Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 07, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Carroll Bancorp, Inc. | ' | ' |
Entity Central Index Key | '0001515069 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 359,456 | ' |
Entity Public Float | ' | ' | $4.60 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Cash and due from banks | $1,310,430 | $1,402,533 |
Interest-bearing deposits with depository institutions | 3,718,884 | 3,468,641 |
Cash and cash equivalents | 5,029,314 | 4,871,174 |
Certificates of deposit with depository institutions | 1,856,469 | 2,600,130 |
Securities available for sale, at fair value | 11,877,088 | 11,396,429 |
Loans, net of allowance for loan losses - December 31, 2013 $682,000 and December 31, 2012 $859,000 | 83,492,498 | 77,882,905 |
Accrued interest receivable | 279,661 | 296,949 |
Other equity securities, at cost | 496,696 | 585,496 |
Bank-owned life insurance | 1,992,367 | 1,929,045 |
Premises and equipment, net | 1,401,502 | 1,345,409 |
Foreclosed assets | 462,005 | 788,619 |
Other assets | 825,131 | 835,792 |
Total assets | 107,712,731 | 102,531,948 |
Deposits | ' | ' |
Noninterest-bearing | 4,866,188 | 3,491,050 |
Interest-bearing | 86,897,767 | 83,962,016 |
Total deposits | 91,763,955 | 87,453,066 |
Federal Home Loan Bank Advances | 7,365,350 | 6,500,000 |
Other liabilities | 167,728 | 111,051 |
Total liabilities | 99,297,033 | 94,064,117 |
Stockholders' Equity: | ' | ' |
Preferred Stock (par value $0.01); authorized 1,000,000 shares; no shares issued and outstanding | ' | ' |
Common Stock (par value $0.01); authorized 9,000,000 shares; issued and outstanding 359,456 shares at December 31, 2013 and December 31, 2012, respectively | 3,595 | 3,595 |
Additional paid-in capital | 2,897,054 | 2,884,039 |
Unallocated ESOP shares | -183,319 | -194,103 |
Unearned RSP shares | -133,947 | ' |
Retained earnings | 5,927,209 | 5,705,419 |
Accumulated other comprehensive (loss) income | -94,894 | 68,881 |
Total stockholders' equity | 8,415,698 | 8,467,831 |
Total liabilities and stockholders' equity | $107,712,731 | $102,531,948 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Loans, allowance for loan losses | $682,000 | $859,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 359,456 | 359,456 |
Common stock, shares outstanding | 359,456 | 359,456 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income: | ' | ' |
Loans | $4,197,424 | $3,707,117 |
Securities available for sale | 149,608 | 206,384 |
Securities held to maturity | ' | 32,696 |
Certificates of deposit | 37,041 | 34,301 |
Interest-bearing deposits | 19,261 | 17,806 |
Total interest income | 4,403,334 | 3,998,304 |
Interest expense: | ' | ' |
Deposits | 699,179 | 890,785 |
Borrowings | 120,669 | 117,327 |
Total interest expense | 819,848 | 1,008,112 |
Net interest income | 3,583,486 | 2,990,192 |
Provision for loan losses | 86,587 | 426,610 |
Net interest income after provision for loan losses | 3,496,899 | 2,563,582 |
Non-interest income: | ' | ' |
Gain on sale of securities | 22,774 | 146,935 |
Gain on sale of CD investments | 14,012 | ' |
Gain on loans held for sale | 6,535 | 8,783 |
Increase in cash surrender value - life insurance | 63,323 | 62,677 |
Customer service fees | 82,661 | 75,501 |
Loan fee income | 53,061 | 41,355 |
Other income | 12,152 | 31,080 |
Total non-interest income | 254,518 | 366,331 |
Non-interest expense: | ' | ' |
Salaries and employee benefits | 1,580,459 | 1,404,340 |
Premises and equipment | 310,193 | 311,905 |
Data processing | 419,952 | 344,039 |
Professional fees | 316,385 | 287,113 |
FDIC insurance | 89,848 | 87,508 |
Directors' fees | 138,650 | 131,725 |
Corporate insurance | 37,166 | 45,582 |
Printing and office supplies | 47,151 | 39,455 |
Provision for losses and costs on real estate acquired through foreclosure | 117,897 | 146,667 |
Other operating expenses | 363,401 | 282,222 |
Total non-interest expenses | 3,421,102 | 3,080,556 |
Income (loss) before income tax | 330,315 | -150,643 |
Income tax expense (benefit) | 108,525 | -87,940 |
Net income (loss) | $221,790 | ($62,703) |
Basic/diluted earnings (loss) per share | $0.67 | ($0.19) |
Basic/diluted weighted average shares outstanding | 333,047 | 338,970 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $221,790 | ($62,703) |
Securities available for sale: | ' | ' |
Net unrealized holding (losses) gains arising during the period | -236,174 | 181,542 |
Less reclassification adjustment for gains included in net income | 36,786 | 146,935 |
Other comprehensive (loss) income, before income tax | -272,960 | 34,607 |
Income tax effect | -109,185 | 13,843 |
Other comprehensive (loss) income, net of tax | -163,775 | 20,764 |
Total comprehensive income (loss) | $58,015 | ($41,939) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated ESOP Shares [Member] | Unearned RSP Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2011 | $8,498,780 | $3,595 | $2,883,833 | ($204,887) | ' | $5,768,122 | $48,117 |
Net income (loss) | -62,703 | ' | ' | ' | ' | -62,703 | ' |
Other comprehensive income (loss) | 20,764 | ' | ' | ' | ' | ' | 20,764 |
ESOP shares committed to be released | 10,784 | ' | ' | 10,784 | ' | ' | ' |
ESOP allocated shares FMV adjustment | 206 | ' | 206 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 8,467,831 | 3,595 | 2,884,039 | -194,103 | ' | 5,705,419 | 68,881 |
Net income (loss) | 221,790 | ' | ' | ' | ' | 221,790 | ' |
Other comprehensive income (loss) | -163,775 | ' | ' | ' | ' | ' | -163,775 |
Common stock acquired by RSP | -133,947 | ' | ' | ' | -133,947 | ' | ' |
ESOP shares committed to be released | 10,784 | ' | ' | 10,784 | ' | ' | ' |
ESOP allocated shares FMV adjustment | 4,227 | ' | 4,227 | ' | ' | ' | ' |
RSP compensation | 8,788 | ' | 8,788 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $8,415,698 | $3,595 | $2,897,054 | ($183,319) | ($133,947) | $5,927,209 | ($94,894) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $221,790 | ($62,703) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Gain on sale of securities available for sale | -22,774 | -97,936 |
Gain on sale of CD investments | -14,012 | ' |
Gain on sale of securities held to maturity | ' | -48,999 |
Gain on sale of loans held for sale | -6,535 | -8,783 |
Origination of loans held for sale | -367,000 | -1,072,800 |
Proceeds from sale of loans held for sale | 373,535 | 978,583 |
Amortization and accretion of securities | 206,810 | 275,792 |
Amortization of deferred loan costs, net of origination fees | 27,311 | 7,593 |
Provision for loan losses | 86,587 | 426,610 |
Provision for loss on real estate acquired through foreclosure | 25,000 | 54,965 |
Loss on sale of real estate acquired through foreclosure | 40,333 | 24,791 |
Depreciation of premises and equipment | 145,409 | 136,831 |
ESOP expense | 15,011 | 10,990 |
RSP compensation expense | 8,788 | ' |
Increase in cash surrender value of bank-owned life insurance | -63,323 | -62,677 |
Decrease (increase) in deferred tax assets | 108,488 | -102,929 |
Decrease (increase) in accrued interest receivable | 17,287 | -13,612 |
Decrease in other assets | 11,356 | 74,305 |
Increase (decrease) increase in other liabilities | 56,677 | -1,767 |
Net cash provided by operating activities | 870,738 | 518,254 |
Cash flows from investing activities: | ' | ' |
Purchase of securities available for sale | -6,919,116 | -13,631,107 |
Purchase of securities held to maturity | ' | -289,767 |
Proceeds from sales of securities available for sale | 2,953,913 | 11,940,685 |
Proceeds from sales of securities held to maturity | ' | 1,785,864 |
Principal collected on securities available for sale | 3,027,652 | 3,882,217 |
Purchase of certificates of deposit | -1,506,442 | -1,350,000 |
Redemption of certificates of deposit | 2,264,012 | 750,000 |
Increase in loans | -6,114,989 | -14,889,375 |
Purchase of bank-owned life insurance | ' | -400,000 |
Purchase of premises and equipment | -201,502 | -40,196 |
Redemption of other equity securities | 156,300 | 8,400 |
Purchase of other equity securities | -67,500 | -67,500 |
Capitalized costs on real estate acquired through foreclosure | -2,280 | -42,756 |
Proceeds from the sale of real estate acquired through foreclosure | 655,062 | 1,209,765 |
Net cash (used) provided by investing activities | -5,754,890 | -11,133,770 |
Cash flows from financing activities: | ' | ' |
Increase in deposits | 4,310,889 | 4,802,207 |
Proceeds from FHLB advances | 8,865,350 | 3,000,000 |
Repayment of FHLB advances | -8,000,000 | -1,500,000 |
Purchase of common stock for RSP | -133,947 | ' |
Net cash (used) provided by financing activities | 5,042,292 | 6,302,207 |
Net increase (decrease) in cash and cash equivalents | 158,140 | -4,313,309 |
Cash and cash equivalents, beginning balance | 4,871,174 | 9,184,483 |
Cash and cash equivalents, ending balance | 5,029,314 | 4,871,174 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 820,421 | 1,011,848 |
Income tax refund | -30,859 | -7,585 |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
Foreclosed real estate acquired in settlement of loans | $391,500 | $262,184 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Note 1. | Summary of Significant Accounting Policies | |
Organization and Nature of Operations | ||
Carroll Bancorp, Inc. a Maryland corporation (the “Company”) was incorporated on February 18, 2011, to serve as the holding company for Carroll Community Bank (the “Bank”), a state chartered commercial bank. On October 12, 2011, in accordance with a Plan of conversion adopted by its Board of Directors and approved by its members, the Bank converted from a Maryland chartered mutual savings bank to a state chartered commercial bank. The conversion was accomplished through formation of the Company to serve as the holding company of the Bank, the sale and issuance of 359,456 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of $2,671,758, net of offering expenses and employee stock ownership plan (“ESOP”) shares of $922,803, and the issuance of shares of common stock of the Bank to the Company. Approximately 85% of the net proceeds of the offering, or $2,456,000, were contributed by the Company to the Bank in return for 100% of the issued and outstanding shares of common stock of the Bank. In connection with the conversion, the Bank’s Board of Directors adopted an ESOP which subscribed for 6% of the number of shares, or 21,567 shares, of common stock sold in the offering. The Company’s common stock began trading on the Over the Counter Bulletin Board under the symbol “CROL” on October 12, 2011. | ||
The Bank (formerly Sykesville Federal Savings Association) is headquartered in Sykesville, Maryland. The Bank is a community-oriented financial institution providing financial services to individuals, families and businesses through two banking offices located in Sykesville and Westminster, Maryland. The Bank is subject to the regulation, examination and supervision by the State of Maryland Department of Licensing and Regulation and the Federal Deposit Insurance Corporation (“FDIC”), our deposit insurer. Its primary deposits are certificate of deposit, savings and demand accounts and its primary lending products are residential and commercial real estate loans. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany balances and transactions between the Company and the Bank have been eliminated. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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 consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. | ||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans. In connection with the determination of the allowance for losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. | ||
Reclassifications | ||
Certain prior year amounts have been reclassified to conform to the current year method of presentation. Such reclassifications have no effect on net income. | ||
Cash and Cash Equivalents | ||
For the purposes of the statements of cash flows, cash and cash equivalents include cash on hand, balances due from banks, interest-bearing deposits in other banks and federal funds sold. | ||
Securities | ||
Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities that the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are reported at amortized cost (including amortization of premium or accretion of discount). | ||
Securities classified as available for sale are those securities that the Bank intends to hold for an indefinite time period but not necessarily to maturity. Securities available for sale are reported at fair value. Net unrealized gains and losses on securities available for sale are recognized as increases or decreases in other comprehensive income, net of taxes, and are excluded from the determination of net income. | ||
Interest and dividend income is recognized as earned. Realized gains and losses on the sale of securities are included in earnings based on trade date and are determined using the specific identification method. Purchase premiums and discounts are recognized as part of interest income using the interest method over the terms of the securities. | ||
Declines in the fair value of individual available for sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment (“OTTI”) losses for debt securities, management considers whether the Bank (1) has the intent to sell the security, or (2) will more likely than not be required to sell the security before its anticipated recovery, or (3) will suffer a credit loss as the present value of the cash flows is expected to be collected from the security are less than its amortized cost basis. | ||
The Bank does not engage in securities trading. | ||
Loans Held For Sale | ||
The Bank may from time to time carry loans held for sale. Loans held for sale are carried at lower of aggregate cost or fair value. Market value is derived from secondary market quotations for similar instruments. Net unrealized losses are recognized through a valuation allowance by charges to income. | ||
Loans | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as a yield adjustment of the related loans using the interest method over the contractual term. | ||
The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status, if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current and future payments are reasonably assured. | ||
Allowance for Loan Losses | ||
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | ||
The allowance for loan losses is maintained at a level to provide for losses that are probable and can be reasonably estimated. Management’s periodic evaluation of the adequacy of the allowance is based on the Bank’s past loan loss experience, known and inherent losses in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. | ||
The allowance consists of specific, general and unallocated components. The specific reserve component relates to loans that are classified as substandard or doubtful. For such loans that are also classified as impaired, an allowance is established when the collateral value of the impaired loan is lower than the carrying amount of that loan. Impaired loans for which the estimated fair value of the loan exceeds the carrying value of the loan do not require a specific allowance. | ||
General allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type. The Company applies an estimated loss rate to each loan group. The loss rates applied are based upon its loss experience adjusted, as appropriate, for qualitative factors. | ||
The unallocated component represents the margin of imprecision inherent in the underlying assumptions used in estimating specific and general allowances. | ||
A loan is considered past due or delinquent when a contractual payment is not paid by its due date. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all loans secured by real estate by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. | ||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer loans for impairment disclosures. | ||
The Bank’s charge-off policy states after all collection efforts have been exhausted, the loan is deemed to be a loss and the loss amount has been determined, the loss amount will be charged against the allowance for loan losses. Loans secured by real estate, either residential or commercial, are evaluated for loss potential at the 60 day past due threshold. At 90 days past due the loan is placed on nonaccrual status and a specific reserve is established if the net realizable value in less than the principal value of the loan balance(s). Once the actual loss value has been determined a charge-off for the amount of the loss is taken. Each loss is evaluated on its specific facts regarding the appropriate timing to recognize the loss. Consumer real estate loans are typically charged-off no later than 180 days past due and unsecured consumer loans are charged-off at the 90 day past due threshold or when an actual loss has been determined whichever is earlier. | ||
Other Equity Securities | ||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) to hold stock of its district FHLB according to a predefined formula. FHLB stock represents the required investment in the common stock of the FHLB of Atlanta and is carried at cost. FHLB stock ownership is restricted and the stock can be sold only to the FHLB or to another member institution at its par value per share. | ||
The Company evaluates the FHLB stock for impairment. The Company’s determination of whether this investment is impaired is based on an assessment of the ultimate recoverability of its cost rather than by recognizing temporary declines in value. The determination of whether a decline in value affects the ultimate recoverability of its cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | ||
The Bank also maintains an investment in capital stock of Atlantic Central Bankers Bank, Community Bankers Bank and Maryland Financial Bank. Because no ready market exists for Atlantic Central Bankers Bank, Community Bankers Bank and Maryland Financial Bank stock, the Bank’s investment in these stocks is carried at cost. | ||
Bank Owned Life Insurance | ||
The Bank purchased single-premium life insurance policies on certain employees of the Bank. Appreciation in the value of the insurance policies is classified in non-interest income. | ||
Premises and Equipment | ||
Premises and equipment are carried at cost less accumulated depreciation. Land is carried at cost. Depreciation of premises and equipment is computed on the straight-line method over the estimated useful lives of the assets. Additions and improvements are capitalized and amortized over the shorter of their estimated useful life or the term of the lease. Estimated useful lives are 20 to 40 years for buildings, 5 to 10 years for leasehold improvements and 5 years for equipment. Charges for repairs and maintenance are expensed when incurred. | ||
Foreclosed Real Estate | ||
Real estate acquired through foreclosure is recorded at the lower of cost or fair value less estimated selling costs at the date of the foreclosure. Management periodically evaluates the recoverability of the carrying value of the real estate acquired through foreclosure. In the event of a subsequent decline, management provides an additional allowance to reduce real estate acquired through foreclosure to its fair value less estimated disposal cost. Costs related to holding such real estate are included in expenses for the current period while costs relating to improving the fair value of such real estate are capitalized. | ||
Income Taxes | ||
Deferred income taxes are recognized for temporary differences between the financial reporting basis and income tax basis of assets and liabilities based on enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets are recognized only to the extent that it is more likely than not those amounts will be realized based on consideration of available evidence. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company has entered into a tax sharing agreement with the Bank. The agreement provides that the Company will file a consolidated federal tax return and that the tax liability shall be apportioned among the entities as would be computed if each entity had filed a separate return. According to Maryland tax law, the Company and the Bank file separate Maryland state tax returns. | ||
Advertising Costs | ||
All advertising costs are expensed as incurred. Advertising expense was $75,222 in 2013 and $43,776 in 2012. | ||
Comprehensive Income | ||
GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, are reported as a separate component of equity, such items, along with net income, are components of comprehensive income. | ||
The element of “other comprehensive income” includes unrealized gains or losses on securities available for sale and reclassification adjustments for gains on security sales. | ||
Off-Balance Sheet Financial Instruments | ||
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the statement of financial condition when they are funded. | ||
Credit Risk Concentrations | ||
Most of the Bank’s activities are with customers within Carroll County, Maryland and all contiguous counties in Maryland and Pennsylvania. The Bank does not have any significant concentrations to any one industry or customer but does have a concentration in real estate lending. | ||
Recent Accounting Pronouncements | ||
In July 2013, the FASB issued ASU 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.” The amendments in this update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, 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 as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | ||
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings By Creditors (Subtopic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This amendment clarifies the circumstances under which an in substance repossession or foreclosure is deemed to occur determining when all or a portion of the loan should be derecognized and the real estate property received should be recognized. The amendment is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. | ||
Other than the disclosures contained within these statements, the Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 2. | Securities | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
US government agency securities | $ | 1,001,000 | $ | 1,170 | $ | — | $ | 1,002,170 | |||||||||||||||||
Residential mortgage-backed securities | 9,977,056 | 26,370 | 174,381 | 9,829,045 | |||||||||||||||||||||
Asset-backed securities (SLMA) | 775,320 | 1,273 | 7 | 776,586 | |||||||||||||||||||||
Municipal bonds | 281,869 | — | 12,582 | 269,287 | |||||||||||||||||||||
$ | 12,035,245 | $ | 28,813 | $ | 186,970 | $ | 11,877,088 | ||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 10,330,920 | $ | 109,344 | $ | 77 | $ | 10,440,187 | |||||||||||||||||
Asset-backed securities (SLMA) | 950,707 | 5,535 | — | 956,242 | |||||||||||||||||||||
$ | 11,281,627 | $ | 114,879 | $ | 77 | $ | 11,396,429 | ||||||||||||||||||
The Bank had no private label residential mortgage-backed securities at December 31, 2013 or December 31, 2012, or during the years then ended. In addition, the Bank had no held to maturity securities at December 31, 2013 or December 31, 2012. During 2012 the Bank sold its entire held to maturity portfolio. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the carrying amount of securities pledged as collateral for uninsured public fund deposits was $1.4 million and $550,000, respectively. | |||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 and December 31, 2012, by contractual maturity, are shown below. Expected maturities for residential mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Amortized | Estimated Fair | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 1,747,113 | 1,749,556 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,692,291 | 1,699,707 | 6,132,380 | 6,196,969 | |||||||||||||||||||||
Over 10 years | 8,595,841 | 8,427,825 | 5,149,247 | 5,199,460 | |||||||||||||||||||||
$ | 12,035,245 | $ | 11,877,088 | $ | 11,281,627 | $ | 11,396,429 | ||||||||||||||||||
The Bank sold $3.0 million and $11.9 million in securities available for sale during the years ended December 31, 2013 and 2012, respectively, and sold $1.8 million in securities held to maturity during the year ended December 31, 2012. From those sale transactions, the Bank recognized net realized gains of $22,774 and $146,935 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Bank also sold $2.3 million in CD investments in 2013 for net realized gains of $14,012. | |||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and December 31, 2012, aggregated by investment category and the length of time individual securities have been in a continual loss position, are as follows: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
US government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Residential mortgage-backed securities | 8,674,466 | 174,381 | — | — | 8,674,466 | 174,381 | |||||||||||||||||||
Asset-backed securities (SLMA) | 29,200 | 7 | — | — | 29,200 | 7 | |||||||||||||||||||
Municipal bonds | 269,287 | 12,582 | — | — | 269,287 | 12,582 | |||||||||||||||||||
$ | 8,972,953 | $ | 186,970 | $ | — | $ | — | $ | 8,972,953 | $ | 186,970 | ||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 861,385 | $ | 77 | $ | — | $ | — | $ | 861,385 | $ | 77 | |||||||||||||
Asset-backed securities (SLMA) | — | — | — | — | |||||||||||||||||||||
$ | 861,385 | $ | 77 | $ | — | $ | — | $ | 861,385 | $ | 77 | ||||||||||||||
Loans
Loans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Loans | ' | ||||||||||||||||
Note 3. | Loans | ||||||||||||||||
Loans at December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Percent | Percent | ||||||||||||||||
Balance | of Total | Balance | of Total | ||||||||||||||
Residential owner occupied - first lien | $ | 37,954,506 | 45.2 | % | $ | 38,896,089 | 49.4 | % | |||||||||
Residential owner occupied - junior lien | 5,703,159 | 6.8 | % | 5,251,002 | 6.7 | % | |||||||||||
Residential non-owner occupied (investor) | 8,400,861 | 10 | % | 8,276,068 | 10.5 | % | |||||||||||
Commercial owner occupied | 8,479,176 | 10.1 | % | 7,143,738 | 9.1 | % | |||||||||||
Other commercial loans | 23,279,588 | 27.7 | % | 18,935,142 | 24.1 | % | |||||||||||
Consumer loans | 207,757 | 0.2 | % | 151,427 | 0.2 | % | |||||||||||
Total loans | 84,025,047 | 100 | % | 78,653,466 | 100 | % | |||||||||||
Net deferred fees, costs and purchase premiums | 149,451 | 88,439 | |||||||||||||||
Allowance for loan losses | (682,000 | ) | (859,000 | ) | |||||||||||||
Total loans, net | $ | 83,492,498 | $ | 77,882,905 | |||||||||||||
Our residential one- to four-family first lien mortgage loan portfolio is pledged as collateral for our advances with FHLB. |
Credit_Quality_of_Loans_and_Al
Credit Quality of Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Credit Quality of Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 4. | Credit Quality of Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||
Company policies, consistent with regulatory guidelines, provide for the classification of loans that are considered to be of lesser quality as substandard, doubtful, or loss. A loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans include those loans characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as doubtful have all of the weaknesses inherent in those classified 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. Loans (or portions of loans) classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Loans that do not expose us to risk sufficient to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve our close attention, are required to be designated as special mention. | |||||||||||||||||||||||||||||
The Company maintains an allowance for loan losses at an amount estimated to equal all credit losses incurred in our loan portfolio that are both probable and reasonable to estimate at a balance sheet date. Our determination as to the classification of our assets is subject to review by the Maryland Commissioner of Financial Regulation and the FDIC. We regularly review our asset portfolio to determine whether any assets require classification in accordance with applicable regulations. | |||||||||||||||||||||||||||||
The Company provides for loan losses based upon the consistent application of our documented allowance for loan loss methodology. All loan losses are charged to the allowance for loan losses and all recoveries are credited to it. Additions to the allowance for loan losses are provided by charges to income based on various factors which, in our judgment, deserve current recognition in estimating probable losses. We regularly review the loan portfolio and make provisions for loan losses in order to maintain the allowance for loan losses in accordance with GAAP. The allowance for loan losses consists primarily of two components: | |||||||||||||||||||||||||||||
1) | specific allowances are established for loans classified as substandard or doubtful. For loans classified as impaired, the allowance is established when the net realizable value (collateral value less costs to sell) of the loan is lower than the carrying amount of the loan. The amount of impairment provided for as a specific allowance is represented by the deficiency, if any, between the underlying collateral value and the carrying value of the loan. Impaired loans for which the estimated fair value of the loan, or the loan’s observable market price or the fair value of the underlying collateral, if the loan is collateral dependent, exceeds the carrying value of the loan are not considered in establishing specific allowances for loan losses; and | ||||||||||||||||||||||||||||
2) | general allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired loans. The portfolio is grouped into similar risk characteristics, primarily loan type and regulatory classification. We apply an estimated loss rate to each loan group. The loss rates applied are based upon our loss experience adjusted, as appropriate, for the qualitative factors discussed below. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. | ||||||||||||||||||||||||||||
The allowance for loan losses is maintained at a level to provide for losses that are probable and can be reasonably estimated. Management’s periodic evaluation of the adequacy of the allowance is based on the Company’s past loan loss experience, known and inherent losses in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. | |||||||||||||||||||||||||||||
The adjustments to historical loss experience are based on our evaluation of several qualitative factors, including: | |||||||||||||||||||||||||||||
• | changes in the types of loans in the loan portfolio and the size of the overall portfolio; | ||||||||||||||||||||||||||||
• | changes in the levels of concentration of credit; | ||||||||||||||||||||||||||||
• | changes in the number and amount of non-accrual loans, classified loans, past due loans and troubled debt restructurings and other loan modifications; | ||||||||||||||||||||||||||||
• | changes in the experience, ability and depth of lending personnel; | ||||||||||||||||||||||||||||
• | changes in the quality of the loan review system and the degree of Board oversight; | ||||||||||||||||||||||||||||
• | changes in lending policies and procedures; | ||||||||||||||||||||||||||||
• | changes in national, state and local economic trends and business conditions; and | ||||||||||||||||||||||||||||
• | changes in external factors such as competition and legal and regulatory oversight. | ||||||||||||||||||||||||||||
A loan is considered past due or delinquent when a contractual payment is not paid on the day it is due. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all loans secured by real estate by the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||
The Bank’s charge-off policy states after all collection efforts have been exhausted, the loan is deemed to be a loss and the loss amount has been determined, the loss amount will be charged to the established allowance for loan losses. Loans secured by real estate, either residential or commercial, are evaluated for loss potential at the 60 day past due threshold. At no later than 90 days past due the loan is placed on nonaccrual status and a specific reserve is established if the net realizable value in less than the principal value of the loan balance(s). Once the actual loss value has been determined, a charge-off to the allowance for loan losses for the amount of the loss is taken. Each loss is evaluated on its specific facts regarding the appropriate timing to recognize the loss. Unsecured loans are charged-off to the allowance for loan losses at the 90 day past due threshold or when an actual loss has been determined whichever is earlier. | |||||||||||||||||||||||||||||
We evaluate the allowance for loan losses based upon the combined total of the specific and general components. Generally when the loan portfolio increases, absent other factors, the allowance for loan loss methodology results in a higher dollar amount of estimated probable losses than would be the case without the increase. Generally when the loan portfolio decreases, absent other factors, the allowance for loan loss methodology results in a lower dollar amount of estimated probable losses than would be the case without the decrease. | |||||||||||||||||||||||||||||
Commercial real estate loans generally have greater credit risks compared to one- to four-family residential mortgage loans we originate, as they typically involve larger loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related business and thus may be subject to a greater extent to adverse conditions in the real estate market and in the general economy. Therefore, we expect that the percentage of the allowance for loan losses as a percentage of the loan portfolio will increase going forward as we increase our focus on the origination of commercial real estate loans. | |||||||||||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by portfolio segment for the twelve months ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
Charge-offs | 247,804 | 19,854 | 267,658 | ||||||||||||||||||||||||||
Recoveries | 4,071 | 4,071 | |||||||||||||||||||||||||||
Provision | 177,156 | 1,552 | (145,193 | ) | 3,315 | 49,757 | — | 86,587 | |||||||||||||||||||||
Ending Balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
For the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 334,087 | $ | 32,180 | $ | 69,025 | $ | 33,076 | $ | 125,632 | $ | — | $ | 594,000 | |||||||||||||||
Charge-offs | 141,618 | 19,992 | — | — | — | — | 161,610 | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | ||||||||||||||||||||||
Provision | 118,396 | 12,964 | 166,356 | 36,360 | 92,534 | — | 426,610 | ||||||||||||||||||||||
Ending Balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
The following tables set forth the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 37,773,320 | $ | 5,693,742 | $ | 8,275,655 | $ | 8,479,176 | $ | 22,546,359 | $ | 207,757 | $ | 82,976,009 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 84,303 | $ | — | $ | 173,501 | $ | — | $ | — | $ | — | $ | 257,804 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 226,562 | $ | 25,152 | $ | 61,880 | $ | 69,436 | $ | 218,166 | $ | — | $ | 601,196 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 405,147 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 677,648 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 38,387,942 | $ | 5,251,002 | $ | 8,003,567 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 77,975,818 | |||||||||||||||
The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. | |||||||||||||||||||||||||||||
During the fourth quarter of 2013 a commercial loan that is secured by equipment, other business assets and personal guarantees was classified as substandard and placed on nonaccrual status. The balance of the loan at December 31, 2013 was $733,229. Based on its analysis and assessment, management believed the collateral coverage on this loan was sufficient and therefore there was no impairment charge recorded in 2013. As of February 14, 2014, the loan was repaid in full including interest and fees with no loss to the Bank. | |||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Pass | $ | 37,773,320 | $ | 5,693,742 | $ | 7,789,131 | $ | 8,479,176 | $ | 22,546,359 | $ | 207,757 | $ | 82,489,485 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 181,186 | 9,417 | 611,730 | — | 733,229 | — | 1,535,562 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Pass | $ | 38,387,942 | $ | 5,251,002 | $ | 7,768,867 | $ | 6,897,295 | $ | 18,935,142 | $ | 254,427 | $ | 77,494,675 | |||||||||||||||
Special Mention | — | — | 234,700 | 246,443 | — | — | 481,143 | ||||||||||||||||||||||
Substandard | 405,147 | — | 272,501 | — | — | — | 677,648 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as a “Pass” rating. | |||||||||||||||||||||||||||||
• | Pass (risk ratings 1-6) - risk ratings one to four are deemed “acceptable”. Risk rating five is “acceptable with care” and risk rating six is a “watch credit”. | ||||||||||||||||||||||||||||
• | Special mention (risk rating 7) - a special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. | ||||||||||||||||||||||||||||
• | Substandard (risk rating 8) - substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||
• | Doubtful (risk rating 9) - loans classified as doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||
• | Loss (risk rating 10) - loans classified as loss are considered uncollectible and of such little value that their continuance as assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. | ||||||||||||||||||||||||||||
Loans classified special mention, substandard, doubtful or loss are reviewed at least quarterly to determine their appropriate classification. Non-classified commercial loan relationships greater than $50,000 are reviewed annually. Non-classified residential mortgage loans and consumer loans are not evaluated unless a specific event occurs to raise the awareness of possible credit deterioration. | |||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our loan delinquencies by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Current | $ | 37,290,317 | $ | 5,693,742 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 83,351,441 | |||||||||||||||
30-59 days past due | 396,903 | 9,417 | — | — | — | — | 406,320 | ||||||||||||||||||||||
60-89 days past due | 266,280 | — | — | — | — | — | 266,280 | ||||||||||||||||||||||
Greater than 90 days past due | 1,006 | — | — | — | — | — | 1,006 | ||||||||||||||||||||||
Total past due | 664,189 | 9,417 | — | — | — | — | 673,606 | ||||||||||||||||||||||
Total | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Current | $ | 38,033,114 | $ | 5,122,006 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 77,764,495 | |||||||||||||||
30-59 days past due | — | 128,996 | — | — | — | — | 128,996 | ||||||||||||||||||||||
60-89 days past due | 354,828 | — | — | — | — | — | 354,828 | ||||||||||||||||||||||
Greater than 90 days past due | 405,147 | — | — | — | — | — | 405,147 | ||||||||||||||||||||||
Total past due | 759,975 | 128,996 | — | — | — | — | 888,971 | ||||||||||||||||||||||
Total | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
The following tables are a summary of impaired loans by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Impaired Loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Unpaid Principal Balance | 181,186 | 9,417 | 125,206 | — | 733,229 | — | 1,049,038 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Unpaid Principal Balance | 181,186 | 9,417 | 125,206 | — | 733,229 | — | 1,049,038 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Impaired Loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 310,843 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 310,843 | |||||||||||||||
Unpaid Principal Balance | 398,257 | — | — | — | — | — | 398,257 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 94,303 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 366,804 | |||||||||||||||
Unpaid Principal Balance | 94,303 | — | 272,501 | — | — | — | 366,804 | ||||||||||||||||||||||
Related Allowance | 84,303 | — | 173,501 | — | — | — | 257,804 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 405,146 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 677,647 | |||||||||||||||
Unpaid Principal Balance | 492,560 | — | 272,501 | — | — | — | 765,061 | ||||||||||||||||||||||
Related Allowance | 84,303 | — | 173,501 | — | — | — | 257,804 | ||||||||||||||||||||||
The following tables present by portfolio segment, information related to the average recorded investment and the interest income foregone and recognized on impaired loans for the twelve months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Impaired loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 315,845 | $ | 3,777 | $ | 102,241 | $ | — | $ | 146,646 | $ | — | $ | 568,509 | |||||||||||||||
Interest income that would have been recognized | 22,273 | 456 | — | — | 2,871 | — | 25,600 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 5,936 | 343 | — | — | — | — | 6,279 | ||||||||||||||||||||||
Interest income foregone | 16,337 | 113 | — | — | 2,871 | — | 19,321 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 146,722 | $ | — | $ | 36,084 | $ | — | $ | — | $ | — | $ | 182,806 | |||||||||||||||
Interest income that would have been recognized | 5,390 | — | 3,947 | — | — | — | 9,337 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone | 5,390 | — | 3,947 | — | — | — | 9,337 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 462,567 | $ | 3,777 | $ | 138,326 | $ | — | $ | 146,646 | $ | — | $ | 751,315 | |||||||||||||||
Interest income that would have been recognized | 27,663 | 456 | 3,947 | — | 2,871 | — | 34,937 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 5,936 | 343 | — | — | — | — | 6,279 | ||||||||||||||||||||||
Interest income foregone | 21,727 | 113 | 3,947 | — | 2,871 | — | 28,658 | ||||||||||||||||||||||
For the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Impaired loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 161,540 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 161,540 | |||||||||||||||
Interest income that would have been recognized | 10,930 | — | — | — | — | — | 10,930 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 2,496 | — | — | — | — | — | 2,496 | ||||||||||||||||||||||
Interest income foregone | 8,434 | — | — | — | — | — | 8,434 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 398,404 | $ | 3,998 | $ | 54,500 | $ | — | $ | — | $ | — | $ | 456,902 | |||||||||||||||
Interest income that would have been recognized | 39,717 | 311 | 15,844 | — | — | — | 55,872 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 34,584 | — | 15,044 | — | — | — | 49,628 | ||||||||||||||||||||||
Interest income foregone | 5,133 | 311 | 800 | — | — | — | 6,244 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 559,944 | $ | 3,998 | $ | 54,500 | $ | — | $ | — | $ | — | $ | 618,442 | |||||||||||||||
Interest income that would have been recognized | 50,647 | 311 | 15,844 | — | — | — | 66,802 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 37,080 | — | 15,044 | — | — | — | 52,124 | ||||||||||||||||||||||
Interest income foregone | 13,567 | 311 | 800 | — | — | — | 14,678 | ||||||||||||||||||||||
The following table is a summary of performing and nonperforming impaired loans by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Performing loans: | |||||||||||||||||||||||||||||
Impaired performing loans: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | $ | — | $ | — | |||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 78,601 | 799,374 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired performing loans | 78,601 | 799,374 | |||||||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 181,186 | 677,648 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | 9,417 | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | 733,229 | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | — | — | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | 125,206 | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual): | 1,049,038 | 677,648 | |||||||||||||||||||||||||||
Total impaired loans | $ | 1,127,639 | $ | 1,477,022 | |||||||||||||||||||||||||
Troubled debt restructurings. Loans may be periodically modified in a troubled debt restructuring (“TDR”) to make concessions to help a borrower remain current on the loan and/or to avoid foreclosure. Generally we do not forgive principal or interest on a loan or modify the interest rate to below market rates. When we modify loans in a TDR, we evaluate any possible impairment similar to any other impaired loans. If we determine that the value of the restructured loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or a charge-off to the allowance. | |||||||||||||||||||||||||||||
If a restructured loan was nonperforming prior to the restructuring, the restructured loan will remain a nonperforming loan. After a period of six months and if the restructured loan is in compliance with its modified terms, the loan will become a performing loan. If a restructured loan was performing prior to the restructuring, the restructured loan will remain a performing loan. A performing TDR will no longer be reported as a TDR in calendar years after the year of the restructuring if the effective interest rate is equal or greater than the market rate for credits with comparable risk. | |||||||||||||||||||||||||||||
The Company has no commitments to loan additional funds to borrowers whose loans have been restructured. | |||||||||||||||||||||||||||||
The following table is a summary of impaired loans that were modified pursuant to a TDR during the twelve months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Loan Type | Number of | Pre- | Post- | ||||||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
During the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential non-owner occupied (investor) | 1 | $ | 127,675 | $ | 130,664 | ||||||||||||||||||||||||
Residential owner occupied - first lien | 1 | 79,229 | 79,229 | ||||||||||||||||||||||||||
2 | $ | 206,904 | $ | 209,893 | |||||||||||||||||||||||||
During the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 2 | $ | 792,170 | $ | 801,992 | ||||||||||||||||||||||||
There were no defaults on any TDRs that were restructured in 2013 or 2012. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Premises and Equipment | ' | ||||||||||||
Note 5. | Premises and Equipment | ||||||||||||
A summary of premises and equipment at December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Useful Lives | |||||||||||||
Land | $ | 33,918 | $ | 33,918 | |||||||||
Building and improvements | 10 - 39 years | 1,413,746 | 1,413,746 | ||||||||||
Furniture and equipment | 3 - 10 years | 689,725 | 488,223 | ||||||||||
2,137,389 | 1,935,887 | ||||||||||||
Accumulated depreciation | 735,887 | 590,478 | |||||||||||
Net premises and equipment | $ | 1,401,502 | $ | 1,345,409 | |||||||||
In April 2010, the Bank entered into a five-year lease agreement for its relocated Westminster branch. The Bank pays its own operating expenses, including real estate taxes, insurance, utilities, maintenance and repairs. Rent expense for the years ended December 31, 2013 and 2012 totaled $50,550 and $50,702, respectively. | |||||||||||||
At December 31, 2013 the total rental commitment under this lease is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | $ | 45,527 | |||||||||||
2015 | 30,516 | ||||||||||||
2016 | — | ||||||||||||
2017 | — | ||||||||||||
2018 | — | ||||||||||||
2019 and thereafter | — | ||||||||||||
$ | 76,043 | ||||||||||||
Foreclosed_Assets
Foreclosed Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Foreclosed Assets | ' | ||||||||
Note 6. | Foreclosed Assets | ||||||||
The following table is a summary of the activity in other real estate owned for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 788,619 | $ | 1,773,200 | |||||
Properties added during the year | 391,500 | 262,184 | |||||||
Capitalized Costs | 2,280 | 42,756 | |||||||
Write-downs | (25,000 | ) | (54,965 | ) | |||||
Properties disposed during the year | (655,061 | ) | (1,209,765 | ) | |||||
Loss on sale of disposed properties | (40,333 | ) | (24,791 | ) | |||||
Ending balance | $ | 462,005 | $ | 788,619 | |||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
Note 7. | Deposits | ||||||||||||||||
Deposits were comprised of the following at December 31, 2013 and 2012: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Balance | Percent of | Balance | Percent of | ||||||||||||||
Total | Total | ||||||||||||||||
Non-interest bearing checking | $ | 4,866,188 | 5.3 | % | $ | 3,491,050 | 4 | % | |||||||||
Interest-bearing checking | 5,306,684 | 5.8 | % | 3,931,363 | 4.5 | % | |||||||||||
Savings | 2,144,938 | 2.3 | % | 1,942,516 | 2.2 | % | |||||||||||
Premium savings | 22,440,482 | 24.4 | % | 22,942,268 | 26.2 | % | |||||||||||
IRA savings | 8,423,727 | 9.2 | % | 10,217,317 | 11.7 | % | |||||||||||
Money market | 10,880,101 | 11.9 | % | 7,925,721 | 9.1 | % | |||||||||||
Certificates of deposit | 37,701,835 | 41.1 | % | 37,002,831 | 42.3 | % | |||||||||||
Total deposits | $ | 91,763,955 | 100 | % | $ | 87,453,066 | 100 | % | |||||||||
Certificates of deposit scheduled maturities are as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Period to Maturity: | |||||||||||||||||
Less than or equal to one year | $ | 10,088,619 | $ | 18,013,517 | |||||||||||||
More than one to two years | 9,778,501 | 3,377,826 | |||||||||||||||
More than two to three years | 3,932,122 | 5,396,236 | |||||||||||||||
More than three to four years | 6,438,083 | 3,037,702 | |||||||||||||||
More than four to five years | 7,464,509 | 7,177,550 | |||||||||||||||
Total certificates of deposit | $ | 37,701,835 | $ | 37,002,831 | |||||||||||||
Deposit accounts in the Bank are insured by the FDIC, generally up to a maximum of $250,000 per separately insured depositor. |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||
Borrowings | ' | ||||||||||||||||||
Note 8. | Borrowings | ||||||||||||||||||
The Company has a credit line with the FHLBA, with a maximum borrowing limit of 10% of the Bank’s total assets, as determined on a quarterly basis. The maximum borrowing availability is also limited to approximately 74% of the unpaid principal balance of qualifying residential mortgage loans. The FHLBA has a blanket floating lien on the Company’s residential mortgage portfolio and FHLBA stock as collateral for the outstanding advances. | |||||||||||||||||||
Borrowing | Rate | Maturity | December 31, | December 31, | |||||||||||||||
Amount | Date | 2013 | 2012 | ||||||||||||||||
$ | 5,000,000 | (1) | 2.29 | % | 8/12/18 | $ | 5,000,000 | $ | 5,000,000 | ||||||||||
2,365,350 | 5.36 | % | 1/2/14 | 2,365,350 | — | ||||||||||||||
1,500,000 | 0.21 | % | 3/29/13 | — | 1,500,000 | ||||||||||||||
$ | 7,365,350 | $ | 6,500,000 | ||||||||||||||||
Unused available line of credit | $ | 3,354,650 | $ | 3,440,000 | |||||||||||||||
-1 | callable quarterly by the FHLBA. | ||||||||||||||||||
At December 31, 2013, the scheduled maturities of the FHLBA advances are as follows: | |||||||||||||||||||
Years ending December 31, | |||||||||||||||||||
2014 | $ | 2,365,350 | |||||||||||||||||
2015 | — | ||||||||||||||||||
2016 | — | ||||||||||||||||||
2017 | — | ||||||||||||||||||
2018 | 5,000,000 | ||||||||||||||||||
Thereafter | — | ||||||||||||||||||
$ | 7,365,350 | ||||||||||||||||||
At December 31, 2013, the Company had availability of $6 million with various correspondent banks for short term liquidity needs, if necessary. There were no borrowings outstanding at December 31, 2013 and 2012 under these facilities. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Note 9. | Income Taxes | ||||||||||||||||
Income tax expense (benefit) consisted of the following components: | |||||||||||||||||
For Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current expense (benefit): | |||||||||||||||||
Federal | $ | — | $ | — | |||||||||||||
State | — | — | |||||||||||||||
— | — | ||||||||||||||||
Deferred expense (benefit): | |||||||||||||||||
Federal | 86,498 | (69,547 | ) | ||||||||||||||
State | 22,027 | (18,393 | ) | ||||||||||||||
108,525 | (87,940 | ) | |||||||||||||||
Total income tax expense (benefit) | $ | 108,525 | $ | (87,940 | ) | ||||||||||||
A reconciliation of the statutory income tax rate of 34% to the income tax expense (benefit) included in the statements of operations is as follows: | |||||||||||||||||
For Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percent of | Amount | Percent of | ||||||||||||||
Pretax | Pretax | ||||||||||||||||
Income | Income | ||||||||||||||||
Expected tax at federal statutory rate | $ | 112,307 | 34 | % | $ | (51,218 | ) | -34 | % | ||||||||
State income tax, net of federal income tax benefit | 14,538 | 4.4 | % | (12,139 | ) | -8.06 | % | ||||||||||
BOLI income | (21,530 | ) | -6.52 | % | (21,310 | ) | -14.15 | % | |||||||||
Other | 3,210 | 0.97 | % | (3,273 | ) | -2.17 | % | ||||||||||
Total income tax expense (benefit) | $ | 108,525 | 32.85 | % | $ | (87,940 | ) | -58.38 | % | ||||||||
The components of the net deferred tax assets are as follows: | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Allowance for loan losses | $ | 269,284 | $ | 338,172 | |||||||||||||
Net operating loss carryforward | 99,593 | 75,742 | |||||||||||||||
Net unrealized losses on securities available for sale | 63,263 | — | |||||||||||||||
Contribution carryforward | 18,456 | 11,329 | |||||||||||||||
OREO write-down reserve | 17,739 | 43,342 | |||||||||||||||
RSP expense | 3,467 | — | |||||||||||||||
Nonaccrual interest reserve | 1,721 | 5,542 | |||||||||||||||
Total deferred tax assets | 473,523 | 474,127 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Deferred loan origination fees / costs | (59,705 | ) | (36,872 | ) | |||||||||||||
Depreciation on premises and equipment | (34,833 | ) | (13,045 | ) | |||||||||||||
Federal Home Loan Bank stock dividends | (22,329 | ) | (22,329 | ) | |||||||||||||
Net unrealized gains on securities available for sale | — | (45,921 | ) | ||||||||||||||
Total deferred tax liabilities | (116,867 | ) | (118,167 | ) | |||||||||||||
Net deferred tax assets | $ | 356,656 | $ | 355,960 | |||||||||||||
As of December 31, 2013, the Bank had estimated net operating loss carryforwards before tax of approximately $190,000 relating to federal income taxes and $239,000 relating to state income taxes, which begin to expire in 2031. These net operating loss carryforwards may be used to offset future income taxes payable, however the Bank may be subject to alternative minimum tax. Their realization is dependent on future taxable income and may be subject to limits under IRC Section 382. | |||||||||||||||||
The Bank was allowed a special bad debt deduction at various percentages of otherwise taxable income for years through December 31, 1987. If the amounts which qualified as deductions for income tax purposes prior to December 31, 1987 are later used for purposes other than to absorb loan losses, including distributions in liquidations, they will be subject to income tax at the then current corporate rate. Retained earnings at December 31, 2013 and 2012 include $655,000 of such bad debt deductions for which no provision for income tax has been provided. | |||||||||||||||||
In assessing whether the Company will be able to realize the deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is more likely than not the benefits of these deductible differences will be realized. The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income are reduced. There was no valuation allowance for deferred tax assets as of December 31, 2013 and 2012. | |||||||||||||||||
As of December 31, 2013, the Company did not have any uncertain tax positions. Interest and penalties associated with tax liabilities would be classified as additional income taxes in the statement of operations. As of December 31, 2013, tax years ended December 31, 2010 through December 31, 2013 remain open and are subject to Federal and State taxing authority examination. |
Commitments_Contingent_Liabili
Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements | ' | ||||||||
Note 10. | Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements | ||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our customers. These financial instruments are limited to commitments to originate mortgage loans and home equity loans, and involve, to varying degrees, elements of credit, interest rate, and liquidity risk. These do not represent unusual risks and management does not anticipate any losses which would have a material effect on us. | |||||||||
Outstanding loan commitments and lines of credit at December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit: | |||||||||
Consumer loans | $ | 207,500 | $ | 314,750 | |||||
Commercial loans | 3,583,000 | 935,000 | |||||||
3,790,500 | 1,249,750 | ||||||||
Commitments under available lines of credit: | |||||||||
Consumer loans | 4,365,710 | 3,355,394 | |||||||
Commercial loans | 2,845,258 | 2,044,520 | |||||||
7,210,968 | 5,399,914 | ||||||||
Total Commitments | $ | 11,001,468 | $ | 6,649,664 | |||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. We generally require collateral to support financial instruments with credit risk on the same basis as we do for balance sheet instruments. Management generally bases the collateral required on the credit evaluation of the counter party. Commitments generally have interest rates fixed at current market rates, expiration dates or other termination clauses and may require payment of a fee. Available credit lines represent the unused portion of lines of credit previously extended and available to the customer so long as there is no violation of any contractual condition. These lines generally have variable interest rates. Since we expect many of the commitments to expire without being drawn upon, and since it is unlikely that customers will draw upon their lines of credit in full at any time, the total commitment amount or line of credit amount does not necessarily represent future cash requirements. We evaluate each customer’s credit-worthiness on a case-by-case basis. Because we conservatively underwrite these facilities at inception, we have not had to withdraw any commitments. We are not aware of any loss that we would incur by funding our commitments or lines of credit. | |||||||||
The credit risk involved in these financial instruments is essentially the same as that involved in extending loan facilities to customers. No amount has been recognized in the statement of financial condition at December 31, 2013 or 2012 as a liability for credit loss related to these commitments. | |||||||||
Defined_Contribution_Benefit_P
Defined Contribution Benefit Plan | 12 Months Ended | |
Dec. 31, 2013 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Defined Contribution Benefit Plan | ' | |
Note 11. | Defined Contribution Benefit Plan | |
The Company has a 401(k) profit sharing plan in which a majority of employees participate. Employees of the Bank, who are 21 years of age or older, are eligible to participate in the plan (“Participants”). Participants may contribute up to 100% of their annual compensation to the plan on a pre-tax basis, subject to limits prescribed by federal tax law. Carroll Community Bank may make a discretionary 401(k) match (as approved by the Board of Directors) equal to a percentage of eligible compensation as to Participants who have completed at least one year of service and worked at least 1,000 hours during the plan year. Employer contributions vest 100% after three years of credited service and are 0% vested prior to such time. Participants are always 100% vested in their salary deferrals. Participants will also become 100% vested in the employer contributions allocated to their accounts upon attainment of normal retirement age or in the event of the Participant’s death or disability. Participants may invest their accounts in the investment options provided under the 401(k) plan. Participants may borrow up to 50% of their vested interest (subject to a minimum of $1,000 and a maximum during any 12-month period of $50,000). The loan must be repaid within five years. Participants may request a withdrawal from their accounts in the event they incur a financial hardship. A Participant will become eligible for distribution of his or her plan benefit upon termination of employment and a Participant that satisfies certain eligibility requirements may request distributions of certain portions of their account balance while employed. Participants may elect to receive payments of their benefits in a lump sum or, provided that their account balance equals or exceeds $1,000, that the amount in their accounts be rolled over into another qualified retirement plan. During the year ended December 31, 2013, the Bank matched 50% up to 3% of an employee’s eligible earnings for a total of $14,496. The Bank matched $15,064 during the year ended December 31, 2012. | ||
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Postemployment Benefits [Abstract] | ' | ||||||||
Employee Stock Ownership Plan | ' | ||||||||
Note 12. | Employee Stock Ownership Plan. | ||||||||
In connection with the conversion to stock form on October 12, 2011, the Company established an employee stock ownership plan (“ESOP”) for eligible employees. The ESOP borrowed $215,670 from the Company and used those funds to acquire 21,567 shares or 6% of the total number of shares issued and sold in its initial public offering. The shares were acquired at a price of $10.00 per share. | |||||||||
The loan is secured by the shares purchased with the loan proceeds and will be repaid by the ESOP over the 20-year term of the loan with funds from the Bank’s contributions to the ESOP and dividends payable on stock, if any. The interest rate on the ESOP loan is an adjustable rate equal to the lowest Prime rate, as published in The Wall Street Journal. The interest rate will adjust monthly and will be the Prime rate on the first business day of the calendar month. The interest rate on the loan is 3.25% as of December 31, 2013. | |||||||||
Shares purchased by the ESOP are held by a trustee in an unallocated suspense account, and shares will be released annually from the suspense account on a pro-rata basis as principal and interest payments are made by the ESOP to the Company. The trustee will allocate the shares released among participants on the basis of each participant’s proportional share of compensation relative to all participants. As shares are committed to be released from the suspense account, the Bank reports compensation expense based on the average fair value of shares committed to be released with a corresponding credit to stockholders’ equity. | |||||||||
Participants will vest in their accounts 20% after each year of service and become 100% vested upon the completion of five years of service. Participants who were employed by the Bank immediately prior to the offering will receive credit for vesting purposes for years of service prior to adoption of the employee stock ownership plan. Participants also will become fully vested automatically upon normal retirement, death or disability, a change in control, or termination of the employee stock ownership plan. Generally, participants will receive distributions from the ESOP upon separation from service. Forfeitures will be reallocated to remaining plan participants. | |||||||||
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 shares become outstanding for earnings per share computations. ESOP compensation expense for the year ended December 31, 2013 and 2012 was $15,968 and $10,990, respectively. | |||||||||
Shares held by the ESOP trust at December 31, 2013 and 2012 are as follows: | |||||||||
At December 31, | At December 31, | ||||||||
2013 | 2012 | ||||||||
Allocated shares | 3,235 | 2,157 | |||||||
Unallocated shares | 18,332 | 19,410 | |||||||
Total ESOP shares | 21,567 | 21,567 | |||||||
Fair value of unallocated shares | $ | 311,644 | $ | 197,012 | |||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
Note 13. | Share-Based Compensation | ||||||||
In April 2012, our stockholders approved the Carroll Bancorp, Inc. 2011 Stock Option Plan and 2011 Recognition and Retention Plan and Trust Agreement, which provides for awards of restricted stock and stock options to key officers and outside directors. During 2013, the Company repurchased 10,783 shares in the open market for the 2011 Recognition and Retention Plan and Trust agreement at an average cost of $12.42 per share for a total of $134,000. In October 2013, the Compensation Committee granted all of the shares to key management and outside directors. No stock options had been granted as of December 31, 2013. | |||||||||
The fair value of these restricted stock awards is based on the closing price of the Company’s stock on the grant date. Non-vested restricted stock awards may not be disposed of or transferred during the vesting period. The restricted stock vests at a rate of 20% over a five year period on the anniversary date of the grant. | |||||||||
The table below presents the restricted stock award activity for the periods shown: | |||||||||
Service-Based | Weighted | ||||||||
Restricted Stock | Average Grant | ||||||||
Awards | Date Fair Value | ||||||||
Non-vested at December 31, 2012 | — | $ | — | ||||||
Granted | 10,783 | 16.3 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Non-vested at December 31, 2013 | 10,783 | $ | 16.3 | ||||||
At December 31, 2013, the Company had $166,975 of unrecognized compensation cost related to the restricted stock awards. The cost of the restricted stock awards will be amortized in equal installments over a five-year vesting period. Restricted stock expense for the twelve months ended December 31, 2013 was $8,788. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Note 14. | Earnings per Share | ||||||||
Basic earnings per share are computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Unallocated ESOP and unearned Recognition and Retention Plan shares are excluded from this calculation. | |||||||||
For the Twelve Months | For the Twelve Months | ||||||||
Ended December 31, | Ended December 31, | ||||||||
2013 | 2012 | ||||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Weighted average common shares outstanding | 333,047 | 338,970 | |||||||
Earnings (loss) per common share, basic and diluted | $ | 0.67 | $ | (0.19 | ) | ||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 15. | Related Party Transactions | ||||||||
In the ordinary course of business, the Bank has granted loans to executive officers and directors and their affiliates. The activity for related party loans for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 494,743 | $ | 680,311 | |||||
Additions | 75,000 | 64,345 | |||||||
Payments | (72,878 | ) | (93,442 | ) | |||||
Change in status (1) | — | (156,471 | ) | ||||||
Balance, end of year | $ | 496,865 | $ | 494,743 | |||||
-1 | One loan was no longer considered a related party transaction due to the retirement of a director. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 16. | Fair Value Measurements | ||||||||||||||||||||
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Topic 825 “Financial Instruments” which provides guidance on the fair value option for financial assets and liabilities. This guidance permits entities to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a commitment. Subsequent changes must be recorded in earnings. | |||||||||||||||||||||
Simultaneously with the adoption of ASC 825, the Company adopted ASC 820, Fair Value Measurements, effective January 1, 2008. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Under ASC 820, fair value measurements are not adjusted for transaction costs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. | |||||||||||||||||||||
Level 1 Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | |||||||||||||||||||||
Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. As required by ASC 820, the Bank does not adjust the quoted price for such instruments. | |||||||||||||||||||||
The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid equities, state, municipal and provincial obligations, and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. | |||||||||||||||||||||
Impaired loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or market value. Market value is measured based on the value of the collateral securing these loans and is classified within Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable. The value of real estate collateral is determined based on appraisal by qualified licensed appraisers hired by the Company. The value of business equipment, inventory and accounts receivable collateral is based on the net book value on the business’ financial statements and, if necessary, discounted based on management’s review and analysis. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. | |||||||||||||||||||||
Foreclosed assets are adjusted for fair value upon transfer of loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value and fair value. Fair value is based upon independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Bank records the foreclosed asset as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market prices, the Bank records the foreclosed asset as nonrecurring Level 3. | |||||||||||||||||||||
The following table presents a summary of financial assets measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
U.S. government agency | $ | 1,002,170 | $ | — | $ | 1,002,170 | $ | — | |||||||||||||
Residential mortgage-backed securities | 9,829,045 | 9,829,045 | |||||||||||||||||||
Asset-backed securities (SLMA) | 776,586 | — | 776,586 | — | |||||||||||||||||
Municipal bonds | 269,287 | 269,287 | |||||||||||||||||||
Total securities available for sale | $ | 11,877,088 | $ | — | $ | 11,877,088 | $ | — | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 10,440,187 | $ | — | $ | 10,440,187 | $ | — | |||||||||||||
Asset-backed securities (SLMA) | 956,242 | — | 956,242 | — | |||||||||||||||||
Total securities available for sale | $ | 11,396,429 | $ | — | $ | 11,396,429 | $ | — | |||||||||||||
The following table presents a summary of financial assets measured at fair value on a non-recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential owner occupied - first lien | $ | 181,186 | $ | — | $ | — | $ | 181,186 | |||||||||||||
Residential owner occupied - junior lien | 9,417 | — | — | 9,417 | |||||||||||||||||
Residential non-owner occupied (investor) | 125,206 | — | — | 125,206 | |||||||||||||||||
Other commercial loans | 733,229 | — | — | 733,229 | |||||||||||||||||
Total nonperforming impaired loans | $ | 1,049,038 | $ | — | $ | — | $ | 1,049,038 | |||||||||||||
Foreclosed real estate | $ | 462,005 | $ | — | $ | — | $ | 462,005 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential owner occupied - first lien | $ | 677,648 | $ | — | $ | — | $ | 677,648 | |||||||||||||
Residential owner occupied - junior lien | — | — | — | — | |||||||||||||||||
Total nonperforming impaired loans | $ | 677,648 | $ | — | $ | — | $ | 677,648 | |||||||||||||
Foreclosed real estate | $ | 788,619 | $ | — | $ | — | $ | 788,619 | |||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: | |||||||||||||||||||||
Impaired Loans | Foreclosed | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Balance, January 1, 2012 | $ | 638,945 | $ | 1,773,200 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | (161,610 | ) | (79,756 | ) | |||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances and settlements | (47,667 | ) | (1,210,065 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 247,980 | 305,240 | |||||||||||||||||||
Balance, December 31, 2012 | $ | 677,648 | $ | 788,619 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | (264,659 | ) | (65,333 | ) | |||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances and settlements | (38,859 | ) | (652,781 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 674,908 | 391,500 | |||||||||||||||||||
Balance, December 31, 2013 | $ | 1,049,038 | $ | 462,005 | |||||||||||||||||
The methods and assumptions used to estimate the fair values, including items in the above tables, are included in the disclosures that follow. | |||||||||||||||||||||
Certificates of Deposit with Depository Institutions (Carried at Cost). The carrying amounts of the certificates of deposit approximate fair value. | |||||||||||||||||||||
Securities Available for Sale (Carried at Fair Value). Where quoted prices are available in an active market, securities available for sale are classified within Level 1 of the valuation hierarchy. Level 1 would include highly liquid government bonds, mortgage products and exchange-traded equities. If quoted market prices are not available, securities available for sale are classified within level 2 and fair value values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 would include U.S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities available for sale are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||
Securities Held to Maturity (Carried at Amortized Cost). Where quoted prices are available in an active market, securities held to maturity are classified within Level 1 of the valuation hierarchy. Level 1 would include highly liquid government bonds, mortgage products and exchange-traded equities. If quoted market prices are not available, securities held to maturity are classified within level 2 and fair value values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 would include U.S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities held to maturity are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||
Loans, Net of Allowance for Loan Losses (Carried at Cost). The fair values of loans are estimated using discounted cash flow analyses, using market rates at the statement of condition date that reflect the credit and interest rate risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently with no significant change in credit risk, fair values are based on carrying values. Impaired loans are measured at an observable market price (if available), or at fair value of the loan’s collateral (if the loan is collateral dependent). When the loan is dependent on collateral, fair value of collateral is determined by appraisal or independent valuation, which is then adjusted for the related cost to sell. Impaired loans allocated to the allowance for loan losses are measured at the lower of cost or fair value on a nonrecurring basis. | |||||||||||||||||||||
Foreclosed Assets (Carried at Lower of Cost or Fair Value Less Estimated Selling Costs). Fair values of foreclosed assets are measured at fair value less cost to sell. The valuation of the fair value measurement follows GAAP. Foreclosed assets are measured on a nonrecurring basis. | |||||||||||||||||||||
Bank-Owned Life Insurance (Carried at Surrender Value). The carrying amount of the life insurance policies is based on the accumulated cash surrender value of each policy. | |||||||||||||||||||||
Other Equity Securities (Carried at Cost). The carrying amount of Federal Home Loan Bank and correspondent bank stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||
Deposit Liabilities (Carried at Cost). The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities. | |||||||||||||||||||||
Federal Home Loan Bank Advances (Carried at Cost). Fair values of FHLB advances are estimated using discounted cash flows analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. | |||||||||||||||||||||
Off- Balance Sheet Credit-Related Instruments (Disclosures at Cost). Fair values for off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these instruments is not material. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | Level 3 | |||||||||||||||||||
Assets | Level 2 | ||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial instruments - assets: | |||||||||||||||||||||
Certificates of deposit with depository institutions | $ | 1,856,469 | $ | 1,856,469 | $ | — | $ | 1,856,469 | $ | — | |||||||||||
Securities available for sale | 11,877,088 | 11,877,088 | — | 11,877,088 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 83,492,498 | 85,164,000 | — | — | 85,164,000 | ||||||||||||||||
Foreclosed assets | 462,005 | 462,005 | — | — | 462,005 | ||||||||||||||||
Bank-owned life insurance | 1,992,367 | 1,992,367 | — | 1,992,367 | — | ||||||||||||||||
Other equity securities | 496,696 | 496,696 | — | — | 496,696 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 91,763,955 | $ | 91,674,000 | $ | — | $ | 91,674,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 7,365,350 | 7,610,000 | — | 7,610,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | Level 3 | |||||||||||||||||||
Assets | Level 2 | ||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial instruments - assets: | |||||||||||||||||||||
Certificates of deposit with depository institutions | $ | 2,600,130 | $ | 2,600,130 | $ | — | $ | 2,600,130 | $ | — | |||||||||||
Securities available for sale | 11,396,429 | 11,396,429 | — | 11,396,429 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 77,882,905 | 80,821,000 | — | — | 80,821,000 | ||||||||||||||||
Foreclosed assets | 788,619 | 788,619 | — | — | 788,619 | ||||||||||||||||
Bank-owned life insurance | 1,929,045 | 1,929,045 | — | 1,929,045 | — | ||||||||||||||||
Other equity securities | 585,496 | 585,496 | — | — | 585,496 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 87,453,066 | $ | 87,954,000 | $ | — | $ | 87,954,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 6,500,000 | 6,879,000 | — | 6,879,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Regulatory_Matters_and_Capital
Regulatory Matters and Capital Requirements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters and Capital Requirements | ' | ||||||||||||||||||||||||
Note 17. | Regulatory Matters and Capital Requirements | ||||||||||||||||||||||||
Federal and state banking regulations place certain restrictions on dividends paid to the Company by the Bank, and loans or advances made by the Bank to the Company. For a Maryland chartered bank, dividends may be paid out of undivided profits or, with the prior approval of the Commissioner, from surplus in excess of 100% of required capital stock. If, however, the surplus of a Maryland bank is less than 100% of its required capital stock, cash dividends may not be paid in excess of 90% of net earnings. Loans and advances are limited to 10% of the Bank’s capital and surplus on a secured basis. In addition, the payment of dividends by the Bank would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below minimum capital requirements. | |||||||||||||||||||||||||
The Company’s ability to pay dividends is dependent on the Bank’s ability to pay dividends to the Company. | |||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classifications 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 (set forth in the following table) of total and Tier I capital to risk weighted assets, core capital to adjusted tangible assets and tangible capital to tangible assets. Management believes, as of December 31, 2013, the Bank met all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
As of October 2012, the most recent notification from the Bank’s regulators categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed the Bank’s category. | |||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 8,716 | 12.9 | % | $ | 5,416 | 8 | % | $ | 6,770 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets) | 8,034 | 11.9 | % | 2,708 | 4 | % | 4,062 | 6 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 8,034 | 7.4 | % | 4,320 | 4 | % | 5,400 | 5 | % | ||||||||||||||||
Tangible capital (to tangible assets) | 8,109 | 7.5 | % | 1,616 | 1.5 | % | N/A | N/A | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 8,464 | 13.4 | % | $ | 5,047 | 8 | % | $ | 6,309 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets) | 7,675 | 12.2 | % | 2,523 | 4 | % | 3,785 | 6 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 7,675 | 7.6 | % | 4,064 | 4 | % | 5,080 | 5 | % | ||||||||||||||||
Tangible capital (to tangible assets) | 8,028 | 7.8 | % | 1,538 | 1.5 | % | N/A | N/A | |||||||||||||||||
The following table presents a reconciliation of the Company’s consolidated equity as determined using U.S. GAAP and the Bank’s regulatory capital amounts: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Consolidated GAAP equity | $ | 8,416 | $ | 8,468 | |||||||||||||||||||||
Consolidated equity in excess of Bank equity | (307 | ) | (440 | ) | |||||||||||||||||||||
Bank GAAP equity - Tangible capital | 8,109 | 8,028 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||
Accumulated other comprehensive (income) loss, net of tax | (95 | ) | 69 | ||||||||||||||||||||||
Disallowed deferred tax assets | 170 | 284 | |||||||||||||||||||||||
Tier 1 capital | 8,034 | 7,675 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Allowance for loan losses (1.25% of risk-weighted assets) | 682 | 789 | |||||||||||||||||||||||
Total risk-based capital | $ | 8,716 | $ | 8,464 | |||||||||||||||||||||
Parent_Company_Only_Financial_
Parent Company Only Financial Statements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Parent Company Only Financial Statements | ' | ||||||||
Note 18. | Parent Company Only Financial Statements | ||||||||
Presented below are the condensed balance sheets, statements of operations and statements of cash flows for Carroll Bancorp, Inc. at and for the twelve months ended December 31, 2013 and 2012: | |||||||||
Condensed Balance Sheets | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Cash and due from banks | $ | 124,923 | $ | 245,536 | |||||
Loan (ESOP) | 183,319 | 194,103 | |||||||
Other assets | 518 | — | |||||||
Investment in bank subsidiary | 8,109,425 | 8,028,192 | |||||||
Total Assets | $ | 8,418,185 | $ | 8,467,831 | |||||
Liabilities: | |||||||||
Other liabilities | $ | 2,488 | $ | — | |||||
Total Liabilities | 2,488 | — | |||||||
Stockholders’ Equity: | |||||||||
Preferred Stock (par value $0.01); authorized 1,000,000 shares; no shares issued and outstanding | — | — | |||||||
Common Stock (par value $0.01); authorized 9,000,000 shares; issued and outstanding 359,456 at December 31, 2013 and 2012, respectively | 3,595 | 3,595 | |||||||
Additional paid-in capital | 2,897,054 | 2,884,039 | |||||||
Unallocated ESOP shares | (183,319 | ) | (194,103 | ) | |||||
Unearned RSP shares | (133,947 | ) | |||||||
Retained earnings | 5,927,208 | 5,705,419 | |||||||
Accumulated other comprehensive (loss) income | (94,894 | ) | 68,881 | ||||||
Total stockholders’ equity | 8,415,697 | 8,467,831 | |||||||
Total liabilities and stockholders’ equity | $ | 8,418,185 | $ | 8,467,831 | |||||
Condensed Statements of Operations | |||||||||
For the Year | For the Year | ||||||||
Ending | Ending | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan (ESOP) | $ | 6,307 | $ | 6,658 | |||||
Dividends from bank subsidiary | — | — | |||||||
Total income | 6,307 | 6,658 | |||||||
Non-interest expense | — | — | |||||||
Income before income tax expense | 6,307 | 6,658 | |||||||
Income tax expense | 5,727 | — | |||||||
Net income before equity in net income (loss) of bank subsidiary | 580 | 6,658 | |||||||
Equity in net income (loss) of bank subsidiary | 221,210 | (69,361 | ) | ||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Condensed Statements of Cash Flows | |||||||||
For the Year | For the Year | ||||||||
Ending | Ending | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Equity in undistributed (income) loss of bank subsidiary | (221,210 | ) | 69,361 | ||||||
Increase in other assets | (518 | ) | — | ||||||
Increase in other liabilities | 2,488 | ||||||||
Net cash provided by operating activities | 2,550 | 6,658 | |||||||
Cash flows from investing activities: | |||||||||
ESOP loan principal collections | 10,784 | 10,784 | |||||||
Net cash provided by investing activities | 10,784 | 10,784 | |||||||
Cash flows from financing activities: | |||||||||
Purchase of common stock for RSP | (133,947 | ) | — | ||||||
Net cash used by financing activities | (133,947 | ) | — | ||||||
Net (decrease) increase in cash and cash equivalents | (120,613 | ) | 17,442 | ||||||
Cash and cash equivalents, beginning balance | 245,536 | 228,094 | |||||||
Cash and cash equivalents, ending balance | $ | 124,923 | $ | 245,536 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Nature of Operations | ' |
Organization and Nature of Operations | |
Carroll Bancorp, Inc. a Maryland corporation (the “Company”) was incorporated on February 18, 2011, to serve as the holding company for Carroll Community Bank (the “Bank”), a state chartered commercial bank. On October 12, 2011, in accordance with a Plan of conversion adopted by its Board of Directors and approved by its members, the Bank converted from a Maryland chartered mutual savings bank to a state chartered commercial bank. The conversion was accomplished through formation of the Company to serve as the holding company of the Bank, the sale and issuance of 359,456 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of $2,671,758, net of offering expenses and employee stock ownership plan (“ESOP”) shares of $922,803, and the issuance of shares of common stock of the Bank to the Company. Approximately 85% of the net proceeds of the offering, or $2,456,000, were contributed by the Company to the Bank in return for 100% of the issued and outstanding shares of common stock of the Bank. In connection with the conversion, the Bank’s Board of Directors adopted an ESOP which subscribed for 6% of the number of shares, or 21,567 shares, of common stock sold in the offering. The Company’s common stock began trading on the Over the Counter Bulletin Board under the symbol “CROL” on October 12, 2011. | |
The Bank (formerly Sykesville Federal Savings Association) is headquartered in Sykesville, Maryland. The Bank is a community-oriented financial institution providing financial services to individuals, families and businesses through two banking offices located in Sykesville and Westminster, Maryland. The Bank is subject to the regulation, examination and supervision by the State of Maryland Department of Licensing and Regulation and the Federal Deposit Insurance Corporation (“FDIC”), our deposit insurer. Its primary deposits are certificate of deposit, savings and demand accounts and its primary lending products are residential and commercial real estate loans. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany balances and transactions between the Company and the Bank have been eliminated. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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 consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans. In connection with the determination of the allowance for losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. | |
Reclassifications | ' |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year method of presentation. Such reclassifications have no effect on net income. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For the purposes of the statements of cash flows, cash and cash equivalents include cash on hand, balances due from banks, interest-bearing deposits in other banks and federal funds sold. | |
Securities | ' |
Securities | |
Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities that the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are reported at amortized cost (including amortization of premium or accretion of discount). | |
Securities classified as available for sale are those securities that the Bank intends to hold for an indefinite time period but not necessarily to maturity. Securities available for sale are reported at fair value. Net unrealized gains and losses on securities available for sale are recognized as increases or decreases in other comprehensive income, net of taxes, and are excluded from the determination of net income. | |
Interest and dividend income is recognized as earned. Realized gains and losses on the sale of securities are included in earnings based on trade date and are determined using the specific identification method. Purchase premiums and discounts are recognized as part of interest income using the interest method over the terms of the securities. | |
Declines in the fair value of individual available for sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment (“OTTI”) losses for debt securities, management considers whether the Bank (1) has the intent to sell the security, or (2) will more likely than not be required to sell the security before its anticipated recovery, or (3) will suffer a credit loss as the present value of the cash flows is expected to be collected from the security are less than its amortized cost basis. | |
The Bank does not engage in securities trading. | |
Loans Held For Sale | ' |
Loans Held For Sale | |
The Bank may from time to time carry loans held for sale. Loans held for sale are carried at lower of aggregate cost or fair value. Market value is derived from secondary market quotations for similar instruments. Net unrealized losses are recognized through a valuation allowance by charges to income. | |
Loans | ' |
Loans | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as a yield adjustment of the related loans using the interest method over the contractual term. | |
The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status, if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current and future payments are reasonably assured. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is maintained at a level to provide for losses that are probable and can be reasonably estimated. Management’s periodic evaluation of the adequacy of the allowance is based on the Bank’s past loan loss experience, known and inherent losses in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. | |
The allowance consists of specific, general and unallocated components. The specific reserve component relates to loans that are classified as substandard or doubtful. For such loans that are also classified as impaired, an allowance is established when the collateral value of the impaired loan is lower than the carrying amount of that loan. Impaired loans for which the estimated fair value of the loan exceeds the carrying value of the loan do not require a specific allowance. | |
General allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type. The Company applies an estimated loss rate to each loan group. The loss rates applied are based upon its loss experience adjusted, as appropriate, for qualitative factors. | |
The unallocated component represents the margin of imprecision inherent in the underlying assumptions used in estimating specific and general allowances. | |
A loan is considered past due or delinquent when a contractual payment is not paid by its due date. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all loans secured by real estate by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer loans for impairment disclosures. | |
The Bank’s charge-off policy states after all collection efforts have been exhausted, the loan is deemed to be a loss and the loss amount has been determined, the loss amount will be charged against the allowance for loan losses. Loans secured by real estate, either residential or commercial, are evaluated for loss potential at the 60 day past due threshold. At 90 days past due the loan is placed on nonaccrual status and a specific reserve is established if the net realizable value in less than the principal value of the loan balance(s). Once the actual loss value has been determined a charge-off for the amount of the loss is taken. Each loss is evaluated on its specific facts regarding the appropriate timing to recognize the loss. Consumer real estate loans are typically charged-off no later than 180 days past due and unsecured consumer loans are charged-off at the 90 day past due threshold or when an actual loss has been determined whichever is earlier. | |
Other Equity Securities | ' |
Other Equity Securities | |
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) to hold stock of its district FHLB according to a predefined formula. FHLB stock represents the required investment in the common stock of the FHLB of Atlanta and is carried at cost. FHLB stock ownership is restricted and the stock can be sold only to the FHLB or to another member institution at its par value per share. | |
The Company evaluates the FHLB stock for impairment. The Company’s determination of whether this investment is impaired is based on an assessment of the ultimate recoverability of its cost rather than by recognizing temporary declines in value. The determination of whether a decline in value affects the ultimate recoverability of its cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | |
The Bank also maintains an investment in capital stock of Atlantic Central Bankers Bank, Community Bankers Bank and Maryland Financial Bank. Because no ready market exists for Atlantic Central Bankers Bank, Community Bankers Bank and Maryland Financial Bank stock, the Bank’s investment in these stocks is carried at cost. | |
Bank Owned Life Insurance | ' |
Bank Owned Life Insurance | |
The Bank purchased single-premium life insurance policies on certain employees of the Bank. Appreciation in the value of the insurance policies is classified in non-interest income. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are carried at cost less accumulated depreciation. Land is carried at cost. Depreciation of premises and equipment is computed on the straight-line method over the estimated useful lives of the assets. Additions and improvements are capitalized and amortized over the shorter of their estimated useful life or the term of the lease. Estimated useful lives are 20 to 40 years for buildings, 5 to 10 years for leasehold improvements and 5 years for equipment. Charges for repairs and maintenance are expensed when incurred. | |
Foreclosed Real Estate | ' |
Foreclosed Real Estate | |
Real estate acquired through foreclosure is recorded at the lower of cost or fair value less estimated selling costs at the date of the foreclosure. Management periodically evaluates the recoverability of the carrying value of the real estate acquired through foreclosure. In the event of a subsequent decline, management provides an additional allowance to reduce real estate acquired through foreclosure to its fair value less estimated disposal cost. Costs related to holding such real estate are included in expenses for the current period while costs relating to improving the fair value of such real estate are capitalized. | |
Income Taxes | ' |
Income Taxes | |
Deferred income taxes are recognized for temporary differences between the financial reporting basis and income tax basis of assets and liabilities based on enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets are recognized only to the extent that it is more likely than not those amounts will be realized based on consideration of available evidence. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company has entered into a tax sharing agreement with the Bank. The agreement provides that the Company will file a consolidated federal tax return and that the tax liability shall be apportioned among the entities as would be computed if each entity had filed a separate return. According to Maryland tax law, the Company and the Bank file separate Maryland state tax returns. | |
Advertising Costs | ' |
Advertising Costs | |
All advertising costs are expensed as incurred. Advertising expense was $75,222 in 2013 and $43,776 in 2012. | |
Comprehensive Income | ' |
Comprehensive Income | |
GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, are reported as a separate component of equity, such items, along with net income, are components of comprehensive income. | |
The element of “other comprehensive income” includes unrealized gains or losses on securities available for sale and reclassification adjustments for gains on security sales. | |
Off-Balance Sheet Financial Instruments | ' |
Off-Balance Sheet Financial Instruments | |
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the statement of financial condition when they are funded. | |
Credit Risk Concentrations | ' |
Credit Risk Concentrations | |
Most of the Bank’s activities are with customers within Carroll County, Maryland and all contiguous counties in Maryland and Pennsylvania. The Bank does not have any significant concentrations to any one industry or customer but does have a concentration in real estate lending. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 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.” The amendments in this update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, 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 as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings By Creditors (Subtopic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This amendment clarifies the circumstances under which an in substance repossession or foreclosure is deemed to occur determining when all or a portion of the loan should be derecognized and the real estate property received should be recognized. The amendment is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. | |
Other than the disclosures contained within these statements, the Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |
Fair Value Measurement | ' |
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Topic 825 “Financial Instruments” which provides guidance on the fair value option for financial assets and liabilities. This guidance permits entities to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a commitment. Subsequent changes must be recorded in earnings. | |
Simultaneously with the adoption of ASC 825, the Company adopted ASC 820, Fair Value Measurements, effective January 1, 2008. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Under ASC 820, fair value measurements are not adjusted for transaction costs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities Available for Sale | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
US government agency securities | $ | 1,001,000 | $ | 1,170 | $ | — | $ | 1,002,170 | |||||||||||||||||
Residential mortgage-backed securities | 9,977,056 | 26,370 | 174,381 | 9,829,045 | |||||||||||||||||||||
Asset-backed securities (SLMA) | 775,320 | 1,273 | 7 | 776,586 | |||||||||||||||||||||
Municipal bonds | 281,869 | — | 12,582 | 269,287 | |||||||||||||||||||||
$ | 12,035,245 | $ | 28,813 | $ | 186,970 | $ | 11,877,088 | ||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 10,330,920 | $ | 109,344 | $ | 77 | $ | 10,440,187 | |||||||||||||||||
Asset-backed securities (SLMA) | 950,707 | 5,535 | — | 956,242 | |||||||||||||||||||||
$ | 11,281,627 | $ | 114,879 | $ | 77 | $ | 11,396,429 | ||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 and December 31, 2012, by contractual maturity, are shown below. | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Amortized | Estimated Fair | Amortized Cost | Estimated Fair | ||||||||||||||||||||||
Cost | Value | Value | |||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 1,747,113 | 1,749,556 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,692,291 | 1,699,707 | 6,132,380 | 6,196,969 | |||||||||||||||||||||
Over 10 years | 8,595,841 | 8,427,825 | 5,149,247 | 5,199,460 | |||||||||||||||||||||
$ | 12,035,245 | $ | 11,877,088 | $ | 11,281,627 | $ | 11,396,429 | ||||||||||||||||||
Securities with Gross Unrealized Losses | ' | ||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and December 31, 2012, aggregated by investment category and the length of time individual securities have been in a continual loss position, are as follows: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
US government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Residential mortgage-backed securities | 8,674,466 | 174,381 | — | — | 8,674,466 | 174,381 | |||||||||||||||||||
Asset-backed securities (SLMA) | 29,200 | 7 | — | — | 29,200 | 7 | |||||||||||||||||||
Municipal bonds | 269,287 | 12,582 | — | — | 269,287 | 12,582 | |||||||||||||||||||
$ | 8,972,953 | $ | 186,970 | $ | — | $ | — | $ | 8,972,953 | $ | 186,970 | ||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 861,385 | $ | 77 | $ | — | $ | — | $ | 861,385 | $ | 77 | |||||||||||||
Asset-backed securities (SLMA) | — | — | — | — | |||||||||||||||||||||
$ | 861,385 | $ | 77 | $ | — | $ | — | $ | 861,385 | $ | 77 | ||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Summary of Loans | ' | ||||||||||||||||
Loans at December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Percent | Percent | ||||||||||||||||
Balance | of Total | Balance | of Total | ||||||||||||||
Residential owner occupied - first lien | $ | 37,954,506 | 45.2 | % | $ | 38,896,089 | 49.4 | % | |||||||||
Residential owner occupied - junior lien | 5,703,159 | 6.8 | % | 5,251,002 | 6.7 | % | |||||||||||
Residential non-owner occupied (investor) | 8,400,861 | 10 | % | 8,276,068 | 10.5 | % | |||||||||||
Commercial owner occupied | 8,479,176 | 10.1 | % | 7,143,738 | 9.1 | % | |||||||||||
Other commercial loans | 23,279,588 | 27.7 | % | 18,935,142 | 24.1 | % | |||||||||||
Consumer loans | 207,757 | 0.2 | % | 151,427 | 0.2 | % | |||||||||||
Total loans | 84,025,047 | 100 | % | 78,653,466 | 100 | % | |||||||||||
Net deferred fees, costs and purchase premiums | 149,451 | 88,439 | |||||||||||||||
Allowance for loan losses | (682,000 | ) | (859,000 | ) | |||||||||||||
Total loans, net | $ | 83,492,498 | $ | 77,882,905 | |||||||||||||
Credit_Quality_of_Loans_and_Al1
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Allowance for Loan Losses Activity | ' | ||||||||||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by portfolio segment for the twelve months ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
Charge-offs | 247,804 | 19,854 | 267,658 | ||||||||||||||||||||||||||
Recoveries | 4,071 | 4,071 | |||||||||||||||||||||||||||
Provision | 177,156 | 1,552 | (145,193 | ) | 3,315 | 49,757 | — | 86,587 | |||||||||||||||||||||
Ending Balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
For the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 334,087 | $ | 32,180 | $ | 69,025 | $ | 33,076 | $ | 125,632 | $ | — | $ | 594,000 | |||||||||||||||
Charge-offs | 141,618 | 19,992 | — | — | — | — | 161,610 | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | ||||||||||||||||||||||
Provision | 118,396 | 12,964 | 166,356 | 36,360 | 92,534 | — | 426,610 | ||||||||||||||||||||||
Ending Balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
Allowance for Loan Losses, Disaggregated by Impairment Methodology | ' | ||||||||||||||||||||||||||||
The following tables set forth the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 37,773,320 | $ | 5,693,742 | $ | 8,275,655 | $ | 8,479,176 | $ | 22,546,359 | $ | 207,757 | $ | 82,976,009 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance | $ | 310,865 | $ | 25,152 | $ | 235,381 | $ | 69,436 | $ | 218,166 | $ | — | $ | 859,000 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 84,303 | $ | — | $ | 173,501 | $ | — | $ | — | $ | — | $ | 257,804 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 226,562 | $ | 25,152 | $ | 61,880 | $ | 69,436 | $ | 218,166 | $ | — | $ | 601,196 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 405,147 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 677,648 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 38,387,942 | $ | 5,251,002 | $ | 8,003,567 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 77,975,818 | |||||||||||||||
Summary of the Loan Portfolio Quality Indicators by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Pass | $ | 37,773,320 | $ | 5,693,742 | $ | 7,789,131 | $ | 8,479,176 | $ | 22,546,359 | $ | 207,757 | $ | 82,489,485 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 181,186 | 9,417 | 611,730 | — | 733,229 | — | 1,535,562 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Pass | $ | 38,387,942 | $ | 5,251,002 | $ | 7,768,867 | $ | 6,897,295 | $ | 18,935,142 | $ | 254,427 | $ | 77,494,675 | |||||||||||||||
Special Mention | — | — | 234,700 | 246,443 | — | — | 481,143 | ||||||||||||||||||||||
Substandard | 405,147 | — | 272,501 | — | — | — | 677,648 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
Summary of Loan Delinquencies by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our loan delinquencies by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Current | $ | 37,290,317 | $ | 5,693,742 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 83,351,441 | |||||||||||||||
30-59 days past due | 396,903 | 9,417 | — | — | — | — | 406,320 | ||||||||||||||||||||||
60-89 days past due | 266,280 | — | — | — | — | — | 266,280 | ||||||||||||||||||||||
Greater than 90 days past due | 1,006 | — | — | — | — | — | 1,006 | ||||||||||||||||||||||
Total past due | 664,189 | 9,417 | — | — | — | — | 673,606 | ||||||||||||||||||||||
Total | $ | 37,954,506 | $ | 5,703,159 | $ | 8,400,861 | $ | 8,479,176 | $ | 23,279,588 | $ | 207,757 | $ | 84,025,047 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Current | $ | 38,033,114 | $ | 5,122,006 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 77,764,495 | |||||||||||||||
30-59 days past due | — | 128,996 | — | — | — | — | 128,996 | ||||||||||||||||||||||
60-89 days past due | 354,828 | — | — | — | — | — | 354,828 | ||||||||||||||||||||||
Greater than 90 days past due | 405,147 | — | — | — | — | — | 405,147 | ||||||||||||||||||||||
Total past due | 759,975 | 128,996 | — | — | — | — | 888,971 | ||||||||||||||||||||||
Total | $ | 38,793,089 | $ | 5,251,002 | $ | 8,276,068 | $ | 7,143,738 | $ | 18,935,142 | $ | 254,427 | $ | 78,653,466 | |||||||||||||||
Summary of Impaired Loans by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following tables are a summary of impaired loans by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Impaired Loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Unpaid Principal Balance | 181,186 | 9,417 | 125,206 | — | 733,229 | — | 1,049,038 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 181,186 | $ | 9,417 | $ | 125,206 | $ | — | $ | 733,229 | $ | — | $ | 1,049,038 | |||||||||||||||
Unpaid Principal Balance | 181,186 | 9,417 | 125,206 | — | 733,229 | — | 1,049,038 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Impaired Loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 310,843 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 310,843 | |||||||||||||||
Unpaid Principal Balance | 398,257 | — | — | — | — | — | 398,257 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 94,303 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 366,804 | |||||||||||||||
Unpaid Principal Balance | 94,303 | — | 272,501 | — | — | — | 366,804 | ||||||||||||||||||||||
Related Allowance | 84,303 | — | 173,501 | — | — | — | 257,804 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 405,146 | $ | — | $ | 272,501 | $ | — | $ | — | $ | — | $ | 677,647 | |||||||||||||||
Unpaid Principal Balance | 492,560 | — | 272,501 | — | — | — | 765,061 | ||||||||||||||||||||||
Related Allowance | 84,303 | — | 173,501 | — | — | — | 257,804 | ||||||||||||||||||||||
Summary of Average Recorded Investment and Interest Income Foregone Recognized on Impaired Loans by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following tables present by portfolio segment, information related to the average recorded investment and the interest income foregone and recognized on impaired loans for the twelve months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Impaired loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 315,845 | $ | 3,777 | $ | 102,241 | $ | — | $ | 146,646 | $ | — | $ | 568,509 | |||||||||||||||
Interest income that would have been recognized | 22,273 | 456 | — | — | 2,871 | — | 25,600 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 5,936 | 343 | — | — | — | — | 6,279 | ||||||||||||||||||||||
Interest income foregone | 16,337 | 113 | — | — | 2,871 | — | 19,321 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 146,722 | $ | — | $ | 36,084 | $ | — | $ | — | $ | — | $ | 182,806 | |||||||||||||||
Interest income that would have been recognized | 5,390 | — | 3,947 | — | — | — | 9,337 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone | 5,390 | — | 3,947 | — | — | — | 9,337 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 462,567 | $ | 3,777 | $ | 138,326 | $ | — | $ | 146,646 | $ | — | $ | 751,315 | |||||||||||||||
Interest income that would have been recognized | 27,663 | 456 | 3,947 | — | 2,871 | — | 34,937 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 5,936 | 343 | — | — | — | — | 6,279 | ||||||||||||||||||||||
Interest income foregone | 21,727 | 113 | 3,947 | — | 2,871 | — | 28,658 | ||||||||||||||||||||||
For the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Impaired loans: | Residential | Residential | Residential | Commercial | Other | Consumer | Total | ||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 161,540 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 161,540 | |||||||||||||||
Interest income that would have been recognized | 10,930 | — | — | — | — | — | 10,930 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 2,496 | — | — | — | — | — | 2,496 | ||||||||||||||||||||||
Interest income foregone | 8,434 | — | — | — | — | — | 8,434 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 398,404 | $ | 3,998 | $ | 54,500 | $ | — | $ | — | $ | — | $ | 456,902 | |||||||||||||||
Interest income that would have been recognized | 39,717 | 311 | 15,844 | — | — | — | 55,872 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 34,584 | — | 15,044 | — | — | — | 49,628 | ||||||||||||||||||||||
Interest income foregone | 5,133 | 311 | 800 | — | — | — | 6,244 | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 559,944 | $ | 3,998 | $ | 54,500 | $ | — | $ | — | $ | — | $ | 618,442 | |||||||||||||||
Interest income that would have been recognized | 50,647 | 311 | 15,844 | — | — | — | 66,802 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 37,080 | — | 15,044 | — | — | — | 52,124 | ||||||||||||||||||||||
Interest income foregone | 13,567 | 311 | 800 | — | — | — | 14,678 | ||||||||||||||||||||||
Summary of Performing and Nonperforming Impaired Loans by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following table is a summary of performing and nonperforming impaired loans by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Performing loans: | |||||||||||||||||||||||||||||
Impaired performing loans: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | $ | — | $ | — | |||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 78,601 | 799,374 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired performing loans | 78,601 | 799,374 | |||||||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 181,186 | 677,648 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | 9,417 | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | 733,229 | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | — | — | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | 125,206 | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual): | 1,049,038 | 677,648 | |||||||||||||||||||||||||||
Total impaired loans | $ | 1,127,639 | $ | 1,477,022 | |||||||||||||||||||||||||
Summary of Impaired Loans Modified Pursuant to Troubled Debt Restructuring | ' | ||||||||||||||||||||||||||||
The following table is a summary of impaired loans that were modified pursuant to a TDR during the twelve months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Loan Type | Number of | Pre- | Post- | ||||||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
During the Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential non-owner occupied (investor) | 1 | $ | 127,675 | $ | 130,664 | ||||||||||||||||||||||||
Residential owner occupied - first lien | 1 | 79,229 | 79,229 | ||||||||||||||||||||||||||
2 | $ | 206,904 | $ | 209,893 | |||||||||||||||||||||||||
During the Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 2 | $ | 792,170 | $ | 801,992 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Premises and Equipment | ' | ||||||||||||
A summary of premises and equipment at December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Useful Lives | |||||||||||||
Land | $ | 33,918 | $ | 33,918 | |||||||||
Building and improvements | 10 - 39 years | 1,413,746 | 1,413,746 | ||||||||||
Furniture and equipment | 3 - 10 years | 689,725 | 488,223 | ||||||||||
2,137,389 | 1,935,887 | ||||||||||||
Accumulated depreciation | 735,887 | 590,478 | |||||||||||
Net premises and equipment | $ | 1,401,502 | $ | 1,345,409 | |||||||||
Rental Commitment Under Lease | ' | ||||||||||||
At December 31, 2013 the total rental commitment under this lease is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | $ | 45,527 | |||||||||||
2015 | 30,516 | ||||||||||||
2016 | — | ||||||||||||
2017 | — | ||||||||||||
2018 | — | ||||||||||||
2019 and thereafter | — | ||||||||||||
$ | 76,043 | ||||||||||||
Foreclosed_Assets_Tables
Foreclosed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Foreclosed Assets Activity | ' | ||||||||
The following table is a summary of the activity in other real estate owned for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 788,619 | $ | 1,773,200 | |||||
Properties added during the year | 391,500 | 262,184 | |||||||
Capitalized Costs | 2,280 | 42,756 | |||||||
Write-downs | (25,000 | ) | (54,965 | ) | |||||
Properties disposed during the year | (655,061 | ) | (1,209,765 | ) | |||||
Loss on sale of disposed properties | (40,333 | ) | (24,791 | ) | |||||
Ending balance | $ | 462,005 | $ | 788,619 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Summary of Deposit Product Segment | ' | ||||||||||||||||
Deposits were comprised of the following at December 31, 2013 and 2012: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Balance | Percent of | Balance | Percent of | ||||||||||||||
Total | Total | ||||||||||||||||
Non-interest bearing checking | $ | 4,866,188 | 5.3 | % | $ | 3,491,050 | 4 | % | |||||||||
Interest-bearing checking | 5,306,684 | 5.8 | % | 3,931,363 | 4.5 | % | |||||||||||
Savings | 2,144,938 | 2.3 | % | 1,942,516 | 2.2 | % | |||||||||||
Premium savings | 22,440,482 | 24.4 | % | 22,942,268 | 26.2 | % | |||||||||||
IRA savings | 8,423,727 | 9.2 | % | 10,217,317 | 11.7 | % | |||||||||||
Money market | 10,880,101 | 11.9 | % | 7,925,721 | 9.1 | % | |||||||||||
Certificates of deposit | 37,701,835 | 41.1 | % | 37,002,831 | 42.3 | % | |||||||||||
Total deposits | $ | 91,763,955 | 100 | % | $ | 87,453,066 | 100 | % | |||||||||
Summary of Certificates of Deposit by Maturity Date Ranges | ' | ||||||||||||||||
Certificates of deposit scheduled maturities are as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
Period to Maturity: | |||||||||||||||||
Less than or equal to one year | $ | 10,088,619 | $ | 18,013,517 | |||||||||||||
More than one to two years | 9,778,501 | 3,377,826 | |||||||||||||||
More than two to three years | 3,932,122 | 5,396,236 | |||||||||||||||
More than three to four years | 6,438,083 | 3,037,702 | |||||||||||||||
More than four to five years | 7,464,509 | 7,177,550 | |||||||||||||||
Total certificates of deposit | $ | 37,701,835 | $ | 37,002,831 | |||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||
Schedule of Federal Home Loan Bank Advances | ' | ||||||||||||||||||
The FHLBA has a blanket floating lien on the Company’s residential mortgage portfolio and FHLBA stock as collateral for the outstanding advances. | |||||||||||||||||||
Borrowing | Rate | Maturity | December 31, | December 31, | |||||||||||||||
Amount | Date | 2013 | 2012 | ||||||||||||||||
$ | 5,000,000 | (1) | 2.29 | % | 8/12/18 | $ | 5,000,000 | $ | 5,000,000 | ||||||||||
2,365,350 | 5.36 | % | 1/2/14 | 2,365,350 | — | ||||||||||||||
1,500,000 | 0.21 | % | 3/29/13 | — | 1,500,000 | ||||||||||||||
$ | 7,365,350 | $ | 6,500,000 | ||||||||||||||||
Unused available line of credit | $ | 3,354,650 | $ | 3,440,000 | |||||||||||||||
-1 | callable quarterly by the FHLBA. | ||||||||||||||||||
Scheduled Maturities of FHLB Advances | ' | ||||||||||||||||||
At December 31, 2013, the scheduled maturities of the FHLBA advances are as follows: | |||||||||||||||||||
Years ending December 31, | |||||||||||||||||||
2014 | $ | 2,365,350 | |||||||||||||||||
2015 | — | ||||||||||||||||||
2016 | — | ||||||||||||||||||
2017 | — | ||||||||||||||||||
2018 | 5,000,000 | ||||||||||||||||||
Thereafter | — | ||||||||||||||||||
$ | 7,365,350 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Income Tax Expense (Benefit) | ' | ||||||||||||||||
Income tax expense (benefit) consisted of the following components: | |||||||||||||||||
For Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current expense (benefit): | |||||||||||||||||
Federal | $ | — | $ | — | |||||||||||||
State | — | — | |||||||||||||||
— | — | ||||||||||||||||
Deferred expense (benefit): | |||||||||||||||||
Federal | 86,498 | (69,547 | ) | ||||||||||||||
State | 22,027 | (18,393 | ) | ||||||||||||||
108,525 | (87,940 | ) | |||||||||||||||
Total income tax expense (benefit) | $ | 108,525 | $ | (87,940 | ) | ||||||||||||
Summary of Reconciliation of the Statutory Income Tax Rate | ' | ||||||||||||||||
A reconciliation of the statutory income tax rate of 34% to the income tax expense (benefit) included in the statements of operations is as follows: | |||||||||||||||||
For Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percent of | Amount | Percent of | ||||||||||||||
Pretax | Pretax | ||||||||||||||||
Income | Income | ||||||||||||||||
Expected tax at federal statutory rate | $ | 112,307 | 34 | % | $ | (51,218 | ) | -34 | % | ||||||||
State income tax, net of federal income tax benefit | 14,538 | 4.4 | % | (12,139 | ) | -8.06 | % | ||||||||||
BOLI income | (21,530 | ) | -6.52 | % | (21,310 | ) | -14.15 | % | |||||||||
Other | 3,210 | 0.97 | % | (3,273 | ) | -2.17 | % | ||||||||||
Total income tax expense (benefit) | $ | 108,525 | 32.85 | % | $ | (87,940 | ) | -58.38 | % | ||||||||
Summary of Components of the Net Deferred Tax Assets | ' | ||||||||||||||||
The components of the net deferred tax assets are as follows: | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Allowance for loan losses | $ | 269,284 | $ | 338,172 | |||||||||||||
Net operating loss carryforward | 99,593 | 75,742 | |||||||||||||||
Net unrealized losses on securities available for sale | 63,263 | — | |||||||||||||||
Contribution carryforward | 18,456 | 11,329 | |||||||||||||||
OREO write-down reserve | 17,739 | 43,342 | |||||||||||||||
RSP expense | 3,467 | — | |||||||||||||||
Nonaccrual interest reserve | 1,721 | 5,542 | |||||||||||||||
Total deferred tax assets | 473,523 | 474,127 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Deferred loan origination fees / costs | (59,705 | ) | (36,872 | ) | |||||||||||||
Depreciation on premises and equipment | (34,833 | ) | (13,045 | ) | |||||||||||||
Federal Home Loan Bank stock dividends | (22,329 | ) | (22,329 | ) | |||||||||||||
Net unrealized gains on securities available for sale | — | (45,921 | ) | ||||||||||||||
Total deferred tax liabilities | (116,867 | ) | (118,167 | ) | |||||||||||||
Net deferred tax assets | $ | 356,656 | $ | 355,960 | |||||||||||||
Commitments_Contingent_Liabili1
Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Outstanding Loan Commitments and Lines of Credit | ' | ||||||||
Outstanding loan commitments and lines of credit at December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit: | |||||||||
Consumer loans | $ | 207,500 | $ | 314,750 | |||||
Commercial loans | 3,583,000 | 935,000 | |||||||
3,790,500 | 1,249,750 | ||||||||
Commitments under available lines of credit: | |||||||||
Consumer loans | 4,365,710 | 3,355,394 | |||||||
Commercial loans | 2,845,258 | 2,044,520 | |||||||
7,210,968 | 5,399,914 | ||||||||
Total Commitments | $ | 11,001,468 | $ | 6,649,664 | |||||
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Postemployment Benefits [Abstract] | ' | ||||||||
Shares Held by the ESOP Trust | ' | ||||||||
Shares held by the ESOP trust at December 31, 2013 and 2012 are as follows: | |||||||||
At December 31, | At December 31, | ||||||||
2013 | 2012 | ||||||||
Allocated shares | 3,235 | 2,157 | |||||||
Unallocated shares | 18,332 | 19,410 | |||||||
Total ESOP shares | 21,567 | 21,567 | |||||||
Fair value of unallocated shares | $ | 311,644 | $ | 197,012 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of the Restricted Stock Award Activity | ' | ||||||||
The table below presents the restricted stock award activity for the periods shown: | |||||||||
Service-Based | Weighted | ||||||||
Restricted Stock | Average Grant | ||||||||
Awards | Date Fair Value | ||||||||
Non-vested at December 31, 2012 | — | $ | — | ||||||
Granted | 10,783 | 16.3 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Non-vested at December 31, 2013 | 10,783 | $ | 16.3 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share Calculation Details | ' | ||||||||
Basic earnings per share are computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Unallocated ESOP and unearned Recognition and Retention Plan shares are excluded from this calculation. | |||||||||
For the Twelve Months | For the Twelve Months | ||||||||
Ended December 31, | Ended December 31, | ||||||||
2013 | 2012 | ||||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Weighted average common shares outstanding | 333,047 | 338,970 | |||||||
Earnings (loss) per common share, basic and diluted | $ | 0.67 | $ | (0.19 | ) | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Summary of Activity for Related Party Loans | ' | ||||||||
The activity for related party loans for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 494,743 | $ | 680,311 | |||||
Additions | 75,000 | 64,345 | |||||||
Payments | (72,878 | ) | (93,442 | ) | |||||
Change in status (1) | — | (156,471 | ) | ||||||
Balance, end of year | $ | 496,865 | $ | 494,743 | |||||
-1 | One loan was no longer considered a related party transaction due to the retirement of a director. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Summary of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table presents a summary of financial assets measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
U.S. government agency | $ | 1,002,170 | $ | — | $ | 1,002,170 | $ | — | |||||||||||||
Residential mortgage-backed securities | 9,829,045 | 9,829,045 | |||||||||||||||||||
Asset-backed securities (SLMA) | 776,586 | — | 776,586 | — | |||||||||||||||||
Municipal bonds | 269,287 | 269,287 | |||||||||||||||||||
Total securities available for sale | $ | 11,877,088 | $ | — | $ | 11,877,088 | $ | — | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 10,440,187 | $ | — | $ | 10,440,187 | $ | — | |||||||||||||
Asset-backed securities (SLMA) | 956,242 | — | 956,242 | — | |||||||||||||||||
Total securities available for sale | $ | 11,396,429 | $ | — | $ | 11,396,429 | $ | — | |||||||||||||
Summary of Financial Assets Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||
The following table presents a summary of financial assets measured at fair value on a non-recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential owner occupied - first lien | $ | 181,186 | $ | — | $ | — | $ | 181,186 | |||||||||||||
Residential owner occupied - junior lien | 9,417 | — | — | 9,417 | |||||||||||||||||
Residential non-owner occupied (investor) | 125,206 | — | — | 125,206 | |||||||||||||||||
Other commercial loans | 733,229 | — | — | 733,229 | |||||||||||||||||
Total nonperforming impaired loans | $ | 1,049,038 | $ | — | $ | — | $ | 1,049,038 | |||||||||||||
Foreclosed real estate | $ | 462,005 | $ | — | $ | — | $ | 462,005 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | Level 2 | Inputs | |||||||||||||||||||
Level 1 | Level 3 | ||||||||||||||||||||
Residential owner occupied - first lien | $ | 677,648 | $ | — | $ | — | $ | 677,648 | |||||||||||||
Residential owner occupied - junior lien | — | — | — | — | |||||||||||||||||
Total nonperforming impaired loans | $ | 677,648 | $ | — | $ | — | $ | 677,648 | |||||||||||||
Foreclosed real estate | $ | 788,619 | $ | — | $ | — | $ | 788,619 | |||||||||||||
Reconciliation of Beginning and Ending Balances for Level 3 Assets Measured | ' | ||||||||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: | |||||||||||||||||||||
Impaired Loans | Foreclosed | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Balance, January 1, 2012 | $ | 638,945 | $ | 1,773,200 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | (161,610 | ) | (79,756 | ) | |||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances and settlements | (47,667 | ) | (1,210,065 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 247,980 | 305,240 | |||||||||||||||||||
Balance, December 31, 2012 | $ | 677,648 | $ | 788,619 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | (264,659 | ) | (65,333 | ) | |||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances and settlements | (38,859 | ) | (652,781 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 674,908 | 391,500 | |||||||||||||||||||
Balance, December 31, 2013 | $ | 1,049,038 | $ | 462,005 | |||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | Level 3 | |||||||||||||||||||
Assets | Level 2 | ||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial instruments - assets: | |||||||||||||||||||||
Certificates of deposit with depository institutions | $ | 1,856,469 | $ | 1,856,469 | $ | — | $ | 1,856,469 | $ | — | |||||||||||
Securities available for sale | 11,877,088 | 11,877,088 | — | 11,877,088 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 83,492,498 | 85,164,000 | — | — | 85,164,000 | ||||||||||||||||
Foreclosed assets | 462,005 | 462,005 | — | — | 462,005 | ||||||||||||||||
Bank-owned life insurance | 1,992,367 | 1,992,367 | — | 1,992,367 | — | ||||||||||||||||
Other equity securities | 496,696 | 496,696 | — | — | 496,696 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 91,763,955 | $ | 91,674,000 | $ | — | $ | 91,674,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 7,365,350 | 7,610,000 | — | 7,610,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | Level 3 | |||||||||||||||||||
Assets | Level 2 | ||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial instruments - assets: | |||||||||||||||||||||
Certificates of deposit with depository institutions | $ | 2,600,130 | $ | 2,600,130 | $ | — | $ | 2,600,130 | $ | — | |||||||||||
Securities available for sale | 11,396,429 | 11,396,429 | — | 11,396,429 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 77,882,905 | 80,821,000 | — | — | 80,821,000 | ||||||||||||||||
Foreclosed assets | 788,619 | 788,619 | — | — | 788,619 | ||||||||||||||||
Bank-owned life insurance | 1,929,045 | 1,929,045 | — | 1,929,045 | — | ||||||||||||||||
Other equity securities | 585,496 | 585,496 | — | — | 585,496 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 87,453,066 | $ | 87,954,000 | $ | — | $ | 87,954,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 6,500,000 | 6,879,000 | — | 6,879,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Regulatory_Matters_and_Capital1
Regulatory Matters and Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Bank's Capital Position | ' | ||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 8,716 | 12.9 | % | $ | 5,416 | 8 | % | $ | 6,770 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets) | 8,034 | 11.9 | % | 2,708 | 4 | % | 4,062 | 6 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 8,034 | 7.4 | % | 4,320 | 4 | % | 5,400 | 5 | % | ||||||||||||||||
Tangible capital (to tangible assets) | 8,109 | 7.5 | % | 1,616 | 1.5 | % | N/A | N/A | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 8,464 | 13.4 | % | $ | 5,047 | 8 | % | $ | 6,309 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets) | 7,675 | 12.2 | % | 2,523 | 4 | % | 3,785 | 6 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 7,675 | 7.6 | % | 4,064 | 4 | % | 5,080 | 5 | % | ||||||||||||||||
Tangible capital (to tangible assets) | 8,028 | 7.8 | % | 1,538 | 1.5 | % | N/A | N/A | |||||||||||||||||
Schedule of Reconciliation of the Company's Consolidated Equity | ' | ||||||||||||||||||||||||
The following table presents a reconciliation of the Company’s consolidated equity as determined using U.S. GAAP and the Bank’s regulatory capital amounts: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Consolidated GAAP equity | $ | 8,416 | $ | 8,468 | |||||||||||||||||||||
Consolidated equity in excess of Bank equity | (307 | ) | (440 | ) | |||||||||||||||||||||
Bank GAAP equity - Tangible capital | 8,109 | 8,028 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||
Accumulated other comprehensive (income) loss, net of tax | (95 | ) | 69 | ||||||||||||||||||||||
Disallowed deferred tax assets | 170 | 284 | |||||||||||||||||||||||
Tier 1 capital | 8,034 | 7,675 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Allowance for loan losses (1.25% of risk-weighted assets) | 682 | 789 | |||||||||||||||||||||||
Total risk-based capital | $ | 8,716 | $ | 8,464 | |||||||||||||||||||||
Parent_Company_Only_Financial_1
Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Schedule of Condensed Balance Sheets | ' | ||||||||
Condensed Balance Sheets | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Cash and due from banks | $ | 124,923 | $ | 245,536 | |||||
Loan (ESOP) | 183,319 | 194,103 | |||||||
Other assets | 518 | — | |||||||
Investment in bank subsidiary | 8,109,425 | 8,028,192 | |||||||
Total Assets | $ | 8,418,185 | $ | 8,467,831 | |||||
Liabilities: | |||||||||
Other liabilities | $ | 2,488 | $ | — | |||||
Total Liabilities | 2,488 | — | |||||||
Stockholders’ Equity: | |||||||||
Preferred Stock (par value $0.01); authorized 1,000,000 shares; no shares issued and outstanding | — | — | |||||||
Common Stock (par value $0.01); authorized 9,000,000 shares; issued and outstanding 359,456 at December 31, 2013 and 2012, respectively | 3,595 | 3,595 | |||||||
Additional paid-in capital | 2,897,054 | 2,884,039 | |||||||
Unallocated ESOP shares | (183,319 | ) | (194,103 | ) | |||||
Unearned RSP shares | (133,947 | ) | |||||||
Retained earnings | 5,927,208 | 5,705,419 | |||||||
Accumulated other comprehensive (loss) income | (94,894 | ) | 68,881 | ||||||
Total stockholders’ equity | 8,415,697 | 8,467,831 | |||||||
Total liabilities and stockholders’ equity | $ | 8,418,185 | $ | 8,467,831 | |||||
Schedule of Condensed Statements of Operations | ' | ||||||||
Condensed Statements of Operations | |||||||||
For the Year | For the Year | ||||||||
Ending | Ending | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan (ESOP) | $ | 6,307 | $ | 6,658 | |||||
Dividends from bank subsidiary | — | — | |||||||
Total income | 6,307 | 6,658 | |||||||
Non-interest expense | — | — | |||||||
Income before income tax expense | 6,307 | 6,658 | |||||||
Income tax expense | 5,727 | — | |||||||
Net income before equity in net income (loss) of bank subsidiary | 580 | 6,658 | |||||||
Equity in net income (loss) of bank subsidiary | 221,210 | (69,361 | ) | ||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Schedule of Condensed Statements of Cash Flows | ' | ||||||||
Condensed Statements of Cash Flows | |||||||||
For the Year | For the Year | ||||||||
Ending | Ending | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | 221,790 | $ | (62,703 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Equity in undistributed (income) loss of bank subsidiary | (221,210 | ) | 69,361 | ||||||
Increase in other assets | (518 | ) | — | ||||||
Increase in other liabilities | 2,488 | ||||||||
Net cash provided by operating activities | 2,550 | 6,658 | |||||||
Cash flows from investing activities: | |||||||||
ESOP loan principal collections | 10,784 | 10,784 | |||||||
Net cash provided by investing activities | 10,784 | 10,784 | |||||||
Cash flows from financing activities: | |||||||||
Purchase of common stock for RSP | (133,947 | ) | — | ||||||
Net cash used by financing activities | (133,947 | ) | — | ||||||
Net (decrease) increase in cash and cash equivalents | (120,613 | ) | 17,442 | ||||||
Cash and cash equivalents, beginning balance | 245,536 | 228,094 | |||||||
Cash and cash equivalents, ending balance | $ | 124,923 | $ | 245,536 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Oct. 12, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Branch | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Date of incorporation | ' | 18-Feb-11 | ' |
Proceeds from the issuance of common stock, net of costs | $2,671,758 | ' | ' |
Offering expenses and ESOP shares | 922,803 | ' | ' |
Percent of net proceeds contributed by holding company | 85.00% | ' | ' |
Net proceeds contributed by the holding company to bank | 2,456,000 | ' | ' |
Shares of common stock of the bank acquired, percent | 100.00% | ' | ' |
Common stock subscribed for ESOP, percent | 6.00% | ' | ' |
Number of shares acquired by the ESOP | 21,567 | 21,567 | 21,567 |
Number of branches of bank | ' | 2 | ' |
Loan charge-off | ' | '90 days | ' |
Advertising expense | ' | $75,222 | $43,776 |
Consumer Real Estate [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loan charge-off | ' | '180 days | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives, leasehold improvements | ' | '40 years | ' |
Buildings [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives, leasehold improvements | ' | '20 years | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives, leasehold improvements | ' | '10 years | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives, leasehold improvements | ' | '5 years | ' |
Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives, leasehold improvements | ' | '5 years | ' |
Common Stock [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Issuance of shares of common stock | 359,456 | ' | ' |
Share price for conversion | $10 | ' | ' |
Securities_Amortized_Cost_Gros
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities Available for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | $12,035,245 | $11,281,627 |
Securities available for sale, Gross Unrealized Gains | 28,813 | 114,879 |
Securities available for sale, Gross Unrealized Losses | 186,970 | 77 |
Securities available for sale, Estimated Fair Value | 11,877,088 | 11,396,429 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 1,001,000 | ' |
Securities available for sale, Gross Unrealized Gains | 1,170 | ' |
Securities available for sale, Estimated Fair Value | 1,002,170 | ' |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 9,977,056 | 10,330,920 |
Securities available for sale, Gross Unrealized Gains | 26,370 | 109,344 |
Securities available for sale, Gross Unrealized Losses | 174,381 | 77 |
Securities available for sale, Estimated Fair Value | 9,829,045 | 10,440,187 |
Asset-Backed Securities (SLMA) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 775,320 | 950,707 |
Securities available for sale, Gross Unrealized Gains | 1,273 | 5,535 |
Securities available for sale, Gross Unrealized Losses | 7 | ' |
Securities available for sale, Estimated Fair Value | 776,586 | 956,242 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 281,869 | ' |
Securities available for sale, Gross Unrealized Losses | 12,582 | ' |
Securities available for sale, Estimated Fair Value | $269,287 | ' |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Private label residential mortgage-backed securities | $0 | $0 |
Held to maturity securities | 0 | 0 |
Securities pledged as collateral | 1,400,000 | 550,000 |
Proceeds from sales of securities available for sale | 2,953,913 | 11,940,685 |
Proceeds from sales of securities held to maturity | ' | 1,785,864 |
Net realized gains on securities | 22,774 | 146,935 |
Redemption of certificates of deposit | 2,264,012 | 750,000 |
Gain on sale of CD investments | $14,012 | ' |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' |
Securities available for sale, Amortized Cost, Under 1 year | ' | ' |
Securities available for sale, Amortized Cost, Over 1 year through 5 years | 1,747,113 | ' |
Securities available for sale, Amortized Cost, After 5 years through 10 years | 1,692,291 | 6,132,380 |
Securities available for sale, Amortized Cost, Over 10 years | 8,595,841 | 5,149,247 |
Securities available for sale, Amortized Cost | 12,035,245 | 11,281,627 |
Securities available for sale, Estimated Fair Value, Under 1 year | ' | ' |
Securities available for sale, Estimated Fair Value, Over 1 year through 5 years | 1,749,556 | ' |
Securities available for sale, Estimated Fair Value, After 5 years through 10 years | 1,699,707 | 6,196,969 |
Securities available for sale, Estimated Fair Value, Over 10 years | 8,427,825 | 5,199,460 |
Securities available for sale, Estimated Fair Value | $11,877,088 | $11,396,429 |
Securities_Securities_with_Gro
Securities - Securities with Gross Unrealized Losses (Detail) (Securities Available for Sale [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | $8,972,953 | $861,385 |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 186,970 | 77 |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 8,972,953 | 861,385 |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | 186,970 | 77 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | ' | ' |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | ' | ' |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | 8,674,466 | 861,385 |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 174,381 | 77 |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 8,674,466 | 861,385 |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | 174,381 | 77 |
Asset-Backed Securities (SLMA) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | 29,200 | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 7 | ' |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 29,200 | ' |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | 7 | ' |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | 269,287 | ' |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 12,582 | ' |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | ' | ' |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | ' | ' |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 269,287 | ' |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | $12,582 | ' |
Loans_Summary_of_Loans_Detail
Loans - Summary of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $84,025,047 | $78,653,466 |
Net deferred fees, costs and purchase premiums | 149,451 | 88,439 |
Loans, Percent of Total | 100.00% | 100.00% |
Allowance for loan losses | -682,000 | -859,000 |
Total loans, net | 83,492,498 | 77,882,905 |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 37,954,506 | 38,896,089 |
Loans, Percent of Total | 45.20% | 49.40% |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,703,159 | 5,251,002 |
Loans, Percent of Total | 6.80% | 6.70% |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8,400,861 | 8,276,068 |
Loans, Percent of Total | 10.00% | 10.50% |
Commercial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8,479,176 | 7,143,738 |
Loans, Percent of Total | 10.10% | 9.10% |
Other Commercial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 23,279,588 | 18,935,142 |
Loans, Percent of Total | 27.70% | 24.10% |
Consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $207,757 | $151,427 |
Loans, Percent of Total | 0.20% | 0.20% |
Credit_Quality_of_Loans_and_Al2
Credit Quality of Loans and Allowance for Loan Losses - Summary of Allowance for Loan Losses Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for loan losses: | ' | ' |
Beginning balance | $859,000 | $594,000 |
Charge-offs | 267,658 | 161,610 |
Recoveries | 4,071 | ' |
Provision | 86,587 | 426,610 |
Ending balance | 682,000 | 859,000 |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 310,865 | 334,087 |
Charge-offs | 247,804 | 141,618 |
Recoveries | 4,071 | ' |
Provision | 177,156 | 118,396 |
Ending balance | 244,288 | 310,865 |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 25,152 | 32,180 |
Charge-offs | ' | 19,992 |
Recoveries | ' | ' |
Provision | 1,552 | 12,964 |
Ending balance | 26,704 | 25,152 |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 235,381 | 69,025 |
Charge-offs | 19,854 | ' |
Recoveries | ' | ' |
Provision | -145,193 | 166,356 |
Ending balance | 70,334 | 235,381 |
Commercial Owner Occupied [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 69,436 | 33,076 |
Recoveries | ' | ' |
Provision | 3,315 | 36,360 |
Ending balance | 72,751 | 69,436 |
Other Commercial Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 218,166 | 125,632 |
Recoveries | ' | ' |
Provision | 49,757 | 92,534 |
Ending balance | 267,923 | 218,166 |
Consumer Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | ' | ' |
Charge-offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | ' |
Ending balance | ' | ' |
Credit_Quality_of_Loans_and_Al3
Credit Quality of Loans and Allowance for Loan Losses - Allowance for Loan Losses, Disaggregated by Impairment Methodology (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses: | ' | ' | ' |
Ending balance | $682,000 | $859,000 | $594,000 |
Ending balance individually evaluated for impairment | ' | 257,804 | ' |
Ending balance collectively evaluated for impairment | 682,000 | 601,196 | ' |
Loans: | ' | ' | ' |
Ending balance | 84,025,047 | 78,653,466 | ' |
Ending balance | 84,025,047 | 78,653,466 | ' |
Ending balance individually evaluated for impairment | 1,049,038 | 677,648 | ' |
Ending balance collectively evaluated for impairment | 82,976,009 | 77,975,818 | ' |
Residential Owner Occupied - First Lien [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | 244,288 | 310,865 | 334,087 |
Ending balance individually evaluated for impairment | ' | 84,303 | ' |
Ending balance collectively evaluated for impairment | 244,288 | 226,562 | ' |
Loans: | ' | ' | ' |
Ending balance | 37,954,506 | 38,793,089 | ' |
Ending balance | 37,954,506 | 38,793,089 | ' |
Ending balance individually evaluated for impairment | 181,186 | 405,147 | ' |
Ending balance collectively evaluated for impairment | 37,773,320 | 38,387,942 | ' |
Residential Owner Occupied - Junior Lien [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | 26,704 | 25,152 | 32,180 |
Ending balance individually evaluated for impairment | ' | ' | ' |
Ending balance collectively evaluated for impairment | 26,704 | 25,152 | ' |
Loans: | ' | ' | ' |
Ending balance | 5,703,159 | 5,251,002 | ' |
Ending balance | 5,703,159 | 5,251,002 | ' |
Ending balance individually evaluated for impairment | 9,417 | ' | ' |
Ending balance collectively evaluated for impairment | 5,693,742 | 5,251,002 | ' |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | 70,334 | 235,381 | 69,025 |
Ending balance individually evaluated for impairment | ' | 173,501 | ' |
Ending balance collectively evaluated for impairment | 70,334 | 61,880 | ' |
Loans: | ' | ' | ' |
Ending balance | 8,400,861 | 8,276,068 | ' |
Ending balance | 8,400,861 | 8,276,068 | ' |
Ending balance individually evaluated for impairment | 125,206 | 272,501 | ' |
Ending balance collectively evaluated for impairment | 8,275,655 | 8,003,567 | ' |
Commercial Owner Occupied [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | 72,751 | 69,436 | 33,076 |
Ending balance individually evaluated for impairment | ' | ' | ' |
Ending balance collectively evaluated for impairment | 72,751 | 69,436 | ' |
Loans: | ' | ' | ' |
Ending balance | 8,479,176 | 7,143,738 | ' |
Ending balance | 8,479,176 | 7,143,738 | ' |
Ending balance collectively evaluated for impairment | 8,479,176 | 7,143,738 | ' |
Other Commercial Loans [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | 267,923 | 218,166 | 125,632 |
Ending balance individually evaluated for impairment | ' | ' | ' |
Ending balance collectively evaluated for impairment | 267,923 | 218,166 | ' |
Loans: | ' | ' | ' |
Ending balance | 23,279,588 | 18,935,142 | ' |
Ending balance | 23,279,588 | 18,935,142 | ' |
Ending balance individually evaluated for impairment | 733,229 | ' | ' |
Ending balance collectively evaluated for impairment | 22,546,359 | 18,935,142 | ' |
Consumer Loans [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Ending balance | ' | ' | ' |
Ending balance individually evaluated for impairment | ' | ' | ' |
Loans: | ' | ' | ' |
Ending balance | 207,757 | 254,427 | ' |
Ending balance | 207,757 | 254,427 | ' |
Ending balance collectively evaluated for impairment | $207,757 | $254,427 | ' |
Credit_Quality_of_Loans_and_Al4
Credit Quality of Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2014 | Dec. 31, 2013 | |
DefaultTDRs | DefaultTDRs | Other Commercial Loans [Member] | Other Commercial Loans [Member] | Scenario, Forecast [Member] | Minimum [Member] | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' |
Loan amount | $1,049,038 | $677,647 | $733,229 | ' | ' | ' |
Impairment charge on loan | 0 | ' | ' | ' | ' | ' |
Amount of loss on full repayment of loan | ' | ' | ' | ' | 0 | ' |
Minimum non-classified commercial loan required for annual review | 50,000 | ' | ' | ' | ' | ' |
Time period for a restructured loan to be considered becoming a performing loan | ' | ' | ' | ' | ' | '6 months |
Commitments to additional funds to borrowers with restructured loans | $0 | ' | ' | ' | ' | ' |
Number of TDRs in default | 0 | 0 | ' | ' | ' | ' |
Credit_Quality_of_Loans_and_Al5
Credit Quality of Loans and Allowance for Loan Losses - Summary of the Loan Portfolio Quality Indicators by Portfolio Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $84,025,047 | $78,653,466 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 82,489,485 | 77,494,675 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 481,143 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,535,562 | 677,648 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 37,954,506 | 38,793,089 |
Residential Owner Occupied - First Lien [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 37,773,320 | 38,387,942 |
Residential Owner Occupied - First Lien [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Residential Owner Occupied - First Lien [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 181,186 | 405,147 |
Residential Owner Occupied - First Lien [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 5,703,159 | 5,251,002 |
Residential Owner Occupied - Junior Lien [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 5,693,742 | 5,251,002 |
Residential Owner Occupied - Junior Lien [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Residential Owner Occupied - Junior Lien [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 9,417 | ' |
Residential Owner Occupied - Junior Lien [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 8,400,861 | 8,276,068 |
Residential Non-Owner Occupied (Investor) [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,789,131 | 7,768,867 |
Residential Non-Owner Occupied (Investor) [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 234,700 |
Residential Non-Owner Occupied (Investor) [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 611,730 | 272,501 |
Residential Non-Owner Occupied (Investor) [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Commercial Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 8,479,176 | 7,143,738 |
Commercial Owner Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 8,479,176 | 6,897,295 |
Commercial Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 246,443 |
Commercial Owner Occupied [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Other Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 23,279,588 | 18,935,142 |
Other Commercial Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 22,546,359 | 18,935,142 |
Other Commercial Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Other Commercial Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 733,229 | ' |
Other Commercial Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 207,757 | 254,427 |
Consumer Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 207,757 | 254,427 |
Consumer Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Consumer Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Credit_Quality_of_Loans_and_Al6
Credit Quality of Loans and Allowance for Loan Losses - Summary of Loan Delinquencies by Portfolio Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $83,351,441 | $77,764,495 |
30-59 days past due | 406,320 | 128,996 |
60-89 days past due | 266,280 | 354,828 |
Greater than 90 days past due | 1,006 | 405,147 |
Total past due | 673,606 | 888,971 |
Ending balance | 84,025,047 | 78,653,466 |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 37,290,317 | 38,033,114 |
30-59 days past due | 396,903 | ' |
60-89 days past due | 266,280 | 354,828 |
Greater than 90 days past due | 1,006 | 405,147 |
Total past due | 664,189 | 759,975 |
Ending balance | 37,954,506 | 38,793,089 |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 5,693,742 | 5,122,006 |
30-59 days past due | 9,417 | 128,996 |
Total past due | 9,417 | 128,996 |
Ending balance | 5,703,159 | 5,251,002 |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 8,400,861 | 8,276,068 |
Ending balance | 8,400,861 | 8,276,068 |
Commercial Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 8,479,176 | 7,143,738 |
Ending balance | 8,479,176 | 7,143,738 |
Other Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 23,279,588 | 18,935,142 |
Ending balance | 23,279,588 | 18,935,142 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 207,757 | 254,427 |
Ending balance | $207,757 | $254,427 |
Credit_Quality_of_Loans_and_Al7
Credit Quality of Loans and Allowance for Loan Losses - Summary of Impaired Loans by Portfolio Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | $1,049,038 | $310,843 |
Unpaid Principal Balance | 1,049,038 | 398,257 |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | 366,804 |
Unpaid Principal Balance | ' | 366,804 |
Related Allowance | ' | 257,804 |
Total impaired loans: | ' | ' |
Recorded Investment | 1,049,038 | 677,647 |
Unpaid Principal Balance | 1,049,038 | 765,061 |
Related Allowance | ' | 257,804 |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | 181,186 | 310,843 |
Unpaid Principal Balance | 181,186 | 398,257 |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | 94,303 |
Unpaid Principal Balance | ' | 94,303 |
Related Allowance | ' | 84,303 |
Total impaired loans: | ' | ' |
Recorded Investment | 181,186 | 405,146 |
Unpaid Principal Balance | 181,186 | 492,560 |
Related Allowance | ' | 84,303 |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | 9,417 | ' |
Unpaid Principal Balance | 9,417 | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Total impaired loans: | ' | ' |
Recorded Investment | 9,417 | ' |
Unpaid Principal Balance | 9,417 | ' |
Related Allowance | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | 125,206 | ' |
Unpaid Principal Balance | 125,206 | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | 272,501 |
Unpaid Principal Balance | ' | 272,501 |
Related Allowance | ' | 173,501 |
Total impaired loans: | ' | ' |
Recorded Investment | 125,206 | 272,501 |
Unpaid Principal Balance | 125,206 | 272,501 |
Related Allowance | ' | 173,501 |
Commercial Owner Occupied [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Total impaired loans: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Other Commercial Loans [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | 733,229 | ' |
Unpaid Principal Balance | 733,229 | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Total impaired loans: | ' | ' |
Recorded Investment | 733,229 | ' |
Unpaid Principal Balance | 733,229 | ' |
Related Allowance | ' | ' |
Consumer Loans [Member] | ' | ' |
Impaired loans: With no related allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Total impaired loans: | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Credit_Quality_of_Loans_and_Al8
Credit Quality of Loans and Allowance for Loan Losses - Summary of Average Recorded Investment and Interest Income Foregone Recognized on Impaired Loans by Portfolio Segment (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | $568,509 | $161,540 |
Interest income that would have been recognized | 25,600 | 10,930 |
Interest income recognized (cash basis) | 6,279 | 2,496 |
Interest income foregone | 19,321 | 8,434 |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | 182,806 | 456,902 |
Interest income that would have been recognized | 9,337 | 55,872 |
Interest income recognized (cash basis) | ' | 49,628 |
Interest income foregone | 9,337 | 6,244 |
Total impaired loans: | ' | ' |
Average recorded investment | 751,315 | 618,442 |
Interest income that would have been recognized | 34,937 | 66,802 |
Interest income recognized (cash basis) | 6,279 | 52,124 |
Interest income foregone | 28,658 | 14,678 |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | 315,845 | 161,540 |
Interest income that would have been recognized | 22,273 | 10,930 |
Interest income recognized (cash basis) | 5,936 | 2,496 |
Interest income foregone | 16,337 | 8,434 |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | 146,722 | 398,404 |
Interest income that would have been recognized | 5,390 | 39,717 |
Interest income recognized (cash basis) | ' | 34,584 |
Interest income foregone | 5,390 | 5,133 |
Total impaired loans: | ' | ' |
Average recorded investment | 462,567 | 559,944 |
Interest income that would have been recognized | 27,663 | 50,647 |
Interest income recognized (cash basis) | 5,936 | 37,080 |
Interest income foregone | 21,727 | 13,567 |
Residential Owner Occupied - Junior Lien [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | 3,777 | ' |
Interest income that would have been recognized | 456 | ' |
Interest income recognized (cash basis) | 343 | ' |
Interest income foregone | 113 | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | ' | 3,998 |
Interest income that would have been recognized | ' | 311 |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | 311 |
Total impaired loans: | ' | ' |
Average recorded investment | 3,777 | 3,998 |
Interest income that would have been recognized | 456 | 311 |
Interest income recognized (cash basis) | 343 | ' |
Interest income foregone | 113 | 311 |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | 102,241 | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | 36,084 | 54,500 |
Interest income that would have been recognized | 3,947 | 15,844 |
Interest income recognized (cash basis) | ' | 15,044 |
Interest income foregone | 3,947 | 800 |
Total impaired loans: | ' | ' |
Average recorded investment | 138,326 | 54,500 |
Interest income that would have been recognized | 3,947 | 15,844 |
Interest income recognized (cash basis) | ' | 15,044 |
Interest income foregone | 3,947 | 800 |
Commercial Owner Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Total impaired loans: | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Other Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | 146,646 | ' |
Interest income that would have been recognized | 2,871 | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | 2,871 | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Total impaired loans: | ' | ' |
Average recorded investment | 146,646 | ' |
Interest income that would have been recognized | 2,871 | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | 2,871 | ' |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Impaired Loans: With an allowance recorded: | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Total impaired loans: | ' | ' |
Average recorded investment | ' | ' |
Interest income that would have been recognized | ' | ' |
Interest income recognized (cash basis) | ' | ' |
Interest income foregone | ' | ' |
Credit_Quality_of_Loans_and_Al9
Credit Quality of Loans and Allowance for Loan Losses - Summary of Performing and Nonperforming Impaired Loans by Portfolio Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | $1,127,639 | $1,477,022 |
Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 78,601 | 799,374 |
Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 1,049,038 | 677,648 |
Residential Owner Occupied - First Lien [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Owner Occupied - First Lien [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 78,601 | 799,374 |
Residential Owner Occupied - First Lien [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 181,186 | 677,648 |
Residential Owner Occupied - First Lien [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Owner Occupied - Junior Lien [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Owner Occupied - Junior Lien [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Owner Occupied - Junior Lien [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 9,417 | ' |
Residential Owner Occupied - Junior Lien [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Residential Non-Owner Occupied (Investor) [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 125,206 | ' |
Commercial Owner Occupied [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Commercial Owner Occupied [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Commercial Owner Occupied [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Commercial Owner Occupied [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Other Commercial Loans [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Other Commercial Loans [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Other Commercial Loans [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | 733,229 | ' |
Other Commercial Loans [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Consumer Loans [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Consumer Loans [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Consumer Loans [Member] | Nonperforming Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Consumer Loans [Member] | Nonperforming Loans [Member] | Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans | ' | ' |
Recovered_Sheet1
Credit Quality of Loans and Allowance for Loan Losses - Summary of Impaired Loans Modified Pursuant to Troubled Debt Restructuring (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Contract | Contract | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of Contracts | 2 | ' |
Pre-Modification Outstanding Recorded Investment | $206,904 | ' |
Post-Modification Outstanding Recorded Investment | 209,893 | ' |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of Contracts | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 127,675 | ' |
Post-Modification Outstanding Recorded Investment | 130,664 | ' |
Residential Owner Occupied - First Lien [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of Contracts | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 79,229 | 792,170 |
Post-Modification Outstanding Recorded Investment | $79,229 | $801,992 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Land [Member] | Land [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of premises and equipment | ' | ' | ' | ' | ' | ' | '10 years | '39 years | ' | ' | '3 years | '10 years |
Gross premises and equipment | $2,137,389 | $1,935,887 | $33,918 | $33,918 | $1,413,746 | $1,413,746 | ' | ' | $689,725 | $488,223 | ' | ' |
Accumulated depreciation | 735,887 | 590,478 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net premises and equipment | $1,401,502 | $1,345,409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Rent expense | ' | $50,550 | $50,702 |
Lease agreement period for relocated Westminster branch | '5 years | ' | ' |
Premises_and_Equipment_Rental_
Premises and Equipment - Rental Commitment Under Lease (Detail) (USD $) | Dec. 31, 2013 |
Property Plant And Equipment [Abstract] | ' |
2014 | $45,527 |
2015 | 30,516 |
2016 | ' |
2017 | ' |
2018 | ' |
2019 and thereafter | ' |
Total | $76,043 |
Foreclosed_Assets_Foreclosed_A
Foreclosed Assets - Foreclosed Assets Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate [Abstract] | ' | ' |
Beginning balance | $788,619 | $1,773,200 |
Properties added during the year | 391,500 | 262,184 |
Capitalized Costs | 2,280 | 42,756 |
Write-downs | -25,000 | -54,965 |
Properties disposed during the year | -655,061 | -1,209,765 |
Loss on sale of disposed properties | -40,333 | -24,791 |
Ending balance | $462,005 | $788,619 |
Deposits_Summary_of_Deposit_Pr
Deposits - Summary of Deposit Product Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | $91,763,955 | $87,453,066 |
Percent of Total | 100.00% | 100.00% |
Non-Interest Bearing Checking [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 4,866,188 | 3,491,050 |
Percent of Total | 5.30% | 4.00% |
Interest-Bearing Checking [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 5,306,684 | 3,931,363 |
Percent of Total | 5.80% | 4.50% |
Savings [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 2,144,938 | 1,942,516 |
Percent of Total | 2.30% | 2.20% |
Premium Savings [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 22,440,482 | 22,942,268 |
Percent of Total | 24.40% | 26.20% |
IRA Savings [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 8,423,727 | 10,217,317 |
Percent of Total | 9.20% | 11.70% |
Money Market [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | 10,880,101 | 7,925,721 |
Percent of Total | 11.90% | 9.10% |
Certificates of Deposit [Member] | ' | ' |
Type Of Deposits [Line Items] | ' | ' |
Total deposits | $37,701,835 | $37,002,831 |
Percent of Total | 41.10% | 42.30% |
Deposits_Summary_of_Certificat
Deposits - Summary of Certificates of Deposit by Maturity Date Ranges (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | ' | ' |
Less than or equal to one year | $10,088,619 | $18,013,517 |
More than one to two years | 9,778,501 | 3,377,826 |
More than two to three years | 3,932,122 | 5,396,236 |
More than three to four years | 6,438,083 | 3,037,702 |
More than four to five years | 7,464,509 | 7,177,550 |
Total certificates of deposit | $37,701,835 | $37,002,831 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (Maximum [Member], USD $) | Dec. 31, 2013 |
Maximum [Member] | ' |
Schedule Of Deposits [Line Items] | ' |
Deposit accounts in Bank insured by FDIC | $250,000 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Banking And Thrift [Abstract] | ' | ' |
Maximum borrowing limit to total assets | 10.00% | ' |
Maximum borrowing limited to unpaid principal balance of qualifying residential mortgage loans | 74.00% | ' |
Short term liquidity | $6,000,000 | ' |
Borrowings outstanding | $0 | $0 |
Borrowings_Schedule_of_Federal
Borrowings - Schedule of Federal Home Loan Bank Advances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank Advances | $7,365,350 | $6,500,000 |
Unused available line of credit | 3,354,650 | 3,440,000 |
Borrowing Amount 1 [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank advances | 5,000,000 | 5,000,000 |
Federal Home Loan Bank, Advances, Interest rate | 2.29% | 2.29% |
Federal Home Loan Bank, Advances, Maturity date | 12-Aug-18 | ' |
Borrowing Amount 2 [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank advances | 2,365,350 | ' |
Federal Home Loan Bank, Advances, Interest rate | 5.36% | ' |
Federal Home Loan Bank, Advances, Maturity date | 2-Jan-14 | ' |
Borrowing Amount 3 [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank advances, Short term | ' | $1,500,000 |
Federal Home Loan Bank, Advances, Interest rate | ' | 0.21% |
Federal Home Loan Bank, Advances, Maturity date | ' | 29-Mar-13 |
Borrowings_Scheduled_Maturitie
Borrowings - Scheduled Maturities of FHLB Advances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
2014 | $2,365,350 | ' |
2015 | ' | ' |
2016 | ' | ' |
2017 | ' | ' |
2018 | 5,000,000 | ' |
Thereafter | ' | ' |
Total | $7,365,350 | $6,500,000 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current expense (benefit): | ' | ' |
Federal | ' | ' |
State | ' | ' |
Current benefit, total | ' | ' |
Deferred expense (benefit): | ' | ' |
Federal | 86,498 | -69,547 |
State | 22,027 | -18,393 |
Deferred expense (benefit), total | 108,525 | -87,940 |
Total income tax expense (benefit) | $108,525 | ($87,940) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory income tax rate | 34.00% | -34.00% |
Net operating loss carryforwards before tax related to federal income taxes | $190,000 | ' |
Net operating loss carryforwards before tax related to state income taxes | 239,000 | ' |
Net operating loss carryforwards, expire year | '2031 | ' |
Bad debt deductions | 655,000 | 655,000 |
Valuation allowance for deferred tax assets | 0 | 0 |
Uncertain tax positions | $0 | ' |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of the Statutory Income Tax Rate (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Expected tax at federal statutory rate, Amount | $112,307 | ($51,218) |
State income tax, net of federal income tax benefit, Amount | 14,538 | -12,139 |
BOLI income, Amount | -21,530 | -21,310 |
Other, Amount | 3,210 | -3,273 |
Total income tax expense (benefit) | $108,525 | ($87,940) |
Expected tax at federal statutory rate, Percent of Pretax Income | 34.00% | -34.00% |
State income tax, net of federal income tax benefit, Percent of Pretax Income | 4.40% | -8.06% |
BOLI income, Percent of Pretax Income | -6.52% | -14.15% |
Other, Percent of Pretax Income | 0.97% | -2.17% |
Total income tax expense (benefit), Percent of Pretax Income | 32.85% | -58.38% |
Income_Taxes_Summary_of_Compon
Income Taxes - Summary of Components of the Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Allowance for loan losses | $269,284 | $338,172 |
Net operating loss carryforward | 99,593 | 75,742 |
Net unrealized losses on securities available for sale | 63,263 | ' |
Contribution carryforward | 18,456 | 11,329 |
OREO write-down reserve | 17,739 | 43,342 |
RSP expense | 3,467 | ' |
Nonaccrual interest reserve | 1,721 | 5,542 |
Total deferred tax assets | 473,523 | 474,127 |
Deferred tax liabilities: | ' | ' |
Deferred loan origination fees / costs | -59,705 | -36,872 |
Depreciation on premises and equipment | -34,833 | -13,045 |
Federal Home Loan Bank stock dividends | -22,329 | -22,329 |
Net unrealized gains on securities available for sale | ' | -45,921 |
Total deferred tax liabilities | -116,867 | -118,167 |
Net deferred tax assets | $356,656 | $355,960 |
Commitments_Contingent_Liabili2
Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements - Outstanding Loan Commitments and Lines of Credit (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | $11,001,468 | $6,649,664 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | 3,790,500 | 1,249,750 |
Commitments to Extend Credit [Member] | Consumer Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | 207,500 | 314,750 |
Commitments to Extend Credit [Member] | Commercial Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | 3,583,000 | 935,000 |
Commitments Under Available Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | 7,210,968 | 5,399,914 |
Commitments Under Available Lines of Credit [Member] | Consumer Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | 4,365,710 | 3,355,394 |
Commitments Under Available Lines of Credit [Member] | Commercial Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total Commitments | $2,845,258 | $2,044,520 |
Commitments_Contingent_Liabili3
Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
A liability for credit loss related to these commitments | $0 | $0 |
Defined_Contribution_Benefit_P1
Defined Contribution Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contribution vesting percentage after three years of services | 100.00% | ' |
Employer contribution vesting percentage prior to three years of services | 0.00% | ' |
Employer contribution vesting period | '3 years | ' |
Employee contributions vested in their salary deferrals | 100.00% | ' |
Period for maintaining vesting interest by entity | '12 months | ' |
Employer matching contribution percentage | 50.00% | ' |
Employer matching contribution percentage of employee gross pay | 3.00% | ' |
Total Employer match | $14,496 | $15,064 |
401(k) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Maximum contribution by participants | 100.00% | ' |
Service of participants during the plan year | '1 year | ' |
Eligible participants to defined contribution pension and other postretirement plans | 'Participants who have completed at least one year of service and worked at least 1,000 hours during the plan year | ' |
Employee annual contribution plan attainment of normal retirement age | 100.00% | ' |
Employee borrow up to their vested interest rate | 50.00% | ' |
Employees account balance required to receive payment of their benefit in lump sum | 1,000 | ' |
401(k) [Member] | Minimum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employees age participant in the plan | '21 years | ' |
Hours completed during the plan year | '1000 hours | ' |
Employee borrow up to their vested interest amount | 1,000 | ' |
401(k) [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employee borrow up to their vested interest amount | $50,000 | ' |
Loan repaid within the year | '5 years | ' |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Oct. 12, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Postemployment Benefits [Abstract] | ' | ' | ' |
ESOP borrowed amount | $215,670 | ' | ' |
Number of shares acquired by the ESOP | 21,567 | 21,567 | 21,567 |
The percentage of shares acquired by the ESOP as part of the initial public offering | 6.00% | ' | ' |
ESOP shares, acquired price | $10 | ' | ' |
ESOP terms of repurchase | '20 years | ' | ' |
Interest rate on the loan | 3.25% | ' | ' |
Participants vest in their accounts after each year of service | 20.00% | ' | ' |
Participants vest upon the completion of five years of service | 100.00% | ' | ' |
Participants vesting period | ' | '5 years | ' |
Compensation expense for ESOP | ' | $15,968 | $10,990 |
Employee_Stock_Ownership_Plan_2
Employee Stock Ownership Plan - Shares Held by the ESOP Trust (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 12, 2011 |
Shares Held By Esop Trust [Abstract] | ' | ' | ' |
Allocated shares | 3,235 | 2,157 | ' |
Unallocated shares | 18,332 | 19,410 | ' |
Total ESOP shares | 21,567 | 21,567 | 21,567 |
Fair value of unallocated shares | $311,644 | $197,012 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Repurchased shares in open market | 10,783 |
Aggregate price paid on number of shares repurchased | $134,000 |
Average price per share of share repurchase | $12.42 |
Unrecognized compensation cost | 166,975 |
Amortization period of restricted stock awards | '5 years |
Restricted stock expense | $8,788 |
Stock Options [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock option granted | 0 |
Service-Based Restricted Stock Awards [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock option granted | 10,783 |
Restricted stock vests rate | 20.00% |
Vesting period of restricted stock | '5 years |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of the Restricted Stock Award Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Non-vested at December 31, 2012 | ' |
Granted | $16.30 |
Vested | ' |
Forfeited | ' |
Non-vested at December 31, 2013 | $16.30 |
Service-Based Restricted Stock Awards [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Non-vested at December 31, 2012 | ' |
Granted | 10,783 |
Vested | ' |
Forfeited | ' |
Non-vested at December 31, 2013 | 10,783 |
Earning_Per_Share_Earning_Per_
Earning Per Share - Earning Per Share Calculation Details (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Net income (loss) | $221,790 | ($62,703) |
Weighted average common shares outstanding | 333,047 | 338,970 |
Earnings (loss) per common share, basic and diluted | $0.67 | ($0.19) |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Activity for Related Party Loans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' |
Balance, beginning of year | $494,743 | $680,311 |
Additions | 75,000 | 64,345 |
Payments | -72,878 | -93,442 |
Change in status | ' | -156,471 |
Balance, end of year | $496,865 | $494,743 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | $11,877,088 | $11,396,429 |
Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 11,877,088 | 11,396,429 |
U.S. Government Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 1,002,170 | ' |
U.S. Government Agency Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 1,002,170 | ' |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 9,829,045 | 10,440,187 |
Residential Mortgage-Backed Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 9,829,045 | 10,440,187 |
Asset-Backed Securities (SLMA) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 776,586 | 956,242 |
Asset-Backed Securities (SLMA) [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 776,586 | 956,242 |
Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 269,287 | ' |
Municipal Bonds [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 269,287 | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | U.S. Government Agency Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Asset-Backed Securities (SLMA) [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Municipal Bonds [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 11,877,088 | 11,396,429 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 11,877,088 | 11,396,429 |
Significant Other Observable Inputs Level 2 [Member] | U.S. Government Agency Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 1,002,170 | ' |
Significant Other Observable Inputs Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 9,829,045 | 10,440,187 |
Significant Other Observable Inputs Level 2 [Member] | Asset-Backed Securities (SLMA) [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 776,586 | 956,242 |
Significant Other Observable Inputs Level 2 [Member] | Municipal Bonds [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 269,287 | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | U.S. Government Agency Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | Asset-Backed Securities (SLMA) [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | Municipal Bonds [Member] | Fair Value on Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | $1,049,038 | $677,647 |
Foreclosed real estate | 462,005 | 788,619 |
Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 1,049,038 | 677,648 |
Foreclosed real estate | 462,005 | 788,619 |
Residential Owner Occupied - First Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 181,186 | 677,648 |
Residential Owner Occupied - Junior Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 9,417 | ' |
Other Commercial Loans [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 733,229 | ' |
Residential Non-Owner Occupied (Investor) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 125,206 | 272,501 |
Residential Non-Owner Occupied (Investor) [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 125,206 | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreclosed real estate | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Foreclosed real estate | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Residential Owner Occupied - First Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Residential Owner Occupied - Junior Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Other Commercial Loans [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Residential Non-Owner Occupied (Investor) [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreclosed real estate | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Foreclosed real estate | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Residential Owner Occupied - First Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Residential Owner Occupied - Junior Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Other Commercial Loans [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Residential Non-Owner Occupied (Investor) [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreclosed real estate | 462,005 | 788,619 |
Significant Unobservable Inputs Level 3 [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 1,049,038 | 677,648 |
Foreclosed real estate | 462,005 | 788,619 |
Significant Unobservable Inputs Level 3 [Member] | Residential Owner Occupied - First Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 181,186 | 677,648 |
Significant Unobservable Inputs Level 3 [Member] | Residential Owner Occupied - Junior Lien [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 9,417 | ' |
Significant Unobservable Inputs Level 3 [Member] | Other Commercial Loans [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | 733,229 | ' |
Significant Unobservable Inputs Level 3 [Member] | Residential Non-Owner Occupied (Investor) [Member] | Fair Value on Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total nonperforming impaired loans | $125,206 | ' |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Beginning and Ending Balances for Level 3 Assets Measured (Detail) (Significant Unobservable Inputs Level 3 [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | $677,648 | $638,945 |
Total realized and unrealized gains (losses): | ' | ' |
Included in net income | -264,659 | -161,610 |
Included in other comprehensive income | ' | ' |
Purchases, issuances and settlements | -38,859 | -47,667 |
Transfers in and/or out of Level 3 | 674,908 | 247,980 |
Ending balance | 1,049,038 | 677,648 |
Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | 788,619 | 1,773,200 |
Total realized and unrealized gains (losses): | ' | ' |
Included in net income | -65,333 | -79,756 |
Included in other comprehensive income | ' | ' |
Purchases, issuances and settlements | -652,781 | -1,210,065 |
Transfers in and/or out of Level 3 | 391,500 | 305,240 |
Ending balance | $462,005 | $788,619 |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | $1,856,469 | $2,600,130 |
Securities available for sale | 11,877,088 | 11,396,429 |
Loans, net of allowance for loan losses | 83,492,498 | 77,882,905 |
Foreclosed assets | 462,005 | 788,619 |
Bank-owned life insurance | 1,992,367 | 1,929,045 |
Other equity securities | 496,696 | 585,496 |
Financial instruments - liabilities: | ' | ' |
Deposits | 91,763,955 | 87,453,066 |
Federal Home Loan Bank Advances | 7,365,350 | 6,500,000 |
Carrying Amount [Member] | ' | ' |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | 1,856,469 | 2,600,130 |
Securities available for sale | 11,877,088 | 11,396,429 |
Loans, net of allowance for loan losses | 83,492,498 | 77,882,905 |
Foreclosed assets | 462,005 | 788,619 |
Bank-owned life insurance | 1,992,367 | 1,929,045 |
Other equity securities | 496,696 | 585,496 |
Financial instruments - liabilities: | ' | ' |
Deposits | 91,763,955 | 87,453,066 |
Federal Home Loan Bank Advances | 7,365,350 | 6,500,000 |
Financial instruments - off-balance sheet | ' | ' |
Fair Value [Member] | ' | ' |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | 1,856,469 | 2,600,130 |
Securities available for sale | 11,877,088 | 11,396,429 |
Loans, net of allowance for loan losses | 85,164,000 | 80,821,000 |
Foreclosed assets | 462,005 | 788,619 |
Bank-owned life insurance | 1,992,367 | 1,929,045 |
Other equity securities | 496,696 | 585,496 |
Financial instruments - liabilities: | ' | ' |
Deposits | 91,674,000 | 87,954,000 |
Federal Home Loan Bank Advances | 7,610,000 | 6,879,000 |
Financial instruments - off-balance sheet | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | ' | ' |
Securities available for sale | ' | ' |
Loans, net of allowance for loan losses | ' | ' |
Foreclosed assets | ' | ' |
Bank-owned life insurance | ' | ' |
Other equity securities | ' | ' |
Financial instruments - liabilities: | ' | ' |
Deposits | ' | ' |
Federal Home Loan Bank Advances | ' | ' |
Financial instruments - off-balance sheet | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | 1,856,469 | 2,600,130 |
Securities available for sale | 11,877,088 | 11,396,429 |
Loans, net of allowance for loan losses | ' | ' |
Foreclosed assets | ' | ' |
Bank-owned life insurance | 1,992,367 | 1,929,045 |
Other equity securities | ' | ' |
Financial instruments - liabilities: | ' | ' |
Deposits | 91,674,000 | 87,954,000 |
Federal Home Loan Bank Advances | 7,610,000 | 6,879,000 |
Financial instruments - off-balance sheet | ' | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Financial instruments - assets: | ' | ' |
Certificates of deposit with depository institutions | ' | ' |
Securities available for sale | ' | ' |
Loans, net of allowance for loan losses | 85,164,000 | 80,821,000 |
Foreclosed assets | 462,005 | 788,619 |
Bank-owned life insurance | ' | ' |
Other equity securities | 496,696 | 585,496 |
Financial instruments - liabilities: | ' | ' |
Deposits | ' | ' |
Federal Home Loan Bank Advances | ' | ' |
Financial instruments - off-balance sheet | ' | ' |
Regulatory_Matters_and_Capital2
Regulatory Matters and Capital Requirements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Dividend paid out of undivided profit | 100.00% |
Surplus of bank less than required of capital stock | 100.00% |
Loan and advances | 10.00% |
Maximum [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Percentage of cash dividend not paid in excess of net earning | 90.00% |
Regulatory_Matters_and_Capital3
Regulatory Matters and Capital Requirements - Summary of Bank's Capital Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Total risk-based capital (to risk-weighted assets) Amount | $8,716 | $8,464 |
Total risk-based capital (to risk-weighted assets) Ratio | 12.90% | 13.40% |
Total risk-based capital (to risk-weighted assets) for Capital Adequacy Purposes Amount | 5,416 | 5,047 |
Total risk-based capital (to risk-weighted assets) for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total risk-based capital (to risk-weighted assets) to be well Capitalized Under Prompt Corrective Action Provisions Amount | 6,770 | 6,309 |
Total risk-based capital (to risk-weighted assets) to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets) Amount | 8,034 | 7,675 |
Tier 1 capital (to risk-weighted assets) Ratio | 11.90% | 12.20% |
Tier 1 capital (to risk-weighted assets) for Capital Adequacy Purposes Amount | 2,708 | 2,523 |
Tier 1 capital (to risk-weighted assets) for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to risk-weighted assets) to be well Capitalized Under Prompt Corrective Action Provisions Amount | 4,062 | 3,785 |
Tier 1 capital (to risk-weighted assets) to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets) Amount | 8,034 | 7,675 |
Tier 1 capital (to average assets) Ratio | 7.40% | 7.60% |
Tier 1 capital (to average assets) for Capital Adequacy Purposes Amount | 4,320 | 4,064 |
Tier 1 capital (to average assets) for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets) to be well Capitalized Under Prompt Corrective Action Provisions Amount | 5,400 | 5,080 |
Tier 1 capital (to average assets) to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tangible capital (to tangible assets) Amount | 8,109 | 8,028 |
Tangible capital (to tangible assets) Ratio | 7.50% | 7.80% |
Tangible capital (to tangible assets) for Capital Adequacy Purposes Amount | $1,616 | $1,538 |
Tangible capital (to tangible assets) for Capital Adequacy Purposes Ratio | 1.50% | 1.50% |
Regulatory_Matters_and_Capital4
Regulatory Matters and Capital Requirements - Schedule of Reconciliation of the Company's Consolidated Equity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking And Thrift [Abstract] | ' | ' | ' |
Consolidated GAAP equity | $8,415,698 | $8,467,831 | $8,498,780 |
Consolidated equity in excess of Bank equity | -307,000 | -440,000 | ' |
Bank GAAP equity - Tangible capital | 8,109,000 | 8,028,000 | ' |
Accumulated other comprehensive (income) loss, net of tax | -94,894 | 68,881 | ' |
Disallowed deferred tax assets | 170,000 | 284,000 | ' |
Tier 1 capital | 8,034,000 | 7,675,000 | ' |
Allowance for loan losses (1.25% of risk-weighted assets) | 682,000 | 789,000 | ' |
Total risk-based capital | $8,716,000 | $8,464,000 | ' |
Regulatory_Matters_and_Capital5
Regulatory Matters and Capital Requirements - Schedule of Reconciliation of the Company's Consolidated Equity (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Allowance for loan losses, percentage of risk-weighted assets | 1.25% | 1.25% |
Parent_Company_Only_Financial_2
Parent Company Only Financial Statements - Schedule of Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets: | ' | ' | ' |
Cash and due from banks | $1,310,430 | $1,402,533 | ' |
Loan (ESOP) | 83,492,498 | 77,882,905 | ' |
Other assets | 825,131 | 835,792 | ' |
Total assets | 107,712,731 | 102,531,948 | ' |
Liabilities: | ' | ' | ' |
Other liabilities | 167,728 | 111,051 | ' |
Total liabilities | 99,297,033 | 94,064,117 | ' |
Stockholders' Equity: | ' | ' | ' |
Preferred Stock (par value $0.01); authorized 1,000,000 shares; no shares issued and outstanding | ' | ' | ' |
Common Stock (par value $0.01); authorized 9,000,000 shares; issued and outstanding 359,456 at December 31, 2013 and 2012, respectively | 3,595 | 3,595 | ' |
Additional paid-in capital | 2,897,054 | 2,884,039 | ' |
Unallocated ESOP shares | -183,319 | -194,103 | ' |
Unearned RSP shares | -133,947 | ' | ' |
Retained earnings | 5,927,209 | 5,705,419 | ' |
Accumulated other comprehensive (loss) income | -94,894 | 68,881 | ' |
Total stockholders' equity | 8,415,698 | 8,467,831 | 8,498,780 |
Total liabilities and stockholders' equity | 107,712,731 | 102,531,948 | ' |
Parent Company [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and due from banks | 124,923 | 245,536 | ' |
Loan (ESOP) | 183,319 | 194,103 | ' |
Other assets | 518 | ' | ' |
Investment in bank subsidiary | 8,109,425 | 8,028,192 | ' |
Total assets | 8,418,185 | 8,467,831 | ' |
Liabilities: | ' | ' | ' |
Other liabilities | 2,488 | ' | ' |
Total liabilities | 2,488 | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Preferred Stock (par value $0.01); authorized 1,000,000 shares; no shares issued and outstanding | ' | ' | ' |
Common Stock (par value $0.01); authorized 9,000,000 shares; issued and outstanding 359,456 at December 31, 2013 and 2012, respectively | 3,595 | 3,595 | ' |
Additional paid-in capital | 2,897,054 | 2,884,039 | ' |
Unallocated ESOP shares | -183,319 | -194,103 | ' |
Unearned RSP shares | -133,947 | ' | ' |
Retained earnings | 5,927,208 | 5,705,419 | ' |
Accumulated other comprehensive (loss) income | -94,894 | 68,881 | ' |
Total stockholders' equity | 8,415,697 | 8,467,831 | ' |
Total liabilities and stockholders' equity | $8,418,185 | $8,467,831 | ' |
Parent_Company_Only_Financial_3
Parent Company Only Financial Statements - Schedule of Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 359,456 | 359,456 |
Common stock, shares outstanding | 359,456 | 359,456 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 359,456 | 359,456 |
Common stock, shares outstanding | 359,456 | 359,456 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Statements - Schedule of Condensed Statements of Operations (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Loan (ESOP) | $4,197,424 | $3,707,117 |
Total interest income | 4,403,334 | 3,998,304 |
Non-interest expense | 3,421,102 | 3,080,556 |
Income (loss) before income tax | 330,315 | -150,643 |
Income tax expense | 108,525 | -87,940 |
Net income (loss) | 221,790 | -62,703 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Loan (ESOP) | 6,307 | 6,658 |
Dividends from bank subsidiary | ' | ' |
Total interest income | 6,307 | 6,658 |
Non-interest expense | ' | ' |
Income (loss) before income tax | 6,307 | 6,658 |
Income tax expense | 5,727 | ' |
Net income before equity in net income (loss) of bank subsidiary | 580 | 6,658 |
Equity in net income (loss) of bank subsidiary | 221,210 | -69,361 |
Net income (loss) | $221,790 | ($62,703) |
Parent_Company_Only_Financial_5
Parent Company Only Financial Statements - Schedule of Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $221,790 | ($62,703) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Increase in other assets | 11,356 | 74,305 |
Increase in other liabilities | 56,677 | -1,767 |
Net cash provided by operating activities | 870,738 | 518,254 |
Cash flows from investing activities: | ' | ' |
Net cash (used) provided by investing activities | -5,754,890 | -11,133,770 |
Cash flows from financing activities: | ' | ' |
Purchase of common stock for RSP | -133,947 | ' |
Net cash (used) provided by financing activities | 5,042,292 | 6,302,207 |
Net (decrease) increase in cash and cash equivalents | 158,140 | -4,313,309 |
Cash and cash equivalents, beginning balance | 4,871,174 | 9,184,483 |
Cash and cash equivalents, ending balance | 5,029,314 | 4,871,174 |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 221,790 | -62,703 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Equity in undistributed (income) loss of bank subsidiary | -221,210 | 69,361 |
Increase in other assets | -518 | ' |
Increase in other liabilities | 2,488 | ' |
Net cash provided by operating activities | 2,550 | 6,658 |
Cash flows from investing activities: | ' | ' |
ESOP loan principal collections | 10,784 | 10,784 |
Net cash (used) provided by investing activities | 10,784 | 10,784 |
Cash flows from financing activities: | ' | ' |
Purchase of common stock for RSP | -133,947 | ' |
Net cash (used) provided by financing activities | -133,947 | ' |
Net (decrease) increase in cash and cash equivalents | -120,613 | 17,442 |
Cash and cash equivalents, beginning balance | 245,536 | 228,094 |
Cash and cash equivalents, ending balance | $124,923 | $245,536 |