,437 | 662,730 |
Loans with a specific valuation allowance, Specific Allowance | 460,722 | 460,722 | 622,730 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 609,401 | 629,941 | 726,269 |
Loans with a specific valuation allowance, Interest Income Recognized | 7,807 | 15,653 | 34,465 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 2,542 | 10,460 | 33,921 |
Recorded Balance, Total | 547,437 | 547,437 | 662,730 |
Unpaid Principal Balance, Total | 547,437 | 547,437 | 662,730 |
Specific Allowance, Total | 460,722 | 460,722 | 622,730 |
Average Impairment in Impaired Loans, Total | 609,401 | 629,941 | 726,269 |
Interest Income Recognized, Total | 7,807 | 15,653 | 34,465 |
Interest Income Recognized Cash Basis, Total | 2,542 | 10,460 | 33,921 |
Home equity | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 29,246 | 29,246 | 71,548 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 29,246 | 29,246 | 71,548 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 30,240 | 30,544 | 66,388 |
Loans without a specific valuation allowance, Interest Income Recognized | 708 | 1,426 | 3,017 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 685 | 1,483 | 2,980 |
Recorded Balance, Total | 29,246 | 29,246 | 71,548 |
Unpaid Principal Balance, Total | 29,246 | 29,246 | 71,548 |
Specific Allowance, Total | ' | ' | ' |
Average Impairment in Impaired Loans, Total | 30,240 | 30,544 | 66,388 |
Interest Income Recognized, Total | 708 | 1,426 | 3,017 |
Interest Income Recognized Cash Basis, Total | 685 | 1,483 | 2,980 |
Consumer | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 12,765 | 12,765 | 4,528 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 12,765 | 12,765 | 4,528 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 12,965 | 13,305 | 6,419 |
Loans without a specific valuation allowance, Interest Income Recognized | 234 | 510 | 453 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 20 | 336 | 442 |
Loans with a specific valuation allowance, Recorded Balance | 97,414 | 97,414 | 96,561 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 97,414 | 97,414 | 96,561 |
Loans with a specific valuation allowance, Specific Allowance | 11,689 | 11,689 | 10,836 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 97,414 | 97,414 | 99,401 |
Loans with a specific valuation allowance, Interest Income Recognized | 970 | 1,928 | 1,586 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | ' | ' | 1,576 |
Recorded Balance, Total | 110,179 | 110,179 | 101,089 |
Unpaid Principal Balance, Total | 110,179 | 110,179 | 101,089 |
Specific Allowance, Total | 11,689 | 11,689 | 10,836 |
Average Impairment in Impaired Loans, Total | 110,379 | 110,719 | 105,820 |
Interest Income Recognized, Total | 1,204 | 2,438 | 2,039 |
Interest Income Recognized Cash Basis, Total | $20 | $336 | $2,018 |
LOAN_PORTFOLIO_COMPOSITION_Rec
LOAN PORTFOLIO COMPOSITION - Recorded Balance at Original Cost of Troubled Debt Restructurings (Details 5) (Loans Receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | $2,151,791 | $2,597,676 |
One-to-four family residential | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | 585,528 | 661,880 |
Commercial real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | 943,025 | 1,137,667 |
Agricultural real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | ' | ' |
Home equity | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | 15,502 | 79,087 |
Commercial loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | 558,994 | 675,483 |
Agricultural loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | ' | ' |
Consumer loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost | $48,742 | $43,559 |
LOAN_PORTFOLIO_COMPOSITION_Rec1
LOAN PORTFOLIO COMPOSITION - Recorded Balance at Original Cost of Troubled Debt Restructurings which were Performing According to Terms of Restructuring (Details 6) (Loans Receivable, USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | $933,589 | $2,395,751 |
One-to-four family residential | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | 546,572 | 591,000 |
Commercial real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | 53,992 | 1,074,194 |
Agricultural real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | ' | ' |
Home equity | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | 11,700 | 13,015 |
Commercial loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | 272,583 | 675,483 |
Agricultural loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | ' | ' |
Consumer loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Troubled debt restructurings, original cost, performing | $48,742 | $42,059 |
LOAN_PORTFOLIO_COMPOSITION_Loa1
LOAN PORTFOLIO COMPOSITION - Loans Modified as Troubled Debt Restructurings (Details 7) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Loan | Loan | Loan | Loan | |
One-to-four family residential | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | 6 |
Troubled debt restructurings, recorded investment | ' | ' | ' | $383,982 |
Loans Receivable | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | 3 | 1 | 10 |
Troubled debt restructurings, recorded investment | ' | 234,015 | 18,489 | 512,700 |
Loans Receivable | One-to-four family residential | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | 3 | ' | 6 |
Troubled debt restructurings, recorded investment | ' | 234,015 | ' | 383,982 |
Loans Receivable | Commercial real estate | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | 2 |
Troubled debt restructurings, recorded investment | ' | ' | ' | 114,567 |
Loans Receivable | Agricultural real estate | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | ' |
Troubled debt restructurings, recorded investment | ' | ' | ' | ' |
Loans Receivable | Home equity | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | ' |
Troubled debt restructurings, recorded investment | ' | ' | ' | ' |
Loans Receivable | Commercial loans | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | ' |
Troubled debt restructurings, recorded investment | ' | ' | ' | ' |
Loans Receivable | Agricultural loans | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | ' | ' |
Troubled debt restructurings, recorded investment | ' | ' | ' | ' |
Loans Receivable | Consumer loans | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Troubled debt restructurings, number of modification | ' | ' | 1 | 2 |
Troubled debt restructurings, recorded investment | ' | ' | $18,489 | $14,151 |
LOAN_PORTFOLIO_COMPOSITION_Non
LOAN PORTFOLIO COMPOSITION - Nonaccrual Loans (Details 8) (Loans Receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | $2,153,059 | $1,782,163 |
One-to-four family residential | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | 1,219,580 | 1,339,487 |
Commercial real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | 173,629 | 208,297 |
Agricultural real estate | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | 126,323 | ' |
Home equity | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | 138,764 | 133,823 |
Commercial loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | 315,234 | 37,939 |
Agricultural loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | ' | ' |
Consumer loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans excludes performing troubled debt restructurings | $179,529 | $62,617 |
LOAN_PORTFOLIO_COMPOSITION_Det
LOAN PORTFOLIO COMPOSITION (Detail Textuals) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Contract | Contract | |
Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan commitments reimbursement period | '30 days | ' |
Percentage of applicant's total monthly obligations to total monthly income | 38.00% | ' |
One-to-Four Family Mortgage Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Troubled debt restructurings, number of modification | ' | 6 |
Troubled debt restructurings, recorded investment | ' | $383,982 |
One-to-Four Family Mortgage Loans | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratios | 80.00% | ' |
One-to-Four Family Mortgage Loans | Minimum | Adjustable rate loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans maturity term | '30 years | ' |
One-to-Four Family Mortgage Loans | Minimum | Freddie Mac and Federal Home Loan Bank Mortgage Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans adjustment term | '15 years | ' |
One-to-Four Family Mortgage Loans | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans maturity term | '30 years | ' |
Percentage of total applicant's monthly mortgage payment total monthly income | 28.00% | ' |
One-to-Four Family Mortgage Loans | Maximum | Adjustable rate loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans maturity term | '5 years | ' |
Commercial Real Estate Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Minimum ratio of property's projected net cash flow to loan's debt service requirement | 120.00% | ' |
Troubled debt restructurings, number of modification | ' | 2 |
Troubled debt restructurings, recorded investment | ' | 114,567 |
Troubled debt restructurings, subsequent default, number of modifications | 2 | ' |
TDR's defaulted as they were more than 90 days past due | 286,411 | ' |
Commercial Real Estate Loans | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan value that requires written appraisals from licensed or certified appraisers | 250,000 | ' |
Commercial Real Estate Loans | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratios | 80.00% | ' |
Agricultural Real Estate Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Minimum ratio of property's projected net cash flow to loan's debt service requirement | 120.00% | ' |
Agricultural Real Estate Loans | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan value that requires written appraisals from licensed or certified appraisers | 250,000 | ' |
Agricultural Real Estate Loans | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratios | 80.00% | ' |
Home Equity Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratios | 95.00% | ' |
Troubled debt restructurings, subsequent default, number of modifications | 1 | 1 |
TDR's defaulted as they were more than 90 days past due | 3,802 | 5,141 |
Home Equity Loans | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans maturity term | '10 years | ' |
Automobile Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Automobile loan term | '60 months | ' |
Automobile Loans | Purchase Price | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratio | 80.00% | ' |
Automobile Loans | NADA Book Value | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan to value ratio | 100.00% | ' |
Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Troubled debt restructurings, number of modification | 1 | 2 |
Troubled debt restructurings, recorded investment | 18,489 | 14,151 |
Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Troubled debt restructurings, subsequent default, number of modifications | 2 | 2 |
TDR's defaulted as they were more than 90 days past due | 38,956 | 110,792 |
Commercial Real Estate and Commercial Loans | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan amount that requires risk rating verification | 500,000 | ' |
Officer | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Lending authority amount | 750,000 | ' |
Director | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Lending authority amount | 1,000,000 | ' |
Board of Directors | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Lending authority amount | $1,000,000 | ' |
INVESTMENTS_Amortized_Cost_and
INVESTMENTS - Amortized Cost and Approximate Fair Value of Available-for-Sale Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | $106,995,286 | $111,086,058 |
Available-for-sale securities, Gross Unrealized Gains | 2,119,424 | 1,387,292 |
Available-for-sale securities, Gross Unrealized Losses | -1,303,263 | -3,488,753 |
Available-for-sale securities, Fair Value | 107,811,447 | 108,984,597 |
U.S. Government and agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 10,630,874 | 10,710,675 |
Available-for-sale securities, Gross Unrealized Gains | 103,887 | 114,936 |
Available-for-sale securities, Gross Unrealized Losses | -195,812 | -405,535 |
Available-for-sale securities, Fair Value | 10,538,949 | 10,420,076 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 48,365,899 | 49,486,337 |
Available-for-sale securities, Gross Unrealized Gains | 416,864 | 219,222 |
Available-for-sale securities, Gross Unrealized Losses | -426,560 | -1,359,904 |
Available-for-sale securities, Fair Value | 48,356,203 | 48,345,655 |
Municipal bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 47,998,513 | 50,889,046 |
Available-for-sale securities, Gross Unrealized Gains | 1,598,673 | 1,053,134 |
Available-for-sale securities, Gross Unrealized Losses | -680,891 | -1,723,314 |
Available-for-sale securities, Fair Value | $48,916,295 | $50,218,866 |
INVESTMENTS_Amortized_Cost_and1
INVESTMENTS - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Amortized Cost | ' | ' |
Within one year | $95,658 | ' |
One to five years | 7,785,004 | ' |
Five to ten years | 25,427,676 | ' |
After ten years | 25,321,049 | ' |
Available-for-sale securities, single maturity date, amortized cost | 58,629,387 | ' |
Mortgage-backed securities (government- sponsored enterprises - residential) | 48,365,899 | ' |
Available-for-sale securities, amortized cost, total | 106,995,286 | ' |
Fair Value | ' | ' |
Within one year | 96,307 | ' |
One to five years | 8,081,775 | ' |
Five to ten years | 25,880,922 | ' |
After ten years | 25,396,240 | ' |
Available-for-sale securities, single maturity date, fair value | 59,455,244 | 60,638,942 |
Mortgage-backed securities (government- sponsored enterprises - residential) | 48,356,203 | 48,345,655 |
Available-for-sale securities, fair value, total | $107,811,447 | ' |
INVESTMENTS_Gross_Unrealized_L
INVESTMENTS - Gross Unrealized Losses and Fair Value in Continuous Loss Position (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | ($22,233) | ($2,895,280) |
Less Than Twelve Months, Fair Value | 3,760,145 | 61,880,678 |
Twelve Months or More, Gross Unrealized Losses | -1,281,030 | -593,473 |
Twelve Months or More, Fair Value | 43,010,318 | 9,317,373 |
Gross Unrealized Losses | -1,303,263 | -3,488,753 |
Fair Value | 46,770,463 | 71,198,051 |
Municipal bonds | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | -17,144 | -1,462,733 |
Less Than Twelve Months, Fair Value | 1,926,262 | 22,534,325 |
Twelve Months or More, Gross Unrealized Losses | -663,747 | -260,581 |
Twelve Months or More, Fair Value | 17,230,583 | 2,759,523 |
Gross Unrealized Losses | -680,891 | -1,723,314 |
Fair Value | 19,156,845 | 25,293,848 |
U.S. Government and agencies | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | ' | -367,005 |
Less Than Twelve Months, Fair Value | ' | 5,824,808 |
Twelve Months or More, Gross Unrealized Losses | -195,812 | -38,530 |
Twelve Months or More, Fair Value | 4,948,380 | 470,324 |
Gross Unrealized Losses | -195,812 | -405,535 |
Fair Value | 4,948,380 | 6,295,132 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | -5,089 | -1,065,542 |
Less Than Twelve Months, Fair Value | 1,833,883 | 33,521,545 |
Twelve Months or More, Gross Unrealized Losses | -421,471 | -294,362 |
Twelve Months or More, Fair Value | 20,831,355 | 6,087,526 |
Gross Unrealized Losses | -426,560 | -1,359,904 |
Fair Value | $22,665,238 | $39,609,071 |
INVESTMENTS_Detail_Textuals
INVESTMENTS (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule Of Investments [Abstract] | ' | ' | ' | ' | ' |
Securities pledged as collateral | $20,838,000 | ' | $20,838,000 | ' | $20,420,000 |
Securities sold under agreements to repurchase | 8,700,000 | ' | 8,700,000 | ' | 9,541,000 |
Gross realized gains on sales of available-for-sale securities | 62,000 | 105,000 | 182,000 | 689,000 | ' |
Gross realized losses on sales of available-for-sale securities | ' | ' | 20,000 | 0 | ' |
Debt securities, fair value | $46,770,000 | ' | $46,770,000 | ' | $71,198,000 |
Percentage of available-for-sale investment portfolio | 43.00% | ' | 43.00% | ' | 65.00% |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Other Comprehensive Income Components and Related Taxes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net-of-tax amount | $538,666 | ($1,386,964) |
Unrealized gains (losses) on available-for-sale securities | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized gain (loss) on securities available-for-sale | 816,161 | -2,101,461 |
Tax effect | -277,495 | 714,497 |
Net-of-tax amount | $538,666 | ($1,386,964) |
CHANGES_IN_ACCUMULATED_OTHER_C2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT - Amount Reclassified from Accumulated Other Comprehensive Income and Affected Line Items in Statements of Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax effect | ($20,987) | ($35,587) | ($54,938) | ($234,226) |
Total reclassification out of AOCI | 40,740 | 69,081 | 106,644 | 454,673 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax effect | -20,987 | -35,587 | -54,938 | -234,226 |
Total reclassification out of AOCI | 40,740 | 69,081 | 106,644 | 454,673 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available-for-sale securities | Net realized gains on sales of available-for-sale securities | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net realized gains on sales of available-for-sale securities | $61,727 | $104,668 | $161,582 | $688,899 |
DISCLOSURES_ABOUT_FAIR_VALUE_O2
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurements of Assets Recognized in Balance Sheets on Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | $107,811,447 | $108,984,597 |
Recurring | U.S. Government and agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 10,538,949 | 10,420,076 |
Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 48,356,203 | 48,345,655 |
Recurring | Municipal bonds | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 48,916,295 | 50,218,866 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | U.S. Government and agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Municipal bonds | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
Significant Other Observable Inputs (Level 2) | Recurring | U.S. Government and agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 10,538,949 | 10,420,076 |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 48,356,203 | 48,345,655 |
Significant Other Observable Inputs (Level 2) | Recurring | Municipal bonds | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | 48,916,295 | 50,218,866 |
Significant Unobservable Inputs (Level 3) | Recurring | U.S. Government and agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) | Recurring | Municipal bonds | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Available for sale | ' | ' |
DISCLOSURES_ABOUT_FAIR_VALUE_O3
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis (Details 1) (Nonrecurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Impaired loans | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | $1,612,417 | $1,219,185 |
Foreclosed assets | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 7,000 | ' |
Mortgage servicing rights | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | 673,576 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreclosed assets | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage servicing rights | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Significant Other Observable Inputs (Level 2) | Impaired loans | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Significant Other Observable Inputs (Level 2) | Foreclosed assets | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Significant Other Observable Inputs (Level 2) | Mortgage servicing rights | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' |
Significant Unobservable Inputs (Level 3) | Impaired loans | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 1,612,417 | 1,219,185 |
Significant Unobservable Inputs (Level 3) | Foreclosed assets | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 7,000 | ' |
Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ' | $673,576 |
DISCLOSURES_ABOUT_FAIR_VALUE_O4
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Details 2) (Significant Unobservable Inputs (Level 3), USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Foreclosed assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on nonrecurring basis | $7,000 | ' |
Valuation Technique | ' | ' |
Market comparable properties | ||
Unobservable Inputs | ' | ' |
Comparability adjustments (%) | ||
Comparability adjustments (%) | 30.00% | ' |
Mortgage servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on nonrecurring basis | ' | 673,576 |
Valuation Technique | ' | 'Discounted cash flow |
Unobservable Inputs | ' | 'Discount rate PSA standard prepayment model rate |
Discount rate | ' | 10.24% |
PSA standard prepayment model rate | ' | 164.00% |
Mortgage servicing rights | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | ' | 8.00% |
PSA standard prepayment model rate | ' | 144.00% |
Mortgage servicing rights | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | ' | 12.50% |
PSA standard prepayment model rate | ' | 342.00% |
Collateral-dependent impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on nonrecurring basis | $1,612,417 | $1,219,185 |
Valuation Technique | 'Market comparable properties | 'Market comparable properties |
Unobservable Inputs | 'Marketability discount | 'Marketability discount |
Marketability discount | 40.00% | 25.00% |
Collateral-dependent impaired loans | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketability discount | 25.00% | 20.00% |
Collateral-dependent impaired loans | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketability discount | 50.00% | 30.00% |
DISCLOSURES_ABOUT_FAIR_VALUE_O5
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Estimated Fair Values of Other Financial Instruments (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Carrying Amount | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | $5,298,795 | $6,098,870 |
Other investments | 76,639 | 81,918 |
Loans held for sale | 482,155 | 262,461 |
Loans, net of allowance for loan losses | 173,900,464 | 180,639,502 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 1,903,253 | 1,817,415 |
Financial Liabilities | ' | ' |
Deposits | 252,086,057 | 251,738,391 |
Short-term borrowings | 5,307,729 | 19,610,297 |
Advances from borrowers for taxes and insurance | 1,019,680 | 857,814 |
Interest payable | 180,355 | 210,226 |
Unrecognized financial instruments (net of contract amount) | ' | ' |
Commitments to originate loans | ' | ' |
Letters of credit | ' | ' |
Lines of credit | ' | ' |
Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 5,298,795 | 6,098,870 |
Other investments | ' | ' |
Loans held for sale | ' | ' |
Loans, net of allowance for loan losses | ' | ' |
Federal Home Loan Bank stock | ' | ' |
Interest receivable | ' | ' |
Financial Liabilities | ' | ' |
Deposits | ' | ' |
Short-term borrowings | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' |
Interest payable | ' | ' |
Unrecognized financial instruments (net of contract amount) | ' | ' |
Commitments to originate loans | ' | ' |
Letters of credit | ' | ' |
Lines of credit | ' | ' |
Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | ' | ' |
Other investments | 76,639 | 81,918 |
Loans held for sale | 482,155 | 262,461 |
Loans, net of allowance for loan losses | ' | ' |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 1,903,253 | 1,817,415 |
Financial Liabilities | ' | ' |
Deposits | 149,377,511 | 143,586,822 |
Short-term borrowings | 5,307,729 | 19,610,297 |
Advances from borrowers for taxes and insurance | 1,019,680 | 857,814 |
Interest payable | 180,355 | 210,226 |
Unrecognized financial instruments (net of contract amount) | ' | ' |
Commitments to originate loans | ' | ' |
Letters of credit | ' | ' |
Lines of credit | ' | ' |
Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | ' | ' |
Other investments | ' | ' |
Loans held for sale | ' | ' |
Loans, net of allowance for loan losses | 172,047,508 | 178,866,833 |
Federal Home Loan Bank stock | ' | ' |
Interest receivable | ' | ' |
Financial Liabilities | ' | ' |
Deposits | 105,339,433 | 111,116,837 |
Short-term borrowings | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' |
Interest payable | ' | ' |
Unrecognized financial instruments (net of contract amount) | ' | ' |
Commitments to originate loans | ' | ' |
Letters of credit | ' | ' |
Lines of credit | ' | ' |
MORTGAGE_SERVICING_RIGHTS_Mort
MORTGAGE SERVICING RIGHTS- Mortgage Servicing Rights Measured using Amortization Method with Aggregate Activity in Related Valuation Allowances - Activity in the balance of mortgage servicing rights, measured using the amortization method (Details) (Mortgage servicing rights, USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Mortgage servicing rights | ' | ' |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ' | ' |
Balance, beginning of year | $673,576 | $664,436 |
Servicing rights capitalized | 26,989 | 101,538 |
Amortization of servicing rights | -53,819 | -148,285 |
Change in valuation allowance | 6,986 | 55,887 |
Balance, end of period | $653,732 | $673,576 |
MORTGAGE_SERVICING_RIGHTS_Mort1
MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Measured using Amortization Method with Aggregate Activity in Related Valuation Allowances - Activity in the valuation allowance for mortgage servicing rights (Details 1) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ' | ' |
Balance, end of period | $66,406 | $73,392 |
Capitalized mortgage servicing rights | ' | ' |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ' | ' |
Balance, beginning of year | 73,392 | 129,279 |
Additions | ' | ' |
Reductions | -6,986 | -55,887 |
Balance, end of period | $66,406 | $73,392 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Computed at the statutory rate (34%) | ' | ' | $664,548 | $843,829 |
Increase (decrease) resulting from | ' | ' | ' | ' |
Tax exempt interest | ' | ' | -257,009 | -249,632 |
State income taxes, net | ' | ' | 113,509 | 146,828 |
Increase in cash surrender value | ' | ' | -31,821 | -32,555 |
Other, net | ' | ' | 559 | 856 |
Actual tax expense | $176,277 | $270,539 | $489,786 | $709,326 |
INCOME_TAXES_Reconciliation_of1
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Details) (Parentheticals) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory income tax rate | 34.00% | 34.00% |