Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 |
Document And Entity Information Abstract | |||
Entity Registrant Name | Jacksonville Bancorp, Inc. | ||
Entity Central Index Key | 1484949 | ||
Trading Symbol | jxsb | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 1,800,123 | ||
Entity Public Float | $38.60 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and due from banks | $6,427,536 | $2,796,331 |
Interest-earning demand deposits in banks | 3,184,102 | 3,302,539 |
Cash and cash equivalents | 9,611,638 | 6,098,870 |
Available-for-sale securities: | ||
Investment securities | 55,264,976 | 60,638,942 |
Mortgage-backed securities | 41,419,921 | 48,345,655 |
Other investments | 73,766 | 81,918 |
Loans held for sale | 235,600 | 262,461 |
Loans, net of allowance for loan losses of $2,956,264 and $3,406,434 at December 31, 2014 and 2013 | 184,718,612 | 180,639,502 |
Premises and equipment, net of accumulated depreciation of $5,742,785 and $7,096,401 at December 31, 2014 and 2013 | 4,945,983 | 5,178,978 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Foreclosed assets held for sale, net | 176,671 | 281,918 |
Cash surrender value of life insurance | 6,912,917 | 6,815,059 |
Interest receivable | 1,713,243 | 1,817,415 |
Deferred income taxes | 1,486,206 | 2,703,110 |
Mortgage servicing rights, net of valuation allowance of $56,969 and $73,392 as of December 31, 2014 and 2013 | 632,634 | 673,576 |
Goodwill | 2,726,567 | 2,726,567 |
Other assets | 892,118 | 1,041,005 |
Total assets | 311,924,652 | 318,418,776 |
Deposits | ||
Demand | 30,976,025 | 29,976,167 |
Savings, NOW and money market | 120,365,974 | 113,610,655 |
Time | 94,599,563 | 108,151,569 |
Total deposits | 245,941,562 | 251,738,391 |
Short-term borrowings | 13,821,730 | 19,610,297 |
Deferred compensation | 4,252,720 | 3,999,371 |
Advances from borrowers for taxes and insurance | 962,762 | 857,814 |
Interest payable | 166,052 | 210,226 |
Income taxes payable | 200,781 | 34,621 |
Other liabilities | 1,562,947 | 829,260 |
Total liabilities | 266,908,554 | 277,279,980 |
Stockholders' Equity | ||
Preferred stock, $.01 par value, authorized 10,000,000 shares; none issued and outstanding | ||
Common stock, $.01 par value; authorized 25,000,000 shares; issued 1,799,483 - December 31, 2014 and 1,832,860 - December 31, 2013 | 17,995 | 18,329 |
Additional paid-in capital | 13,900,743 | 14,561,085 |
Retained earnings | 30,635,787 | 28,233,876 |
Accumulated other comprehensive income (loss) | 711,483 | -1,386,964 |
Unallocated ESOP shares | -249,910 | -287,530 |
Total stockholders' equity | 45,016,098 | 41,138,796 |
Total liabilities and stockholders' equity | $311,924,652 | $318,418,776 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses of loans receivable (in dollars) | $2,956,264 | $3,406,434 |
Accumulated depreciation on premises and equipment (in dollars) | 5,742,785 | 7,096,401 |
Valuation allowance on mortgage servicing rights (in dollars) | $56,969 | $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 | 1,799,483 | 1,832,860 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Fee Income | ||
Loans, including fees | $9,157,672 | $9,370,899 |
Debt securities | ||
Taxable | 225,722 | 238,419 |
Tax-exempt | 1,525,723 | 1,554,595 |
Mortgage-backed securities | 981,032 | 877,300 |
Other | 1,759 | 36,552 |
Total interest income | 11,891,908 | 12,077,765 |
Interest Expense | ||
Deposits | 1,436,803 | 1,766,740 |
Short-term borrowings | 5,085 | 8,175 |
Federal Home Loan Bank advances | 9,570 | 6,356 |
Total interest expense | 1,451,458 | 1,781,271 |
Net Interest Income | 10,440,450 | 10,296,494 |
Provision for Loan Losses | 240,000 | 170,000 |
Net Interest Income After Provision for Loan Losses | 10,200,450 | 10,126,494 |
Noninterest Income | ||
Fiduciary activities | 290,681 | 252,831 |
Commission income | 1,201,869 | 1,056,380 |
Service charges on deposit accounts | 714,425 | 826,082 |
Mortgage banking operations, net | 124,564 | 238,974 |
Net realized gains on sales of available-for-sale securities | 408,753 | 897,901 |
Loan servicing fees | 361,586 | 372,219 |
Increase in cash surrender value of life insurance | 185,986 | 194,841 |
ATM and bank card interchange income | 494,360 | 430,639 |
Other | 136,875 | 173,003 |
Total noninterest income | 3,919,099 | 4,442,870 |
Noninterest Expense | ||
Salaries and employee benefits | 6,480,468 | 6,501,277 |
Occupancy and equipment | 974,361 | 1,021,638 |
Data processing and telecommunications | 531,554 | 624,134 |
Professional | 532,096 | 283,447 |
Marketing | 112,713 | 133,421 |
Postage and office supplies | 235,090 | 266,128 |
Deposit insurance premium | 153,137 | 156,125 |
ATM and bank card expense | 282,574 | 245,448 |
Other | 910,756 | 935,802 |
Total noninterest expense | 10,212,749 | 10,167,420 |
Income Before Income Taxes | 3,906,800 | 4,401,944 |
Provision for Income Taxes | 934,046 | 1,188,299 |
Net Income | $2,972,754 | $3,213,645 |
Basic Earnings Per Share (in dollars per share) | $1.66 | $1.73 |
Diluted Earnings Per Share (in dollars per share) | $1.65 | $1.73 |
Cash Dividends Per Share (in dollars per share) | $0.32 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $2,972,754 | $3,213,645 |
Other Comprehensive Income (Loss) | ||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $1,219,994 and $(1,901,395) for 2014 and 2013, respectively | 2,368,224 | -3,690,942 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $138,976 and $305,286 for 2014 and 2013, respectively | 269,777 | 592,615 |
Total other comprehensive income (loss) | 2,098,447 | -4,283,557 |
Comprehensive Income (Loss) | $5,071,201 | ($1,069,912) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Taxes on unrealized appreciation (depreciation) on available-for-sale securities | $1,219,994 | ($1,901,395) |
Taxes on reclassification adjustment for realized gains included in net income | $138,976 | $305,286 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Issued Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unallocated ESOP | Total |
Balance at Dec. 31, 2012 | $19,086 | $15,943,273 | $25,585,757 | $2,896,593 | ($324,380) | $44,120,329 |
Balance (in shares) at Dec. 31, 2012 | 1,908,556 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,213,645 | 3,213,645 | ||||
Other comprehensive income (loss) | -4,283,557 | -4,283,557 | ||||
Stock repurchases | -817 | -1,596,142 | -1,596,959 | |||
Stock repurchases (in shares) | -81,698 | |||||
Exercise of stock options | 60 | 88,398 | 88,458 | |||
Exercise of stock options (in shares) | 6,002 | |||||
Tax benefit of nonqualified options | 1,796 | 1,796 | ||||
Stock-based compensation expense | 90,162 | 90,162 | ||||
Common shares held by ESOP, committed to be released | 33,598 | 36,850 | 70,448 | |||
Dividends on common stock, $.31 in 2013 and $.32 in 2014 per share | -565,526 | -565,526 | ||||
Balance at Dec. 31, 2013 | 18,329 | 14,561,085 | 28,233,876 | -1,386,964 | -287,530 | 41,138,796 |
Balance (in shares) at Dec. 31, 2013 | 1,832,860 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,972,754 | 2,972,754 | ||||
Other comprehensive income (loss) | 2,098,447 | 2,098,447 | ||||
Stock repurchases | -485 | -1,028,203 | -1,028,688 | |||
Stock repurchases (in shares) | -48,478 | |||||
Exercise of stock options | 151 | 230,827 | 230,978 | |||
Exercise of stock options (in shares) | 15,101 | |||||
Tax benefit of nonqualified options | 3,513 | 3,513 | ||||
Stock-based compensation expense | 90,163 | 90,163 | ||||
Common shares held by ESOP, committed to be released | 43,358 | 37,620 | 80,978 | |||
Dividends on common stock, $.31 in 2013 and $.32 in 2014 per share | -570,843 | -570,843 | ||||
Balance at Dec. 31, 2014 | $17,995 | $13,900,743 | $30,635,787 | $711,483 | ($249,910) | $45,016,098 |
Balance (in shares) at Dec. 31, 2014 | 1,799,483 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $0.32 | $0.31 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | ||
Net income | $2,972,754 | $3,213,645 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 385,385 | 382,299 |
Provision for loan losses | 240,000 | 170,000 |
Amortization of premiums and discounts on securities and loans | 724,332 | 948,972 |
Deferred income taxes | 135,886 | -31,880 |
Net realized gains on available-for-sale securities | -408,753 | -897,901 |
Loss from sale/disposal of premises and equipment | 75,360 | |
Amortization of mortgage servicing rights | 127,647 | 170,523 |
Recovery of mortgage servicing rights asset | -33,649 | |
Increase in cash surrender value of life insurance, net | -97,858 | -202,417 |
Gains on sales of foreclosed assets | -9,122 | |
Shares held by ESOP committed to be released | 80,978 | 70,448 |
Stock-based compensation expense | 90,163 | 90,162 |
Changes in | ||
Interest receivable | 104,172 | 236,057 |
Other assets | -89,576 | 339,036 |
Interest payable | -44,174 | -66,531 |
Other liabilities | 1,153,196 | -92,216 |
Origination of loans held for sale | -12,358,997 | -23,747,987 |
Proceeds from sales of loans held for sale | 12,543,780 | 24,459,995 |
Net cash provided by operating activities | 5,549,813 | 5,083,916 |
Investing Activities | ||
Net change in interest-earning time deposits | 2,972,000 | |
Purchases of available-for-sale securities | -23,850,584 | -43,336,382 |
Proceeds from maturities and payments of available-for-sale securities | 7,764,734 | 13,997,055 |
Proceeds from the sales of available-for-sale investments and other investments | 31,257,071 | 29,214,848 |
Net change in loans | -4,387,125 | -7,185,004 |
Purchase of premises and equipment | -152,390 | -268,232 |
Proceeds from sale of premises and equipment | 286,371 | |
Proceeds from the sale of foreclosed assets | 176,737 | |
Net cash provided by (used in) investing activities | 10,808,443 | -4,319,344 |
Financing Activities | ||
Net increase in demand deposits, money market, NOW and savings accounts | 7,755,177 | 7,930,755 |
Net decrease in certificates of deposit | -13,552,006 | -14,713,093 |
Net increase (decrease) in short-term borrowings | -5,788,567 | 6,869,687 |
Net increase in advances from borrowers for taxes and insurance | 104,948 | 25,469 |
Stock repurchase | -1,028,688 | -1,596,959 |
Proceeds from stock options exercised | 234,491 | 90,254 |
Dividends paid | -570,843 | -565,526 |
Net cash used in financing activities | -12,845,488 | -1,959,413 |
Increase (Decrease) in Cash and Cash Equivalents | 3,512,768 | -1,194,841 |
Cash and Cash Equivalents, Beginning of Year | 6,098,870 | 7,293,711 |
Cash and Cash Equivalents, End of Year | 9,611,638 | 6,098,870 |
Supplemental Cash Flows Information | ||
Interest paid | 1,495,632 | 1,847,802 |
Income taxes paid | 632,000 | 1,399,673 |
Sale and financing of foreclosed assets | 298,000 | |
Real estate acquired in settlement of loans | 374,116 | 129,078 |
Dividends declared not paid | 143,959 | 147,229 |
Exercise and retirement of shares in stock option plan | $101,130 | $63,445 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies | |
Nature of Operations | ||
Jacksonville Bancorp, Inc. (the “Company”) is a Maryland corporation. The Company owns 100% of Jacksonville Savings Bank (the “Bank”). The Bank was founded in 1916 as an Illinois-chartered savings and loan association and converted to an Illinois-chartered savings bank in 1992. The Bank is headquartered in Jacksonville, Illinois and operates five branches in addition to its main office. The Bank’s deposits have been federally insured since 1945 by the Federal Deposit Insurance Corporation (“FDIC”). The Bank has been a member of the Federal Home Loan Bank (“FHLB”) System since 1932. | ||
The Bank is a community-oriented savings bank engaged primarily in the business of attracting retail deposits from the general public in the Bank’s market area and using such funds together with borrowings and funds from other sources to originate consumer loans and mortgage loans secured by one-to-four family residential real estate. The Bank also originates commercial real estate loans, multi-family real estate loans, commercial business loans, and agricultural loans. When possible, the Bank emphasizes the origination of mortgage loans with adjustable interest rates (“ARM”), as well as fixed-rate balloon loans with terms ranging from three to five years, consumer loans, which are primarily home equity loans secured by second mortgages, commercial business loans, and agricultural loans. The Bank also offers trust and investment services. The investment center, Berthel Fisher and Company Financial Services, Inc., is operated through the Bank’s wholly-owned subsidiary, Financial Resources Group, Inc. | ||
The Company is subject to competition from other financial institutions and nonfinancial institutions providing financial products. Additionally, the Company is subject to the regulations of certain regulatory agencies and undergoes periodic examinations by those regulatory agencies. | ||
The significant accounting and reporting policies of the Company and its subsidiary follow: | ||
Principles of Consolidation and Financial Statement Presentation | ||
The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly owned subsidiary, Financial Resources Group, Inc. Significant intercompany accounts and transactions have been eliminated in consolidation. Based on the Company’s approach to decision making, it has decided that its business is comprised of a single segment. | ||
The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America and conform to predominate practice within the banking industry. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, fair value of securities, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of loan servicing rights, valuation of deferred tax assets and goodwill impairment. | ||
Cash Equivalents | ||
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2014 and 2013, cash equivalents consisted primarily of federal funds sold and interest-earning demand deposits in banks. | ||
At December 31, 2014, the Company’s cash accounts did not exceed federally insured limits. | ||
Interest-earning Time Deposits in Banks | ||
Interest-earning time deposits in banks are generally short-term and are carried at cost. | ||
Securities | ||
Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the settlement date and are determined using the specific identification method. | ||
For debt securities with fair value below amortized cost when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. | ||
Other Investments | ||
Other investments at December 31, 2014 and 2013 include local municipal bonds and equity investments in local community development organizations. The municipal bonds mature ratably through the year 2030. These securities have no readily ascertainable market value and are carried at cost. | ||
Loans Held for Sale | ||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | ||
Loans | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans. | ||
For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. | ||
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 nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||
All interest accrued but not collected for loans that are placed on nonaccrual 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 the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
Allowance for Loan Losses | ||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes collectibility of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. | ||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not 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 construction 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, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | ||
Premises and Equipment | ||
Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. | ||
The estimated useful lives for each major depreciable classification of premises and equipment are as follows: | ||
Buildings and improvements | 35-40 years | |
Equipment | 3-5 years | |
Federal Home Loan Bank Stock | ||
Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. | ||
Foreclosed Assets Held for Sale | ||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in income or expense from foreclosed assets. | ||
Bank-owned Life Insurance | ||
Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. | ||
Goodwill | ||
Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. The goodwill was not deemed impaired as of December 31, 2014 or 2013. | ||
Mortgage Servicing Rights | ||
Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change. | ||
The Company subsequently measures each class of servicing asset using either the fair value or the amortization method. The Company has elected to subsequently measure the mortgage servicing rights under the amortization method. Under the amortization method, servicing rights are amortized in proportion to and over the period of estimated net servicing income. The amortized assets are assessed for impairment or increased obligation based on fair value at each reporting date. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported as a separate line item in noninterest expense on the consolidated income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. | ||
Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned in loan servicing fees in non-interest income. The amortization of mortgage servicing rights is netted from the gains on sale of loans, both cash gains as well as the capitalized gains, and is included in mortgage banking operations, net in non-interest income. | ||
Stock Options | ||
At December 31, 2014 and 2013, the Company has a stock-based employee compensation plan, which is described more fully in Note 15. | ||
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company — put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||
Income Taxes | ||
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | ||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||
Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. With a few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2011. | ||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. | ||
The Company files consolidated income tax returns with its subsidiary. | ||
Earnings Per Share | ||
Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. | ||
Comprehensive Income (Loss) | ||
Comprehensive income (loss) consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation (depreciation) on available-for-sale securities. | ||
Trust Assets | ||
Assets held in fiduciary or agency capacities are not included in the consolidated balance sheets since such items are not assets of the Company. Fees from trust activities are recorded as revenue over the period in which the service is provided. Fees are a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the underlying client agreement with the Trust Department. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on estimated asset valuations and transaction volumes. Generally, the actual trust fee is charged to each account on a monthly basis. Any out of pocket expenses or services not typically covered by the fee schedule for trust activities are charged directly to the trust account on a gross basis as trust revenue is incurred. The Company managed or administered approximately 114 and 110 trust accounts with assets totaling approximately $78.6 million and $71.8 million at December 31, 2014 and 2013, respectively. | ||
Reclassifications | ||
Certain amounts included in the 2013 consolidated statements have been reclassified to conform to the 2014 presentation. | ||
Recent and Future Accounting Requirements | ||
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. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides a five-step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is not permitted. Management is evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. |
Restriction_on_Cash_and_Due_Fr
Restriction on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Cash and Investments [Abstract] | |
Restriction on Cash and Due From Banks | Note 2: Restriction on Cash and Due From Banks |
The Company is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2014 and 2013, was $1,402,000 and $1,310,000, respectively. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | Note 3: Securities | ||||||||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 10,031,683 | $ | 65,328 | $ | (138,738 | ) | $ | 9,958,273 | ||||||||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 41,196,695 | 433,757 | (210,531 | ) | 41,419,921 | ||||||||||||||||||||
Municipal bonds | 44,378,515 | 1,457,977 | (529,789 | ) | 45,306,703 | ||||||||||||||||||||
$ | 95,606,893 | $ | 1,957,062 | $ | (879,058 | ) | $ | 96,684,897 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 10,710,675 | $ | 114,936 | $ | (405,535 | ) | $ | 10,420,076 | ||||||||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 49,486,337 | 219,222 | (1,359,904 | ) | 48,345,655 | ||||||||||||||||||||
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 December 31, 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. | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Within one year | $ | 535,664 | $ | 544,411 | |||||||||||||||||||||
One to five years | 9,184,010 | 9,490,518 | |||||||||||||||||||||||
Five to ten years | 25,748,781 | 26,064,641 | |||||||||||||||||||||||
After ten years | 18,941,743 | 19,165,406 | |||||||||||||||||||||||
54,410,198 | 55,264,976 | ||||||||||||||||||||||||
Mortgage-backed securities | 41,196,695 | 41,419,921 | |||||||||||||||||||||||
Totals | $ | 95,606,893 | $ | 96,684,897 | |||||||||||||||||||||
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $21,121,613 at December 31, 2014 and $20,420,437 at December 31, 2013. | |||||||||||||||||||||||||
The carrying value of securities sold under agreements to repurchase amounted to $9,165,462 and $9,541,242 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Gross gains of $429,105 and $907,908 and gross losses of $(20,352) and $(10,007) resulting from sales of available-for-sale securities were realized for 2014 and 2013, respectively. The tax provision applicable to these net realized gains amounted to $138,976 and $305,286, respectively. | |||||||||||||||||||||||||
Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2014 and 2013, was $40,587,408 and $71,198,051, which is approximately 42% and 65%, respectively, of the Company’s available-for-sale investment portfolio. The declines primarily resulted from recent changes in market interest rates. | |||||||||||||||||||||||||
Management believes the declines in fair value for these securities are temporary. | |||||||||||||||||||||||||
The following table shows the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2014 and 2013: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
U.S. Government agencies | $ | 2,955,829 | $ | (28,208 | ) | $ | 3,949,940 | $ | (110,530 | ) | $ | 6,905,769 | $ | (138,738 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 2,061,203 | (13,358 | ) | 13,725,099 | (197,173 | ) | 15,786,302 | (210,531 | ) | ||||||||||||||||
Municipal bonds | 3,953,168 | (44,654 | ) | 13,942,169 | (485,135 | ) | 17,895,337 | (529,789 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 8,970,200 | $ | (86,220 | ) | $ | 31,617,208 | $ | (792,838 | ) | $ | 40,587,408 | $ | (879,058 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
U.S. Government agencies | $ | 5,824,808 | $ | (367,005 | ) | $ | 470,324 | $ | (38,530 | ) | $ | 6,295,132 | $ | (405,535 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 33,521,545 | (1,065,542 | ) | 6,087,526 | (294,362 | ) | 39,609,071 | (1,359,904 | ) | ||||||||||||||||
Municipal bonds | 22,534,325 | (1,462,733 | ) | 2,759,523 | (260,581 | ) | 25,293,848 | (1,723,314 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 61,880,678 | $ | (2,895,280 | ) | $ | 9,317,373 | $ | (593,473 | ) | $ | 71,198,051 | $ | (3,488,753 | ) | ||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
The unrealized losses on the Company’s investments in direct obligations of U.S. government agencies were caused by interest rate increases. The contractual terms of those 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 those investments to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||||||||||
Residential Mortgage-backed Securities | |||||||||||||||||||||||||
The unrealized losses on the Company’s investment in residential mortgage-backed securities were caused by interest rate increases. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and 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 those investments to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||||
The unrealized losses on the Company’s investments in securities of municipal bonds were caused by interest rate increases. The contractual terms of those 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 those investments to be other-than-temporarily impaired at December 31, 2014. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Note 4: Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
Classes of loans at December 31, include: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 44,561,089 | $ | 44,286,657 | |||||||||||||||||||||||||||||||||
Commercial | 40,474,855 | 38,920,692 | |||||||||||||||||||||||||||||||||||
Agricultural | 40,119,130 | 35,005,662 | |||||||||||||||||||||||||||||||||||
Home equity | 11,283,264 | 11,729,112 | |||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 136,438,338 | 129,942,123 | |||||||||||||||||||||||||||||||||||
Commercial loans | 26,813,880 | 29,946,928 | |||||||||||||||||||||||||||||||||||
Agricultural | 11,844,973 | 10,559,593 | |||||||||||||||||||||||||||||||||||
Consumer | 12,587,101 | 13,605,897 | |||||||||||||||||||||||||||||||||||
187,684,292 | 184,054,541 | ||||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||
Net deferred loan fees | 9,416 | 8,605 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | 2,956,264 | 3,406,434 | |||||||||||||||||||||||||||||||||||
Net loans | $ | 184,718,612 | $ | 180,639,502 | |||||||||||||||||||||||||||||||||
The Company’s loan portfolio includes loan participations purchased from other institutions. The outstanding balance of these purchased loans totaled $14,064,902 and $14,210,231 as of December 31, 2014 and 2103, respectively. Participations purchased during the years ended December 31, 2014 and 2013 totaled $2,677,750 and $3,877,762, respectively. | |||||||||||||||||||||||||||||||||||||
The Company believes that 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. All residential real estate loans are then verified by our loan risk management department prior to closing. 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 45 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 is generally required on loans secured by real property. | |||||||||||||||||||||||||||||||||||||
One-to-Four Family Mortgage Loans - Historically, the 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 for the secondary market. | |||||||||||||||||||||||||||||||||||||
The Company originates for resale to the secondary market 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 two years, the adjustable-rate portfolio has repriced downward resulting in lower interest income from this portion of the loan portfolio. 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 either 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 provides 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, among other things, that 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 30% of the applicant’s total monthly income. In addition, total monthly obligations of the applicant, including mortgage payments, should not generally exceed 43% 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 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 and Agricultural Real Estate Loans - The Company originates and purchases commercial and agricultural real estate loans. Commercial and agricultural real estate loans are secured primarily by improved properties such as farms, retail facilities and office buildings, churches and other non-residential buildings. The maximum loan-to-value ratio for commercial and agricultural real estate loans originated is generally 75%. The commercial and agricultural 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 adjustable-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 and agricultural 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 75% of the value of the real estate. Written appraisals are usually obtained from either licensed or certified appraisers on all commercial and agricultural 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 and 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 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 and agricultural 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. | |||||||||||||||||||||||||||||||||||||
Commercial and Agricultural Business Loans - The Company originates commercial and agricultural 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 and agricultural business loans are generally secured by accounts receivable, 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 and agricultural 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. 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 reviewed 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. | |||||||||||||||||||||||||||||||||||||
Home Equity and Consumer Loans – The Company originates home equity and other consumer loans. Home equity loans and lines of credit 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 including the amount of any prior mortgages or related liabilities. Home equity loans and lines of credit are approved with both fixed and adjustable interest rates which are determined 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. | |||||||||||||||||||||||||||||||||||||
The principal types of other consumer loans offered are loans secured by automobiles, deposit accounts, and mobile homes. Unsecured consumer loans are also generated. Consumer loans are generally offered on a fixed-rate basis. Automobile loans with maturities of up to 60 months are offered for new automobiles. Loans secured by used automobiles will have maximum terms which vary depending upon the age of the automobile. Automobile loans with a loan-to-value ratio below the greater of 80% of the purchase price or 100% of NADA loan value are generally originated, although 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 the Company. | |||||||||||||||||||||||||||||||||||||
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. The length of employment with the borrower’s present employer is also considered, 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 the 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Agricultural | Commercial | Agricultural | Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 1,034,189 | $ | 52,798 | $ | 201,993 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Provision charged to expense | 241,875 | 392,009 | 20,518 | (327,057 | ) | 5,136 | 5,887 | 3,950 | (102,318 | ) | 240,000 | ||||||||||||||||||||||||||
Losses charged off | (100,319 | ) | (287,474 | ) | — | (285,411 | ) | — | (5,403 | ) | (25,781 | ) | — | (704,388 | ) | ||||||||||||||||||||||
Recoveries | 1,560 | 5,168 | — | 88 | — | 3,100 | 4,302 | — | 14,218 | ||||||||||||||||||||||||||||
Balance, end of year | $ | 999,260 | $ | 855,463 | $ | 195,546 | $ | 421,809 | $ | 57,934 | $ | 205,577 | $ | 167,319 | $ | 53,356 | $ | 2,956,264 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 183,196 | $ | 348,240 | $ | — | $ | 154,089 | $ | — | $ | 9,982 | $ | — | $ | — | $ | 695,507 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 816,064 | $ | 507,223 | $ | 195,546 | $ | 267,720 | $ | 57,934 | $ | 195,595 | $ | 167,319 | $ | 53,356 | $ | 2,260,757 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,561,089 | $ | 40,474,855 | $ | 40,119,130 | $ | 26,813,880 | $ | 11,844,973 | $ | 11,283,264 | $ | 12,587,101 | $ | — | $ | 187,684,292 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 713,962 | $ | 1,690,251 | $ | 1,009,889 | $ | 240,805 | $ | 258,140 | $ | 37,531 | $ | 8,469 | $ | — | $ | 3,959,047 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 43,847,127 | $ | 38,784,604 | $ | 39,109,241 | $ | 26,573,075 | $ | 11,586,833 | $ | 11,245,733 | $ | 12,578,632 | $ | — | $ | 183,725,245 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Agricultural | Commercial | Agricultural | Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 934,251 | $ | 43,930 | $ | 328,996 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 261,492 | (218,949 | ) | 25,460 | 92,597 | 8,868 | (78,628 | ) | 84,829 | (5,669 | ) | 170,000 | |||||||||||||||||||||||||
Losses charged off | (162,448 | ) | — | — | — | — | (63,410 | ) | (66,467 | ) | — | (292,325 | ) | ||||||||||||||||||||||||
Recoveries | 16,071 | 135,836 | — | 7,341 | — | 15,035 | 15,012 | — | 189,295 | ||||||||||||||||||||||||||||
Balance, end of year | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 1,034,189 | $ | 52,798 | $ | 201,993 | $ | 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 | $ | 411,459 | $ | 52,798 | $ | 201,993 | $ | 174,012 | $ | 155,674 | $ | 2,524,011 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,286,657 | $ | 38,920,692 | $ | 35,005,662 | $ | 29,946,928 | $ | 10,559,593 | $ | 11,729,112 | $ | 13,605,897 | $ | — | $ | 184,054,541 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 563,524 | $ | 1,531,078 | $ | — | $ | 662,730 | $ | — | $ | 71,548 | $ | 101,089 | $ | — | $ | 2,929,969 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 43,723,133 | $ | 37,389,614 | $ | 35,005,662 | $ | 29,284,198 | $ | 10,559,593 | $ | 11,657,564 | $ | 13,504,808 | $ | — | $ | 181,124,572 | |||||||||||||||||||
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 $750,000, new commercial and commercial real estate loans, and watch list credits over $75,000 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. During the periods presented, none of our loans were classified as Doubtful. | |||||||||||||||||||||||||||||||||||||
The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial Real Estate | Agricultural Real Estate | Commercial | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Pass | $ | 41,530,699 | $ | 41,061,498 | $ | 38,122,972 | $ | 36,489,660 | $ | 39,109,241 | $ | 35,005,662 | $ | 26,563,823 | $ | 29,231,227 | |||||||||||||||||||||
Special Mention | 655,049 | 775,545 | 53,750 | 57,488 | 887,048 | — | — | — | |||||||||||||||||||||||||||||
Substandard | 2,375,341 | 2,449,614 | 2,298,133 | 2,373,544 | 122,841 | — | 250,057 | 715,701 | |||||||||||||||||||||||||||||
Total | $ | 44,561,089 | $ | 44,286,657 | $ | 40,474,855 | $ | 38,920,692 | $ | 40,119,130 | $ | 35,005,662 | $ | 26,813,880 | $ | 29,946,928 | |||||||||||||||||||||
Agricultural Business | Home Equity | Consumer | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 11,586,833 | $ | 10,559,593 | $ | 10,833,853 | $ | 11,215,416 | $ | 12,386,412 | $ | 13,302,507 | |||||||||||||||||||||||||
Special Mention | 258,140 | — | 162,103 | 155,515 | 80,544 | 68,480 | |||||||||||||||||||||||||||||||
Substandard | — | — | 287,308 | 358,181 | 120,145 | 234,910 | |||||||||||||||||||||||||||||||
Total | $ | 11,844,973 | $ | 10,559,593 | $ | 11,283,264 | $ | 11,729,112 | $ | 12,587,101 | $ | 13,605,897 | |||||||||||||||||||||||||
The following tables present the Company’s loan portfolio aging analysis as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Total Loans > | |||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | 90 Days & | ||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 420,086 | $ | 286,622 | $ | 613,534 | $ | 1,320,242 | $ | 43,240,847 | $ | 44,561,089 | $ | — | |||||||||||||||||||||||
Commercial real estate | — | 794,110 | 39,023 | 833,133 | 39,641,722 | 40,474,855 | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | 122,841 | 122,841 | 39,996,289 | 40,119,130 | — | ||||||||||||||||||||||||||||||
Commercial | — | — | — | — | 26,813,880 | 26,813,880 | — | ||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | 11,844,973 | 11,844,973 | — | ||||||||||||||||||||||||||||||
Home equity | 96,971 | 11,561 | 58,360 | 166,892 | 11,116,372 | 11,283,264 | — | ||||||||||||||||||||||||||||||
Consumer | 90,558 | 5,531 | 16,560 | 112,649 | 12,474,452 | 12,587,101 | — | ||||||||||||||||||||||||||||||
Total | $ | 607,615 | $ | 1,097,824 | $ | 850,318 | $ | 2,555,757 | $ | 185,128,535 | $ | 187,684,292 | $ | — | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Total Loans > | |||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | 90 Days & | ||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 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 | — | ||||||||||||||||||||||||||||||
Commercial | — | — | — | — | 29,946,928 | 29,946,928 | — | ||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | 10,559,593 | 10,559,593 | — | ||||||||||||||||||||||||||||||
Home equity | 156,331 | 47,585 | 55,288 | 259,204 | 11,469,908 | 11,729,112 | — | ||||||||||||||||||||||||||||||
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 | $ | — | |||||||||||||||||||||||
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 for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Investment | Income | Income | ||||||||||||||||||||||||||||||||
Balance | in Impaired | Recognized | Recognized | ||||||||||||||||||||||||||||||||||
Loans | Cash Basis | ||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 129,272 | $ | 129,272 | $ | — | $ | 220,541 | $ | 12,818 | $ | 13,076 | |||||||||||||||||||||||||
Commercial real estate | 564,610 | 564,610 | — | 757,616 | 19,826 | 18,816 | |||||||||||||||||||||||||||||||
Agricultural real estate | 1,009,889 | 1,009,889 | — | 1,037,661 | 58,253 | 49,159 | |||||||||||||||||||||||||||||||
Agricultural business | 258,140 | 258,140 | — | 358,529 | 13,723 | 1,046 | |||||||||||||||||||||||||||||||
Home equity | 27,549 | 27,549 | — | 29,505 | 2,881 | 2,939 | |||||||||||||||||||||||||||||||
Consumer | 8,469 | 8,469 | — | 12,285 | 951 | 964 | |||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | 584,690 | 584,690 | 183,196 | 604,031 | 28,722 | 26,783 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,125,641 | 1,125,641 | 348,240 | 1,134,401 | 66,864 | 60,012 | |||||||||||||||||||||||||||||||
Commercial | 240,805 | 240,805 | 154,089 | 319,812 | 14,425 | 16,554 | |||||||||||||||||||||||||||||||
Home equity | 9,982 | 9,982 | 9,982 | 9,993 | 247 | 187 | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
1-4 family | 713,962 | 713,962 | 183,196 | 824,572 | 41,540 | 39,859 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,690,251 | 1,690,251 | 348,240 | 1,892,017 | 86,690 | 78,828 | |||||||||||||||||||||||||||||||
Agricultural real estate | 1,009,889 | 1,009,889 | — | 1,037,661 | 58,253 | 49,159 | |||||||||||||||||||||||||||||||
Commercial | 240,805 | 240,805 | 154,089 | 319,812 | 14,425 | 16,554 | |||||||||||||||||||||||||||||||
Agricultural business | 258,140 | 258,140 | — | 358,529 | 13,723 | 1,046 | |||||||||||||||||||||||||||||||
Home equity | 37,531 | 37,531 | 9,982 | 39,498 | 3,128 | 3,126 | |||||||||||||||||||||||||||||||
Consumer | 8,469 | 8,469 | — | 12,285 | 951 | 964 | |||||||||||||||||||||||||||||||
Total | $ | 3,959,047 | $ | 3,959,047 | $ | 695,507 | $ | 4,484,374 | $ | 218,710 | $ | 189,536 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Investment | Income | Income | ||||||||||||||||||||||||||||||||
Balance | in Impaired | Recognized | Recognized | ||||||||||||||||||||||||||||||||||
Loans | Cash Basis | ||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 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 valuation 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: | |||||||||||||||||||||||||||||||||||||
1-4 family | 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 | |||||||||||||||||||||||||
The following table presents the Company’s nonaccrual loans at December 31, 2014 and 2013. This table excludes performing troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
1-4 family | $ | 994,855 | $ | 1,339,487 | |||||||||||||||||||||||||||||||||
Commercial real estate | 932,578 | 208,297 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | 122,841 | — | |||||||||||||||||||||||||||||||||||
Commercial | 22,438 | 37,939 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 120,698 | 133,823 | |||||||||||||||||||||||||||||||||||
Consumer | 70,643 | 62,617 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,264,053 | $ | 1,782,163 | |||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the Company had a number of loans that were modified in troubled debt restructurings (TDR’s) and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. | |||||||||||||||||||||||||||||||||||||
The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
1-4 family | $ | 747,470 | $ | 661,880 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1,265,079 | 1,137,667 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 212,579 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 15,379 | 79,087 | |||||||||||||||||||||||||||||||||||
Consumer | 42,786 | 43,559 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,283,293 | $ | 2,597,676 | |||||||||||||||||||||||||||||||||
The following table presents the recorded balance, at original cost, of troubled debt restructurings, which were performing according to the terms of the restructuring, as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
1-4 family | $ | 567,931 | $ | 591,000 | |||||||||||||||||||||||||||||||||
Commercial real estate | 470,969 | 1,074,194 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 212,579 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 12,074 | 13,015 | |||||||||||||||||||||||||||||||||||
Consumer | 42,786 | 42,059 | |||||||||||||||||||||||||||||||||||
Total | $ | 1,306,339 | $ | 2,395,751 | |||||||||||||||||||||||||||||||||
The following table presents loans modified as troubled debt restructurings during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
1-4 family | 3 | $ | 201,879 | 8 | $ | 522,819 | |||||||||||||||||||||||||||||||
Commercial real estate | 1 | 386,355 | 3 | 175,649 | |||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial | — | — | 1 | 40,644 | |||||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | |||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | 1 | 15,953 | 1 | 27,593 | |||||||||||||||||||||||||||||||||
Total | 5 | $ | 604,187 | 13 | $ | 766,705 | |||||||||||||||||||||||||||||||
2014 Modifications | |||||||||||||||||||||||||||||||||||||
The Company modified three one-to-four family residential real estate loans, with a recorded investment of $201,879, which were deemed TDR’s. Two of the loans were restructured with the interest and real estate taxes capitalized to the balance of the note. One of the loans was extended without the full collection of accrued interest. None of the modifications resulted in a reduced interest rate or a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
The Company modified one commercial real estate loan with a total recorded balance of $386,355, which was deemed a TDR. The loan was restructured to provide additional funds for cash flow needs of the borrower. The modification did not result in a reduced interest rate or a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
The Company modified one consumer loan with a recorded investment of $15,953, which was deemed a TDR. The modification was made to change the payment schedule to interest-only for a period of time. The modification did not result in a reduced interest rate or a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
2013 Modifications | |||||||||||||||||||||||||||||||||||||
The Company modified eight one-to-four family residential real estate loans, with a recorded investment of $522,819, which were deemed to be TDR’s. One of the loans was restructured with interest capitalized. One of the loans was restructured after a principal write-off of $35,871. Three of the loans were restructured with delinquent real estate taxes capitalized. Three of the loans were restructured with a reduced interest rate and the accrued interest capitalized to the balance of the note. None of the modifications resulted in a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
The Company modified three commercial real estate loans with a total recorded balance of $175,649, which were deemed TDR’s. The loans were restructured to change the payment schedule to interest only for a period of time. | |||||||||||||||||||||||||||||||||||||
The Company modified one commercial loan with a total recorded balance of $40,644, which was deemed a TDR. The modification was made to capitalize delinquent taxes. | |||||||||||||||||||||||||||||||||||||
The Company also modified one consumer loan with a recorded investment of $27,593. The modification was made to change the payment schedule to interest-only for a period of time. The modification did not result in a reduction of the contractual interest rate or a write-off of the principal balance. | |||||||||||||||||||||||||||||||||||||
TDRs with Defaults | |||||||||||||||||||||||||||||||||||||
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 year ended December 31, 2014, one residential real estate loan of $38,737 and one home equity loan of $3,305 were considered TDR’s defaulted as they were more than 90 days past due at December 31, 2014. In addition, three residential real estate loans of $140,549, two commercial real estate loans of $840,115, two commercial loans of $22,437, and one consumer loan of $25,055 were considered TDR’s defaulted as they were in a nonaccrual status but are performing in accordance with their modified terms. | |||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, two residential real estate loans of $70,880 were considered TDR’s defaulted as they were more than 90 days past due at December 31, 2013. In addition, four one-to-four family residential real estate loans of $206,299, one commercial real estate loan of $61,980, two commercial business loans of $37,939, two home equity loans of $7,558, and one consumer loan of $27,593 were considered TDR’s defaulted as they were in a nonaccrual status but are performing in accordance with their modified terms. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | Note 5: Premises and Equipment | ||||||||
Major classifications of premises and equipment, stated at cost, are as follows: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 773,186 | $ | 773,186 | |||||
Buildings and improvements | 6,661,148 | 6,694,149 | |||||||
Equipment | 3,254,434 | 4,808,044 | |||||||
10,688,768 | 12,275,379 | ||||||||
Less accumulated depreciation | (5,742,785 | ) | (7,096,401 | ) | |||||
Net premises and equipment | $ | 4,945,983 | $ | 5,178,978 |
Loan_Servicing
Loan Servicing | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
Loan Servicing | Note 6: Loan Servicing | ||||||||
Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balance of mortgage loans serviced for others was $137,877,795 and $145,883,259 at December 31, 2014 and 2013, respectively. | |||||||||
The following summarized the activity pertaining to mortgage servicing rights measured using the amortization method, along with the aggregate activity in related valuation allowances: | |||||||||
2014 | 2013 | ||||||||
Mortgage servicing rights | |||||||||
Balance, beginning of year | $ | 746,968 | $ | 793,715 | |||||
Additions | 53,859 | 101,538 | |||||||
Amortization | (111,224 | ) | (148,285 | ) | |||||
Balance at end of year | 689,603 | 746,968 | |||||||
Valuation allowances | |||||||||
Balance at beginning of year | 73,392 | 129,279 | |||||||
Additions due to decreases in market value | — | — | |||||||
Reduction due to increases in market value | — | (33,649 | ) | ||||||
Reduction due to payoff of loans | (16,423 | ) | (22,238 | ) | |||||
Balances at end of year | 56,969 | 73,392 | |||||||
Mortgage servicing assets, net | $ | 632,634 | $ | 673,576 | |||||
Fair value disclosures | |||||||||
Fair value as of the beginning of the period | $ | 1,120,000 | $ | 765,029 | |||||
Fair value as of the end of the period | $ | 979,699 | $ | 1,120,000 | |||||
In prior years, a valuation allowance of $428,030 was necessary to adjust the aggregate cost basis of the mortgage servicing right asset to fair value. The valuation allowance was adjusted during 2013 and 2014 due to payments received on the related loans as well as changes in the estimated market value on the mortgage servicing rights asset. | |||||||||
Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. For purposes of measuring impairment, risk characteristics including product type, investor type, and interest rates, were used to stratify the originated mortgage servicing rights. |
Interestbearing_Deposits
Interest-bearing Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Interest-bearing Deposits | Note 7: Interest-bearing Deposits | ||||||||
Interest-bearing deposits in denominations of $100,000 or more totaled $96,271,806 at December 31, 2014 and $96,951,245 at December 31, 2013. | |||||||||
The following table represents deposit interest expense by deposit type: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Savings, NOW and Money Market | $ | 257,214 | $ | 256,010 | |||||
Certificates of deposit | 1,179,589 | 1,510,730 | |||||||
Total deposit interest expense | $ | 1,436,803 | $ | 1,766,740 | |||||
At December 31, 2014, the scheduled maturities of time deposits are as follows: | |||||||||
2015 | $ | 51,911,089 | |||||||
2016 | 20,213,799 | ||||||||
2017 | 10,056,961 | ||||||||
2018 | 5,760,161 | ||||||||
2019 | 6,657,553 | ||||||||
$ | 94,599,563 |
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Note 8: Short-term Borrowings |
Short-term borrowings include securities sold under agreements to repurchase totaling $8,821,730 and $8,810,297 at December 31, 2014 and 2013, respectively. | |
Securities sold under agreements to repurchase consist of obligations of the Company to other parties. The obligations are secured by investments and such collateral is held by the Company. The maximum amount of outstanding agreements at any month end during 2014 and 2013 totaled $9,483,795 and $9,445,747, respectively, and the monthly average of such agreements totaled $6,229,604 and $6,208,142 for 2014 and 2013, respectively. The agreements at December 31, 2014, are all for overnight borrowings. | |
Also included in short-term borrowings are advances with the Federal Home Loan Bank (FHLB) of which $5,000,000 and $10,800,000 had been extended as of December 31, 2014 and 2013, respectively. The advances mature in 2015 and are secured by mortgage loans totaling $42,384,000 at December 31, 2014. Advances, at an interest rate of 0.33%, are subject to restrictions or penalties in the event of prepayment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Note 9: Income Taxes | ||||||||
The Company and its subsidiary file income tax returns in the U.S. federal and state of Illinois jurisdictions. During the years ended December 31, 2014 and 2013, the Company did not recognize expense for interest or penalties. | |||||||||
The provision for income taxes includes these components: | |||||||||
2014 | 2013 | ||||||||
Taxes currently payable | |||||||||
Federal | $ | 798,160 | $ | 813,409 | |||||
State | — | 406,770 | |||||||
Deferred income taxes | 135,886 | (31,880 | ) | ||||||
Income tax expense | $ | 934,046 | $ | 1,188,299 | |||||
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: | |||||||||
2014 | 2013 | ||||||||
Computed at the statutory rate (34%) | $ | 1,328,312 | $ | 1,496,661 | |||||
Increase (decrease) resulting from | |||||||||
Tax exempt interest | (503,089 | ) | (509,850 | ) | |||||
State income taxes, net | 173,879 | 264,287 | |||||||
Increase in cash surrender value | (63,235 | ) | (66,246 | ) | |||||
Other | (1,821 | ) | 3,447 | ||||||
Actual tax expense | $ | 934,046 | $ | 1,188,299 | |||||
Tax expense as a percentage of pre-tax income | 23.91 | % | 26.99 | % | |||||
The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets | |||||||||
Allowance for loan losses | $ | 1,060,419 | $ | 1,241,702 | |||||
Deferred compensation | 1,712,570 | 1,610,547 | |||||||
State net operating loss carryforward | 4,749 | 186,497 | |||||||
Unrealized losses on available-for-sale securities | — | 714,497 | |||||||
Other | 40,270 | 840 | |||||||
2,818,008 | 3,754,083 | ||||||||
Deferred tax liabilities | |||||||||
Unrealized gains on available-for-sale securities | (366,521 | ) | — | ||||||
Depreciation | (478,427 | ) | (536,706 | ) | |||||
Federal Home Loan Bank stock dividends | (152,224 | ) | (152,224 | ) | |||||
Prepaid expenses | (79,868 | ) | (90,794 | ) | |||||
Mortgage servicing rights | (254,762 | ) | (271,249 | ) | |||||
(1,331,802 | ) | (1,050,973 | ) | ||||||
Net deferred tax asset | $ | 1,486,206 | $ | 2,703,110 | |||||
At December 31, 2014 and 2013, the Company had Illinois net operating loss carryforwards totaling approximately $98,574 and $3,870,846, respectively, which will expire in varying amounts between 2018 and 2022. Recent Illinois legislation limited the use of these loss carryovers for tax years 2011 through 2013 and the expiration dates were extended by three years. Management believes the Company will produce taxable earnings in the future which will enable the net operating loss carryforwards to be utilized prior to expiration. | |||||||||
Retained earnings at December 31, 2014 and 2013, include approximately $2,600,000, for which no deferred federal income tax liability has been recognized. These amounts represent an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liabilities on the preceding amounts that would have been recorded if they were expected to reverse into taxable income in the foreseeable future were approximately $1,000,000 at December 31, 2014 and 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 10: Accumulated Other Comprehensive Income (Loss) | |||||||||
The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: | ||||||||||
2014 | 2013 | |||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 1,078,004 | $ | (2,101,461 | ) | |||||
Tax effect | (366,521 | ) | 714,497 | |||||||
Net-of-tax amount | $ | 711,483 | $ | (1,386,964 | ) |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Changes In Accumulated Other Comprehensive Income Aoci By Component [Abstract] | ||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | Note 11: 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 years ended December 31, 2014 and 2013, were as follows: | ||||||||||
Amounts Reclassified | Affected Line Item in the | |||||||||
from AOCI | ||||||||||
2014 | 2013 | Statements of Income | ||||||||
Unrealized gains on available-for-sale securities | $ | 408,753 | $ | 897,901 | Realized gain on sale of securities | |||||
Total reclassified amount before tax | ||||||||||
(138,976 | ) | (305,286 | ) | Tax expense | ||||||
$ | 269,777 | $ | 592,615 | Net reclassified amount |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | Note 12: Regulatory Matters | ||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these consolidated financial statements. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). Management believes, as of December 31, 2014 and 2013, that the Bank meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
As of December 31, 2014, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. | |||||||||||||||||||||||||
The Bank’s actual capital amounts (in thousands) and ratios are also presented in the table. | |||||||||||||||||||||||||
Actual | Minimum Capital | Minimum to Be Well | |||||||||||||||||||||||
Requirement | Capitalized Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total risk-based capital | $ | 40,252 | 18.81 | % | $ | 17,119 | 8 | % | $ | 21,399 | 10 | % | |||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 37,574 | 17.56 | 8,560 | 4 | 12,839 | 6 | |||||||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 37,574 | 12.25 | 12,269 | 4 | 15,336 | 5 | |||||||||||||||||||
(to average assets) | |||||||||||||||||||||||||
Tangible capital | 37,574 | 12.25 | 4,601 | 1.5 | — | N/A | |||||||||||||||||||
(to adjusted tangible assets) | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total risk-based capital | $ | 38,766 | 18.15 | % | $ | 17,089 | 8 | % | $ | 21,361 | 10 | % | |||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 36,087 | 16.89 | 8,544 | 4 | 12,817 | 6 | |||||||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 36,087 | 11.51 | 12,546 | 4 | 15,682 | 5 | |||||||||||||||||||
(to average assets) | |||||||||||||||||||||||||
Tangible capital | 36,087 | 11.51 | 4,705 | 1.5 | — | N/A | |||||||||||||||||||
(to adjusted tangible assets) | |||||||||||||||||||||||||
The following is a reconciliation of the Bank equity amount included in the consolidated balance sheets to the amounts (in thousands) reflected above for regulatory capital purposes as of December 31: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Bank equity | $ | 41,012 | $ | 37,427 | |||||||||||||||||||||
Less net unrealized gain (loss) | 711 | (1,387 | ) | ||||||||||||||||||||||
Less disallowed goodwill | 2,727 | 2,727 | |||||||||||||||||||||||
Tier 1 capital | 37,574 | 36,087 | |||||||||||||||||||||||
Plus allowance for loan losses | 2,678 | 2,679 | |||||||||||||||||||||||
Total risked-based capital | $ | 40,252 | $ | 38,766 | |||||||||||||||||||||
The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. As of December 31, 2014, the Bank has $1,396,844 available for the payment of dividends without prior regulatory approval. | |||||||||||||||||||||||||
On January 19, 2010, the Boards of Directors of the Company, Jacksonville Bancorp, MHC and the Bank each unanimously adopted a Plan of Conversion and Reorganization of Jacksonville Bancorp, MHC (the “Plan”) pursuant to which Jacksonville Bancorp, MHC undertook a “second-step” conversion and ceased to exist. Jacksonville Bancorp, MHC reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure effective July 14, 2010. | |||||||||||||||||||||||||
In accordance with Board of Governors of the Federal Reserve System regulations, at the time of the reorganization, the Company substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The Bank will establish a parallel liquidation account to support the Company’s liquidation account in the event the Company does not have sufficient assets to fund its obligations under its liquidation account. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. In the event of a complete liquidation of the Bank or the Company, each account holder will be entitled to receive a distribution in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Related Party Transactions [Abstract] | ||||||||||
Related Party Transactions | Note 13: Related Party Transactions | |||||||||
At December 31, 2014 and 2013, the Company had loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties) in the amount of $3,523,047 and $3,852,658, respectively. | ||||||||||
Annual activity consisted of the following: | ||||||||||
2014 | 2013 | |||||||||
Balance beginning of year | $ | 3,852,658 | $ | 4,052,339 | ||||||
Additions | 1,876,445 | 1,156,220 | ||||||||
Repayments | (2,206,056 | ) | (1,355,901 | ) | ||||||
Balance, end of year | $ | 3,523,047 | $ | 3,852,658 | ||||||
Deposits from related parties held by the Company at December 31, 2014 and 2013 totaled approximately $3,112,000 and $3,117,000, respectively. | ||||||||||
In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectibility or present other unfavorable features. |
Employee_Benefits
Employee Benefits | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||
Employee Benefits | Note 14: Employee Benefits | |||||||||
401(k) Plan — The Company maintains a 401(k) savings plan for eligible employees. The Company’s contributions to this plan were $232,567 and $224,099 for the years ended December 31, 2014 and 2013, respectively. The plan invests some of its assets in deposit accounts at the Company which earned interest at a rate of 1.85% for the year ended December 31, 2014 and 1.85% to 2.00% for the year ended December 31, 2013. | ||||||||||
Deferred Compensation Plan — The Company maintains a deferred compensation plan for certain key officers and employees. Contributions are determined annually by the Company’s Board of Directors. Effective in 2005, the Company froze this plan and no contributions to this plan were made for the years ended December 31, 2014 or 2013. The plan accrues interest at a variable rate which fluctuates based on Moody’s Corporate Bond Average Index. The amount recorded on the consolidated balance sheets as deferred compensation was $2,451,200 and $2,374,940 as of December 31, 2014 and 2013, respectively. Compensation expense related to the plan was $140,714 and $139,308 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
The Company has also entered into deferred compensation agreements with certain key officers and employees. The agreements provide for monthly payments at retirement or death. The charge to expense for this plan reflects the accrual using the principal and interest method over the vesting period of the present value of benefits due each participant on the full eligibility date using a 4.75% discount rate. The amount recorded on the consolidated balance sheets as deferred compensation was $1,801,520 and $1,624,431 as of December 31, 2014 and 2013, respectively. Compensation expense related to the plans was $241,745 and $302,138 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
Employee Stock Ownership Plan (ESOP) — The ESOP is a noncontributory defined contribution plan which covers substantially all employees. The Company may contribute to the Plan, at its discretion, an amount determined by the Board of Directors. | ||||||||||
As part of the second step conversion, in July 2010 the Company acquired 41,614 additional shares of Company common stock at $10 per share in the conversion with funds provided by a loan from the Company. Accordingly, $416,140 of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity. Shares are released to participants proportionately as the loan is repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Dividends on unallocated shares are used to repay the loan and are treated as compensation expense. Compensation expense is recorded equal to the fair market value of the stock when contributions, which are determined annually by the Board of Directors of the Company, are made to the ESOP. | ||||||||||
ESOP expense for the years ended December 31, 2014 and 2013 was $80,978 and $70,448, respectively. | ||||||||||
2014 | 2013 | |||||||||
Allocated shares | $ | 54,519 | $ | 55,515 | ||||||
Shares committed for allocation | 3,767 | 3,680 | ||||||||
Unearned shares | 24,991 | 28,758 | ||||||||
Total ESOP shares | 83,277 | 87,953 | ||||||||
Fair value of unearned shares at December 31 | $ | 574,793 | $ | 562,219 |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Plans | Note 15: Stock Option Plans | ||||||||||||||||
The Jacksonville Savings Bank and Jacksonville Bancorp, MHC 1996 Stock Option Plan was adopted on April 23, 1996 and is administered by the Board of Directors. A total of 83,625 shares of common stock were reserved and awarded under the Plan. Awards expire ten years after the grant date and are exercisable at a price of $8.83 per share. In 2004, 5,600 shares related to this plan were reissued at a price of $14.00 per share. The Jacksonville Savings Bank 2001 Stock Option Plan was adopted on April 30, 2001 and is administered by the Stock Benefits Committee. A total of 87,100 shares of common stock were reserved and awarded under the Plan during 2001 that expire ten years after the grant date and are exercisable at a price of $10.00 per share. | |||||||||||||||||
The Jacksonville Bancorp, Inc. 2012 Stock Option Plan, which is shareholder approved, permits the grant of share options and shares to its employees for up to 104,035 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its shareholders. All shares were awarded as of the approval date, expire ten years after the grant date, and are exercisable at a price of $15.65 per share. | |||||||||||||||||
The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted represents the period of time that options are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The discount rate for post-vesting restrictions is estimated based on the Company’s credit-adjusted risk-free rate of return. | |||||||||||||||||
A summary of option activity under the Plans as of December 31, 2014 and 2013, and changes during the years then ended, is presented below: | |||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding, beginning of year | 101,336 | $ | 15.63 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (15,101 | ) | 15.53 | ||||||||||||||
Forfeited or expired | (400 | ) | 15.65 | ||||||||||||||
Outstanding, end of year | 85,835 | $ | 15.65 | 7.25 | $ | 630,887 | |||||||||||
Exercisable, end of year | 23,600 | $ | 15.65 | 7.25 | $ | 173,460 | |||||||||||
2013 | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding, beginning of year | 107,338 | $ | 15.6 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (6,002 | ) | 15.04 | ||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding, end of year | 101,336 | $ | 15.63 | 8.17 | $ | 397,049 | |||||||||||
Exercisable, end of year | 18,151 | $ | 15.55 | 7.78 | $ | 72,628 | |||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014 and 2013 was $90,606 and $24,548, respectively. | |||||||||||||||||
As of December 31, 2014, there was $202,804 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the 2012 Plan. That cost is expected to be recognized over a weighted-average period of 3 years. The total fair value of shares vested during the year ended December 31, 2014 and 2013 was $90,163 and $90,162. The recognized tax benefit related thereto was $34,622 and $36,309 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
A summary of the status of the Company’s nonvested shares as of December 31, 2014 and 2013, and changes during the year then ended, is presented below: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Nonvested, beginning of year | 83,185 | $ | 4.34 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (20,550 | ) | 4.34 | ||||||||||||||
Forfeited | (400 | ) | — | ||||||||||||||
Nonvested, end of year | 62,235 | $ | 4.34 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Nonvested, beginning of year | 104,035 | $ | 4.34 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (20,850 | ) | 4.34 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested, end of year | 83,185 | $ | 4.34 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Note 16: Earnings Per Share | ||||||||||||
Earnings per share (EPS) were computed as follows: | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Income | Weighted- | Per Share | |||||||||||
Average | Amount | ||||||||||||
Shares | |||||||||||||
Net income | $ | 2,972,754 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | 1,791,888 | $ | 1.66 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 11,173 | ||||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 2,972,754 | 1,803,061 | $ | 1.65 | ||||||||
Year Ended December 31, 2013 | |||||||||||||
Income | Weighted- | Per Share | |||||||||||
Average | Amount | ||||||||||||
Shares | |||||||||||||
Net income | $ | 3,213,645 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | 1,853,240 | $ | 1.73 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 296 | ||||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 3,213,645 | 1,853,536 | $ | 1.73 | ||||||||
Options to purchases 100,235 shares of common stock were outstanding at December 31, 2013, but were not included in the computation of diluted EPS because the shares were considered antidilutive for the year ended December 31, 2013. |
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Disclosures about Fair Value of Assets | Note 17: Disclosures about Fair Value of Assets | ||||||||||||||||
Fair value is the price that would be received to sell an asset 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 | ||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets; 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 | ||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets | ||||||||||||||||
Recurring Measurements | |||||||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying 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 December 31, 2014 and 2013: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
U.S. Government agencies | $ | 9,958,273 | $ | — | $ | 9,958,273 | $ | — | |||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 41,419,921 | — | 41,419,921 | — | |||||||||||||
Municipal bonds | 45,306,703 | — | 45,306,703 | — | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
U.S. Government agencies | $ | 10,420,076 | $ | — | $ | 10,420,076 | $ | — | |||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 48,345,655 | — | 48,345,655 | — | |||||||||||||
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 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 year ended December 31, 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. The Company has no Level 1 securities. 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. The Company did not have securities considered Level 3 as of December 31, 2014 or December 31, 2013. | |||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,147,400 | $ | — | $ | — | $ | 1,147,400 | |||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,219,185 | $ | — | $ | — | $ | 1,219,185 | |||||||||
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 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. Fair value adjustments on impaired loans were $(265,687) and $(23,206) at December 31, 2014 and 2013. | |||||||||||||||||
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. Fair value adjustments on mortgage servicing rights were $0 and $33,649 at December 31, 2014 and 2013. | |||||||||||||||||
Unobservable (Level 3) Inputs | |||||||||||||||||
The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements. | |||||||||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | ||||||||||||||
December 31, | Technique | (Weighted | |||||||||||||||
2014 | Average) | ||||||||||||||||
Collateral-dependent impaired loans | $ | 1,147,400 | Market comparable properties | Marketability discount | 20% – 30% (25 | %) | |||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | ||||||||||||||
December 31, | Technique | (Weighted | |||||||||||||||
2013 | Average) | ||||||||||||||||
Collateral-dependent impaired loans | $ | 1,219,185 | Market comparable properties | Marketability discount | 20% – 30% (25 | %) | |||||||||||
Mortgage servicing rights | $ | 673,576 | Discounted cash flow | Discount rate | 8% - 12.5% (10.24%) | ) | |||||||||||
PSA standard prepayment model rate | 144 – 342 (164 | ||||||||||||||||
Fair Value of Other 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 December 31, 2014 and 2013: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 9,611,638 | $ | 9,611,638 | $ | — | $ | — | |||||||||
Other investments | 73,766 | — | 73,766 | — | |||||||||||||
Loans held for sale | 235,600 | — | 235,600 | — | |||||||||||||
Loans, net of allowance for loan losses | 184,718,612 | — | — | 184,573,401 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | — | 1,113,800 | — | |||||||||||||
Interest receivable | 1,713,243 | — | 1,713,243 | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | 245,941,562 | — | 151,341,999 | 96,956,400 | |||||||||||||
Short-term borrowings | 13,821,730 | — | 8,821,730 | 4,996,109 | |||||||||||||
Advances from borrowers for taxes and insurance | 962,762 | — | 962,762 | — | |||||||||||||
Interest payable | 166,052 | — | 166,052 | — | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | — | — | — | — | |||||||||||||
Letters of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
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. |
Significant_Estimates_and_Conc
Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Significant Estimates and Concentrations | Note 18: Significant Estimates and Concentrations |
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the note regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the note on commitments and credit risk. Other significant estimates not discussed in those notes include: | |
General Litigation | |
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company. | |
Goodwill | |
As discussed in Note 1, the Company annually tests its goodwill for impairment. At the most recent testing date, the fair value of the banking reporting unit exceeded its carrying value. Estimated fair value was based principally on forecasts of future income. Management believes it has applied reasonable judgment in developing its estimates; however, unforeseen negative changes in the national, state or local economic environment may negatively impact those estimates in the near term. |
Commitments_and_Credit_Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Note 19: Commitments and Credit Risk |
The Company grants agribusiness, commercial and residential loans to customers in Cass, Morgan, Macoupin, Montgomery and surrounding counties in Illinois. The Company’s loans are generally secured by specific items of collateral including real property, consumer assets and business assets. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon economic conditions and the agricultural economy in these counties. The Company also purchases participation loans from out of territory areas. | |
Commitments to Originate Loans | |
Commitments to originate loans 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 a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. | |
At December 31, 2014 and 2013, the Company had outstanding commitments to originate loans aggregating approximately $3,493,500 and $9,242,300, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year period. Loan commitments at fixed rates of interest amounted to $2,702,000 and $4,676,300 at December 31, 2014 and 2013, respectively, with the remainder at floating market rates. The range of fixed rates was 2.88% to 8.00% as of December 31, 2014. | |
Standby Letters of Credit | |
Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Should the Company be obliged to perform under the standby letters of credit, the Company may seek recourse from the customer for reimbursement of amounts paid. | |
The Company had total outstanding standby letters of credit amounting to $255,340 and $360,000 at December 31, 2014 and 2013, respectively, with terms of one year or less. At December 31, 2014 and 2013, the Company’s deferred revenue under standby letters of credit agreements was nominal. | |
Lines of Credit | |
Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. | |
At December 31, 2014, the Company had unused lines of credit to borrowers aggregating approximately $21,498,070 and $9,742,393 for commercial lines and open-ended consumer lines, respectively. At December 31, 2013, unused lines of credit to borrowers aggregated approximately $22,038,305 for commercial lines and $10,413,745 for open-ended consumer lines. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations (Unaudited) | Note 20: Quarterly Results of Operations (Unaudited) | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Interest income | $ | 2,921,442 | $ | 2,946,212 | $ | 2,978,484 | $ | 3,045,770 | |||||||||
Interest expense | 337,222 | 353,542 | 371,036 | 389,658 | |||||||||||||
Net interest income | 2,584,220 | 2,592,670 | 2,607,448 | 2,656,112 | |||||||||||||
Provision for loan losses | 150,000 | 30,000 | 30,000 | 30,000 | |||||||||||||
Net interest income after provision for loan losses | 2,434,220 | 2,562,670 | 2,577,448 | 2,626,112 | |||||||||||||
Noninterest income | 949,801 | 1,024,088 | 947,678 | 997,532 | |||||||||||||
Noninterest expense | 2,548,408 | 2,470,123 | 2,723,872 | 2,470,346 | |||||||||||||
Income before income taxes | 835,613 | 1,116,635 | 801,254 | 1,153,298 | |||||||||||||
Income tax expense | 183,641 | 260,619 | 176,277 | 313,509 | |||||||||||||
Net income | $ | 651,972 | $ | 856,016 | $ | 624,977 | $ | 839,789 | |||||||||
Basic earnings per share | $ | 0.37 | $ | 0.48 | $ | 0.35 | $ | 0.47 | |||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.47 | $ | 0.35 | $ | 0.47 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Interest income | $ | 3,139,867 | $ | 3,061,017 | $ | 2,924,714 | $ | 2,952,167 | |||||||||
Interest expense | 415,265 | 439,617 | 454,298 | 472,091 | |||||||||||||
Net interest income | 2,724,602 | 2,621,400 | 2,470,416 | 2,480,076 | |||||||||||||
Provision for loan losses | 130,000 | 10,000 | — | 30,000 | |||||||||||||
Net interest income after provision for loan losses | 2,594,602 | 2,611,400 | 2,470,416 | 2,450,076 | |||||||||||||
Noninterest income | 918,665 | 1,010,359 | 1,027,808 | 1,486,038 | |||||||||||||
Noninterest expense | 2,650,580 | 2,564,351 | 2,467,610 | 2,484,879 | |||||||||||||
Income before income taxes | 862,687 | 1,057,408 | 1,030,614 | 1,451,235 | |||||||||||||
Income tax expense | 207,234 | 271,739 | 270,539 | 438,787 | |||||||||||||
Net income | $ | 655,453 | $ | 785,669 | $ | 760,075 | $ | 1,012,448 | |||||||||
Basic earnings per share | $ | 0.36 | $ | 0.43 | $ | 0.41 | $ | 0.54 | |||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.42 | $ | 0.41 | $ | 0.54 |
Condensed_Financial_Informatio
Condensed Financial Information (Parent Company Only) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Condensed Financial Information (Parent Company Only) | Note 21: Condensed Financial Information (Parent Company Only) | ||||||||
Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company: | |||||||||
Condensed Balance Sheets | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and due from banks | $ | 3,847,179 | $ | 3,479,895 | |||||
Investment in common stock of subsidiary | 41,012,112 | 37,426,345 | |||||||
Loan receivable from subsidiary | 254,385 | 291,037 | |||||||
Other assets | 96,993 | 130,137 | |||||||
Total assets | $ | 45,210,669 | $ | 41,327,414 | |||||
Liabilities | |||||||||
Other liabilities | $ | 194,571 | $ | 188,618 | |||||
Stockholders’ Equity | 45,016,098 | 41,138,796 | |||||||
Total liabilities and stockholders’ equity | $ | 45,210,669 | $ | 41,327,414 | |||||
Condensed Statements of Income and Comprehensive Income (Loss) | |||||||||
Year Ending December 31, | |||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Dividends from subsidiary | $ | 2,000,000 | $ | 1,500,000 | |||||
Other income | 12,245 | 14,177 | |||||||
Total income | 2,012,245 | 1,514,177 | |||||||
Expenses | |||||||||
Other expenses | 707,692 | 465,624 | |||||||
Income Before Income Tax and Equity in Undistributed Income of Subsidiary | 1,304,553 | 1,048,553 | |||||||
Income Tax Benefit | (271,357 | ) | (182,847 | ) | |||||
Income Before Equity in Undistributed Income of Subsidiary | 1,575,910 | 1,231,400 | |||||||
Equity in Undistributed Income of Subsidiary | 1,396,844 | 1,982,245 | |||||||
Net Income | $ | 2,972,754 | $ | 3,213,645 | |||||
Comprehensive Income (Loss) | $ | 5,071,201 | $ | (1,069,912 | ) | ||||
Condensed Statements of Cash Flows | |||||||||
Year Ending December 31, | |||||||||
2014 | 2013 | ||||||||
Operating Activities | |||||||||
Net income | $ | 2,972,754 | $ | 3,213,645 | |||||
Items not providing cash, net | (1,396,844 | ) | (1,982,245 | ) | |||||
Stock-based compensation expense | 90,163 | 90,162 | |||||||
Change in other assets and liabilities, net | 29,599 | 112,013 | |||||||
Net cash provided by operating activities | 1,695,672 | 1,433,575 | |||||||
Investing Activity | |||||||||
Loan payment from subsidiary | 36,652 | 35,527 | |||||||
Net cash provided by investing activities | 36,652 | 35,527 | |||||||
Financing Activities | |||||||||
Dividends paid | (570,843 | ) | (565,526 | ) | |||||
Stock repurchase | (1,028,688 | ) | (1,596,959 | ) | |||||
Exercise of stock options | 234,491 | 90,254 | |||||||
Net cash used in financing activities | (1,365,040 | ) | (2,072,231 | ) | |||||
Net Change in Cash and Cash Equivalents | 367,284 | (603,129 | ) | ||||||
Cash and Cash Equivalents at Beginning of Year | 3,479,895 | 4,083,024 | |||||||
Cash and Cash Equivalents at End of Year | $ | 3,847,179 | $ | 3,479,895 |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation and Financial Statement Presentation | Principles of Consolidation and Financial Statement Presentation | |
The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly owned subsidiary, Financial Resources Group, Inc. Significant intercompany accounts and transactions have been eliminated in consolidation. Based on the Company’s approach to decision making, it has decided that its business is comprised of a single segment. | ||
The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America and conform to predominate practice within the banking industry. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, fair value of securities, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of loan servicing rights, valuation of deferred tax assets and goodwill impairment. | ||
Cash Equivalents | Cash Equivalents | |
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2014 and 2013, cash equivalents consisted primarily of federal funds sold and interest-earning demand deposits in banks. | ||
At December 31, 2014, the Company’s cash accounts did not exceed federally insured limits. | ||
Interest-earning Time Deposits in Banks | Interest-earning Time Deposits in Banks | |
Interest-earning time deposits in banks are generally short-term and are carried at cost. | ||
Securities | Securities | |
Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the settlement date and are determined using the specific identification method. | ||
For debt securities with fair value below amortized cost when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. | ||
Other Investments | Other Investments | |
Other investments at December 31, 2014 and 2013 include local municipal bonds and equity investments in local community development organizations. The municipal bonds mature ratably through the year 2030. These securities have no readily ascertainable market value and are carried at cost. | ||
Loans Held for Sale | Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | ||
Loans | Loans | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans. | ||
For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. | ||
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 nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||
All interest accrued but not collected for loans that are placed on nonaccrual 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 the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
Allowance for Loan Losses | Allowance for Loan Losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes collectibility of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. | ||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not 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 construction 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, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | ||
Premises and Equipment | Premises and Equipment | |
Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. | ||
The estimated useful lives for each major depreciable classification of premises and equipment are as follows: | ||
Buildings and improvements | 35-40 years | |
Equipment | 3-5 years | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock | |
Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. | ||
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale | |
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in income or expense from foreclosed assets. | ||
Bank-owned Life Insurance | Bank-owned Life Insurance | |
Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. | ||
Goodwill | Goodwill | |
Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. The goodwill was not deemed impaired as of December 31, 2014 or 2013. | ||
Mortgage Servicing Rights | Mortgage Servicing Rights | |
Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change. | ||
The Company subsequently measures each class of servicing asset using either the fair value or the amortization method. The Company has elected to subsequently measure the mortgage servicing rights under the amortization method. Under the amortization method, servicing rights are amortized in proportion to and over the period of estimated net servicing income. The amortized assets are assessed for impairment or increased obligation based on fair value at each reporting date. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported as a separate line item in noninterest expense on the consolidated income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. | ||
Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned in loan servicing fees in non-interest income. The amortization of mortgage servicing rights is netted from the gains on sale of loans, both cash gains as well as the capitalized gains, and is included in mortgage banking operations, net in non-interest income. | ||
Stock Options | Stock Options | |
At December 31, 2014 and 2013, the Company has a stock-based employee compensation plan, which is described more fully in Note 15. | ||
Transfers of Financial Assets | Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company — put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||
Income Taxes | Income Taxes | |
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | ||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||
Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. With a few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2011. | ||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. | ||
The Company files consolidated income tax returns with its subsidiary. | ||
Earnings Per Share | Earnings Per Share | |
Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. | ||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | |
Comprehensive income (loss) consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation (depreciation) on available-for-sale securities. | ||
Trust Assets | Trust Assets | |
Assets held in fiduciary or agency capacities are not included in the consolidated balance sheets since such items are not assets of the Company. Fees from trust activities are recorded as revenue over the period in which the service is provided. Fees are a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the underlying client agreement with the Trust Department. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on estimated asset valuations and transaction volumes. Generally, the actual trust fee is charged to each account on a monthly basis. Any out of pocket expenses or services not typically covered by the fee schedule for trust activities are charged directly to the trust account on a gross basis as trust revenue is incurred. The Company managed or administered approximately 114 and 110 trust accounts with assets totaling approximately $78.6 million and $71.8 million at December 31, 2014 and 2013, respectively. | ||
Reclassifications | Reclassifications | |
Certain amounts included in the 2013 consolidated statements have been reclassified to conform to the 2014 presentation. | ||
Recent and Future Accounting Requirements | Recent and Future Accounting Requirements | |
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. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides a five-step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is not permitted. Management is evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Schedule of estimated useful lives of premises and equipment | Buildings and improvements | 35-40 years |
Equipment | 3-5 years |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 10,031,683 | $ | 65,328 | $ | (138,738 | ) | $ | 9,958,273 | ||||||||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 41,196,695 | 433,757 | (210,531 | ) | 41,419,921 | ||||||||||||||||||||
Municipal bonds | 44,378,515 | 1,457,977 | (529,789 | ) | 45,306,703 | ||||||||||||||||||||
$ | 95,606,893 | $ | 1,957,062 | $ | (879,058 | ) | $ | 96,684,897 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 10,710,675 | $ | 114,936 | $ | (405,535 | ) | $ | 10,420,076 | ||||||||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 49,486,337 | 219,222 | (1,359,904 | ) | 48,345,655 | ||||||||||||||||||||
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 maturity | Available-for-sale | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Within one year | $ | 535,664 | $ | 544,411 | |||||||||||||||||||||
One to five years | 9,184,010 | 9,490,518 | |||||||||||||||||||||||
Five to ten years | 25,748,781 | 26,064,641 | |||||||||||||||||||||||
After ten years | 18,941,743 | 19,165,406 | |||||||||||||||||||||||
54,410,198 | 55,264,976 | ||||||||||||||||||||||||
Mortgage-backed securities | 41,196,695 | 41,419,921 | |||||||||||||||||||||||
Totals | $ | 95,606,893 | $ | 96,684,897 | |||||||||||||||||||||
Schedule of gross unrealized losses and fair value in a continuous unrealized loss position | 31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
U.S. Government agencies | $ | 2,955,829 | $ | (28,208 | ) | $ | 3,949,940 | $ | (110,530 | ) | $ | 6,905,769 | $ | (138,738 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 2,061,203 | (13,358 | ) | 13,725,099 | (197,173 | ) | 15,786,302 | (210,531 | ) | ||||||||||||||||
Municipal bonds | 3,953,168 | (44,654 | ) | 13,942,169 | (485,135 | ) | 17,895,337 | (529,789 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 8,970,200 | $ | (86,220 | ) | $ | 31,617,208 | $ | (792,838 | ) | $ | 40,587,408 | $ | (879,058 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||
U.S. Government agencies | $ | 5,824,808 | $ | (367,005 | ) | $ | 470,324 | $ | (38,530 | ) | $ | 6,295,132 | $ | (405,535 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 33,521,545 | (1,065,542 | ) | 6,087,526 | (294,362 | ) | 39,609,071 | (1,359,904 | ) | ||||||||||||||||
Municipal bonds | 22,534,325 | (1,462,733 | ) | 2,759,523 | (260,581 | ) | 25,293,848 | (1,723,314 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 61,880,678 | $ | (2,895,280 | ) | $ | 9,317,373 | $ | (593,473 | ) | $ | 71,198,051 | $ | (3,488,753 | ) |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of classes of loans | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 44,561,089 | $ | 44,286,657 | |||||||||||||||||||||||||||||||||
Commercial | 40,474,855 | 38,920,692 | |||||||||||||||||||||||||||||||||||
Agricultural | 40,119,130 | 35,005,662 | |||||||||||||||||||||||||||||||||||
Home equity | 11,283,264 | 11,729,112 | |||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 136,438,338 | 129,942,123 | |||||||||||||||||||||||||||||||||||
Commercial loans | 26,813,880 | 29,946,928 | |||||||||||||||||||||||||||||||||||
Agricultural | 11,844,973 | 10,559,593 | |||||||||||||||||||||||||||||||||||
Consumer | 12,587,101 | 13,605,897 | |||||||||||||||||||||||||||||||||||
187,684,292 | 184,054,541 | ||||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||
Net deferred loan fees | 9,416 | 8,605 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | 2,956,264 | 3,406,434 | |||||||||||||||||||||||||||||||||||
Net loans | $ | 184,718,612 | $ | 180,639,502 | |||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Agricultural | Commercial | Agricultural | Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 1,034,189 | $ | 52,798 | $ | 201,993 | $ | 184,848 | $ | 155,674 | $ | 3,406,434 | |||||||||||||||||||
Provision charged to expense | 241,875 | 392,009 | 20,518 | (327,057 | ) | 5,136 | 5,887 | 3,950 | (102,318 | ) | 240,000 | ||||||||||||||||||||||||||
Losses charged off | (100,319 | ) | (287,474 | ) | — | (285,411 | ) | — | (5,403 | ) | (25,781 | ) | — | (704,388 | ) | ||||||||||||||||||||||
Recoveries | 1,560 | 5,168 | — | 88 | — | 3,100 | 4,302 | — | 14,218 | ||||||||||||||||||||||||||||
Balance, end of year | $ | 999,260 | $ | 855,463 | $ | 195,546 | $ | 421,809 | $ | 57,934 | $ | 205,577 | $ | 167,319 | $ | 53,356 | $ | 2,956,264 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 183,196 | $ | 348,240 | $ | — | $ | 154,089 | $ | — | $ | 9,982 | $ | — | $ | — | $ | 695,507 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 816,064 | $ | 507,223 | $ | 195,546 | $ | 267,720 | $ | 57,934 | $ | 195,595 | $ | 167,319 | $ | 53,356 | $ | 2,260,757 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,561,089 | $ | 40,474,855 | $ | 40,119,130 | $ | 26,813,880 | $ | 11,844,973 | $ | 11,283,264 | $ | 12,587,101 | $ | — | $ | 187,684,292 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 713,962 | $ | 1,690,251 | $ | 1,009,889 | $ | 240,805 | $ | 258,140 | $ | 37,531 | $ | 8,469 | $ | — | $ | 3,959,047 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 43,847,127 | $ | 38,784,604 | $ | 39,109,241 | $ | 26,573,075 | $ | 11,586,833 | $ | 11,245,733 | $ | 12,578,632 | $ | — | $ | 183,725,245 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Agricultural | Commercial | Agricultural | Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 934,251 | $ | 43,930 | $ | 328,996 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | |||||||||||||||||||
Provision charged to expense | 261,492 | (218,949 | ) | 25,460 | 92,597 | 8,868 | (78,628 | ) | 84,829 | (5,669 | ) | 170,000 | |||||||||||||||||||||||||
Losses charged off | (162,448 | ) | — | — | — | — | (63,410 | ) | (66,467 | ) | — | (292,325 | ) | ||||||||||||||||||||||||
Recoveries | 16,071 | 135,836 | — | 7,341 | — | 15,035 | 15,012 | — | 189,295 | ||||||||||||||||||||||||||||
Balance, end of year | $ | 856,144 | $ | 745,760 | $ | 175,028 | $ | 1,034,189 | $ | 52,798 | $ | 201,993 | $ | 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 | $ | 411,459 | $ | 52,798 | $ | 201,993 | $ | 174,012 | $ | 155,674 | $ | 2,524,011 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 44,286,657 | $ | 38,920,692 | $ | 35,005,662 | $ | 29,946,928 | $ | 10,559,593 | $ | 11,729,112 | $ | 13,605,897 | $ | — | $ | 184,054,541 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 563,524 | $ | 1,531,078 | $ | — | $ | 662,730 | $ | — | $ | 71,548 | $ | 101,089 | $ | — | $ | 2,929,969 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 43,723,133 | $ | 37,389,614 | $ | 35,005,662 | $ | 29,284,198 | $ | 10,559,593 | $ | 11,657,564 | $ | 13,504,808 | $ | — | $ | 181,124,572 | |||||||||||||||||||
Schedule of credit risk profile of the Company's loan portfolio based on rating category and payment activity | 1-4 Family | Commercial Real Estate | Agricultural Real Estate | Commercial | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Pass | $ | 41,530,699 | $ | 41,061,498 | $ | 38,122,972 | $ | 36,489,660 | $ | 39,109,241 | $ | 35,005,662 | $ | 26,563,823 | $ | 29,231,227 | |||||||||||||||||||||
Special Mention | 655,049 | 775,545 | 53,750 | 57,488 | 887,048 | — | — | — | |||||||||||||||||||||||||||||
Substandard | 2,375,341 | 2,449,614 | 2,298,133 | 2,373,544 | 122,841 | — | 250,057 | 715,701 | |||||||||||||||||||||||||||||
Total | $ | 44,561,089 | $ | 44,286,657 | $ | 40,474,855 | $ | 38,920,692 | $ | 40,119,130 | $ | 35,005,662 | $ | 26,813,880 | $ | 29,946,928 | |||||||||||||||||||||
Agricultural Business | Home Equity | Consumer | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 11,586,833 | $ | 10,559,593 | $ | 10,833,853 | $ | 11,215,416 | $ | 12,386,412 | $ | 13,302,507 | |||||||||||||||||||||||||
Special Mention | 258,140 | — | 162,103 | 155,515 | 80,544 | 68,480 | |||||||||||||||||||||||||||||||
Substandard | — | — | 287,308 | 358,181 | 120,145 | 234,910 | |||||||||||||||||||||||||||||||
Total | $ | 11,844,973 | $ | 10,559,593 | $ | 11,283,264 | $ | 11,729,112 | $ | 12,587,101 | $ | 13,605,897 | |||||||||||||||||||||||||
Schedule of loan portfolio aging analysis | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Total Loans > | |||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | 90 Days & | ||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 420,086 | $ | 286,622 | $ | 613,534 | $ | 1,320,242 | $ | 43,240,847 | $ | 44,561,089 | $ | — | |||||||||||||||||||||||
Commercial real estate | — | 794,110 | 39,023 | 833,133 | 39,641,722 | 40,474,855 | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | 122,841 | 122,841 | 39,996,289 | 40,119,130 | — | ||||||||||||||||||||||||||||||
Commercial | — | — | — | — | 26,813,880 | 26,813,880 | — | ||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | 11,844,973 | 11,844,973 | — | ||||||||||||||||||||||||||||||
Home equity | 96,971 | 11,561 | 58,360 | 166,892 | 11,116,372 | 11,283,264 | — | ||||||||||||||||||||||||||||||
Consumer | 90,558 | 5,531 | 16,560 | 112,649 | 12,474,452 | 12,587,101 | — | ||||||||||||||||||||||||||||||
Total | $ | 607,615 | $ | 1,097,824 | $ | 850,318 | $ | 2,555,757 | $ | 185,128,535 | $ | 187,684,292 | $ | — | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Total Loans > | |||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | 90 Days & | ||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 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 | — | ||||||||||||||||||||||||||||||
Commercial | — | — | — | — | 29,946,928 | 29,946,928 | — | ||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | 10,559,593 | 10,559,593 | — | ||||||||||||||||||||||||||||||
Home equity | 156,331 | 47,585 | 55,288 | 259,204 | 11,469,908 | 11,729,112 | — | ||||||||||||||||||||||||||||||
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 loans | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Investment | Income | Income | ||||||||||||||||||||||||||||||||
Balance | in Impaired | Recognized | Recognized | ||||||||||||||||||||||||||||||||||
Loans | Cash Basis | ||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 129,272 | $ | 129,272 | $ | — | $ | 220,541 | $ | 12,818 | $ | 13,076 | |||||||||||||||||||||||||
Commercial real estate | 564,610 | 564,610 | — | 757,616 | 19,826 | 18,816 | |||||||||||||||||||||||||||||||
Agricultural real estate | 1,009,889 | 1,009,889 | — | 1,037,661 | 58,253 | 49,159 | |||||||||||||||||||||||||||||||
Agricultural business | 258,140 | 258,140 | — | 358,529 | 13,723 | 1,046 | |||||||||||||||||||||||||||||||
Home equity | 27,549 | 27,549 | — | 29,505 | 2,881 | 2,939 | |||||||||||||||||||||||||||||||
Consumer | 8,469 | 8,469 | — | 12,285 | 951 | 964 | |||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | 584,690 | 584,690 | 183,196 | 604,031 | 28,722 | 26,783 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,125,641 | 1,125,641 | 348,240 | 1,134,401 | 66,864 | 60,012 | |||||||||||||||||||||||||||||||
Commercial | 240,805 | 240,805 | 154,089 | 319,812 | 14,425 | 16,554 | |||||||||||||||||||||||||||||||
Home equity | 9,982 | 9,982 | 9,982 | 9,993 | 247 | 187 | |||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
1-4 family | 713,962 | 713,962 | 183,196 | 824,572 | 41,540 | 39,859 | |||||||||||||||||||||||||||||||
Commercial real estate | 1,690,251 | 1,690,251 | 348,240 | 1,892,017 | 86,690 | 78,828 | |||||||||||||||||||||||||||||||
Agricultural real estate | 1,009,889 | 1,009,889 | — | 1,037,661 | 58,253 | 49,159 | |||||||||||||||||||||||||||||||
Commercial | 240,805 | 240,805 | 154,089 | 319,812 | 14,425 | 16,554 | |||||||||||||||||||||||||||||||
Agricultural business | 258,140 | 258,140 | — | 358,529 | 13,723 | 1,046 | |||||||||||||||||||||||||||||||
Home equity | 37,531 | 37,531 | 9,982 | 39,498 | 3,128 | 3,126 | |||||||||||||||||||||||||||||||
Consumer | 8,469 | 8,469 | — | 12,285 | 951 | 964 | |||||||||||||||||||||||||||||||
Total | $ | 3,959,047 | $ | 3,959,047 | $ | 695,507 | $ | 4,484,374 | $ | 218,710 | $ | 189,536 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Investment | Income | Income | ||||||||||||||||||||||||||||||||
Balance | in Impaired | Recognized | Recognized | ||||||||||||||||||||||||||||||||||
Loans | Cash Basis | ||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 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 valuation 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: | |||||||||||||||||||||||||||||||||||||
1-4 family | 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 nonaccrual loans | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
1-4 family | $ | 994,855 | $ | 1,339,487 | |||||||||||||||||||||||||||||||||
Commercial real estate | 932,578 | 208,297 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | 122,841 | — | |||||||||||||||||||||||||||||||||||
Commercial | 22,438 | 37,939 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 120,698 | 133,823 | |||||||||||||||||||||||||||||||||||
Consumer | 70,643 | 62,617 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,264,053 | $ | 1,782,163 | |||||||||||||||||||||||||||||||||
Schedule of recorded balance, at original cost, of troubled debt restructurings | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
1-4 family | $ | 747,470 | $ | 661,880 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1,265,079 | 1,137,667 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 212,579 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 15,379 | 79,087 | |||||||||||||||||||||||||||||||||||
Consumer | 42,786 | 43,559 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,283,293 | $ | 2,597,676 | |||||||||||||||||||||||||||||||||
Schedule of recorded balance, at original cost, of troubled debt restructurings, which were performing according to the terms of the restructuring | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
1-4 family | $ | 567,931 | $ | 591,000 | |||||||||||||||||||||||||||||||||
Commercial real estate | 470,969 | 1,074,194 | |||||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 212,579 | 675,483 | |||||||||||||||||||||||||||||||||||
Agricultural business | — | — | |||||||||||||||||||||||||||||||||||
Home equity | 12,074 | 13,015 | |||||||||||||||||||||||||||||||||||
Consumer | 42,786 | 42,059 | |||||||||||||||||||||||||||||||||||
Total | $ | 1,306,339 | $ | 2,395,751 | |||||||||||||||||||||||||||||||||
Schedule of loans modified as troubled debt restructurings | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
Modifications | Investment | Modifications | Investment | ||||||||||||||||||||||||||||||||||
1-4 family | 3 | $ | 201,879 | 8 | $ | 522,819 | |||||||||||||||||||||||||||||||
Commercial real estate | 1 | 386,355 | 3 | 175,649 | |||||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial | — | — | 1 | 40,644 | |||||||||||||||||||||||||||||||||
Agricultural business | — | — | — | — | |||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | 1 | 15,953 | 1 | 27,593 | |||||||||||||||||||||||||||||||||
Total | 5 | $ | 604,187 | 13 | $ | 766,705 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of premises and equipment | 2014 | 2013 | |||||||
Land | $ | 773,186 | $ | 773,186 | |||||
Buildings and improvements | 6,661,148 | 6,694,149 | |||||||
Equipment | 3,254,434 | 4,808,044 | |||||||
10,688,768 | 12,275,379 | ||||||||
Less accumulated depreciation | (5,742,785 | ) | (7,096,401 | ) | |||||
Net premises and equipment | $ | 4,945,983 | $ | 5,178,978 |
Loan_Servicing_Tables
Loan Servicing (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
Schedule of mortgage servicing rights measured using amortization method with aggregate activity in related valuation allowances | 2014 | 2013 | |||||||
Mortgage servicing rights | |||||||||
Balance, beginning of year | $ | 746,968 | $ | 793,715 | |||||
Additions | 53,859 | 101,538 | |||||||
Amortization | (111,224 | ) | (148,285 | ) | |||||
Balance at end of year | 689,603 | 746,968 | |||||||
Valuation allowances | |||||||||
Balance at beginning of year | 73,392 | 129,279 | |||||||
Additions due to decreases in market value | — | — | |||||||
Reduction due to increases in market value | — | (33,649 | ) | ||||||
Reduction due to payoff of loans | (16,423 | ) | (22,238 | ) | |||||
Balances at end of year | 56,969 | 73,392 | |||||||
Mortgage servicing assets, net | $ | 632,634 | $ | 673,576 | |||||
Fair value disclosures | |||||||||
Fair value as of the beginning of the period | $ | 1,120,000 | $ | 765,029 | |||||
Fair value as of the end of the period | $ | 979,699 | $ | 1,120,000 |
Interestbearing_Deposits_Table
Interest-bearing Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Schedule of deposit interest expense by deposit type | December 31, | ||||||||
2014 | 2013 | ||||||||
Savings, NOW and Money Market | $ | 257,214 | $ | 256,010 | |||||
Certificates of deposit | 1,179,589 | 1,510,730 | |||||||
Total deposit interest expense | $ | 1,436,803 | $ | 1,766,740 | |||||
Schedule of scheduled maturities of time deposits | 2015 | $ | 51,911,089 | ||||||
2016 | 20,213,799 | ||||||||
2017 | 10,056,961 | ||||||||
2018 | 5,760,161 | ||||||||
2019 | 6,657,553 | ||||||||
$ | 94,599,563 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of components of provision for income taxes | 2014 | 2013 | |||||||
Taxes currently payable | |||||||||
Federal | $ | 798,160 | $ | 813,409 | |||||
State | — | 406,770 | |||||||
Deferred income taxes | 135,886 | (31,880 | ) | ||||||
Income tax expense | $ | 934,046 | $ | 1,188,299 | |||||
Schedule of reconciliation of income tax expense at the statutory rate to actual income tax expense | 2014 | 2013 | |||||||
Computed at the statutory rate (34%) | $ | 1,328,312 | $ | 1,496,661 | |||||
Increase (decrease) resulting from | |||||||||
Tax exempt interest | (503,089 | ) | (509,850 | ) | |||||
State income taxes, net | 173,879 | 264,287 | |||||||
Increase in cash surrender value | (63,235 | ) | (66,246 | ) | |||||
Other | (1,821 | ) | 3,447 | ||||||
Actual tax expense | $ | 934,046 | $ | 1,188,299 | |||||
Tax expense as a percentage of pre-tax income | 23.91 | % | 26.99 | % | |||||
Schedule of tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets | 2014 | 2013 | |||||||
Deferred tax assets | |||||||||
Allowance for loan losses | $ | 1,060,419 | $ | 1,241,702 | |||||
Deferred compensation | 1,712,570 | 1,610,547 | |||||||
State net operating loss carryforward | 4,749 | 186,497 | |||||||
Unrealized losses on available-for-sale securities | — | 714,497 | |||||||
Other | 40,270 | 840 | |||||||
2,818,008 | 3,754,083 | ||||||||
Deferred tax liabilities | |||||||||
Unrealized gains on available-for-sale securities | (366,521 | ) | — | ||||||
Depreciation | (478,427 | ) | (536,706 | ) | |||||
Federal Home Loan Bank stock dividends | (152,224 | ) | (152,224 | ) | |||||
Prepaid expenses | (79,868 | ) | (90,794 | ) | |||||
Mortgage servicing rights | (254,762 | ) | (271,249 | ) | |||||
(1,331,802 | ) | (1,050,973 | ) | ||||||
Net deferred tax asset | $ | 1,486,206 | $ | 2,703,110 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Schedule of components of accumulated other comprehensive income included in stockholders' equity | 2014 | 2013 | ||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 1,078,004 | $ | (2,101,461 | ) | |||||
Tax effect | (366,521 | ) | 714,497 | |||||||
Net-of-tax amount | $ | 711,483 | $ | (1,386,964 | ) |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (Tables) | 12 Months Ended | |||||||||
Dec. 31, 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 | Affected Line Item in the | ||||||||
from AOCI | ||||||||||
2014 | 2013 | Statements of Income | ||||||||
Unrealized gains on available-for-sale securities | $ | 408,753 | $ | 897,901 | Realized gain on sale of securities | |||||
Total reclassified amount before tax | ||||||||||
(138,976 | ) | (305,286 | ) | Tax expense | ||||||
$ | 269,777 | $ | 592,615 | Net reclassified amount |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||
Schedule of bank's actual capital amounts and ratios | Actual | Minimum Capital | Minimum to Be Well | ||||||||||||||||||||||
Requirement | Capitalized Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total risk-based capital | $ | 40,252 | 18.81 | % | $ | 17,119 | 8 | % | $ | 21,399 | 10 | % | |||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 37,574 | 17.56 | 8,560 | 4 | 12,839 | 6 | |||||||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 37,574 | 12.25 | 12,269 | 4 | 15,336 | 5 | |||||||||||||||||||
(to average assets) | |||||||||||||||||||||||||
Tangible capital | 37,574 | 12.25 | 4,601 | 1.5 | — | N/A | |||||||||||||||||||
(to adjusted tangible assets) | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total risk-based capital | $ | 38,766 | 18.15 | % | $ | 17,089 | 8 | % | $ | 21,361 | 10 | % | |||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 36,087 | 16.89 | 8,544 | 4 | 12,817 | 6 | |||||||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||||||
Tier I capital | 36,087 | 11.51 | 12,546 | 4 | 15,682 | 5 | |||||||||||||||||||
(to average assets) | |||||||||||||||||||||||||
Tangible capital | 36,087 | 11.51 | 4,705 | 1.5 | — | N/A | |||||||||||||||||||
(to adjusted tangible assets) | |||||||||||||||||||||||||
Schedule of reconciliation of bank equity amount for regulatory capital purposes | 2014 | 2013 | |||||||||||||||||||||||
Bank equity | $ | 41,012 | $ | 37,427 | |||||||||||||||||||||
Less net unrealized gain (loss) | 711 | (1,387 | ) | ||||||||||||||||||||||
Less disallowed goodwill | 2,727 | 2,727 | |||||||||||||||||||||||
Tier 1 capital | 37,574 | 36,087 | |||||||||||||||||||||||
Plus allowance for loan losses | 2,678 | 2,679 | |||||||||||||||||||||||
Total risked-based capital | $ | 40,252 | $ | 38,766 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Related Party Transactions [Abstract] | ||||||||||
Schedule of annual activity of loans outstanding to related parties | 2014 | 2013 | ||||||||
Balance beginning of year | $ | 3,852,658 | $ | 4,052,339 | ||||||
Additions | 1,876,445 | 1,156,220 | ||||||||
Repayments | (2,206,056 | ) | (1,355,901 | ) | ||||||
Balance, end of year | $ | 3,523,047 | $ | 3,852,658 |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||
Schedule of summary of ESOP expense | 2014 | 2013 | ||||||||
Allocated shares | $ | 54,519 | $ | 55,515 | ||||||
Shares committed for allocation | 3,767 | 3,680 | ||||||||
Unearned shares | 24,991 | 28,758 | ||||||||
Total ESOP shares | 83,277 | 87,953 | ||||||||
Fair value of unearned shares at December 31 | $ | 574,793 | $ | 562,219 |
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of summary of option activity | 2014 | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding, beginning of year | 101,336 | $ | 15.63 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (15,101 | ) | 15.53 | ||||||||||||||
Forfeited or expired | (400 | ) | 15.65 | ||||||||||||||
Outstanding, end of year | 85,835 | $ | 15.65 | 7.25 | $ | 630,887 | |||||||||||
Exercisable, end of year | 23,600 | $ | 15.65 | 7.25 | $ | 173,460 | |||||||||||
2013 | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding, beginning of year | 107,338 | $ | 15.6 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (6,002 | ) | 15.04 | ||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding, end of year | 101,336 | $ | 15.63 | 8.17 | $ | 397,049 | |||||||||||
Exercisable, end of year | 18,151 | $ | 15.55 | 7.78 | $ | 72,628 | |||||||||||
Schedule of summary of the status of nonvested shares | 31-Dec-14 | ||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Nonvested, beginning of year | 83,185 | $ | 4.34 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (20,550 | ) | 4.34 | ||||||||||||||
Forfeited | (400 | ) | — | ||||||||||||||
Nonvested, end of year | 62,235 | $ | 4.34 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Nonvested, beginning of year | 104,035 | $ | 4.34 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (20,850 | ) | 4.34 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested, end of year | 83,185 | $ | 4.34 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of computation of earnings per share | Year Ended December 31, 2014 | ||||||||||||
Income | Weighted- | Per Share | |||||||||||
Average | Amount | ||||||||||||
Shares | |||||||||||||
Net income | $ | 2,972,754 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | 1,791,888 | $ | 1.66 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 11,173 | ||||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 2,972,754 | 1,803,061 | $ | 1.65 | ||||||||
Year Ended December 31, 2013 | |||||||||||||
Income | Weighted- | Per Share | |||||||||||
Average | Amount | ||||||||||||
Shares | |||||||||||||
Net income | $ | 3,213,645 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | 1,853,240 | $ | 1.73 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 296 | ||||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 3,213,645 | 1,853,536 | $ | 1.73 |
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of fair value measurements of assets recognized in balance sheets on recurring basis | 31-Dec-14 | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
U.S. Government agencies | $ | 9,958,273 | $ | — | $ | 9,958,273 | $ | — | |||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 41,419,921 | — | 41,419,921 | — | |||||||||||||
Municipal bonds | 45,306,703 | — | 45,306,703 | — | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
U.S. Government agencies | $ | 10,420,076 | $ | — | $ | 10,420,076 | $ | — | |||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential) | 48,345,655 | — | 48,345,655 | — | |||||||||||||
Municipal bonds | 50,218,866 | — | 50,218,866 | — | |||||||||||||
Schedule of fair value measurement of assets measured at fair value on nonrecurring basis | 31-Dec-14 | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,147,400 | $ | — | $ | — | $ | 1,147,400 | |||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,219,185 | $ | — | $ | — | $ | 1,219,185 | |||||||||
Mortgage servicing rights | 673,576 | — | — | 673,576 | |||||||||||||
Schedule of quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements | Fair Value at | Valuation | Unobservable Inputs | Range | |||||||||||||
December 31, | Technique | (Weighted | |||||||||||||||
2014 | Average) | ||||||||||||||||
Collateral-dependent impaired loans | $ | 1,147,400 | Market comparable properties | Marketability discount | 20% – 30%(25 | %) | |||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | ||||||||||||||
December 31, | Technique | (Weighted | |||||||||||||||
2013 | Average) | ||||||||||||||||
Collateral-dependent impaired loans | $ | 1,219,185 | Market comparable properties | Marketability discount | 20% – 30%(25 | %) | |||||||||||
Mortgage servicing rights | $ | 673,576 | Discounted cash flow | Discount rate | 8% - 12.5%(10.24%) | ) | |||||||||||
PSA standard prepayment model rate | 144 – 342 (164 | ||||||||||||||||
Schedule of estimated fair values of other financial instruments | 31-Dec-14 | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 9,611,638 | $ | 9,611,638 | $ | — | $ | — | |||||||||
Other investments | 73,766 | — | 73,766 | — | |||||||||||||
Loans held for sale | 235,600 | — | 235,600 | — | |||||||||||||
Loans, net of allowance for loan losses | 184,718,612 | — | — | 184,573,401 | |||||||||||||
Federal Home Loan Bank stock | 1,113,800 | — | 1,113,800 | — | |||||||||||||
Interest receivable | 1,713,243 | — | 1,713,243 | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | 245,941,562 | — | 151,341,999 | 96,956,400 | |||||||||||||
Short-term borrowings | 13,821,730 | — | 8,821,730 | 4,996,109 | |||||||||||||
Advances from borrowers for taxes and insurance | 962,762 | — | 962,762 | — | |||||||||||||
Interest payable | 166,052 | — | 166,052 | — | |||||||||||||
Unrecognized financial instruments (net of contract amount) | |||||||||||||||||
Commitments to originate loans | — | — | — | — | |||||||||||||
Letters of credit | — | — | — | — | |||||||||||||
Lines of credit | — | — | — | — | |||||||||||||
31-Dec-13 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
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 | — | — | — | — |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of quarterly results of operations | Year Ended December 31, 2014 | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Interest income | $ | 2,921,442 | $ | 2,946,212 | $ | 2,978,484 | $ | 3,045,770 | |||||||||
Interest expense | 337,222 | 353,542 | 371,036 | 389,658 | |||||||||||||
Net interest income | 2,584,220 | 2,592,670 | 2,607,448 | 2,656,112 | |||||||||||||
Provision for loan losses | 150,000 | 30,000 | 30,000 | 30,000 | |||||||||||||
Net interest income after provision for loan losses | 2,434,220 | 2,562,670 | 2,577,448 | 2,626,112 | |||||||||||||
Noninterest income | 949,801 | 1,024,088 | 947,678 | 997,532 | |||||||||||||
Noninterest expense | 2,548,408 | 2,470,123 | 2,723,872 | 2,470,346 | |||||||||||||
Income before income taxes | 835,613 | 1,116,635 | 801,254 | 1,153,298 | |||||||||||||
Income tax expense | 183,641 | 260,619 | 176,277 | 313,509 | |||||||||||||
Net income | $ | 651,972 | $ | 856,016 | $ | 624,977 | $ | 839,789 | |||||||||
Basic earnings per share | $ | 0.37 | $ | 0.48 | $ | 0.35 | $ | 0.47 | |||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.47 | $ | 0.35 | $ | 0.47 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Interest income | $ | 3,139,867 | $ | 3,061,017 | $ | 2,924,714 | $ | 2,952,167 | |||||||||
Interest expense | 415,265 | 439,617 | 454,298 | 472,091 | |||||||||||||
Net interest income | 2,724,602 | 2,621,400 | 2,470,416 | 2,480,076 | |||||||||||||
Provision for loan losses | 130,000 | 10,000 | — | 30,000 | |||||||||||||
Net interest income after provision for loan losses | 2,594,602 | 2,611,400 | 2,470,416 | 2,450,076 | |||||||||||||
Noninterest income | 918,665 | 1,010,359 | 1,027,808 | 1,486,038 | |||||||||||||
Noninterest expense | 2,650,580 | 2,564,351 | 2,467,610 | 2,484,879 | |||||||||||||
Income before income taxes | 862,687 | 1,057,408 | 1,030,614 | 1,451,235 | |||||||||||||
Income tax expense | 207,234 | 271,739 | 270,539 | 438,787 | |||||||||||||
Net income | $ | 655,453 | $ | 785,669 | $ | 760,075 | $ | 1,012,448 | |||||||||
Basic earnings per share | $ | 0.36 | $ | 0.43 | $ | 0.41 | $ | 0.54 | |||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.42 | $ | 0.41 | $ | 0.54 |
Condensed_Financial_Informatio1
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Schedule of Condensed Balance Sheets | Condensed Balance Sheets | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and due from banks | $ | 3,847,179 | $ | 3,479,895 | |||||
Investment in common stock of subsidiary | 41,012,112 | 37,426,345 | |||||||
Loan receivable from subsidiary | 254,385 | 291,037 | |||||||
Other assets | 96,993 | 130,137 | |||||||
Total assets | $ | 45,210,669 | $ | 41,327,414 | |||||
Liabilities | |||||||||
Other liabilities | $ | 194,571 | $ | 188,618 | |||||
Stockholders’ Equity | 45,016,098 | 41,138,796 | |||||||
Total liabilities and stockholders’ equity | $ | 45,210,669 | $ | 41,327,414 | |||||
Schedule of Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income (Loss) | ||||||||
Year Ending December 31, | |||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Dividends from subsidiary | $ | 2,000,000 | $ | 1,500,000 | |||||
Other income | 12,245 | 14,177 | |||||||
Total income | 2,012,245 | 1,514,177 | |||||||
Expenses | |||||||||
Other expenses | 707,692 | 465,624 | |||||||
Income Before Income Tax and Equity in Undistributed Income of Subsidiary | 1,304,553 | 1,048,553 | |||||||
Income Tax Benefit | (271,357 | ) | (182,847 | ) | |||||
Income Before Equity in Undistributed Income of Subsidiary | 1,575,910 | 1,231,400 | |||||||
Equity in Undistributed Income of Subsidiary | 1,396,844 | 1,982,245 | |||||||
Net Income | $ | 2,972,754 | $ | 3,213,645 | |||||
Comprehensive Income (Loss) | $ | 5,071,201 | $ | (1,069,912 | ) | ||||
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | ||||||||
Year Ending December 31, | |||||||||
2014 | 2013 | ||||||||
Operating Activities | |||||||||
Net income | $ | 2,972,754 | $ | 3,213,645 | |||||
Items not providing cash, net | (1,396,844 | ) | (1,982,245 | ) | |||||
Stock-based compensation expense | 90,163 | 90,162 | |||||||
Change in other assets and liabilities, net | 29,599 | 112,013 | |||||||
Net cash provided by operating activities | 1,695,672 | 1,433,575 | |||||||
Investing Activity | |||||||||
Loan payment from subsidiary | 36,652 | 35,527 | |||||||
Net cash provided by investing activities | 36,652 | 35,527 | |||||||
Financing Activities | |||||||||
Dividends paid | (570,843 | ) | (565,526 | ) | |||||
Stock repurchase | (1,028,688 | ) | (1,596,959 | ) | |||||
Exercise of stock options | 234,491 | 90,254 | |||||||
Net cash used in financing activities | (1,365,040 | ) | (2,072,231 | ) | |||||
Net Change in Cash and Cash Equivalents | 367,284 | (603,129 | ) | ||||||
Cash and Cash Equivalents at Beginning of Year | 3,479,895 | 4,083,024 | |||||||
Cash and Cash Equivalents at End of Year | $ | 3,847,179 | $ | 3,479,895 |
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies - Estimated useful lives for each major depreciable classification of premises and equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements | |
Nature Of Operations And Significant Accounting Policies [Line Items] | |
Premises and equipment estimated useful life | 35-40 years |
Equipment | |
Nature Of Operations And Significant Accounting Policies [Line Items] | |
Premises and equipment estimated useful life | 3-5 years |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Trust | Trust | |
Branche | ||
Nature Of Operations And Significant Accounting Policies [Line Items] | ||
Percentage of ownership interests in Jacksonville Savings Bank | 100.00% | |
Number of branches | 3 | |
Loan past due period | 90 days | |
Number of trust accounts managed or administered | 114 | 110 |
Assets held in fiduciary or agency capacities | $78.60 | $71.80 |
Mortgages | Minimum | ||
Nature Of Operations And Significant Accounting Policies [Line Items] | ||
Fixed-rate balloon loans term | 3 years | |
Mortgages | Maximum | ||
Nature Of Operations And Significant Accounting Policies [Line Items] | ||
Fixed-rate balloon loans term | 5 years |
Recovered_Sheet1
Restriction on Cash and Due from Banks - (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Cash and Investments [Abstract] | ||
Reserve funds in cash and/or on deposit with Federal Reserve Bank | $1,402,000 | $1,310,000 |
Securities_Amortized_cost_and_
Securities - Amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | $95,606,893 | $111,086,058 |
Available-for-sale securities, gross unrealized gains | 1,957,062 | 1,387,292 |
Available-for-sale securities, gross unrealized losses | -879,058 | -3,488,753 |
Available-for-sale securities, fair value | 96,684,897 | 108,984,597 |
U.S. Government and federal agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 10,031,683 | 10,710,675 |
Available-for-sale securities, gross unrealized gains | 65,328 | 114,936 |
Available-for-sale securities, gross unrealized losses | -138,738 | -405,535 |
Available-for-sale securities, fair value | 9,958,273 | 10,420,076 |
Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 41,196,695 | 49,486,337 |
Available-for-sale securities, gross unrealized gains | 433,757 | 219,222 |
Available-for-sale securities, gross unrealized losses | -210,531 | -1,359,904 |
Available-for-sale securities, fair value | 41,419,921 | 48,345,655 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 44,378,515 | 50,889,046 |
Available-for-sale securities, gross unrealized gains | 1,457,977 | 1,053,134 |
Available-for-sale securities, gross unrealized losses | -529,789 | -1,723,314 |
Available-for-sale securities, fair value | $45,306,703 | $50,218,866 |
Securities_Amortized_cost_and_1
Securities - Amortized cost and fair value of available-for-sale securities by contractual maturity (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale, amortized cost | ||
Within one year | $535,664 | |
One to five years | 9,184,010 | |
Five to ten years | 25,748,781 | |
After ten years | 18,941,743 | |
Available-for-sale securities, amortized cost, subtotal | 54,410,198 | |
Mortgage-backed securities, amortized cost | 41,196,695 | |
Available-for-sale securities, amortized cost | 95,606,893 | 111,086,058 |
Available-for-sale securities, fair value | ||
Within one year | 544,411 | |
One to five years | 9,490,518 | |
Five to ten years | 26,064,641 | |
After ten years | 19,165,406 | |
Available-for-sale Securities, fair value | 55,264,976 | 60,638,942 |
Mortgage-backed securities, fair value | 41,419,921 | 48,345,655 |
Available-for-sale securities, fair value | $96,684,897 | $108,984,597 |
Securities_Gross_unrealized_lo
Securities - Gross unrealized losses and fair value in a continuous unrealized loss position (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $8,970,200 | $61,880,678 |
Less than 12 Months, Unrealized Losses | -86,220 | -2,895,280 |
12 Months or More, Fair Value | 31,617,208 | 9,317,373 |
12 Months or More, Unrealized Losses | -792,838 | -593,473 |
Fair Value | 40,587,408 | 71,198,051 |
Unrealized Losses | -879,058 | -3,488,753 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,955,829 | 5,824,808 |
Less than 12 Months, Unrealized Losses | -28,208 | -367,005 |
12 Months or More, Fair Value | 3,949,940 | 470,324 |
12 Months or More, Unrealized Losses | -110,530 | -38,530 |
Fair Value | 6,905,769 | 6,295,132 |
Unrealized Losses | -138,738 | -405,535 |
Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,061,203 | 33,521,545 |
Less than 12 Months, Unrealized Losses | -13,358 | -1,065,542 |
12 Months or More, Fair Value | 13,725,099 | 6,087,526 |
12 Months or More, Unrealized Losses | -197,173 | -294,362 |
Fair Value | 15,786,302 | 39,609,071 |
Unrealized Losses | -210,531 | -1,359,904 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,953,168 | 22,534,325 |
Less than 12 Months, Unrealized Losses | -44,654 | -1,462,733 |
12 Months or More, Fair Value | 13,942,169 | 2,759,523 |
12 Months or More, Unrealized Losses | -485,135 | -260,581 |
Fair Value | 17,895,337 | 25,293,848 |
Unrealized Losses | ($529,789) | ($1,723,314) |
Securities_Detail_Textuals
Securities - (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged as collateral | $21,121,613 | $20,420,437 |
Securities sold under agreements to repurchase | 9,165,462 | 9,541,242 |
Gross realized gains on sales of available-for-sale securities | 429,105 | 907,908 |
Gross realized losses on sales of available-for-sale securities | -20,352 | -10,007 |
Reclassification adjustment for realized gains (losses) included in net income, taxes | 138,976 | 305,286 |
Debt securities, fair value | $40,587,408 | $71,198,051 |
Percentage of available-for-sale investment portfolio | 42.00% | 65.00% |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Classes of loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less Allowance for loan losses | $2,956,264 | $3,406,434 |
Net loans | 184,718,612 | 180,639,502 |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 187,684,292 | 184,054,541 |
Less Net deferred loan fees | 9,416 | 8,605 |
Less Allowance for loan losses | 2,956,264 | 3,406,434 |
Net loans | 184,718,612 | 180,639,502 |
Loans Receivable | Mortgage loans on real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 136,438,338 | 129,942,123 |
Loans Receivable | Residential 1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 44,561,089 | 44,286,657 |
Loans Receivable | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 40,474,855 | 38,920,692 |
Loans Receivable | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 40,119,130 | 35,005,662 |
Loans Receivable | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 11,283,264 | 11,729,112 |
Loans Receivable | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 26,813,880 | 29,946,928 |
Loans Receivable | Agricultural business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 11,844,973 | 10,559,593 |
Loans Receivable | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | $12,587,101 | $13,605,897 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method (Details 1) (Loans Receivable, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for loan losses: | ||
Balance, beginning of year | $3,406,434 | $3,339,464 |
Provision charged to expense | 240,000 | 170,000 |
Losses charged off | -704,388 | -292,325 |
Recoveries | 14,218 | 189,295 |
Balance, end of year | 2,956,264 | 3,406,434 |
Ending balance: individually evaluated for impairment | 695,507 | 882,423 |
Ending balance: collectively evaluated for impairment | 2,260,757 | 2,524,011 |
Loans: | ||
Ending balance | 187,684,292 | 184,054,541 |
Ending balance: individually evaluated for impairment | 3,959,047 | 2,929,969 |
Ending balance: collectively evaluated for impairment | 183,725,245 | 181,124,572 |
1-4 family | ||
Allowance for loan losses: | ||
Balance, beginning of year | 856,144 | 741,029 |
Provision charged to expense | 241,875 | 261,492 |
Losses charged off | -100,319 | -162,448 |
Recoveries | 1,560 | 16,071 |
Balance, end of year | 999,260 | 856,144 |
Ending balance: individually evaluated for impairment | 183,196 | |
Ending balance: collectively evaluated for impairment | 816,064 | 856,144 |
Loans: | ||
Ending balance | 44,561,089 | 44,286,657 |
Ending balance: individually evaluated for impairment | 713,962 | 563,524 |
Ending balance: collectively evaluated for impairment | 43,847,127 | 43,723,133 |
Commercial Real Estate | ||
Allowance for loan losses: | ||
Balance, beginning of year | 745,760 | 828,873 |
Provision charged to expense | 392,009 | -218,949 |
Losses charged off | -287,474 | |
Recoveries | 5,168 | 135,836 |
Balance, end of year | 855,463 | 745,760 |
Ending balance: individually evaluated for impairment | 348,240 | 248,857 |
Ending balance: collectively evaluated for impairment | 507,223 | 496,903 |
Loans: | ||
Ending balance | 40,474,855 | 38,920,692 |
Ending balance: individually evaluated for impairment | 1,690,251 | 1,531,078 |
Ending balance: collectively evaluated for impairment | 38,784,604 | 37,389,614 |
Agricultural Real Estate | ||
Allowance for loan losses: | ||
Balance, beginning of year | 175,028 | 149,568 |
Provision charged to expense | 20,518 | 25,460 |
Losses charged off | ||
Recoveries | ||
Balance, end of year | 195,546 | 175,028 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 195,546 | 175,028 |
Loans: | ||
Ending balance | 40,119,130 | 35,005,662 |
Ending balance: individually evaluated for impairment | 1,009,889 | |
Ending balance: collectively evaluated for impairment | 39,109,241 | 35,005,662 |
Commercial | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,034,189 | 934,251 |
Provision charged to expense | -327,057 | 92,597 |
Losses charged off | -285,411 | |
Recoveries | 88 | 7,341 |
Balance, end of year | 421,809 | 1,034,189 |
Ending balance: individually evaluated for impairment | 154,089 | 622,730 |
Ending balance: collectively evaluated for impairment | 267,720 | 411,459 |
Loans: | ||
Ending balance | 26,813,880 | 29,946,928 |
Ending balance: individually evaluated for impairment | 240,805 | 662,730 |
Ending balance: collectively evaluated for impairment | 26,573,075 | 29,284,198 |
Agricultural | ||
Allowance for loan losses: | ||
Balance, beginning of year | 52,798 | 43,930 |
Provision charged to expense | 5,136 | 8,868 |
Losses charged off | ||
Recoveries | ||
Balance, end of year | 57,934 | 52,798 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 57,934 | 52,798 |
Loans: | ||
Ending balance | 11,844,973 | 10,559,593 |
Ending balance: individually evaluated for impairment | 258,140 | |
Ending balance: collectively evaluated for impairment | 11,586,833 | 10,559,593 |
Home equity | ||
Allowance for loan losses: | ||
Balance, beginning of year | 201,993 | 328,996 |
Provision charged to expense | 5,887 | -78,628 |
Losses charged off | -5,403 | -63,410 |
Recoveries | 3,100 | 15,035 |
Balance, end of year | 205,577 | 201,993 |
Ending balance: individually evaluated for impairment | 9,982 | |
Ending balance: collectively evaluated for impairment | 195,595 | 201,993 |
Loans: | ||
Ending balance | 11,283,264 | 11,729,112 |
Ending balance: individually evaluated for impairment | 37,531 | 71,548 |
Ending balance: collectively evaluated for impairment | 11,245,733 | 11,657,564 |
Consumer | ||
Allowance for loan losses: | ||
Balance, beginning of year | 184,848 | 151,474 |
Provision charged to expense | 3,950 | 84,829 |
Losses charged off | -25,781 | -66,467 |
Recoveries | 4,302 | 15,012 |
Balance, end of year | 167,319 | 184,848 |
Ending balance: individually evaluated for impairment | 10,836 | |
Ending balance: collectively evaluated for impairment | 167,319 | 174,012 |
Loans: | ||
Ending balance | 12,587,101 | 13,605,897 |
Ending balance: individually evaluated for impairment | 8,469 | 101,089 |
Ending balance: collectively evaluated for impairment | 12,578,632 | 13,504,808 |
Unallocated | ||
Allowance for loan losses: | ||
Balance, beginning of year | 155,674 | 161,343 |
Provision charged to expense | -102,318 | -5,669 |
Losses charged off | ||
Recoveries | ||
Balance, end of year | 53,356 | 155,674 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 53,356 | 155,674 |
Loans: | ||
Ending balance | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Credit risk profile of the company's loan portfolio based on rating category and payment activity (Details 2) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | $187,684,292 | $184,054,541 |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 44,561,089 | 44,286,657 |
1-4 family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 41,530,699 | 41,061,498 |
1-4 family | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 655,049 | 775,545 |
1-4 family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 2,375,341 | 2,449,614 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 40,474,855 | 38,920,692 |
Commercial Real Estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 38,122,972 | 36,489,660 |
Commercial Real Estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 53,750 | 57,488 |
Commercial Real Estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 2,298,133 | 2,373,544 |
Agricultural Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 40,119,130 | 35,005,662 |
Agricultural Real Estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 39,109,241 | 35,005,662 |
Agricultural Real Estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 887,048 | |
Agricultural Real Estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 122,841 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 26,813,880 | 29,946,928 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 26,563,823 | 29,231,227 |
Commercial | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | ||
Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 250,057 | 715,701 |
Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 11,844,973 | 10,559,593 |
Agricultural Business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 11,586,833 | 10,559,593 |
Agricultural Business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 258,140 | |
Agricultural Business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | ||
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 11,283,264 | 11,729,112 |
Home Equity | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 10,833,853 | 11,215,416 |
Home Equity | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 162,103 | 155,515 |
Home Equity | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 287,308 | 358,181 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 12,587,101 | 13,605,897 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 12,386,412 | 13,302,507 |
Consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | 80,544 | 68,480 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable gross | $120,145 | $234,910 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Loan portfolio aging analysis (Details 3) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | $607,615 | $615,322 |
60-89 Days Past Due | 1,097,824 | 237,795 |
Greater Than 90 Days | 850,318 | 950,346 |
Total Past Due | 2,555,757 | 1,803,463 |
Current | 185,128,535 | 182,251,078 |
Total Loans Receivable | 187,684,292 | 184,054,541 |
Total Loans > 90 Days & Accruing | ||
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 420,086 | 350,539 |
60-89 Days Past Due | 286,622 | 95,782 |
Greater Than 90 Days | 613,534 | 806,877 |
Total Past Due | 1,320,242 | 1,253,198 |
Current | 43,240,847 | 43,033,459 |
Total Loans Receivable | 44,561,089 | 44,286,657 |
Total Loans > 90 Days & Accruing | ||
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | ||
60-89 Days Past Due | 794,110 | 68,216 |
Greater Than 90 Days | 39,023 | 78,281 |
Total Past Due | 833,133 | 146,497 |
Current | 39,641,722 | 38,774,195 |
Total Loans Receivable | 40,474,855 | 38,920,692 |
Total Loans > 90 Days & Accruing | ||
Agricultural real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | ||
60-89 Days Past Due | ||
Greater Than 90 Days | 122,841 | |
Total Past Due | 122,841 | |
Current | 39,996,289 | 35,005,662 |
Total Loans Receivable | 40,119,130 | 35,005,662 |
Total Loans > 90 Days & Accruing | ||
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | ||
60-89 Days Past Due | ||
Greater Than 90 Days | ||
Total Past Due | ||
Current | 26,813,880 | 29,946,928 |
Total Loans Receivable | 26,813,880 | 29,946,928 |
Total Loans > 90 Days & Accruing | ||
Agricultural business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | ||
60-89 Days Past Due | ||
Greater Than 90 Days | ||
Total Past Due | ||
Current | 11,844,973 | 10,559,593 |
Total Loans Receivable | 11,844,973 | 10,559,593 |
Total Loans > 90 Days & Accruing | ||
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 96,971 | 156,331 |
60-89 Days Past Due | 11,561 | 47,585 |
Greater Than 90 Days | 58,360 | 55,288 |
Total Past Due | 166,892 | 259,204 |
Current | 11,116,372 | 11,469,908 |
Total Loans Receivable | 11,283,264 | 11,729,112 |
Total Loans > 90 Days & Accruing | ||
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 90,558 | 108,452 |
60-89 Days Past Due | 5,531 | 26,212 |
Greater Than 90 Days | 16,560 | 9,900 |
Total Past Due | 112,649 | 144,564 |
Current | 12,474,452 | 13,461,333 |
Total Loans Receivable | 12,587,101 | 13,605,897 |
Total Loans > 90 Days & Accruing |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Impaired loans (Details 4) (Loans Receivable, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Balance, Total | $3,959,047 | $2,929,969 |
Unpaid Principal Balance, Total | 3,959,047 | 2,929,969 |
Specific Allowance, Total | 695,507 | 882,423 |
Average Investment in Impaired Loans, Total | 4,484,374 | 3,135,112 |
Interest Income Recognized, Total | 218,710 | 151,772 |
Interest Income Recognized Cash Basis, Total | 189,536 | 143,621 |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 129,272 | 563,524 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 129,272 | 563,524 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 220,541 | 652,373 |
Loans without a specific valuation allowance, Interest Income Recognized | 12,818 | 27,250 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 13,076 | 25,347 |
Loans with a specific valuation allowance, Recorded Balance | 584,690 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 584,690 | |
Loans with a specific valuation allowance, Specific Allowance | 183,196 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 604,031 | |
Loans with a specific valuation allowance, Interest Income Recognized | 28,722 | |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 26,783 | |
Recorded Balance, Total | 713,962 | 563,524 |
Unpaid Principal Balance, Total | 713,962 | 563,524 |
Specific Allowance, Total | 183,196 | |
Average Investment in Impaired Loans, Total | 824,572 | 652,373 |
Interest Income Recognized, Total | 41,540 | 27,250 |
Interest Income Recognized Cash Basis, Total | 39,859 | 25,347 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 564,610 | 63,293 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 564,610 | 63,293 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 757,616 | 96,019 |
Loans without a specific valuation allowance, Interest Income Recognized | 19,826 | 5,282 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 18,816 | 5,327 |
Loans with a specific valuation allowance, Recorded Balance | 1,125,641 | 1,467,785 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,125,641 | 1,467,785 |
Loans with a specific valuation allowance, Specific Allowance | 348,240 | 248,857 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 1,134,401 | 1,488,243 |
Loans with a specific valuation allowance, Interest Income Recognized | 66,864 | 79,719 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 60,012 | 74,028 |
Recorded Balance, Total | 1,690,251 | 1,531,078 |
Unpaid Principal Balance, Total | 1,690,251 | 1,531,078 |
Specific Allowance, Total | 348,240 | 248,857 |
Average Investment in Impaired Loans, Total | 1,892,017 | 1,584,262 |
Interest Income Recognized, Total | 86,690 | 85,001 |
Interest Income Recognized Cash Basis, Total | 78,828 | 79,355 |
Agricultural Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 1,009,889 | |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,009,889 | |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,037,661 | |
Loans without a specific valuation allowance, Interest Income Recognized | 58,253 | |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 49,159 | |
Recorded Balance, Total | 1,009,889 | |
Unpaid Principal Balance, Total | 1,009,889 | |
Specific Allowance, Total | ||
Average Investment in Impaired Loans, Total | 1,037,661 | |
Interest Income Recognized, Total | 58,253 | |
Interest Income Recognized Cash Basis, Total | 49,159 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans with a specific valuation allowance, Recorded Balance | 240,805 | 662,730 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 240,805 | 662,730 |
Loans with a specific valuation allowance, Specific Allowance | 154,089 | 622,730 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 319,812 | 726,269 |
Loans with a specific valuation allowance, Interest Income Recognized | 14,425 | 34,465 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 16,554 | 33,921 |
Recorded Balance, Total | 240,805 | 662,730 |
Unpaid Principal Balance, Total | 240,805 | 662,730 |
Specific Allowance, Total | 154,089 | 622,730 |
Average Investment in Impaired Loans, Total | 319,812 | 726,269 |
Interest Income Recognized, Total | 14,425 | 34,465 |
Interest Income Recognized Cash Basis, Total | 16,554 | 33,921 |
Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 258,140 | |
Loans without a specific valuation allowance, Unpaid Principal Balance | 258,140 | |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 358,529 | |
Loans without a specific valuation allowance, Interest Income Recognized | 13,723 | |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 1,046 | |
Recorded Balance, Total | 258,140 | |
Unpaid Principal Balance, Total | 258,140 | |
Specific Allowance, Total | ||
Average Investment in Impaired Loans, Total | 358,529 | |
Interest Income Recognized, Total | 13,723 | |
Interest Income Recognized Cash Basis, Total | 1,046 | |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 27,549 | 71,548 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 27,549 | 71,548 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 29,505 | 66,388 |
Loans without a specific valuation allowance, Interest Income Recognized | 2,881 | 3,017 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 2,939 | 2,980 |
Loans with a specific valuation allowance, Recorded Balance | 9,982 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 9,982 | |
Loans with a specific valuation allowance, Specific Allowance | 9,982 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 9,993 | |
Loans with a specific valuation allowance, Interest Income Recognized | 247 | |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 187 | |
Recorded Balance, Total | 37,531 | 71,548 |
Unpaid Principal Balance, Total | 37,531 | 71,548 |
Specific Allowance, Total | 9,982 | |
Average Investment in Impaired Loans, Total | 39,498 | 66,388 |
Interest Income Recognized, Total | 3,128 | 3,017 |
Interest Income Recognized Cash Basis, Total | 3,126 | 2,980 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans without a specific valuation allowance, Recorded Balance | 8,469 | 4,528 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 8,469 | 4,528 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 12,285 | 6,419 |
Loans without a specific valuation allowance, Interest Income Recognized | 951 | 453 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 964 | 442 |
Loans with a specific valuation allowance, Recorded Balance | 96,561 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 96,561 | |
Loans with a specific valuation allowance, Specific Allowance | 10,836 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 99,401 | |
Loans with a specific valuation allowance, Interest Income Recognized | 1,586 | |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 1,576 | |
Recorded Balance, Total | 8,469 | 101,089 |
Unpaid Principal Balance, Total | 8,469 | 101,089 |
Specific Allowance, Total | 10,836 | |
Average Investment in Impaired Loans, Total | 12,285 | 105,820 |
Interest Income Recognized, Total | 951 | 2,039 |
Interest Income Recognized Cash Basis, Total | $964 | $2,018 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Nonaccrual loans (Details 5) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $2,264,053 | $1,782,163 |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 994,855 | 1,339,487 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 932,578 | 208,297 |
Agricultural real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 122,841 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 22,438 | 37,939 |
Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | ||
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 120,698 | 133,823 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $70,643 | $62,617 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Recorded balance, at original cost, of troubled debt restructurings (Details 6) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $2,283,293 | $2,597,676 |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 747,470 | 661,880 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 1,265,079 | 1,137,667 |
Agricultural real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | ||
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 212,579 | 675,483 |
Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | ||
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 15,379 | 79,087 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $42,786 | $43,559 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Recorded balance, at original cost, of troubled debt restructurings, which were performing according to the terms of the restructuring (Details 7) (Loans Receivable, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $1,306,339 | $2,395,751 |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 567,931 | 591,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 470,969 | 1,074,194 |
Agricultural real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | ||
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 212,579 | 675,483 |
Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | ||
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 12,074 | 13,015 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $42,786 | $42,059 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Loans modified as troubled debt restructurings (Details 8) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Contract | Contract | |
1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 3 | 8 |
Troubled debt restructurings, recorded investment | $201,879 | $522,819 |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 5 | 13 |
Troubled debt restructurings, recorded investment | 604,187 | 766,705 |
Loans Receivable | 1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 3 | 8 |
Troubled debt restructurings, recorded investment | 201,879 | 522,819 |
Loans Receivable | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 1 | 3 |
Troubled debt restructurings, recorded investment | 386,355 | 175,649 |
Loans Receivable | Agricultural real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | ||
Troubled debt restructurings, recorded investment | ||
Loans Receivable | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 1 | |
Troubled debt restructurings, recorded investment | 40,644 | |
Loans Receivable | Agricultural Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | ||
Troubled debt restructurings, recorded investment | ||
Loans Receivable | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | ||
Troubled debt restructurings, recorded investment | ||
Loans Receivable | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modifications | 1 | 1 |
Troubled debt restructurings, recorded investment | $15,953 | $27,593 |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan participations outstanding balance | $14,064,902 | $14,210,231 |
Loan participations purchased during period | 2,677,750 | 3,877,762 |
Loan commitments funded Period | 45 days | |
Annual loan review for watch list credits | 75,000 | |
One-to-four family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, recorded investment | 201,879 | 522,819 |
Troubled debt restructurings, number of modifications | 3 | 8 |
TDR's defaulted as they were more than 90 days past due | 206,299 | |
Troubled debt restructurings, subsequent default, number of modifications | 4 | |
Number of loans restructured with reduced interest rate and accrued interest capitalized | 3 | |
Principal write-off | 35,871 | |
One-to-four family residential | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total applicant's monthly mortgage payment total monthly income | 30.00% | |
Percentage of applicant's total monthly obligations to total monthly income | 43.00% | |
One-to-four family residential | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Origination of loan for resale to secondary market fixed rate period | 15 years | |
Loan to value ratios | 80.00% | |
One-to-four family residential | Adjustable rate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity term | 30 years | |
Interest rate adjustments per year, maximum | 2.00% | |
Interest rate adjustments cap on interest rate increases over the life of the loan | 6.00% | |
One-to-four family residential | Adjustable rate loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans adjustment term | 5 years | |
One-to-four family residential | Adjustable rate loans | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans adjustment term | 1 year | |
Commercial Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, recorded investment | 386,355 | 175,649 |
Troubled debt restructurings, number of modifications | 1 | 3 |
TDR's defaulted as they were more than 90 days past due | 840,115 | 61,980 |
Troubled debt restructurings, subsequent default, number of modifications | 2 | 1 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity term | 10 years | |
Loan to value ratios | 95.00% | |
TDR's defaulted as they were more than 90 days past due | 3,305 | 7,558 |
Troubled debt restructurings, subsequent default, number of modifications | 1 | 2 |
Consumer loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity term | 10 years | |
Loan to value ratios | 95.00% | |
Troubled debt restructurings, recorded investment | 15,953 | 27,593 |
Troubled debt restructurings, number of modifications | 1 | 1 |
TDR's defaulted as they were more than 90 days past due | 25,055 | 27,593 |
Troubled debt restructurings, subsequent default, number of modifications | 1 | 1 |
Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, recorded investment | 140,549 | |
Troubled debt restructurings, number of modifications | 3 | |
TDR's defaulted as they were more than 90 days past due | 38,737 | 70,880 |
Troubled debt restructurings, subsequent default, number of modifications | 1 | 2 |
Commercial Real Estate and Commercial Loans | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan amount that requires risk rating verification | 750,000 | |
Commercial and 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% | |
Loan value that requires written appraisals from licensed or certified appraisers | 250,000 | |
Loan to value ratios | 75.00% | |
Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, recorded investment | 40,644 | |
Troubled debt restructurings, number of modifications | 1 | |
TDR's defaulted as they were more than 90 days past due | 22,437 | 37,939 |
Troubled debt restructurings, subsequent default, number of modifications | 2 | 2 |
Automobile loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile loan term | 60 months | |
Automobile loan | Purchase price | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan to value ratio | 80.00% | |
Automobile loan | Nada Book Value | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan to value ratio | 100.00% | |
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 |
Premises_and_Equipment_Major_c
Premises and Equipment - Major classifications of premises and equipment, stated at cost (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $10,688,768 | $12,275,379 |
Less accumulated depreciation | -5,742,785 | -7,096,401 |
Net premises and equipment | 4,945,983 | 5,178,978 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 773,186 | 773,186 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 6,661,148 | 6,694,149 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $3,254,434 | $4,808,044 |
Loan_Servicing_Mortgage_servic
Loan Servicing - Mortgage servicing rights measured using Amortization Method with Aggregate activity in related valuation allowances (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | |
Valuation allowances | |||
Balance at beginning of year | $428,030 | ||
Balances at end of year | 56,969 | 73,392 | 428,030 |
Mortgage servicing assets, net | 632,634 | 673,576 | |
Mortgage servicing rights | |||
Mortgage servicing rights | |||
Balance, beginning of year | 746,968 | 793,715 | |
Additions | 53,859 | 101,538 | |
Amortization | -111,224 | -148,285 | |
Balance at end of year | 689,603 | 746,968 | |
Valuation allowances | |||
Balance at beginning of year | 73,392 | 129,279 | |
Additions due to decreases in market value | |||
Reduction due to increases in market value | -33,649 | ||
Reduction due to payoff of loans | -16,423 | -22,238 | |
Balances at end of year | 56,969 | 73,392 | |
Mortgage servicing assets, net | 632,634 | 673,576 | |
Fair value disclosures | |||
Fair value as of the beginning of the period | 1,120,000 | 765,029 | |
Fair value as of the end of the period | $979,699 | $1,120,000 |
Loan_Servicing_Detail_Textuals
Loan Servicing - (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 |
Transfers and Servicing [Abstract] | |||
Unpaid principal balance of mortgage loans serviced for others | $137,877,795 | $145,883,259 | |
Capitalized mortgage servicing rights, valuation allowance | $56,969 | $73,392 | $428,030 |
Interestbearing_Deposits_Depos
Interest-bearing Deposits - Deposit interest expense by deposit type (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ||
Savings, NOW and Money Market | $257,214 | $256,010 |
Certificates of deposit | 1,179,589 | 1,510,730 |
Total deposit interest expense | $1,436,803 | $1,766,740 |
Interestbearing_Deposits_Sched
Interest-bearing Deposits - Scheduled maturities of time deposits (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
2015 | $51,911,089 | |
2016 | 20,213,799 | |
2017 | 10,056,961 | |
2018 | 5,760,161 | |
2019 | 6,657,553 | |
Time deposits | $94,599,563 | $108,151,569 |
Interestbearing_Deposits_Detai
Interest-bearing Deposits (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
Interest-bearing deposits in denominations of $100,000 or more | $96,271,806 | $96,951,245 |
Shortterm_Borrowings_Detail_Te
Short-term Borrowings (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $9,165,462 | $9,541,242 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 8,821,730 | 8,810,297 |
Federal Home Loan Bank advances, maturity year | 2015 | |
Interest on FHLB advances | 0.33% | |
Maximum | Short-term Debt | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 9,483,795 | 9,445,747 |
Monthly Average | Short-term Debt | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 6,229,604 | 6,208,142 |
Overnight Advance | Short-term Debt | ||
Short-term Debt [Line Items] | ||
Advances from Federal Home Loan Banks | 5,000,000 | 10,800,000 |
Secured by Mortgage Loan | Short-term Debt | ||
Short-term Debt [Line Items] | ||
Advances from Federal Home Loan Banks | $42,384,000 |
Income_Taxes_Components_of_pro
Income Taxes - Components of provision for income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Taxes currently payable | ||||||||||
Federal | $798,160 | $813,409 | ||||||||
State | 406,770 | |||||||||
Deferred income taxes | 135,886 | -31,880 | ||||||||
Income tax expense | $183,641 | $260,619 | $176,277 | $313,509 | $207,234 | $271,739 | $270,539 | $438,787 | $934,046 | $1,188,299 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax expense at the statutory rate to actual income tax expense (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||||||||
Computed at the statutory rate (34%) | $1,328,312 | $1,496,661 | ||||||||
Increase (decrease) resulting from | ||||||||||
Tax exempt interest | -503,089 | -509,850 | ||||||||
State income taxes, net | 173,879 | 264,287 | ||||||||
Increase in cash surrender value | -63,235 | -66,246 | ||||||||
Other | -1,821 | 3,447 | ||||||||
Actual tax expense | $183,641 | $260,619 | $176,277 | $313,509 | $207,234 | $271,739 | $270,539 | $438,787 | $934,046 | $1,188,299 |
Tax expense as a percentage of pre-tax income | 23.91% | 26.99% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of income tax expense at the statutory rate to actual income tax expense (Parentheticals) (Details 1) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 34.00% | 34.00% |
Income_Taxes_Tax_effects_of_te
Income Taxes - Tax effects of temporary differences related to deferred taxes shown on balance sheets (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets | ||
Allowance for loan losses | $1,060,419 | $1,241,702 |
Deferred compensation | 1,712,570 | 1,610,547 |
State net operating loss carryforward | 4,749 | 186,497 |
Unrealized losses on available-for-sale securities | 714,497 | |
Other | 40,270 | 840 |
Deferred tax assets, gross, total | 2,818,008 | 3,754,083 |
Deferred tax liabilities | ||
Unrealized gains on available-for-sale securities | -366,521 | |
Depreciation | -478,427 | -536,706 |
Federal Home Loan Bank stock dividends | -152,224 | -152,224 |
Prepaid expenses | -79,868 | -90,794 |
Mortgage servicing rights | -254,762 | -271,249 |
Deferred tax liabilities, gross, total | -1,331,802 | -1,050,973 |
Net deferred tax asset | $1,486,206 | $2,703,110 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Retained earnings for which no deferred federal income tax liability has been recognized | $2,600,000 | 2,600,000 |
Deferred income tax liabilities that would have been recorded if they were expected to reverse into taxable income in the foreseeable future | 1,000,000 | 1,000,000 |
Illinois | ||
Income Taxes [Line Items] | ||
Operating loss carry forwards | $98,574 | 3,870,846 |
Operating loss carryforwards limitations | Recent Illinois legislation limited the use of these loss carryovers for tax years 2011 through 2013 and the expiration dates were extended by three years. Management believes the Company will produce taxable earnings in the future which will enable the net operating loss carryforwards to be utilized prior to expiration. | |
Illinois | Minimum | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards expiration year | 2018 | |
Illinois | Maximum | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards expiration year | 2022 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of accumulated other comprehensive income included in stockholders' equity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net-of-tax amount | $711,483 | ($1,386,964) |
Net unrealized gain (loss) on securities available-for-sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gain (loss) on securities available-for-sale, before tax | 1,078,004 | -2,101,461 |
Tax effect | -366,521 | 714,497 |
Net-of-tax amount | $711,483 | ($1,386,964) |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax expense | ($138,976) | ($305,286) |
Net reclassified amount | 269,777 | 592,615 |
Amounts Reclassified from AOCI | Net unrealized gain (loss) on securities available-for-sale | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gain on sale of securities, Total reclassified amount before tax | 408,753 | 897,901 |
Tax expense | -138,976 | -305,286 |
Net reclassified amount | $269,777 | $592,615 |
Regulatory_Matters_Banks_actua
Regulatory Matters - Bank's actual capital amounts and ratios (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Matters [Abstract] | ||
Total risk-based capital (to risk-weighted assets), Actual Amount | $40,252 | $38,766 |
Total risk-based capital (to risk-weighted assets), Actual Ratio | 18.81% | 18.15% |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Amount | 17,119 | 17,089 |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Total risk-based capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 21,399 | 21,361 |
Total risk-based capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), Actual Amount | 37,574 | 36,087 |
Tier I capital (to risk-weighted assets), Actual Ratio | 17.56% | 16.89% |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount | 8,560 | 8,544 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 12,839 | 12,817 |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier I capital (to average assets) Actual Amount | 37,574 | 36,087 |
Tier I capital (to average assets), Actual Ratio | 12.25% | 11.51% |
Tier I capital (to average assets), Minimum Capital Requirement Amount | 12,269 | 12,546 |
Tier I capital (to average assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I capital (to average assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 15,336 | 15,682 |
Tier I capital (to average assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tangible capital (to adjusted tangible assets), Actual Amount | 37,574 | 36,087 |
Tangible capital (to adjusted tangible assets), Actual Ratio | 12.25% | 11.51% |
Tangible capital (to adjusted tangible assets), Minimum Capital Requirement Amount | $4,601 | $4,705 |
Tangible capital (to adjusted tangible assets), Minimum Capital Requirement Ratio | 1.50% | 1.50% |
Regulatory_Matters_Reconciliat
Regulatory Matters - Reconciliation of bank equity amount for regulatory capital purposes (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Matters [Abstract] | ||
Bank equity | $41,012 | $37,427 |
Less net unrealized gain (loss) | 711 | -1,387 |
Less disallowed goodwill | 2,727 | 2,727 |
Tier 1 capital | 37,574 | 36,087 |
Plus allowance for loan losses | 2,678 | 2,679 |
Total risked-based capital | $40,252 | $38,766 |
Regulatory_Matters_Detail_Text
Regulatory Matters (Detail Textuals) (USD $) | Dec. 31, 2014 |
Regulatory Matters [Abstract] | |
Dividend payment without prior regulatory approval | $1,396,844 |
Related_Party_Transactions_Ann
Related Party Transactions - Annual activity of loans outstanding to related parties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance beginning of year | $3,852,658 | $4,052,339 |
Additions | 1,876,445 | 1,156,220 |
Repayments | -2,206,056 | -1,355,901 |
Balance, end of year | $3,523,047 | $3,852,658 |
Related_Party_Transactions_Det
Related Party Transactions (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | |||
Loans outstanding to related parties | $3,523,047 | $3,852,658 | $4,052,339 |
Deposits from related parties | $3,112,000 | $3,117,000 |
Employee_Benefits_Summary_of_E
Employee Benefits - Summary of ESOP shares (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Allocated shares | 54,519 | 55,515 |
Shares committed for allocation | 3,767 | 3,680 |
Unearned shares | 24,991 | 28,758 |
Total ESOP shares | 83,277 | 87,953 |
Fair value of unearned shares at December 31 | $574,793 | $562,219 |
Employee_Benefits_Detail_Textu
Employee Benefits (Detail Textuals) (USD $) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefits Disclosure [Line Items] | |||
Deferred compensation amount | $4,252,720 | $3,999,371 | |
Purchase of shares for ESOP | 41,614 | ||
Price paid per share | $10 | ||
Common stock acquired by the ESOP | 416,140 | ||
ESOP compensation expense | 80,978 | 70,448 | |
Deferred Compensation Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Deferred compensation amount | 2,451,200 | 2,374,940 | |
Compensation expense | 140,714 | 139,308 | |
Deferred compensation agreements | |||
Employee Benefits Disclosure [Line Items] | |||
Deferred compensation amount | 1,801,520 | 1,624,431 | |
Compensation expense | 241,745 | 302,138 | |
Deferred compensation discount rate | 4.75% | ||
401(k) Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Contribution by employer | $232,567 | $224,099 | |
Annual interest rate | 1.85% | ||
401(k) Plan | Minimum | |||
Employee Benefits Disclosure [Line Items] | |||
Annual interest rate | 1.85% | ||
401(k) Plan | Maximum | |||
Employee Benefits Disclosure [Line Items] | |||
Annual interest rate | 2.00% |
Stock_Option_Plans_Summary_of_
Stock Option Plans - Summary of option activity (Details) (Stock Options, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | ||
Shares | ||
Outstanding, beginning of year | 101,336 | 107,338 |
Granted | ||
Exercised | -15,101 | -6,002 |
Forfeited or expired | -400 | |
Outstanding, end of year | 85,835 | 101,336 |
Exercisable, end of year | 23,600 | 18,151 |
Weighted Average Exercise price | ||
Outstanding, beginning of year | $15.63 | $15.60 |
Granted | ||
Exercised | $15.53 | $15.04 |
Forfeited or expired | $15.65 | |
Outstanding, end of year | $15.65 | $15.63 |
Exercisable, end of year | $15.65 | $15.55 |
Weighted Average Remaining Contractual Term | ||
Outstanding, end of year | 7 years 3 months | 8 years 2 months 1 day |
Exercisable, end of year | 7 years 3 months | 7 years 9 months 11 days |
Aggregate Intrinsic Value | ||
Outstanding, end of year | $630,887 | $397,049 |
Exercisable, end of year | $173,460 | $72,628 |
Stock_Option_Plans_Summary_of_1
Stock Option Plans - Summary of status of nonvested shares (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | ||
Nonvested, beginning of year | 83,185 | 104,035 |
Granted | ||
Vested | -20,550 | -20,850 |
Forfeited | -400 | |
Nonvested, end of year | 62,235 | 83,185 |
Weighted-Average Grant-Date Fair Value | ||
Nonvested, beginning of year | $4.34 | $4.34 |
Granted | ||
Vested | $4.34 | $4.34 |
Forfeited | ||
Nonvested, end of year | $4.34 | $4.34 |
Stock_Option_Plans_Detail_Text
Stock Option Plans (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 23, 1996 | Dec. 31, 2004 | Apr. 30, 2001 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Method used | Black-Scholes option valuation model | |||||
Intrinsic value of option exercised | $90,606 | $24,548 | ||||
Weighted-average period to recognize compensation cost | 3 years | |||||
Fair value of share vested | 90,163 | 90,162 | ||||
Recognized tax benefit | 34,622 | 36,309 | ||||
1996 Stock Option plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved and awarded | 83,625 | 5,600 | ||||
Award expiration period | 10 years | |||||
Exercise price per share | $8.83 | $14 | ||||
2001 Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved and awarded | 87,100 | |||||
Award expiration period | 10 years | |||||
Exercise price per share | $10 | |||||
2012 Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation costs | $202,804 | |||||
2012 Stock Option Plan | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved and awarded | 104,035 | |||||
Award expiration period | 10 years | |||||
Exercise price per share | $15.65 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of earnings per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||||||||
Income available to common stockholders, basic | $2,972,754 | $3,213,645 | ||||||||
Income available to common stockholders, diluted | $2,972,754 | $3,213,645 | ||||||||
Weighted average shares, basic | 1,791,888 | 1,853,240 | ||||||||
Effect of dilutive securities, stock options | 11,173 | 296 | ||||||||
Weighted average shares, diluted | 1,803,061 | 1,853,536 | ||||||||
Basic earnings per share | $0.37 | $0.48 | $0.35 | $0.47 | $0.36 | $0.43 | $0.41 | $0.54 | $1.66 | $1.73 |
Diluted earnings per share | $0.36 | $0.47 | $0.35 | $0.47 | $0.36 | $0.42 | $0.41 | $0.54 | $1.65 | $1.73 |
Earnings_Per_Share_Detail_Text
Earnings Per Share - (Detail Textuals) (Stock Options) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities share amount | 100,235 |
Disclosures_about_Fair_Value_o2
Disclosures about Fair Value of Assets - Fair value measurements of assets recognized in balance sheets on recurring basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $96,684,897 | $108,984,597 |
Fair Value, Measurements, Recurring | U.S. Government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 9,958,273 | 10,420,076 |
Fair Value, Measurements, Recurring | Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 41,419,921 | 48,345,655 |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 45,306,703 | 50,218,866 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 9,958,273 | 10,420,076 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 41,419,921 | 48,345,655 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 45,306,703 | 50,218,866 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities (Government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | 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 - Fair value measurement of assets measured at fair value on nonrecurring basis (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Unobservable Inputs (Level 3) | Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $1,147,400 | $1,219,185 |
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 | |
Nonrecurring | Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,147,400 | 1,219,185 |
Nonrecurring | Mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 673,576 | |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Nonrecurring | 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 | ||
Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Nonrecurring | 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 |
Disclosures_about_Fair_Value_o4
Disclosures about Fair Value of Assets - Quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements (Details 2) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $1,147,400 | $1,219,185 |
Valuation Technique | Market comparable properties | Market comparable properties |
Unobservable Inputs | Marketability discount | Marketability discount |
Marketability discount | 25.00% | 25.00% |
Collateral-dependent impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketability discount | 20.00% | 20.00% |
Collateral-dependent impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketability discount | 30.00% | 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% |
Disclosures_about_Fair_Value_o5
Disclosures about Fair Value of Assets - Estimated fair values of other financial instruments (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Carrying Amount | ||
Financial assets | ||
Cash and cash equivalents | $9,611,638 | $6,098,870 |
Other investments | 73,766 | 81,918 |
Loans held for sale | 235,600 | 262,461 |
Loans, net of allowance for loan losses | 184,718,612 | 180,639,502 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 1,713,243 | 1,817,415 |
Financial liabilities | ||
Deposits | 245,941,562 | 251,738,391 |
Short-term borrowings | 13,821,730 | 19,610,297 |
Advances from borrowers for taxes and insurance | 962,762 | 857,814 |
Interest payable | 166,052 | 210,226 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | ||
Letters of credit | ||
Lines of credit | ||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and cash equivalents | 9,611,638 | 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 | Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and cash equivalents | ||
Other investments | 73,766 | 81,918 |
Loans held for sale | 235,600 | 262,461 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 1,713,243 | 1,817,415 |
Financial liabilities | ||
Deposits | 151,341,999 | 143,586,822 |
Short-term borrowings | 8,821,730 | 19,610,297 |
Advances from borrowers for taxes and insurance | 962,762 | 857,814 |
Interest payable | 166,052 | 210,226 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | ||
Letters of credit | ||
Lines of credit | ||
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Cash and cash equivalents | ||
Other investments | ||
Loans held for sale | ||
Loans, net of allowance for loan losses | 184,573,401 | 178,866,833 |
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | 96,956,400 | 111,116,837 |
Short-term borrowings | 4,996,109 | |
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 |
Disclosures_about_Fair_Value_o6
Disclosures about Fair Value of Assets (Detail Textuals) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value adjustments | ($265,687) | ($23,206) |
Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value adjustments | $0 | $33,649 |
Commitments_and_Credit_Risk_De
Commitments and Credit Risk (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Outstanding commitments to originate loans | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments and credit risk | 3,493,500 | $9,242,300 |
Outstanding commitments to originate loans | Fixed Income Interest Rate | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments and credit risk | 2,702,000 | 4,676,300 |
Outstanding commitments to originate loans | Fixed Income Interest Rate | Minimum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Loan commitments, fixed rate of interest | 2.88% | |
Outstanding commitments to originate loans | Fixed Income Interest Rate | Maximum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Loan commitments, fixed rate of interest | 8.00% | |
Standby Letters of Credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments and credit risk | 255,340 | 360,000 |
Unused lines of Credit | Commercial lines | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments and credit risk | 21,498,070 | 22,038,305 |
Unused lines of Credit | Open-ended consumer lines | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments and credit risk | 9,742,393 | $10,413,745 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Interest income | $2,921,442 | $2,946,212 | $2,978,484 | $3,045,770 | $3,139,867 | $3,061,017 | $2,924,714 | $2,952,167 | $11,891,908 | $12,077,765 |
Interest expense | 337,222 | 353,542 | 371,036 | 389,658 | 415,265 | 439,617 | 454,298 | 472,091 | 1,451,458 | 1,781,271 |
Net interest income | 2,584,220 | 2,592,670 | 2,607,448 | 2,656,112 | 2,724,602 | 2,621,400 | 2,470,416 | 2,480,076 | 10,440,450 | 10,296,494 |
Provision for loan losses | 150,000 | 30,000 | 30,000 | 30,000 | 130,000 | 10,000 | 30,000 | 240,000 | 170,000 | |
Net interest income after provision for loan losses | 2,434,220 | 2,562,670 | 2,577,448 | 2,626,112 | 2,594,602 | 2,611,400 | 2,470,416 | 2,450,076 | 10,200,450 | 10,126,494 |
Noninterest income | 949,801 | 1,024,088 | 947,678 | 997,532 | 918,665 | 1,010,359 | 1,027,808 | 1,486,038 | 3,919,099 | 4,442,870 |
Noninterest expense | 2,548,408 | 2,470,123 | 2,723,872 | 2,470,346 | 2,650,580 | 2,564,351 | 2,467,610 | 2,484,879 | 10,212,749 | 10,167,420 |
Income before income taxes | 835,613 | 1,116,635 | 801,254 | 1,153,298 | 862,687 | 1,057,408 | 1,030,614 | 1,451,235 | 3,906,800 | 4,401,944 |
Income tax expense | 183,641 | 260,619 | 176,277 | 313,509 | 207,234 | 271,739 | 270,539 | 438,787 | 934,046 | 1,188,299 |
Net income | $651,972 | $856,016 | $624,977 | $839,789 | $655,453 | $785,669 | $760,075 | $1,012,448 | $2,972,754 | $3,213,645 |
Basic earnings per share (in dollars per share) | $0.37 | $0.48 | $0.35 | $0.47 | $0.36 | $0.43 | $0.41 | $0.54 | $1.66 | $1.73 |
Diluted earnings per share (in dollars per share) | $0.36 | $0.47 | $0.35 | $0.47 | $0.36 | $0.42 | $0.41 | $0.54 | $1.65 | $1.73 |
Condensed_Financial_Informatio2
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||
Cash and due from banks | $6,427,536 | $2,796,331 | |
Other assets | 892,118 | 1,041,005 | |
Total assets | 311,924,652 | 318,418,776 | |
Liabilities | |||
Other liabilities | 1,562,947 | 829,260 | |
Stockholders' Equity | 45,016,098 | 41,138,796 | 44,120,329 |
Total liabilities and stockholders' equity | 311,924,652 | 318,418,776 | |
Parent Company | |||
Assets | |||
Cash and due from banks | 3,847,179 | 3,479,895 | |
Investment in common stock of subsidiary | 41,012,112 | 37,426,345 | |
Loan receivable from subsidiary | 254,385 | 291,037 | |
Other assets | 96,993 | 130,137 | |
Total assets | 45,210,669 | 41,327,414 | |
Liabilities | |||
Other liabilities | 194,571 | 188,618 | |
Stockholders' Equity | 45,016,098 | 41,138,796 | |
Total liabilities and stockholders' equity | $45,210,669 | $41,327,414 |
Condensed_Financial_Informatio3
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income and Comprehensive Income (Loss) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | ||||||||||
Total income | $2,921,442 | $2,946,212 | $2,978,484 | $3,045,770 | $3,139,867 | $3,061,017 | $2,924,714 | $2,952,167 | $11,891,908 | $12,077,765 |
Expenses | ||||||||||
Income Tax Benefit | 183,641 | 260,619 | 176,277 | 313,509 | 207,234 | 271,739 | 270,539 | 438,787 | 934,046 | 1,188,299 |
Net Income | 651,972 | 856,016 | 624,977 | 839,789 | 655,453 | 785,669 | 760,075 | 1,012,448 | 2,972,754 | 3,213,645 |
Comprehensive Income (Loss) | 5,071,201 | -1,069,912 | ||||||||
Parent Company | ||||||||||
Income | ||||||||||
Dividends from subsidiary | 2,000,000 | 1,500,000 | ||||||||
Other income | 12,245 | 14,177 | ||||||||
Total income | 2,012,245 | 1,514,177 | ||||||||
Expenses | ||||||||||
Other expenses | 707,692 | 465,624 | ||||||||
Income Before Income Tax and Equity in Undistributed Income of Subsidiary | 1,304,553 | 1,048,553 | ||||||||
Income Tax Benefit | -271,357 | -182,847 | ||||||||
Income Before Equity in Undistributed Income of Subsidiary | 1,575,910 | 1,231,400 | ||||||||
Equity in Undistributed Income of Subsidiary | 1,396,844 | 1,982,245 | ||||||||
Net Income | 2,972,754 | 3,213,645 | ||||||||
Comprehensive Income (Loss) | $5,071,201 | ($1,069,912) |
Condensed_Financial_Informatio4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | ||
Net income | $2,972,754 | $3,213,645 |
Stock-based compensation expense | 90,163 | 90,162 |
Net cash provided by operating activities | 5,549,813 | 5,083,916 |
Investing Activity | ||
Net cash provided by investing activities | 10,808,443 | -4,319,344 |
Financing Activities | ||
Dividends paid | -570,843 | -565,526 |
Stock repurchase | -1,028,688 | -1,596,959 |
Exercise of stock options | 234,491 | 90,254 |
Net cash used in financing activities | -12,845,488 | -1,959,413 |
Net Change in Cash and Cash Equivalents | 3,512,768 | -1,194,841 |
Cash and Cash Equivalents, Beginning of Year | 6,098,870 | 7,293,711 |
Cash and Cash Equivalents, End of Year | 9,611,638 | 6,098,870 |
Parent Company | ||
Operating Activities | ||
Net income | 2,972,754 | 3,213,645 |
Items not providing cash, net | -1,396,844 | -1,982,245 |
Stock-based compensation expense | 90,163 | 90,162 |
Change in other assets and liabilities, net | 29,599 | 112,013 |
Net cash provided by operating activities | 1,695,672 | 1,433,575 |
Investing Activity | ||
Loan payment from subsidiary | 36,652 | 35,527 |
Net cash provided by investing activities | 36,652 | 35,527 |
Financing Activities | ||
Dividends paid | -570,843 | -565,526 |
Stock repurchase | -1,028,688 | -1,596,959 |
Exercise of stock options | 234,491 | 90,254 |
Net cash used in financing activities | -1,365,040 | -2,072,231 |
Net Change in Cash and Cash Equivalents | 367,284 | -603,129 |
Cash and Cash Equivalents, Beginning of Year | 3,479,895 | 4,083,024 |
Cash and Cash Equivalents, End of Year | $3,847,179 | $3,479,895 |