Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
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 | 1,796,323 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 7,442,323 | $ 4,103,432 |
Interest-earning time deposits in banks | 2,724,000 | 2,724,000 |
Investment securities - available for sale | 61,724,702 | 64,294,937 |
Mortgage-backed securities - available for sale | 20,673,085 | 23,178,395 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Other investment securities | 60,007 | 62,223 |
Loans held for sale - net | 112,449 | 539,000 |
Loans receivable - net of allowance for loan losses of $2,934,691 and $2,919,594 as of March 31, 2016 and December 31, 2015 | 188,691,035 | 193,039,879 |
Premises and equipment - net | 4,645,944 | 4,728,157 |
Cash surrender value of life insurance | 7,138,566 | 7,093,640 |
Accrued interest receivable | 1,851,308 | 1,715,676 |
Goodwill | 2,726,567 | 2,726,567 |
Capitalized mortgage servicing rights, net of valuation allowance of $44,028 and $47,354 as of March 31, 2016 and December 31, 2015 | 591,590 | 597,713 |
Real estate owned | 304,280 | 330,981 |
Deferred income taxes | 1,503,983 | 1,583,067 |
Other assets | 773,019 | 811,007 |
Total Assets | 302,076,658 | 308,642,474 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 243,908,970 | 239,281,930 |
Other borrowings | 3,946,947 | 15,131,710 |
Advance payments by borrowers for taxes and insurance | 1,511,505 | 990,917 |
Accrued interest payable | 106,747 | 118,335 |
Deferred compensation payable | 4,543,138 | 4,492,594 |
Income taxes payable | 28,001 | 49,291 |
Dividends payable | 179,201 | 1,934,834 |
Other liabilities | 1,325,779 | 1,076,363 |
Total liabilities | $ 255,550,288 | $ 263,075,974 |
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 1,792,013 shares as of March 31, 2016 and 1,791,513 as of December 31, 2015 | $ 17,920 | $ 17,915 |
Additional paid-in-capital | 13,704,026 | 13,664,914 |
Retained earnings | 31,980,207 | 31,305,040 |
Less: Unallocated ESOP shares | (205,730) | (211,710) |
Accumulated other comprehensive income | 1,029,947 | 790,341 |
Total stockholders' equity | 46,526,370 | 45,566,500 |
Total Liabilities and Stockholders' Equity | $ 302,076,658 | $ 308,642,474 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses of loans receivable (in dollars) | $ 2,934,691 | $ 2,919,594 |
Valuation allowance on mortgage servicing rights (in dollars) | $ 44,028 | $ 47,354 |
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 | 1,792,013 | 1,791,513 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME: | ||
Loans | $ 2,328,778 | $ 2,343,354 |
Investment securities | 435,831 | 380,823 |
Mortgage-backed securities | 130,303 | 172,367 |
Other | 14,223 | 4,948 |
Total interest income | 2,909,135 | 2,901,492 |
INTEREST EXPENSE: | ||
Deposits | 241,850 | 308,927 |
Other borrowings | 7,059 | 5,123 |
Total interest expense | 248,909 | 314,050 |
NET INTEREST INCOME | 2,660,226 | 2,587,442 |
PROVISION FOR LOAN LOSSES | 30,000 | 30,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,630,226 | 2,557,442 |
NON-INTEREST INCOME: | ||
Fiduciary activities | 80,004 | 78,626 |
Commission income | 348,565 | 308,113 |
Service charges on deposit accounts | 167,187 | 156,436 |
Mortgage banking operations, net | 25,272 | 42,940 |
Net realized gains on sales of available-for-sale securities | 101,561 | 133,216 |
Loan servicing fees | 84,526 | 87,480 |
ATM and bank card interchange income | 160,646 | 152,739 |
Other | 71,314 | 104,380 |
Total non-interest income | 1,039,075 | 1,063,930 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 1,702,139 | 1,638,242 |
Occupancy and equipment | 256,941 | 255,393 |
Data processing and telecommunications | 136,613 | 147,647 |
Professional | 55,836 | 45,736 |
Postage and office supplies | 64,635 | 55,110 |
Deposit insurance premium | 37,267 | 38,547 |
ATM and bank card expense | 87,649 | 85,058 |
Other | 191,482 | 278,528 |
Total non-interest expense | 2,532,562 | 2,544,261 |
INCOME BEFORE INCOME TAXES | 1,136,739 | 1,077,111 |
INCOME TAXES | 309,361 | 290,854 |
NET INCOME | $ 827,378 | $ 786,257 |
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) | $ 0.47 | $ 0.44 |
NET INCOME PER COMMON SHARE - DILUTED (in dollars per share) | $ 0.46 | $ 0.44 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 827,378 | $ 786,257 |
Other Comprehensive Income | ||
Unrealized appreciation on available-for-sale securities, net of taxes of $157,965 and $298,922 for 2016 and 2015, respectively. | 306,636 | 580,261 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $34,531 and $45,293, for 2016 and 2015, respectively. | 67,030 | 87,923 |
Total other comprehensive income (loss) | 239,606 | 492,338 |
Comprehensive Income | $ 1,066,984 | $ 1,278,595 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Taxes on unrealized appreciation (depreciation) on available-for-sale securities | $ 157,965 | $ 298,922 |
Taxes on reclassification adjustment for realized gains included in net income | $ 34,531 | $ 45,293 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Unallocated ESOP Shares | Accumulated Other Comprehensive Income | Total |
BALANCE at Dec. 31, 2015 | $ 17,915 | $ 13,664,914 | $ 31,305,040 | $ (211,710) | $ 790,341 | $ 45,566,500 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 827,378 | 827,378 | ||||
Other comprehensive income | 239,606 | 239,606 | ||||
Exercise of stock options | 5 | 7,820 | 7,825 | |||
Stock-based compensation expense | 22,232 | 22,232 | ||||
Shares held by ESOP, committed to be released | 9,060 | 5,980 | 15,040 | |||
Dividends ($0.10 per share) | (152,211) | (152,211) | ||||
BALANCE at Mar. 31, 2016 | $ 17,920 | $ 13,704,026 | $ 31,980,207 | $ (205,730) | $ 1,029,947 | $ 46,526,370 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2016$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Dividends, per share (in dollars per share) | $ 0.10 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 827,378 | $ 786,257 |
Depreciation, amortization and accretion: | ||
Premises and equipment | 96,152 | 97,750 |
Amortization of investment and loan premiums and discounts, net | 102,572 | 169,629 |
Net realized gains on sales of available-for-sale securities | (101,561) | (133,216) |
Provision for loan losses | 30,000 | 30,000 |
Mortgage banking operations, net | (25,272) | (42,940) |
Shares held by ESOP committed to be released | 15,040 | 13,047 |
Stock-based compensation expense | 22,232 | 22,232 |
Changes in income taxes payable | (21,290) | 41,641 |
Changes in assets and liabilities | 60,922 | (170,838) |
Net cash provided by operations before loan sales | 1,006,173 | 813,562 |
Origination of loans for sale to secondary market | (2,239,822) | (4,300,964) |
Proceeds from sales of loans to secondary market | 2,697,768 | 3,701,856 |
Net cash provided by operating activities | 1,464,119 | 214,454 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment and mortgage-backed securities | (10,323,462) | (9,188,892) |
Purchases of interest-earning time deposits in banks | (1,233,000) | |
Maturity or call of investment securities available-for-sale | 500,000 | 1,000,000 |
Sale of investment securities available-for-sale | 13,864,755 | 14,482,743 |
Principal payments on mortgage-backed and investment securities | 1,398,367 | 1,531,221 |
Proceeds from sales of real estate owned | 29,633 | 47,085 |
Net change in loans | 4,356,573 | (83,890) |
Additions to premises and equipment | (13,939) | (25,935) |
Net cash provided by investing activities | 9,811,927 | 6,529,332 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 4,627,040 | (1,984,414) |
Net decrease in other borrowings | (11,184,764) | (4,993,607) |
Increase in advance payments by borrowers for taxes and insurance | 520,588 | 393,868 |
Exercise of stock options | 7,825 | 31,300 |
Stock repurchase | (31,280) | |
Dividends paid - common stock | (1,907,844) | (141,709) |
Net cash used in financing activities | (7,937,155) | (6,725,842) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3,338,891 | 17,944 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,103,432 | 9,611,638 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 7,442,323 | 9,629,582 |
Cash paid during the period for: | ||
Interest on deposits | 251,948 | 321,722 |
Interest on other borrowings | 8,549 | 5,140 |
Income taxes paid | 375,000 | $ 250,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Real estate acquired in settlement of loans | 42,400 | |
Loans to facilitate sales of real estate owned | $ 80,000 |
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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 consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary 1) for a fair presentation and 2) to make the financial statements not misleading as to the financial condition of the Company as of March 31, 2016, and the results of its operations for the three month periods ended March 31, 2016 and 2015. The results of operations for the three month periods are not necessarily indicative of the results which may be expected for the entire year. The condensed consolidated balance sheet of the Company as of December 31, 2015 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, 2015 filed as an exhibit to the Company’s Form 10-K filed in March, 2016. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP), the requirements of Form 10-Q, and to prevailing practices within the industry. Certain amounts included in the 2015 consolidated statements have been reclassified to conform to the 2016 presentation. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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 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 did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption by the Company is not expected to have a material impact on the consolidated financial statements and related disclosures. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Net income $ 827,378 $ 786,257 Basic average shares outstanding 1,770,917 1,775,287 Diluted potential common shares: Stock option equivalents 18,055 17,080 Diluted average shares outstanding 1,788,972 1,792,367 Basic earnings per share $ 0.47 $ 0.44 Diluted earnings per share $ 0.46 $ 0.44 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 4. STOCK BASED COMPENSATION In connection with the 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. In the event a terminated ESOP participant desires to sell his or her shares of the Company’s stock, the ESOP includes a put option, which is a right to demand that the Company buy any shares of its stock distributed to participants at fair value. 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 March 31, 2016 and 2015 is shown below. March 31, 2016 March 31, 2015 Unearned shares 20,573 23,845 Shares committed for release 598 573 Allocated shares 61,455 58,863 Total ESOP shares 82,626 83,281 Fair value of unearned shares $ 534,898 $ 586,032 On April 24, 2012, the compensation committee of the board of directors approved the awards of 104,035 options to purchase Company common stock. The stock options vest over a five-year period and expire ten years after the date of the grant. 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 three months ended March 31, 2016. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Instrinsic Options Price/Share Life (in years) Value Outstanding, December 31, 2015 61,120 $ 15.65 Granted - Exercised (500 ) 15.65 Forfeited - - Outstanding, March 31, 2016 60,620 $ 15.65 6.00 $ 632,592 Exercisable, March 31, 2016 18,535 $ 15.65 6.00 $ 197,012 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 $26.00 per share on March 31, 2016. |
LOAN PORTFOLIO COMPOSITION
LOAN PORTFOLIO COMPOSITION | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOAN PORTFOLIO COMPOSITION | 5. LOAN PORTFOLIO COMPOSITION At March 31, 2016 and December 31, 2015, the composition of the Company’s loan portfolio is shown below. March 31, 2016 December 31, 2015 Amount Percent Amount Percent Real estate loans: One-to-four family residential $ 47,145,148 25.0 % $ 47,395,344 24.6 % Commercial 42,066,787 22.3 40,381,680 20.9 Agricultural 41,214,973 21.9 41,223,190 21.3 Home equity 11,197,637 5.9 11,691,545 6.1 Total real estate loans 141,624,545 75.1 140,691,759 72.9 Commercial loans 22,032,482 11.7 25,453,058 13.2 Agricultural loans 14,611,902 7.7 16,102,856 8.3 Consumer loans 13,383,278 7.1 13,741,093 7.1 Total loans receivable 191,652,207 101.6 195,988,766 101.5 Less: Net deferred loan fees 26,481 0.0 29,293 0.0 Allowance for loan losses 2,934,691 1.6 2,919,594 1.5 Total loans receivable, net $ 188,691,035 100.0 % $ 193,039,879 100.0 % The Company believes that sound loans are a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures in place designed to focus lending efforts on the types, locations, and duration of loans most appropriate for the business model and markets. The Company’s principal lending activities include the origination of one-to four-family residential mortgage loans, multi-family loans, commercial real estate loans, agricultural loans, home equity lines of credits, commercial business loans, and consumer loans. The primary lending market includes the Illinois counties of Morgan, Macoupin and Montgomery. Generally, loans are collateralized by assets, primarily real estate, of the borrowers and guaranteed by individuals. The loans are expected to be repaid from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers. Loan originations are derived from a number of sources such as real estate broker referrals, existing customers, builders, attorneys and walk-in customers. Upon receipt of a loan application, a credit report is obtained to verify specific information relating to the applicant’s employment, income, and credit standing. In the case of a real estate loan, an appraisal of the real estate intended to secure the proposed loan is undertaken by an independent appraiser approved by the Company. A loan application file is first reviewed by a loan officer in the loan department who checks applications for accuracy and completeness, and verifies the information provided. The financial resources of the borrower and the borrower’s credit history, as well as the collateral securing the loan, are considered an integral part of each risk evaluation prior to approval. All residential real estate loans are then verified by our loan risk management department prior to closing. The board of directors has established individual lending authorities for each loan officer by loan type. Loans over an individual officer’s lending limit must be approved by the officers’ loan committee consisting of the chairman of the board, president, chief lending officer and all lending officers, which meets three times a week, and has lending authority up to $750,000 depending on the type of loan. Loans to borrowers with an aggregate principal balance over this limit, up to $1.0 million, must be approved by the directors’ loan committee, which meets weekly and consists of the chairman of the board, president, senior vice president, chief lending officer and at least two outside directors, plus all lending officers as non-voting members. The board of directors approves all loans to borrowers with an aggregate principal balance over $1.0 million. The board of directors ratifies all loans that are originated. Once the loan is approved, the applicant is informed and a closing date is scheduled. Loan commitments are typically funded within 45 days. If the loan is approved, the borrower must provide proof of fire and casualty insurance on the property serving as collateral which insurance must be maintained during the full term of the loan; flood insurance is required in certain instances. Title insurance is generally required on loans secured by real property. One-to-Four Family Mortgage Loans - 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 30% of the applicant’s total monthly income. In addition, total monthly obligations of the applicant, including mortgage payments, generally should not exceed 43% of total monthly income. Written appraisals are generally required on real estate property offered to secure an applicant’s loan. For one-to-four family real estate loans with loan to value ratios of over 80%, private mortgage insurance is generally required. Fire and casualty insurance is also required on all properties securing real estate loans. Title insurance may be required, as circumstances warrant. The Company does not offer an “interest only” mortgage loan product on one-to-four family residential properties (where the borrower pays interest for an initial period, after which the loan converts to a fully amortizing loan). They also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loan. The Company does not offer a “subprime loan” program (loans that generally target borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios) or Alt-A loans (traditionally defined as loans having less than full documentation). Commercial 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 75% 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 March 31, 2016, March 31, 2015, and December 31, 2015. March 31, 2016 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2015 $ 829,604 $ 917,526 $ 201,918 $ 149,253 $ 386,620 $ 163,346 $ 169,381 $ 101,946 $ 2,919,594 Provision charged to expense 31,178 3,332 86 51,759 (40,645 ) (2,976 ) (8,834 ) (3,900 ) 30,000 Losses charged off - (20,465 ) - - - - - - (20,465 ) Recoveries 4,081 29 - 525 - - 927 - 5,562 Ending balance, March 31, 2016 $ 864,863 $ 900,422 $ 202,004 $ 201,537 $ 345,975 $ 160,370 $ 161,474 $ 98,046 $ 2,934,691 Ending balance: individually evaluated for impairment $ 234,439 $ 500,459 $ - $ 9,742 $ 121,866 $ - $ - $ - $ 866,506 Ending balance: collectively evaluated for impairment $ 630,424 $ 399,963 $ 202,004 $ 191,795 $ 224,109 $ 160,370 $ 161,474 $ 98,046 $ 2,068,185 Loans: Ending balance $ 47,145,148 $ 42,066,787 $ 41,214,973 $ 11,197,637 $ 22,032,482 $ 14,611,902 $ 13,383,278 $ - $ 191,652,207 Ending balance: individually evaluated for impairment $ 656,330 $ 1,875,577 $ 814,272 $ 63,682 $ 265,869 $ 406,950 $ - $ - $ 4,082,680 Ending balance: collectively evaluated for impairment $ 46,488,818 $ 40,191,210 $ 40,400,701 $ 11,133,955 $ 21,766,613 $ 14,204,952 $ 13,383,278 $ - $ 187,569,527 March 31, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense 32,739 (37,210 ) 16,505 (52,423 ) (20,663 ) 58,595 (1,669 ) 34,126 30,000 Losses charged off - (27,464 ) - - - - (6,430 ) - (33,894 ) Recoveries 300 8,745 - 9,013 85 - 483 - 18,626 Ending balance, March 31, 2015 $ 1,032,299 $ 799,534 $ 212,051 $ 162,167 $ 401,231 $ 116,529 $ 159,703 $ 87,482 $ 2,970,996 Ending balance: individually evaluated for impairment $ 207,554 $ 359,054 $ - $ 9,982 $ 165,190 $ - $ - $ - $ 741,780 Ending balance: collectively evaluated for impairment $ 824,745 $ 440,480 $ 212,051 $ 152,185 $ 236,041 $ 116,529 $ 159,703 $ 87,482 $ 2,229,216 Loans: Ending balance $ 44,129,552 $ 41,494,647 $ 43,395,717 $ 11,478,191 $ 23,945,542 $ 10,854,507 $ 12,465,317 $ - $ 187,763,473 Ending balance: individually evaluated for impairment $ 698,555 $ 1,975,380 $ 985,606 $ 57,163 $ 469,036 $ 272,021 $ 8,124 $ - $ 4,465,885 Ending balance: collectively evaluated for impairment $ 43,430,997 $ 39,519,267 $ 42,410,111 $ 11,421,028 $ 23,476,506 $ 10,582,486 $ 12,457,193 $ - $ 183,297,588 December 31, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense (10,386 ) 29,238 6,372 (53,188 ) (35,327 ) 105,412 49,289 48,590 140,000 Losses charged off (199,392 ) (27,464 ) - (13,724 ) - - (53,249 ) - (293,829 ) Recoveries 40,122 60,289 - 10,588 138 - 6,022 - 117,159 Ending balance, December 31, 2015 $ 829,604 $ 917,526 $ 201,918 $ 149,253 $ 386,620 $ 163,346 $ 169,381 $ 101,946 $ 2,919,594 Ending balance: individually evaluated for impairment $ 176,079 $ 487,205 $ - $ 9,922 $ 127,458 $ - $ - $ - $ 800,664 Ending balance: collectively evaluated for impairment $ 653,525 $ 430,321 $ 201,918 $ 139,331 $ 259,162 $ 163,346 $ 169,381 $ 101,946 $ 2,118,930 Loans: Ending balance $ 47,395,344 $ 40,381,680 $ 41,223,190 $ 11,691,545 $ 25,453,058 $ 16,102,856 $ 13,741,093 $ - $ 195,988,766 Ending balance: individually evaluated for impairment $ 658,734 $ 1,598,530 $ 839,546 $ 58,340 $ 277,628 $ 406,950 $ 428 $ - $ 3,840,156 Ending balance: collectively evaluated for impairment $ 46,736,610 $ 38,783,150 $ 40,383,644 $ 11,633,205 $ 25,175,430 $ 15,695,906 $ 13,740,665 $ - $ 192,148,610 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 $750,000, 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. All watch list credits are reviewed by management and reported to the Board monthly. 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 foregoing 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 March 31, 2016 and December 31, 2015. 1-4 Family Commercial Real Estate Agricultural Real Estate Home Equity March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Rating: Pass $ 44,124,037 $ 44,120,334 $ 39,050,733 $ 37,628,385 $ 40,400,701 $ 40,383,644 $ 10,383,533 $ 11,324,889 Special Mention 1,271,744 1,323,266 448,547 454,194 814,272 839,546 581,065 68,044 Substandard 1,749,367 1,951,744 2,567,507 2,299,101 - - 233,039 298,612 Total $ 47,145,148 $ 47,395,344 $ 42,066,787 $ 40,381,680 $ 41,214,973 $ 41,223,190 $ 11,197,637 $ 11,691,545 Commercial Agricultural Consumer Total March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Rating: Pass $ 21,714,472 $ 25,117,982 $ 13,622,473 $ 15,110,606 $ 13,152,401 $ 13,501,477 $ 182,448,350 $ 187,187,317 Special Mention 46,638 51,196 989,429 992,250 36,684 52,656 4,188,379 3,781,152 Substandard 271,372 283,880 - - 194,193 186,960 5,015,478 5,020,297 Total $ 22,032,482 $ 25,453,058 $ 14,611,902 $ 16,102,856 $ 13,383,278 $ 13,741,093 $ 191,652,207 $ 195,988,766 The following tables present the Company’s loan portfolio aging analysis as of March 31, 2016 and December 31, 2015. March 31, 2016 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 $ 212,544 $ 35,846 $ 531,643 $ 780,033 $ 46,365,115 $ 47,145,148 $ - Commercial real estate - - 749,281 749,281 41,317,506 42,066,787 - Agricultural real estate - - - - 41,214,973 41,214,973 - Home equity 25,427 36,443 9,742 71,612 11,126,025 11,197,637 - Commercial 41,734 - - 41,734 21,990,748 22,032,482 - Agricultural - - - - 14,611,902 14,611,902 - Consumer 86,109 21,359 26,922 134,390 13,248,888 13,383,278 - Total $ 365,814 $ 93,648 $ 1,317,588 $ 1,777,050 $ 189,875,157 $ 191,652,207 $ - December 31, 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 $ 345,169 $ 77,588 $ 623,055 $ 1,045,812 $ 46,349,532 $ 47,395,344 $ - Commercial real estate - - 766,840 766,840 39,614,840 40,381,680 - Agricultural real estate - - - - 41,223,190 41,223,190 - Home equity 22,122 66,305 69,515 157,942 11,533,603 11,691,545 - Commercial - - - - 25,453,058 25,453,058 - Agricultural - - - - 16,102,856 16,102,856 - Consumer 183,526 5,972 6,031 195,529 13,545,564 13,741,093 - Total $ 550,817 $ 149,865 $ 1,465,441 $ 2,166,123 $ 193,822,643 $ 195,988,766 $ - The accrual of interest on loans is 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 of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged-off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company actively seeks to reduce its investment in impaired loans. The primary tools to work through impaired loans are settlement with the borrowers or guarantors, foreclosure of the underlying collateral, or restructuring. The Company will restructure loans when the borrower demonstrates the inability to comply with the terms of the loan, but can demonstrate the ability to meet acceptable restructured terms. Restructurings generally include one or more of the following restructuring options; reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collec |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016: U.S. government and agencies $ 18,094,872 $ 134,043 $ (28,855 ) $ 18,200,060 Mortgage-backed securities (government- sponsored enterprises - residential) 20,386,254 313,560 (26,729 ) 20,673,085 Municipal bonds 42,356,135 1,305,038 (136,531 ) 43,524,642 $ 80,837,261 $ 1,752,641 $ (192,115 ) $ 82,397,787 December 31, 2015: U.S. government and agencies $ 15,979,475 $ 44,972 $ (85,750 ) $ 15,938,697 Mortgage-backed securities (government- sponsored enterprises - residential) 23,067,200 211,987 (100,792 ) 23,178,395 Municipal bonds 47,229,171 1,306,328 (179,259 ) 48,356,240 $ 86,275,846 $ 1,563,287 $ (365,801 ) $ 87,473,332 The amortized cost and fair value of available-for-sale securities at March 31, 2016, 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 $ 1,283,331 $ 1,286,737 More than one to five years 7,919,604 8,203,234 More than five to ten years 36,423,253 37,138,652 After ten years 14,824,819 15,096,079 60,451,007 61,724,702 Mortgage-backed securities (government- sponsored enterprises - residential) 20,386,254 20,673,085 $ 80,837,261 $ 82,397,787 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $28,173,000 at March 31, 2016 and $25,681,000 at December 31, 2015. The book value of securities sold under agreement to repurchase amounted to $3,947,000 at March 31, 2016 and $7,591,000 at December 31, 2015. At March 31, 2016, we had $4,687,000 of repurchase agreements secured by mortgage backed securities, $1,482,000 of repurchase agreements secured by time deposits in other banks, and $598,000 in repurchase agreements secured by U.S. government agency bonds. 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 $105,000 and $165,000 and gross losses of $3,000 and $32,000 resulting from sales of available-for-sale securities were realized during the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and December 31, 2015 were $18,573,000, and $30,677,000, respectively, which were approximately 23% and 35% 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 March 31, 2016 and December 31, 2015. Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value March 31, 2016 U.S. government agencies $ (21,456 ) $ 4,315,863 $ (7,399 ) $ 391,880 $ (28,855 ) $ 4,707,743 Mortgage-backed securities (government sponsored enterprises - residential) (10,801 ) 2,898,027 (15,928 ) 1,238,174 (26,729 ) 4,136,201 Municipal bonds (60,764 ) 6,613,604 (75,767 ) 3,115,831 (136,531 ) 9,729,435 Total $ (93,021 ) $ 13,827,494 $ (99,094 ) $ 4,745,885 $ (192,115 ) $ 18,573,379 Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value December 31, 2015 U.S. government agencies $ (49,205 ) $ 8,591,014 $ (36,545 ) $ 1,809,745 $ (85,750 ) $ 10,400,759 Mortgage-backed securities (government sponsored enterprises - residential) (45,886 ) 5,843,754 (54,906 ) 2,257,674 (100,792 ) 8,101,428 Municipal bonds (48,383 ) 5,440,291 (130,876 ) 6,734,290 (179,259 ) 12,174,581 Total $ (143,474 ) $ 19,875,059 $ (222,327 ) $ 10,801,709 $ (365,801 ) $ 30,676,768 The unrealized losses on the Company’s investments in municipal bonds, U.S. government and 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 March 31, 2016 and December 31, 2015. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 Net unrealized gain on securities available-for-sale $ 1,560,526 $ 1,197,486 Tax effect (530,579 ) (407,145 ) Net-of-tax amount $ 1,029,947 $ 790,341 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015, were as follows: Amounts Reclassified from AOCI Affected Line Item in the March 31, 2016 March 31, 2015 Statements of Income Unrealized gains on securities available-for-sale securities $ 101,561 $ 133,216 Net realized gains on sales of available-for-sale securities 101,561 133,216 Tax effect (34,531 ) (45,293 ) Income taxes Total reclassification out of AOCI $ 67,030 $ 87,923 Net reclassified amount |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF ASSETS | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES | 9. DISCLOSURES ABOUT FAIR VALUE OF ASSETS Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 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 March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 18,200,060 $ - $ 18,200,060 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 20,673,085 - 20,673,085 - Municipal bonds 43,524,642 - 43,524,642 - December 31, 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 $ 15,938,697 $ - $ 15,938,697 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 23,178,395 - 23,178,395 - Municipal bonds 48,356,240 - 48,356,240 - 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 three months ended March 31, 2016. Available-for-Sale Securities - Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based on independently sourced market perspectives, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2016 and December 31, 2015: March 31, 2016 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) $ 680,572 $ - $ - $ 680,572 Real estate owned 42,400 - - 42,400 December 31, 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) $ 899,981 $ - $ - $ 899,981 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. Real Estate Owned Real estate owned is carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of real estate owned is based on appraisals or evaluations. Real estate owned is classified within Level 3 of the fair value hierarchy. Appraisals of real estate owned are obtained when the real estate is acquired and subsequently as deemed necessary. Appraisals are reviewed for accuracy and consistency. Appraisers are selected from the list of approved appraisers maintained by management. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Unobservable Inputs Range (Weighted Collateral-dependent impaired loans 680,572 Market comparable properties Marketability discount 20% – 30% (25%) Real estate owned 42,400 Market comparable Comparability (6%) Fair Value at Valuation Unobservable Inputs Range (Weighted Collateral-dependent impaired loans 899,981 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 March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 7,442,323 $ 7,442,323 $ - $ - Interest-earning time deposits in banks 2,724,000 2,724,000 - - Other investments 60,007 - 60,007 - Loans held for sale 112,449 - 112,449 - Loans, net of allowance for loan losses 188,691,035 - - 188,555,889 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 1,851,308 - 1,851,308 - Financial Liabilities Deposits 243,908,970 - 166,734,358 78,229,853 Other borrowings 3,946,947 - 3,946,947 - Advances from borrowers for taxes and insurance 1,511,505 - 1,511,505 - Interest payable 106,747 - 106,747 - Unrecognized financial instruments (net of contract amount) Commitments to originate loans - - - - Letters of credit - - - - Lines of credit - - - - December 31, 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 $ 4,103,432 $ 4,103,432 $ - $ - Interest-earning time deposits 2,724,000 2,724,000 - - Other investments 62,223 - 62,223 - Loans held for sale 539,000 - 539,000 - Loans, net of allowance for loan losses 193,039,879 - - 193,006,301 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 1,715,676 - 1,715,676 - Financial Liabilities Deposits 239,281,930 - 160,227,406 80,300,060 Short-term borrowings 15,131,710 - 6,631,710 8,500,000 Advances from borrowers for taxes and insurance 990,917 - 990,917 - Interest payable 118,335 - 118,335 - 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 three month period ended March 31, 2016 and the year ended December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Balance, beginning of period $ 597,713 $ 632,634 Servicing rights capitalized 9,671 73,650 Amortization of servicing rights (19,120 ) (118,186 ) Change in valuation allowance 3,326 9,615 Balance, end of period $ 591,590 $ 597,713 Activity in the valuation allowance for mortgage servicing rights for the three month period ended March 31, 2016 and the year ended December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Balance, beginning of period $ 47,354 $ 56,969 Additions - - Reductions (3,326 ) (9,615 ) Balance, end of period $ 44,028 $ 47,354 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015 is shown below. March 31, 2016 March 31, 2015 Computed at the statutory rate (34%) $ 386,491 $ 366,218 Increase (decrease) resulting from Tax exempt interest (113,550 ) (107,610 ) State income taxes, net 51,698 48,124 Increase in cash surrender value (14,817 ) (14,937 ) Other, net (461 ) (941 ) Actual tax expense $ 309,361 $ 290,854 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES Occasionally, the Company is a defendant in legal actions arising from normal business activities. Management, after consultation with legal counsel, believes that the resolution of these actions will not have any material adverse effect on the Company's consolidated financial statements. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers in the way of commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. Substantially all of the Company's loans are to borrowers located in Cass, Morgan, Macoupin, Montgomery, and surrounding counties in Illinois. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share calculations for basic and diluted methods | Three Months Ended March 31, 2016 2015 Net income $ 827,378 $ 786,257 Basic average shares outstanding 1,770,917 1,775,287 Diluted potential common shares: Stock option equivalents 18,055 17,080 Diluted average shares outstanding 1,788,972 1,792,367 Basic earnings per share $ 0.47 $ 0.44 Diluted earnings per share $ 0.46 $ 0.44 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
Schedule of summary of ESOP shares | March 31, 2016 March 31, 2015 Unearned shares 20,573 23,845 Shares committed for release 598 573 Allocated shares 61,455 58,863 Total ESOP shares 82,626 83,281 Fair value of unearned shares $ 534,898 $ 586,032 |
Schedule of stock option activity | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Instrinsic Options Price/Share Life (in years) Value Outstanding, December 31, 2015 61,120 $ 15.65 Granted - Exercised (500 ) 15.65 Forfeited - - Outstanding, March 31, 2016 60,620 $ 15.65 6.00 $ 632,592 Exercisable, March 31, 2016 18,535 $ 15.65 6.00 $ 197,012 |
LOAN PORTFOLIO COMPOSITION (Tab
LOAN PORTFOLIO COMPOSITION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | March 31, 2016 December 31, 2015 Amount Percent Amount Percent Real estate loans: One-to-four family residential $ 47,145,148 25.0 % $ 47,395,344 24.6 % Commercial 42,066,787 22.3 40,381,680 20.9 Agricultural 41,214,973 21.9 41,223,190 21.3 Home equity 11,197,637 5.9 11,691,545 6.1 Total real estate loans 141,624,545 75.1 140,691,759 72.9 Commercial loans 22,032,482 11.7 25,453,058 13.2 Agricultural loans 14,611,902 7.7 16,102,856 8.3 Consumer loans 13,383,278 7.1 13,741,093 7.1 Total loans receivable 191,652,207 101.6 195,988,766 101.5 Less: Net deferred loan fees 26,481 0.0 29,293 0.0 Allowance for loan losses 2,934,691 1.6 2,919,594 1.5 Total loans receivable, net $ 188,691,035 100.0 % $ 193,039,879 100.0 % |
Schedule of allowance for loan losses and recorded investment in loans based on portfolio segment and impairment method | March 31, 2016 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2015 $ 829,604 $ 917,526 $ 201,918 $ 149,253 $ 386,620 $ 163,346 $ 169,381 $ 101,946 $ 2,919,594 Provision charged to expense 31,178 3,332 86 51,759 (40,645 ) (2,976 ) (8,834 ) (3,900 ) 30,000 Losses charged off - (20,465 ) - - - - - - (20,465 ) Recoveries 4,081 29 - 525 - - 927 - 5,562 Ending balance, March 31, 2016 $ 864,863 $ 900,422 $ 202,004 $ 201,537 $ 345,975 $ 160,370 $ 161,474 $ 98,046 $ 2,934,691 Ending balance: individually evaluated for impairment $ 234,439 $ 500,459 $ - $ 9,742 $ 121,866 $ - $ - $ - $ 866,506 Ending balance: collectively evaluated for impairment $ 630,424 $ 399,963 $ 202,004 $ 191,795 $ 224,109 $ 160,370 $ 161,474 $ 98,046 $ 2,068,185 Loans: Ending balance $ 47,145,148 $ 42,066,787 $ 41,214,973 $ 11,197,637 $ 22,032,482 $ 14,611,902 $ 13,383,278 $ - $ 191,652,207 Ending balance: individually evaluated for impairment $ 656,330 $ 1,875,577 $ 814,272 $ 63,682 $ 265,869 $ 406,950 $ - $ - $ 4,082,680 Ending balance: collectively evaluated for impairment $ 46,488,818 $ 40,191,210 $ 40,400,701 $ 11,133,955 $ 21,766,613 $ 14,204,952 $ 13,383,278 $ - $ 187,569,527 March 31, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense 32,739 (37,210 ) 16,505 (52,423 ) (20,663 ) 58,595 (1,669 ) 34,126 30,000 Losses charged off - (27,464 ) - - - - (6,430 ) - (33,894 ) Recoveries 300 8,745 - 9,013 85 - 483 - 18,626 Ending balance, March 31, 2015 $ 1,032,299 $ 799,534 $ 212,051 $ 162,167 $ 401,231 $ 116,529 $ 159,703 $ 87,482 $ 2,970,996 Ending balance: individually evaluated for impairment $ 207,554 $ 359,054 $ - $ 9,982 $ 165,190 $ - $ - $ - $ 741,780 Ending balance: collectively evaluated for impairment $ 824,745 $ 440,480 $ 212,051 $ 152,185 $ 236,041 $ 116,529 $ 159,703 $ 87,482 $ 2,229,216 Loans: Ending balance $ 44,129,552 $ 41,494,647 $ 43,395,717 $ 11,478,191 $ 23,945,542 $ 10,854,507 $ 12,465,317 $ - $ 187,763,473 Ending balance: individually evaluated for impairment $ 698,555 $ 1,975,380 $ 985,606 $ 57,163 $ 469,036 $ 272,021 $ 8,124 $ - $ 4,465,885 Ending balance: collectively evaluated for impairment $ 43,430,997 $ 39,519,267 $ 42,410,111 $ 11,421,028 $ 23,476,506 $ 10,582,486 $ 12,457,193 $ - $ 183,297,588 December 31, 2015 Commercial Agricultural 1-4 Family Real Estate Real Estate Home Equity Commercial Agricultural Consumer Unallocated Total Allowance for Loan Losses: Beginning Balance, December 31, 2014 $ 999,260 $ 855,463 $ 195,546 $ 205,577 $ 421,809 $ 57,934 $ 167,319 $ 53,356 $ 2,956,264 Provision charged to expense (10,386 ) 29,238 6,372 (53,188 ) (35,327 ) 105,412 49,289 48,590 140,000 Losses charged off (199,392 ) (27,464 ) - (13,724 ) - - (53,249 ) - (293,829 ) Recoveries 40,122 60,289 - 10,588 138 - 6,022 - 117,159 Ending balance, December 31, 2015 $ 829,604 $ 917,526 $ 201,918 $ 149,253 $ 386,620 $ 163,346 $ 169,381 $ 101,946 $ 2,919,594 Ending balance: individually evaluated for impairment $ 176,079 $ 487,205 $ - $ 9,922 $ 127,458 $ - $ - $ - $ 800,664 Ending balance: collectively evaluated for impairment $ 653,525 $ 430,321 $ 201,918 $ 139,331 $ 259,162 $ 163,346 $ 169,381 $ 101,946 $ 2,118,930 Loans: Ending balance $ 47,395,344 $ 40,381,680 $ 41,223,190 $ 11,691,545 $ 25,453,058 $ 16,102,856 $ 13,741,093 $ - $ 195,988,766 Ending balance: individually evaluated for impairment $ 658,734 $ 1,598,530 $ 839,546 $ 58,340 $ 277,628 $ 406,950 $ 428 $ - $ 3,840,156 Ending balance: collectively evaluated for impairment $ 46,736,610 $ 38,783,150 $ 40,383,644 $ 11,633,205 $ 25,175,430 $ 15,695,906 $ 13,740,665 $ - $ 192,148,610 |
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 March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Rating: Pass $ 44,124,037 $ 44,120,334 $ 39,050,733 $ 37,628,385 $ 40,400,701 $ 40,383,644 $ 10,383,533 $ 11,324,889 Special Mention 1,271,744 1,323,266 448,547 454,194 814,272 839,546 581,065 68,044 Substandard 1,749,367 1,951,744 2,567,507 2,299,101 - - 233,039 298,612 Total $ 47,145,148 $ 47,395,344 $ 42,066,787 $ 40,381,680 $ 41,214,973 $ 41,223,190 $ 11,197,637 $ 11,691,545 Commercial Agricultural Consumer Total March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Rating: Pass $ 21,714,472 $ 25,117,982 $ 13,622,473 $ 15,110,606 $ 13,152,401 $ 13,501,477 $ 182,448,350 $ 187,187,317 Special Mention 46,638 51,196 989,429 992,250 36,684 52,656 4,188,379 3,781,152 Substandard 271,372 283,880 - - 194,193 186,960 5,015,478 5,020,297 Total $ 22,032,482 $ 25,453,058 $ 14,611,902 $ 16,102,856 $ 13,383,278 $ 13,741,093 $ 191,652,207 $ 195,988,766 |
Schedule of loan portfolio aging analysis | March 31, 2016 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 $ 212,544 $ 35,846 $ 531,643 $ 780,033 $ 46,365,115 $ 47,145,148 $ - Commercial real estate - - 749,281 749,281 41,317,506 42,066,787 - Agricultural real estate - - - - 41,214,973 41,214,973 - Home equity 25,427 36,443 9,742 71,612 11,126,025 11,197,637 - Commercial 41,734 - - 41,734 21,990,748 22,032,482 - Agricultural - - - - 14,611,902 14,611,902 - Consumer 86,109 21,359 26,922 134,390 13,248,888 13,383,278 - Total $ 365,814 $ 93,648 $ 1,317,588 $ 1,777,050 $ 189,875,157 $ 191,652,207 $ - December 31, 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 $ 345,169 $ 77,588 $ 623,055 $ 1,045,812 $ 46,349,532 $ 47,395,344 $ - Commercial real estate - - 766,840 766,840 39,614,840 40,381,680 - Agricultural real estate - - - - 41,223,190 41,223,190 - Home equity 22,122 66,305 69,515 157,942 11,533,603 11,691,545 - Commercial - - - - 25,453,058 25,453,058 - Agricultural - - - - 16,102,856 16,102,856 - Consumer 183,526 5,972 6,031 195,529 13,545,564 13,741,093 - Total $ 550,817 $ 149,865 $ 1,465,441 $ 2,166,123 $ 193,822,643 $ 195,988,766 $ - |
Schedule of impaired loan | Three Months Ended March 31, 2016 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 $ 106,506 $ 106,506 $ - $ 205,469 $ 2,952 $ 2,981 Commercial real estate 815,495 815,495 - 773,399 9,795 6,887 Agricultural real estate 814,272 814,272 - 824,530 10,292 29,411 Commercial 80,258 80,258 - 80,258 1,001 - Agricultural 406,950 406,950 - 406,950 4,899 13,802 Home equity 53,940 53,940 - 51,701 902 902 Loans with a specific allowance: One-to-four family residential 549,824 549,824 234,439 567,106 8,056 5,753 Commercial real estate 1,060,082 1,060,082 500,459 1,108,109 16,666 22,558 Commercial 185,611 185,611 121,866 245,832 3,659 3,626 Home equity 9,742 9,742 9,742 9,982 252 181 Total: One-to-four family residential 656,330 656,330 234,439 772,575 11,008 8,734 Commercial real estate 1,875,577 1,875,577 500,459 1,881,508 26,461 29,445 Agricultural real estate 814,272 814,272 - 824,530 10,292 29,411 Commercial 265,869 265,869 121,866 326,090 4,660 3,626 Agricultural 406,950 406,950 - 406,950 4,899 13,802 Home equity 63,682 63,682 9,742 61,683 1,154 1,083 Total $ 4,082,680 $ 4,082,680 $ 866,506 $ 4,273,336 $ 58,474 $ 86,101 Three Months Ended March 31, 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 $ 125,019 $ 125,019 $ - $ 214,838 $ 3,105 $ 2,863 Commercial real estate 854,026 854,026 - 887,087 10,983 7,531 Agricultural real estate 985,606 985,606 - 998,835 13,875 30,345 Commercial 237,590 237,590 - 289,166 3,209 - Agricultural 272,021 272,021 - 311,499 2,762 14,573 Home equity 47,181 47,181 - 38,916 795 793 Consumer 8,124 8,124 - 8,858 170 30 Loans with a specific allowance: One-to-four family residential 573,536 573,536 207,554 582,275 10,868 9,060 Commercial real estate 1,121,354 1,121,354 359,054 1,123,872 16,764 5,040 Commercial 231,446 231,446 165,190 283,538 3,207 12,667 Home equity 9,982 9,982 9,982 9,982 175 181 Total: One-to-four family residential 698,555 698,555 207,554 797,113 13,973 11,923 Commercial real estate 1,975,380 1,975,380 359,054 2,010,959 27,747 12,571 Agricultural real estate 985,606 985,606 - 998,835 13,875 30,345 Commercial 469,036 469,036 165,190 572,704 6,416 12,667 Agricultural 272,021 272,021 - 311,499 2,762 14,573 Home equity 57,163 57,163 9,982 48,898 970 974 Consumer 8,124 8,124 - 8,858 170 30 Total $ 4,465,885 $ 4,465,885 $ 741,780 $ 4,748,866 $ 65,913 $ 83,083 Year Ended December 31, 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 $ 111,166 $ 111,166 $ - $ 211,346 $ 12,248 $ 12,042 Commercial real estate 516,560 516,560 - 663,640 34,155 34,586 Agricultural real estate 839,546 839,546 - 864,705 43,335 44,885 Commercial 80,172 80,172 - 83,509 634 150 Agricultural business 406,950 406,950 - 307,729 11,403 808 Home equity 48,418 48,418 - 43,342 3,333 3,331 Consumer 428 428 - 1,160 78 82 Loans with a specific allowance: One-to-four family residential 547,568 547,568 176,079 568,790 32,908 25,352 Commercial real estate 1,081,970 1,081,970 487,205 1,118,044 67,505 47,864 Commercial 197,456 197,456 127,458 269,496 11,517 11,139 Home equity 9,922 9,922 9,922 9,982 810 722 Total: One-to-four family residential 658,734 658,734 176,079 780,136 45,156 37,394 Commercial real estate 1,598,530 1,598,530 487,205 1,781,684 101,660 82,450 Agricultural real estate 839,546 839,546 - 864,705 43,335 44,885 Commercial 277,628 277,628 127,458 353,005 12,151 11,289 Agricultural business 406,950 406,950 - 307,729 11,403 808 Home equity 58,340 58,340 9,922 53,324 4,143 4,053 Consumer 428 428 - 1,160 78 82 Total $ 3,840,156 $ 3,840,156 $ 800,664 $ 4,141,743 $ 217,926 $ 180,961 |
Schedule of recorded balance at original cost of troubled debt restructurings | March 31, 2016 December 31, 2015 One-to-four family residential $ 778,929 $ 723,421 Commercial real estate 1,675,565 1,708,013 Agricultural real estate - - Home equity 9,344 10,897 Commercial loans 48,154 57,783 Agricultural loans - - Consumer loans 103,931 109,340 Total $ 2,615,923 $ 2,609,454 |
Schedule of recorded balance at original cost of troubled debt restructurings performing according to terms of restructuring | March 31, 2016 December 31, 2015 One-to-four family residential $ 587,786 $ 526,004 Commercial real estate 926,284 941,173 Agricultural real estate - - Home equity 9,344 10,897 Commercial loans 48,154 57,783 Agricultural loans - - Consumer loans 82,516 86,255 Total $ 1,654,084 $ 1,622,112 |
Schedule of loans modified as troubled debt restructurings | Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Number of Recorded Number of Recorded Modifications Investment Modifications Investment One-to-four family residential 1 $ 41,107 1 $ 107,357 Commercial real estate - - - - Agricultural real estate - - - - Home equity - - - - Commercial loans - - - - Agricultural loans - - - - Consumer loans - - 1 2,469 Total 1 $ 41,107 2 $ 109,826 |
Schedule of nonaccrual loans | March 31, 2016 December 31, 2015 One-to-four family residential $ 719,195 $ 911,283 Commercial real estate 816,432 840,449 Agricultural real estate - - Home equity 103,513 118,502 Commercial loans 5,788 9,314 Agricultural loans - - Consumer loans 157,090 141,605 Total $ 1,802,018 $ 2,021,153 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016: U.S. government and agencies $ 18,094,872 $ 134,043 $ (28,855 ) $ 18,200,060 Mortgage-backed securities (government- sponsored enterprises - residential) 20,386,254 313,560 (26,729 ) 20,673,085 Municipal bonds 42,356,135 1,305,038 (136,531 ) 43,524,642 $ 80,837,261 $ 1,752,641 $ (192,115 ) $ 82,397,787 December 31, 2015: U.S. government and agencies $ 15,979,475 $ 44,972 $ (85,750 ) $ 15,938,697 Mortgage-backed securities (government- sponsored enterprises - residential) 23,067,200 211,987 (100,792 ) 23,178,395 Municipal bonds 47,229,171 1,306,328 (179,259 ) 48,356,240 $ 86,275,846 $ 1,563,287 $ (365,801 ) $ 87,473,332 |
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturities | Amortized Fair Cost Value Within one year $ 1,283,331 $ 1,286,737 More than one to five years 7,919,604 8,203,234 More than five to ten years 36,423,253 37,138,652 After ten years 14,824,819 15,096,079 60,451,007 61,724,702 Mortgage-backed securities (government- sponsored enterprises - residential) 20,386,254 20,673,085 $ 80,837,261 $ 82,397,787 |
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 March 31, 2016 U.S. government agencies $ (21,456 ) $ 4,315,863 $ (7,399 ) $ 391,880 $ (28,855 ) $ 4,707,743 Mortgage-backed securities (government sponsored enterprises - residential) (10,801 ) 2,898,027 (15,928 ) 1,238,174 (26,729 ) 4,136,201 Municipal bonds (60,764 ) 6,613,604 (75,767 ) 3,115,831 (136,531 ) 9,729,435 Total $ (93,021 ) $ 13,827,494 $ (99,094 ) $ 4,745,885 $ (192,115 ) $ 18,573,379 Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value December 31, 2015 U.S. government agencies $ (49,205 ) $ 8,591,014 $ (36,545 ) $ 1,809,745 $ (85,750 ) $ 10,400,759 Mortgage-backed securities (government sponsored enterprises - residential) (45,886 ) 5,843,754 (54,906 ) 2,257,674 (100,792 ) 8,101,428 Municipal bonds (48,383 ) 5,440,291 (130,876 ) 6,734,290 (179,259 ) 12,174,581 Total $ (143,474 ) $ 19,875,059 $ (222,327 ) $ 10,801,709 $ (365,801 ) $ 30,676,768 |
ACCUMULATED OTHER COMPREHENSI26
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | March 31, 2016 December 31, 2015 Net unrealized gain on securities available-for-sale $ 1,560,526 $ 1,197,486 Tax effect (530,579 ) (407,145 ) Net-of-tax amount $ 1,029,947 $ 790,341 |
CHANGES IN ACCUMULATED OTHER 27
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Affected Line Item in the March 31, 2016 March 31, 2015 Statements of Income Unrealized gains on securities available-for-sale securities $ 101,561 $ 133,216 Net realized gains on sales of available-for-sale securities 101,561 133,216 Tax effect (34,531 ) (45,293 ) Income taxes Total reclassification out of AOCI $ 67,030 $ 87,923 Net reclassified amount |
DISCLOSURES ABOUT FAIR VALUE 28
DISCLOSURES ABOUT FAIR VALUE OF ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements of assets recognized in balance sheets measured at fair value on recurring basis | March 31, 2016 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 $ 18,200,060 $ - $ 18,200,060 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 20,673,085 - 20,673,085 - Municipal bonds 43,524,642 - 43,524,642 - December 31, 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 $ 15,938,697 $ - $ 15,938,697 $ - Mortgage-backed securities (Government sponsored enterprises - residential) 23,178,395 - 23,178,395 - Municipal bonds 48,356,240 - 48,356,240 - |
Schedule of fair value measurement of assets measured at fair value on nonrecurring basis | March 31, 2016 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) $ 680,572 $ - $ - $ 680,572 Real estate owned 42,400 - - 42,400 December 31, 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) $ 899,981 $ - $ - $ 899,981 |
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurements | Fair Value at Valuation Unobservable Inputs Range (Weighted Collateral-dependent impaired loans 680,572 Market comparable properties Marketability discount 20% – 30% (25%) Real estate owned 42,400 Market comparable Comparability (6%) Fair Value at Valuation Unobservable Inputs Range (Weighted Collateral-dependent impaired loans 899,981 Market comparable properties Marketability discount 20% – 30% (25%) |
Schedule of estimated fair values of other financial instrument | March 31, 2016 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 $ 7,442,323 $ 7,442,323 $ - $ - Interest-earning time deposits in banks 2,724,000 2,724,000 - - Other investments 60,007 - 60,007 - Loans held for sale 112,449 - 112,449 - Loans, net of allowance for loan losses 188,691,035 - - 188,555,889 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 1,851,308 - 1,851,308 - Financial Liabilities Deposits 243,908,970 - 166,734,358 78,229,853 Other borrowings 3,946,947 - 3,946,947 - Advances from borrowers for taxes and insurance 1,511,505 - 1,511,505 - Interest payable 106,747 - 106,747 - Unrecognized financial instruments (net of contract amount) Commitments to originate loans - - - - Letters of credit - - - - Lines of credit - - - - December 31, 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 $ 4,103,432 $ 4,103,432 $ - $ - Interest-earning time deposits 2,724,000 2,724,000 - - Other investments 62,223 - 62,223 - Loans held for sale 539,000 - 539,000 - Loans, net of allowance for loan losses 193,039,879 - - 193,006,301 Federal Home Loan Bank stock 1,113,800 - 1,113,800 - Interest receivable 1,715,676 - 1,715,676 - Financial Liabilities Deposits 239,281,930 - 160,227,406 80,300,060 Short-term borrowings 15,131,710 - 6,631,710 8,500,000 Advances from borrowers for taxes and insurance 990,917 - 990,917 - Interest payable 118,335 - 118,335 - 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) | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Schedule of activity in balance of mortgage servicing rights measured using amortization method | March 31, 2016 December 31, 2015 Balance, beginning of period $ 597,713 $ 632,634 Servicing rights capitalized 9,671 73,650 Amortization of servicing rights (19,120 ) (118,186 ) Change in valuation allowance 3,326 9,615 Balance, end of period $ 591,590 $ 597,713 |
Schedule of activity in valuation allowance for mortgage servicing rights | March 31, 2016 December 31, 2015 Balance, beginning of period $ 47,354 $ 56,969 Additions - - Reductions (3,326 ) (9,615 ) Balance, end of period $ 44,028 $ 47,354 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of income tax expense at statutory rate to actual income tax expense | March 31, 2016 March 31, 2015 Computed at the statutory rate (34%) $ 386,491 $ 366,218 Increase (decrease) resulting from Tax exempt interest (113,550 ) (107,610 ) State income taxes, net 51,698 48,124 Increase in cash surrender value (14,817 ) (14,937 ) Other, net (461 ) (941 ) Actual tax expense $ 309,361 $ 290,854 |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share Calculations for Basic and Diluted Methods (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 827,378 | $ 786,257 |
Basic average shares outstanding | 1,770,917 | 1,775,287 |
Diluted potential common shares: | ||
Stock option equivalents | 18,055 | 17,080 |
Diluted average shares outstanding | 1,788,972 | 1,792,367 |
Basic earnings per share (in dollars per share) | $ 0.47 | $ 0.44 |
Diluted earnings per share (in dollars per share) | $ 0.46 | $ 0.44 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of ESOP Shares (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | ||
Unearned shares | 20,573 | 23,845 |
Shares committed for release | 598 | 573 |
Allocated shares | 61,455 | 58,863 |
Total ESOP shares | 82,626 | 83,281 |
Fair value of unearned shares | $ 534,898 | $ 586,032 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Activity (Details 1) - Stock Options | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Shares | |
Outstanding, December 31, 2015 | shares | 61,120 |
Granted | shares | |
Exercised | shares | (500) |
Forfeited | shares | |
Outstanding, March 31, 2016 | shares | 60,620 |
Exercisable, March 31, 2016 | shares | 18,535 |
Weighted Average Exercise price/Share | |
Outstanding, December 31, 2015 | $ / shares | $ 15.65 |
Granted | $ / shares | |
Exercised | $ / shares | $ 15.65 |
Forfeited | $ / shares | |
Outstanding, March 31, 2016 | $ / shares | $ 15.65 |
Exercisable, March 31, 2016 | $ / shares | $ 15.65 |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding, March 31, 2016 | 6 years |
Exercisable, March 31, 2016 | 6 years |
Aggregate Intrinsic Value | |
Outstanding, March 31, 2016 | $ | $ 632,592 |
Exercisable, March 31, 2016 | $ | $ 197,012 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - $ / shares | 1 Months Ended | 3 Months Ended |
Apr. 24, 2012 | Mar. 31, 2016 | |
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 | $ 26 | |
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 ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | |||
Less: Allowance for loan losses | $ 2,934,691 | $ 2,919,594 | |
Total loans receivable, net | 188,691,035 | 193,039,879 | |
Loans Receivable | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 191,652,207 | $ 195,988,766 | $ 187,763,473 |
Total loans receivable, percentage | 101.60% | 101.50% | |
Less: Net deferred loan fees | $ 26,481 | $ 29,293 | |
Less: Net deferred loan fees, percentage | 0.00% | 0.00% | |
Less: Allowance for loan losses | $ 2,934,691 | $ 2,919,594 | |
Less: Allowance for loan losses, percentage | 1.60% | 1.50% | |
Total loans receivable, net | $ 188,691,035 | $ 193,039,879 | |
Total loans receivable, net, percentage | 100.00% | 100.00% | |
Loans Receivable | Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 141,624,545 | $ 140,691,759 | |
Total loans receivable, percentage | 75.10% | 72.90% | |
Loans Receivable | Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 47,145,148 | $ 47,395,344 | 44,129,552 |
Total loans receivable, percentage | 25.00% | 24.60% | |
Loans Receivable | Real estate loans | Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 42,066,787 | $ 40,381,680 | 41,494,647 |
Total loans receivable, percentage | 22.30% | 20.90% | |
Loans Receivable | Real estate loans | Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 41,214,973 | $ 41,223,190 | 43,395,717 |
Total loans receivable, percentage | 21.90% | 21.30% | |
Loans Receivable | Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 11,197,637 | $ 11,691,545 | 11,478,191 |
Total loans receivable, percentage | 5.90% | 6.10% | |
Loans Receivable | Commercial loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 22,032,482 | $ 25,453,058 | 23,945,542 |
Total loans receivable, percentage | 11.70% | 13.20% | |
Loans Receivable | Agricultural loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 14,611,902 | $ 16,102,856 | 10,854,507 |
Total loans receivable, percentage | 7.70% | 8.30% | |
Loans Receivable | Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans receivable | $ 13,383,278 | $ 13,741,093 | $ 12,465,317 |
Total loans receivable, percentage | 7.10% | 7.10% |
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 | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 2,919,594 | $ 2,956,264 | $ 2,956,264 |
Provision charged to expense | 30,000 | 30,000 | 140,000 |
Losses charged off | (20,465) | (33,894) | (293,829) |
Recoveries | 5,562 | 18,626 | 117,159 |
Ending balance | 2,934,691 | 2,970,996 | 2,919,594 |
Ending balance: individually evaluated for impairment, ending balance | 866,506 | 741,780 | 800,664 |
Ending balance: collectively evaluated for impairment, ending balance | 2,068,185 | 2,229,216 | 2,118,930 |
Loans: | |||
Ending balance | 191,652,207 | 187,763,473 | 195,988,766 |
Ending balance: individually evaluated for impairment, ending balance | 4,082,680 | 4,465,885 | 3,840,156 |
Ending balance: collectively evaluated for impairment, ending balance | 187,569,527 | 183,297,588 | 192,148,610 |
Real estate loans | |||
Loans: | |||
Ending balance | 141,624,545 | 140,691,759 | |
Real estate loans | 1-4 Family | |||
Allowance for Loan Losses: | |||
Beginning Balance | 829,604 | 999,260 | 999,260 |
Provision charged to expense | $ 31,178 | $ 32,739 | (10,386) |
Losses charged off | (199,392) | ||
Recoveries | $ 4,081 | $ 300 | 40,122 |
Ending balance | 864,863 | 1,032,299 | 829,604 |
Ending balance: individually evaluated for impairment, ending balance | 234,439 | 207,554 | 176,079 |
Ending balance: collectively evaluated for impairment, ending balance | 630,424 | 824,745 | 653,525 |
Loans: | |||
Ending balance | 47,145,148 | 44,129,552 | 47,395,344 |
Ending balance: individually evaluated for impairment, ending balance | 656,330 | 698,555 | 658,734 |
Ending balance: collectively evaluated for impairment, ending balance | 46,488,818 | 43,430,997 | 46,736,610 |
Real estate loans | Commercial Real Estate | |||
Allowance for Loan Losses: | |||
Beginning Balance | 917,526 | 855,463 | 855,463 |
Provision charged to expense | 3,332 | (37,210) | 29,238 |
Losses charged off | (20,465) | (27,464) | (27,464) |
Recoveries | 29 | 8,745 | 60,289 |
Ending balance | 900,422 | 799,534 | 917,526 |
Ending balance: individually evaluated for impairment, ending balance | 500,459 | 359,054 | 487,205 |
Ending balance: collectively evaluated for impairment, ending balance | 399,963 | 440,480 | 430,321 |
Loans: | |||
Ending balance | 42,066,787 | 41,494,647 | 40,381,680 |
Ending balance: individually evaluated for impairment, ending balance | 1,875,577 | 1,975,380 | 1,598,530 |
Ending balance: collectively evaluated for impairment, ending balance | 40,191,210 | 39,519,267 | 38,783,150 |
Real estate loans | Agricultural Real Estate | |||
Allowance for Loan Losses: | |||
Beginning Balance | 201,918 | 195,546 | 195,546 |
Provision charged to expense | $ 86 | $ 16,505 | $ 6,372 |
Losses charged off | |||
Recoveries | |||
Ending balance | $ 202,004 | $ 212,051 | $ 201,918 |
Ending balance: individually evaluated for impairment, ending balance | |||
Ending balance: collectively evaluated for impairment, ending balance | $ 202,004 | $ 212,051 | $ 201,918 |
Loans: | |||
Ending balance | 41,214,973 | 43,395,717 | 41,223,190 |
Ending balance: individually evaluated for impairment, ending balance | 814,272 | 985,606 | 839,546 |
Ending balance: collectively evaluated for impairment, ending balance | 40,400,701 | 42,410,111 | 40,383,644 |
Real estate loans | Home Equity | |||
Allowance for Loan Losses: | |||
Beginning Balance | 149,253 | 205,577 | 205,577 |
Provision charged to expense | $ 51,759 | $ (52,423) | (53,188) |
Losses charged off | (13,724) | ||
Recoveries | $ 525 | $ 9,013 | 10,588 |
Ending balance | 201,537 | 162,167 | 149,253 |
Ending balance: individually evaluated for impairment, ending balance | 9,742 | 9,982 | 9,922 |
Ending balance: collectively evaluated for impairment, ending balance | 191,795 | 152,185 | 139,331 |
Loans: | |||
Ending balance | 11,197,637 | 11,478,191 | 11,691,545 |
Ending balance: individually evaluated for impairment, ending balance | 63,682 | 57,163 | 58,340 |
Ending balance: collectively evaluated for impairment, ending balance | 11,133,955 | 11,421,028 | 11,633,205 |
Commercial | |||
Allowance for Loan Losses: | |||
Beginning Balance | 386,620 | 421,809 | 421,809 |
Provision charged to expense | $ (40,645) | $ (20,663) | $ (35,327) |
Losses charged off | |||
Recoveries | $ 85 | $ 138 | |
Ending balance | $ 345,975 | 401,231 | 386,620 |
Ending balance: individually evaluated for impairment, ending balance | 121,866 | 165,190 | 127,458 |
Ending balance: collectively evaluated for impairment, ending balance | 224,109 | 236,041 | 259,162 |
Loans: | |||
Ending balance | 22,032,482 | 23,945,542 | 25,453,058 |
Ending balance: individually evaluated for impairment, ending balance | 265,869 | 469,036 | 277,628 |
Ending balance: collectively evaluated for impairment, ending balance | 21,766,613 | 23,476,506 | 25,175,430 |
Agricultural | |||
Allowance for Loan Losses: | |||
Beginning Balance | 163,346 | 57,934 | 57,934 |
Provision charged to expense | $ (2,976) | $ 58,595 | $ 105,412 |
Losses charged off | |||
Recoveries | |||
Ending balance | $ 160,370 | $ 116,529 | $ 163,346 |
Ending balance: individually evaluated for impairment, ending balance | |||
Ending balance: collectively evaluated for impairment, ending balance | $ 160,370 | $ 116,529 | $ 163,346 |
Loans: | |||
Ending balance | 14,611,902 | 10,854,507 | 16,102,856 |
Ending balance: individually evaluated for impairment, ending balance | 406,950 | 272,021 | 406,950 |
Ending balance: collectively evaluated for impairment, ending balance | 14,204,952 | 10,582,486 | 15,695,906 |
Consumer | |||
Allowance for Loan Losses: | |||
Beginning Balance | 169,381 | 167,319 | 167,319 |
Provision charged to expense | $ (8,834) | (1,669) | 49,289 |
Losses charged off | (6,430) | (53,249) | |
Recoveries | $ 927 | 483 | 6,022 |
Ending balance | $ 161,474 | $ 159,703 | $ 169,381 |
Ending balance: individually evaluated for impairment, ending balance | |||
Ending balance: collectively evaluated for impairment, ending balance | $ 161,474 | $ 159,703 | $ 169,381 |
Loans: | |||
Ending balance | $ 13,383,278 | 12,465,317 | 13,741,093 |
Ending balance: individually evaluated for impairment, ending balance | 8,124 | 428 | |
Ending balance: collectively evaluated for impairment, ending balance | $ 13,383,278 | 12,457,193 | 13,740,665 |
Unallocated | |||
Allowance for Loan Losses: | |||
Beginning Balance | 101,946 | 53,356 | 53,356 |
Provision charged to expense | $ (3,900) | $ 34,126 | $ 48,590 |
Losses charged off | |||
Recoveries | |||
Ending balance | $ 98,046 | $ 87,482 | $ 101,946 |
Ending balance: individually evaluated for impairment, ending balance | |||
Ending balance: collectively evaluated for impairment, ending balance | $ 98,046 | $ 87,482 | $ 101,946 |
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 ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 191,652,207 | $ 195,988,766 | $ 187,763,473 |
Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 182,448,350 | 187,187,317 | |
Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 4,188,379 | 3,781,152 | |
Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 5,015,478 | 5,020,297 | |
Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 141,624,545 | 140,691,759 | |
Real estate loans | 1-4 Family | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 47,145,148 | 47,395,344 | 44,129,552 |
Real estate loans | 1-4 Family | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 44,124,037 | 44,120,334 | |
Real estate loans | 1-4 Family | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 1,271,744 | 1,323,266 | |
Real estate loans | 1-4 Family | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 1,749,367 | 1,951,744 | |
Real estate loans | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 42,066,787 | 40,381,680 | 41,494,647 |
Real estate loans | Commercial Real Estate | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 39,050,733 | 37,628,385 | |
Real estate loans | Commercial Real Estate | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 448,547 | 454,194 | |
Real estate loans | Commercial Real Estate | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 2,567,507 | 2,299,101 | |
Real estate loans | Agricultural Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 41,214,973 | 41,223,190 | 43,395,717 |
Real estate loans | Agricultural Real Estate | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 40,400,701 | 40,383,644 | |
Real estate loans | Agricultural Real Estate | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 814,272 | $ 839,546 | |
Real estate loans | Agricultural Real Estate | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Real estate loans | Home Equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 11,197,637 | $ 11,691,545 | 11,478,191 |
Real estate loans | Home Equity | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 10,383,533 | 11,324,889 | |
Real estate loans | Home Equity | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 581,065 | 68,044 | |
Real estate loans | Home Equity | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 233,039 | 298,612 | |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 22,032,482 | 25,453,058 | 23,945,542 |
Commercial | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 21,714,472 | 25,117,982 | |
Commercial | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 46,638 | 51,196 | |
Commercial | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 271,372 | 283,880 | |
Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 14,611,902 | 16,102,856 | 10,854,507 |
Agricultural | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 13,622,473 | 15,110,606 | |
Agricultural | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 989,429 | $ 992,250 | |
Agricultural | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 13,383,278 | $ 13,741,093 | $ 12,465,317 |
Consumer loans | Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 13,152,401 | 13,501,477 | |
Consumer loans | Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 36,684 | 52,656 | |
Consumer loans | Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 194,193 | $ 186,960 |
LOAN PORTFOLIO COMPOSITION - Lo
LOAN PORTFOLIO COMPOSITION - Loan Portfolio Aging Analysis (Details 3) - Loans Receivable - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 1,777,050 | $ 2,166,123 | |
Current | 189,875,157 | 193,822,643 | |
Total Loans | $ 191,652,207 | $ 195,988,766 | $ 187,763,473 |
Total Loans >90 Days & Accruing | |||
30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 365,814 | $ 550,817 | |
60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 93,648 | 149,865 | |
Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 1,317,588 | 1,465,441 | |
Real estate loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | 141,624,545 | 140,691,759 | |
Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 780,033 | 1,045,812 | |
Current | 46,365,115 | 46,349,532 | |
Total Loans | $ 47,145,148 | $ 47,395,344 | 44,129,552 |
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 | $ 212,544 | $ 345,169 | |
Real estate loans | One-to-four family residential | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 35,846 | 77,588 | |
Real estate loans | One-to-four family residential | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 531,643 | 623,055 | |
Real estate loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 749,281 | 766,840 | |
Current | 41,317,506 | 39,614,840 | |
Total Loans | $ 42,066,787 | $ 40,381,680 | 41,494,647 |
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 | |||
Real estate loans | Commercial real estate | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 749,281 | $ 766,840 | |
Real estate loans | Agricultural real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
Current | $ 41,214,973 | $ 41,223,190 | |
Total Loans | $ 41,214,973 | $ 41,223,190 | 43,395,717 |
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 | |||
Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 71,612 | $ 157,942 | |
Current | 11,126,025 | 11,533,603 | |
Total Loans | $ 11,197,637 | $ 11,691,545 | 11,478,191 |
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 | $ 25,427 | $ 22,122 | |
Real estate loans | Home equity | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 36,443 | 66,305 | |
Real estate loans | Home equity | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 9,742 | $ 69,515 | |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 41,734 | ||
Current | 21,990,748 | $ 25,453,058 | |
Total Loans | $ 22,032,482 | $ 25,453,058 | 23,945,542 |
Total Loans >90 Days & Accruing | |||
Commercial | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 41,734 | ||
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 | |||
Current | $ 14,611,902 | $ 16,102,856 | |
Total Loans | $ 14,611,902 | $ 16,102,856 | 10,854,507 |
Total Loans >90 Days & Accruing | |||
Agricultural | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | |||
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 | $ 134,390 | $ 195,529 | |
Current | 13,248,888 | 13,545,564 | |
Total Loans | $ 13,383,278 | $ 13,741,093 | $ 12,465,317 |
Total Loans >90 Days & Accruing | |||
Consumer loans | 30-59 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 86,109 | $ 183,526 | |
Consumer loans | 60-89 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 21,359 | 5,972 | |
Consumer loans | Greater than 90 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 26,922 | $ 6,031 |
LOAN PORTFOLIO COMPOSITION - Im
LOAN PORTFOLIO COMPOSITION - Impaired Loans (Details 4) - Loans Receivable - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Balance, Total | $ 4,082,680 | $ 4,465,885 | $ 3,840,156 |
Unpaid Principal Balance, Total | 4,082,680 | 4,465,885 | 3,840,156 |
Specific Allowance, Total | 866,506 | 741,780 | 800,664 |
Average Impairment in Impaired Loans, Total | 4,273,336 | 4,748,866 | 4,141,743 |
Interest Income Recognized, Total | 58,474 | 65,913 | 217,926 |
Interest Income Recognized Cash Basis, Total | 86,101 | 83,083 | 180,961 |
Real estate loans | One-to-four family residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 106,506 | 125,019 | 111,166 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 106,506 | 125,019 | 111,166 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 205,469 | 214,838 | 211,346 |
Loans without a specific valuation allowance, Interest Income Recognized | 2,952 | 3,105 | 12,248 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 2,981 | 2,863 | 12,042 |
Loans with a specific valuation allowance, Recorded Balance | 549,824 | 573,536 | 547,568 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 549,824 | 573,536 | 547,568 |
Loans with a specific valuation allowance, Specific Allowance | 234,439 | 207,554 | 176,079 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 567,106 | 582,275 | 568,790 |
Loans with a specific valuation allowance, Interest Income Recognized | 8,056 | 10,868 | 32,908 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 5,753 | 9,060 | 25,352 |
Recorded Balance, Total | 656,330 | 698,555 | 658,734 |
Unpaid Principal Balance, Total | 656,330 | 698,555 | 658,734 |
Specific Allowance, Total | 234,439 | 207,554 | 176,079 |
Average Impairment in Impaired Loans, Total | 772,575 | 797,113 | 780,136 |
Interest Income Recognized, Total | 11,008 | 13,973 | 45,156 |
Interest Income Recognized Cash Basis, Total | 8,734 | 11,923 | 37,394 |
Real estate loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 815,495 | 854,026 | 516,560 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 815,495 | 854,026 | 516,560 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 773,399 | 887,087 | 663,640 |
Loans without a specific valuation allowance, Interest Income Recognized | 9,795 | 10,983 | 34,155 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 6,887 | 7,531 | 34,586 |
Loans with a specific valuation allowance, Recorded Balance | 1,060,082 | 1,121,354 | 1,081,970 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,060,082 | 1,121,354 | 1,081,970 |
Loans with a specific valuation allowance, Specific Allowance | 500,459 | 359,054 | 487,205 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 1,108,109 | 1,123,872 | 1,118,044 |
Loans with a specific valuation allowance, Interest Income Recognized | 16,666 | 16,764 | 67,505 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 22,558 | 5,040 | 47,864 |
Recorded Balance, Total | 1,875,577 | 1,975,380 | 1,598,530 |
Unpaid Principal Balance, Total | 1,875,577 | 1,975,380 | 1,598,530 |
Specific Allowance, Total | 500,459 | 359,054 | 487,205 |
Average Impairment in Impaired Loans, Total | 1,881,508 | 2,010,959 | 1,781,684 |
Interest Income Recognized, Total | 26,461 | 27,747 | 101,660 |
Interest Income Recognized Cash Basis, Total | 29,445 | 12,571 | 82,450 |
Real estate loans | Agricultural real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 814,272 | 985,606 | 839,546 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 814,272 | 985,606 | 839,546 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 824,530 | 998,835 | 864,705 |
Loans without a specific valuation allowance, Interest Income Recognized | 10,292 | 13,875 | 43,335 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 29,411 | 30,345 | 44,885 |
Recorded Balance, Total | 814,272 | 985,606 | 839,546 |
Unpaid Principal Balance, Total | $ 814,272 | $ 985,606 | $ 839,546 |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 824,530 | $ 998,835 | $ 864,705 |
Interest Income Recognized, Total | 10,292 | 13,875 | 43,335 |
Interest Income Recognized Cash Basis, Total | 29,411 | 30,345 | 44,885 |
Real estate loans | Home equity | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 53,940 | 47,181 | 48,418 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 53,940 | 47,181 | 48,418 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 51,701 | 38,916 | 43,342 |
Loans without a specific valuation allowance, Interest Income Recognized | 902 | 795 | 3,333 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 902 | 793 | 3,331 |
Loans with a specific valuation allowance, Recorded Balance | 9,742 | 9,982 | 9,922 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 9,742 | 9,982 | 9,922 |
Loans with a specific valuation allowance, Specific Allowance | 9,742 | 9,982 | 9,922 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 9,982 | 9,982 | 9,982 |
Loans with a specific valuation allowance, Interest Income Recognized | 252 | 175 | 810 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 181 | 181 | 722 |
Recorded Balance, Total | 63,682 | 57,163 | 58,340 |
Unpaid Principal Balance, Total | 63,682 | 57,163 | 58,340 |
Specific Allowance, Total | 9,742 | 9,982 | 9,922 |
Average Impairment in Impaired Loans, Total | 61,683 | 48,898 | 53,324 |
Interest Income Recognized, Total | 1,154 | 970 | 4,143 |
Interest Income Recognized Cash Basis, Total | 1,083 | 974 | 4,053 |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 80,258 | 237,590 | 80,172 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 80,258 | 237,590 | 80,172 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 80,258 | 289,166 | 83,509 |
Loans without a specific valuation allowance, Interest Income Recognized | $ 1,001 | $ 3,209 | 634 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 150 | ||
Loans with a specific valuation allowance, Recorded Balance | $ 185,611 | $ 231,446 | 197,456 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 185,611 | 231,446 | 197,456 |
Loans with a specific valuation allowance, Specific Allowance | 121,866 | 165,190 | 127,458 |
Loans with a specific valuation allowance, Average Impairment in Impaired Loans | 245,832 | 283,538 | 269,496 |
Loans with a specific valuation allowance, Interest Income Recognized | 3,659 | 3,207 | 11,517 |
Loans with a specific valuation allowance, Interest Income Recognized Cash Basis | 3,626 | 12,667 | 11,139 |
Recorded Balance, Total | 265,869 | 469,036 | 277,628 |
Unpaid Principal Balance, Total | 265,869 | 469,036 | 277,628 |
Specific Allowance, Total | 121,866 | 165,190 | 127,458 |
Average Impairment in Impaired Loans, Total | 326,090 | 572,704 | 353,005 |
Interest Income Recognized, Total | 4,660 | 6,416 | 12,151 |
Interest Income Recognized Cash Basis, Total | 3,626 | 12,667 | 11,289 |
Agricultural | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 406,950 | 272,021 | 406,950 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 406,950 | 272,021 | 406,950 |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 406,950 | 311,499 | 307,729 |
Loans without a specific valuation allowance, Interest Income Recognized | 4,899 | 2,762 | 11,403 |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 13,802 | 14,573 | 808 |
Recorded Balance, Total | 406,950 | 272,021 | 406,950 |
Unpaid Principal Balance, Total | $ 406,950 | $ 272,021 | $ 406,950 |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 406,950 | $ 311,499 | $ 307,729 |
Interest Income Recognized, Total | 4,899 | 2,762 | 11,403 |
Interest Income Recognized Cash Basis, Total | $ 13,802 | 14,573 | 808 |
Consumer loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 8,124 | 428 | |
Loans without a specific valuation allowance, Unpaid Principal Balance | 8,124 | 428 | |
Loans without a specific valuation allowance, Average Impairment in Impaired Loans | 8,858 | 1,160 | |
Loans without a specific valuation allowance, Interest Income Recognized | 170 | 78 | |
Loans without a specific valuation allowance, Interest Income Recognized Cash Basis | 30 | 82 | |
Recorded Balance, Total | 8,124 | 428 | |
Unpaid Principal Balance, Total | $ 8,124 | $ 428 | |
Specific Allowance, Total | |||
Average Impairment in Impaired Loans, Total | $ 8,858 | $ 1,160 | |
Interest Income Recognized, Total | 170 | 78 | |
Interest Income Recognized Cash Basis, Total | $ 30 | $ 82 |
LOAN PORTFOLIO COMPOSITION - Re
LOAN PORTFOLIO COMPOSITION - Recorded Balance at Original Cost of Troubled Debt Restructurings (Details 5) - Loans Receivable - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 2,615,923 | $ 2,609,454 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | 778,929 | 723,421 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 1,675,565 | $ 1,708,013 |
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 | $ 9,344 | $ 10,897 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost | $ 48,154 | $ 57,783 |
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 | $ 103,931 | $ 109,340 |
LOAN PORTFOLIO COMPOSITION - 41
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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 1,654,084 | $ 1,622,112 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | 587,786 | 526,004 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 926,284 | $ 941,173 |
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 | $ 9,344 | $ 10,897 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, original cost, performing | $ 48,154 | $ 57,783 |
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 | $ 82,516 | $ 86,255 |
LOAN PORTFOLIO COMPOSITION - 42
LOAN PORTFOLIO COMPOSITION - Loans Modified as Troubled Debt Restructurings (Details 7) - Loans Receivable | 3 Months Ended | |
Mar. 31, 2016USD ($)Loan | Mar. 31, 2015USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | 1 | 2 |
Troubled debt restructurings, recorded investment | $ | $ 41,107 | $ 109,826 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | 1 | 1 |
Troubled debt restructurings, recorded investment | $ | $ 41,107 | $ 107,357 |
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 | $ | ||
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 | 1 | |
Troubled debt restructurings, recorded investment | $ | $ 2,469 |
LOAN PORTFOLIO COMPOSITION - No
LOAN PORTFOLIO COMPOSITION - Nonaccrual Loans (Details 8) - Loans Receivable - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 1,802,018 | $ 2,021,153 |
Real estate loans | One-to-four family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | 719,195 | 911,283 |
Real estate loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 816,432 | $ 840,449 |
Real estate loans | Agricultural real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | ||
Real estate loans | Home equity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 103,513 | $ 118,502 |
Commercial loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans excludes performing troubled debt restructurings | $ 5,788 | $ 9,314 |
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 | $ 157,090 | $ 141,605 |
LOAN PORTFOLIO COMPOSITION (Det
LOAN PORTFOLIO COMPOSITION (Detail Textuals) | 3 Months Ended | |
Mar. 31, 2016USD ($)Loan | Mar. 31, 2015USD ($)Loan | |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | 1 | 2 |
Troubled debt restructurings, recorded investment | $ 41,107 | $ 109,826 |
Loans Receivable | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan commitments reimbursement period | 45 days | |
Percentage of total applicant's monthly mortgage payment total monthly income | 30.00% | |
Percentage of applicant's total monthly obligations to total monthly income | 43.00% | |
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 | One-to-Four Family Mortgage Loans | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity term | 1 year | |
Loans Receivable | One-to-Four Family Mortgage Loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity term | 5 years | |
Loans Receivable | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | 1 | 1 |
TDR's defaulted as they were more than 90 days past due | $ 749,281 | $ 794,110 |
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 | 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 | 1 |
Troubled debt restructurings, recorded investment | $ 41,107 | $ 107,357 |
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 | |
Loans Receivable | Real estate loans | Commercial Real Estate Loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans maturity 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 | |
Loans Receivable | Real estate loans | Agricultural Real Estate Loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans adjustment term | 5 years | |
Loan to value ratios | 75.00% | |
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 | ||
TDR's defaulted as they were more than 90 days past due | $ 3,238 | |
Loans Receivable | Real estate loans | Home Equity Loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans adjustment term | 10 years | |
Loans Receivable | Real estate loans | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | 3 | 3 |
TDR's defaulted as they were more than 90 days past due | $ 191,144 | $ 203,578 |
Loans Receivable | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, number of modification | Loan | ||
Troubled debt restructurings, recorded investment | ||
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 | 1 | |
Troubled debt restructurings, recorded investment | $ 2,469 | |
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 maturity term | 15 years |
INVESTMENTS - Amortized Cost an
INVESTMENTS - Amortized Cost and Approximate Fair Value of Available-for-Sale Securities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 80,837,261 | $ 86,275,846 |
Gross Unrealized Gains | 1,752,641 | 1,563,287 |
Gross Unrealized Losses | (192,115) | (365,801) |
Available-for-sale securities, Fair Value | 82,397,787 | 87,473,332 |
U.S. government and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 18,094,872 | 15,979,475 |
Gross Unrealized Gains | 134,043 | 44,972 |
Gross Unrealized Losses | (28,855) | (85,750) |
Available-for-sale securities, Fair Value | 18,200,060 | 15,938,697 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 20,386,254 | 23,067,200 |
Gross Unrealized Gains | 313,560 | 211,987 |
Gross Unrealized Losses | (26,729) | (100,792) |
Available-for-sale securities, Fair Value | 20,673,085 | 23,178,395 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 42,356,135 | 47,229,171 |
Gross Unrealized Gains | 1,305,038 | 1,306,328 |
Gross Unrealized Losses | (136,531) | (179,259) |
Available-for-sale securities, Fair Value | $ 43,524,642 | $ 48,356,240 |
INVESTMENTS - Amortized Cost 46
INVESTMENTS - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturities (Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Within one year | $ 1,283,331 | |
More than one year to five years | 7,919,604 | |
More than five years to ten years | 36,423,253 | |
After ten years | 14,824,819 | |
Available-for-sale securities, single maturity date, amortized cost | 60,451,007 | |
Mortgage-backed securities (government- sponsored enterprises - residential) | 20,386,254 | |
Available-for-sale securities, amortized cost, total | 80,837,261 | |
Fair Value | ||
Within one year | 1,286,737 | |
More than one year to five years | 8,203,234 | |
More than five years to ten years | 37,138,652 | |
After ten years | 15,096,079 | |
Available-for-sale securities, single maturity date, fair value | 61,724,702 | $ 64,294,937 |
Mortgage-backed securities (government- sponsored enterprises - residential) | 20,673,085 | $ 23,178,395 |
Available-for-sale securities, fair value, total | $ 82,397,787 |
INVESTMENTS - Gross Unrealized
INVESTMENTS - Gross Unrealized Losses and Fair Value in Continuous Loss Position (Details 2) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (93,021) | $ (143,474) |
Less Than Twelve Months, Fair Value | 13,827,494 | 19,875,059 |
Twelve Months or More, Gross Unrealized Losses | (99,094) | (222,327) |
Twelve Months or More, Fair Value | 4,745,885 | 10,801,709 |
Gross Unrealized Losses | (192,115) | (365,801) |
Fair Value | 18,573,379 | 30,676,768 |
U.S. government agencies | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (21,456) | (49,205) |
Less Than Twelve Months, Fair Value | 4,315,863 | 8,591,014 |
Twelve Months or More, Gross Unrealized Losses | (7,399) | (36,545) |
Twelve Months or More, Fair Value | 391,880 | 1,809,745 |
Gross Unrealized Losses | (28,855) | (85,750) |
Fair Value | 4,707,743 | 10,400,759 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (10,801) | (45,886) |
Less Than Twelve Months, Fair Value | 2,898,027 | 5,843,754 |
Twelve Months or More, Gross Unrealized Losses | (15,928) | (54,906) |
Twelve Months or More, Fair Value | 1,238,174 | 2,257,674 |
Gross Unrealized Losses | (26,729) | (100,792) |
Fair Value | 4,136,201 | 8,101,428 |
Municipal bonds | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (60,764) | (48,383) |
Less Than Twelve Months, Fair Value | 6,613,604 | 5,440,291 |
Twelve Months or More, Gross Unrealized Losses | (75,767) | (130,876) |
Twelve Months or More, Fair Value | 3,115,831 | 6,734,290 |
Gross Unrealized Losses | (136,531) | (179,259) |
Fair Value | $ 9,729,435 | $ 12,174,581 |
INVESTMENTS (Detail Textuals)
INVESTMENTS (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments, Unrealized Loss Position [Line Items] | |||
Securities pledged as collateral | $ 28,173,000 | $ 25,681,000 | |
Securities sold under agreements to repurchase | 3,947,000 | 7,591,000 | |
Gross realized gains on sales of available-for-sale securities | 105,000 | $ 165,000 | |
Gross realized losses on sales of available-for-sale securities | 3,000 | $ 32,000 | |
Debt securities, fair value | $ 18,573,000 | $ 30,677,000 | |
Percentage of available-for-sale investment portfolio | 23.00% | 35.00% | |
Time deposits in other banks | |||
Investments, Unrealized Loss Position [Line Items] | |||
Repurchase agreements secured by debt | $ 1,482,000 | ||
U.S. government agency bonds | |||
Investments, Unrealized Loss Position [Line Items] | |||
Repurchase agreements secured by debt | 598,000 | ||
Mortgage backed securities | |||
Investments, Unrealized Loss Position [Line Items] | |||
Repurchase agreements secured by debt | $ 4,687,000 |
ACCUMULATED OTHER COMPREHENSI49
ACCUMULATED OTHER COMPREHENSIVE INCOME - Other Comprehensive Income Components and Related Taxes (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net-of-tax amount | $ 1,029,947 | $ 790,341 |
Unrealized gains (losses) on available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gains on securities available-for-sale | 1,560,526 | 1,197,486 |
Tax effect | (530,579) | (407,145) |
Net-of-tax amount | $ 1,029,947 | $ 790,341 |
CHANGES IN ACCUMULATED OTHER 50
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized gains on sales of available-for-sale securities | $ 101,561 | $ 133,216 |
Tax effect | (34,531) | (45,293) |
Total reclassification out of AOCI | 67,030 | 87,923 |
Reclassification out of Accumulated Other Comprehensive Income | Income taxes | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax effect | (34,531) | (45,293) |
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 | 67,030 | 87,923 |
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 | $ 101,561 | $ 133,216 |
DISCLOSURES ABOUT FAIR VALUE 51
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurements of Assets Recognized in Balance Sheets on Recurring Basis (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 82,397,787 | $ 87,473,332 |
U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 18,200,060 | 15,938,697 |
Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 20,673,085 | 23,178,395 |
Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 43,524,642 | 48,356,240 |
Recurring | U.S. Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 18,200,060 | 15,938,697 |
Recurring | Mortgage-backed securities (government-sponsored enterprises - residential) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | 20,673,085 | 23,178,395 |
Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 43,524,642 | $ 48,356,240 |
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 | $ 18,200,060 | $ 15,938,697 |
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 | 20,673,085 | 23,178,395 |
Significant Other Observable Inputs (Level 2) | Recurring | Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale | $ 43,524,642 | $ 48,356,240 |
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 52
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis (Details 1) - Nonrecurring - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired loans (collateral dependent) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 680,572 | $ 899,981 |
Real Estate Owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 42,400 | |
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) | Real Estate Owned | ||
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) | Real Estate Owned | ||
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 | $ 680,572 | $ 899,981 |
Significant Unobservable Inputs (Level 3) | Real Estate Owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 42,400 |
DISCLOSURES ABOUT FAIR VALUE 53
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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 | $ 680,572 | $ 899,981 |
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 (%) | 20.00% | 20.00% |
Collateral-dependent impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 30.00% | 30.00% |
Collateral-dependent impaired loans | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 25.00% | 25.00% |
Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 42,400 | |
Valuation Technique | Market comparable Properties | |
Unobservable Inputs | Comparability Adjustment | |
Real Estate Owned | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Comparability adjustments (%) | 6.00% |
DISCLOSURES ABOUT FAIR VALUE 54
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES - Estimated Fair Values of Other Financial Instruments (Details 3) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | $ 7,442,323 | $ 4,103,432 |
Interest-earning time deposits | 2,724,000 | 2,724,000 |
Other investments | 60,007 | 62,223 |
Loans held for sale | 112,449 | 539,000 |
Loans, net of allowance for loan losses | 188,691,035 | 193,039,879 |
Federal Home Loan Bank stock | 1,113,800 | 1,113,800 |
Interest receivable | 1,851,308 | 1,715,676 |
Financial Liabilities | ||
Deposits | 243,908,970 | 239,281,930 |
Short-term borrowings | 3,946,947 | 15,131,710 |
Advances from borrowers for taxes and insurance | 1,511,505 | 990,917 |
Interest payable | $ 106,747 | $ 118,335 |
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 | $ 7,442,323 | $ 4,103,432 |
Interest-earning time deposits | $ 2,724,000 | $ 2,724,000 |
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 | ||
Other investments | $ 60,007 | $ 62,223 |
Loans held for sale | $ 112,449 | $ 539,000 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | $ 1,113,800 | $ 1,113,800 |
Interest receivable | 1,851,308 | 1,715,676 |
Financial Liabilities | ||
Deposits | 166,734,358 | 160,227,406 |
Short-term borrowings | 3,946,947 | 6,631,710 |
Advances from borrowers for taxes and insurance | 1,511,505 | 990,917 |
Interest payable | $ 106,747 | $ 118,335 |
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 | $ 188,555,889 | $ 193,006,301 |
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial Liabilities | ||
Deposits | $ 78,229,853 | $ 80,300,060 |
Short-term borrowings | $ 8,500,000 | |
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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Balance, beginning of period | $ 597,713 | $ 632,634 |
Servicing rights capitalized | 9,671 | 73,650 |
Amortization of servicing rights | (19,120) | (118,186) |
Change in valuation allowance | 3,326 | 9,615 |
Balance, end of period | $ 591,590 | $ 597,713 |
MORTGAGE SERVICING RIGHTS - Act
MORTGAGE SERVICING RIGHTS - Activity in the valuation allowance for mortgage servicing rights (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Balance, beginning of period | $ 47,354 | |
Balance, end of period | 44,028 | $ 47,354 |
Capitalized mortgage servicing rights | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Balance, beginning of period | $ 47,354 | $ 56,969 |
Additions | ||
Reductions | $ (3,326) | $ (9,615) |
Balance, end of period | $ 44,028 | $ 47,354 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Computed at the statutory rate (34%) | $ 386,491 | $ 366,218 |
Increase (decrease) resulting from | ||
Tax exempt interest | (113,550) | (107,610) |
State income taxes, net | 51,698 | 48,124 |
Increase in cash surrender value | (14,817) | (14,937) |
Other, net | (461) | (941) |
Actual tax expense | $ 309,361 | $ 290,854 |
INCOME TAXES - Reconciliation58
INCOME TAXES - Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Parentheticals) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Statutory income tax rate | 34.00% |