Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document And Entity Information Abstract | ||
Entity Registrant Name | Jacksonville Bancorp, Inc. | |
Entity Central Index Key | 1,484,949 | |
Trading Symbol | jxsb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock Shares Outstanding | 1,790,123 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 3,646,964 | $ 9,611,638 |
Interest-earning time deposits in banks | 2,474,000 | |
Investment securities - available for sale | 60,848,276 | 55,264,976 |
Mortgage-backed securities - available for sale | 27,109,131 | 41,419,921 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Other investment securities | 63,809 | 73,766 |
Loans held for sale - net | 823,000 | 235,600 |
Loans receivable - net of allowance for loan losses of $2,917,588 and $2,956,264 as of September 30, 2015 and December 31, 2014 | 189,512,107 | 184,718,612 |
Premises and equipment - net | 4,786,446 | 4,945,983 |
Cash surrender value of life insurance | 7,050,725 | 6,912,917 |
Accrued interest receivable | 2,728,566 | 1,713,243 |
Goodwill | 2,726,567 | 2,726,567 |
Capitalized mortgage servicing rights, net of valuation allowance of $50,992 and $56,969 as of September 30, 2015 and December 31, 2014 | 599,145 | 632,634 |
Real estate owned | 339,554 | 176,671 |
Income taxes receivable | 82,241 | |
Deferred income taxes | 1,461,159 | 1,486,206 |
Other assets | 943,631 | 892,118 |
Total Assets | 306,309,121 | 311,924,652 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 233,343,288 | 245,941,562 |
Other borrowings | 19,656,929 | 13,821,730 |
Advance payments by borrowers for taxes and insurance | 509,728 | 962,762 |
Accrued interest payable | 127,900 | 166,052 |
Deferred compensation payable | 4,431,210 | 4,252,720 |
Income taxes payable | 200,781 | |
Other liabilities | 1,528,809 | 1,562,947 |
Total liabilities | $ 259,597,864 | $ 266,908,554 |
Commitments and contingencies | ||
Preferred stock, $0.01 par value - authorized 10,000,000 shares; none issued and outstanding | ||
Common stock, $0.01 par value - authorized 25,000,000 shares; issued 1,789,523 shares as of September 30, 2015 and 1,799,483 shares as of December 31, 2014 | $ 17,895 | $ 17,995 |
Additional paid-in-capital | 13,632,675 | 13,900,743 |
Retained earnings | 32,533,811 | 30,635,787 |
Less: Unallocated ESOP shares | (232,720) | (249,910) |
Accumulated other comprehensive income | 759,596 | 711,483 |
Total stockholders' equity | 46,711,257 | 45,016,098 |
Total Liabilities and Stockholders' Equity | $ 306,309,121 | $ 311,924,652 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses of loans receivable (in dollars) | $ 2,917,588 | $ 2,956,264 |
Valuation allowance on mortgage servicing rights (in dollars) | $ 50,992 | $ 56,969 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 1,789,523 | 1,799,483 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME: | ||||
Loans | $ 2,274,184 | $ 2,309,657 | $ 6,962,546 | $ 6,874,987 |
Investment securities | 426,780 | 437,853 | 1,201,216 | 1,331,414 |
Mortgage-backed securities | 118,735 | 198,287 | 405,107 | 762,952 |
Other | 10,413 | 415 | 22,313 | 1,112 |
Total interest income | 2,830,112 | 2,946,212 | 8,591,182 | 8,970,465 |
INTEREST EXPENSE: | ||||
Deposits | 259,514 | 350,705 | 856,589 | 1,106,033 |
Other borrowings | 7,919 | 2,837 | 18,036 | 8,201 |
Total interest expense | 267,433 | 353,542 | 874,625 | 1,114,234 |
NET INTEREST INCOME | 2,562,679 | 2,592,670 | 7,716,557 | 7,856,231 |
PROVISION FOR LOAN LOSSES | 45,000 | 30,000 | 110,000 | 90,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,517,679 | 2,562,670 | 7,606,557 | 7,766,231 |
NON-INTEREST INCOME: | ||||
Fiduciary activities | 64,637 | 62,181 | 212,075 | 208,527 |
Commission income | 356,520 | 276,132 | 1,065,309 | 932,037 |
Service charges on deposit accounts | 181,751 | 195,200 | 507,481 | 538,344 |
Mortgage banking operations, net | 38,066 | 45,541 | 133,594 | 107,787 |
Net realized gains on sales of available-for-sale securities | 55,125 | 138,253 | 267,201 | 299,835 |
Loan servicing fees | 85,936 | 90,164 | 258,897 | 272,739 |
ATM and bank card interchange income | 128,316 | 125,434 | 386,224 | 373,532 |
Other | 81,275 | 91,183 | 259,590 | 236,497 |
Total non-interest income | 991,626 | 1,024,088 | 3,090,371 | 2,969,298 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,653,826 | 1,590,225 | 4,915,666 | 4,764,860 |
Occupancy and equipment | 251,957 | 243,558 | 751,271 | 738,785 |
Data processing and telecommunications | 145,438 | 122,118 | 434,803 | 396,706 |
Professional | 45,296 | 100,205 | 141,906 | 469,611 |
Postage and office supplies | 61,134 | 55,822 | 175,577 | 176,623 |
ATM and bank card expense | 96,930 | 70,380 | 213,827 | 220,305 |
Other | 325,079 | 287,815 | 893,580 | 897,451 |
Total non-interest expense | 2,579,660 | 2,470,123 | 7,526,630 | 7,664,341 |
INCOME BEFORE INCOME TAXES | 929,645 | 1,116,635 | 3,170,298 | 3,071,188 |
INCOME TAXES | 230,247 | 260,619 | 848,240 | 750,406 |
NET INCOME | $ 699,398 | $ 856,016 | $ 2,322,058 | $ 2,320,782 |
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) | $ 0.40 | $ 0.48 | $ 1.31 | $ 1.29 |
NET INCOME PER COMMON SHARE - DILUTED (in dollars per share) | 0.39 | 0.47 | 1.30 | 1.29 |
DIVIDENDS DECLARED PER SHARE (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 699,398 | $ 856,016 | $ 2,322,058 | $ 2,320,782 |
Other Comprehensive Income (Loss) | ||||
Unrealized appreciation on available- for-sale securities, net of taxes of $283,814 and $46,030 for the three months ended September 30, 2015 and 2014, respectively, and $115,634 and $1,092,959 for the nine months ended September 30, 2015 and 2014, respectively. | 550,934 | 89,352 | 224,466 | 2,121,626 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $18,742 and $47,006, for the three months ended September 30, 2015 and 2014, respectively, and $90,848 and $101,944 for the nine months ended September 30, 2015 and 2014, respectively. | 36,383 | 91,247 | 176,353 | 197,891 |
Total other comprehensive income (loss) | 514,551 | (1,895) | 48,113 | 1,923,735 |
Comprehensive Income | $ 1,213,949 | $ 854,121 | $ 2,370,171 | $ 4,244,517 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Taxes on unrealized appreciation (depreciation) on available-for-sale securities | $ 283,814 | $ 46,030 | $ 115,634 | $ 1,092,959 |
Taxes on reclassification adjustment for realized gains included in net income | $ 18,742 | $ 47,006 | $ 90,848 | $ 101,944 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Unallocated ESOP Shares | Accumulated Other Comprehensive Income | Total |
BALANCE at Dec. 31, 2014 | $ 17,995 | $ 13,900,743 | $ 30,635,787 | $ (249,910) | $ 711,483 | $ 45,016,098 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 2,322,058 | 2,322,058 | ||||
Other comprehensive income | 48,113 | 48,113 | ||||
Stock repurchases | (269) | (623,769) | (624,038) | |||
Exercise of stock options | 169 | 261,195 | 261,364 | |||
Tax benefit of non-qualified options | 4,138 | 4,138 | ||||
Vesting options expense | 67,437 | 67,437 | ||||
Shares held by ESOP, committed to be released | 22,931 | 17,190 | 40,121 | |||
Dividends ($0.24 per share) | (424,034) | (424,034) | ||||
BALANCE at Sep. 30, 2015 | $ 17,895 | $ 13,632,675 | $ 32,533,811 | $ (232,720) | $ 759,596 | $ 46,711,257 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends, per share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,322,058 | $ 2,320,782 |
Depreciation, amortization and accretion: | ||
Premises and equipment | 289,342 | 288,269 |
Amortization of investment premiums and discounts, net | 536,566 | 554,335 |
Accretion of loan discounts | (388) | (388) |
Net realized gains on sales of available-for-sale securities | (267,201) | (299,835) |
Provision for loan losses | 110,000 | 90,000 |
Mortgage banking operations, net | (133,594) | (107,787) |
Loss (gain) on sale of real estate owned | (37,389) | 5,220 |
Shares held by ESOP commited to be released | 40,121 | 35,494 |
Tax benefit related to stock options exercised | 4,138 | 3,513 |
Stock option compensation expense | 67,437 | 67,437 |
Changes in income taxes payable | (283,022) | 179,017 |
Changes in assets and liabilities | (1,075,343) | 721,006 |
Net cash provided by operations before loan sales | 1,572,725 | 3,857,063 |
Origination of loans for sale to secondary market | (13,216,125) | (10,052,228) |
Proceeds from sales of loans to secondary market | 12,789,270 | 10,067,718 |
Net cash provided by operating activities | 1,145,870 | 3,872,553 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment and mortgage-backed securities | (24,167,069) | (22,621,089) |
Purchases of time deposits in other banks | (2,474,000) | |
Maturity or call of investment securities available-for-sale | 1,500,000 | 725,000 |
Sale of investment securities available-for-sale | 26,502,890 | 22,940,767 |
Principal payments on mortgage-backed and investment securities | 4,705,159 | 4,909,215 |
Proceeds from sale of real estate owned | 191,992 | 109,715 |
Net increase in loans | (5,236,894) | (1,535,324) |
Additions to premises and equipment | (129,805) | (95,588) |
Net cash provided by investing activities | 892,273 | 4,432,696 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net decrease in deposits | (12,598,274) | (10,950,025) |
Net increase in other borrowings | 5,835,199 | 1,873,499 |
Increase in advance payments by borrowers for taxes and insurance | (453,034) | (366,270) |
Exercise of stock options | 261,364 | 230,978 |
Stock repurchases | (624,038) | (610,848) |
Dividends paid - common stock | (424,034) | (429,185) |
Net cash used in financing activities | (8,002,817) | (10,251,851) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,964,674) | (1,946,602) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 9,611,638 | 6,098,870 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,646,964 | 4,152,268 |
Cash paid during the year for: | ||
Interest on deposits | 895,278 | 1,143,068 |
Interest on other borrowings | 17,499 | 8,536 |
Income taxes paid | 1,131,000 | 572,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Real estate acquired in settlement of loans | $ 340,325 | 252,465 |
Loans to facilitate sales of real estate owned | $ 145,000 |
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
FINANCIAL STATEMENTS | 1. FINANCIAL STATEMENTS The accompanying interim condensed consolidated financial statements include the accounts of Jacksonville Bancorp, Inc. and its wholly-owned subsidiary, Jacksonville Savings Bank (the “Bank”) and its wholly-owned subsidiary, Financial Resources Group, Inc. collectively (the “Company”). All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the preceding unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the financial condition of the Company as of September 30, 2015 and the results of its operations for the three and nine month periods ended September 30, 2015 and 2014. The results of operations for the three and nine month periods are not necessarily indicative of the results which may be expected for the entire year, or any other interim period. The condensed consolidated balance sheet of the Company as of December 31, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2014 filed as an exhibit to the Company’s Form 10-K filed in March 2015. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP) and to prevailing practices within the industry. Certain amounts included in the 2014 consolidated statements have been reclassified to conform to the 2015 presentation. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date, which provides a one-year deferral of ASU 2014-09. 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. Early adoption would be permitted, but not before the original public entity effective date. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860) – Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. ASU 2014-11 was effective for the first interim or annual period beginning after December 15, 2014. In addition, the disclosure of certain transactions accounted for as a sale was effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company adopted ASU 2014-11 and included additional disclosures. The Company does not expect the adoption of ASU No. 2014-11 to have a significant impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing agreement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU No. 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company’s current method of accounting for fees paid in a cloud computing arrangement is consistent with the accounting guidance provided by ASU No. 2015-05. Therefore, the adoption of ASU No. 2015-05 is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE Earnings Per Share - The following reflects earnings per share calculations for basic and diluted methods: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common shareholders $ 699,398 $ 856,016 $ 2,322,058 $ 2,320,782 Basic average shares outstanding 1,765,873 1,795,252 1,771,810 1,795,007 Diluted potential common shares: Stock option equivalents 16,960 14,126 14,760 9,136 Diluted average shares outstanding 1,782,833 1,809,378 1,786,570 1,804,143 Basic earnings per share $ 0.40 $ 0.48 $ 1.31 $ 1.29 Diluted earnings per share $ 0.39 $ 0.47 $ 1.30 $ 1.29 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 4. STOCK–BASED COMPENSATION In connection with our 2010 second step conversion and related stock offering, the ESOP purchased an additional 41,614 shares for the exclusive benefit of eligible employees. The ESOP borrowed funds from the Company in an amount sufficient to purchase the 41,614 shares (approximately 4% of the common stock issued in the offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Bank and dividends received by the ESOP, with funds from any contributions on ESOP assets. Contributions will be applied to repay interest on the loan first, and the remainder will be applied to principal. The loan is expected to be repaid over a period of up to 20 years. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest on a pro-rata basis and reach 100% vesting in the accrued benefits under the ESOP after six years. Vesting is accelerated upon retirement, death, or disability of the participant or a change in control of the Bank. Forfeitures will be reallocated to remaining plan participants. Benefits may be payable upon retirement, death, disability, separation from service, or termination of the ESOP. Since the Bank’s annual contributions are discretionary, benefits payable under the ESOP cannot be estimated. The Company is accounting for its ESOP in accordance with ASC Topic 718, “ Employers Accounting for Employee Stock Ownership Plans A summary of ESOP shares at September 30, 2015 and 2014 is shown below. September 30, 2015 September 30, 2014 Unearned shares 21,553 25,392 Shares committed for release 1,719 1,683 Allocated shares 57,535 56,222 Total ESOP shares 80,807 83,297 Fair value of unearned shares $ 562,252 $ 603,773 On April 24, 2012, our shareholders approved the 2012 Stock Option Plan. On this same date, the compensation committee of the board of directors approved the awards of 104,035 options to purchase Company common stock. The stock options vest over a five-year period and expire ten years after issuance. Apart from the vesting schedule, there are no performance-based conditions or any other material conditions applicable to the options issued. The following table summarizes stock option activity for the nine months ended September 30, 2015. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Instrinsic Options Price/Share Life (in years) Value Outstanding, December 31, 2014 85,835 $ 15.65 Granted - - Exercised (16,965 ) 15.65 Forfeited - - Outstanding, September 30, 2015 68,870 $ 15.65 6.50 $ 586,084 Exercisable, September 30, 2015 26,785 $ 15.65 6.50 $ 227,940 Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The value is based upon a closing price of $24.16 per share on September 30, 2015. |
LOAN PORTFOLIO COMPOSITION
LOAN PORTFOLIO COMPOSITION | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
LOAN PORTFOLIO COMPOSITION | 5. LOAN PORTFOLIO COMPOSITION At September 30, 2015 and December 31, 2014, the composition of the Company’s loan portfolio is shown below. September 30, 2015 December 31, 2014 Amount Percent Amount Percent Real estate loans: One-to-four family residential $ 46,136,293 24.3 % $ 44,561,089 24.2 % Commercial 42,832,513 22.6 40,474,855 21.9 Agricultural 42,704,641 22.5 40,119,130 21.7 Home equity 11,580,161 6.1 11,283,264 6.1 Total real estate loans 143,253,608 75.5 136,438,338 73.9 Commercial loans 22,496,792 11.9 26,813,880 14.5 Agricultural loans 13,322,205 7.0 11,844,973 6.4 Consumer loans 13,379,117 7.1 12,587,101 6.8 Total loans receivable 192,451,722 101.5 187,684,292 101.6 Less: Net deferred loan fees 22,027 0.0 9,416 0.0 Allowance for loan losses 2,917,588 1.5 2,956,264 1.6 Total loans receivable, net $ 189,512,107 100.0 % $ 184,718,612 100.0 % The Company believes that originating or purchasing sound loans are a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures in place designed to focus lending efforts on the types, locations, and duration of loans most appropriate for the business model and markets. The Company’s principal lending activities include the origination of one-to four-family residential mortgage loans, multi-family loans, commercial real estate loans, agricultural loans, home equity lines of credits, commercial business loans, and consumer loans. The primary lending market includes the Illinois counties of Morgan, Macoupin and Montgomery. Generally, loans are collateralized by assets, primarily real estate, of the borrowers and guaranteed by individuals. The loans are expected to be repaid from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers. Loan originations are derived from a number of sources such as real estate broker referrals, existing customers, builders, attorneys and walk-in customers. Upon receipt of a loan application, a credit report is obtained to verify specific information relating to the applicant’s employment, income, and credit standing. In the case of a real estate loan, an appraisal of the real estate intended to secure the proposed loan is undertaken by an independent appraiser approved by the Company. A loan application file is first reviewed by a loan officer in the loan department who checks applications for accuracy and completeness, and verifies the information provided. The financial resources of the borrower and the borrower’s credit history, as well as the collateral securing the loan, are considered an integral part of each risk evaluation prior to approval. The board of directors has established individual lending authorities for each loan officer by loan type. Loans over an individual officer’s lending limit must be approved by the officers’ loan committee consisting of the chairman of the board, president, chief lending officer and all lending officers, which meets three times a week, and has lending authority up to $750,000 depending on the type of loan. Loans to borrowers with an aggregate principal balance over this limit, up to $1.0 million, must be approved by the directors’ loan committee, which meets weekly and consists of the chairman of the board, president, senior vice president, chief lending officer and at least two outside directors, plus all lending officers as non-voting members. The board of directors approves all loans to borrowers with an aggregate principal balance over $1.0 million. The board of directors ratifies all loans that are originated. Once the loan is approved, the applicant is informed and a closing date is scheduled. Loan commitments are typically funded within 30 days. If the loan is approved, the borrower must provide proof of fire and casualty insurance on the property serving as collateral which insurance must be maintained during the full term of the loan; flood insurance is required in certain instances. Title insurance or an attorney’s opinion based on a title search of the property is generally required on loans secured by real property. One-to-Four Family Mortgage Loans - Fixed rate one-to-four family residential mortgage loans are generally conforming loans, underwritten according to secondary market guidelines. The Company generally originates both fixed and adjustable rate mortgage loans in amounts up to the maximum conforming loan limits established by the Federal Housing Finance Agency. The Company originates for resale to Freddie Mac and the Federal Home Loan Bank fixed-rate one-to-four family residential mortgage loans with terms of 15 years or more. The fixed-rate mortgage loans amortize monthly with principal and interest due each month. Residential real estate loans often remain outstanding for significantly shorter periods than their contractual terms because borrowers may refinance or prepay loans at their option. The Company offers fixed-rate one-to-four family residential mortgage loans with terms of up to 30 years without prepayment penalty. The Company currently offers adjustable-rate mortgage loans for terms ranging up to 30 years. They generally offer adjustable-rate mortgage loans that adjust between one and five years on the anniversary date of origination. Interest rate adjustments are up to two hundred basis points per year, with a cap of up to six hundred basis points on interest rate increases over the life of the loan. In a rising interest rate environment, such rate limitations may prevent adjustable-rate mortgage loans from repricing to market interest rates, which would have an adverse effect on the net interest income. In the low interest rate environment that has existed over the past five years, the adjustable-rate portfolio has repriced downward resulting in lower interest income from this portion of the loan portfolio. In addition, during this period borrowers have shown a preference for fixed-rate loans. The Company has used different interest indices for adjustable-rate mortgage loans in the past such as the average yield on U.S. Treasury securities, adjusted to a constant maturity of one-year, three-years or five-years. The origination of fixed-rate mortgage loans versus adjustable-rate mortgage loans is monitored on an ongoing basis and is affected significantly by the level of market interest rates, customer preference, interest rate risk position and competitors’ loan products. Adjustable-rate mortgage loans make the loan portfolio more interest rate sensitive and provide an alternative for those borrowers who meet the underwriting criteria, but are unable to qualify for a fixed-rate mortgage. However, as the interest income earned on adjustable-rate mortgage loans varies with prevailing interest rates, such loans do not offer predictable cash flows in the same manner as long-term, fixed-rate loans. Adjustable-rate mortgage loans carry increased credit risk associated with potentially higher monthly payments by borrowers as general market interest rates increase. It is possible that during periods of rising interest rates that the risk of delinquencies and defaults on adjustable-rate mortgage loans may increase due to the upward adjustment of interest costs to the borrower, resulting in increased loan losses. Residential first mortgage loans customarily include due-on-sale clauses, which gives the Company the right to declare a loan immediately due and payable in the event that, among other things, the borrower sells or otherwise disposes of the underlying real property serving as collateral for the loan. Due-on-sale clauses are a means of imposing assumption fees and increasing the interest rate on mortgage portfolio during periods of rising interest rates. When underwriting residential real estate loans, the Company reviews and verifies each loan applicant’s income and credit history. Management believes that stability of income and past credit history are integral parts in the underwriting process. Generally, the applicant’s total monthly mortgage payment, including all escrow amounts, is limited to 28% of the applicant’s total monthly income. In addition, total monthly obligations of the applicant, including mortgage payments, generally should not exceed 38% of total monthly income. Written appraisals are generally required on real estate property offered to secure an applicant’s loan. For one-to-four family real estate loans with loan to value ratios of over 80%, private mortgage insurance is generally required. Fire and casualty insurance is also required on all properties securing real estate loans. Title insurance, or an attorney’s title opinion, may be required, as circumstances warrant. The Company does not offer an “interest only” mortgage loan product on one-to-four family residential properties (where the borrower pays interest for an initial period, after which the loan converts to a fully amortizing loan). They also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loan. The Company does not offer a “subprime loan” program (loans that generally target borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios) or Alt-A loans (traditionally defined as loans having less than full documentation). Commercial Real Estate Loans - Underwriting standards for commercial real estate loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The income approach is primarily utilized to determine whether income generated from the applicant’s business or real estate offered as collateral is adequate to repay the loan. There is an emphasis on the ratio of the property’s projected net cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%). In underwriting a loan, the value of the real estate offered as collateral in relation to the proposed loan amount is considered. Generally, the loan amount cannot be greater than 80% of the value of the real estate. Written appraisals are usually obtained from either licensed or certified appraisers on all commercial real estate loans in excess of $250,000. Creditworthiness of the applicant is assessed by reviewing a credit report, financial statements and tax returns of the applicant, as well as obtaining other public records regarding the applicant. Loans secured by commercial real estate generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the effects of general economic conditions on income producing properties and the successful operation or management of the properties securing the loans. Furthermore, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related business and real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. Agricultural Real Estate Loans - Underwriting standards for agricultural real estate include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The income approach is primarily utilized to determine whether income generated from the applicant’s farm operation or real estate offered as collateral is adequate to repay the loan. We emphasize the ratio of the property’s projected cash flow to the loan’s debt service requirement (generally requiring a minimum ratio of 120%). In underwriting a loan, we consider the value of the real estate offered as collateral in relation to the proposed loan amount. Generally, the loan amount cannot be greater than 80% of the value of the real estate. We usually obtain written appraisals from either licensed or certified appraisers on all agricultural real estate loans in excess of $250,000. We assess the creditworthiness of the applicant by reviewing a credit report, financial statements and tax returns of the applicant, as well as obtaining other public records regarding the applicant. Loans secured by agricultural real estate generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the effects of general economic and market conditions on farm operations and the successful operation or management of the properties securing the loans. The repayment of loans secured by agricultural estate is typically dependent upon the successful operation of the farm and real estate property. If the cash flow is reduced, the borrower’s ability to repay the loan may be impaired. Home Equity Loans – Underwriting standards for home equity loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The stability of the applicant’s monthly income may be determined by verification of gross monthly income from primary employment, and additionally from any verifiable secondary income. We also consider the length of employment with the borrower’s present employer as well as the amount of time the borrower has lived in the local area. Creditworthiness of the applicant is of primary consideration; however, the underwriting process also includes a comparison of the value of the collateral in relation to the proposed loan amount. Home equity loans entail greater risks than one-to-four family residential mortgage loans, which are secured by first lien mortgages. In such cases, collateral repossessed after a default may not provide an adequate source of repayment of the outstanding loan balance because of damage or depreciation in the value of the property or loss of equity to the first lien position. Further, home equity loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Finally, the application of various Federal and state laws, including Federal and state bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans in the event of a default. Commercial Business Loans - Underwriting standards for commercial and agricultural business loans include a determination of the applicant’s ability to meet existing obligations and payments on the proposed loan from normal cash flows generated in the applicant’s business. The financial strength of each applicant is assessed through the review of financial statements and tax returns provided by the applicant. The creditworthiness of an applicant is derived from a review of credit reports as well as a search of public records. Business loans are periodically reviewed following origination. Financial statements are requested at least annually and review them for substantial deviations or changes that might affect repayment of the loan. Loan officers also visit the premises of borrowers to observe the business premises, facilities, and personnel and to inspect the pledged collateral. Underwriting standards for business loans are different for each type of loan depending on the financial strength of the applicant and the value of collateral offered as security. Agricultural Business Loans - Underwriting standards for agricultural business loans include a determination of the applicant’s ability to meet existing obligations and payments on the proposed loan from normal cash flows generated in the applicant’s business. The financial strength of each applicant is assessed through the review of financial statements, pro-forma cash flow statements, and tax returns provided by the applicant. The creditworthiness of an applicant is derived from a review of credit reports as well as a search of public records. Financial statements are requested at least annually and reviewed for substantial deviations or changes that might affect repayment of the loan. Loan officers may also visit the premises of borrowers to observe the operation, facilities, equipment, and personnel and to inspect the pledged collateral. Underwriting standards for agricultural business loans are different for each type of loan depending on the financial strength of the applicant and the value of collateral offered as security. The repayment of agricultural business loans generally is dependent on the successful operation of a farm and can be adversely affected by fluctuations in crop prices, increase in interest rates, and changes in weather conditions. These developments may result in smaller harvests and less income for farmers which may adversely affect such borrower’s ability to repay a loan, and potentially result in an increase in the level of problem loans and loan losses in our agricultural portfolio. While not required, the majority of our agricultural business loans are covered by crop insurance, which provides protection against loss due to lower crop yields as a result of unfavorable weather conditions. Consumer Loans – Underwriting standards for consumer loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. The stability of the applicant’s monthly income may be determined by verification of gross monthly income from primary employment, and additionally from any verifiable secondary income. We also consider the length of employment with the borrower’s present employer as well as the amount of time the borrower has lived in the local area. Creditworthiness of the applicant is of primary consideration; however, the underwriting process also includes a comparison of the value of the collateral in relation to the proposed loan amount. Consumer loans entail greater risks than one-to-four family residential mortgage loans, particularly consumer loans secured by rapidly depreciating assets such as automobiles or loans that are unsecured. In such cases, collateral repossessed after a default may not provide an adequate source of repayment of the outstanding loan balance because of damage, loss or depreciation. Further, consumer loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Such events would increase our risk of loss on unsecured loans. Finally, the application of various Federal and state laws, including Federal and state bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans in the event of a default. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of and for the periods ended September 30, 2015, September 30, 2014, and December 31, 2014. September 30, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, July 1, 2015 $ 930,733 $ 847,424 $ 213,810 $ 158,101 $ 391,994 $ 125,062 $ 175,105 $ 80,817 $ 2,923,046 Provision charged to expense (22,183 ) 84,756 (4,601 ) 925 (22,387 ) 5,474 12,641 (9,625 ) 45,000 Losses charged off (56,149 ) - - (5,707 ) - - (12,881 ) - (74,737 ) Recoveries 20,075 1,441 - 525 - - 2,238 - 24,279 Ending balance, September 30, 2015 $ 872,476 $ 933,621 $ 209,209 $ 153,844 $ 369,607 $ 130,536 $ 177,103 $ 71,192 $ 2,917,588 Beginning Balance, January 1, 2015 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense (5,339 ) 89,090 13,663 (56,089 ) (52,313 ) 72,602 30,550 17,836 110,000 Losses charged off (161,267 ) (27,464 ) - (5,707 ) - - (26,133 ) - (220,571 ) Recoveries 39,822 16,532 - 10,063 111 - 5,367 - 71,895 Ending balance, September 30, 2015 $ 872,476 $ 933,621 $ 209,209 $ 153,844 $ 369,607 $ 130,536 $ 177,103 $ 71,192 $ 2,917,588 Ending balance: individually evaluated for impairment $ 179,667 $ 415,306 $ - $ 9,982 $ 138,606 $ - $ - $ - $ 743,561 Ending balance: collectively evaluated for impairment $ 692,809 $ 518,315 $ 209,209 $ 143,862 $ 231,001 $ 130,536 $ 177,103 $ 71,192 $ 2,174,027 Loans: Ending balance $ 46,136,293 $ 42,832,513 $ 42,704,641 $ 11,580,161 $ 22,496,792 $ 13,322,205 $ 13,379,117 $ - $ 192,451,722 Ending balance: individually evaluated for impairment $ 664,602 $ 1,606,230 $ 862,765 $ 56,589 $ 211,169 $ 411,979 $ 791 $ - $ 3,814,125 Ending balance: collectively evaluated for impairment $ 45,471,691 $ 41,226,283 $ 41,841,876 $ 11,523,572 $ 22,285,623 $ 12,910,226 $ 13,378,326 $ - $ 188,637,597 September 30, 2014 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, July 1, 2014 $ 1,000,765 $ 771,332 $ 175,703 $ 175,475 $ 738,336 $ 50,240 $ 184,845 $ 244,571 $ 3,341,267 Provision charged to expense 70,451 (15,227 ) 20,307 36,969 (29,166 ) 7,990 33,016 (94,340 ) 30,000 Losses charged off (70,319 ) - - (5,403 ) (285,410 ) - (20,278 ) - (381,410 ) Recoveries 300 - - 525 - - 782 - 1,607 Ending balance, September 30, 2014 $ 1,001,197 $ 756,105 $ 196,010 $ 207,566 $ 423,760 $ 58,230 $ 198,365 $ 150,231 $ 2,991,464 Beginning Balance, January 1, 2014 $ 856,144 $ 745,760 $ 175,028 $ 201,993 $ 1,034,189 $ 52,798 $ 184,848 $ 155,674 $ 3,406,434 Provision charged to expense 244,112 103,651 20,982 9,401 (325,050 ) 5,432 36,915 (5,443 ) 90,000 Losses charged off (100,319 ) (93,474 ) - (5,403 ) (285,410 ) - (25,781 ) - (510,387 ) Recoveries 1,260 168 - 1,575 31 - 2,383 - 5,417 Ending balance, September 30, 2014 $ 1,001,197 $ 756,105 $ 196,010 $ 207,566 $ 423,760 $ 58,230 $ 198,365 $ 150,231 $ 2,991,464 Ending balance: individually evaluated for impairment $ 193,882 $ 298,693 $ - $ 10,000 $ 165,446 $ - $ 12,500 $ - $ 680,521 Ending balance: collectively evaluated for impairment $ 807,315 $ 457,412 $ 196,010 $ 197,566 $ 258,314 $ 58,230 $ 185,865 $ 150,231 $ 2,310,943 Loans: Ending balance $ 44,314,136 $ 37,558,015 $ 40,401,858 $ 11,599,732 $ 25,860,867 $ 12,066,418 $ 13,036,397 $ - $ 184,837,423 Ending balance: individually evaluated for impairment $ 732,567 $ 1,574,826 $ 1,199,949 $ 41,340 $ 252,161 $ 420,382 $ 92,433 $ - $ 4,313,658 Ending balance: collectively evaluated for impairment $ 43,581,569 $ 35,983,189 $ 39,201,909 $ 11,558,392 $ 25,608,706 $ 11,646,036 $ 12,943,964 $ - $ 180,523,765 December 31, 2014 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2013 $ 856,144 $ 745,760 $ 175,028 $ 201,993 $ 1,034,189 $ 52,798 $ 184,848 $ 155,674 $ 3,406,434 Provision charged to expense 241,875 392,009 20,518 5,887 (327,057 ) 5,136 3,950 (102,318 ) 240,000 Losses charged off (100,319 ) (287,474 ) - (5,403 ) (285,411 ) - (25,781 ) - (704,388 ) Recoveries 1,560 5,168 - 3,100 88 - 4,302 - 14,218 Ending balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Ending balance: individually evaluated for impairment $ 183,196 $ 348,240 $ - $ 9,982 $ 154,089 $ - $ - $ - $ 695,507 Ending balance: collectively evaluated for impairment $ 816,064 $ 507,223 $ 195,546 $ 195,595 $ 267,720 $ 57,934 $ 167,319 $ 53,356 $ 2,260,757 Loans: Ending balance $ 44,561,089 $ 40,474,855 $ 40,119,130 $ 11,283,264 $ 26,813,880 $ 11,844,973 $ 12,587,101 $ - $ 187,684,292 Ending balance: individually evaluated for impairment $ 713,962 $ 1,690,251 $ 1,009,889 $ 37,531 $ 240,805 $ 258,140 $ 8,469 $ - $ 3,959,047 Ending balance: collectively evaluated for impairment $ 43,847,127 $ 38,784,604 $ 39,109,241 $ 11,245,733 $ 26,573,075 $ 11,586,833 $ 12,578,632 $ - $ 183,725,245 Management’s opinion as to the ultimate collectability of loans is subject to estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. The allowance for loan losses is maintained at a level that, in management’s judgment, is adequate to cover probable credit losses inherent in the loan portfolio at the balance sheet date. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest will not be able to be collected when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and agricultural loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, individual consumer and residential loans are not separately identified for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given the internal risk rating process. The loan portfolio is stratified into homogeneous groups of loans that possess similar loss characteristics and an appropriate loss ratio adjusted for other qualitative factors is applied to the homogeneous pools of loans to estimate the incurred losses in the loan portfolio. There have been no changes to the Company’s accounting policies or methodology from the prior periods. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on all loans at origination. In addition, lending relationships over $500,000, new commercial and commercial real estate loans, and watch list credits are reviewed annually by our loan review department in order to verify risk ratings. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of September 30, 2015 and December 31, 2014. There were no loans classified as Doubtful on these dates. 1-4 Family Commercial Real Estate Agricultural Real Estate Home Equity September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Rating: Pass $ 42,816,813 $ 41,530,699 $ 39,738,007 $ 38,122,972 $ 41,841,876 $ 39,109,241 $ 11,199,982 $ 10,833,853 Special Mention 1,346,214 655,049 945,520 53,750 862,765 887,048 71,208 162,103 Substandard 1,973,266 2,375,341 2,148,986 2,298,133 - 122,841 308,971 287,308 Total $ 46,136,293 $ 44,561,089 $ 42,832,513 $ 40,474,855 $ 42,704,641 $ 40,119,130 $ 11,580,161 $ 11,283,264 Commercial Agricultural Consumer Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Rating: Pass $ 22,222,969 $ 26,563,823 $ 12,421,451 $ 11,586,833 $ 13,091,774 $ 12,386,412 $ 183,332,872 $ 180,133,833 Special Mention 55,651 - 900,754 258,140 66,168 80,544 4,248,280 2,096,634 Substandard 218,172 250,057 - - 221,175 120,145 4,870,570 5,453,825 Total $ 22,496,792 $ 26,813,880 $ 13,322,205 $ 11,844,973 $ 13,379,117 $ 12,587,101 $ 192,451,722 $ 187,684,292 The following tables present the Company’s loan portfolio aging analysis as of September 30, 2015 and December 31, 2014. September 30, 2015 30-59 Days 60-89 Days Greater than 90 Total Total Loans >90 Past Due Past Due Days Past Due Past Due Current Total Loans Days & Accruing One-to-four family residential $ 127,277 $ 70,890 $ 621,421 $ 819,588 $ 45,316,705 $ 46,136,293 $ - Commercial real estate - - 784,348 784,348 42,048,165 42,832,513 - Agricultural real estate - - - - 42,704,641 42,704,641 - Home equity 76,008 27,536 95,247 198,791 11,381,370 11,580,161 - Commercial - - - - 22,496,792 22,496,792 - Agricultural 12,036 - - 12,036 13,310,169 13,322,205 - Consumer 106,252 43,673 2,203 152,128 13,226,989 13,379,117 - Total $ 321,573 $ 142,099 $ 1,503,219 $ 1,966,891 $ 190,484,831 $ 192,451,722 $ - December 31, 2014 30-59 Days 60-89 Days Greater than 90 Total Total Loans >90 Past Due Past Due Days Past Due Past Due Current Total Loans Days & Accruing One-to-four family residential $ 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 - Home equity 96,971 11,561 58,360 166,892 11,116,372 11,283,264 - Commercial - - - - 26,813,880 26,813,880 - Agricultural - - - - 11,844,973 11,844,973 - 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 $ - The accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | 6. INVESTMENTS The amortized cost and approximate fair value of securities, all of which are classified as available-for-sale, are as follows: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value September 30, 2015: U.S. government and agencies $ 14,030,762 $ 89,943 $ (41,882 ) $ 14,078,823 Mortgage-backed securities (government-sponsored enterprises - residential) 26,731,605 419,994 (42,468 ) 27,109,131 Municipal bonds 46,044,137 1,142,148 (416,832 ) 46,769,453 $ 86,806,504 $ 1,652,085 $ (501,182 ) $ 87,957,407 December 31, 2014: U.S. government and 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 The amortized cost and fair value of available-for-sale securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value Within one year $ 735,352 $ 743,643 More than one year to five years 9,759,557 10,023,269 More than five years to ten years 30,675,846 30,988,301 After ten years 18,904,144 19,093,063 60,074,899 60,848,276 Mortgage-backed securities (government-sponsored enterprises - residential) 26,731,605 27,109,131 $ 86,806,504 $ 87,957,407 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $21,325,000 at September 30, 2015 and $21,122,000 at December 31, 2014. The carrying value of securities sold under agreement to repurchase amounted to $10,634,000 at September 30, 2015 and $9,165,000 at December 31, 2014. At September 30, 2015, we had $6,538,000 of repurchase agreements secured by mortgage backed securities, $1,131,000 in repurchase agreements secured by U.S. government agency bonds, and $988,000 in repurchase agreements secured by time deposits in other banks. All of our repurchase agreements mature overnight. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained. Gross gains of $55,000 and $138,000 and gross losses of $0 resulting from sales of available-for-sale securities were realized during the three months ended September 30, 2015 and 2014, respectively. Gross gains of $299,000 and $320,000 and gross losses of $32,000 and $20,000 resulting from sales of available-for-sale securities were realized during the nine months ended September 30, 2015 and 2014, respectively. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at September 30, 2015 and December 31, 2014 were $28,398,000, and $40,587,000, respectively, which were approximately 32% and 42% of the Company’s available-for-sale investment portfolio. Management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following table shows the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2015 and December 31, 2014. Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value September 30, 2015: U.S. government agencies $ (29,654 ) $ 1,866,246 $ (12,228 ) $ 3,593,422 $ (41,882 ) $ 5,459,668 Mortgage-backed securities (government sponsored enterprises - residential) (36,097 ) 4,517,474 (6,371 ) 2,262,601 (42,468 ) 6,780,075 Municipal bonds (260,234 ) 6,492,453 (156,598 ) 9,666,253 $ (416,832 ) $ 16,158,706 Total $ (325,985 ) $ 12,876,173 $ (175,197 ) $ 15,522,276 $ (501,182 ) $ 28,398,449 December 31, 2014: U.S. government agencies $ (28,208 ) $ 2,955,829 $ (110,530 ) $ 3,949,940 $ (138,738 ) $ 6,905,769 Mortgage-backed securities (government sponsored enterprises - residential) (13,358 ) 2,061,203 (197,173 ) 13,725,099 (210,531 ) 15,786,302 Municipal bonds (44,654 ) 3,953,168 (485,135 ) 13,942,169 (529,789 ) 17,895,337 Total $ (86,220 ) $ 8,970,200 $ (792,838 ) $ 31,617,208 $ (879,058 ) $ 40,587,408 The unrealized losses on the Company’s investments in municipal bonds, U.S. government agencies, and mortgage-backed securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2015 and December 31, 2014. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 7. ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: September 30, 2015 December 31, 2014 Net unrealized gains on securities available-for-sale $ 1,150,903 $ 1,078,004 Tax effect (391,307 ) (366,521 ) Net-of-tax amount $ 759,596 $ 711,483 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | 9 Months Ended |
Sep. 30, 2015 | |
Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | 8. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT Amounts reclassified from AOCI and the affected line items in the statements of income during the three and nine months ended September 30, 2015 and 2014, were as follows: Amounts Reclassified from AOCI Three Months Ended Affected Line Item in the September 30, 2015 September 30, 2014 Statements of Income Unrealized gains on securities available-for-sale securities $ 55,125 $ 138,253 Net realized gains on sales of available-for-sale securities 55,125 138,253 Tax effect (18,742 ) (47,006 ) Income taxes Total reclassification out of AOCI $ 36,383 $ 91,247 Net reclassified amount Amounts Reclassified from AOCI Nine months ended Affected Line Item in the September 30, 2015 September 30, 2014 Statements of Income Unrealized gains on securities available-for-sale securities $ 267,201 $ 299,835 Net realized gains on sales of available-for-sale securities 267,201 299,835 Tax effect (90,848 ) (101,944 ) Income taxes Total reclassification out of AOCI $ 176,353 $ 197,891 Net reclassified amount |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | 9. DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Recurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 and December 31, 2014: September 30, 2015 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agencies $ 14,078,823 $ - $ 14,078,823 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 27,109,131 - 27,109,131 - Municipal bonds 46,769,453 - 46,769,453 - December 31, 2014 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and 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 - Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the nine month period ended September 30, 2015. Available-for-Sale Securities - 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 September 30, 2015 and December 31, 2014: September 30, 2015 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans (collateral dependent) $ 991,639 $ - $ - $ 991,639 Foreclosed assets 339,554 - - 339,554 December 31, 2014 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans (collateral dependent) $ 1,147,400 $ - $ - $ 1,147,400 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets 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 Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary. Appraisals are reviewed for accuracy and consistency. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. Foreclosed Assets The 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. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements (dollars in thousands). Fair Value at 9/30/15 Valuation Technique Unobservable Inputs Range (Weighted Average) Foreclosed assets $ 339,554 Market comparable properties Comparability adjustments (%) 30% Collateral-dependent impaired loans 991,639 Market comparable properties Marketability discount 25% – 50% (40%) Fair Value at 12/31/14 Valuation Technique Unobservable Inputs Range (Weighted Average) Collateral-dependent impaired loans 1,147,400 Market comparable properties Marketability discount 20% – 30% (25%) Fair Value of Financial Instruments The following table presents estimated fair values of the Company’s other financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 and December 31, 2014: September 30, 2015 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 3,646,964 $ 3,646,964 $ - $ - Interest-earning time deposits 2,474,000 - 2,474,000 - Other investments 63,809 - 63,809 - Loans held for sale 823,000 - 823,000 - Loans, net of allowance for loan losses 189,512,107 - - 189,267,501 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 2,728,566 - 2,728,566 - Financial Liabilities Deposits 233,343,288 - 150,752,422 84,019,957 Short-term borrowings 19,656,929 - 14,656,929 4,998,917 Advances from borrowers for taxes and insurance 509,728 - 509,728 - Interest payable 127,900 - 127,900 - Unrecognized financial instruments (net of contract amount) Commitments to originate loans - - - - Letters of credit - - - - Lines of credit - - - - December 31, 2014 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 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 - - - - 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-Earning Time Deposits in Banks, Interest Receivable, Federal Home Loan Bank Stock, and Other Investments Loans Held for Sale Loans - Deposits Short-term Borrowings, Interest Payable, and Advances from Borrowers for Taxes and Insurance - Commitments to Originate Loans, Letters of Credit, and Lines of Credit |
MORTGAGE SERVICING RIGHTS
MORTGAGE SERVICING RIGHTS | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
MORTGAGE SERVICING RIGHTS | 10. MORTGAGE SERVICING RIGHTS Activity in the balance of mortgage servicing rights, measured using the amortization method, for the nine month period ended September 30, 2015 and the year ended December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Balance, beginning of period $ 632,634 $ 673,576 Servicing rights capitalized 57,431 53,859 Amortization of servicing rights (96,897 ) (111,224 ) Change in valuation allowance 5,977 16,423 Balance, end of period $ 599,145 $ 632,634 Activity in the valuation allowance for mortgage servicing rights for the nine month period ended September 30, 2015 and the year ended December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Balance, beginning of period $ 56,969 $ 73,392 Additions - - Reductions (5,977 ) (16,423 ) Balance, end of period $ 50,992 $ 56,969 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense for the nine months ended September 30, 2015 and 2014 is shown below. September 30, 2015 September 30, 2014 Computed at the statutory rate (34%) $ 1,077,901 $ 1,044,204 Increase (decrease) resulting from Tax exempt interest (332,888 ) (382,400 ) State income taxes, net 147,443 137,370 Increase in cash surrender value (45,055 ) (47,904 ) Other, net 839 (864 ) Actual tax expense $ 848,240 $ 750,406 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers in the way of commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. Substantially all of the Company's loans are to borrowers located in Cass, Morgan, Macoupin, Montgomery, and surrounding counties in Illinois. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date, which provides a one-year deferral of ASU 2014-09. 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. Early adoption would be permitted, but not before the original public entity effective date. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860) – Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. ASU 2014-11 was effective for the first interim or annual period beginning after December 15, 2014. In addition, the disclosure of certain transactions accounted for as a sale was effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company adopted ASU 2014-11 and included additional disclosures. The Company does not expect the adoption of ASU No. 2014-11 to have a significant impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing agreement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU No. 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company’s current method of accounting for fees paid in a cloud computing arrangement is consistent with the accounting guidance provided by ASU No. 2015-05. Therefore, the adoption of ASU No. 2015-05 is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share calculations for basic and diluted methods | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common shareholders $ 699,398 $ 856,016 $ 2,322,058 $ 2,320,782 Basic average shares outstanding 1,765,873 1,795,252 1,771,810 1,795,007 Diluted potential common shares: Stock option equivalents 16,960 14,126 14,760 9,136 Diluted average shares outstanding 1,782,833 1,809,378 1,786,570 1,804,143 Basic earnings per share $ 0.40 $ 0.48 $ 1.31 $ 1.29 Diluted earnings per share $ 0.39 $ 0.47 $ 1.30 $ 1.29 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
Schedule of summary of ESOP shares | September 30, 2015 September 30, 2014 Unearned shares 21,553 25,392 Shares committed for release 1,719 1,683 Allocated shares 57,535 56,222 Total ESOP shares 80,807 83,297 Fair value of unearned shares $ 562,252 $ 603,773 |
Schedule of stock option activity | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Instrinsic Options Price/Share Life (in years) Value Outstanding, December 31, 2014 85,835 $ 15.65 Granted - - Exercised (16,965 ) 15.65 Forfeited - - Outstanding, September 30, 2015 68,870 $ 15.65 6.50 $ 586,084 Exercisable, September 30, 2015 26,785 $ 15.65 6.50 $ 227,940 |
LOAN PORTFOLIO COMPOSITION (Tab
LOAN PORTFOLIO COMPOSITION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | September 30, 2015 December 31, 2014 Amount Percent Amount Percent Real estate loans: One-to-four family residential $ 46,136,293 24.3 % $ 44,561,089 24.2 % Commercial 42,832,513 22.6 40,474,855 21.9 Agricultural 42,704,641 22.5 40,119,130 21.7 Home equity 11,580,161 6.1 11,283,264 6.1 Total real estate loans 143,253,608 75.5 136,438,338 73.9 Commercial loans 22,496,792 11.9 26,813,880 14.5 Agricultural loans 13,322,205 7.0 11,844,973 6.4 Consumer loans 13,379,117 7.1 12,587,101 6.8 Total loans receivable 192,451,722 101.5 187,684,292 101.6 Less: Net deferred loan fees 22,027 0.0 9,416 0.0 Allowance for loan losses 2,917,588 1.5 2,956,264 1.6 Total loans receivable, net $ 189,512,107 100.0 % $ 184,718,612 100.0 % |
Schedule of allowance for loan losses and recorded investment in loans based on portfolio segment and impairment method | September 30, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, July 1, 2015 $ 930,733 $ 847,424 $ 213,810 $ 158,101 $ 391,994 $ 125,062 $ 175,105 $ 80,817 $ 2,923,046 Provision charged to expense (22,183 ) 84,756 (4,601 ) 925 (22,387 ) 5,474 12,641 (9,625 ) 45,000 Losses charged off (56,149 ) - - (5,707 ) - - (12,881 ) - (74,737 ) Recoveries 20,075 1,441 - 525 - - 2,238 - 24,279 Ending balance, September 30, 2015 $ 872,476 $ 933,621 $ 209,209 $ 153,844 $ 369,607 $ 130,536 $ 177,103 $ 71,192 $ 2,917,588 Beginning Balance, January 1, 2015 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense (5,339 ) 89,090 13,663 (56,089 ) (52,313 ) 72,602 30,550 17,836 110,000 Losses charged off (161,267 ) (27,464 ) - (5,707 ) - - (26,133 ) - (220,571 ) Recoveries 39,822 16,532 - 10,063 111 - 5,367 - 71,895 Ending balance, September 30, 2015 $ 872,476 $ 933,621 $ 209,209 $ 153,844 $ 369,607 $ 130,536 $ 177,103 $ 71,192 $ 2,917,588 Ending balance: individually evaluated for impairment $ 179,667 $ 415,306 $ - $ 9,982 $ 138,606 $ - $ - $ - $ 743,561 Ending balance: collectively evaluated for impairment $ 692,809 $ 518,315 $ 209,209 $ 143,862 $ 231,001 $ 130,536 $ 177,103 $ 71,192 $ 2,174,027 Loans: Ending balance $ 46,136,293 $ 42,832,513 $ 42,704,641 $ 11,580,161 $ 22,496,792 $ 13,322,205 $ 13,379,117 $ - $ 192,451,722 Ending balance: individually evaluated for impairment $ 664,602 $ 1,606,230 $ 862,765 $ 56,589 $ 211,169 $ 411,979 $ 791 $ - $ 3,814,125 Ending balance: collectively evaluated for impairment $ 45,471,691 $ 41,226,283 $ 41,841,876 $ 11,523,572 $ 22,285,623 $ 12,910,226 $ 13,378,326 $ - $ 188,637,597 September 30, 2014 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, July 1, 2014 $ 1,000,765 $ 771,332 $ 175,703 $ 175,475 $ 738,336 $ 50,240 $ 184,845 $ 244,571 $ 3,341,267 Provision charged to expense 70,451 (15,227 ) 20,307 36,969 (29,166 ) 7,990 33,016 (94,340 ) 30,000 Losses charged off (70,319 ) - - (5,403 ) (285,410 ) - (20,278 ) - (381,410 ) Recoveries 300 - - 525 - - 782 - 1,607 Ending balance, September 30, 2014 $ 1,001,197 $ 756,105 $ 196,010 $ 207,566 $ 423,760 $ 58,230 $ 198,365 $ 150,231 $ 2,991,464 Beginning Balance, January 1, 2014 $ 856,144 $ 745,760 $ 175,028 $ 201,993 $ 1,034,189 $ 52,798 $ 184,848 $ 155,674 $ 3,406,434 Provision charged to expense 244,112 103,651 20,982 9,401 (325,050 ) 5,432 36,915 (5,443 ) 90,000 Losses charged off (100,319 ) (93,474 ) - (5,403 ) (285,410 ) - (25,781 ) - (510,387 ) Recoveries 1,260 168 - 1,575 31 - 2,383 - 5,417 Ending balance, September 30, 2014 $ 1,001,197 $ 756,105 $ 196,010 $ 207,566 $ 423,760 $ 58,230 $ 198,365 $ 150,231 $ 2,991,464 Ending balance: individually evaluated for impairment $ 193,882 $ 298,693 $ - $ 10,000 $ 165,446 $ - $ 12,500 $ - $ 680,521 Ending balance: collectively evaluated for impairment $ 807,315 $ 457,412 $ 196,010 $ 197,566 $ 258,314 $ 58,230 $ 185,865 $ 150,231 $ 2,310,943 Loans: Ending balance $ 44,314,136 $ 37,558,015 $ 40,401,858 $ 11,599,732 $ 25,860,867 $ 12,066,418 $ 13,036,397 $ - $ 184,837,423 Ending balance: individually evaluated for impairment $ 732,567 $ 1,574,826 $ 1,199,949 $ 41,340 $ 252,161 $ 420,382 $ 92,433 $ - $ 4,313,658 Ending balance: collectively evaluated for impairment $ 43,581,569 $ 35,983,189 $ 39,201,909 $ 11,558,392 $ 25,608,706 $ 11,646,036 $ 12,943,964 $ - $ 180,523,765 December 31, 2014 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2013 $ 856,144 $ 745,760 $ 175,028 $ 201,993 $ 1,034,189 $ 52,798 $ 184,848 $ 155,674 $ 3,406,434 Provision charged to expense 241,875 392,009 20,518 5,887 (327,057 ) 5,136 3,950 (102,318 ) 240,000 Losses charged off (100,319 ) (287,474 ) - (5,403 ) (285,411 ) - (25,781 ) - (704,388 ) Recoveries 1,560 5,168 - 3,100 88 - 4,302 - 14,218 Ending balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Ending balance: individually evaluated for impairment $ 183,196 $ 348,240 $ - $ 9,982 $ 154,089 $ - $ - $ - $ 695,507 Ending balance: collectively evaluated for impairment $ 816,064 $ 507,223 $ 195,546 $ 195,595 $ 267,720 $ 57,934 $ 167,319 $ 53,356 $ 2,260,757 Loans: Ending balance $ 44,561,089 $ 40,474,855 $ 40,119,130 $ 11,283,264 $ 26,813,880 $ 11,844,973 $ 12,587,101 $ - $ 187,684,292 Ending balance: individually evaluated for impairment $ 713,962 $ 1,690,251 $ 1,009,889 $ 37,531 $ 240,805 $ 258,140 $ 8,469 $ - $ 3,959,047 Ending balance: collectively evaluated for impairment $ 43,847,127 $ 38,784,604 $ 39,109,241 $ 11,245,733 $ 26,573,075 $ 11,586,833 $ 12,578,632 $ - $ 183,725,245 |
Schedule of credit risk profile of loan portfolio based on rating category and payment activity | 1-4 Family Commercial Real Estate Agricultural Real Estate Home Equity September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Rating: Pass $ 42,816,813 $ 41,530,699 $ 39,738,007 $ 38,122,972 $ 41,841,876 $ 39,109,241 $ 11,199,982 $ 10,833,853 Special Mention 1,346,214 655,049 945,520 53,750 862,765 887,048 71,208 162,103 Substandard 1,973,266 2,375,341 2,148,986 2,298,133 - 122,841 308,971 287,308 Total $ 46,136,293 $ 44,561,089 $ 42,832,513 $ 40,474,855 $ 42,704,641 $ 40,119,130 $ 11,580,161 $ 11,283,264 Commercial Agricultural Consumer Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Rating: Pass $ 22,222,969 $ 26,563,823 $ 12,421,451 $ 11,586,833 $ 13,091,774 $ 12,386,412 $ 183,332,872 $ 180,133,833 Special Mention 55,651 - 900,754 258,140 66,168 80,544 4,248,280 2,096,634 Substandard 218,172 250,057 - - 221,175 120,145 4,870,570 5,453,825 Total $ 22,496,792 $ 26,813,880 $ 13,322,205 $ 11,844,973 $ 13,379,117 $ 12,587,101 $ 192,451,722 $ 187,684,292 |
Schedule of loan portfolio aging analysis | September 30, 2015 30-59 Days 60-89 Days Greater than 90 Total Total Loans >90 Past Due Past Due Days Past Due Past Due Current Total Loans Days & Accruing One-to-four family residential $ 127,277 $ 70,890 $ 621,421 $ 819,588 $ 45,316,705 $ 46,136,293 $ - Commercial real estate - - 784,348 784,348 42,048,165 42,832,513 - Agricultural real estate - - - - 42,704,641 42,704,641 - Home equity 76,008 27,536 95,247 198,791 11,381,370 11,580,161 - Commercial - - - - 22,496,792 22,496,792 - Agricultural 12,036 - - 12,036 13,310,169 13,322,205 - Consumer 106,252 43,673 2,203 152,128 13,226,989 13,379,117 - Total $ 321,573 $ 142,099 $ 1,503,219 $ 1,966,891 $ 190,484,831 $ 192,451,722 $ - December 31, 2014 30-59 Days 60-89 Days Greater than 90 Total Total Loans >90 Past Due Past Due Days Past Due Past Due Current Total Loans Days & Accruing One-to-four family residential $ 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 - Home equity 96,971 11,561 58,360 166,892 11,116,372 11,283,264 - Commercial - - - - 26,813,880 26,813,880 - Agricultural - - - - 11,844,973 11,844,973 - 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 $ - |
Schedule of impaired loan | Three Months Ended September 30, 2015 Average Interest Unpaid Impairment in Interest Income Recorded Principal Specific Impaired Income Recognized Balance Balance Allowance Loans Recognized Cash Basis Loans without a specific allowance: One-to-four family residential $ 115,791 $ 115,791 $ - $ 210,213 $ 3,050 $ 3,054 Commercial real estate 502,635 502,635 - 539,074 7,184 7,280 Agricultural real estate 862,765 862,765 - 862,764 10,897 - Home equity 46,607 46,607 - 41,496 814 758 Agricultural 411,979 411,979 - 401,995 4,093 - Consumer 791 791 - 980 16 17 Loans with a specific allowance: One-to-four family residential 548,811 548,811 179,667 561,545 7,124 5,556 Commercial real estate 1,103,595 1,103,595 415,306 1,116,160 16,970 14,854 Commercial 211,169 211,169 138,606 266,973 722 4,111 Home equity 9,982 9,982 9,982 9,982 204 181 Total: One-to-four family residential 664,602 664,602 179,667 771,758 10,174 8,610 Commercial real estate 1,606,230 1,606,230 415,306 1,655,234 24,154 22,134 Agricultural real estate 862,765 862,765 - 862,764 10,897 - Commercial 211,169 211,169 138,606 266,973 5,722 4,111 Agricultural 411,979 411,979 - 401,995 4,093 - Home equity 56,589 56,589 9,982 51,478 1,018 939 Consumer 791 791 - 980 16 17 Total $ 3,814,125 $ 3,814,125 $ 743,561 $ 4,011,182 $ 56,074 $ 35,811 Nine Months Ended September 30, 2015 Average Interest Unpaid Impairment in Interest Income Recorded Principal Specific Impaired Income Recognized Balance Balance Allowance Loans Recognized Cash Basis Loans without a specific allowance: One-to-four family residential $ 115,791 $ 115,791 $ - $ 212,527 $ 9,234 $ 9,008 Commercial real estate 502,635 502,635 - 709,290 27,088 27,604 Agricultural real estate 862,765 862,765 - 865,699 32,451 30,345 Home equity 46,607 46,607 - 41,504 2,454 2,394 Agricultural 411,979 411,979 - 268,777 7,245 - Consumer 791 791 - 1,334 67 71 Loans with a specific allowance: One-to-four family residential 548,811 548,811 179,667 571,398 23,641 18,224 Commercial real estate 1,103,595 1,103,595 415,306 1,119,919 50,598 25,383 Commercial 211,169 211,169 138,606 275,280 11,119 10,228 Home equity 9,982 9,982 9,982 9,982 555 542 Total: One-to-four family residential 664,602 664,602 179,667 783,925 32,875 27,232 Commercial real estate 1,606,230 1,606,230 415,306 1,829,209 77,686 52,987 Agricultural real estate 862,765 862,765 - 865,699 32,451 30,345 Commercial 211,169 211,169 138,606 275,280 11,119 10,228 Agricultural 411,979 411,979 - 268,777 7,245 - Home equity 56,589 56,589 9,982 51,486 3,009 2,936 Consumer 791 791 - 1,334 67 71 Total $ 3,814,125 $ 3,814,125 $ 743,561 $ 4,075,710 $ 164,452 $ 123,799 Year Ended December 31, 2014 Average Interest Unpaid Impairment in Interest Income Recorded Principal Specific Impaired Income Recognized Balance Balance Allowance Loans Recognized Cash Basis Loans without a specific allowance: One-to-four family residential $ 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 58,253 149,159 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 allowance: One-to-four family residential 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: One-to-four family residential 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 |
Schedule of recorded balance at original cost of troubled debt restructurings | September 30, 2015 December 31, 2014 One-to-four family residential $ 727,322 $ 747,470 Commercial real estate 1,188,395 1,265,079 Agricultural real estate - - Home equity 15,354 15,379 Commercial loans 67,656 212,579 Agricultural loans - - Consumer loans 100,366 42,786 Total $ 2,099,093 $ 2,283,293 |
Schedule of recorded balance at original cost of troubled debt restructurings performing according to terms of restructuring | September 30, 2015 December 31, 2014 One-to-four family residential $ 535,559 $ 747,470 Commercial real estate 404,047 1,265,079 Agricultural real estate - - Home equity 12,216 15,379 Commercial loans 67,656 212,579 Agricultural loans - - Consumer loans 98,727 42,786 Total $ 1,118,205 $ 2,283,293 |
Schedule of loans modified as troubled debt restructurings | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Number of Recorded Number of Recorded Modifications Investment Modifications Investment One-to-four family residential - $ - 1 $ 100,492 Commercial real estate - - - - Agricultural real estate - - - - Home equity - - 1 1,996 Commercial loans - - - - Agricultural loans - - - - Consumer loans - - 2 65,978 Total - $ - 4 $ 168,466 Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Number of Recorded Number of Recorded Modifications Investment Modifications Investment One-to-four family residential - $ - - $ - Commercial real estate - - - - Agricultural real estate - - - - Home equity - - - - Commercial loans - - - - Agricultural loans - - - - Consumer loans - - 1 17,428 Total - $ - 1 $ 17,428 |
Schedule of nonaccrual loans | September 30, 2015 December 31, 2014 One-to-four family residential $ 913,850 $ 994,855 Commercial real estate 864,422 932,578 Agricultural real estate - 122,841 Home equity 117,232 120,698 Commercial loans 12,856 22,438 Agricultural loans - - Consumer loans 189,651 70,643 Total $ 2,098,011 $ 2,264,053 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and approximate fair values of available for sale securities | Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value September 30, 2015: U.S. government and agencies $ 14,030,762 $ 89,943 $ (41,882 ) $ 14,078,823 Mortgage-backed securities (government-sponsored enterprises - residential) 26,731,605 419,994 (42,468 ) 27,109,131 Municipal bonds 46,044,137 1,142,148 (416,832 ) 46,769,453 $ 86,806,504 $ 1,652,085 $ (501,182 ) $ 87,957,407 December 31, 2014: U.S. government and 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 |
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturities | Amortized Fair Cost Value Within one year $ 735,352 $ 743,643 More than one year to five years 9,759,557 10,023,269 More than five years to ten years 30,675,846 30,988,301 After ten years 18,904,144 19,093,063 60,074,899 60,848,276 Mortgage-backed securities (government-sponsored enterprises - residential) 26,731,605 27,109,131 $ 86,806,504 $ 87,957,407 |
Schedule of gross unrealized losses and fair value in continuous loss position | Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value September 30, 2015: U.S. government agencies $ (29,654 ) $ 1,866,246 $ (12,228 ) $ 3,593,422 $ (41,882 ) $ 5,459,668 Mortgage-backed securities (government sponsored enterprises - residential) (36,097 ) 4,517,474 (6,371 ) 2,262,601 (42,468 ) 6,780,075 Municipal bonds (260,234 ) 6,492,453 (156,598 ) 9,666,253 $ (416,832 ) $ 16,158,706 Total $ (325,985 ) $ 12,876,173 $ (175,197 ) $ 15,522,276 $ (501,182 ) $ 28,398,449 December 31, 2014: U.S. government agencies $ (28,208 ) $ 2,955,829 $ (110,530 ) $ 3,949,940 $ (138,738 ) $ 6,905,769 Mortgage-backed securities (government sponsored enterprises - residential) (13,358 ) 2,061,203 (197,173 ) 13,725,099 (210,531 ) 15,786,302 Municipal bonds (44,654 ) 3,953,168 (485,135 ) 13,942,169 (529,789 ) 17,895,337 Total $ (86,220 ) $ 8,970,200 $ (792,838 ) $ 31,617,208 $ (879,058 ) $ 40,587,408 |
ACCUMULATED OTHER COMPREHENSI27
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | September 30, 2015 December 31, 2014 Net unrealized gains on securities available-for-sale $ 1,150,903 $ 1,078,004 Tax effect (391,307 ) (366,521 ) Net-of-tax amount $ 759,596 $ 711,483 |
CHANGES IN ACCUMULATED OTHER 28
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | |
Schedule of reclassified from AOCI and the affected line items in the statements of income | Amounts Reclassified from AOCI Three Months Ended Affected Line Item in the September 30, 2015 September 30, 2014 Statements of Income Unrealized gains on securities available-for-sale securities $ 55,125 $ 138,253 Net realized gains on sales of available-for-sale securities 55,125 138,253 Tax effect (18,742 ) (47,006 ) Income taxes Total reclassification out of AOCI $ 36,383 $ 91,247 Net reclassified amount Amounts Reclassified from AOCI Nine months ended Affected Line Item in the September 30, 2015 September 30, 2014 Statements of Income Unrealized gains on securities available-for-sale securities $ 267,201 $ 299,835 Net realized gains on sales of available-for-sale securities 267,201 299,835 Tax effect (90,848 ) (101,944 ) Income taxes Total reclassification out of AOCI $ 176,353 $ 197,891 Net reclassified amount |
DISCLOSURES ABOUT FAIR VALUE 29
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements of assets recognized in balance sheets measured at fair value on recurring basis | September 30, 2015 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agencies $ 14,078,823 $ - $ 14,078,823 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 27,109,131 - 27,109,131 - Municipal bonds 46,769,453 - 46,769,453 - December 31, 2014 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and 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 - |
Schedule of fair value measurement of assets measured at fair value on nonrecurring basis | September 30, 2015 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans (collateral dependent) $ 991,639 $ - $ - $ 991,639 Foreclosed assets 339,554 - - 339,554 December 31, 2014 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans (collateral dependent) $ 1,147,400 $ - $ - $ 1,147,400 |
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurements | Fair Value at 9/30/15 Valuation Technique Unobservable Inputs Range (Weighted Average) Foreclosed assets $ 339,554 Market comparable properties Comparability adjustments (%) 30% Collateral-dependent impaired loans 991,639 Market comparable properties Marketability discount 25% – 50% (40%) Fair Value at 12/31/14 Valuation Technique Unobservable Inputs Range (Weighted Average) Collateral-dependent impaired loans 1,147,400 Market comparable properties Marketability discount 20% – 30% (25%) |
Schedule of estimated fair values of other financial instrument | September 30, 2015 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 3,646,964 $ 3,646,964 $ - $ - Interest-earning time deposits 2,474,000 - 2,474,000 - Other investments 63,809 - 63,809 - Loans held for sale 823,000 - 823,000 - Loans, net of allowance for loan losses 189,512,107 - - 189,267,501 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 2,728,566 - 2,728,566 - Financial Liabilities Deposits 233,343,288 - 150,752,422 84,019,957 Short-term borrowings 19,656,929 - 14,656,929 4,998,917 Advances from borrowers for taxes and insurance 509,728 - 509,728 - Interest payable 127,900 - 127,900 - Unrecognized financial instruments (net of contract amount) Commitments to originate loans - - - - Letters of credit - - - - Lines of credit - - - - December 31, 2014 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 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 - - - - |
MORTGAGE SERVICING RIGHTS (Tabl
MORTGAGE SERVICING RIGHTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of activity in balance of mortgage servicing rights measured using amortization method | September 30, 2015 December 31, 2014 Balance, beginning of period $ 632,634 $ 673,576 Servicing rights capitalized 57,431 53,859 Amortization of servicing rights (96,897 ) (111,224 ) Change in valuation allowance 5,977 16,423 Balance, end of period $ 599,145 $ 632,634 |
Schedule of activity in valuation allowance for mortgage servicing rights | September 30, 2015 December 31, 2014 Balance, beginning of period $ 56,969 $ 73,392 Additions - - Reductions (5,977 ) (16,423 ) Balance, end of period $ 50,992 $ 56,969 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of income tax expense at statutory rate to actual income tax expense | September 30, 2015 September 30, 2014 Computed at the statutory rate (34%) $ 1,077,901 $ 1,044,204 Increase (decrease) resulting from Tax exempt interest (332,888 ) (382,400 ) State income taxes, net 147,443 137,370 Increase in cash surrender value (45,055 ) (47,904 ) Other, net 839 (864 ) Actual tax expense $ 848,240 $ 750,406 |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share Calculations for Basic and Diluted Methods (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 699,398 | $ 856,016 | $ 2,322,058 | $ 2,320,782 |
Basic average shares outstanding | 1,765,873 | 1,795,252 | 1,771,810 | 1,795,007 |
Diluted potential common shares: | ||||
Stock option equivalents | 16,960 | 14,126 | 14,760 | 9,136 |
Diluted average shares outstanding | 1,782,833 | 1,809,378 | 1,786,570 | 1,804,143 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.48 | $ 1.31 | $ 1.29 |
Diluted earnings per share (in dollars per share) | $ 0.39 | $ 0.47 | $ 1.30 | $ 1.29 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of ESOP Shares (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | ||
Unearned shares | 21,553 | 25,392 |
Shares committed for release | 1,719 | 1,683 |
Allocated shares | 57,535 | 56,222 |
Total ESOP shares | 80,807 | 83,297 |
Fair value of unearned shares | $ 562,252 | $ 603,773 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Activity (Details 1) - Stock Options $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Shares | |
Outstanding, December 31, 2014 | shares | 85,835 |
Granted | shares | |
Exercised | shares | (16,965) |
Forfeited | shares | |
Outstanding, September 30, 2015 | shares | 68,870 |
Exercisable, September 30, 2015 | shares | 26,785 |
Weighted Average Exercise price/Share | |
Outstanding, December 31, 2014 | $ 15.65 |
Granted | |
Exercised | $ 15.65 |
Forfeited | |
Outstanding, September 30, 2015 | $ 15.65 |
Exercisable, September 30, 2015 | $ 15.65 |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding, September 30, 2015 | 6 years 6 months |
Exercisable, September 30, 2015 | 6 years 6 months |
Aggregate Intrinsic Value | |
Outstanding, September 30, 2015 | $ | $ 586,084 |
Exercisable, September 30, 2015 | $ | $ 227,940 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - $ / shares | 1 Months Ended | 9 Months Ended |
Apr. 24, 2012 | Sep. 30, 2015 | |
Stock Options | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Common stock reserved and awarded | 104,035 | |
Vesting period | 5 years | |
Award expiration period | 10 years | |
Closing price per share | $ 24.16 | |
Employee Stock Ownership Plan (ESOP) | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP purchased an additional shares | 41,614 | |
ESOP shares, percentage of common stock issued in the offering | 4.00% | |
Maximum loan repayment term | 20 years | |
Vesting period | 6 years |
LOAN PORTFOLIO COMPOSITION - Co
LOAN PORTFOLIO COMPOSITION - Composition of Loan Portfolio (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Less: Allowance for loan losses | $ 2,917,588 | $ 2,956,264 | |
Total loans receivable, net | 189,512,107 | 184,718,612 | |
Loans Receivable | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 192,451,722 | $ 187,684,292 | $ 184,837,423 |
Total loans receivable, percentage | 101.50% | 101.60% | |
Less: Net deferred loan fees | $ 22,027 | $ 9,416 | |
Less: Net deferred loan fees, percentage | 0.00% | 0.00% | |
Less: Allowance for loan losses | $ 2,917,588 | $ 2,956,264 | |
Less: Allowance for loan losses, percentage | 1.50% | 1.60% | |
Total loans receivable, net | $ 189,512,107 | $ 184,718,612 | |
Total loans receivable, net, percentage | 100.00% | 100.00% | |
Loans Receivable | Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 143,253,608 | $ 136,438,338 | |
Total loans receivable, percentage | 75.50% | 73.90% | |
Loans Receivable | Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 46,136,293 | $ 44,561,089 | 44,314,136 |
Total loans receivable, percentage | 24.30% | 24.20% | |
Loans Receivable | Real estate loans | Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 42,832,513 | $ 40,474,855 | 37,558,015 |
Total loans receivable, percentage | 22.60% | 21.90% | |
Loans Receivable | Real estate loans | Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 42,704,641 | $ 40,119,130 | 40,401,858 |
Total loans receivable, percentage | 22.50% | 21.70% | |
Loans Receivable | Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 11,580,161 | $ 11,283,264 | 11,599,732 |
Total loans receivable, percentage | 6.10% | 6.10% | |
Loans Receivable | Commercial loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 22,496,792 | $ 26,813,880 | 25,860,867 |
Total loans receivable, percentage | 11.90% | 14.50% | |
Loans Receivable | Agricultural loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 13,322,205 | $ 11,844,973 | 12,066,418 |
Total loans receivable, percentage | 7.00% | 6.40% | |
Loans Receivable | Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 13,379,117 | $ 12,587,101 | $ 13,036,397 |
Total loans receivable, percentage | 7.10% | 6.80% |
LOAN PORTFOLIO COMPOSITION - Ba
LOAN PORTFOLIO COMPOSITION - Balance in Allowances for Loan Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method (Details 1) - Loans Receivable - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for Loan Losses: | |||||
Beginning Balance | $ 2,923,046 | $ 3,341,267 | $ 2,956,264 | $ 3,406,434 | $ 3,406,434 |
Provision charged to expense | 45,000 | 30,000 | 110,000 | 90,000 | $ (102,318) |
Losses charged off | (74,737) | (381,410) | (220,571) | (510,387) | |
Recoveries | 24,279 | 1,607 | 71,895 | 5,417 | |
Ending balance | 2,917,588 | 2,991,464 | 2,917,588 | 2,991,464 | $ 2,956,264 |
Ending balance: individually evaluated for impairment, ending balance | 743,561 | 680,521 | 743,561 | 680,521 | 695,507 |
Ending balance: collectively evaluated for impairment, ending balance | 2,174,027 | 2,310,943 | 2,174,027 | 2,310,943 | 2,260,757 |
Loans: | |||||
Ending balance | 192,451,722 | 184,837,423 | 192,451,722 | 184,837,423 | 187,684,292 |
Ending balance: individually evaluated for impairment, ending balance | 3,814,125 | 4,313,658 | 3,814,125 | 4,313,658 | 3,959,047 |
Ending balance: collectively evaluated for impairment, ending balance | 188,637,597 | 180,523,765 | 188,637,597 | 180,523,765 | 183,725,245 |
Real estate loans | |||||
Loans: | |||||
Ending balance | 143,253,608 | 143,253,608 | 136,438,338 | ||
Real estate loans | 1-4 Family | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 930,733 | 1,000,765 | 999,260 | 856,144 | 856,144 |
Provision charged to expense | (22,183) | 70,451 | (5,339) | 244,112 | 241,875 |
Losses charged off | (56,149) | (70,319) | (161,267) | (100,319) | (100,319) |
Recoveries | 20,075 | 300 | 39,822 | 1,260 | 1,560 |
Ending balance | 872,476 | 1,001,197 | 872,476 | 1,001,197 | 999,260 |
Ending balance: individually evaluated for impairment, ending balance | 179,667 | 193,882 | 179,667 | 193,882 | 183,196 |
Ending balance: collectively evaluated for impairment, ending balance | 692,809 | 807,315 | 692,809 | 807,315 | 816,064 |
Loans: | |||||
Ending balance | 46,136,293 | 44,314,136 | 46,136,293 | 44,314,136 | 44,561,089 |
Ending balance: individually evaluated for impairment, ending balance | 664,602 | 732,567 | 664,602 | 732,567 | 713,962 |
Ending balance: collectively evaluated for impairment, ending balance | 45,471,691 | 43,581,569 | 45,471,691 | 43,581,569 | 43,847,127 |
Real estate loans | Commercial Real Estate | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 847,424 | 771,332 | 855,463 | 745,760 | 745,760 |
Provision charged to expense | $ 84,756 | $ (15,227) | 89,090 | 103,651 | 392,009 |
Losses charged off | (27,464) | (93,474) | (287,474) | ||
Recoveries | $ 1,441 | 16,532 | 168 | 5,168 | |
Ending balance | 933,621 | $ 756,105 | 933,621 | 756,105 | 855,463 |
Ending balance: individually evaluated for impairment, ending balance | 415,306 | 298,693 | 415,306 | 298,693 | 348,240 |
Ending balance: collectively evaluated for impairment, ending balance | 518,315 | 457,412 | 518,315 | 457,412 | 507,223 |
Loans: | |||||
Ending balance | 42,832,513 | 37,558,015 | 42,832,513 | 37,558,015 | 40,474,855 |
Ending balance: individually evaluated for impairment, ending balance | 1,606,230 | 1,574,826 | 1,606,230 | 1,574,826 | 1,690,251 |
Ending balance: collectively evaluated for impairment, ending balance | 41,226,283 | 35,983,189 | 41,226,283 | 35,983,189 | 38,784,604 |
Real estate loans | Agricultural Real Estate | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 213,810 | 175,703 | 195,546 | 175,028 | 175,028 |
Provision charged to expense | $ (4,601) | $ 20,307 | $ 13,663 | $ 20,982 | $ 20,518 |
Losses charged off | |||||
Recoveries | |||||
Ending balance | $ 209,209 | $ 196,010 | $ 209,209 | $ 196,010 | $ 195,546 |
Ending balance: individually evaluated for impairment, ending balance | |||||
Ending balance: collectively evaluated for impairment, ending balance | $ 209,209 | $ 196,010 | $ 209,209 | $ 196,010 | $ 195,546 |
Loans: | |||||
Ending balance | 42,704,641 | 40,401,858 | 42,704,641 | 40,401,858 | 40,119,130 |
Ending balance: individually evaluated for impairment, ending balance | 862,765 | 1,199,949 | 862,765 | 1,199,949 | 1,009,889 |
Ending balance: collectively evaluated for impairment, ending balance | 41,841,876 | 39,201,909 | 41,841,876 | 39,201,909 | 39,109,241 |
Real estate loans | Home Equity | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 158,101 | 175,475 | 205,577 | 201,993 | 201,993 |
Provision charged to expense | 925 | 36,969 | (56,089) | 9,401 | 5,887 |
Losses charged off | (5,707) | (5,403) | (5,707) | (5,403) | (5,403) |
Recoveries | 525 | 525 | 10,063 | 1,575 | 3,100 |
Ending balance | 153,844 | 207,566 | 153,844 | 207,566 | 205,577 |
Ending balance: individually evaluated for impairment, ending balance | 9,982 | 10,000 | 9,982 | 10,000 | 9,982 |
Ending balance: collectively evaluated for impairment, ending balance | 143,862 | 197,566 | 143,862 | 197,566 | 195,595 |
Loans: | |||||
Ending balance | 11,580,161 | 11,599,732 | 11,580,161 | 11,599,732 | 11,283,264 |
Ending balance: individually evaluated for impairment, ending balance | 56,589 | 41,340 | 56,589 | 41,340 | 37,531 |
Ending balance: collectively evaluated for impairment, ending balance | 11,523,572 | 11,558,392 | 11,523,572 | 11,558,392 | 11,245,733 |
Commercial | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 391,994 | 738,336 | 421,809 | 1,034,189 | 1,034,189 |
Provision charged to expense | $ (22,387) | (29,166) | $ (52,313) | (325,050) | (327,057) |
Losses charged off | $ (285,410) | (285,410) | (285,411) | ||
Recoveries | $ 111 | 31 | 88 | ||
Ending balance | $ 369,607 | $ 423,760 | 369,607 | 423,760 | 421,809 |
Ending balance: individually evaluated for impairment, ending balance | 138,606 | 165,446 | 138,606 | 165,446 | 154,089 |
Ending balance: collectively evaluated for impairment, ending balance | 231,001 | 258,314 | 231,001 | 258,314 | 267,720 |
Loans: | |||||
Ending balance | 22,496,792 | 25,860,867 | 22,496,792 | 25,860,867 | 26,813,880 |
Ending balance: individually evaluated for impairment, ending balance | 211,169 | 252,161 | 211,169 | 252,161 | 240,805 |
Ending balance: collectively evaluated for impairment, ending balance | 22,285,623 | 25,608,706 | 22,285,623 | 25,608,706 | 26,573,075 |
Agricultural | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 125,062 | 50,240 | 57,934 | 52,798 | 52,798 |
Provision charged to expense | $ 5,474 | $ 7,990 | $ 72,602 | $ 5,432 | $ 5,136 |
Losses charged off | |||||
Recoveries | |||||
Ending balance | $ 130,536 | $ 58,230 | $ 130,536 | $ 58,230 | $ 57,934 |
Ending balance: individually evaluated for impairment, ending balance | |||||
Ending balance: collectively evaluated for impairment, ending balance | $ 130,536 | $ 58,230 | $ 130,536 | $ 58,230 | $ 57,934 |
Loans: | |||||
Ending balance | 13,322,205 | 12,066,418 | 13,322,205 | 12,066,418 | 11,844,973 |
Ending balance: individually evaluated for impairment, ending balance | 411,979 | 420,382 | 411,979 | 420,382 | 258,140 |
Ending balance: collectively evaluated for impairment, ending balance | 12,910,226 | 11,646,036 | 12,910,226 | 11,646,036 | 11,586,833 |
Consumer | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 175,105 | 184,845 | 167,319 | 184,848 | 184,848 |
Provision charged to expense | 12,641 | 33,016 | 30,550 | 36,915 | 3,950 |
Losses charged off | (12,881) | (20,278) | (26,133) | (25,781) | (25,781) |
Recoveries | 2,238 | 782 | 5,367 | 2,383 | 4,302 |
Ending balance | $ 177,103 | 198,365 | $ 177,103 | 198,365 | $ 167,319 |
Ending balance: individually evaluated for impairment, ending balance | 12,500 | 12,500 | |||
Ending balance: collectively evaluated for impairment, ending balance | $ 177,103 | 185,865 | $ 177,103 | 185,865 | $ 167,319 |
Loans: | |||||
Ending balance | 13,379,117 | 13,036,397 | 13,379,117 | 13,036,397 | 12,587,101 |
Ending balance: individually evaluated for impairment, ending balance | 791 | 92,433 | 791 | 92,433 | 8,469 |
Ending balance: collectively evaluated for impairment, ending balance | 13,378,326 | 12,943,964 | 13,378,326 | 12,943,964 | 12,578,632 |
Unallocated | |||||
Allowance for Loan Losses: | |||||
Beginning Balance | 80,817 | 244,571 | 53,356 | 155,674 | 155,674 |
Provision charged to expense | $ (9,625) | $ (94,340) | $ 17,836 | $ (5,443) | 240,000 |
Losses charged off | (704,388) | ||||
Recoveries | 14,218 | ||||
Ending balance | $ 71,192 | $ 150,231 | $ 71,192 | $ 150,231 | $ 53,356 |
Ending balance: individually evaluated for impairment, ending balance | |||||
Ending balance: collectively evaluated for impairment, ending balance | $ 71,192 | $ 150,231 | $ 71,192 | $ 150,231 | $ 53,356 |
Loans: | |||||
Ending balance | |||||
Ending balance: individually evaluated for impairment, ending balance | |||||
Ending balance: collectively evaluated for impairment, ending balance |
LOAN PORTFOLIO COMPOSITION - Cr
LOAN PORTFOLIO COMPOSITION - Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity (Details 2) - Loans Receivable - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 192,451,722 | $ 187,684,292 | $ 184,837,423 |
Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 183,332,872 | 180,133,833 | |
Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 4,248,280 | 2,096,634 | |
Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 4,870,570 | 5,453,825 | |
Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 143,253,608 | 136,438,338 | |
Real estate loans | 1-4 Family | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 46,136,293 | 44,561,089 | 44,314,136 |
Real estate loans | 1-4 Family | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 42,816,813 | 41,530,699 | |
Real estate loans | 1-4 Family | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 1,346,214 | 655,049 | |
Real estate loans | 1-4 Family | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 1,973,266 | 2,375,341 | |
Real estate loans | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 42,832,513 | 40,474,855 | 37,558,015 |
Real estate loans | Commercial Real Estate | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 39,738,007 | 38,122,972 | |
Real estate loans | Commercial Real Estate | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 945,520 | 53,750 | |
Real estate loans | Commercial Real Estate | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 2,148,986 | 2,298,133 | |
Real estate loans | Agricultural Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 42,704,641 | 40,119,130 | 40,401,858 |
Real estate loans | Agricultural Real Estate | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 41,841,876 | 39,109,241 | |
Real estate loans | Agricultural Real Estate | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 862,765 | 887,048 | |
Real estate loans | Agricultural Real Estate | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 122,841 | ||
Real estate loans | Home Equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 11,580,161 | 11,283,264 | 11,599,732 |
Real estate loans | Home Equity | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 11,199,982 | 10,833,853 | |
Real estate loans | Home Equity | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 71,208 | 162,103 | |
Real estate loans | Home Equity | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 308,971 | 287,308 | |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 22,496,792 | 26,813,880 | 25,860,867 |
Commercial | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 22,222,969 | $ 26,563,823 | |
Commercial | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 55,651 | ||
Commercial | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 218,172 | $ 250,057 | |
Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 13,322,205 | 11,844,973 | 12,066,418 |
Agricultural | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 12,421,451 | 11,586,833 | |
Agricultural | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 900,754 | $ 258,140 | |
Agricultural | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 13,379,117 | $ 12,587,101 | $ 13,036,397 |
Consumer loans | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 13,091,774 | 12,386,412 | |
Consumer loans | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 66,168 | 80,544 | |
Consumer loans | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 221,175 | $ 120,145 |
LOAN PORTFOLIO COMPOSITION - Lo
LOAN PORTFOLIO COMPOSITION - Loan Portfolio Aging Analysis (Details 3) - Loans Receivable - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 1,966,891 | $ 2,555,757 | |
Current | 190,484,831 | 185,128,535 | |
Total Loans | $ 192,451,722 | $ 187,684,292 | $ 184,837,423 |
Total Loans >90 Days & Accruing | |||
30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 321,573 | $ 607,615 | |
60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 142,099 | 1,097,824 | |
Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 1,503,219 | 850,318 | |
Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | 143,253,608 | 136,438,338 | |
Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 819,588 | 1,320,242 | |
Current | 45,316,705 | 43,240,847 | |
Total Loans | $ 46,136,293 | $ 44,561,089 | 44,314,136 |
Total Loans >90 Days & Accruing | |||
Real estate loans | One-to-four family residential | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 127,277 | $ 420,086 | |
Real estate loans | One-to-four family residential | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 70,890 | 286,622 | |
Real estate loans | One-to-four family residential | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 621,421 | 613,534 | |
Real estate loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 784,348 | 833,133 | |
Current | 42,048,165 | 39,641,722 | |
Total Loans | $ 42,832,513 | $ 40,474,855 | 37,558,015 |
Total Loans >90 Days & Accruing | |||
Real estate loans | Commercial real estate | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Real estate loans | Commercial real estate | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 794,110 | ||
Real estate loans | Commercial real estate | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 784,348 | 39,023 | |
Real estate loans | Agricultural real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 122,841 | ||
Current | $ 42,704,641 | 39,996,289 | |
Total Loans | $ 42,704,641 | $ 40,119,130 | 40,401,858 |
Total Loans >90 Days & Accruing | |||
Real estate loans | Agricultural real estate | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Real estate loans | Agricultural real estate | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Real estate loans | Agricultural real estate | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 122,841 | ||
Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 198,791 | 166,892 | |
Current | 11,381,370 | 11,116,372 | |
Total Loans | $ 11,580,161 | $ 11,283,264 | 11,599,732 |
Total Loans >90 Days & Accruing | |||
Real estate loans | Home equity | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 76,008 | $ 96,971 | |
Real estate loans | Home equity | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 27,536 | 11,561 | |
Real estate loans | Home equity | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 95,247 | $ 58,360 | |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Current | $ 22,496,792 | $ 26,813,880 | |
Total Loans | $ 22,496,792 | $ 26,813,880 | 25,860,867 |
Total Loans >90 Days & Accruing | |||
Commercial | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Commercial | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Commercial | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 12,036 | ||
Current | 13,310,169 | $ 11,844,973 | |
Total Loans | $ 13,322,205 | $ 11,844,973 | 12,066,418 |
Total Loans >90 Days & Accruing | |||
Agricultural | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 12,036 | ||
Agricultural | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Agricultural | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 152,128 | $ 112,649 | |
Current | 13,226,989 | 12,474,452 | |
Total Loans | $ 13,379,117 | $ 12,587,101 | $ 13,036,397 |
Total Loans >90 Days & Accruing | |||
Consumer loans | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 106,252 | $ 90,558 | |
Consumer loans | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 43,673 | 5,531 | |
Consumer loans | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 2,203 | $ 16,560 |
LOAN PORTFOLIO COMPOSITION - Im
LOAN PORTFOLIO COMPOSITION - Impaired Loans (Details 4) - Loans Receivable - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Balance, Total | $ 3,814,125 | $ 3,814,125 | $ 3,959,047 |
Unpaid Principal Balance, Total | 3,814,125 | 3,814,125 | 3,959,047 |
Specific Allowance, Total | 743,561 | 743,561 | 695,507 |
Average Impairment in Impaired Loans, Total | 4,011,182 | 4,075,710 | 4,484,374 |
Interest Income Recognized, Total | 56,074 | 164,452 | 218,710 |
Interest Income Recognized Cash Basis, Total | 35,811 | 123,799 | 189,536 |
Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 115,791 | 115,791 | 129,272 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 115,791 | 115,791 | 129,272 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 210,213 | 212,527 | 220,541 |
Loans without a specific valuation allowance, Interest Income Recognized | 3,050 | 9,234 | 12,818 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 3,054 | 9,008 | 13,076 |
Loans with a specific valuation allowance, Recorded Balance | 548,811 | 548,811 | 584,690 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 548,811 | 548,811 | 584,690 |
Loans with a specific valuation allowance, Specific Allowance | 179,667 | 179,667 | 183,196 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 561,545 | 571,398 | 604,031 |
Loans with a specific valuation allowance, Interest Income Recognized | 7,124 | 23,641 | 28,722 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 5,556 | 18,224 | 26,783 |
Recorded Balance, Total | 664,602 | 664,602 | 713,962 |
Unpaid Principal Balance, Total | 664,602 | 664,602 | 713,962 |
Specific Allowance, Total | 179,667 | 179,667 | 183,196 |
Average Impairment in Impaired Loans, Total | 771,758 | 783,925 | 824,572 |
Interest Income Recognized, Total | 10,174 | 32,875 | 41,540 |
Interest Income Recognized Cash Basis, Total | 8,610 | 27,232 | 39,859 |
Real estate loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 502,635 | 502,635 | 564,610 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 502,635 | 502,635 | 564,610 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 539,074 | 709,290 | 757,616 |
Loans without a specific valuation allowance, Interest Income Recognized | 7,184 | 27,088 | 19,826 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 7,280 | 27,604 | 18,816 |
Loans with a specific valuation allowance, Recorded Balance | 1,103,595 | 1,103,595 | 1,125,641 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,103,595 | 1,103,595 | 1,125,641 |
Loans with a specific valuation allowance, Specific Allowance | 415,306 | 415,306 | 348,240 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 1,116,160 | 1,119,919 | 1,134,401 |
Loans with a specific valuation allowance, Interest Income Recognized | 16,970 | 50,598 | 66,864 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 14,854 | 25,383 | 60,012 |
Recorded Balance, Total | 1,606,230 | 1,606,230 | 1,690,251 |
Unpaid Principal Balance, Total | 1,606,230 | 1,606,230 | 1,690,251 |
Specific Allowance, Total | 415,306 | 415,306 | 348,240 |
Average Impairment in Impaired Loans, Total | 1,655,234 | 1,829,209 | 1,892,017 |
Interest Income Recognized, Total | 24,154 | 77,686 | 86,690 |
Interest Income Recognized Cash Basis, Total | 22,134 | 52,987 | 78,828 |
Real estate loans | Agricultural real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 862,765 | 862,765 | 1,009,889 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 862,765 | 862,765 | 1,009,889 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 862,764 | 865,699 | 1,037,661 |
Loans without a specific valuation allowance, Interest Income Recognized | $ 10,897 | 32,451 | 58,253 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 30,345 | 149,159 | |
Recorded Balance, Total | $ 862,765 | 862,765 | 1,009,889 |
Unpaid Principal Balance, Total | $ 862,765 | $ 862,765 | $ 1,009,889 |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 862,764 | $ 865,699 | $ 1,037,661 |
Interest Income Recognized, Total | $ 10,897 | 32,451 | 58,253 |
Interest Income Recognized Cash Basis, Total | 30,345 | 49,159 | |
Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | $ 46,607 | 46,607 | 27,549 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 46,607 | 46,607 | 27,549 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 41,496 | 41,504 | 29,505 |
Loans without a specific valuation allowance, Interest Income Recognized | 814 | 2,454 | 2,881 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 758 | 2,394 | 2,939 |
Loans with a specific valuation allowance, Recorded Balance | 9,982 | 9,982 | 9,982 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 9,982 | 9,982 | 9,982 |
Loans with a specific valuation allowance, Specific Allowance | 9,982 | 9,982 | 9,982 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 9,982 | 9,982 | 9,993 |
Loans with a specific valuation allowance, Interest Income Recognized | 204 | 555 | 247 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 181 | 542 | 187 |
Recorded Balance, Total | 56,589 | 56,589 | 37,531 |
Unpaid Principal Balance, Total | 56,589 | 56,589 | 37,531 |
Specific Allowance, Total | 9,982 | 9,982 | 9,982 |
Average Impairment in Impaired Loans, Total | 51,478 | 51,486 | 39,498 |
Interest Income Recognized, Total | 1,018 | 3,009 | 3,128 |
Interest Income Recognized Cash Basis, Total | 939 | 2,936 | 3,126 |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans with a specific valuation allowance, Recorded Balance | 211,169 | 211,169 | 240,805 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 211,169 | 211,169 | 240,805 |
Loans with a specific valuation allowance, Specific Allowance | 138,606 | 138,606 | 154,089 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 266,973 | 275,280 | 319,812 |
Loans with a specific valuation allowance, Interest Income Recognized | 722 | 11,119 | 14,425 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 4,111 | 10,228 | 16,554 |
Recorded Balance, Total | 211,169 | 211,169 | 240,805 |
Unpaid Principal Balance, Total | 211,169 | 211,169 | 240,805 |
Specific Allowance, Total | 138,606 | 138,606 | 154,089 |
Average Impairment in Impaired Loans, Total | 266,973 | 275,280 | 319,812 |
Interest Income Recognized, Total | 5,722 | 11,119 | 14,425 |
Interest Income Recognized Cash Basis, Total | 4,111 | 10,228 | 16,554 |
Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 411,979 | 411,979 | 258,140 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 411,979 | 411,979 | 258,140 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 401,995 | 268,777 | 358,529 |
Loans without a specific valuation allowance, Interest Income Recognized | $ 4,093 | $ 7,245 | 13,723 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 1,046 | ||
Recorded Balance, Total | $ 411,979 | $ 411,979 | 258,140 |
Unpaid Principal Balance, Total | $ 411,979 | $ 411,979 | $ 258,140 |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 401,995 | $ 268,777 | $ 358,529 |
Interest Income Recognized, Total | $ 4,093 | $ 7,245 | 13,723 |
Interest Income Recognized Cash Basis, Total | 1,046 | ||
Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | $ 791 | $ 791 | 8,469 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 791 | 791 | 8,469 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 980 | 1,334 | 12,285 |
Loans without a specific valuation allowance, Interest Income Recognized | 16 | 67 | 951 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 17 | 71 | 964 |
Recorded Balance, Total | 791 | 791 | 8,469 |
Unpaid Principal Balance, Total | $ 791 | $ 791 | $ 8,469 |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 980 | $ 1,334 | $ 12,285 |
Interest Income Recognized, Total | 16 | 67 | 951 |
Interest Income Recognized Cash Basis, Total | $ 17 | $ 71 | $ 964 |
LOAN PORTFOLIO COMPOSITION - Re
LOAN PORTFOLIO COMPOSITION - Recorded Balance at Original Cost of Troubled Debt Restructurings (Details 5) - Loans Receivable - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 2,099,093 | $ 2,283,293 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 727,322 | 747,470 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 1,188,395 | $ 1,265,079 |
Real estate loans | Agricultural real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | ||
Real estate loans | Home equity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 15,354 | $ 15,379 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 67,656 | $ 212,579 |
Agricultural loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | ||
Consumer loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 100,366 | $ 42,786 |
LOAN PORTFOLIO COMPOSITION - 42
LOAN PORTFOLIO COMPOSITION - Recorded Balance at Original Cost of Troubled Debt Restructurings which were Performing According to Terms of Restructuring (Details 6) - Loans Receivable - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 1,118,205 | $ 2,283,293 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 535,559 | 747,470 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 404,047 | $ 1,265,079 |
Real estate loans | Agricultural real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | ||
Real estate loans | Home equity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 12,216 | $ 15,379 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 67,656 | $ 212,579 |
Agricultural loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | ||
Consumer loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 98,727 | $ 42,786 |
LOAN PORTFOLIO COMPOSITION - 43
LOAN PORTFOLIO COMPOSITION - Loans Modified as Troubled Debt Restructurings (Details 7) - Loans Receivable | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 4 | 1 | ||
Troubled debt restructurings, recorded investment | $ 168,466 | $ 17,428 | ||
Real estate loans | One-to-four family residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 1 | |||
Troubled debt restructurings, recorded investment | $ 100,492 | |||
Real estate loans | Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Real estate loans | Agricultural real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Real estate loans | Home equity | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 1 | |||
Troubled debt restructurings, recorded investment | $ 1,996 | |||
Commercial loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Agricultural loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Consumer loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 2 | 1 | ||
Troubled debt restructurings, recorded investment | $ 65,978 | $ 17,428 |
LOAN PORTFOLIO COMPOSITION - No
LOAN PORTFOLIO COMPOSITION - Nonaccrual Loans (Details 8) - Loans Receivable - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 2,098,011 | $ 2,264,053 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 913,850 | 994,855 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 864,422 | 932,578 |
Real estate loans | Agricultural real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 122,841 | |
Real estate loans | Home equity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 117,232 | 120,698 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 12,856 | $ 22,438 |
Agricultural loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | ||
Consumer loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 189,651 | $ 70,643 |
LOAN PORTFOLIO COMPOSITION (Det
LOAN PORTFOLIO COMPOSITION (Detail Textuals) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | |
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 4 | 1 | ||
Troubled debt restructurings, recorded investment | $ 168,466 | $ 17,428 | ||
Loans Receivable | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan commitments reimbursement period | 30 days | |||
Percentage of total applicant's monthly mortgage payment total monthly income | 28.00% | |||
Percentage of applicant's total monthly obligations to total monthly income | 38.00% | |||
Loans Receivable | Officer | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending authority amount | $ 750,000 | |||
Loans Receivable | Director | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending authority amount | $ 1,000,000 | |||
Loans Receivable | Automobile Loans | Purchase Price | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan to value ratios | 80.00% | |||
Loans Receivable | Automobile Loans | NADA Book Value | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan to value ratios | 100.00% | |||
Loans Receivable | Commercial Real Estate And Commercial Loans | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan amount that requires risk rating verification | $ 500,000 | |||
Loans Receivable | Real estate loans | One-to-Four Family Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan to value ratios | 80.00% | |||
Troubled debt restructurings, number of modification | Loan | 1 | |||
Troubled debt restructurings, recorded investment | $ 100,492 | |||
Loans Receivable | Real estate loans | One-to-Four Family Mortgage Loans | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans maturity term | 30 years | |||
Loans Receivable | Real estate loans | Commercial Real Estate Loans | Minimum | ||||
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 | $ 250,000 | ||
Loans Receivable | Real estate loans | Commercial Real Estate Loans | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans adjustment term | 5 years | |||
Loan to value ratios | 80.00% | |||
Loans Receivable | Real estate loans | Agricultural Real Estate Loans | Minimum | ||||
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 | $ 250,000 | ||
Loans Receivable | Real estate loans | Agricultural Real Estate Loans | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan to value ratios | 80.00% | |||
Loans Receivable | Real estate loans | Home Equity Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan to value ratios | 95.00% | |||
Troubled debt restructurings, number of modification | Loan | 1 | |||
Troubled debt restructurings, recorded investment | $ 1,996 | |||
Troubled debt restructurings, subsequent default, number of modifications | Loan | 1 | 1 | ||
TDR's defaulted as they were more than 90 days past due | $ 3,138 | $ 3,455 | ||
Loans Receivable | Real estate loans | Home Equity Loans | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans maturity term | 10 years | |||
Loans Receivable | Real estate loans | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings, subsequent default, number of modifications | Loan | 3 | |||
TDR's defaulted as they were more than 90 days past due | $ 191,763 | |||
Loans Receivable | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Troubled debt restructurings, subsequent default, number of modifications | Loan | 1 | |||
TDR's defaulted as they were more than 90 days past due | $ 784,348 | |||
Loans Receivable | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | ||||
Troubled debt restructurings, recorded investment | ||||
Loans Receivable | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings, number of modification | Loan | 2 | 1 | ||
Troubled debt restructurings, recorded investment | $ 65,978 | $ 17,428 | ||
Troubled debt restructurings, subsequent default, number of modifications | Loan | 1 | |||
TDR's defaulted as they were more than 90 days past due | $ 694 | |||
Freddie Mac and Federal Home Loan Bank Mortgage Loan | Real estate loans | One-to-Four Family Mortgage Loans | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans adjustment term | 15 years |
INVESTMENTS - Amortized Cost an
INVESTMENTS - Amortized Cost and Approximate Fair Value of Available-for-Sale Securities (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 86,806,504 | $ 95,606,893 |
Gross Unrealized Gains | 1,652,085 | 1,957,062 |
Gross Unrealized Losses | (501,182) | (879,058) |
Available-for-sale securities, Fair Value | 87,957,407 | 96,684,897 |
U.S. government and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 14,030,762 | 10,031,683 |
Gross Unrealized Gains | 89,943 | 65,328 |
Gross Unrealized Losses | (41,882) | (138,738) |
Available-for-sale securities, Fair Value | 14,078,823 | 9,958,273 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 26,731,605 | 41,196,695 |
Gross Unrealized Gains | 419,994 | 433,757 |
Gross Unrealized Losses | (42,468) | (210,531) |
Available-for-sale securities, Fair Value | 27,109,131 | 41,419,921 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 46,044,137 | 44,378,515 |
Gross Unrealized Gains | 1,142,148 | 1,457,977 |
Gross Unrealized Losses | (416,832) | (529,789) |
Available-for-sale securities, Fair Value | $ 46,769,453 | $ 45,306,703 |
INVESTMENTS - Amortized Cost 47
INVESTMENTS - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturities (Details 1) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Within one year | $ 735,352 | |
More than one year to five years | 9,759,557 | |
More than five years to ten years | 30,675,846 | |
After ten years | 18,904,144 | |
Available-for-sale securities, single maturity date, amortized cost | 60,074,899 | |
Mortgage-backed securities (government- sponsored enterprises - residential) | 26,731,605 | |
Available-for-sale securities, amortized cost, total | 86,806,504 | |
Fair Value | ||
Within one year | 743,643 | |
More than one year to five years | 10,023,269 | |
More than five years to ten years | 30,988,301 | |
After ten years | 19,093,063 | |
Available-for-sale securities, single maturity date, fair value | 60,848,276 | $ 55,264,976 |
Mortgage-backed securities (government- sponsored enterprises - residential) | 27,109,131 | $ 41,419,921 |
Available-for-sale securities, fair value, total | $ 87,957,407 |
INVESTMENTS - Gross Unrealized
INVESTMENTS - Gross Unrealized Losses and Fair Value in Continuous Loss Position (Details 2) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (325,985) | $ (86,220) |
Less Than Twelve Months, Fair Value | 12,876,173 | 8,970,200 |
Twelve Months or More, Gross Unrealized Losses | (175,197) | (792,838) |
Twelve Months or More, Fair Value | 15,522,276 | 31,617,208 |
Gross Unrealized Losses | (501,182) | (879,058) |
Fair Value | 28,398,449 | 40,587,408 |
U.S. government agencies | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (29,654) | (28,208) |
Less Than Twelve Months, Fair Value | 1,866,246 | 2,955,829 |
Twelve Months or More, Gross Unrealized Losses | (12,228) | (110,530) |
Twelve Months or More, Fair Value | 3,593,422 | 3,949,940 |
Gross Unrealized Losses | (41,882) | (138,738) |
Fair Value | 5,459,668 | 6,905,769 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (36,097) | (13,358) |
Less Than Twelve Months, Fair Value | 4,517,474 | 2,061,203 |
Twelve Months or More, Gross Unrealized Losses | (6,371) | (197,173) |
Twelve Months or More, Fair Value | 2,262,601 | 13,725,099 |
Gross Unrealized Losses | (42,468) | (210,531) |
Fair Value | 6,780,075 | 15,786,302 |
Municipal bonds | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (260,234) | (44,654) |
Less Than Twelve Months, Fair Value | 6,492,453 | 3,953,168 |
Twelve Months or More, Gross Unrealized Losses | (156,598) | (485,135) |
Twelve Months or More, Fair Value | 9,666,253 | 13,942,169 |
Gross Unrealized Losses | (416,832) | (529,789) |
Fair Value | $ 16,158,706 | $ 17,895,337 |
INVESTMENTS (Detail Textuals)
INVESTMENTS (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investments, Unrealized Loss Position [Line Items] | |||||
Securities pledged as collateral | $ 21,325,000 | $ 21,325,000 | $ 21,122,000 | ||
Securities sold under agreements to repurchase | 10,634,000 | 10,634,000 | 9,165,000 | ||
Gross realized gains on sales of available-for-sale securities | 55,000 | $ 138,000 | 299,000 | $ 320,000 | |
Gross realized losses on sales of available-for-sale securities | 0 | $ 0 | 32,000 | $ 20,000 | |
Debt securities, fair value | $ 28,398,000 | $ 28,398,000 | $ 40,587,000 | ||
Percentage of available-for-sale investment portfolio | 32.00% | 32.00% | 42.00% | ||
Time deposits in other banks | |||||
Investments, Unrealized Loss Position [Line Items] | |||||
Repurchase agreements secured by debt | $ 988,000 | $ 988,000 | |||
U.S. government agency bonds | |||||
Investments, Unrealized Loss Position [Line Items] | |||||
Repurchase agreements secured by debt | 1,131,000 | 1,131,000 | $ 1,131,000 | ||
Mortgage backed securities | |||||
Investments, Unrealized Loss Position [Line Items] | |||||
Repurchase agreements secured by debt | $ 6,538,000 | $ 6,538,000 |
ACCUMULATED OTHER COMPREHENSI50
ACCUMULATED OTHER COMPREHENSIVE INCOME - Other Comprehensive Income Components and Related Taxes (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net-of-tax amount | $ 759,596 | $ 711,483 |
Unrealized gains (losses) on available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gains on securities available-for-sale | 1,150,903 | 1,078,004 |
Tax effect | (391,307) | (366,521) |
Net-of-tax amount | $ 759,596 | $ 711,483 |
CHANGES IN ACCUMULATED OTHER 51
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT - Amount Reclassified from Accumulated Other Comprehensive Income and Affected Line Items in Statements of Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax effect | $ (18,742) | $ (47,006) | $ (90,848) | $ (101,944) |
Total reclassification out of AOCI | 36,383 | 91,247 | 176,353 | 197,891 |
Reclassification out of Accumulated Other Comprehensive Income | Income taxes | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax effect | (18,742) | (47,006) | (90,848) | (101,944) |
Reclassification out of Accumulated Other Comprehensive Income | Net reclassified amount | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification out of AOCI | 36,383 | 91,247 | 176,353 | 197,891 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available-for-sale securities | Net realized gains on sales of available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized gains on sales of available-for-sale securities | $ 55,125 | $ 138,253 | $ 267,201 | $ 299,835 |
DISCLOSURES ABOUT FAIR VALUE 52
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurements of Assets Recognized in Balance Sheets on Recurring Basis (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 87,957,407 | $ 96,684,897 |
U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 14,078,823 | 9,958,273 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 27,109,131 | 41,419,921 |
Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 46,769,453 | 45,306,703 |
Recurring | U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 14,078,823 | 9,958,273 |
Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 27,109,131 | 41,419,921 |
Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 46,769,453 | $ 45,306,703 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Significant Other Observable Inputs (Level 2) | Recurring | U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 14,078,823 | $ 9,958,273 |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 27,109,131 | 41,419,921 |
Significant Other Observable Inputs (Level 2) | Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 46,769,453 | $ 45,306,703 |
Significant Unobservable Inputs (Level 3) | Recurring | U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | ||
Significant Unobservable Inputs (Level 3) | Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale |
DISCLOSURES ABOUT FAIR VALUE 53
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis (Details 1) - Nonrecurring - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 991,639 | $ 1,147,400 |
Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 339,554 | |
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 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
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 | ||
Significant Other Observable Inputs (Level 2) | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Significant 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 | $ 991,639 | $ 1,147,400 |
Significant Unobservable Inputs (Level 3) | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 339,554 |
DISCLOSURES ABOUT FAIR VALUE 54
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES- Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Details 2) - Significant Unobservable Inputs (Level 3) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 339,554 | |
Valuation Technique | Market comparable properties | |
Unobservable Inputs | Comparability adjustments (%) | |
Foreclosed assets | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 30.00% | |
Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 991,639 | $ 1,147,400 |
Valuation Technique | Market comparable properties | Market comparable properties |
Unobservable Inputs | Marketability discount | Marketability discount |
Collateral-dependent impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 25.00% | 20.00% |
Collateral-dependent impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 50.00% | 30.00% |
Collateral-dependent impaired loans | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 40.00% | 25.00% |
DISCLOSURES ABOUT FAIR VALUE 55
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Estimated Fair Values of Other Financial Instruments (Details 3) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | $ 3,646,964 | $ 9,611,638 |
Interest-earning time deposits | 2,474,000 | |
Other investments | 63,809 | 73,766 |
Loans held for sale | 823,000 | 235,600 |
Loans, net of allowance for loan losses | 189,512,107 | 184,718,612 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 2,728,566 | 1,713,243 |
Financial Liabilities | ||
Deposits | 233,343,288 | 245,941,562 |
Short-term borrowings | 19,656,929 | 13,821,730 |
Advances from borrowers for taxes and insurance | 509,728 | 962,762 |
Interest payable | $ 127,900 | $ 166,052 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | ||
Letters of credit | ||
Lines of credit | ||
Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Cash and cash equivalents | $ 3,646,964 | $ 9,611,638 |
Interest-earning time deposits | ||
Other investments | ||
Loans held for sale | ||
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial Liabilities | ||
Deposits | ||
Short-term borrowings | ||
Advances from borrowers for taxes and insurance | ||
Interest payable | ||
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | ||
Letters of credit | ||
Lines of credit | ||
Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Cash and cash equivalents | ||
Interest-earning time deposits | $ 2,474,000 | |
Other investments | 63,809 | $ 73,766 |
Loans held for sale | $ 823,000 | $ 235,600 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | $ 1,113,800 | $ 1,113,800 |
Interest receivable | 2,728,566 | 1,713,243 |
Financial Liabilities | ||
Deposits | 150,752,422 | 151,341,999 |
Short-term borrowings | 14,656,929 | 8,821,730 |
Advances from borrowers for taxes and insurance | 509,728 | 962,762 |
Interest payable | $ 127,900 | $ 166,052 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | ||
Letters of credit | ||
Lines of credit | ||
Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Cash and cash equivalents | ||
Interest-earning time deposits | ||
Other investments | ||
Loans held for sale | ||
Loans, net of allowance for loan losses | $ 189,267,501 | $ 184,573,401 |
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial Liabilities | ||
Deposits | $ 84,019,957 | $ 96,956,400 |
Short-term borrowings | $ 4,998,917 | $ 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 |
MORTGAGE SERVICING RIGHTS- Acti
MORTGAGE SERVICING RIGHTS- Activity in the balance of Mortgage Servicing Rights Measured using Amortization Method (Details) - Mortgage servicing rights - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Balance, beginning of period | $ 632,634 | $ 673,576 |
Servicing rights capitalized | 57,431 | 53,859 |
Amortization of servicing rights | (96,897) | (111,224) |
Change in valuation allowance | 5,977 | 16,423 |
Balance, end of period | $ 599,145 | $ 632,634 |
MORTGAGE SERVICING RIGHTS - Act
MORTGAGE SERVICING RIGHTS - Activity in the valuation allowance for mortgage servicing rights (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Balance, beginning of period | $ 56,969 | |
Balance, end of period | 50,992 | $ 56,969 |
Capitalized mortgage servicing rights | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Balance, beginning of period | $ 56,969 | $ 73,392 |
Additions | ||
Reductions | $ (5,977) | $ (16,423) |
Balance, end of period | $ 50,992 | $ 56,969 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Computed at the statutory rate (34%) | $ 1,077,901 | $ 1,044,204 | ||
Increase (decrease) resulting from | ||||
Tax exempt interest | (332,888) | (382,400) | ||
State income taxes, net | 147,443 | 137,370 | ||
Increase in cash surrender value | (45,055) | (47,904) | ||
Other, net | 839 | (864) | ||
Actual tax expense | $ 230,247 | $ 260,619 | $ 848,240 | $ 750,406 |
INCOME TAXES - Reconciliation59
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Parentheticals) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Statutory income tax rate | 34.00% |