Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 8-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'FRTR | ' |
Entity Registrant Name | 'FRATERNITY COMMUNITY BANCORP INC | ' |
Entity Central Index Key | '0001503063 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,392,923 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents: | ' | ' |
Cash and due from banks | $789,678 | $973,466 |
Interest-bearing deposits in other banks | 11,277,399 | 14,378,207 |
Total cash and cash equivalents | 12,067,077 | 15,351,673 |
Investment securities: | ' | ' |
Available-for-sale - at fair value | 16,431,981 | 16,354,661 |
Held-to-maturity - at amortized cost (fair value approximates $8,011,067 and $8,101,210, respectively) | 7,924,132 | 8,069,424 |
Loans - net of allowance for loan losses of $1,528,000 (2014 and 2013) | 117,117,231 | 114,577,707 |
Other real estate owned | 2,049,405 | 1,921,706 |
Property and equipment, net | 922,476 | 948,907 |
Federal Home Loan Bank stock - at cost - restricted | 1,049,800 | 1,103,700 |
Ground rents - net of valuation allowance of $44,703 (2014 and 2013) | 829,243 | 829,243 |
Accrued interest receivable | 561,108 | 504,599 |
Investment in bank-owned life insurance | 4,732,326 | 4,692,872 |
Deferred income taxes | 1,241,974 | 1,384,832 |
Other assets | 630,645 | 630,864 |
TOTAL ASSETS | 165,557,398 | 166,370,188 |
Liabilities: | ' | ' |
Deposits | 116,570,686 | 118,100,920 |
Advances from the Federal Home Loan Bank | 20,000,000 | 20,000,000 |
Advances by borrowers for taxes and insurance | 1,078,575 | 658,173 |
Other liabilities | 827,139 | 806,844 |
Total liabilities | 138,476,400 | 139,565,937 |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; authorized 1,000,000; none issued | 0 | 0 |
Common stock, $0.01 par value; authorized 15,000,000; issued and outstanding, 1,392,923 shares at March 31, 2014 and December 31, 2013 | 13,929 | 13,929 |
Additional paid in capital | 12,292,736 | 12,236,878 |
Retained earnings - substantially restricted | 16,127,675 | 16,175,369 |
Unearned ESOP shares | -925,750 | -952,200 |
Accumulated other comprehensive loss | -427,592 | -669,725 |
Total stockholders' equity | 27,080,998 | 26,804,251 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $165,557,398 | $166,370,188 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Held-to-maturity - at amortized cost, fair value approximates | $8,011,067 | $8,101,210 |
Loans, allowance for loan losses | 1,528,000 | 1,528,000 |
Ground rents, valuation allowance | $44,703 | $44,703 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 15,000,000 | 15,000,000 |
Common stock, issued | 1,392,923 | 1,392,923 |
Common stock, outstanding | 1,392,923 | 1,392,923 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest and fees on loans: | ' | ' |
Real estate loans | $1,373,736 | $1,407,762 |
Other loans | 1,245 | 1,265 |
Interest and dividends on investments and bank deposits | 182,927 | 179,032 |
Income from ground rents owned | 10,389 | 11,495 |
Total interest income | 1,568,297 | 1,599,554 |
INTEREST EXPENSE: | ' | ' |
Interest on deposits | 289,273 | 374,520 |
Interest on borrowings - short term | 7,027 | 3,175 |
Interest on borrowings - long term | 144,938 | 144,938 |
Total interest expense | 441,238 | 522,633 |
NET INTEREST INCOME | 1,127,059 | 1,076,921 |
(Recovery of) provision for loan losses | -3,027 | 20,944 |
NET INTEREST INCOME AFTER (RECOVERY OF) PROVISION FOR LOAN LOSSES | 1,130,086 | 1,055,977 |
NON-INTEREST INCOME: | ' | ' |
Gain on sale of investment securities | ' | 43,335 |
Income on bank-owned life insurance | 39,454 | 39,808 |
Gain on sale of loans | ' | 35,779 |
Other income | -523 | 5,795 |
Total non-interest income | 38,931 | 124,717 |
NON-INTEREST EXPENSES: | ' | ' |
Salaries and employee benefits | 631,495 | 571,528 |
Occupancy expenses | 147,066 | 136,565 |
Legal fees | 29,787 | 25,814 |
Federal Deposit Insurance premiums | 31,902 | 35,434 |
Accounting and auditing expense | 41,537 | 44,367 |
Data processing expense | 115,574 | 108,615 |
Directors fees | 36,306 | 24,655 |
Other general and administrative expenses | 229,799 | 157,706 |
Total non-interest expenses | 1,263,466 | 1,104,684 |
(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE | -94,449 | 76,010 |
INCOME TAX (BENEFIT) EXPENSE | -46,755 | 10,780 |
NET (LOSS) INCOME | ($47,694) | $65,230 |
(LOSS) EARNINGS PER COMMON SHARE - BASIC AND DILUTED | ($0.03) | $0.05 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net (loss) income | ($47,694) | $65,230 |
Unrealized gains on available-for-sale securities: | ' | ' |
Unrealized holding (losses) gains arising during the period | 403,555 | -67,063 |
Less: income tax (benefit) expense on unrealized gains (losses) | -161,422 | 26,825 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Total | 242,133 | -40,238 |
Less: Reclassification adjustment for realized gains | ' | -43,335 |
Income taxes on reclassification adjustment | ' | 17,334 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | ' | -26,001 |
OTHER COMPREHENSIVE INCOME (LOSS) | 242,133 | -66,239 |
COMPREHENSIVE INCOME (LOSS) | $194,439 | ($1,009) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2012 | $29,282,667 | $15,061 | $13,965,375 | $16,285,930 | ($1,058,000) | $74,301 |
Net (loss) income | 65,230 | 0 | 0 | 65,230 | 0 | 0 |
Other Comprehensive Income (Loss) | -66,239 | 0 | 0 | 0 | 0 | -66,239 |
Common stock repurchased | -447,125 | -340 | -446,785 | 0 | 0 | 0 |
ESOP shares released or committed for release | 35,892 | 0 | 9,442 | 0 | 26,450 | 0 |
Ending Balance at Mar. 31, 2013 | 28,870,425 | 14,721 | 13,528,032 | 16,351,160 | -1,031,550 | 8,062 |
Beginning Balance at Dec. 31, 2013 | 26,804,251 | 13,929 | 12,236,878 | 16,175,369 | -952,200 | -669,725 |
Net (loss) income | -47,694 | 0 | 0 | -47,694 | 0 | 0 |
Other Comprehensive Income (Loss) | 242,133 | 0 | 0 | 0 | 0 | 242,133 |
Restricted Stock Awards, net of repurchases $0 | 26,303 | 0 | 26,303 | 0 | 0 | 0 |
Stock Options | 18,314 | 0 | 18,314 | 0 | 0 | 0 |
ESOP shares released or committed for release | 37,691 | 0 | 11,241 | 0 | 26,450 | 0 |
Ending Balance at Mar. 31, 2014 | $27,080,998 | $13,929 | $12,292,736 | $16,127,675 | ($925,750) | ($427,592) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock | |
Restricted Stock Awards, repurchases | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net (loss) income | ($47,694) | $65,230 |
Adjustments to reconcile net (loss) income provided by (used in) operating activities: | ' | ' |
Depreciation | 29,529 | 23,505 |
Gain on sale of available-for-sale securities | ' | -43,335 |
Loss on sale of other real estate owned | 3,131 | 0 |
Gain on sale of loans | ' | -35,779 |
Origination of loans held for sale | ' | -1,870,884 |
Proceeds from sale of loans held for sale | ' | 1,906,663 |
Amortization/accretion of premium/discount | 45,406 | -217,015 |
Increase in value of bank-owned life insurance | -39,454 | -39,808 |
Stock based compensation | 44,617 | 0 |
Stock based compensation (ESOP) | 37,691 | 35,892 |
(Recovery of) provision for loan losses | -3,027 | 20,944 |
Changes in operating assets and liabilities: | ' | ' |
Accrued interest receivable and other assets | -56,290 | -65,342 |
Other liabilities | 20,295 | -21,917 |
Net cash provided by (used in) operating activities | 34,204 | -241,846 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Net (increase) decrease in loans | -2,536,497 | 1,310,651 |
Acquisition of property and equipment | -3,098 | -34,058 |
Increase in value of other real estate owned | -310,399 | -99,299 |
Purchase of: | ' | ' |
Investment securities available-for-sale | ' | -5,503,794 |
Proceeds from: | ' | ' |
Sales and maturities of investment securities available-for-sale | ' | 4,136,072 |
Principal paydowns on investment securities available-for-sale | 286,628 | 887,433 |
Principal paydowns on investment securities held-to-maturity | 120,929 | 144,259 |
Sale of Federal Home Loan Bank stock | 53,900 | 59,300 |
Sale of other real estate owned | 179,569 | 0 |
Net cash (used in) provided by investing activities | -2,208,968 | 900,564 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net decrease in deposits | -1,530,234 | -2,951,640 |
Repurchase of common stock | ' | -447,125 |
Increase in advances by borrowers for taxes and insurance | 420,402 | 399,886 |
Net cash used in financing activities | -1,109,832 | -2,998,879 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -3,284,596 | -2,340,161 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,351,673 | 18,178,281 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 12,067,077 | 15,838,120 |
Cash paid for interest | 441,661 | 522,867 |
Cash paid for taxes | 0 | 0 |
Transfer of loans to other real estate owned | $410,399 | $0 |
NATURE_OF_OPERATIONS_AND_SUMMA
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |
Mar. 31, 2014 | ||
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations | ||
Fraternity Community Bancorp, Inc. (the “Company”) was incorporated on October 12, 2010 to serve as the holding company for Fraternity Federal Savings & Loan Association (the “Bank”), a federally chartered savings bank. On March 31, 2011, in accordance with a Plan of Conversion adopted by its Board of Directors and approved by its members, the Bank converted from a federal mutual savings bank to a federal stock savings bank and became the wholly owned subsidiary of the Company. The conversion was accomplished through the sale and issuance of 1,587,000 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of approximately $14,968,600, net of offering expenses of approximately $901,400. In connection with the conversion, the Bank’s Board of Directors adopted an employee stock ownership plan (the “ESOP”) which subscribed for 8% of the sum of the number of shares, or 126,960 shares of common stock sold in the offering. All material intercompany accounts and transactions have been eliminated in consolidation. | ||
In accordance with the Office of the Comptroller of the Currency (the “OCC”) regulations, upon the completion of the conversion, the Bank restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | ||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or any other period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain amounts from prior period financial statements may have been reclassified to conform to the current period’s presentation. | ||
Nature of Operations | ||
Fraternity Federal Savings and Loan (the “Bank”) provides a full range of banking services to individuals and businesses through its main office and three branches in the Baltimore metropolitan area. Its primary deposit products are certificates of deposit and demand, savings, NOW, and money market accounts. Its primary lending products are consumer loans and real estate mortgages. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Earnings per Common Share | ||
Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unallocated ESOP shares. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock grants. | ||
Stock-Based Compensation | ||
Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | ||
Comprehensive Income | ||
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of related taxes, which are also recognized as separate components of shareholders’ equity. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||
2 | INVESTMENT SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair values of investment securities are as follows: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,500,000 | $ | 17,490 | $ | 0 | $ | 1,517,490 | |||||||||||||||||
Obligations of U.S. Government Agencies | 5,997,719 | 0 | 535,779 | 5,461,940 | |||||||||||||||||||||
Municipal Bonds | 1,000,000 | 0 | 13,720 | 986,280 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 5,777,250 | 24,456 | 152,797 | 5,648,909 | |||||||||||||||||||||
GNMA | 1,138,718 | 7,367 | 1,503 | 1,144,582 | |||||||||||||||||||||
FHLMC | 586,758 | 5,458 | 0 | 592,216 | |||||||||||||||||||||
Federal Agency CMO | 873,484 | 0 | 63,665 | 809,819 | |||||||||||||||||||||
Private Label CMO | 264,174 | 6,571 | 0 | 270,745 | |||||||||||||||||||||
$ | 17,138,103 | $ | 61,342 | $ | 767,464 | $ | 16,431,981 | ||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 2,116,719 | $ | 30,088 | $ | 29,722 | $ | 2,117,085 | |||||||||||||||||
SBA Pools | 1,084,160 | 0 | 58,260 | 1,025,900 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 4,723,253 | 144,829 | 0 | 4,868,082 | |||||||||||||||||||||
$ | 7,924,132 | $ | 174,917 | $ | 87,982 | $ | 8,011,067 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,500,000 | $ | 0 | $ | 1,845 | $ | 1,498,155 | |||||||||||||||||
Obligations of U.S. Government Agencies | 5,997,686 | 0 | 759,026 | 5,238,660 | |||||||||||||||||||||
Municipal Bonds | 1,000,000 | 0 | 88,700 | 911,300 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 5,945,252 | 24,257 | 191,649 | 5,777,860 | |||||||||||||||||||||
GNMA | 1,186,994 | 7,640 | 21,492 | 1,173,142 | |||||||||||||||||||||
FHLMC | 623,033 | 4,343 | 911 | 626,465 | |||||||||||||||||||||
Federal Agency CMO | 909,604 | 0 | 68,664 | 840,940 | |||||||||||||||||||||
Private Label CMO | 283,206 | 4,933 | 0 | 288,139 | |||||||||||||||||||||
$ | 17,445,775 | $ | 41,173 | $ | 1,132,287 | $ | 16,354,661 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 2,123,116 | $ | 3,863 | $ | 52,573 | $ | 2,074,406 | |||||||||||||||||
SBA Pools | 1,197,400 | 0 | 54,447 | 1,142,953 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 4,748,908 | 137,053 | 2,110 | 4,883,851 | |||||||||||||||||||||
$ | 8,069,424 | $ | 140,916 | $ | 109,130 | $ | 8,101,210 | ||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2014 and December 31, 2013 by contractual maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have to call or repay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in less than one year | $ | 1,500,467 | $ | 1,517,948 | |||||||||||||||||||||
Due in one year through five years | 5,832 | 5,782 | |||||||||||||||||||||||
Due in five years through ten years | 719,104 | 728,137 | |||||||||||||||||||||||
Due after ten years | 14,912,700 | 14,180,114 | |||||||||||||||||||||||
$ | 17,138,103 | $ | 16,431,981 | ||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year through five years | $ | 3,415,144 | $ | 3,517,454 | |||||||||||||||||||||
Due in five years through ten years | 2,596,372 | 2,613,079 | |||||||||||||||||||||||
Due after ten years | 1,912,616 | 1,880,534 | |||||||||||||||||||||||
$ | 7,924,132 | $ | 8,011,067 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in less than one year | $ | 1,500,000 | $ | 1,498,155 | |||||||||||||||||||||
Due in one year through five years | 7,415 | 7,364 | |||||||||||||||||||||||
Due in five years through ten years | 778,271 | 786,833 | |||||||||||||||||||||||
Due after ten years | 15,160,089 | 14,062,309 | |||||||||||||||||||||||
$ | 17,445,775 | $ | 16,354,661 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year through five years | $ | 3,541,943 | $ | 3,649,827 | |||||||||||||||||||||
Due in five years through ten years | 2,072,862 | 2,036,709 | |||||||||||||||||||||||
Due after ten years | 2,454,619 | 2,414,674 | |||||||||||||||||||||||
$ | 8,069,424 | $ | 8,101,210 | ||||||||||||||||||||||
The Bank recognized gross gains on sales of available-for-sale securities of $0 and $43,335 for the three months ended March 31, 2014 and 2013, respectively. The Bank recognized gross losses on sales of available-for-sale securities of $0 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Securities with unrealized losses, segregated by length of impairment, as of March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies | $ | 2,760,620 | $ | 238,552 | $ | 2,701,320 | $ | 297,227 | $ | 5,461,940 | $ | 535,779 | |||||||||||||
Municipal Bonds | 986,280 | 13,720 | 0 | 0 | 986,280 | 13,720 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 0 | 0 | 3,930,619 | 152,797 | 3,930,619 | 152,797 | |||||||||||||||||||
GNMA | 0 | 0 | 1,083,030 | 1,503 | 1,083,030 | 1,503 | |||||||||||||||||||
Federal Agency CMO | 0 | 0 | 809,819 | 63,665 | 809,819 | 63,665 | |||||||||||||||||||
$ | 3,746,900 | $ | 252,272 | $ | 8,524,788 | $ | 515,192 | $ | 12,271,688 | $ | 767,464 | ||||||||||||||
Held-to-Maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 1,070,350 | $ | 4,001 | $ | 481,335 | $ | 25,721 | $ | 1,551,685 | $ | 29,722 | |||||||||||||
SBA Pools | 810,184 | 28,082 | 215,716 | 30,178 | 1,025,900 | 58,260 | |||||||||||||||||||
$ | 1,880,534 | $ | 32,083 | $ | 697,051 | $ | 55,899 | $ | 2,577,585 | $ | 87,982 | ||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 0 | $ | 0 | $ | 1,498,155 | $ | 1,845 | $ | 1,498,155 | $ | 1,845 | |||||||||||||
Obligations of U.S. Government Agencies | 3,944,880 | 552,806 | 1,293,780 | 206,220 | 5,238,660 | 759,026 | |||||||||||||||||||
Municipal Bonds | 911,300 | 88,700 | 0 | 0 | 911,300 | 88,700 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 3,949,576 | 191,457 | 21,661 | 192 | 3,971,237 | 191,649 | |||||||||||||||||||
GNMA | 1,109,080 | 21,492 | 0 | 0 | 1,109,080 | 21,492 | |||||||||||||||||||
FHLMC | 414,957 | 911 | 0 | 0 | 414,957 | 911 | |||||||||||||||||||
Federal Agency CMO | 0 | 0 | 840,940 | 68,664 | 840,940 | 68,664 | |||||||||||||||||||
$ | 10,329,793 | $ | 855,366 | $ | 3,654,536 | $ | 276,921 | $ | 13,984,329 | $ | 1,132,287 | ||||||||||||||
Held-to-Maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 1,058,760 | $ | 18,530 | $ | 474,706 | $ | 34,043 | $ | 1,533,466 | $ | 52,573 | |||||||||||||
SBA Pools | 814,974 | 25,278 | 327,979 | 29,169 | 1,142,953 | 54,447 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 1,562,003 | 2,110 | 0 | 0 | 1,562,003 | 2,110 | |||||||||||||||||||
$ | 3,435,737 | $ | 45,918 | $ | 802,685 | $ | 63,212 | $ | 4,238,422 | $ | 109,130 | ||||||||||||||
Declines in the fair value of investment securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. | |||||||||||||||||||||||||
Furthermore, as of March 31, 2014, management does not have the intent to sell any of the securities classified as available-for-sale in the table above and believes that it is more likely than not that the Bank will not have to sell any such securities before a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2014, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Bank’s consolidated income statement. |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||||||||||||||||||||||
3 | LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||||||||||
Loans and allowance for loan losses consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied One- to- four family | $ | 79,776,558 | $ | 79,190,821 | |||||||||||||||||||||||||||||||||||||
Non Owner Occupied One- to- four family | 12,550,181 | 12,405,389 | |||||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 7,414,347 | 8,129,950 | |||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 15,836,546 | 13,164,122 | |||||||||||||||||||||||||||||||||||||||
Residential Construction | 2,303,237 | 2,463,458 | |||||||||||||||||||||||||||||||||||||||
Land | 682,556 | 685,464 | |||||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 118,563,425 | 116,039,204 | |||||||||||||||||||||||||||||||||||||||
Consumer Loans | 65,756 | 66,503 | |||||||||||||||||||||||||||||||||||||||
Commercial Loans | 16,050 | 0 | |||||||||||||||||||||||||||||||||||||||
Total Loans | 118,645,231 | 116,105,707 | |||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,528,000 | ) | (1,528,000 | ) | |||||||||||||||||||||||||||||||||||||
Total loans and allowance for loan losses | $ | 117,117,231 | $ | 114,577,707 | |||||||||||||||||||||||||||||||||||||
Management segregates its loan portfolio into portfolio segments which is defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. These risk factors are periodically reviewed by management and revised as deemed appropriate. The Company’s loan portfolio is segregated into the following portfolio segments: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied One- To- Four Family Residential Loans. This portfolio segment consists of the origination of first mortgage loans and closed end home equity second mortgage loans secured by one- to- four family residential properties located in our market area. The Company offers both fixed and adjustable rate products on properties located in the Company’s primary market area. These loans are generally for terms of 15, 20 and 30 years amortized on a monthly basis. The Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as employment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||||||||||||||||||||
Non Owner Occupied One- To- Four Family Real Estate Loans. Loans secured by investment properties represent a unique credit risk to us and, as a result, we adhere to special underwriting guidelines. Of primary concern in non-owner occupied real estate lending is the consistency of rental income of the property. Payments on loans secured by rental properties often depend on the maintenance of the property and the payment of rent by its tenants. Payments on loans secured by rental properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to adverse conditions in the real estate market or the economy. We generally require collateral on these loans to be a first mortgage along with an assignment of rents and leases, although we might accept a second mortgage where the combined loan-to-value ratio is low. | |||||||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit. This portfolio segment consists primarily of open end, second mortgage loans secured by one–to- four family residential properties. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as employment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate Loans. This portfolio segment consists primarily of loans secured by commercial real estate. Loans secured by commercial real estate generally may have larger balances and more risk of default than one-to- four family mortgage loans. The increased risk is the result of several factors, including the concentration of principal in a limited number of loans and borrowers, the impact of local and general economic conditions on the borrower’s ability to repay the loan, and the increased difficulty of evaluating and monitoring these types of loans. | |||||||||||||||||||||||||||||||||||||||||
Residential Construction Loans. This portfolio includes construction loans to individuals and builders, primarily for the construction of residential properties. Construction financing generally involves greater risk than long-term financing on improved, owner-occupied real estate. Our portfolio consists of construction/permanent loans to individuals for their principal residence, as well as occasionally offering speculative construction loans to builders. Construction loans are underwritten on the basis of the estimated value of the property as completed. For our construction/permanent loans to individuals for their principal residence, repayment is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as employment levels. Repayment can also be impacted by changes in property values on residential properties. For our speculative construction loans to builders, repayment is primarily dependent on the cashflows of the builder and the success of the project. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long term financing. | |||||||||||||||||||||||||||||||||||||||||
Land. This portfolio consists primarily of first mortgage loans on developed residential land. Land loans have a higher level of risk than loans for the purchase of existing homes since collateral values can only be estimated at the time the loan is approved. | |||||||||||||||||||||||||||||||||||||||||
Consumer Loans. This portfolio segment includes small balance unsecured loans to individuals, automobile loans and deposit account loans. Consumer loans are generally originated at higher interest rates than residential mortgage loans because of their higher risk. Collections are highly dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. In the case where collateral may be present, repossessed collateral for a defaulted loan may not provide an adequate source of repayment as a result of damage, loss or depreciation. | |||||||||||||||||||||||||||||||||||||||||
Commercial Loans. This portfolio segment consists of unsecured lines of credit and closed end loans to business owners that have personal guarantees. These loans generally have higher interest rates and shorter terms than one- to- four family residential loans. These loans have a higher level of risk than one- to- four family residential loans. The increased risk is due to the increased difficulty of monitoring and higher risk of default since their repayment generally depends on the successful operation of the borrower’s business. | |||||||||||||||||||||||||||||||||||||||||
The balance of impaired loans was $4,220,882 and $4,575,824 as of March 31, 2014 and December 31, 2013, respectively. A loan is impaired when it is not likely the lender will collect the full value of the loan because the creditworthiness of a borrower has fallen. All of our impaired loans are either a troubled debt restructuring or are on nonaccrual status. | |||||||||||||||||||||||||||||||||||||||||
Nonperforming/Past Due Loans - Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations, which typically occurs when principal or interest payments are more than 90 days past due. Non-accrual loans totaled $736,662 and $1,080,286 at March 31, 2014 and December 31, 2013, respectively. There were no accruing loans that were more than 90 days past due at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, we have segmented our loan portfolio by product type. Our loan segments are owner occupied one-to- four family residential, non owner occupied one-to- four family residential, home equity lines of credit (“HELOC”), commercial real estate, residential construction, land, consumer and commercial. | |||||||||||||||||||||||||||||||||||||||||
To establish the allowance for loan losses, loans are pooled by portfolio class and an historical loss percentage is applied to each class. The historical loss percentage is based upon the previous eight quarters history. This rolling history is utilized so that we have the most current and relevant charge-off trend data. These charge-offs are segregated by loan segment and compared to their respective loan segment average balances for the same period in order to calculate the charge-off percentage. That calculation determines the required allowance for loan loss level. The Company then applies additional loss multipliers to the different segments of loans to reflect various environmental factors. For individually evaluated loans (impaired loans), we do additional analyses to determine the impairment. Management applies judgment to develop its own view of loss probability within that range, using external and internal parameters with the objective of establishing an allowance for losses inherent within these portfolios as of the reporting date. | |||||||||||||||||||||||||||||||||||||||||
The Bank’s policies, consistent with regulatory guidelines, provide for the classification of loans and other assets that are considered to be of lesser quality as substandard, doubtful, or loss assets. An asset is considered substandard if it is inadequately protected by the net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets include those assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Assets (or portions of assets) classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets that do not expose us to risk sufficient enough to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve close attention, are required to be designated as special mention. | |||||||||||||||||||||||||||||||||||||||||
Modifications of terms for our loans and their inclusion as troubled debt restructurings are based on individual facts and circumstances. Loan modifications that are included as troubled debt restructurings may involve either an increase or reduction of the interest rate, extension of the term of the loan, or deferral or forgiveness of principal or interest payments. As of March 31, 2014, there are five loans totaling $3,484,220 classified as troubled debt restructurings. As of December 31, 2013 there are six loans totaling $3,881,957 classified as troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||||||
The credit quality of the loan portfolio is summarized quarterly using categories similar to the standard asset classification system used by the federal banking agencies. The following table presents credit quality indicators for the loan loss portfolio segments and classes. These categories are utilized to develop the associated allowance for loan losses using historical losses adjusted for current economic conditions defined as follows: | |||||||||||||||||||||||||||||||||||||||||
• | Pass – loans which are well protected by the current net worth and paying capacity of the obligor(s) or by the fair value, less cost to acquire and sell, of any underlying collateral. | ||||||||||||||||||||||||||||||||||||||||
• | Special Mention – loans with well-defined risk issues which creates a high level of uncertainty regarding the long term viability of the business. These loans exhibit material negative financial trends due to company specific or economic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. | ||||||||||||||||||||||||||||||||||||||||
• | Substandard – loans in which the primary source of repayment is gone and causing us to rely upon a secondary source of repayment or in which the collateral has deteriorated or must be liquidated for repayment of the loan. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not corrected. | ||||||||||||||||||||||||||||||||||||||||
The following tables show credit quality indicators, the aging of receivables, and disaggregated balances of loans receivable and the allowance for loan losses as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Credit Risk Analysis of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 79,128,926 | $ | 10,741,766 | $ | 7,124,451 | $ | 14,676,121 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 114,738,863 | |||||||||||||||||||||||
Special Mention | 454,656 | 1,554,625 | 0 | 0 | 0 | 0 | 0 | 0 | 2,009,281 | ||||||||||||||||||||||||||||||||
Substandard | 192,976 | 253,790 | 289,896 | 1,160,425 | 0 | 0 | 0 | 0 | 1,897,087 | ||||||||||||||||||||||||||||||||
Total | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Credit risk profile based on payment activity: | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 79,583,582 | $ | 12,296,391 | $ | 7,124,451 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 117,908,569 | |||||||||||||||||||||||
Nonperforming | 192,976 | 253,790 | 289,896 | 0 | 0 | 0 | 0 | 0 | 736,662 | ||||||||||||||||||||||||||||||||
Total | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Credit Risk Analysis of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 78,205,713 | $ | 10,065,786 | $ | 7,840,054 | $ | 11,996,653 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 111,323,631 | |||||||||||||||||||||||
Special Mention | 457,008 | 2,077,313 | 0 | 0 | 0 | 0 | 0 | 0 | 2,534,321 | ||||||||||||||||||||||||||||||||
Substandard | 528,100 | 262,290 | 289,896 | 1,167,469 | 0 | 0 | 0 | 0 | 2,247,755 | ||||||||||||||||||||||||||||||||
Total | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Credit risk profile based on payment activity: | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 78,662,721 | $ | 12,143,099 | $ | 7,840,054 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 115,025,421 | |||||||||||||||||||||||
Nonperforming | 528,100 | 262,290 | 289,896 | 0 | 0 | 0 | 0 | 0 | 1,080,286 | ||||||||||||||||||||||||||||||||
Total | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Aged Analysis of Past Due Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Credit | |||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | $ | 79,002 | $ | 0 | $ | 289,896 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 368,898 | |||||||||||||||||||||||
60-89 Days Past Due | 3,416 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,416 | ||||||||||||||||||||||||||||||||
Greater Than 90 Days Past Due | 118,222 | 254,946 | 0 | 0 | 0 | 0 | 0 | 0 | 373,168 | ||||||||||||||||||||||||||||||||
Total Past Due | 200,640 | 254,946 | 289,896 | 0 | 0 | 0 | 0 | 0 | 745,482 | ||||||||||||||||||||||||||||||||
Current | 79,575,918 | 12,295,235 | 7,124,451 | 15,836,546 | 2,303,237 | 682,556 | 65,756 | 16,050 | 117,899,749 | ||||||||||||||||||||||||||||||||
Total Loans Receivable | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Recorded Investment > 90 Days and Accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Aged Analysis of Past Due Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | $ | 224,165 | $ | 0 | $ | 24,493 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 248,658 | |||||||||||||||||||||||
60-89 Days Past Due | 3,001 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,001 | ||||||||||||||||||||||||||||||||
Greater Than 90 Days Past Due | 450,480 | 263,486 | 90,192 | 0 | 0 | 0 | 0 | 0 | 804,158 | ||||||||||||||||||||||||||||||||
Total Past Due | 677,646 | 263,486 | 114,685 | 0 | 0 | 0 | 0 | 0 | 1,055,817 | ||||||||||||||||||||||||||||||||
Current | 78,513,175 | 12,141,903 | 8,015,265 | 13,164,122 | 2,463,458 | 685,464 | 66,503 | 0 | 115,049,890 | ||||||||||||||||||||||||||||||||
Total Loans Receivable | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Recorded Investment > 90 Days and Accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
The following tables detail activity in the allowance for loan losses for the three months ended March 31, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 901,766 | $ | 353,240 | $ | 106,851 | $ | 131,641 | $ | 24,635 | $ | 8,568 | $ | 924 | $ | 0 | $ | 375 | $ | 1,528,000 | |||||||||||||||||||||
(Recovery of) provision for loan losses | (48,434 | ) | (13,567 | ) | (10,264 | ) | 26,724 | (1,603 | ) | (36 | ) | (10 | ) | 231 | 43,932 | (3,027 | ) | ||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Recoveries | 2,028 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 3,027 | |||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 2,028 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 3,027 | |||||||||||||||||||||||||||||||
Ending Balance | $ | 855,360 | $ | 339,673 | $ | 97,586 | $ | 158,365 | $ | 23,032 | $ | 8,532 | $ | 914 | $ | 231 | $ | 44,307 | $ | 1,528,000 | |||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 810,892 | $ | 206,099 | $ | 74,807 | $ | 191,357 | $ | 36,945 | $ | 32,217 | $ | 868 | $ | 240 | $ | 41,575 | $ | 1,395,000 | |||||||||||||||||||||
Provision for loan losses | (46,900 | ) | 114,621 | (9,171 | ) | 1,923 | (29,546 | ) | 2,964 | 37 | (27 | ) | (12,957 | ) | 20,944 | ||||||||||||||||||||||||||
Charge-offs | (2,364 | ) | (66,079 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (68,443 | ) | ||||||||||||||||||||||||||||
Recoveries | 1,500 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 2,499 | |||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (864 | ) | (66,079 | ) | 999 | 0 | 0 | 0 | 0 | 0 | 0 | (65,944 | ) | ||||||||||||||||||||||||||||
Ending Balance | $ | 763,128 | $ | 254,641 | $ | 66,635 | $ | 193,280 | $ | 7,399 | $ | 35,181 | $ | 905 | $ | 213 | $ | 28,618 | $ | 1,350,000 | |||||||||||||||||||||
The following table details the amounts evaluated for impairment collectively and individually allocated to each portfolio segment as of March 31, 2014, December 31, 2013 and March 31, 2013, detailed on the basis of the impairment methodology used by the Company. | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,473,742 | $ | 253,790 | $ | 493,350 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,220,882 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 76,302,816 | $ | 12,296,391 | $ | 6,920,997 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 114,424,349 | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,815,829 | $ | 262,289 | $ | 497,706 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,575,824 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 75,374,992 | $ | 12,143,100 | $ | 7,632,244 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 111,529,883 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
March 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,967,786 | $ | 296,207 | $ | 313,122 | $ | 0 | $ | 0 | $ | 93,000 | $ | 0 | $ | 0 | $ | 5,670,115 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 72,525,640 | $ | 11,418,886 | $ | 8,884,727 | $ | 13,805,699 | $ | 739,904 | $ | 1,142,240 | $ | 64,213 | $ | 14,819 | $ | 108,596,128 | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 77,493,426 | $ | 11,715,093 | $ | 9,197,849 | $ | 13,805,699 | $ | 739,904 | $ | 1,235,240 | $ | 64,213 | $ | 14,819 | $ | 114,266,243 | |||||||||||||||||||||||
Management reviews and identifies loans and investments that require designation as nonperforming assets and troubled debt restructurings. Nonperforming assets include loans accounted for on a non-accrual basis, loans past due by 90 days or more but still accruing, and other real estate owned. Troubled debt restructurings include loans in which the borrower was having financial difficulty, and we agreed to modify the loan. Information with respect to nonperforming assets and troubled debt restructurings at March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans: | |||||||||||||||||||||||||||||||||||||||||
Owner-occupied one- to- four family | $ | 192,976 | $ | 528,100 | |||||||||||||||||||||||||||||||||||||
Non owner-occupied one- to- four family | 253,790 | 262,290 | |||||||||||||||||||||||||||||||||||||||
Home Equity Lines of credit | 289,896 | 289,896 | |||||||||||||||||||||||||||||||||||||||
Total Non-Accrual Loans | 736,662 | 1,080,286 | |||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned, net | 2,049,405 | 1,921,706 | |||||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total Nonperforming Assets | 2,786,067 | 3,001,992 | |||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | 3,484,220 | 3,881,957 | |||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings included In Non-Accrual Loans | (0 | ) | (386,419 | ) | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings and Total Nonperforming Assets | $ | 6,270,287 | $ | 6,497,530 | |||||||||||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, there were no loans 90 days past due or more and still accruing interest. At March 31, 2014, the Company had twenty one loans on non-accrual status with foregone interest in the amount of $55,631. At December 31, 2013, the Company had twenty one loans on non-accrual status with foregone interest in the amount of $129,519. | |||||||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Recorded | Unpaid Principal | Related | ||||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 445,872 | $ | 458,363 | $ | 0 | $ | 782,371 | $ | 810,780 | $ | 0 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 16,751 | 82,829 | 0 | 16,751 | 82,830 | 0 | |||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 493,350 | 493,350 | 0 | 497,706 | 567,234 | 0 | |||||||||||||||||||||||||||||||||||
Total with no allowance | $ | 955,973 | $ | 1,034,542 | $ | 0 | $ | 1,296,828 | $ | 1,460,844 | $ | 0 | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,027,870 | $ | 3,027,870 | $ | 210,773 | $ | 3,033,457 | $ | 3,033,457 | $ | 210,773 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 237,039 | 264,770 | 64,234 | 245,539 | 273,270 | 64,234 | |||||||||||||||||||||||||||||||||||
Total with an allowance | $ | 3,264,909 | $ | 3,292,640 | $ | 275,007 | $ | 3,278,996 | $ | 3,306,727 | $ | 275,007 | |||||||||||||||||||||||||||||
Grand total: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,473,742 | $ | 3,486,233 | $ | 210,773 | $ | 3,815,828 | $ | 3,844,237 | $ | 210,773 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 253,790 | 347,599 | 64,234 | 262,290 | 356,100 | 64,234 | |||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 493,350 | 493,350 | 0 | 497,706 | 567,234 | 0 | |||||||||||||||||||||||||||||||||||
Grand total | $ | 4,220,882 | $ | 4,327,182 | $ | 275,007 | $ | 4,575,824 | $ | 4,767,571 | $ | 275,007 | |||||||||||||||||||||||||||||
Information on impaired loans for the three months ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 614,122 | $ | 4,279 | $ | 2,353,717 | $ | 15,286 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 16,751 | 0 | 331,975 | 0 | |||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 495,528 | 5,941 | 315,636 | 3,340 | |||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | 93,750 | 0 | |||||||||||||||||||||||||||||||||||||
Total with no allowance | $ | 1,126,401 | $ | 10,220 | $ | 3,095,078 | $ | 18,626 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 2,819,891 | $ | 24,778 | $ | 2,106,251 | $ | 24,485 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 177,055 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Total with an allowance | $ | 2,996,946 | $ | 24,778 | $ | 2,106,251 | $ | 24,485 | |||||||||||||||||||||||||||||||||
Grand total: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,434,013 | $ | 29,057 | $ | 4,459,968 | $ | 39,771 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 193,806 | 0 | 331,975 | 0 | |||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 495,528 | 5,941 | 315,636 | 3,340 | |||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | 93,750 | 0 | |||||||||||||||||||||||||||||||||||||
Grand total | $ | 4,123,347 | $ | 34,998 | $ | 5,201,329 | $ | 43,111 | |||||||||||||||||||||||||||||||||
The following table reflects impaired loans as of March 31, 2014 and December 31, 2013. A loan is impaired when it is not likely the lender will collect the full value of the loan because the creditworthiness of a borrower has fallen. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Impaired performing loans: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 3,280,766 | 3,287,728 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 203,454 | 207,810 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total impaired performing loans | 3,484,220 | 3,495,538 | |||||||||||||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 192,976 | 141,681 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 253,790 | 262,290 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 289,896 | 289,896 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 0 | 386,419 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual) | 736,662 | 1,080,286 | |||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 4,220,882 | $ | 4,575,824 | |||||||||||||||||||||||||||||||||||||
Loans may be periodically modified in a troubled debt restructuring (TDR), where the Company will make concessions to a borrower having financial difficulty to help the borrower remain current on the loan and/or to avoid foreclosure. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans. If we determine that the value of the modified loan is less than the recorded investment in the loan, impairment is generally recognized through a charge-off through the allowance, however, if a specific reserve has been established, impairment is recognized through the provision for loan losses. At March 31, 2014, we had five loans that were restructured totaling $3,484,220. Four loans, totaling $3,280,766 were secured by owner-occupied one- to- four family residential properties and one loan totaling $203,454 is a home equity line of credit. At December 31, 2013, we had six loans that were restructured totaling $3,881,957. Five loans, totaling $3,674,147 were secured by owner-occupied one- to- four family residential properties and one loan totaling $207,810 is a home equity line of credit. | |||||||||||||||||||||||||||||||||||||||||
The following table is a summary of impaired loans that were modified due to a TDR by class for the three months ended March 31, 2014 and 2013. The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts immediately after the modification: | |||||||||||||||||||||||||||||||||||||||||
Modifications for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family residential | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Modifications for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family residential | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
The following table presents loans by loan class modified as TDR’s within the previous twelve months from, and for which there was a payment default (90 days or more past due) during the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||||||||
0 | $ | 0 | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
EMPLOYEE_RETIREMENT_PLANS
EMPLOYEE RETIREMENT PLANS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EMPLOYEE RETIREMENT PLANS | ' | ||||||||
4 | EMPLOYEE RETIREMENT PLANS | ||||||||
The Bank sponsors an employee 401(k) savings and investment plan. The plan covers substantially all employees meeting age and service requirements and provides for both employee and employer matching contributions under Safe Harbor provisions. Expenses related to this plan for the three months ended March 31, 2014 and 2013 were $15,931 and $15,635, respectively. | |||||||||
In connection with the conversion to stock form, the Company established an Employee Stock Ownership Plan (ESOP) for the exclusive benefit of eligible employees. The ESOP borrowed funds from the Company in an amount sufficient to purchase 126,960 shares, or 8% of the Common Stock issued in the offering. The shares were acquired at a price of $10.00 per share. | |||||||||
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 12 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 their accrued benefits under the employee stock ownership plan at the rate of 33.33% per year beginning in year two. 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 of service, or termination of the ESOP. | |||||||||
The debt of the ESOP, in accordance with generally accepted accounting principles, is eliminated in consolidation and the shares pledged as collateral are reported as unearned ESOP shares in the consolidated balance sheet. Contributions to the ESOP shall be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average market price of the shares for the respective period, and the shares become outstanding for earnings per share computations. Dividends on allocated ESOP shares are recorded as a reduction of debt and accrued interest. ESOP compensation expense for the three months ended March 31, 2014 and 2013 was $37,691 and $35,892, respectively. | |||||||||
A summary of ESOP shares at March 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
Shares committed for release | 34,385 | 23,805 | |||||||
Unearned shares | 92,575 | 103,155 | |||||||
Total ESOP shares | 126,960 | 126,960 | |||||||
Fair Value of unearned shares | $ | 1,296,976 | $ | 1,439,012 | |||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
5 | STOCK-BASED COMPENSATION | ||||||||||||||||
In May 2012, the Company’s shareholders approved a new Equity Incentive Plan (the “2012 Equity Incentive Plan’’). The 2012 Equity Incentive Plan allows for up to 63,480 shares to be issued to employees, executive officers or Directors in the form of restricted stock, and up to 158,700 shares to be issued to employees, executive officers or Directors in the form of stock options. At March 31, 2014 and December 31, 2013, there were 33,000 restricted stock awards issued and outstanding and 69,600 stock option awards granted under the 2012 Incentive Plan. | |||||||||||||||||
Under the above plan, the exercise price is the market price at date of grant. The maximum option term is ten years and the vesting period is 25% immediately, 25% after one year, 25% after two years and 25% after three years. The Company issues new shares to satisfy share option exercises. Total compensation costs that have been charged against income for the stock option plan was $18,314 and $0, respectively, for the three months ended March 31, 2014 and 2013. | |||||||||||||||||
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical data. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the Federal Funds rate in effect at the time of the grant. | |||||||||||||||||
The fair value of options granted during 2013 was determined using the following weighted-average assumptions as of grant date. | |||||||||||||||||
2013 | |||||||||||||||||
Risk-free interest rate | 0.25 | % | |||||||||||||||
Expected term | 10.0 years | ||||||||||||||||
Expected stock price volatility | 24.36 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Outstanding at beginning of year | 69,600 | $ | 13.65 | 10.0 years | $ | 38,280 | |||||||||||
Granted | 0 | 0 | 10.0 years | 0 | |||||||||||||
Exercised | 0 | 0 | 10.0 years | 0 | |||||||||||||
Forfeited, exchanged or expired | (0 | ) | 0 | 10.0 years | 0 | ||||||||||||
Outstanding at end of period | 69,600 | $ | 13.65 | 9.6 years | $ | 38,280 | |||||||||||
Exercisable at end of period | 17,400 | $ | 13.65 | 9.6 years | $ | 9,570 | |||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Outstanding at beginning of year | 0 | $ | 0 | 0 years | $ | 0 | |||||||||||
Granted | 69,600 | 13.65 | 10.0 years | 38,280 | |||||||||||||
Exercised | 0 | 0 | 10.0 years | 0 | |||||||||||||
Forfeited, exchanged or expired | (0 | ) | 0 | 10.0 years | 0 | ||||||||||||
Outstanding at end of year | 69,600 | $ | 13.65 | 9.8 years | $ | 38,280 | |||||||||||
Exercisable at end of year | 17,400 | $ | 13.65 | 9.8 years | $ | 9,570 | |||||||||||
As of March 31, 2014 and 2013, there were $189,240 and $0, respectively, of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.58 years. As of March 31, 2014 and December 31, 2013, the weighted average fair value of the options granted was $4.21. | |||||||||||||||||
Restricted Stock: The specific terms of each restricted stock award are determined by the Compensation Committee at the date of the grant. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at the issue date. The fair value of the stock was determined using the total number of restricted stock awards granted multiplied by the fair market value of a share of Company stock at the grant date. Restricted stock awards are vested 25% immediately, 25% after one year, 25% after two years and 25% after three years. | |||||||||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2014 and twelve months ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2014 | 24,748 | $ | 12.75 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Vested | 0 | 0 | |||||||||||||||
Forfeited | (0 | ) | 0 | ||||||||||||||
Nonvested at March 31, 2014 | 24,748 | $ | 12.75 | ||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 0 | $ | 0 | ||||||||||||||
Granted | 33,000 | 12.75 | |||||||||||||||
Vested | (8,252 | ) | 12.75 | ||||||||||||||
Forfeited | (0 | ) | 0 | ||||||||||||||
Nonvested at December 31, 2013 | 24,748 | $ | 12.75 | ||||||||||||||
As of March 31, 2014 and 2013, the Company recorded restricted stock awards expense of $26,303 and $0. As of March 31, 2014 and 2013, there was $254,163 and $0 of total unrecognized compensation cost related to nonvested shares granted under the 2012 stock incentive plan. The cost is expected to be recognized over a weighted-average period of 2.42 years. |
REGULATORY_MATTERS
REGULATORY MATTERS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
REGULATORY MATTERS | ' | ||||||||||||||||
6 | REGULATORY MATTERS | ||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Office of the Comptroller of the Currency (OCC). Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that if undertaken, could have a direct material effect on the Bank and the consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of: total risk-based capital and Tier I capital to risk-weighted assets (as defined in the regulations), Tier I capital to adjusted total assets (as defined), and tangible capital to adjusted total assets (as defined). | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 (the most recent notification from the OCC), the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. Nothing has come to management’s attention since the institution’s most recent notification of being classified as “well capitalized” that would cause such classification to change. The following table details the Bank’s capital position: | |||||||||||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||
and to be Well Capitalized | |||||||||||||||||
Under the Prompt Corrective | |||||||||||||||||
Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
As of March 31, 2014 : | |||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | $ | 24,840 | 26.48 | % | $ | 9,381 | 10 | % | |||||||||
Tier I Capital (to risk-weighted assets) | $ | 23,663 | 25.23 | % | $ | 5,627 | 6 | % | |||||||||
Tier I Capital (to adjusted total assets) | $ | 23,663 | 14.26 | % | $ | 8,297 | 5 | % | |||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||
and to be Well Capitalized | |||||||||||||||||
Under the Prompt Corrective | |||||||||||||||||
Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | $ | 24,857 | 26.96 | % | $ | 9,220 | 10 | % | |||||||||
Tier I Capital (to risk-weighted assets) | $ | 23,700 | 25.71 | % | $ | 5,531 | 6 | % | |||||||||
Tier I Capital (to adjusted total assets) | $ | 23,700 | 14.19 | % | $ | 8,351 | 5 | % | |||||||||
On July 25, 2013, the Company authorized the repurchase of up to 142,830 shares of its common stock. Repurchases, if any, by the Company pursuant to this authorization are expected to enable the Company to repurchase its shares at an attractive price and to provide a source of liquidity for the Company’s shares. As of March 31, 2014, there have been 65,700 shares repurchased by the Company, for an aggregate expenditure totaling $898,387, at an average price of $13.67. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||
7 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2014 and 2013: | |||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||
Net Unrealized Gain | Net Unrealized Gain | ||||||||||
and Losses on | and Losses on | ||||||||||
Investment Securities | Investment Securities | ||||||||||
Beginning Balance | $ | (669,725 | ) | $ | 74,301 | ||||||
Other comprehensive income (loss) before reclassifications | 242,133 | (40,238 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | (26,001 | ) | ||||||||
Net current period other comprehensive income (loss) | 242,133 | (66,239 | ) | ||||||||
Ending Balance | $ | (427,592 | ) | $ | 8,062 | ||||||
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013: | |||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||
Amount Reclassified | Amount Reclassified | Affected Line Item in | |||||||||
from Accumulated | from Accumulated | the Statement Where | |||||||||
Other Comprehensive | Other Comprehensive | Net Income Is | |||||||||
Income | Income | Presented | |||||||||
Reclassification adjustment for realized gains | $ | 0 | $ | (43,335 | ) | Non-Interest Income | |||||
0 | 17,334 | Income Tax Expense | |||||||||
Total Reclassification for the Period | $ | 0 | $ | (26,001 | ) | Net of Tax | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
8 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three broad levels, which are described as follows: | |||||||||||||||||
Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. | |||||||||||||||||
Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. | |||||||||||||||||
Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||||||||||||||||
The following table presents the Bank’s assets measured at fair value on a recurring basis: | |||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||
March 31, | Active Markets | Other | Unobservable | ||||||||||||||
2014 | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,517,490 | $ | 0 | $ | 1,517,490 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 5,461,940 | 0 | 5,461,940 | 0 | |||||||||||||
Municipal Bonds | 986,280 | 0 | 986,280 | 0 | |||||||||||||
FNMA | 5,648,909 | 0 | 5,648,909 | 0 | |||||||||||||
GNMA | 1,144,582 | 0 | 1,144,582 | 0 | |||||||||||||
FHLMC | 592,216 | 0 | 592,216 | 0 | |||||||||||||
Federal Agency CMO | 809,819 | 0 | 809,819 | 0 | |||||||||||||
Private label CMO | 270,745 | 0 | 270,745 | 0 | |||||||||||||
$ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | ||||||||||
Total assets measured at fair value | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | |||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||
2013 | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,498,155 | $ | 0 | $ | 1,498,155 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 5,238,660 | 0 | 5,238,660 | 0 | |||||||||||||
Municipal Bonds | 911,300 | 0 | 911,300 | 0 | |||||||||||||
FNMA | 5,777,860 | 0 | 5,777,860 | 0 | |||||||||||||
GNMA | 1,173,142 | 0 | 1,173,142 | 0 | |||||||||||||
FHLMC | 626,465 | 0 | 626,465 | 0 | |||||||||||||
Federal Agency CMO | 840,940 | 0 | 840,940 | 0 | |||||||||||||
Private label CMO | 288,139 | 0 | 288,139 | 0 | |||||||||||||
$ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | ||||||||||
Total assets measured at fair value | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | |||||||||
Available-for-sale Securities | |||||||||||||||||
Securities classified as available-for-sale are reported at fair value utilizing Level 2 Inputs. For these securities, the Bank obtains fair values from an external pricing service or bid quotations received from securities dealers. The observable data may include dealer quotes, cash flows, U.S. Treasury yield curve, trading levels, credit information, and the terms and conditions of the security, among other things. | |||||||||||||||||
Financial Instruments Measured on a Nonrecurring Basis | |||||||||||||||||
The Bank may be required, from time to time, to measure certain other financial assets and liabilities at fair value on a nonrecurring basis. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||
For assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the assets: | |||||||||||||||||
Fair Value at | Quoted | Significant | Significant | ||||||||||||||
March 31, 2014 | Prices | Other | Unobservable | ||||||||||||||
(Level 1) | Observable | Inputs | |||||||||||||||
Inputs | (Level 3) | ||||||||||||||||
(Level 2) | |||||||||||||||||
Impaired Loans: | |||||||||||||||||
Owner occupied one- to- four family | $ | 3,262,969 | $ | 0 | $ | 3,262,969 | $ | 0 | |||||||||
Non owner occupied one- to- four family | 189,556 | 0 | 189,556 | 0 | |||||||||||||
Home Equity Lines of Credit | 493,350 | 0 | 493,350 | 0 | |||||||||||||
$ | 3,945,875 | $ | 0 | $ | 3,945,875 | $ | 0 | ||||||||||
Other real estate owned | $ | 2,049,405 | $ | 0 | $ | 2,049,405 | $ | 0 | |||||||||
Fair Value at | Quoted | Significant | Significant | ||||||||||||||
December 31, 2013 | Prices | Other | Unobservable | ||||||||||||||
(Level 1) | Observable | Inputs | |||||||||||||||
Inputs | (Level 3) | ||||||||||||||||
(Level 2) | |||||||||||||||||
Impaired Loans: | |||||||||||||||||
Owner occupied one- to- four family | $ | 3,605,055 | $ | 0 | $ | 3,605,055 | $ | 0 | |||||||||
Non owner occupied one- to- four family | 198,056 | 0 | 198,056 | 0 | |||||||||||||
Home Equity Lines of Credit | 497,706 | 0 | 497,706 | 0 | |||||||||||||
$ | 4,300,817 | $ | 0 | $ | 4,300,817 | $ | 0 | ||||||||||
Other real estate owned | $ | 1,921,706 | $ | 0 | $ | 1,921,706 | $ | 0 | |||||||||
Impaired Loans | |||||||||||||||||
Loans for which it is probable that the Bank will not collect all principal and interest due according to contractual terms are measured for impairment in accordance with FASB guidance. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. In our determination of fair value, we have categorized both methods of valuation as estimates based on Level 2 inputs. | |||||||||||||||||
If the impaired loan is identified as collateral dependent, then the fair value method measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal or utilizing some other method of valuation for the collateral and applying a discount factor to the value based on our loan review policy and procedures. | |||||||||||||||||
If the impaired loan is determined not to be collateral dependent, then the discounted cash flow method is used. This method requires the impaired loan to be recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate. The effective interest rate of a loan is the contractual interest rate adjusted for any net deferred loan fees or costs, premiums, or discounts existing at origination or acquisition of the loan. | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||
We record our other real estate owned at the lower of cost or estimated fair value less estimated selling costs. Estimated fair value is generally based upon an independent appraisal of the collateral. We consider these collateral values to be estimated using Level 2 inputs. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
9 | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
Fair value estimates, methods, and assumptions are set forth below for the Bank’s financial instruments as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Value | Level One | Level Two | Level Three | Total | |||||||||||||||||
Assets: | |||||||||||||||||||||
Securities - available-for-sale | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | |||||||||||
Securities - held-to-maturity | 7,924,132 | 0 | 8,011,067 | 0 | 8,011,067 | ||||||||||||||||
Loans, net of allowance | 117,117,231 | 0 | 3,945,875 | 112,481,465 | 116,427,340 | ||||||||||||||||
Federal Home Loan Bank stock | 1,049,800 | 0 | 1,049,800 | 0 | 1,049,800 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposit accounts and advances by borrowers | 117,649,261 | 0 | 117,709,453 | 0 | 117,709,453 | ||||||||||||||||
Advances from the FHLB | 20,000,000 | 0 | 20,507,664 | 0 | 20,507,664 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Value | Level One | Level Two | Level Three | Total | |||||||||||||||||
Assets: | |||||||||||||||||||||
Securities - available-for-sale | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | |||||||||||
Securities - held-to-maturity | 8,069,424 | 0 | 8,101,210 | 0 | 8,101,210 | ||||||||||||||||
Loans, net of allowance | 114,577,707 | 0 | 4,300,817 | 112,002,812 | 116,303,629 | ||||||||||||||||
Federal Home Loan Bank stock | 1,103,700 | 0 | 1,103,700 | 0 | 1,103,700 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposit accounts and advances by borrowers | 118,759,093 | 0 | 119,172,829 | 0 | 119,172,829 | ||||||||||||||||
Advances from the FHLB | 20,000,000 | 0 | 20,590,659 | 0 | 20,590,659 | ||||||||||||||||
(a) Securities - The fair value of securities excluding Federal Home Loan Bank stock, is based on bid prices received from an external pricing service or bid quotations received from securities dealers. | |||||||||||||||||||||
(b) Loans - Loans were segmented into portfolios with similar financial characteristics. Loans were also segmented by loan category. Each loan category was further segmented by fixed and adjustable rate interest terms and performing and nonperforming categories. The fair value of residential loans was calculated by discounting anticipated cash flows based on weighted-average contractual maturity, weighted-average coupon, and discount rate. | |||||||||||||||||||||
The fair value for nonperforming loans was determined by reducing the carrying value of nonperforming loans by the Company’s historical loss percentage for each specific loan category. | |||||||||||||||||||||
(c) Federal Home Loan Bank Stock - The fair value of Federal Home Loan Bank stock approximates its carrying value based on the redemption provisions of the Federal Home Loan Bank. | |||||||||||||||||||||
(d) Deposits and Advances by Borrowers - The fair value of deposits with no stated maturity, such as noninterest bearing deposits, interest-bearing NOW accounts, money market and statement savings accounts, is deemed to be equal to the carrying amounts. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate for certificates of deposit was estimated using the rate currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
(e) Advances from the FHLB - Fair values are estimated by discounting carrying values using a cash flow approach based on market rates as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
(f) Off-Balance Sheet Financial Instruments - The Company’s adjustable rate commitments to extend credit move with market rates and are not subject to interest rate risk. The rates and terms of the Company’s fixed rate commitments to extend credit are competitive with others in the various markets in which the Company operates. The fair values of these instruments are immaterial. | |||||||||||||||||||||
(g) Limitations - Fair value estimates are made at a specific point in time, based on relevant market information and information about financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect estimates. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended | |
Mar. 31, 2014 | ||
RECENT ACCOUNTING PRONOUNCEMENTS | ' | |
10 | RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. Early adoption and retrospective application is permitted. ASU 2013-11 became effective for the Company on January 1, 2014 and did not have a significant impact on its financial position or results of operations. | ||
In January 2014, the FASB issued ASU No. 2014-4, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The guidance clarifies when an “in substance repossession or foreclosure” occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, such that all or a portion of the loan should be derecognized and the real estate property recognized. ASU 2014-04 states that a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments of ASU 2014-04 also require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments of ASU 2014-04 are effective for the Company on January 1, 2015, and may be applied using either a modified retrospective transition method or a prospective transition method as described in ASU 2014-04. The Company will evaluate these amendments but does not believe they will have an impact on its financial position or results of operations. |
NATURE_OF_OPERATIONS_AND_SUMMA1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Nature of Operations | ' |
Nature of Operations | |
Fraternity Community Bancorp, Inc. (the “Company”) was incorporated on October 12, 2010 to serve as the holding company for Fraternity Federal Savings & Loan Association (the “Bank”), a federally chartered savings bank. On March 31, 2011, in accordance with a Plan of Conversion adopted by its Board of Directors and approved by its members, the Bank converted from a federal mutual savings bank to a federal stock savings bank and became the wholly owned subsidiary of the Company. The conversion was accomplished through the sale and issuance of 1,587,000 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of approximately $14,968,600, net of offering expenses of approximately $901,400. In connection with the conversion, the Bank’s Board of Directors adopted an employee stock ownership plan (the “ESOP”) which subscribed for 8% of the sum of the number of shares, or 126,960 shares of common stock sold in the offering. All material intercompany accounts and transactions have been eliminated in consolidation. | |
In accordance with the Office of the Comptroller of the Currency (the “OCC”) regulations, upon the completion of the conversion, the Bank restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or any other period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain amounts from prior period financial statements may have been reclassified to conform to the current period’s presentation. | |
Nature of Operations | |
Fraternity Federal Savings and Loan (the “Bank”) provides a full range of banking services to individuals and businesses through its main office and three branches in the Baltimore metropolitan area. Its primary deposit products are certificates of deposit and demand, savings, NOW, and money market accounts. Its primary lending products are consumer loans and real estate mortgages. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Earnings per Common Share | ' |
Earnings per Common Share | |
Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unallocated ESOP shares. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock grants. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of related taxes, which are also recognized as separate components of shareholders’ equity. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Amortized Cost and Fair Value of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost and fair values of investment securities are as follows: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,500,000 | $ | 17,490 | $ | 0 | $ | 1,517,490 | |||||||||||||||||
Obligations of U.S. Government Agencies | 5,997,719 | 0 | 535,779 | 5,461,940 | |||||||||||||||||||||
Municipal Bonds | 1,000,000 | 0 | 13,720 | 986,280 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 5,777,250 | 24,456 | 152,797 | 5,648,909 | |||||||||||||||||||||
GNMA | 1,138,718 | 7,367 | 1,503 | 1,144,582 | |||||||||||||||||||||
FHLMC | 586,758 | 5,458 | 0 | 592,216 | |||||||||||||||||||||
Federal Agency CMO | 873,484 | 0 | 63,665 | 809,819 | |||||||||||||||||||||
Private Label CMO | 264,174 | 6,571 | 0 | 270,745 | |||||||||||||||||||||
$ | 17,138,103 | $ | 61,342 | $ | 767,464 | $ | 16,431,981 | ||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 2,116,719 | $ | 30,088 | $ | 29,722 | $ | 2,117,085 | |||||||||||||||||
SBA Pools | 1,084,160 | 0 | 58,260 | 1,025,900 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 4,723,253 | 144,829 | 0 | 4,868,082 | |||||||||||||||||||||
$ | 7,924,132 | $ | 174,917 | $ | 87,982 | $ | 8,011,067 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,500,000 | $ | 0 | $ | 1,845 | $ | 1,498,155 | |||||||||||||||||
Obligations of U.S. Government Agencies | 5,997,686 | 0 | 759,026 | 5,238,660 | |||||||||||||||||||||
Municipal Bonds | 1,000,000 | 0 | 88,700 | 911,300 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 5,945,252 | 24,257 | 191,649 | 5,777,860 | |||||||||||||||||||||
GNMA | 1,186,994 | 7,640 | 21,492 | 1,173,142 | |||||||||||||||||||||
FHLMC | 623,033 | 4,343 | 911 | 626,465 | |||||||||||||||||||||
Federal Agency CMO | 909,604 | 0 | 68,664 | 840,940 | |||||||||||||||||||||
Private Label CMO | 283,206 | 4,933 | 0 | 288,139 | |||||||||||||||||||||
$ | 17,445,775 | $ | 41,173 | $ | 1,132,287 | $ | 16,354,661 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 2,123,116 | $ | 3,863 | $ | 52,573 | $ | 2,074,406 | |||||||||||||||||
SBA Pools | 1,197,400 | 0 | 54,447 | 1,142,953 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 4,748,908 | 137,053 | 2,110 | 4,883,851 | |||||||||||||||||||||
$ | 8,069,424 | $ | 140,916 | $ | 109,130 | $ | 8,101,210 | ||||||||||||||||||
Amortized Cost and Fair Value of Debt Securities by Contractual Maturities | ' | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2014 and December 31, 2013 by contractual maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have to call or repay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in less than one year | $ | 1,500,467 | $ | 1,517,948 | |||||||||||||||||||||
Due in one year through five years | 5,832 | 5,782 | |||||||||||||||||||||||
Due in five years through ten years | 719,104 | 728,137 | |||||||||||||||||||||||
Due after ten years | 14,912,700 | 14,180,114 | |||||||||||||||||||||||
$ | 17,138,103 | $ | 16,431,981 | ||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year through five years | $ | 3,415,144 | $ | 3,517,454 | |||||||||||||||||||||
Due in five years through ten years | 2,596,372 | 2,613,079 | |||||||||||||||||||||||
Due after ten years | 1,912,616 | 1,880,534 | |||||||||||||||||||||||
$ | 7,924,132 | $ | 8,011,067 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in less than one year | $ | 1,500,000 | $ | 1,498,155 | |||||||||||||||||||||
Due in one year through five years | 7,415 | 7,364 | |||||||||||||||||||||||
Due in five years through ten years | 778,271 | 786,833 | |||||||||||||||||||||||
Due after ten years | 15,160,089 | 14,062,309 | |||||||||||||||||||||||
$ | 17,445,775 | $ | 16,354,661 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year through five years | $ | 3,541,943 | $ | 3,649,827 | |||||||||||||||||||||
Due in five years through ten years | 2,072,862 | 2,036,709 | |||||||||||||||||||||||
Due after ten years | 2,454,619 | 2,414,674 | |||||||||||||||||||||||
$ | 8,069,424 | $ | 8,101,210 | ||||||||||||||||||||||
Securities with Unrealized Losses, Segregated by Length of Impairment | ' | ||||||||||||||||||||||||
Securities with unrealized losses, segregated by length of impairment, as of March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies | $ | 2,760,620 | $ | 238,552 | $ | 2,701,320 | $ | 297,227 | $ | 5,461,940 | $ | 535,779 | |||||||||||||
Municipal Bonds | 986,280 | 13,720 | 0 | 0 | 986,280 | 13,720 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 0 | 0 | 3,930,619 | 152,797 | 3,930,619 | 152,797 | |||||||||||||||||||
GNMA | 0 | 0 | 1,083,030 | 1,503 | 1,083,030 | 1,503 | |||||||||||||||||||
Federal Agency CMO | 0 | 0 | 809,819 | 63,665 | 809,819 | 63,665 | |||||||||||||||||||
$ | 3,746,900 | $ | 252,272 | $ | 8,524,788 | $ | 515,192 | $ | 12,271,688 | $ | 767,464 | ||||||||||||||
Held-to-Maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 1,070,350 | $ | 4,001 | $ | 481,335 | $ | 25,721 | $ | 1,551,685 | $ | 29,722 | |||||||||||||
SBA Pools | 810,184 | 28,082 | 215,716 | 30,178 | 1,025,900 | 58,260 | |||||||||||||||||||
$ | 1,880,534 | $ | 32,083 | $ | 697,051 | $ | 55,899 | $ | 2,577,585 | $ | 87,982 | ||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Bank Notes and Corporate Bonds | $ | 0 | $ | 0 | $ | 1,498,155 | $ | 1,845 | $ | 1,498,155 | $ | 1,845 | |||||||||||||
Obligations of U.S. Government Agencies | 3,944,880 | 552,806 | 1,293,780 | 206,220 | 5,238,660 | 759,026 | |||||||||||||||||||
Municipal Bonds | 911,300 | 88,700 | 0 | 0 | 911,300 | 88,700 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 3,949,576 | 191,457 | 21,661 | 192 | 3,971,237 | 191,649 | |||||||||||||||||||
GNMA | 1,109,080 | 21,492 | 0 | 0 | 1,109,080 | 21,492 | |||||||||||||||||||
FHLMC | 414,957 | 911 | 0 | 0 | 414,957 | 911 | |||||||||||||||||||
Federal Agency CMO | 0 | 0 | 840,940 | 68,664 | 840,940 | 68,664 | |||||||||||||||||||
$ | 10,329,793 | $ | 855,366 | $ | 3,654,536 | $ | 276,921 | $ | 13,984,329 | $ | 1,132,287 | ||||||||||||||
Held-to-Maturity: | |||||||||||||||||||||||||
Municipal Bonds | $ | 1,058,760 | $ | 18,530 | $ | 474,706 | $ | 34,043 | $ | 1,533,466 | $ | 52,573 | |||||||||||||
SBA Pools | 814,974 | 25,278 | 327,979 | 29,169 | 1,142,953 | 54,447 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA | 1,562,003 | 2,110 | 0 | 0 | 1,562,003 | 2,110 | |||||||||||||||||||
$ | 3,435,737 | $ | 45,918 | $ | 802,685 | $ | 63,212 | $ | 4,238,422 | $ | 109,130 | ||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan losses | ' | ||||||||||||||||||||||||||||||||||||||||
Loans and allowance for loan losses consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied One- to- four family | $ | 79,776,558 | $ | 79,190,821 | |||||||||||||||||||||||||||||||||||||
Non Owner Occupied One- to- four family | 12,550,181 | 12,405,389 | |||||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 7,414,347 | 8,129,950 | |||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 15,836,546 | 13,164,122 | |||||||||||||||||||||||||||||||||||||||
Residential Construction | 2,303,237 | 2,463,458 | |||||||||||||||||||||||||||||||||||||||
Land | 682,556 | 685,464 | |||||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 118,563,425 | 116,039,204 | |||||||||||||||||||||||||||||||||||||||
Consumer Loans | 65,756 | 66,503 | |||||||||||||||||||||||||||||||||||||||
Commercial Loans | 16,050 | 0 | |||||||||||||||||||||||||||||||||||||||
Total Loans | 118,645,231 | 116,105,707 | |||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,528,000 | ) | (1,528,000 | ) | |||||||||||||||||||||||||||||||||||||
Total loans and allowance for loan losses | $ | 117,117,231 | $ | 114,577,707 | |||||||||||||||||||||||||||||||||||||
Credit Risk Analysis of Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||
The following tables show credit quality indicators, the aging of receivables, and disaggregated balances of loans receivable and the allowance for loan losses as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Credit Risk Analysis of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 79,128,926 | $ | 10,741,766 | $ | 7,124,451 | $ | 14,676,121 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 114,738,863 | |||||||||||||||||||||||
Special Mention | 454,656 | 1,554,625 | 0 | 0 | 0 | 0 | 0 | 0 | 2,009,281 | ||||||||||||||||||||||||||||||||
Substandard | 192,976 | 253,790 | 289,896 | 1,160,425 | 0 | 0 | 0 | 0 | 1,897,087 | ||||||||||||||||||||||||||||||||
Total | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Credit risk profile based on payment activity: | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 79,583,582 | $ | 12,296,391 | $ | 7,124,451 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 117,908,569 | |||||||||||||||||||||||
Nonperforming | 192,976 | 253,790 | 289,896 | 0 | 0 | 0 | 0 | 0 | 736,662 | ||||||||||||||||||||||||||||||||
Total | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Credit Risk Analysis of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 78,205,713 | $ | 10,065,786 | $ | 7,840,054 | $ | 11,996,653 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 111,323,631 | |||||||||||||||||||||||
Special Mention | 457,008 | 2,077,313 | 0 | 0 | 0 | 0 | 0 | 0 | 2,534,321 | ||||||||||||||||||||||||||||||||
Substandard | 528,100 | 262,290 | 289,896 | 1,167,469 | 0 | 0 | 0 | 0 | 2,247,755 | ||||||||||||||||||||||||||||||||
Total | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Credit risk profile based on payment activity: | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 78,662,721 | $ | 12,143,099 | $ | 7,840,054 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 115,025,421 | |||||||||||||||||||||||
Nonperforming | 528,100 | 262,290 | 289,896 | 0 | 0 | 0 | 0 | 0 | 1,080,286 | ||||||||||||||||||||||||||||||||
Total | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Aged Analysis of Past Due Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||
Aged Analysis of Past Due Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Credit | |||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | $ | 79,002 | $ | 0 | $ | 289,896 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 368,898 | |||||||||||||||||||||||
60-89 Days Past Due | 3,416 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,416 | ||||||||||||||||||||||||||||||||
Greater Than 90 Days Past Due | 118,222 | 254,946 | 0 | 0 | 0 | 0 | 0 | 0 | 373,168 | ||||||||||||||||||||||||||||||||
Total Past Due | 200,640 | 254,946 | 289,896 | 0 | 0 | 0 | 0 | 0 | 745,482 | ||||||||||||||||||||||||||||||||
Current | 79,575,918 | 12,295,235 | 7,124,451 | 15,836,546 | 2,303,237 | 682,556 | 65,756 | 16,050 | 117,899,749 | ||||||||||||||||||||||||||||||||
Total Loans Receivable | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
Recorded Investment > 90 Days and Accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Aged Analysis of Past Due Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | $ | 224,165 | $ | 0 | $ | 24,493 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 248,658 | |||||||||||||||||||||||
60-89 Days Past Due | 3,001 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,001 | ||||||||||||||||||||||||||||||||
Greater Than 90 Days Past Due | 450,480 | 263,486 | 90,192 | 0 | 0 | 0 | 0 | 0 | 804,158 | ||||||||||||||||||||||||||||||||
Total Past Due | 677,646 | 263,486 | 114,685 | 0 | 0 | 0 | 0 | 0 | 1,055,817 | ||||||||||||||||||||||||||||||||
Current | 78,513,175 | 12,141,903 | 8,015,265 | 13,164,122 | 2,463,458 | 685,464 | 66,503 | 0 | 115,049,890 | ||||||||||||||||||||||||||||||||
Total Loans Receivable | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
Recorded Investment > 90 Days and Accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||
The following tables detail activity in the allowance for loan losses for the three months ended March 31, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 901,766 | $ | 353,240 | $ | 106,851 | $ | 131,641 | $ | 24,635 | $ | 8,568 | $ | 924 | $ | 0 | $ | 375 | $ | 1,528,000 | |||||||||||||||||||||
(Recovery of) provision for loan losses | (48,434 | ) | (13,567 | ) | (10,264 | ) | 26,724 | (1,603 | ) | (36 | ) | (10 | ) | 231 | 43,932 | (3,027 | ) | ||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Recoveries | 2,028 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 3,027 | |||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 2,028 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 3,027 | |||||||||||||||||||||||||||||||
Ending Balance | $ | 855,360 | $ | 339,673 | $ | 97,586 | $ | 158,365 | $ | 23,032 | $ | 8,532 | $ | 914 | $ | 231 | $ | 44,307 | $ | 1,528,000 | |||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 810,892 | $ | 206,099 | $ | 74,807 | $ | 191,357 | $ | 36,945 | $ | 32,217 | $ | 868 | $ | 240 | $ | 41,575 | $ | 1,395,000 | |||||||||||||||||||||
Provision for loan losses | (46,900 | ) | 114,621 | (9,171 | ) | 1,923 | (29,546 | ) | 2,964 | 37 | (27 | ) | (12,957 | ) | 20,944 | ||||||||||||||||||||||||||
Charge-offs | (2,364 | ) | (66,079 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (68,443 | ) | ||||||||||||||||||||||||||||
Recoveries | 1,500 | 0 | 999 | 0 | 0 | 0 | 0 | 0 | 0 | 2,499 | |||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (864 | ) | (66,079 | ) | 999 | 0 | 0 | 0 | 0 | 0 | 0 | (65,944 | ) | ||||||||||||||||||||||||||||
Ending Balance | $ | 763,128 | $ | 254,641 | $ | 66,635 | $ | 193,280 | $ | 7,399 | $ | 35,181 | $ | 905 | $ | 213 | $ | 28,618 | $ | 1,350,000 | |||||||||||||||||||||
Amounts Evaluated for Impairment Collectively and Individually Allocated to each Portfolio Segment | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the amounts evaluated for impairment collectively and individually allocated to each portfolio segment as of March 31, 2014, December 31, 2013 and March 31, 2013, detailed on the basis of the impairment methodology used by the Company. | |||||||||||||||||||||||||||||||||||||||||
Owner | Non Owner | Home Equity | Commercial | Construction | Land | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Lines of Credit | Real Estate | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,473,742 | $ | 253,790 | $ | 493,350 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,220,882 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 76,302,816 | $ | 12,296,391 | $ | 6,920,997 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 114,424,349 | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 79,776,558 | $ | 12,550,181 | $ | 7,414,347 | $ | 15,836,546 | $ | 2,303,237 | $ | 682,556 | $ | 65,756 | $ | 16,050 | $ | 118,645,231 | |||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,815,829 | $ | 262,289 | $ | 497,706 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,575,824 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 75,374,992 | $ | 12,143,100 | $ | 7,632,244 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 111,529,883 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 79,190,821 | $ | 12,405,389 | $ | 8,129,950 | $ | 13,164,122 | $ | 2,463,458 | $ | 685,464 | $ | 66,503 | $ | 0 | $ | 116,105,707 | |||||||||||||||||||||||
March 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,967,786 | $ | 296,207 | $ | 313,122 | $ | 0 | $ | 0 | $ | 93,000 | $ | 0 | $ | 0 | $ | 5,670,115 | |||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 72,525,640 | $ | 11,418,886 | $ | 8,884,727 | $ | 13,805,699 | $ | 739,904 | $ | 1,142,240 | $ | 64,213 | $ | 14,819 | $ | 108,596,128 | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 77,493,426 | $ | 11,715,093 | $ | 9,197,849 | $ | 13,805,699 | $ | 739,904 | $ | 1,235,240 | $ | 64,213 | $ | 14,819 | $ | 114,266,243 | |||||||||||||||||||||||
Nonperforming Assets and Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||||||||||
Information with respect to nonperforming assets and troubled debt restructurings at March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans: | |||||||||||||||||||||||||||||||||||||||||
Owner-occupied one- to- four family | $ | 192,976 | $ | 528,100 | |||||||||||||||||||||||||||||||||||||
Non owner-occupied one- to- four family | 253,790 | 262,290 | |||||||||||||||||||||||||||||||||||||||
Home Equity Lines of credit | 289,896 | 289,896 | |||||||||||||||||||||||||||||||||||||||
Total Non-Accrual Loans | 736,662 | 1,080,286 | |||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned, net | 2,049,405 | 1,921,706 | |||||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total Nonperforming Assets | 2,786,067 | 3,001,992 | |||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | 3,484,220 | 3,881,957 | |||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings included In Non-Accrual Loans | (0 | ) | (386,419 | ) | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings and Total Nonperforming Assets | $ | 6,270,287 | $ | 6,497,530 | |||||||||||||||||||||||||||||||||||||
Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Recorded | Unpaid Principal | Related | ||||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 445,872 | $ | 458,363 | $ | 0 | $ | 782,371 | $ | 810,780 | $ | 0 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 16,751 | 82,829 | 0 | 16,751 | 82,830 | 0 | |||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 493,350 | 493,350 | 0 | 497,706 | 567,234 | 0 | |||||||||||||||||||||||||||||||||||
Total with no allowance | $ | 955,973 | $ | 1,034,542 | $ | 0 | $ | 1,296,828 | $ | 1,460,844 | $ | 0 | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,027,870 | $ | 3,027,870 | $ | 210,773 | $ | 3,033,457 | $ | 3,033,457 | $ | 210,773 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 237,039 | 264,770 | 64,234 | 245,539 | 273,270 | 64,234 | |||||||||||||||||||||||||||||||||||
Total with an allowance | $ | 3,264,909 | $ | 3,292,640 | $ | 275,007 | $ | 3,278,996 | $ | 3,306,727 | $ | 275,007 | |||||||||||||||||||||||||||||
Grand total: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,473,742 | $ | 3,486,233 | $ | 210,773 | $ | 3,815,828 | $ | 3,844,237 | $ | 210,773 | |||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 253,790 | 347,599 | 64,234 | 262,290 | 356,100 | 64,234 | |||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 493,350 | 493,350 | 0 | 497,706 | 567,234 | 0 | |||||||||||||||||||||||||||||||||||
Grand total | $ | 4,220,882 | $ | 4,327,182 | $ | 275,007 | $ | 4,575,824 | $ | 4,767,571 | $ | 275,007 | |||||||||||||||||||||||||||||
Information on impaired loans for the three months ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 614,122 | $ | 4,279 | $ | 2,353,717 | $ | 15,286 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 16,751 | 0 | 331,975 | 0 | |||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 495,528 | 5,941 | 315,636 | 3,340 | |||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | 93,750 | 0 | |||||||||||||||||||||||||||||||||||||
Total with no allowance | $ | 1,126,401 | $ | 10,220 | $ | 3,095,078 | $ | 18,626 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 2,819,891 | $ | 24,778 | $ | 2,106,251 | $ | 24,485 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 177,055 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Total with an allowance | $ | 2,996,946 | $ | 24,778 | $ | 2,106,251 | $ | 24,485 | |||||||||||||||||||||||||||||||||
Grand total: | |||||||||||||||||||||||||||||||||||||||||
Owner Occupied one- to- four family residential | $ | 3,434,013 | $ | 29,057 | $ | 4,459,968 | $ | 39,771 | |||||||||||||||||||||||||||||||||
Non Owner Occupied one- to- four family residential | 193,806 | 0 | 331,975 | 0 | |||||||||||||||||||||||||||||||||||||
Home Equity Lines of Credit | 495,528 | 5,941 | 315,636 | 3,340 | |||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | 93,750 | 0 | |||||||||||||||||||||||||||||||||||||
Grand total | $ | 4,123,347 | $ | 34,998 | $ | 5,201,329 | $ | 43,111 | |||||||||||||||||||||||||||||||||
Summary of Impaired Loans that were Modified due to TDR | ' | ||||||||||||||||||||||||||||||||||||||||
Modifications for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family residential | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Modifications for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family residential | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Loans by Loan Class Modified as TDR's | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents loans by loan class modified as TDR’s within the previous twelve months from, and for which there was a payment default (90 days or more past due) during the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||||||||
0 | $ | 0 | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | ' | ||||||||||||||||||||||||||||||||||||||||
Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||
The following table reflects impaired loans as of March 31, 2014 and December 31, 2013. A loan is impaired when it is not likely the lender will collect the full value of the loan because the creditworthiness of a borrower has fallen. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Impaired performing loans: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 3,280,766 | 3,287,728 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 203,454 | 207,810 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total impaired performing loans | 3,484,220 | 3,495,538 | |||||||||||||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 192,976 | 141,681 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 253,790 | 262,290 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 289,896 | 289,896 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to- four family | 0 | 386,419 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied one- to- four family | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Land | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual) | 736,662 | 1,080,286 | |||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 4,220,882 | $ | 4,575,824 | |||||||||||||||||||||||||||||||||||||
EMPLOYEE_RETIREMENT_PLANS_Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Employee Stock Ownership Plan Shares | ' | ||||||||
A summary of ESOP shares at March 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
Shares committed for release | 34,385 | 23,805 | |||||||
Unearned shares | 92,575 | 103,155 | |||||||
Total ESOP shares | 126,960 | 126,960 | |||||||
Fair Value of unearned shares | $ | 1,296,976 | $ | 1,439,012 | |||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Weighted Average Assumptions Used to Determine Fair Value of Options | ' | ||||||||||||||||
The fair value of options granted during 2013 was determined using the following weighted-average assumptions as of grant date. | |||||||||||||||||
2013 | |||||||||||||||||
Risk-free interest rate | 0.25 | % | |||||||||||||||
Expected term | 10.0 years | ||||||||||||||||
Expected stock price volatility | 24.36 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Outstanding at beginning of year | 69,600 | $ | 13.65 | 10.0 years | $ | 38,280 | |||||||||||
Granted | 0 | 0 | 10.0 years | 0 | |||||||||||||
Exercised | 0 | 0 | 10.0 years | 0 | |||||||||||||
Forfeited, exchanged or expired | (0 | ) | 0 | 10.0 years | 0 | ||||||||||||
Outstanding at end of period | 69,600 | $ | 13.65 | 9.6 years | $ | 38,280 | |||||||||||
Exercisable at end of period | 17,400 | $ | 13.65 | 9.6 years | $ | 9,570 | |||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Outstanding at beginning of year | 0 | $ | 0 | 0 years | $ | 0 | |||||||||||
Granted | 69,600 | 13.65 | 10.0 years | 38,280 | |||||||||||||
Exercised | 0 | 0 | 10.0 years | 0 | |||||||||||||
Forfeited, exchanged or expired | (0 | ) | 0 | 10.0 years | 0 | ||||||||||||
Outstanding at end of year | 69,600 | $ | 13.65 | 9.8 years | $ | 38,280 | |||||||||||
Exercisable at end of year | 17,400 | $ | 13.65 | 9.8 years | $ | 9,570 | |||||||||||
Summary of Changes in Nonvested Shares | ' | ||||||||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2014 and twelve months ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2014 | 24,748 | $ | 12.75 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Vested | 0 | 0 | |||||||||||||||
Forfeited | (0 | ) | 0 | ||||||||||||||
Nonvested at March 31, 2014 | 24,748 | $ | 12.75 | ||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 0 | $ | 0 | ||||||||||||||
Granted | 33,000 | 12.75 | |||||||||||||||
Vested | (8,252 | ) | 12.75 | ||||||||||||||
Forfeited | (0 | ) | 0 | ||||||||||||||
Nonvested at December 31, 2013 | 24,748 | $ | 12.75 | ||||||||||||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Details of Bank Capital Position | ' | ||||||||||||||||
The following table details the Bank’s capital position: | |||||||||||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||
and to be Well Capitalized | |||||||||||||||||
Under the Prompt Corrective | |||||||||||||||||
Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
As of March 31, 2014 : | |||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | $ | 24,840 | 26.48 | % | $ | 9,381 | 10 | % | |||||||||
Tier I Capital (to risk-weighted assets) | $ | 23,663 | 25.23 | % | $ | 5,627 | 6 | % | |||||||||
Tier I Capital (to adjusted total assets) | $ | 23,663 | 14.26 | % | $ | 8,297 | 5 | % | |||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||
and to be Well Capitalized | |||||||||||||||||
Under the Prompt Corrective | |||||||||||||||||
Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | $ | 24,857 | 26.96 | % | $ | 9,220 | 10 | % | |||||||||
Tier I Capital (to risk-weighted assets) | $ | 23,700 | 25.71 | % | $ | 5,531 | 6 | % | |||||||||
Tier I Capital (to adjusted total assets) | $ | 23,700 | 14.19 | % | $ | 8,351 | 5 | % |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Changes in Component of Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||
The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2014 and 2013: | |||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||
Net Unrealized Gain | Net Unrealized Gain | ||||||||||
and Losses on | and Losses on | ||||||||||
Investment Securities | Investment Securities | ||||||||||
Beginning Balance | $ | (669,725 | ) | $ | 74,301 | ||||||
Other comprehensive income (loss) before reclassifications | 242,133 | (40,238 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | (26,001 | ) | ||||||||
Net current period other comprehensive income (loss) | 242,133 | (66,239 | ) | ||||||||
Ending Balance | $ | (427,592 | ) | $ | 8,062 | ||||||
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013: | |||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||
Amount Reclassified | Amount Reclassified | Affected Line Item in | |||||||||
from Accumulated | from Accumulated | the Statement Where | |||||||||
Other Comprehensive | Other Comprehensive | Net Income Is | |||||||||
Income | Income | Presented | |||||||||
Reclassification adjustment for realized gains | $ | 0 | $ | (43,335 | ) | Non-Interest Income | |||||
0 | 17,334 | Income Tax Expense | |||||||||
Total Reclassification for the Period | $ | 0 | $ | (26,001 | ) | Net of Tax | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents the Bank’s assets measured at fair value on a recurring basis: | |||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||
March 31, | Active Markets | Other | Unobservable | ||||||||||||||
2014 | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,517,490 | $ | 0 | $ | 1,517,490 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 5,461,940 | 0 | 5,461,940 | 0 | |||||||||||||
Municipal Bonds | 986,280 | 0 | 986,280 | 0 | |||||||||||||
FNMA | 5,648,909 | 0 | 5,648,909 | 0 | |||||||||||||
GNMA | 1,144,582 | 0 | 1,144,582 | 0 | |||||||||||||
FHLMC | 592,216 | 0 | 592,216 | 0 | |||||||||||||
Federal Agency CMO | 809,819 | 0 | 809,819 | 0 | |||||||||||||
Private label CMO | 270,745 | 0 | 270,745 | 0 | |||||||||||||
$ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | ||||||||||
Total assets measured at fair value | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | |||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||
2013 | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Bank Notes and Corporate Bonds | $ | 1,498,155 | $ | 0 | $ | 1,498,155 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 5,238,660 | 0 | 5,238,660 | 0 | |||||||||||||
Municipal Bonds | 911,300 | 0 | 911,300 | 0 | |||||||||||||
FNMA | 5,777,860 | 0 | 5,777,860 | 0 | |||||||||||||
GNMA | 1,173,142 | 0 | 1,173,142 | 0 | |||||||||||||
FHLMC | 626,465 | 0 | 626,465 | 0 | |||||||||||||
Federal Agency CMO | 840,940 | 0 | 840,940 | 0 | |||||||||||||
Private label CMO | 288,139 | 0 | 288,139 | 0 | |||||||||||||
$ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | ||||||||||
Total assets measured at fair value | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | |||||||||
Level of Valuation Assumptions used to Determine Adjustment and Carrying Value of Assets | ' | ||||||||||||||||
For assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the assets: | |||||||||||||||||
Fair Value at | Quoted | Significant | Significant | ||||||||||||||
March 31, 2014 | Prices | Other | Unobservable | ||||||||||||||
(Level 1) | Observable | Inputs | |||||||||||||||
Inputs | (Level 3) | ||||||||||||||||
(Level 2) | |||||||||||||||||
Impaired Loans: | |||||||||||||||||
Owner occupied one- to- four family | $ | 3,262,969 | $ | 0 | $ | 3,262,969 | $ | 0 | |||||||||
Non owner occupied one- to- four family | 189,556 | 0 | 189,556 | 0 | |||||||||||||
Home Equity Lines of Credit | 493,350 | 0 | 493,350 | 0 | |||||||||||||
$ | 3,945,875 | $ | 0 | $ | 3,945,875 | $ | 0 | ||||||||||
Other real estate owned | $ | 2,049,405 | $ | 0 | $ | 2,049,405 | $ | 0 | |||||||||
Fair Value at | Quoted | Significant | Significant | ||||||||||||||
December 31, 2013 | Prices | Other | Unobservable | ||||||||||||||
(Level 1) | Observable | Inputs | |||||||||||||||
Inputs | (Level 3) | ||||||||||||||||
(Level 2) | |||||||||||||||||
Impaired Loans: | |||||||||||||||||
Owner occupied one- to- four family | $ | 3,605,055 | $ | 0 | $ | 3,605,055 | $ | 0 | |||||||||
Non owner occupied one- to- four family | 198,056 | 0 | 198,056 | 0 | |||||||||||||
Home Equity Lines of Credit | 497,706 | 0 | 497,706 | 0 | |||||||||||||
$ | 4,300,817 | $ | 0 | $ | 4,300,817 | $ | 0 | ||||||||||
Other real estate owned | $ | 1,921,706 | $ | 0 | $ | 1,921,706 | $ | 0 | |||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Estimates, Methods, and Assumptions for Financial Instruments | ' | ||||||||||||||||||||
Fair value estimates, methods, and assumptions are set forth below for the Bank’s financial instruments as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Value | Level One | Level Two | Level Three | Total | |||||||||||||||||
Assets: | |||||||||||||||||||||
Securities - available-for-sale | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | $ | 0 | $ | 16,431,981 | |||||||||||
Securities - held-to-maturity | 7,924,132 | 0 | 8,011,067 | 0 | 8,011,067 | ||||||||||||||||
Loans, net of allowance | 117,117,231 | 0 | 3,945,875 | 112,481,465 | 116,427,340 | ||||||||||||||||
Federal Home Loan Bank stock | 1,049,800 | 0 | 1,049,800 | 0 | 1,049,800 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposit accounts and advances by borrowers | 117,649,261 | 0 | 117,709,453 | 0 | 117,709,453 | ||||||||||||||||
Advances from the FHLB | 20,000,000 | 0 | 20,507,664 | 0 | 20,507,664 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Value | Level One | Level Two | Level Three | Total | |||||||||||||||||
Assets: | |||||||||||||||||||||
Securities - available-for-sale | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | $ | 0 | $ | 16,354,661 | |||||||||||
Securities - held-to-maturity | 8,069,424 | 0 | 8,101,210 | 0 | 8,101,210 | ||||||||||||||||
Loans, net of allowance | 114,577,707 | 0 | 4,300,817 | 112,002,812 | 116,303,629 | ||||||||||||||||
Federal Home Loan Bank stock | 1,103,700 | 0 | 1,103,700 | 0 | 1,103,700 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposit accounts and advances by borrowers | 118,759,093 | 0 | 119,172,829 | 0 | 119,172,829 | ||||||||||||||||
Advances from the FHLB | 20,000,000 | 0 | 20,590,659 | 0 | 20,590,659 |
Recovered_Sheet1
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
Mar. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Organization And Summary Of Significant Policies [Line Items] | ' | ' | ' | ' |
Date of incorporation | ' | 12-Oct-10 | ' | ' |
Issuance of common stock (in shares) | 1,587,000 | 1,392,923 | 1,392,923 | ' |
Common stock issuance, price per share | $10 | ' | ' | ' |
Proceeds from issuance of common stock (net of costs) | $14,968,600 | ' | ' | ' |
Issuance of common stock, offering expenses | $901,400 | ' | ' | ' |
Shares subscribed for employee stock ownership plan, percent to sum of shares offered | 8.00% | 8.00% | ' | ' |
Total shares in employee stock ownership plan | 126,960 | 126,960 | ' | 126,960 |
Amortized_Cost_and_Fair_Values
Amortized Cost and Fair Values of Investment Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | $17,138,103 | $17,445,775 |
Available-for-sale, Gross Unrealized Gains | 61,342 | 41,173 |
Available-for-sale, Gross Unrealized Losses | 767,464 | 1,132,287 |
Available-for-sale, Fair Value | 16,431,981 | 16,354,661 |
Held-to-maturity, Amortized Cost | 7,924,132 | 8,069,424 |
Held-to-maturity, Gross Unrealized Gains | 174,917 | 140,916 |
Held-to-maturity, Gross Unrealized Losses | 87,982 | 109,130 |
Held-to-maturity, Fair Value | 8,011,067 | 8,101,210 |
FNMA | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity, Gross Unrealized Losses | ' | 2,110 |
Municipal Bonds | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 1,000,000 | 1,000,000 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | 13,720 | 88,700 |
Available-for-sale, Fair Value | 986,280 | 911,300 |
Held-to-maturity, Amortized Cost | 2,116,719 | 2,123,116 |
Held-to-maturity, Gross Unrealized Gains | 30,088 | 3,863 |
Held-to-maturity, Gross Unrealized Losses | 29,722 | 52,573 |
Held-to-maturity, Fair Value | 2,117,085 | 2,074,406 |
SBA Pools | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 1,084,160 | 1,197,400 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Losses | 58,260 | 54,447 |
Held-to-maturity, Fair Value | 1,025,900 | 1,142,953 |
Mortgage-backed securities | FNMA | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 5,777,250 | 5,945,252 |
Available-for-sale, Gross Unrealized Gains | 24,456 | 24,257 |
Available-for-sale, Gross Unrealized Losses | 152,797 | 191,649 |
Available-for-sale, Fair Value | 5,648,909 | 5,777,860 |
Held-to-maturity, Amortized Cost | 4,723,253 | 4,748,908 |
Held-to-maturity, Gross Unrealized Gains | 144,829 | 137,053 |
Held-to-maturity, Gross Unrealized Losses | 0 | 2,110 |
Held-to-maturity, Fair Value | 4,868,082 | 4,883,851 |
Mortgage-backed securities | GNMA | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 1,138,718 | 1,186,994 |
Available-for-sale, Gross Unrealized Gains | 7,367 | 7,640 |
Available-for-sale, Gross Unrealized Losses | 1,503 | 21,492 |
Available-for-sale, Fair Value | 1,144,582 | 1,173,142 |
Mortgage-backed securities | FHLMC | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 586,758 | 623,033 |
Available-for-sale, Gross Unrealized Gains | 5,458 | 4,343 |
Available-for-sale, Gross Unrealized Losses | 0 | 911 |
Available-for-sale, Fair Value | 592,216 | 626,465 |
Mortgage-backed securities | Federal Agency CMO | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 873,484 | 909,604 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | 63,665 | 68,664 |
Available-for-sale, Fair Value | 809,819 | 840,940 |
Mortgage-backed securities | Private Label CMO | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 264,174 | 283,206 |
Available-for-sale, Gross Unrealized Gains | 6,571 | 4,933 |
Available-for-sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 270,745 | 288,139 |
Bank Notes and Corporate Bonds | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 1,500,000 | 1,500,000 |
Available-for-sale, Gross Unrealized Gains | 17,490 | 0 |
Available-for-sale, Gross Unrealized Losses | 0 | 1,845 |
Available-for-sale, Fair Value | 1,517,490 | 1,498,155 |
Obligations of U.S. Government Agencies | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 5,997,719 | 5,997,686 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | 535,779 | 759,026 |
Available-for-sale, Fair Value | $5,461,940 | $5,238,660 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Debt Securities by Contractual Maturities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Available-for-sale, Amortized Cost | ' | ' |
Due in less than one year | $1,500,467 | $1,500,000 |
Due in one year through five years | 5,832 | 7,415 |
Due in five years through ten years | 719,104 | 778,271 |
Due after ten years | 14,912,700 | 15,160,089 |
Available-for-sale, Amortized Cost | 17,138,103 | 17,445,775 |
Available-for-sale, Fair Value | ' | ' |
Due in less than one year | 1,517,948 | 1,498,155 |
Due in one year through five years | 5,782 | 7,364 |
Due in five years through ten years | 728,137 | 786,833 |
Due after ten years | 14,180,114 | 14,062,309 |
Available-for-sale, Fair Value | 16,431,981 | 16,354,661 |
Held-to-maturity, Amortized Cost | ' | ' |
Due in one year through five years | 3,415,144 | 3,541,943 |
Due in five years through ten years | 2,596,372 | 2,072,862 |
Due after ten years | 1,912,616 | 2,454,619 |
Held-to-maturity, Amortized Cost | 7,924,132 | 8,069,424 |
Held-to-maturity, Fair Value | ' | ' |
Due in one year through five years | 3,517,454 | 3,649,827 |
Due in five years through ten years | 2,613,079 | 2,036,709 |
Due after ten years | 1,880,534 | 2,414,674 |
Held-to-maturity, Fair Value | $8,011,067 | $8,101,210 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Investment [Line Items] | ' | ' |
Gross gains on sales of available-for-sale securities | $0 | $43,335 |
Gross losses on sales available-for-sale securities | $0 | $0 |
Securities_with_Unrealized_Los
Securities with Unrealized Losses, Segregated by Length of Impairment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | $3,746,900 | $10,329,793 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 252,272 | 855,366 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 8,524,788 | 3,654,536 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 515,192 | 276,921 |
Available-for-sale securities, Total Estimated Fair Value | 12,271,688 | 13,984,329 |
Available-for-sale securities, Total Unrealized Losses | 767,464 | 1,132,287 |
Held to maturity, Estimated Fair Value Less than 12 Months | 1,880,534 | 3,435,737 |
Held to maturity, Unrealized Losses Less than 12 Months | 32,083 | 45,918 |
Held to maturity, Estimated Fair Value More than 12 Months | 697,051 | 802,685 |
Held to maturity, Unrealized Losses More than 12 Months | 55,899 | 63,212 |
Held to maturity, Total Estimated Fair Value | 2,577,585 | 4,238,422 |
Held to maturity, Total Unrealized Losses | 87,982 | 109,130 |
FNMA | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held to maturity, Estimated Fair Value Less than 12 Months | ' | 1,562,003 |
Held to maturity, Unrealized Losses Less than 12 Months | ' | 2,110 |
Held to maturity, Estimated Fair Value More than 12 Months | ' | 0 |
Held to maturity, Unrealized Losses More than 12 Months | ' | 0 |
Held to maturity, Total Estimated Fair Value | ' | 1,562,003 |
Held to maturity, Total Unrealized Losses | ' | 2,110 |
Bank Notes and Corporate Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | ' | 0 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | ' | 0 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | ' | 1,498,155 |
Available-for-sale securities, Unrealized Losses More than 12 Months | ' | 1,845 |
Available-for-sale securities, Total Estimated Fair Value | ' | 1,498,155 |
Available-for-sale securities, Total Unrealized Losses | ' | 1,845 |
Obligations of U.S. Government Agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | 2,760,620 | 3,944,880 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 238,552 | 552,806 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 2,701,320 | 1,293,780 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 297,227 | 206,220 |
Available-for-sale securities, Total Estimated Fair Value | 5,461,940 | 5,238,660 |
Available-for-sale securities, Total Unrealized Losses | 535,779 | 759,026 |
Mortgage-backed securities | FNMA | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | 0 | 3,949,576 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 0 | 191,457 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 3,930,619 | 21,661 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 152,797 | 192 |
Available-for-sale securities, Total Estimated Fair Value | 3,930,619 | 3,971,237 |
Available-for-sale securities, Total Unrealized Losses | 152,797 | 191,649 |
Held to maturity, Total Unrealized Losses | 0 | 2,110 |
Mortgage-backed securities | GNMA | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | 0 | 1,109,080 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 0 | 21,492 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 1,083,030 | 0 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 1,503 | 0 |
Available-for-sale securities, Total Estimated Fair Value | 1,083,030 | 1,109,080 |
Available-for-sale securities, Total Unrealized Losses | 1,503 | 21,492 |
Mortgage-backed securities | FHLMC | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | ' | 414,957 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | ' | 911 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | ' | 0 |
Available-for-sale securities, Unrealized Losses More than 12 Months | ' | 0 |
Available-for-sale securities, Total Estimated Fair Value | ' | 414,957 |
Available-for-sale securities, Total Unrealized Losses | ' | 911 |
Mortgage-backed securities | Federal Agency CMO | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | 0 | 0 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 0 | 0 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 809,819 | 840,940 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 63,665 | 68,664 |
Available-for-sale securities, Total Estimated Fair Value | 809,819 | 840,940 |
Available-for-sale securities, Total Unrealized Losses | 63,665 | 68,664 |
Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Estimated Fair Value Less than 12 Months | 986,280 | 911,300 |
Available-for-sale securities, Unrealized Losses Less than 12 Months | 13,720 | 88,700 |
Available-for-sale securities, Estimated Fair Value More than 12 Months | 0 | 0 |
Available-for-sale securities, Unrealized Losses More than 12 Months | 0 | 0 |
Available-for-sale securities, Total Estimated Fair Value | 986,280 | 911,300 |
Available-for-sale securities, Total Unrealized Losses | 13,720 | 88,700 |
Held to maturity, Estimated Fair Value Less than 12 Months | 1,070,350 | 1,058,760 |
Held to maturity, Unrealized Losses Less than 12 Months | 4,001 | 18,530 |
Held to maturity, Estimated Fair Value More than 12 Months | 481,335 | 474,706 |
Held to maturity, Unrealized Losses More than 12 Months | 25,721 | 34,043 |
Held to maturity, Total Estimated Fair Value | 1,551,685 | 1,533,466 |
Held to maturity, Total Unrealized Losses | 29,722 | 52,573 |
SBA Pools | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held to maturity, Estimated Fair Value Less than 12 Months | 810,184 | 814,974 |
Held to maturity, Unrealized Losses Less than 12 Months | 28,082 | 25,278 |
Held to maturity, Estimated Fair Value More than 12 Months | 215,716 | 327,979 |
Held to maturity, Unrealized Losses More than 12 Months | 30,178 | 29,169 |
Held to maturity, Total Estimated Fair Value | 1,025,900 | 1,142,953 |
Held to maturity, Total Unrealized Losses | $58,260 | $54,447 |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $118,645,231 | $116,105,707 | $114,266,243 |
Less: Allowance for loan losses | -1,528,000 | -1,528,000 | ' |
Total loans and allowance for loan losses | 117,117,231 | 114,577,707 | ' |
Real Estate Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 118,563,425 | 116,039,204 | ' |
Real Estate Loans | Owner Occupied One-to-four family, residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 79,776,558 | 79,190,821 | 77,493,426 |
Real Estate Loans | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 12,550,181 | 12,405,389 | 11,715,093 |
Real Estate Loans | Home Equity Lines of Credit | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 7,414,347 | 8,129,950 | 9,197,849 |
Real Estate Loans | Commercial Real Estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 15,836,546 | 13,164,122 | 13,805,699 |
Real Estate Loans | Residential construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,303,237 | 2,463,458 | 739,904 |
Real Estate Loans | Land | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 682,556 | 685,464 | 1,235,240 |
Consumer | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 65,756 | 66,503 | 64,213 |
Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $16,050 | $0 | $14,819 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loan | Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Balance of impaired loans | $4,220,882 | $4,575,824 |
Non-Accrual Loans | 736,662 | 1,080,286 |
Troubled Debt Restructurings | 3,484,220 | 3,881,957 |
Troubled Debt Restructuring Number of Contracts | 5 | 6 |
Number of Non accrual loans | 21 | 21 |
Interest forgone from loans on non-accrual status | 55,631 | 129,519 |
Owner occupied one-to-four family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Troubled Debt Restructurings | 3,280,766 | 3,881,957 |
Troubled Debt Restructuring Number of Contracts | 4 | 5 |
Home Equity Lines of Credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Troubled Debt Restructurings | $203,454 | $207,810 |
Troubled Debt Restructuring Number of Contracts | 1 | 1 |
Credit_Risk_Analysis_of_Loans_
Credit Risk Analysis of Loans Receivable (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | $118,645,231 | $116,105,707 | $114,266,243 |
Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 114,738,863 | 111,323,631 | ' |
Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,009,281 | 2,534,321 | ' |
Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 1,897,087 | 2,247,755 | ' |
Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 117,908,569 | 115,025,421 | ' |
Non-Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 736,662 | 1,080,286 | ' |
Real Estate Loans | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 118,563,425 | 116,039,204 | ' |
Real Estate Loans | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 79,776,558 | 79,190,821 | 77,493,426 |
Real Estate Loans | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 12,550,181 | 12,405,389 | 11,715,093 |
Real Estate Loans | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 7,414,347 | 8,129,950 | 9,197,849 |
Real Estate Loans | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 15,836,546 | 13,164,122 | 13,805,699 |
Real Estate Loans | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,303,237 | 2,463,458 | 739,904 |
Real Estate Loans | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 682,556 | 685,464 | 1,235,240 |
Real Estate Loans | Pass | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 79,128,926 | 78,205,713 | ' |
Real Estate Loans | Pass | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 10,741,766 | 10,065,786 | ' |
Real Estate Loans | Pass | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 7,124,451 | 7,840,054 | ' |
Real Estate Loans | Pass | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 14,676,121 | 11,996,653 | ' |
Real Estate Loans | Pass | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,303,237 | 2,463,458 | ' |
Real Estate Loans | Pass | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 682,556 | 685,464 | ' |
Real Estate Loans | Special Mention | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 454,656 | 457,008 | ' |
Real Estate Loans | Special Mention | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 1,554,625 | 2,077,313 | ' |
Real Estate Loans | Special Mention | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Special Mention | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Special Mention | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Special Mention | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Substandard | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 192,976 | 528,100 | ' |
Real Estate Loans | Substandard | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 253,790 | 262,290 | ' |
Real Estate Loans | Substandard | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 289,896 | 289,896 | ' |
Real Estate Loans | Substandard | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 1,160,425 | 1,167,469 | ' |
Real Estate Loans | Substandard | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Substandard | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Performing | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 79,583,582 | 78,662,721 | ' |
Real Estate Loans | Performing | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 12,296,391 | 12,143,099 | ' |
Real Estate Loans | Performing | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 7,124,451 | 7,840,054 | ' |
Real Estate Loans | Performing | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 15,836,546 | 13,164,122 | ' |
Real Estate Loans | Performing | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,303,237 | 2,463,458 | ' |
Real Estate Loans | Performing | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 682,556 | 685,464 | ' |
Real Estate Loans | Non-Performing | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 192,976 | 528,100 | ' |
Real Estate Loans | Non-Performing | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 253,790 | 262,290 | ' |
Real Estate Loans | Non-Performing | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 289,896 | 289,896 | ' |
Real Estate Loans | Non-Performing | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Non-Performing | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Real Estate Loans | Non-Performing | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 65,756 | 66,503 | 64,213 |
Consumer | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 65,756 | 66,503 | ' |
Consumer | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Consumer | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Consumer | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 65,756 | 66,503 | ' |
Consumer | Non-Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 16,050 | 0 | 14,819 |
Commercial | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 16,050 | 0 | ' |
Commercial | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Commercial | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Commercial | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 16,050 | 0 | ' |
Commercial | Non-Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | $0 | $0 | ' |
Aged_Analysis_of_Past_Due_Loan
Aged Analysis of Past Due Loans Receivable (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | $368,898 | $248,658 | ' |
60-89 Days Past Due | 3,416 | 3,001 | ' |
Greater Than 90 Days Past Due | 373,168 | 804,158 | ' |
Total Past Due | 745,482 | 1,055,817 | ' |
Current | 117,899,749 | 115,049,890 | ' |
Total Loans Receivable | 118,645,231 | 116,105,707 | 114,266,243 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans Receivable | 118,563,425 | 116,039,204 | ' |
Real Estate Loans | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 79,002 | 224,165 | ' |
60-89 Days Past Due | 3,416 | 3,001 | ' |
Greater Than 90 Days Past Due | 118,222 | 450,480 | ' |
Total Past Due | 200,640 | 677,646 | ' |
Current | 79,575,918 | 78,513,175 | ' |
Total Loans Receivable | 79,776,558 | 79,190,821 | 77,493,426 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 254,946 | 263,486 | ' |
Total Past Due | 254,946 | 263,486 | ' |
Current | 12,295,235 | 12,141,903 | ' |
Total Loans Receivable | 12,550,181 | 12,405,389 | 11,715,093 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 289,896 | 24,493 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 90,192 | ' |
Total Past Due | 289,896 | 114,685 | ' |
Current | 7,124,451 | 8,015,265 | ' |
Total Loans Receivable | 7,414,347 | 8,129,950 | 9,197,849 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 15,836,546 | 13,164,122 | ' |
Total Loans Receivable | 15,836,546 | 13,164,122 | 13,805,699 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 2,303,237 | 2,463,458 | ' |
Total Loans Receivable | 2,303,237 | 2,463,458 | 739,904 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Real Estate Loans | Land | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 682,556 | 685,464 | ' |
Total Loans Receivable | 682,556 | 685,464 | 1,235,240 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 65,756 | 66,503 | ' |
Total Loans Receivable | 65,756 | 66,503 | 64,213 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 0 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
Greater Than 90 Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 16,050 | 0 | ' |
Total Loans Receivable | 16,050 | 0 | 14,819 |
Recorded Investment > 90 Days and Accruing | $0 | $0 | ' |
Activity_in_Allowance_for_Loan
Activity in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | $1,528,000 | $1,395,000 |
(Recovery of) provision for loan losses | -3,027 | 20,944 |
Charge-offs | 0 | -68,443 |
Recoveries | 3,027 | 2,499 |
Net (charge-offs) recoveries | 3,027 | -65,944 |
Ending Balance | 1,528,000 | 1,350,000 |
Real Estate Loans | Owner Occupied One-to-four family, residential | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 901,766 | 810,892 |
(Recovery of) provision for loan losses | -48,434 | -46,900 |
Charge-offs | 0 | -2,364 |
Recoveries | 2,028 | 1,500 |
Net (charge-offs) recoveries | 2,028 | -864 |
Ending Balance | 855,360 | 763,128 |
Real Estate Loans | Non Owner Occupied One-to-four family, residential | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 353,240 | 206,099 |
(Recovery of) provision for loan losses | -13,567 | 114,621 |
Charge-offs | 0 | -66,079 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | -66,079 |
Ending Balance | 339,673 | 254,641 |
Real Estate Loans | Home Equity Lines of Credit | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 106,851 | 74,807 |
(Recovery of) provision for loan losses | -10,264 | -9,171 |
Charge-offs | 0 | 0 |
Recoveries | 999 | 999 |
Net (charge-offs) recoveries | 999 | 999 |
Ending Balance | 97,586 | 66,635 |
Real Estate Loans | Commercial Real Estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 131,641 | 191,357 |
(Recovery of) provision for loan losses | 26,724 | 1,923 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | 158,365 | 193,280 |
Real Estate Loans | Residential construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 24,635 | 36,945 |
(Recovery of) provision for loan losses | -1,603 | -29,546 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | 23,032 | 7,399 |
Real Estate Loans | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 8,568 | 32,217 |
(Recovery of) provision for loan losses | -36 | 2,964 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | 8,532 | 35,181 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 924 | 868 |
(Recovery of) provision for loan losses | -10 | 37 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | 914 | 905 |
Commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 0 | 240 |
(Recovery of) provision for loan losses | 231 | -27 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | 231 | 213 |
Unallocated | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 375 | 41,575 |
(Recovery of) provision for loan losses | 43,932 | -12,957 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Ending Balance | $44,307 | $28,618 |
Amounts_Evaluated_for_Impairme
Amounts Evaluated for Impairment Collectively and Individually Allocated to each Portfolio Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | $4,220,882 | $4,575,824 | $5,670,115 |
Loans collectively evaluated for impairment | 114,424,349 | 111,529,883 | 108,596,128 |
Total Loans Receivable | 118,645,231 | 116,105,707 | 114,266,243 |
Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 493,350 | 497,706 | ' |
Real Estate Loans | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 118,563,425 | 116,039,204 | ' |
Real Estate Loans | Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 3,473,742 | 3,815,829 | 4,967,786 |
Loans collectively evaluated for impairment | 76,302,816 | 75,374,992 | 72,525,640 |
Total Loans Receivable | 79,776,558 | 79,190,821 | 77,493,426 |
Real Estate Loans | Non Owner Occupied One-to-four family, residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 253,790 | 262,289 | 296,207 |
Loans collectively evaluated for impairment | 12,296,391 | 12,143,100 | 11,418,886 |
Total Loans Receivable | 12,550,181 | 12,405,389 | 11,715,093 |
Real Estate Loans | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 493,350 | 497,706 | 313,122 |
Loans collectively evaluated for impairment | 6,920,997 | 7,632,244 | 8,884,727 |
Total Loans Receivable | 7,414,347 | 8,129,950 | 9,197,849 |
Real Estate Loans | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 15,836,546 | 13,164,122 | 13,805,699 |
Total Loans Receivable | 15,836,546 | 13,164,122 | 13,805,699 |
Real Estate Loans | Residential construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 2,303,237 | 2,463,458 | 739,904 |
Total Loans Receivable | 2,303,237 | 2,463,458 | 739,904 |
Real Estate Loans | Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | 93,000 |
Loans collectively evaluated for impairment | 682,556 | 685,464 | 1,142,240 |
Total Loans Receivable | 682,556 | 685,464 | 1,235,240 |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 65,756 | 66,503 | 64,213 |
Total Loans Receivable | 65,756 | 66,503 | 64,213 |
Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 16,050 | 0 | 14,819 |
Total Loans Receivable | $16,050 | $0 | $14,819 |
Nonperforming_Assets_and_Troub
Nonperforming Assets and Troubled Debt Restructurings (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Non-Accrual Loans | $736,662 | $1,080,286 |
Other Real Estate Owned, net | 2,049,405 | 1,921,706 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Total Nonperforming Assets | 2,786,067 | 3,001,992 |
Troubled Debt Restructurings | 3,484,220 | 3,881,957 |
Troubled Debt Restructurings included In Non-Accrual Loans | 0 | -386,419 |
Troubled Debt Restructurings and Total Nonperforming Assets | 6,270,287 | 6,497,530 |
Owner Occupied One-to-four family, residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Non-Accrual Loans | 192,976 | 528,100 |
Non Owner Occupied One-to-four family, residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Non-Accrual Loans | 253,790 | 262,290 |
Home Equity Lines of Credit | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Non-Accrual Loans | $289,896 | $289,896 |
Loans_Individually_Evaluated_f
Loans Individually Evaluated for Impairment by Class of Loan (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Recorded Investment | $955,973 | $1,296,828 | ' |
Impaired loans with an allowance recorded, Recorded Investment | 3,264,909 | 3,278,996 | ' |
Impaired loans with no allowance recorded, Unpaid Principal Balance | 1,034,542 | 1,460,844 | ' |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 3,292,640 | 3,306,727 | ' |
Impaired loans with no allowance recorded, Related Allowance | 0 | 0 | ' |
Impaired loans Recorded Investment, Grand total | 4,220,882 | 4,575,824 | 5,670,115 |
Impaired loans Unpaid Principal Balance, Grand total | 4,327,182 | 4,767,571 | ' |
Impaired loans Related Allowance, Grand total | 275,007 | 275,007 | ' |
Owner occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Recorded Investment | 445,872 | 782,371 | ' |
Impaired loans with an allowance recorded, Recorded Investment | 3,027,870 | 3,033,457 | ' |
Impaired loans with no allowance recorded, Unpaid Principal Balance | 458,363 | 810,780 | ' |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 3,027,870 | 3,033,457 | ' |
Impaired loans with no allowance recorded, Related Allowance | 0 | 0 | ' |
Impaired loans Recorded Investment, Grand total | 3,473,742 | 3,815,828 | ' |
Impaired loans Unpaid Principal Balance, Grand total | 3,486,233 | 3,844,237 | ' |
Impaired loans Related Allowance, Grand total | 210,773 | 210,773 | ' |
Non owner occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Recorded Investment | 16,751 | 16,751 | ' |
Impaired loans with an allowance recorded, Recorded Investment | 237,039 | 245,539 | ' |
Impaired loans with no allowance recorded, Unpaid Principal Balance | 82,829 | 82,830 | ' |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 264,770 | 273,270 | ' |
Impaired loans with no allowance recorded, Related Allowance | 0 | 0 | ' |
Impaired loans Recorded Investment, Grand total | 253,790 | 262,290 | ' |
Impaired loans Unpaid Principal Balance, Grand total | 347,599 | 356,100 | ' |
Impaired loans Related Allowance, Grand total | 64,234 | 64,234 | ' |
Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Recorded Investment | 493,350 | 497,706 | ' |
Impaired loans with no allowance recorded, Unpaid Principal Balance | 493,350 | 567,234 | ' |
Impaired loans with no allowance recorded, Related Allowance | 0 | 0 | ' |
Impaired loans Recorded Investment, Grand total | 493,350 | 497,706 | ' |
Impaired loans Unpaid Principal Balance, Grand total | 493,350 | 567,234 | ' |
Impaired loans Related Allowance, Grand total | $0 | $0 | ' |
Impaired_Loans_Detail
Impaired Loans (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Average Recorded Investment | $1,126,401 | $3,095,078 | ' |
Impaired loans with no allowance recorded, Interest Income Recognized | 10,220 | 18,626 | ' |
Impaired loans with an allowance recorded, Average Recorded Investment | 2,996,946 | 2,106,251 | ' |
Impaired loans with an allowance recorded, Interest Income Recognized | 24,778 | 24,485 | ' |
Impaired loans Average Recorded Investment grand total | 4,123,347 | 5,201,329 | ' |
Impaired loans Interest Income Recognized grand total | 34,998 | 43,111 | ' |
Impaired loans Recorded Investment, Grand total | 4,220,882 | ' | 4,575,824 |
Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Average Recorded Investment | 495,528 | 315,636 | ' |
Impaired loans with no allowance recorded, Interest Income Recognized | 5,941 | 3,340 | ' |
Impaired loans Average Recorded Investment grand total | 495,528 | 315,636 | ' |
Impaired loans Interest Income Recognized grand total | 5,941 | 3,340 | ' |
Land | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Average Recorded Investment | 0 | 93,750 | ' |
Impaired loans with no allowance recorded, Interest Income Recognized | 0 | 0 | ' |
Impaired loans Average Recorded Investment grand total | 0 | 93,750 | ' |
Impaired loans Interest Income Recognized grand total | 0 | 0 | ' |
Owner occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Average Recorded Investment | 614,122 | 2,353,717 | ' |
Impaired loans with no allowance recorded, Interest Income Recognized | 4,279 | 15,286 | ' |
Impaired loans with an allowance recorded, Average Recorded Investment | 2,819,891 | 2,106,251 | ' |
Impaired loans with an allowance recorded, Interest Income Recognized | 24,778 | 24,485 | ' |
Impaired loans Average Recorded Investment grand total | 3,434,013 | 4,459,968 | ' |
Impaired loans Interest Income Recognized grand total | 29,057 | 39,771 | ' |
Non owner occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans with no allowance recorded, Average Recorded Investment | 16,751 | 331,975 | ' |
Impaired loans with no allowance recorded, Interest Income Recognized | 0 | 0 | ' |
Impaired loans with an allowance recorded, Average Recorded Investment | 177,055 | 0 | ' |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 | ' |
Impaired loans Average Recorded Investment grand total | 193,806 | 331,975 | ' |
Impaired loans Interest Income Recognized grand total | 0 | 0 | ' |
Performing Loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 3,484,220 | ' | 3,495,538 |
Performing Loans | Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Non Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Construction | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Land | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Troubled Debt Restructuring | Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 3,280,766 | ' | 3,287,728 |
Performing Loans | Troubled Debt Restructuring | Non Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Troubled Debt Restructuring | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 203,454 | ' | 207,810 |
Performing Loans | Troubled Debt Restructuring | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Troubled Debt Restructuring | Construction | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Performing Loans | Troubled Debt Restructuring | Land | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 736,662 | ' | 1,080,286 |
Nonperforming Loan | Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 192,976 | ' | 141,681 |
Nonperforming Loan | Non Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 253,790 | ' | 262,290 |
Nonperforming Loan | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 289,896 | ' | 289,896 |
Nonperforming Loan | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Construction | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Land | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Troubled Debt Restructuring | Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 386,419 |
Nonperforming Loan | Troubled Debt Restructuring | Non Owner Occupied one-to-four family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Troubled Debt Restructuring | Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Troubled Debt Restructuring | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Troubled Debt Restructuring | Construction | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | 0 | ' | 0 |
Nonperforming Loan | Troubled Debt Restructuring | Land | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired loans Recorded Investment, Grand total | $0 | ' | $0 |
Summary_of_Impaired_Loans_that
Summary of Impaired Loans that were Modified due to TDR (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Loan | Loan | Owner occupied one-to-four family | Owner occupied one-to-four family | |
Troubled Debt Restructuring | Troubled Debt Restructuring | |||
Contract | Contract | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Troubled Debt Restructuring Number of Contracts | 5 | 6 | 0 | 0 |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investments | ' | ' | $0 | $0 |
Troubled Debt Restructuring Post- Modification Recorded Investments | ' | ' | $0 | $0 |
Loans_by_Loan_Class_Modified_a
Loans by Loan Class Modified as TDR's (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | $0 | $0 |
Employee_Retirement_Plans_Addi
Employee Retirement Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | |
Retirement Plans [Line Items] | ' | ' | ' |
Employer contribution for 401K saving and investment plan | ' | $15,931 | $15,635 |
Total shares in employee stock ownership plan | ' | 126,960 | ' |
Percent of common stock issued in offering owned by the employee stock ownership plan | 8.00% | 8.00% | ' |
Employee stock ownership shares purchased, price per share | ' | $10 | ' |
Employee stock ownership plan loan, repayment period | ' | '12 years | ' |
Employee stock ownership plan annual vesting percentage | ' | 33.33% | ' |
ESOP compensation expense | ' | $37,691 | $35,892 |
Summary_of_Employee_Stock_Owne
Summary of Employee Stock Ownership Plan Shares (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Shares committed for release | 34,385 | 23,805 | ' |
Unearned shares | 92,575 | 103,155 | ' |
Total ESOP shares | 126,960 | 126,960 | 126,960 |
Fair Value of unearned shares | $1,296,976 | $1,439,012 | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-12 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | 31-May-12 | |
2012 Equity Incentive Plan | 2012 Equity Incentive Plan | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | |||||
Vesting Immediately | Vesting after one year | Vesting after two years | Vesting after three years | 2012 Equity Incentive Plan | Vesting Immediately | Vesting after one year | Vesting after two years | Vesting after three years | 2012 Equity Incentive Plan | 2012 Equity Incentive Plan | 2012 Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,700 | ' | ' | ' | ' | ' | ' | ' | ' | 63,480 |
Shares issued | 0 | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | 33,000 | ' |
Shares issued | 0 | 69,600 | ' | ' | 69,600 | 69,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
option, term | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
vesting percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' |
Stock option expense | ' | ' | ' | ' | ' | ' | $18,314 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | 189,240 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, period for recognition | ' | ' | ' | ' | ' | ' | '2 years 6 months 29 days | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, grant date fair value | ' | ' | ' | ' | ' | ' | $4.21 | ' | $4.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards expense | 26,303 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $254,163 | $0 | ' | ' | ' | ' | ' | ' | ' |
Weightedaverage_Assumptions_Us
Weighted-average Assumptions Used to Determine Fair Value of Options (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 0.25% |
Expected term | '10 years |
Expected stock price volatility | 24.36% |
Dividend yield | 0.00% |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Shares | ' | ' | ' | ' |
Outstanding at beginning of year | ' | 69,600 | 0 | ' |
Granted | ' | 0 | 69,600 | ' |
Exercised | ' | 0 | 0 | ' |
Forfeited, exchanged or expired | ' | 0 | 0 | ' |
Outstanding at end of period | 69,600 | 69,600 | 69,600 | 0 |
Exercisable at end of period | 17,400 | 17,400 | 17,400 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding at beginning of year | ' | $13.65 | $0 | ' |
Granted | ' | $0 | $13.65 | ' |
Exercised | ' | $0 | $0 | ' |
Forfeited, exchanged or expired | ' | $0 | $0 | ' |
Outstanding at end of period | $13.65 | $13.65 | $13.65 | $0 |
Exercisable at end of period | $13.65 | $13.65 | $13.65 | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' |
Granted | ' | '10 years | '10 years | ' |
Exercised | ' | '10 years | '10 years | ' |
Forfeited, exchanged or expired | ' | '10 years | '10 years | ' |
Remaining contractual term | '10 years | '9 years 7 months 6 days | '9 years 9 months 18 days | '0 years |
Exercisable at end of period | ' | '9 years 7 months 6 days | '9 years 9 months 18 days | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding at beginning of year | ' | $38,280 | $0 | ' |
Granted | ' | 0 | 38,280 | ' |
Exercised | ' | 0 | 0 | ' |
Forfeited, exchanged or expired | ' | 0 | 0 | ' |
Outstanding at end of period | 38,280 | 38,280 | 38,280 | 0 |
Exercisable at end of period | $9,570 | $9,570 | $9,570 | ' |
Summary_of_Changes_in_Nonveste
Summary of Changes in Nonvested Shares (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Shares | ' | ' |
Nonvested at January 1, 2013 | 24,748 | 0 |
Granted | 0 | 33,000 |
Vested | 0 | -8,252 |
Forfeited | 0 | 0 |
Nonvested at December 31, 2013 | 24,748 | 24,748 |
Fair Value | ' | ' |
Nonvested at January 1, 2013 | $12.75 | $0 |
Granted | $0 | $12.75 |
Vested | $0 | $12.75 |
Forfeited | $0 | $0 |
Nonvested at December 31, 2013 | $12.75 | $12.75 |
Details_of_Bank_Capital_Positi
Details of Bank Capital Position (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Risk-Based Capital (to risk-weighted assets), Actual Amount | $24,840 | $24,857 |
Tier I Capital (to risk-weighted assets), Actual Amount | 23,663 | 23,700 |
Tier I Capital (to adjusted total assets), Actual Amount | 23,663 | 23,700 |
Total Risk-Based Capital (to risk-weighted assets), Actual Ratio | 26.48% | 26.96% |
Tier I Capital (to risk-weighted assets), Actual Ratio | 25.23% | 25.71% |
Tier I Capital (to adjusted total assets), Actual Ratio | 14.26% | 14.19% |
Total Risk-Based Capital (to risk-weighted assets), For Capital Adequacy Purposes and to be Well Capitalized Under the Prompt Corrective Action Provisions Amount | 9,381 | 9,220 |
Tier I Capital (to risk-weighted assets), For Capital Adequacy Purposes and to be Well Adequately Capitalized Under the Prompt Corrective Action Provisions Amount | 5,627 | 5,531 |
Tier I Capital (to adjusted total assets), For Capital Adequacy Purposes and to be Well Adequately Capitalized Under the Prompt Corrective Action Provisions Amount | $8,297 | $8,351 |
Total Risk-Based Capital (to risk-weighted assets), For Capital Adequacy Purposes and to be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital (to risk-weighted assets), For Capital Adequacy Purposes and to be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier I Capital (to adjusted total assets), For Capital Adequacy Purposes and to be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (July 25, 2013 Share Repurchase Program, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Jul. 25, 2013 | |
Maximum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Aggregate amount of common stock authorized for repurchase | ' | 142,830 |
Treasury stock purchase, shares | 65,700 | ' |
Treasury stock purchase | $898,387 | ' |
Treasury stock purchase, average price per share | $13.67 | ' |
Changes_in_Component_of_Accumu
Changes in Component of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($669,725) | ' |
OTHER COMPREHENSIVE INCOME (LOSS) | 242,133 | -66,239 |
Ending Balance | -427,592 | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -669,725 | 74,301 |
Other comprehensive income (loss) before reclassifications | 242,133 | -40,238 |
Amounts reclassified from accumulated other comprehensive loss | 0 | -26,001 |
OTHER COMPREHENSIVE INCOME (LOSS) | 242,133 | -66,239 |
Ending Balance | ($427,592) | $8,062 |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Gain on sale of investment securities | ' | ($43,335) |
Income tax expense | -46,755 | 10,780 |
NET (LOSS) INCOME | 47,694 | -65,230 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Gain on sale of investment securities | 0 | -43,335 |
Income tax expense | 0 | 17,334 |
NET (LOSS) INCOME | $0 | ($26,001) |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | $16,431,981 | $16,354,661 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 16,431,981 | 16,354,661 |
Total assets measured at fair value | 16,431,981 | 16,354,661 |
Fair Value, Measurements, Recurring | Bank Notes and Corporate Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 1,517,490 | 1,498,155 |
Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 5,461,940 | 5,238,660 |
Fair Value, Measurements, Recurring | FNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 5,648,909 | 5,777,860 |
Fair Value, Measurements, Recurring | GNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 1,144,582 | 1,173,142 |
Fair Value, Measurements, Recurring | FHLMC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 592,216 | 626,465 |
Fair Value, Measurements, Recurring | Federal Agency CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 809,819 | 840,940 |
Fair Value, Measurements, Recurring | Private Label CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 270,745 | 288,139 |
Fair Value, Measurements, Recurring | Municipal Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 986,280 | 911,300 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Bank Notes and Corporate Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | FNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | GNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | FHLMC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Federal Agency CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Private Label CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Municipal Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 16,431,981 | 16,354,661 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 16,431,981 | 16,354,661 |
Total assets measured at fair value | 16,431,981 | 16,354,661 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Bank Notes and Corporate Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 1,517,490 | 1,498,155 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 5,461,940 | 5,238,660 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | FNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 5,648,909 | 5,777,860 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | GNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 1,144,582 | 1,173,142 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | FHLMC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 592,216 | 626,465 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Federal Agency CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 809,819 | 840,940 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Private Label CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 270,745 | 288,139 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Municipal Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 986,280 | 911,300 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Bank Notes and Corporate Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | FNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | GNMA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | FHLMC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Federal Agency CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Private Label CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Municipal Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale-at fair value | $0 | $0 |
Level_of_Valuation_Assumptions
Level of Valuation Assumptions used to Determine Adjustment and Carrying Value of Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $4,327,182 | $4,767,571 |
Other real estate owned | 2,049,405 | 1,921,706 |
Owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 3,486,233 | 3,844,237 |
Non owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 347,599 | 356,100 |
Home Equity Lines of Credit | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 493,350 | 567,234 |
Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 3,945,875 | 4,300,817 |
Other real estate owned | 2,049,405 | 1,921,706 |
Fair Value, Measurements, Nonrecurring | Owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 3,262,969 | 3,605,055 |
Fair Value, Measurements, Nonrecurring | Non owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 189,556 | 198,056 |
Fair Value, Measurements, Nonrecurring | Home Equity Lines of Credit | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 493,350 | 497,706 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Non owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Home Equity Lines of Credit | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 3,945,875 | 4,300,817 |
Other real estate owned | 2,049,405 | 1,921,706 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 3,262,969 | 3,605,055 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Non owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 189,556 | 198,056 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Home Equity Lines of Credit | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 493,350 | 497,706 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Non owner occupied one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Home Equity Lines of Credit | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $0 | $0 |
Fair_Value_Estimates_Methods_a
Fair Value Estimates, Methods, and Assumptions for Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Securities - available-for-sale, carrying value | $16,431,981 | $16,354,661 |
Securities - held-to-maturity, carrying value | 7,924,132 | 8,069,424 |
Loans, net of allowance, carrying value | 117,117,231 | 114,577,707 |
Federal Home Loan Bank stock, carrying value | 1,049,800 | 1,103,700 |
Assets: | ' | ' |
Securities - available-for-sale, estimated fair value | 16,431,981 | 16,354,661 |
Securities - held-to-maturity, estimated fair value | 8,011,067 | 8,101,210 |
Loans, net of allowance, estimated fair value | 116,427,340 | 116,303,629 |
Federal Home Loan Bank stock, estimated fair value | 1,049,800 | 1,103,700 |
Liabilities: | ' | ' |
Deposit accounts and advances by borrowers, carrying value | 117,649,261 | 118,759,093 |
Advances from the FHLB, carrying value | 20,000,000 | 20,000,000 |
Liabilities: | ' | ' |
Deposit accounts and advances by borrowers, estimated fair value | 117,709,453 | 119,172,829 |
Advances from the FHLB, estimated fair value | 20,507,664 | 20,590,659 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Securities - available-for-sale, carrying value | 0 | 0 |
Assets: | ' | ' |
Securities - available-for-sale, estimated fair value | 0 | 0 |
Securities - held-to-maturity, estimated fair value | 0 | 0 |
Loans, net of allowance, estimated fair value | 0 | 0 |
Federal Home Loan Bank stock, estimated fair value | 0 | 0 |
Liabilities: | ' | ' |
Deposit accounts and advances by borrowers, estimated fair value | 0 | 0 |
Advances from the FHLB, estimated fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Securities - available-for-sale, carrying value | 16,431,981 | 16,354,661 |
Assets: | ' | ' |
Securities - available-for-sale, estimated fair value | 16,431,981 | 16,354,661 |
Securities - held-to-maturity, estimated fair value | 8,011,067 | 8,101,210 |
Loans, net of allowance, estimated fair value | 3,945,875 | 4,300,817 |
Federal Home Loan Bank stock, estimated fair value | 1,049,800 | 1,103,700 |
Liabilities: | ' | ' |
Deposit accounts and advances by borrowers, estimated fair value | 117,709,453 | 119,172,829 |
Advances from the FHLB, estimated fair value | 20,507,664 | 20,590,659 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Securities - available-for-sale, carrying value | 0 | 0 |
Assets: | ' | ' |
Securities - available-for-sale, estimated fair value | 0 | 0 |
Securities - held-to-maturity, estimated fair value | 0 | 0 |
Loans, net of allowance, estimated fair value | 112,481,465 | 112,002,812 |
Federal Home Loan Bank stock, estimated fair value | 0 | 0 |
Liabilities: | ' | ' |
Deposit accounts and advances by borrowers, estimated fair value | 0 | 0 |
Advances from the FHLB, estimated fair value | $0 | $0 |