Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CROL | |
Entity Registrant Name | Carroll Bancorp, Inc. | |
Entity Central Index Key | 1515069 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 959,155 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $1,341,968 | $1,181,951 |
Interest-bearing deposits with depository institutions | 4,875,305 | 5,727,440 |
Cash and cash equivalents | 6,217,273 | 6,909,391 |
Certificates of deposit with depository institutions | 3,102,112 | 3,102,936 |
Securities available for sale, at fair value | 6,786,628 | 9,874,706 |
Securities held to maturity (fair value March 31, 2015 $1,282,115 and December 31, 2014 $1,272,835) | 1,256,195 | 1,256,280 |
Loans, net of allowance for loan losses - March 31, 2015 $761,000 and December 31, 2014 $722,000 | 97,905,539 | 89,984,513 |
Accrued interest receivable | 295,079 | 295,916 |
Other equity securities, at cost | 656,796 | 605,596 |
Bank-owned life insurance | 2,065,535 | 2,051,646 |
Premises and equipment, net | 1,229,945 | 1,260,966 |
Foreclosed assets | 52,964 | 52,964 |
Other assets | 668,304 | 511,079 |
Total assets | 120,236,370 | 115,905,993 |
Deposits | ||
Noninterest-bearing | 7,145,818 | 9,744,047 |
Interest-bearing | 87,531,711 | 87,160,840 |
Total deposits | 94,677,529 | 96,904,887 |
Federal Home Loan Bank Advances | 9,500,000 | 8,000,000 |
Other liabilities | 256,830 | 250,609 |
Total liabilities | 104,434,359 | 105,155,496 |
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 799,257 shares at March 31, 2015 and 488,409 shares at December 31, 2014 | 7,992 | 4,884 |
Additional paid-in capital | 12,544,684 | 4,873,447 |
Unallocated ESOP shares | -285,447 | -285,447 |
Unearned RSP shares | -167,224 | -170,217 |
Retained earnings | 3,671,587 | 6,317,654 |
Accumulated other comprehensive income | 30,419 | 10,176 |
Total stockholders' equity | 15,802,011 | 10,750,497 |
Total liabilities and stockholders' equity | $120,236,370 | $115,905,993 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $1,282,115 | $1,272,835 |
Loans, allowance for loan losses | $761,000 | $722,000 |
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 | 799,257 | 488,409 |
Common stock, shares outstanding | 799,257 | 488,409 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest income: | ||
Loans | $1,110,820 | $1,011,199 |
Securities available for sale | 36,145 | 55,079 |
Securities held to maturity | 13,228 | |
Certificates of deposit | 10,525 | 4,241 |
Interest-earning deposits | 9,665 | 6,188 |
Total interest income | 1,180,383 | 1,076,707 |
Interest expense: | ||
Deposits | 125,763 | 136,868 |
Borrowings | 30,516 | 29,332 |
Total interest expense | 156,279 | 166,200 |
Net interest income | 1,024,104 | 910,507 |
Provision for (recovery of) loan losses | 28,658 | -1,613 |
Net interest income after provision for loan losses | 995,446 | 912,120 |
Non-interest income: | ||
(Loss) gain on sale of securities | -100 | 11,262 |
Gain on loans held for sale | 2,187 | |
Loss on sale of OREO | -14,105 | |
Increase in cash surrender value - life insurance | 13,890 | 14,819 |
Customer service fees | 17,360 | 21,316 |
Loan fee income | 6,392 | 8,890 |
Other income | 4,396 | 5,603 |
Total non-interest income | 44,125 | 47,785 |
Non-interest expense: | ||
Salaries and employee benefits | 547,846 | 446,831 |
Premises and equipment | 85,590 | 81,830 |
Data processing | 105,267 | 106,963 |
Professional fees | 65,383 | 72,084 |
FDIC insurance | 17,505 | 21,518 |
Directors' fees | 53,800 | 39,725 |
Corporate insurance | 10,068 | 10,034 |
Printing and office supplies | 9,172 | 5,498 |
Other operating expenses | 61,828 | 79,518 |
Total non-interest expenses | 956,459 | 864,001 |
Income before income tax expense | 83,112 | 95,904 |
Income tax expense | 27,697 | 22,719 |
Net income | $55,415 | $73,185 |
Basic earnings per share | $0.10 | $0.18 |
Diluted earnings per share | $0.10 | $0.17 |
Basic weighted average shares outstanding | 541,794 | 405,509 |
Diluted weighted average shares outstanding | 556,722 | 418,601 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $55,415 | $73,185 |
Securities available for sale: | ||
Net unrealized holding gains arising during the period | 33,638 | 58,042 |
Less reclassification adjustment for (loss) gain on the sale of securities available for sale included in net income | -100 | 11,262 |
Other comprehensive income, before income tax | 33,738 | 46,780 |
Income tax effect | 13,495 | 18,713 |
Other comprehensive income, net of tax | 20,243 | 28,067 |
Total comprehensive income | $75,658 | $101,252 |
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, 2013 | $8,415,698 | $3,595 | $2,897,054 | ($183,319) | ($133,947) | $5,927,209 | ($94,894) |
Net income | 73,185 | 73,185 | |||||
Other comprehensive income | 28,067 | 28,067 | |||||
RSP compensation | 8,788 | 8,788 | |||||
Issuance of common stock net of offering costs | 1,904,712 | 1,249 | 1,903,463 | ||||
ESOP purchase of 7,498 shares | -119,968 | -119,968 | |||||
RSP purchase of 3,749 shares | -59,984 | -59,984 | |||||
Ending balance at Mar. 31, 2014 | 10,250,498 | 4,844 | 4,809,305 | -303,287 | -193,931 | 6,000,394 | -66,827 |
Beginning balance at Dec. 31, 2014 | 10,750,497 | 4,884 | 4,873,447 | -285,447 | -170,217 | 6,317,654 | 10,176 |
Net income | 55,415 | 55,415 | |||||
Other comprehensive income | 20,243 | 20,243 | |||||
RSP compensation | 10,027 | 10,027 | |||||
Issuance of common stock net of offering costs | 4,965,829 | 3,108 | 4,962,721 | ||||
Restricted stock vesting | -2,993 | 2,993 | |||||
Stock dividend declared | 2,701,482 | -2,701,482 | |||||
Ending balance at Mar. 31, 2015 | $15,802,011 | $7,992 | $12,544,684 | ($285,447) | ($167,224) | $3,671,587 | $30,419 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of shares of common stock | 310,848 | 124,982 |
ESOP purchase of common stock | 7,498 | |
RSP purchase of common stock | 3,749 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $55,415 | $73,185 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss (gain) on sale of securities available for sale | 100 | -11,262 |
Gain on sale of loans held for sale | -2,187 | |
Origination of loans held for sale | -175,000 | -76,000 |
Proceeds from sale of loans held for sale | 177,187 | |
Amortization and accretion of securities | 31,558 | 31,982 |
Amortization of deferred loan costs, net of origination fees | 7,126 | 15,856 |
Provision for (recovery of) loan losses | 28,658 | -1,613 |
Loan loss recoveries | 10,342 | 1,613 |
Loss on sale of real estate acquired through foreclosure | 14,105 | |
Depreciation of premises and equipment | 39,190 | 39,201 |
Increase in cash surrender value of bank-owned life insurance | -13,890 | -14,819 |
ESOP compensation expense | 6,200 | 4,500 |
RSP compensation expense | 10,027 | 8,788 |
(Increase) decrease in deferred tax assets | -20,134 | 22,719 |
Decrease in accrued interest receivable | 837 | 28,826 |
(Increase) decrease in other assets | -150,584 | 251,594 |
Increase in other liabilities | 20 | 76,604 |
Net cash provided by operating activities | 4,865 | 465,279 |
Cash flows from investing activities: | ||
Purchase of securities available for sale | -1,611,136 | |
Proceeds from sales and redemption of securities available for sale | 2,689,379 | 3,127,323 |
Principal collected on securities available for sale | 401,687 | 385,362 |
Increase in loans | -7,967,152 | -81,690 |
Purchase of premises and equipment | -8,168 | -8,069 |
Redemption of other equity securities | 26,100 | |
Purchase of other equity securities | -51,200 | -45,000 |
Proceeds from the sale of real estate acquired through foreclosure | 151,001 | |
Net cash used by investing activities | -4,935,454 | 1,943,891 |
Cash flows from financing activities: | ||
(Decrease) increase in deposits | -2,227,358 | 2,227,197 |
Proceeds from FHLB advances | 3,000,000 | 1,000,000 |
Repayment of FHLB advances | -1,500,000 | -2,365,350 |
Proceeds from private placement offering | 4,965,829 | 1,904,712 |
Loan to purchase common stock for the ESOP | -119,968 | |
Purchase common stock for RSP | -59,984 | |
Net cash provided by financing activities | 4,238,471 | 2,586,607 |
Net (decrease) increase in cash and cash equivalents | -692,118 | 4,995,777 |
Cash and cash equivalents, beginning balance | 6,909,391 | 5,029,314 |
Cash and cash equivalents, ending balance | 6,217,273 | 10,025,091 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 157,501 | 166,629 |
Income tax paid | $44,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
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 Company’s common stock began trading on the Over the Counter Bulletin Board under the symbol “CROL” on October 12, 2011. | ||
In accordance with applicable regulations at the time of the conversion from a mutual holding company to a stock holding company, the Bank substantially restricted its retained earnings by establishing a liquidation account. The liquidation account is maintained for the benefit of eligible account holders who keep their accounts at the Bank after conversion. The liquidation account is reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | ||
The 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 commercial and residential 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. | ||
Accounting Standards Adopted in 2015 | ||
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. As such, the adoption of ASU 2014-04 did not have a material impact on the Company’s consolidated financial statements. | ||
In August 2014, the FASB issued ASU No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The objective of this guidance is to reduce diversity in practice related to how creditors classify government-guaranteed mortgage loans, including FHA and VA guaranteed loans, upon foreclosure. Some creditors reclassify those loans to real estate consistent with other foreclosed loans that do not have guarantees; others reclassify the loans to other receivables. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measure based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. As such, the adoption of ASU 2014-04 did not have a material impact on the Company’s consolidated financial statements. | ||
Accounting Standards Pending Adoption | ||
In May 2014, the FASB and the international Accounting Standards Board (the “IASB”) jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP and International Financial Reporting Standards (“IFRS”). Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, IFRS provided limited revenue recognition guidance and, consequently, could be difficult to apply to complex transactions. Accordingly, the FASB and IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS that would : (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets: (4) provide more useful information to users of financial statements through improved disclosure requirements; and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. To meet those objectives, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies generally will be required to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2016; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on the Company’s financial statements. | ||
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 | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | Note 2. | Securities | |||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 6,489,567 | $ | 50,632 | $ | 671 | $ | 6,539,528 | |||||||||||||||||
Municipal bonds | 246,363 | 2,486 | 1,749 | 247,100 | |||||||||||||||||||||
$ | 6,735,930 | $ | 53,118 | $ | 2,420 | $ | 6,786,628 | ||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Municipal bonds | $ | 500,000 | $ | 8,478 | $ | — | $ | 508,478 | |||||||||||||||||
Corporate bonds | 756,195 | 17,442 | — | 773,637 | |||||||||||||||||||||
$ | 1,256,195 | $ | 25,920 | $ | — | $ | 1,282,115 | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 9,582,443 | $ | 44,803 | $ | 28,014 | $ | 9,599,232 | |||||||||||||||||
Municipal bonds | 275,303 | 2,641 | 2,470 | 275,474 | |||||||||||||||||||||
$ | 9,857,746 | $ | 47,444 | $ | 30,484 | $ | 9,874,706 | ||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Municipal bonds | $ | 500,000 | $ | 7,460 | $ | — | $ | 507,460 | |||||||||||||||||
Corporate bonds | 756,280 | 9,095 | — | 765,375 | |||||||||||||||||||||
$ | 1,256,280 | $ | 16,555 | $ | — | $ | 1,272,835 | ||||||||||||||||||
The Bank had no private label residential mortgage-backed securities at March 31, 2015 and December 31, 2014 or during the three months or year then ended, respectively. | |||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2015 and December 31, 2014, 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 March 31, 2015 | |||||||||||||||||||||||||
Securities available for sale | Securities held to maturity | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair | Amortized Cost | Estimated Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 272,907 | 274,783 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,510,562 | 1,519,926 | 756,195 | 773,638 | |||||||||||||||||||||
Over 10 years | 4,952,461 | 4,991,919 | 500,000 | 508,477 | |||||||||||||||||||||
$ | 6,735,930 | $ | 6,786,628 | $ | 1,256,195 | $ | 1,282,115 | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Securities available for sale | Securities held to maturity | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair | Amortized Cost | Estimated Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 319,751 | 321,553 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,592,829 | 1,605,510 | 756,280 | 765,375 | |||||||||||||||||||||
Over 10 years | 7,945,166 | 7,947,643 | 500,000 | 507,460 | |||||||||||||||||||||
$ | 9,857,746 | $ | 9,874,706 | $ | 1,256,280 | $ | 1,272,835 | ||||||||||||||||||
The Bank sold or had called $2.7 million and $3.1 million, respectively, in securities available for sale during the three months ended March 31, 2015 and 2014. From those sale transactions, the Bank realized (loss) gain of $(100) and $11,262, respectively, for the same periods. | |||||||||||||||||||||||||
Securities with gross unrealized losses at March 31, 2015 and December 31, 2014, aggregated by investment category and length of time individual securities have been in a continual loss position, are as follows: | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 810,267 | $ | 671 | $ | — | $ | — | $ | 810,267 | $ | 671 | |||||||||||||
Municipal bonds | — | — | 80,084 | 1,749 | 80,084 | 1,749 | |||||||||||||||||||
$ | 810,267 | $ | 671 | $ | 80,084 | $ | 1,749 | $ | 890,351 | $ | 2,420 | ||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 2,643,582 | $ | 28,014 | $ | 2,643,582 | $ | 28,014 | |||||||||||||
Municipal bonds | — | — | 107,186 | 2,470 | 107,186 | 2,470 | |||||||||||||||||||
$ | — | $ | — | $ | 2,750,768 | $ | 30,484 | $ | 2,750,768 | $ | 30,484 | ||||||||||||||
The carrying amount of securities pledged as collateral for uninsured public fund deposits was $1.9 million and $1.4 million at March 31, 2015 and December 31, 2014, respectively. |
Loans
Loans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Loans | Note 3. | Loans | |||||||||||||||
Loans at March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Balance | Percent | Balance | Percent | ||||||||||||||
of Total | of Total | ||||||||||||||||
Residential owner occupied - first lien | $ | 34,112,772 | 34.6 | % | $ | 35,065,264 | 38.8 | % | |||||||||
Residential owner occupied - junior lien | 5,191,038 | 5.3 | % | 5,239,183 | 5.8 | % | |||||||||||
Residential non-owner occupied (investor) | 8,979,359 | 9.1 | % | 9,065,983 | 10 | % | |||||||||||
Commercial owner occupied | 12,477,543 | 12.7 | % | 11,226,313 | 12.4 | % | |||||||||||
Other commercial loans | 37,352,006 | 37.9 | % | 29,550,727 | 32.6 | % | |||||||||||
Consumer loans | 433,873 | 0.4 | % | 391,945 | 0.4 | % | |||||||||||
Total loans | 98,546,591 | 100 | % | 90,539,415 | 100 | % | |||||||||||
Net deferred fees, costs and purchase premiums | 119,948 | 167,098 | |||||||||||||||
Allowance for loan losses | (761,000 | ) | (722,000 | ) | |||||||||||||
Total loans, net | $ | 97,905,539 | $ | 89,984,513 | |||||||||||||
Our residential one- to four-family first lien mortgage loan portfolio is pledged as collateral for our advances with Federal Home Loan Bank of Atlanta (“FHLB”). |
Credit_Quality_of_Loans_and_Al
Credit Quality of Loans and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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 impaired. For impaired loans, an 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 segment basis for loans that do not meet the definition of impaired loans. The segments are grouped into similar risk characteristics, primarily loan type and regulatory classification. We apply an estimated loss rate to each loan segment. 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 segment to the entire loan 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 determined on a loan by loan basis for all loans secured by real estate. | |||||||||||||||||||||||||||||
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, 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 continue 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 three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Beginning balance | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Charge-offs | — | — | — | — | — | — | — | ||||||||||||||||||||||
Recoveries | 10,342 | — | — | — | — | — | 10,342 | ||||||||||||||||||||||
Provision | (43,218 | ) | (2,885 | ) | (282 | ) | 10,009 | 65,034 | — | 28,658 | |||||||||||||||||||
Ending Balance | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Beginning balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Charge-offs | — | — | — | — | — | — | — | ||||||||||||||||||||||
Recoveries | 1,613 | — | — | — | — | — | 1,613 | ||||||||||||||||||||||
Provision | (3,879 | ) | 587 | (201 | ) | 5,988 | (4,108 | ) | — | (1,613 | ) | ||||||||||||||||||
Ending Balance | $ | 242,022 | $ | 27,291 | $ | 70,133 | $ | 78,739 | $ | 263,815 | $ | — | $ | 682,000 | |||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 33,966,362 | $ | 5,191,038 | $ | 8,865,450 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,286,272 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 34,595,654 | $ | 5,229,766 | $ | 8,949,940 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 89,944,345 | |||||||||||||||
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. | |||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by portfolio segment at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 33,966,362 | $ | 5,191,038 | $ | 8,370,192 | $ | 12,477,543 | $ | 36,987,512 | $ | 433,873 | $ | 97,426,520 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 146,410 | — | 609,167 | — | 364,494 | — | 1,120,071 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 34,595,654 | $ | 5,229,766 | $ | 8,452,784 | $ | 11,226,313 | $ | 29,184,051 | $ | 391,945 | $ | 89,080,513 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 469,610 | 9,417 | 613,199 | — | 366,676 | — | 1,458,902 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
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 as 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 at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 33,775,108 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,208,927 | |||||||||||||||
30-59 days past due | 191,254 | — | — | — | — | — | 191,254 | ||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||
Greater than 90 days past due | 146,410 | — | — | — | — | — | 146,410 | ||||||||||||||||||||||
Total past due | 337,664 | — | — | — | — | — | 337,664 | ||||||||||||||||||||||
Total | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 34,467,787 | $ | 5,229,766 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 89,932,521 | |||||||||||||||
30-59 days past due | 127,867 | — | — | — | — | — | 127,867 | ||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||
Greater than 90 days past due | 469,610 | 9,417 | — | — | — | — | 479,027 | ||||||||||||||||||||||
Total past due | 597,477 | 9,417 | — | — | — | — | 606,894 | ||||||||||||||||||||||
Total | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
The following tables are a summary of impaired loans by portfolio segment at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Unpaid Principal Balance | 146,410 | — | 113,909 | — | — | — | 260,319 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Unpaid Principal Balance | 146,410 | — | 113,909 | — | — | — | 260,319 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Unpaid Principal Balance | 469,610 | 9,417 | 116,043 | — | — | — | 595,070 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Unpaid Principal Balance | 469,610 | 9,417 | 116,043 | — | — | — | 595,070 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
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 three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 308,010 | $ | 4,709 | $ | 114,976 | $ | — | $ | — | $ | — | $ | 427,695 | |||||||||||||||
Interest income that would have been recognized | 5,612 | 98 | — | — | — | — | 5,710 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 18,898 | 611 | — | — | — | — | 19,509 | ||||||||||||||||||||||
Interest income foregone (recovered) | (13,286 | ) | (513 | ) | — | — | — | — | (13,799 | ) | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest income that would have been recognized | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone (recovered) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 308,010 | $ | 4,709 | $ | 114,976 | $ | — | $ | — | $ | — | $ | 427,695 | |||||||||||||||
Interest income that would have been recognized | 5,612 | 98 | — | — | — | — | 5,710 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 18,898 | 611 | — | — | — | — | 19,509 | ||||||||||||||||||||||
Interest income foregone (recovered) | (13,286 | ) | (513 | ) | — | — | — | — | (13,799 | ) | |||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 180,821 | $ | 9,417 | $ | 123,828 | $ | — | $ | 366,615 | $ | — | $ | 680,681 | |||||||||||||||
Interest income that would have been recognized | 1,771 | 98 | — | — | 4,934 | — | 6,803 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | 7,805 | — | 7,805 | ||||||||||||||||||||||
Interest income foregone (recovered) | 1,771 | 98 | — | — | (2,871 | ) | — | (1,002 | ) | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest income that would have been recognized | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone (recovered) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 180,821 | $ | 9,417 | $ | 123,828 | $ | — | $ | 366,615 | $ | — | $ | 680,681 | |||||||||||||||
Interest income that would have been recognized | 1,771 | 98 | — | — | 4,934 | — | 6,803 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | 7,805 | — | 7,805 | ||||||||||||||||||||||
Interest income foregone (recovered) | 1,771 | 98 | — | — | (2,871 | ) | — | (1,002 | ) | ||||||||||||||||||||
The following table is a summary of performing and nonperforming impaired loans by portfolio segment at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
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 | 113,909 | 116,043 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired performing loans | 113,909 | 116,043 | |||||||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 146,410 | 469,610 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | 9,417 | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | — | — | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual): | 146,410 | 479,027 | |||||||||||||||||||||||||||
Total impaired loans | $ | 260,319 | $ | 595,070 | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
There were no TDRs modified during the three months ended March 31, 2015 and 2014. In addition, the Company has no commitments to loan additional funds to borrowers whose loans have been restructured. |
Deposits
Deposits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Deposits | Note 5. | Deposits | |||||||||||||||
Deposits were comprised of the following at March 31, 2015 and December 31, 2014: | |||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Balance | Percent of | Balance | Percent of | ||||||||||||||
Total | Total | ||||||||||||||||
Non-interest bearing checking | $ | 7,145,818 | 7.5 | % | $ | 9,744,047 | 10.1 | % | |||||||||
Interest-bearing checking | 5,660,322 | 6 | % | 5,148,677 | 5.3 | % | |||||||||||
Savings | 2,690,376 | 2.9 | % | 2,286,801 | 2.4 | % | |||||||||||
Premium savings | 22,015,854 | 23.3 | % | 21,618,919 | 22.3 | % | |||||||||||
IRA savings | 7,116,437 | 7.5 | % | 7,304,321 | 7.5 | % | |||||||||||
Money market | 11,204,610 | 11.8 | % | 10,587,572 | 10.9 | % | |||||||||||
Certificates of deposit | 38,844,112 | 41 | % | 40,214,550 | 41.5 | % | |||||||||||
Total deposits | $ | 94,677,529 | 100 | % | $ | 96,904,887 | 100 | % | |||||||||
Certificates of deposit scheduled maturities are as follows: | |||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Period to Maturity: | |||||||||||||||||
Less than or equal to one year | $ | 16,574,452 | $ | 18,314,343 | |||||||||||||
More than one to two years | 7,580,178 | 6,043,772 | |||||||||||||||
More than two to three years | 6,234,186 | 6,696,340 | |||||||||||||||
More than three to four years | 7,326,521 | 7,280,817 | |||||||||||||||
More than four to five years | 1,128,775 | 1,879,278 | |||||||||||||||
Total certificates of deposit | $ | 38,844,112 | $ | 40,214,550 | |||||||||||||
Deposit accounts in the Bank are insured by the FDIC, generally up to a maximum of $250,000 per separately insured depositor. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements | Note 6. | Fair Value Measurements | |||||||||||||||||||
The 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 Bank adopted ASC 820, Fair Value Measurement. 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 an 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 are 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 or 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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
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 | $ | 6,539,528 | $ | — | $ | 6,539,528 | $ | — | |||||||||||||
Municipal bonds | 247,100 | — | 247,100 | — | |||||||||||||||||
Total securities available for sale | $ | 6,786,628 | $ | — | $ | 6,786,628 | $ | — | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 9,599,232 | $ | — | $ | 9,599,232 | $ | — | |||||||||||||
Municipal bonds | 275,474 | — | 275,474 | — | |||||||||||||||||
Total securities available for sale | $ | 9,874,706 | $ | — | $ | 9,874,706 | $ | — | |||||||||||||
The following table presents a summary of financial assets measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
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 | $ | 146,410 | $ | — | $ | — | $ | 146,410 | |||||||||||||
Residential owner occupied - junior lien | — | — | — | — | |||||||||||||||||
Residential non-owner occupied (investor) | 113,909 | — | — | 113,909 | |||||||||||||||||
Total nonperforming impaired loans | $ | 260,319 | $ | — | $ | — | $ | 260,319 | |||||||||||||
Foreclosed real estate | $ | 52,964 | $ | — | $ | — | $ | 52,964 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 469,610 | $ | — | $ | — | $ | 469,610 | |||||||||||||
Residential owner occupied - junior lien | 9,417 | — | — | 9,417 | |||||||||||||||||
Residential non-owner occupied (investor) | 116,043 | — | — | 116,043 | |||||||||||||||||
Total nonperforming impaired loans | $ | 595,070 | $ | — | $ | — | $ | 595,070 | |||||||||||||
Foreclosed real estate | $ | 52,964 | $ | — | $ | — | $ | 52,964 | |||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: | |||||||||||||||||||||
Impaired Loans | Foreclosed | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,049,038 | $ | 462,005 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | — | (2,632 | ) | ||||||||||||||||||
Settlements | (749,397 | ) | (406,409 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 295,429 | — | |||||||||||||||||||
Balance, December 31, 2014 | $ | 595,070 | $ | 52,964 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | — | — | |||||||||||||||||||
Settlements | (193,081 | ) | — | ||||||||||||||||||
Transfers in and/or out of Level 3 | (141,670 | ) | — | ||||||||||||||||||
Balance, March 31, 2015 | $ | 260,319 | $ | 52,964 | |||||||||||||||||
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. | |||||||||||||||||||||
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 an appraisal or independent valuation, which is then adjusted for the estimated 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. | |||||||||||||||||||||
Deposits (Carried at Cost). The fair values disclosed for demand deposits (e.g., interest and noninterest 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 Financial 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 March 31, 2015 | |||||||||||||||||||||
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 | $ | 3,102,112 | $ | 3,102,112 | $ | — | $ | 3,102,112 | $ | — | |||||||||||
Securities available for sale | 6,786,628 | 6,786,628 | — | 6,786,628 | — | ||||||||||||||||
Securities held to maturity | 1,256,195 | 1,282,115 | — | 1,282,115 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 97,905,539 | 99,737,000 | — | — | 99,737,000 | ||||||||||||||||
Foreclosed assets | 52,964 | 52,964 | — | — | 52,964 | ||||||||||||||||
Bank-owned life insurance | 2,065,535 | 2,065,535 | — | 2,065,535 | — | ||||||||||||||||
Other equity securities | 656,796 | 656,796 | — | — | 656,796 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 94,677,529 | $ | 94,754,000 | $ | — | $ | 94,754,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 9,500,000 | 9,693,000 | — | 9,693,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 3,102,936 | $ | 3,102,936 | $ | — | $ | 3,102,936 | $ | — | |||||||||||
Securities available for sale | 9,874,706 | 9,874,706 | — | 9,874,706 | — | ||||||||||||||||
Securities held for sale | 1,256,280 | 1,272,835 | — | 1,272,835 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 89,984,513 | 91,718,000 | — | — | 91,718,000 | ||||||||||||||||
Foreclosed assets | 52,964 | 52,964 | — | — | 52,964 | ||||||||||||||||
Bank-owned life insurance | 2,051,646 | 2,051,646 | — | 2,051,646 | — | ||||||||||||||||
Other equity securities | 605,596 | 605,596 | — | — | 605,596 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 96,904,887 | $ | 96,864,887 | $ | — | $ | 96,864,887 | $ | — | |||||||||||
Federal Home Loan Bank advances | 8,000,000 | 8,179,000 | — | 8,179,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — |
Capital_Requirements_and_Regul
Capital Requirements and Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Capital Requirements and Regulatory Matters | Note 7. | Capital Requirements and Regulatory Matters | |||||||||||||||||||||||
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 Maryland Commissioner of Financial Regulation, 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, tier I and common equity tier 1 capital to risk weighted assets, tier 1 leverage to average assets and tangible capital to tangible assets. Management believes, as of March 31, 2015, 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, the Bank was categorized 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 at March 31, 2015 and December 31, 2014 are presented in the table below: | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total capital to risk-weighted assets | $ | 16,152,696 | 19.6 | % | $ | 6,605,206 | 8 | % | $ | 8,256,508 | 10 | % | |||||||||||||
Tier 1 capital to risk-weighted assets | 15,391,696 | 18.6 | % | 4,953,905 | 6 | % | 6,605,206 | 8 | % | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 15,391,696 | 18.6 | % | 3,715,428 | 4.5 | % | 5,366,730 | 6.5 | % | ||||||||||||||||
Tier 1 leverage to average assets | 15,391,696 | 13 | % | 4,735,037 | 4 | % | 5,918,796 | 5 | % | ||||||||||||||||
Tangible capital to tangible assets | 15,422,115 | 12.8 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total capital to risk-weighted assets | $ | 11,049,639 | 14.8 | % | $ | 5,968,618 | 8 | % | $ | 7,460,773 | 10 | % | |||||||||||||
Tier 1 capital to risk-weighted assets | 10,327,639 | 13.8 | % | 2,984,309 | 4 | % | 4,476,464 | 6 | % | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Tier 1 leverage to average assets | 10,327,639 | 9.2 | % | 4,515,721 | 4 | % | 5,644,651 | 5 | % | ||||||||||||||||
Tangible capital to tangible assets | 10,337,815 | 8.9 | % | 1,738,590 | 1.5 | % | N/A | N/A | |||||||||||||||||
The following table presents a reconciliation of the Company’s consolidated equity as determined using GAAP and the Bank’s regulatory capital amounts: | |||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Consolidated GAAP equity | $ | 15,802,011 | $ | 10,750,497 | |||||||||||||||||||||
Consolidated equity in excess of Bank equity | (379,896 | ) | (412,682 | ) | |||||||||||||||||||||
Bank GAAP equity - Tangible capital | 15,422,115 | 10,337,815 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||
Accumulated other comprehensive income, net of tax | 30,419 | 10,176 | |||||||||||||||||||||||
Disallowed deferred tax assets | — | — | |||||||||||||||||||||||
Common equity tier 1 capital | 15,391,696 | 10,327,639 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Additional tier 1 capital | — | — | |||||||||||||||||||||||
Tier 1 capital | 15,391,696 | 10,327,639 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Allowance for loan losses (1.25% of risk-weighted assets) | 761,000 | 722,000 | |||||||||||||||||||||||
Total risk-based capital | $ | 16,152,696 | $ | 11,049,639 | |||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Note 8. | Earnings Per Share | |||||||
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period exclusive of unallocated employee stock ownership plan shares. Granted unvested restricted stock and stock options are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed by using the Treasury Stock method. | |||||||||
The calculation of net income per common share for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
For the Three | For the Three | ||||||||
Months Ended | Months Ended | ||||||||
March 31, 2015 | March 31, 2014 | ||||||||
Net Income available to common shareholders | $ | 55,415 | $ | 73,185 | |||||
Weighted average number of shares used in: | |||||||||
Basic earnings per share | 541,794 | 405,509 | |||||||
Adjustment for common share equivalents | 14,928 | 13,092 | |||||||
Diluted earnings per share | 556,722 | 418,601 | |||||||
Basic net income per common share | $ | 0.1 | $ | 0.18 | |||||
Diluted net income per common share | $ | 0.1 | $ | 0.17 | |||||
On March 26, 2015, the Company declared a 20% stock dividend payable on May 1, 2015 to stockholders of record on April 10, 2015. As a result, the earnings per share calculations for the periods presented have been revised to reflect the impact of the stock dividend. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 Company’s common stock began trading on the Over the Counter Bulletin Board under the symbol “CROL” on October 12, 2011. | |
In accordance with applicable regulations at the time of the conversion from a mutual holding company to a stock holding company, the Bank substantially restricted its retained earnings by establishing a liquidation account. The liquidation account is maintained for the benefit of eligible account holders who keep their accounts at the Bank after conversion. The liquidation account is reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | |
The 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 commercial and residential 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. | |
Accounting Standards Adopted in 2015 | Accounting Standards Adopted in 2015 |
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. As such, the adoption of ASU 2014-04 did not have a material impact on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The objective of this guidance is to reduce diversity in practice related to how creditors classify government-guaranteed mortgage loans, including FHA and VA guaranteed loans, upon foreclosure. Some creditors reclassify those loans to real estate consistent with other foreclosed loans that do not have guarantees; others reclassify the loans to other receivables. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measure based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. As such, the adoption of ASU 2014-04 did not have a material impact on the Company’s consolidated financial statements. | |
Accounting Standards Pending Adoption | |
In May 2014, the FASB and the international Accounting Standards Board (the “IASB”) jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP and International Financial Reporting Standards (“IFRS”). Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, IFRS provided limited revenue recognition guidance and, consequently, could be difficult to apply to complex transactions. Accordingly, the FASB and IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS that would : (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets: (4) provide more useful information to users of financial statements through improved disclosure requirements; and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. To meet those objectives, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies generally will be required to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2016; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on the Company’s financial statements. | |
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 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 Bank adopted ASC 820, Fair Value Measurement. 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. |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Estimated Market Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 6,489,567 | $ | 50,632 | $ | 671 | $ | 6,539,528 | |||||||||||||||||
Municipal bonds | 246,363 | 2,486 | 1,749 | 247,100 | |||||||||||||||||||||
$ | 6,735,930 | $ | 53,118 | $ | 2,420 | $ | 6,786,628 | ||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Municipal bonds | $ | 500,000 | $ | 8,478 | $ | — | $ | 508,478 | |||||||||||||||||
Corporate bonds | 756,195 | 17,442 | — | 773,637 | |||||||||||||||||||||
$ | 1,256,195 | $ | 25,920 | $ | — | $ | 1,282,115 | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 9,582,443 | $ | 44,803 | $ | 28,014 | $ | 9,599,232 | |||||||||||||||||
Municipal bonds | 275,303 | 2,641 | 2,470 | 275,474 | |||||||||||||||||||||
$ | 9,857,746 | $ | 47,444 | $ | 30,484 | $ | 9,874,706 | ||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Municipal bonds | $ | 500,000 | $ | 7,460 | $ | — | $ | 507,460 | |||||||||||||||||
Corporate bonds | 756,280 | 9,095 | — | 765,375 | |||||||||||||||||||||
$ | 1,256,280 | $ | 16,555 | $ | — | $ | 1,272,835 | ||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available for Sale and Held to Maturity by Contractual Maturity | The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2015 and December 31, 2014, 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 March 31, 2015 | |||||||||||||||||||||||||
Securities available for sale | Securities held to maturity | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair | Amortized Cost | Estimated Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 272,907 | 274,783 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,510,562 | 1,519,926 | 756,195 | 773,638 | |||||||||||||||||||||
Over 10 years | 4,952,461 | 4,991,919 | 500,000 | 508,477 | |||||||||||||||||||||
$ | 6,735,930 | $ | 6,786,628 | $ | 1,256,195 | $ | 1,282,115 | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Securities available for sale | Securities held to maturity | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair | Amortized Cost | Estimated Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Under 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Over 1 year through 5 years | 319,751 | 321,553 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 1,592,829 | 1,605,510 | 756,280 | 765,375 | |||||||||||||||||||||
Over 10 years | 7,945,166 | 7,947,643 | 500,000 | 507,460 | |||||||||||||||||||||
$ | 9,857,746 | $ | 9,874,706 | $ | 1,256,280 | $ | 1,272,835 | ||||||||||||||||||
Securities with Gross Unrealized Losses | Securities with gross unrealized losses at March 31, 2015 and December 31, 2014, aggregated by investment category and length of time individual securities have been in a continual loss position, are as follows: | ||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 810,267 | $ | 671 | $ | — | $ | — | $ | 810,267 | $ | 671 | |||||||||||||
Municipal bonds | — | — | 80,084 | 1,749 | 80,084 | 1,749 | |||||||||||||||||||
$ | 810,267 | $ | 671 | $ | 80,084 | $ | 1,749 | $ | 890,351 | $ | 2,420 | ||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 2,643,582 | $ | 28,014 | $ | 2,643,582 | $ | 28,014 | |||||||||||||
Municipal bonds | — | — | 107,186 | 2,470 | 107,186 | 2,470 | |||||||||||||||||||
$ | — | $ | — | $ | 2,750,768 | $ | 30,484 | $ | 2,750,768 | $ | 30,484 | ||||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Summary of Loans | Loans at March 31, 2015 and December 31, 2014 are summarized as follows: | ||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Balance | Percent | Balance | Percent | ||||||||||||||
of Total | of Total | ||||||||||||||||
Residential owner occupied - first lien | $ | 34,112,772 | 34.6 | % | $ | 35,065,264 | 38.8 | % | |||||||||
Residential owner occupied - junior lien | 5,191,038 | 5.3 | % | 5,239,183 | 5.8 | % | |||||||||||
Residential non-owner occupied (investor) | 8,979,359 | 9.1 | % | 9,065,983 | 10 | % | |||||||||||
Commercial owner occupied | 12,477,543 | 12.7 | % | 11,226,313 | 12.4 | % | |||||||||||
Other commercial loans | 37,352,006 | 37.9 | % | 29,550,727 | 32.6 | % | |||||||||||
Consumer loans | 433,873 | 0.4 | % | 391,945 | 0.4 | % | |||||||||||
Total loans | 98,546,591 | 100 | % | 90,539,415 | 100 | % | |||||||||||
Net deferred fees, costs and purchase premiums | 119,948 | 167,098 | |||||||||||||||
Allowance for loan losses | (761,000 | ) | (722,000 | ) | |||||||||||||
Total loans, net | $ | 97,905,539 | $ | 89,984,513 | |||||||||||||
Credit_Quality_of_Loans_and_Al1
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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 three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Beginning balance | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Charge-offs | — | — | — | — | — | — | — | ||||||||||||||||||||||
Recoveries | 10,342 | — | — | — | — | — | 10,342 | ||||||||||||||||||||||
Provision | (43,218 | ) | (2,885 | ) | (282 | ) | 10,009 | 65,034 | — | 28,658 | |||||||||||||||||||
Ending Balance | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | Residential | Commercial | Other | Consumer | Total | |||||||||||||||||||||||
owner | owner | non-owner | owner | commercial | loans | ||||||||||||||||||||||||
occupied - | occupied - | occupied | occupied | loans | |||||||||||||||||||||||||
first lien | junior lien | (investor) | |||||||||||||||||||||||||||
Beginning balance | $ | 244,288 | $ | 26,704 | $ | 70,334 | $ | 72,751 | $ | 267,923 | $ | — | $ | 682,000 | |||||||||||||||
Charge-offs | — | — | — | — | — | — | — | ||||||||||||||||||||||
Recoveries | 1,613 | — | — | — | — | — | 1,613 | ||||||||||||||||||||||
Provision | (3,879 | ) | 587 | (201 | ) | 5,988 | (4,108 | ) | — | (1,613 | ) | ||||||||||||||||||
Ending Balance | $ | 242,022 | $ | 27,291 | $ | 70,133 | $ | 78,739 | $ | 263,815 | $ | — | $ | 682,000 | |||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 195,585 | $ | 22,166 | $ | 45,765 | $ | 99,820 | $ | 397,664 | $ | — | $ | 761,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 33,966,362 | $ | 5,191,038 | $ | 8,865,450 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,286,272 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 228,461 | $ | 25,051 | $ | 46,047 | $ | 89,811 | $ | 332,630 | $ | — | $ | 722,000 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
Ending balance: individually evaluated for impairment | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 34,595,654 | $ | 5,229,766 | $ | 8,949,940 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 89,944,345 | |||||||||||||||
Summary of Loan Portfolio Quality Indicators by Portfolio Segment | The following tables are a summary of the loan portfolio quality indicators by portfolio segment at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 33,966,362 | $ | 5,191,038 | $ | 8,370,192 | $ | 12,477,543 | $ | 36,987,512 | $ | 433,873 | $ | 97,426,520 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 146,410 | — | 609,167 | — | 364,494 | — | 1,120,071 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 34,595,654 | $ | 5,229,766 | $ | 8,452,784 | $ | 11,226,313 | $ | 29,184,051 | $ | 391,945 | $ | 89,080,513 | |||||||||||||||
Special Mention | — | — | — | — | — | — | — | ||||||||||||||||||||||
Substandard | 469,610 | 9,417 | 613,199 | — | 366,676 | — | 1,458,902 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
Summary of Loan Delinquencies by Portfolio Segment | The following tables set forth certain information with respect to our loan delinquencies by portfolio segment at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 33,775,108 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,208,927 | |||||||||||||||
30-59 days past due | 191,254 | — | — | — | — | — | 191,254 | ||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||
Greater than 90 days past due | 146,410 | — | — | — | — | — | 146,410 | ||||||||||||||||||||||
Total past due | 337,664 | — | — | — | — | — | 337,664 | ||||||||||||||||||||||
Total | $ | 34,112,772 | $ | 5,191,038 | $ | 8,979,359 | $ | 12,477,543 | $ | 37,352,006 | $ | 433,873 | $ | 98,546,591 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 34,467,787 | $ | 5,229,766 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 89,932,521 | |||||||||||||||
30-59 days past due | 127,867 | — | — | — | — | — | 127,867 | ||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||
Greater than 90 days past due | 469,610 | 9,417 | — | — | — | — | 479,027 | ||||||||||||||||||||||
Total past due | 597,477 | 9,417 | — | — | — | — | 606,894 | ||||||||||||||||||||||
Total | $ | 35,065,264 | $ | 5,239,183 | $ | 9,065,983 | $ | 11,226,313 | $ | 29,550,727 | $ | 391,945 | $ | 90,539,415 | |||||||||||||||
Summary of Impaired Loans by Portfolio Segment | The following tables are a summary of impaired loans by portfolio segment at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Unpaid Principal Balance | 146,410 | — | 113,909 | — | — | — | 260,319 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 146,410 | $ | — | $ | 113,909 | $ | — | $ | — | $ | — | $ | 260,319 | |||||||||||||||
Unpaid Principal Balance | 146,410 | — | 113,909 | — | — | — | 260,319 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Unpaid Principal Balance | 469,610 | 9,417 | 116,043 | — | — | — | 595,070 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Recorded Investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Unpaid Principal Balance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Recorded Investment | $ | 469,610 | $ | 9,417 | $ | 116,043 | $ | — | $ | — | $ | — | $ | 595,070 | |||||||||||||||
Unpaid Principal Balance | 469,610 | 9,417 | 116,043 | — | — | — | 595,070 | ||||||||||||||||||||||
Related Allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||
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 three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 308,010 | $ | 4,709 | $ | 114,976 | $ | — | $ | — | $ | — | $ | 427,695 | |||||||||||||||
Interest income that would have been recognized | 5,612 | 98 | — | — | — | — | 5,710 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 18,898 | 611 | — | — | — | — | 19,509 | ||||||||||||||||||||||
Interest income foregone (recovered) | (13,286 | ) | (513 | ) | — | — | — | — | (13,799 | ) | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest income that would have been recognized | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone (recovered) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 308,010 | $ | 4,709 | $ | 114,976 | $ | — | $ | — | $ | — | $ | 427,695 | |||||||||||||||
Interest income that would have been recognized | 5,612 | 98 | — | — | — | — | 5,710 | ||||||||||||||||||||||
Interest income recognized (cash basis) | 18,898 | 611 | — | — | — | — | 19,509 | ||||||||||||||||||||||
Interest income foregone (recovered) | (13,286 | ) | (513 | ) | — | — | — | — | (13,799 | ) | |||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
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 | $ | 180,821 | $ | 9,417 | $ | 123,828 | $ | — | $ | 366,615 | $ | — | $ | 680,681 | |||||||||||||||
Interest income that would have been recognized | 1,771 | 98 | — | — | 4,934 | — | 6,803 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | 7,805 | — | 7,805 | ||||||||||||||||||||||
Interest income foregone (recovered) | 1,771 | 98 | — | — | (2,871 | ) | — | (1,002 | ) | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Average recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest income that would have been recognized | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest income foregone (recovered) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Average recorded investment | $ | 180,821 | $ | 9,417 | $ | 123,828 | $ | — | $ | 366,615 | $ | — | $ | 680,681 | |||||||||||||||
Interest income that would have been recognized | 1,771 | 98 | — | — | 4,934 | — | 6,803 | ||||||||||||||||||||||
Interest income recognized (cash basis) | — | — | — | — | 7,805 | — | 7,805 | ||||||||||||||||||||||
Interest income foregone (recovered) | 1,771 | 98 | — | — | (2,871 | ) | — | (1,002 | ) | ||||||||||||||||||||
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 at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
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 | 113,909 | 116,043 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired performing loans | 113,909 | 116,043 | |||||||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||||||||
Impaired nonperforming loans (nonaccrual): | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | 146,410 | 469,610 | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | 9,417 | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential owner occupied - first lien | — | — | |||||||||||||||||||||||||||
Residential owner occupied - junior lien | — | — | |||||||||||||||||||||||||||
Residential non-owner occupied (investor) | — | — | |||||||||||||||||||||||||||
Commercial owner occupied | — | — | |||||||||||||||||||||||||||
Other commercial loans | — | — | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total impaired nonperforming loans (nonaccrual): | 146,410 | 479,027 | |||||||||||||||||||||||||||
Total impaired loans | $ | 260,319 | $ | 595,070 | |||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Summary of Deposit Product Segment | Deposits were comprised of the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Balance | Percent of | Balance | Percent of | ||||||||||||||
Total | Total | ||||||||||||||||
Non-interest bearing checking | $ | 7,145,818 | 7.5 | % | $ | 9,744,047 | 10.1 | % | |||||||||
Interest-bearing checking | 5,660,322 | 6 | % | 5,148,677 | 5.3 | % | |||||||||||
Savings | 2,690,376 | 2.9 | % | 2,286,801 | 2.4 | % | |||||||||||
Premium savings | 22,015,854 | 23.3 | % | 21,618,919 | 22.3 | % | |||||||||||
IRA savings | 7,116,437 | 7.5 | % | 7,304,321 | 7.5 | % | |||||||||||
Money market | 11,204,610 | 11.8 | % | 10,587,572 | 10.9 | % | |||||||||||
Certificates of deposit | 38,844,112 | 41 | % | 40,214,550 | 41.5 | % | |||||||||||
Total deposits | $ | 94,677,529 | 100 | % | $ | 96,904,887 | 100 | % | |||||||||
Summary of Certificates of Deposit by Maturity Date Ranges | Certificates of deposit scheduled maturities are as follows: | ||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Period to Maturity: | |||||||||||||||||
Less than or equal to one year | $ | 16,574,452 | $ | 18,314,343 | |||||||||||||
More than one to two years | 7,580,178 | 6,043,772 | |||||||||||||||
More than two to three years | 6,234,186 | 6,696,340 | |||||||||||||||
More than three to four years | 7,326,521 | 7,280,817 | |||||||||||||||
More than four to five years | 1,128,775 | 1,879,278 | |||||||||||||||
Total certificates of deposit | $ | 38,844,112 | $ | 40,214,550 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
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 | $ | 6,539,528 | $ | — | $ | 6,539,528 | $ | — | |||||||||||||
Municipal bonds | 247,100 | — | 247,100 | — | |||||||||||||||||
Total securities available for sale | $ | 6,786,628 | $ | — | $ | 6,786,628 | $ | — | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 9,599,232 | $ | — | $ | 9,599,232 | $ | — | |||||||||||||
Municipal bonds | 275,474 | — | 275,474 | — | |||||||||||||||||
Total securities available for sale | $ | 9,874,706 | $ | — | $ | 9,874,706 | $ | — | |||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
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 | $ | 146,410 | $ | — | $ | — | $ | 146,410 | |||||||||||||
Residential owner occupied - junior lien | — | — | — | — | |||||||||||||||||
Residential non-owner occupied (investor) | 113,909 | — | — | 113,909 | |||||||||||||||||
Total nonperforming impaired loans | $ | 260,319 | $ | — | $ | — | $ | 260,319 | |||||||||||||
Foreclosed real estate | $ | 52,964 | $ | — | $ | — | $ | 52,964 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 469,610 | $ | — | $ | — | $ | 469,610 | |||||||||||||
Residential owner occupied - junior lien | 9,417 | — | — | 9,417 | |||||||||||||||||
Residential non-owner occupied (investor) | 116,043 | — | — | 116,043 | |||||||||||||||||
Total nonperforming impaired loans | $ | 595,070 | $ | — | $ | — | $ | 595,070 | |||||||||||||
Foreclosed real estate | $ | 52,964 | $ | — | $ | — | $ | 52,964 | |||||||||||||
Reconciliation of Beginning and Ending Balances for Level 3 Assets | The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: | ||||||||||||||||||||
Impaired Loans | Foreclosed | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,049,038 | $ | 462,005 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | — | (2,632 | ) | ||||||||||||||||||
Settlements | (749,397 | ) | (406,409 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 295,429 | — | |||||||||||||||||||
Balance, December 31, 2014 | $ | 595,070 | $ | 52,964 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||
Included in net income | — | — | |||||||||||||||||||
Settlements | (193,081 | ) | — | ||||||||||||||||||
Transfers in and/or out of Level 3 | (141,670 | ) | — | ||||||||||||||||||
Balance, March 31, 2015 | $ | 260,319 | $ | 52,964 | |||||||||||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments were as follows: | ||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
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 | $ | 3,102,112 | $ | 3,102,112 | $ | — | $ | 3,102,112 | $ | — | |||||||||||
Securities available for sale | 6,786,628 | 6,786,628 | — | 6,786,628 | — | ||||||||||||||||
Securities held to maturity | 1,256,195 | 1,282,115 | — | 1,282,115 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 97,905,539 | 99,737,000 | — | — | 99,737,000 | ||||||||||||||||
Foreclosed assets | 52,964 | 52,964 | — | — | 52,964 | ||||||||||||||||
Bank-owned life insurance | 2,065,535 | 2,065,535 | — | 2,065,535 | — | ||||||||||||||||
Other equity securities | 656,796 | 656,796 | — | — | 656,796 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 94,677,529 | $ | 94,754,000 | $ | — | $ | 94,754,000 | $ | — | |||||||||||
Federal Home Loan Bank advances | 9,500,000 | 9,693,000 | — | 9,693,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
At December 31, 2014 | |||||||||||||||||||||
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 | $ | 3,102,936 | $ | 3,102,936 | $ | — | $ | 3,102,936 | $ | — | |||||||||||
Securities available for sale | 9,874,706 | 9,874,706 | — | 9,874,706 | — | ||||||||||||||||
Securities held for sale | 1,256,280 | 1,272,835 | — | 1,272,835 | — | ||||||||||||||||
Loans, net of allowance for loan losses | 89,984,513 | 91,718,000 | — | — | 91,718,000 | ||||||||||||||||
Foreclosed assets | 52,964 | 52,964 | — | — | 52,964 | ||||||||||||||||
Bank-owned life insurance | 2,051,646 | 2,051,646 | — | 2,051,646 | — | ||||||||||||||||
Other equity securities | 605,596 | 605,596 | — | — | 605,596 | ||||||||||||||||
Financial instruments - liabilities: | |||||||||||||||||||||
Deposits | $ | 96,904,887 | $ | 96,864,887 | $ | — | $ | 96,864,887 | $ | — | |||||||||||
Federal Home Loan Bank advances | 8,000,000 | 8,179,000 | — | 8,179,000 | — | ||||||||||||||||
Financial instruments - off-balance sheet | $ | — | $ | — | $ | — | $ | — | $ | — |
Capital_Requirements_and_Regul1
Capital Requirements and Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Summary of Banks Capital Amount and Ratios | The Bank’s actual capital amounts and ratios at March 31, 2015 and December 31, 2014 are presented in the table below: | ||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total capital to risk-weighted assets | $ | 16,152,696 | 19.6 | % | $ | 6,605,206 | 8 | % | $ | 8,256,508 | 10 | % | |||||||||||||
Tier 1 capital to risk-weighted assets | 15,391,696 | 18.6 | % | 4,953,905 | 6 | % | 6,605,206 | 8 | % | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 15,391,696 | 18.6 | % | 3,715,428 | 4.5 | % | 5,366,730 | 6.5 | % | ||||||||||||||||
Tier 1 leverage to average assets | 15,391,696 | 13 | % | 4,735,037 | 4 | % | 5,918,796 | 5 | % | ||||||||||||||||
Tangible capital to tangible assets | 15,422,115 | 12.8 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total capital to risk-weighted assets | $ | 11,049,639 | 14.8 | % | $ | 5,968,618 | 8 | % | $ | 7,460,773 | 10 | % | |||||||||||||
Tier 1 capital to risk-weighted assets | 10,327,639 | 13.8 | % | 2,984,309 | 4 | % | 4,476,464 | 6 | % | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Tier 1 leverage to average assets | 10,327,639 | 9.2 | % | 4,515,721 | 4 | % | 5,644,651 | 5 | % | ||||||||||||||||
Tangible capital to tangible assets | 10,337,815 | 8.9 | % | 1,738,590 | 1.5 | % | N/A | N/A | |||||||||||||||||
Schedule of Reconciliation of Company's Consolidated Equity | The following table presents a reconciliation of the Company’s consolidated equity as determined using GAAP and the Bank’s regulatory capital amounts: | ||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Consolidated GAAP equity | $ | 15,802,011 | $ | 10,750,497 | |||||||||||||||||||||
Consolidated equity in excess of Bank equity | (379,896 | ) | (412,682 | ) | |||||||||||||||||||||
Bank GAAP equity - Tangible capital | 15,422,115 | 10,337,815 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||
Accumulated other comprehensive income, net of tax | 30,419 | 10,176 | |||||||||||||||||||||||
Disallowed deferred tax assets | — | — | |||||||||||||||||||||||
Common equity tier 1 capital | 15,391,696 | 10,327,639 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Additional tier 1 capital | — | — | |||||||||||||||||||||||
Tier 1 capital | 15,391,696 | 10,327,639 | |||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Allowance for loan losses (1.25% of risk-weighted assets) | 761,000 | 722,000 | |||||||||||||||||||||||
Total risk-based capital | $ | 16,152,696 | $ | 11,049,639 | |||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Calculation of Net Income Per Common Share | The calculation of net income per common share for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
For the Three | For the Three | ||||||||
Months Ended | Months Ended | ||||||||
March 31, 2015 | March 31, 2014 | ||||||||
Net Income available to common shareholders | $ | 55,415 | $ | 73,185 | |||||
Weighted average number of shares used in: | |||||||||
Basic earnings per share | 541,794 | 405,509 | |||||||
Adjustment for common share equivalents | 14,928 | 13,092 | |||||||
Diluted earnings per share | 556,722 | 418,601 | |||||||
Basic net income per common share | $ | 0.1 | $ | 0.18 | |||||
Diluted net income per common share | $ | 0.1 | $ | 0.17 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Branch | |
Accounting Policies [Abstract] | |
Date of incorporation | 18-Feb-11 |
Number of bank branches | 2 |
Securities_Amortized_Cost_Gros
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Estimated Market Value of Securities Available for Sale and Held to Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | $6,735,930 | $9,857,746 |
Securities available for sale, Gross Unrealized Gains | 53,118 | 47,444 |
Securities available for sale, Gross Unrealized Losses | 2,420 | 30,484 |
Securities available for sale, Estimated Fair Value | 6,786,628 | 9,874,706 |
Securities held to maturity, Amortized Cost | 1,256,195 | 1,256,280 |
Securities held to maturity, Gross Unrealized Gains | 25,920 | 16,555 |
Securities held to maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Estimated Fair Value | 1,282,115 | 1,272,835 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 6,489,567 | 9,582,443 |
Securities available for sale, Gross Unrealized Gains | 50,632 | 44,803 |
Securities available for sale, Gross Unrealized Losses | 671 | 28,014 |
Securities available for sale, Estimated Fair Value | 6,539,528 | 9,599,232 |
Municipal Bonds [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 246,363 | 275,303 |
Securities available for sale, Gross Unrealized Gains | 2,486 | 2,641 |
Securities available for sale, Gross Unrealized Losses | 1,749 | 2,470 |
Securities available for sale, Estimated Fair Value | 247,100 | 275,474 |
Securities held to maturity, Amortized Cost | 500,000 | 500,000 |
Securities held to maturity, Gross Unrealized Gains | 8,478 | 7,460 |
Securities held to maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Estimated Fair Value | 508,478 | 507,460 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities held to maturity, Amortized Cost | 756,195 | 756,280 |
Securities held to maturity, Gross Unrealized Gains | 17,442 | 9,095 |
Securities held to maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Estimated Fair Value | $773,637 | $765,375 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Private label residential mortgage-backed securities | $0 | $0 | |
Proceeds from sales and redemption of securities available for sale | 2,689,379 | 3,127,323 | |
Net realized (loss) gains on securities | -100 | 11,262 | |
Securities pledged as collateral | $1,900,000 | $1,400,000 |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Securities available for sale, Amortized Cost, Under 1 year | $0 | $0 |
Securities available for sale, Amortized Cost, Over 1 year through 5 years | 272,907 | 319,751 |
Securities available for sale, Amortized Cost, After 5 years through 10 years | 1,510,562 | 1,592,829 |
Securities available for sale, Amortized Cost, Over 10 years | 4,952,461 | 7,945,166 |
Securities available for sale, Amortized Cost | 6,735,930 | 9,857,746 |
Securities available for sale, Estimated Fair Value, Under 1 year | 0 | 0 |
Securities available for sale, Estimated Fair Value, Over 1 year through 5 years | 274,783 | 321,553 |
Securities available for sale, Estimated Fair Value, After 5 years through 10 years | 1,519,926 | 1,605,510 |
Securities available for sale, Estimated Fair Value, Over 10 years | 4,991,919 | 7,947,643 |
Securities available for sale, Estimated Fair Value | 6,786,628 | 9,874,706 |
Securities held to maturity, Amortized Cost, Under 1 year | 0 | 0 |
Securities held to maturity, Amortized Cost, Over 1 year through 5 years | 0 | 0 |
Securities held to maturity, Amortized Cost, After 5 years through 10 years | 756,195 | 756,280 |
Securities held to maturity, Amortized Cost, Over 10 years | 500,000 | 500,000 |
Securities held to maturity, Amortized Cost | 1,256,195 | 1,256,280 |
Securities held to maturity, Estimated Fair Value, Under 1 year | 0 | 0 |
Securities held to maturity, Estimated Fair Value, Over 1 year through 5 years | 0 | 0 |
Securities held to maturity, Estimated Fair Value, After 5 years through 10 years | 773,638 | 765,375 |
Securities held to maturity, Estimated Fair Value, Over 10 years | 508,477 | 507,460 |
Securities held to maturity, Estimated Fair Value | $1,282,115 | $1,272,835 |
Securities_Securities_with_Gro
Securities - Securities with Gross Unrealized Losses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | $810,267 | |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 671 | |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | 80,084 | 2,750,768 |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | 1,749 | 30,484 |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 890,351 | 2,750,768 |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | 2,420 | 30,484 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Continual loss position, Less than 12 Months, Estimated Fair Value | 810,267 | |
Securities available for sale, Continual loss position, Less than 12 Months, Gross Unrealized Losses | 671 | |
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | 2,643,582 | |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | 28,014 | |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 810,267 | 2,643,582 |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | 671 | 28,014 |
Municipal Bonds [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Securities available for sale, Continual loss position, 12 Months or More, Estimated Fair Value | 80,084 | 107,186 |
Securities available for sale, Continual loss position, 12 Months or More, Gross Unrealized Losses | 1,749 | 2,470 |
Securities available for sale, Continual loss position, Estimated Fair Value, Total | 80,084 | 107,186 |
Securities available for sale, Continual loss position, Gross Unrealized Losses, Total | $1,749 | $2,470 |
Loans_Summary_of_Loans_Detail
Loans - Summary of Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $98,546,591 | $90,539,415 |
Net deferred fees, costs and purchase premiums | 119,948 | 167,098 |
Loans, Percent of Total | 100.00% | 100.00% |
Allowance for loan losses | -761,000 | -722,000 |
Total loans, net | 97,905,539 | 89,984,513 |
Residential Owner Occupied - First Lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 34,112,772 | 35,065,264 |
Loans, Percent of Total | 34.60% | 38.80% |
Residential Owner Occupied - Junior Lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,191,038 | 5,239,183 |
Loans, Percent of Total | 5.30% | 5.80% |
Residential Non-Owner Occupied (Investor) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,979,359 | 9,065,983 |
Loans, Percent of Total | 9.10% | 10.00% |
Commercial Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 12,477,543 | 11,226,313 |
Loans, Percent of Total | 12.70% | 12.40% |
Other Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 37,352,006 | 29,550,727 |
Loans, Percent of Total | 37.90% | 32.60% |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $433,873 | $391,945 |
Loans, Percent of Total | 0.40% | 0.40% |
Credit_Quality_of_Loans_and_Al2
Credit Quality of Loans and Allowance for Loan Losses - Summary of Allowance for Loan Losses Activity (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Allowance for loan losses: | ||
Beginning balance | $722,000 | $682,000 |
Charge-offs | 0 | 0 |
Recoveries | 10,342 | 1,613 |
Provision | 28,658 | -1,613 |
Ending Balance | 761,000 | 682,000 |
Residential Owner Occupied - First Lien [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 228,461 | 244,288 |
Charge-offs | 0 | 0 |
Recoveries | 10,342 | 1,613 |
Provision | -43,218 | -3,879 |
Ending Balance | 195,585 | 242,022 |
Residential Owner Occupied - Junior Lien [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 25,051 | 26,704 |
Charge-offs | 0 | 0 |
Provision | -2,885 | 587 |
Ending Balance | 22,166 | 27,291 |
Residential Non-Owner Occupied (Investor) [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 46,047 | 70,334 |
Charge-offs | 0 | 0 |
Provision | -282 | -201 |
Ending Balance | 45,765 | 70,133 |
Commercial Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 89,811 | 72,751 |
Charge-offs | 0 | 0 |
Provision | 10,009 | 5,988 |
Ending Balance | 99,820 | 78,739 |
Other Commercial Loans [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 332,630 | 267,923 |
Charge-offs | 0 | 0 |
Provision | 65,034 | -4,108 |
Ending Balance | 397,664 | 263,815 |
Consumer Loans [Member] | ||
Allowance for loan losses: | ||
Charge-offs | $0 | $0 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance for loan losses: | ||||
Ending balance | $761,000 | $722,000 | $682,000 | $682,000 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 761,000 | 722,000 | ||
Loans: | ||||
Ending balance | 98,546,591 | 90,539,415 | ||
Ending balance: individually evaluated for impairment | 260,319 | 595,070 | ||
Ending balance: collectively evaluated for impairment | 98,286,272 | 89,944,345 | ||
Residential Owner Occupied - First Lien [Member] | ||||
Allowance for loan losses: | ||||
Ending balance | 195,585 | 228,461 | 242,022 | 244,288 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 195,585 | 228,461 | ||
Loans: | ||||
Ending balance | 34,112,772 | 35,065,264 | ||
Ending balance: individually evaluated for impairment | 146,410 | 469,610 | ||
Ending balance: collectively evaluated for impairment | 33,966,362 | 34,595,654 | ||
Residential Owner Occupied - Junior Lien [Member] | ||||
Allowance for loan losses: | ||||
Ending balance | 22,166 | 25,051 | 27,291 | 26,704 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 22,166 | 25,051 | ||
Loans: | ||||
Ending balance | 5,191,038 | 5,239,183 | ||
Ending balance: individually evaluated for impairment | 9,417 | |||
Ending balance: collectively evaluated for impairment | 5,191,038 | 5,229,766 | ||
Residential Non-Owner Occupied (Investor) [Member] | ||||
Allowance for loan losses: | ||||
Ending balance | 45,765 | 46,047 | 70,133 | 70,334 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 45,765 | 46,047 | ||
Loans: | ||||
Ending balance | 8,979,359 | 9,065,983 | ||
Ending balance: individually evaluated for impairment | 113,909 | 116,043 | ||
Ending balance: collectively evaluated for impairment | 8,865,450 | 8,949,940 | ||
Commercial Owner Occupied [Member] | ||||
Allowance for loan losses: | ||||
Ending balance | 99,820 | 89,811 | 78,739 | 72,751 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 99,820 | 89,811 | ||
Loans: | ||||
Ending balance | 12,477,543 | 11,226,313 | ||
Ending balance: collectively evaluated for impairment | 12,477,543 | 11,226,313 | ||
Other Commercial Loans [Member] | ||||
Allowance for loan losses: | ||||
Ending balance | 397,664 | 332,630 | 263,815 | 267,923 |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 397,664 | 332,630 | ||
Loans: | ||||
Ending balance | 37,352,006 | 29,550,727 | ||
Ending balance: collectively evaluated for impairment | 37,352,006 | 29,550,727 | ||
Consumer Loans [Member] | ||||
Allowance for loan losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Loans: | ||||
Ending balance | 433,873 | 391,945 | ||
Ending balance: collectively evaluated for impairment | $433,873 | $391,945 |
Credit_Quality_of_Loans_and_Al4
Credit Quality of Loans and Allowance for Loan Losses - Summary of Loan Portfolio Quality Indicators by Portfolio Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $98,546,591 | $90,539,415 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 97,426,520 | 89,080,513 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,120,071 | 1,458,902 |
Residential Owner Occupied - First Lien [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 34,112,772 | 35,065,264 |
Residential Owner Occupied - First Lien [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 33,966,362 | 34,595,654 |
Residential Owner Occupied - First Lien [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 146,410 | 469,610 |
Residential Owner Occupied - Junior Lien [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,191,038 | 5,239,183 |
Residential Owner Occupied - Junior Lien [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,191,038 | 5,229,766 |
Residential Owner Occupied - Junior Lien [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,417 | |
Residential Non-Owner Occupied (Investor) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,979,359 | 9,065,983 |
Residential Non-Owner Occupied (Investor) [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,370,192 | 8,452,784 |
Residential Non-Owner Occupied (Investor) [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 609,167 | 613,199 |
Commercial Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 12,477,543 | 11,226,313 |
Commercial Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 12,477,543 | 11,226,313 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 37,352,006 | 29,550,727 |
Other Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 36,987,512 | 29,184,051 |
Other Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 364,494 | 366,676 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 433,873 | 391,945 |
Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $433,873 | $391,945 |
Credit_Quality_of_Loans_and_Al5
Credit Quality of Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
TDRs | TDRs | |
Mortgage Loans on Real Estate [Line Items] | ||
Minimum non-classified commercial loan required for annual review | $50,000 | |
Commitments to additional funds to borrowers with restructured loans | $0 | $0 |
Number of TDRs modified | 0 | 0 |
Minimum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Time period for a restructured loan to be considered becoming a performing loan | 6 months |
Credit_Quality_of_Loans_and_Al6
Credit Quality of Loans and Allowance for Loan Losses - Summary of Loan Delinquencies by Portfolio Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $98,208,927 | $89,932,521 |
30-59 days past due | 191,254 | 127,867 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 146,410 | 479,027 |
Total past due | 337,664 | 606,894 |
Ending balance | 98,546,591 | 90,539,415 |
Residential Owner Occupied - First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 33,775,108 | 34,467,787 |
30-59 days past due | 191,254 | 127,867 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 146,410 | 469,610 |
Total past due | 337,664 | 597,477 |
Ending balance | 34,112,772 | 35,065,264 |
Residential Owner Occupied - Junior Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,191,038 | 5,229,766 |
60-89 days past due | 0 | 0 |
Greater than 90 days past due | 9,417 | |
Total past due | 9,417 | |
Ending balance | 5,191,038 | 5,239,183 |
Residential Non-Owner Occupied (Investor) [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,979,359 | 9,065,983 |
60-89 days past due | 0 | 0 |
Ending balance | 8,979,359 | 9,065,983 |
Commercial Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,477,543 | 11,226,313 |
60-89 days past due | 0 | 0 |
Ending balance | 12,477,543 | 11,226,313 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 37,352,006 | 29,550,727 |
60-89 days past due | 0 | 0 |
Ending balance | 37,352,006 | 29,550,727 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 433,873 | 391,945 |
60-89 days past due | 0 | 0 |
Ending balance | $433,873 | $391,945 |
Credit_Quality_of_Loans_and_Al7
Credit Quality of Loans and Allowance for Loan Losses - Summary of Impaired Loans by Portfolio Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Impaired loans: With no related allowance recorded: | ||
Recorded Investment | $260,319 | $595,070 |
Unpaid Principal Balance | 260,319 | 595,070 |
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Recorded Investment | 260,319 | 595,070 |
Unpaid Principal Balance | 260,319 | 595,070 |
Related Allowance | 0 | 0 |
Residential Owner Occupied - First Lien [Member] | ||
Impaired loans: With no related allowance recorded: | ||
Recorded Investment | 146,410 | 469,610 |
Unpaid Principal Balance | 146,410 | 469,610 |
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Recorded Investment | 146,410 | 469,610 |
Unpaid Principal Balance | 146,410 | 469,610 |
Related Allowance | 0 | 0 |
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 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Recorded Investment | 9,417 | |
Unpaid Principal Balance | 9,417 | |
Related Allowance | 0 | 0 |
Residential Non-Owner Occupied (Investor) [Member] | ||
Impaired loans: With no related allowance recorded: | ||
Recorded Investment | 113,909 | 116,043 |
Unpaid Principal Balance | 113,909 | 116,043 |
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Recorded Investment | 113,909 | 116,043 |
Unpaid Principal Balance | 113,909 | 116,043 |
Related Allowance | 0 | 0 |
Commercial Owner Occupied [Member] | ||
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Related Allowance | 0 | 0 |
Other Commercial Loans [Member] | ||
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Related Allowance | 0 | 0 |
Consumer Loans [Member] | ||
Impaired Loans: With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total impaired loans: | ||
Related Allowance | $0 | $0 |
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 $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | $427,695 | $680,681 |
Interest income that would have been recognized | 5,710 | 6,803 |
Interest income recognized (cash basis) | 19,509 | 7,805 |
Interest income foregone (recovered) | -13,799 | -1,002 |
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Total impaired loans: | ||
Average recorded investment | 427,695 | 680,681 |
Interest income that would have been recognized | 5,710 | 6,803 |
Interest income recognized (cash basis) | 19,509 | 7,805 |
Interest income foregone (recovered) | -13,799 | -1,002 |
Average recorded investment | 427,695 | 680,681 |
Interest income that would have been recognized | 5,710 | 6,803 |
Interest income recognized (cash basis) | 19,509 | 7,805 |
Interest income foregone (recovered) | -13,799 | -1,002 |
Residential Owner Occupied - First Lien [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 308,010 | 180,821 |
Interest income that would have been recognized | 5,612 | 1,771 |
Interest income recognized (cash basis) | 18,898 | |
Interest income foregone (recovered) | -13,286 | 1,771 |
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Total impaired loans: | ||
Average recorded investment | 308,010 | 180,821 |
Interest income that would have been recognized | 5,612 | 1,771 |
Interest income recognized (cash basis) | 18,898 | |
Interest income foregone (recovered) | -13,286 | 1,771 |
Average recorded investment | 308,010 | 180,821 |
Interest income that would have been recognized | 5,612 | 1,771 |
Interest income recognized (cash basis) | 18,898 | |
Interest income foregone (recovered) | -13,286 | 1,771 |
Residential Owner Occupied - Junior Lien [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 4,709 | 9,417 |
Interest income that would have been recognized | 98 | 98 |
Interest income recognized (cash basis) | 611 | |
Interest income foregone (recovered) | -513 | 98 |
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Total impaired loans: | ||
Average recorded investment | 4,709 | 9,417 |
Interest income that would have been recognized | 98 | 98 |
Interest income recognized (cash basis) | 611 | |
Interest income foregone (recovered) | -513 | 98 |
Average recorded investment | 4,709 | 9,417 |
Interest income that would have been recognized | 98 | 98 |
Interest income recognized (cash basis) | 611 | |
Interest income foregone (recovered) | -513 | 98 |
Residential Non-Owner Occupied (Investor) [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 114,976 | 123,828 |
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Total impaired loans: | ||
Average recorded investment | 114,976 | 123,828 |
Average recorded investment | 114,976 | 123,828 |
Commercial Owner Occupied [Member] | ||
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Other Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 366,615 | |
Interest income that would have been recognized | 4,934 | |
Interest income recognized (cash basis) | 7,805 | |
Interest income foregone (recovered) | -2,871 | |
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | 0 | 0 |
Total impaired loans: | ||
Average recorded investment | 366,615 | |
Interest income that would have been recognized | 4,934 | |
Interest income recognized (cash basis) | 7,805 | |
Interest income foregone (recovered) | -2,871 | |
Average recorded investment | 366,615 | |
Interest income that would have been recognized | 4,934 | |
Interest income recognized (cash basis) | 7,805 | |
Interest income foregone (recovered) | -2,871 | |
Consumer Loans [Member] | ||
Impaired Loans: With an allowance recorded: | ||
Average recorded investment | 0 | 0 |
Interest income that would have been recognized | 0 | 0 |
Interest income recognized (cash basis) | 0 | 0 |
Interest income foregone (recovered) | $0 | $0 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | $260,319 | $595,070 |
Performing Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 113,909 | 116,043 |
Nonperforming Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 146,410 | 479,027 |
Residential Owner Occupied - First Lien [Member] | Performing Loans [Member] | Troubled Debt Restructurings [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 113,909 | 116,043 |
Residential Owner Occupied - First Lien [Member] | Nonperforming Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 146,410 | 469,610 |
Residential Owner Occupied - Junior Lien [Member] | Nonperforming Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | $9,417 |
Deposits_Summary_of_Deposit_Pr
Deposits - Summary of Deposit Product Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Type Of Deposits [Line Items] | ||
Total deposits | $94,677,529 | $96,904,887 |
Percent of Total | 100.00% | 100.00% |
Non-Interest Bearing Checking [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 7,145,818 | 9,744,047 |
Percent of Total | 7.50% | 10.10% |
Interest-Bearing Checking [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 5,660,322 | 5,148,677 |
Percent of Total | 6.00% | 5.30% |
Savings [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 2,690,376 | 2,286,801 |
Percent of Total | 2.90% | 2.40% |
Premium Savings [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 22,015,854 | 21,618,919 |
Percent of Total | 23.30% | 22.30% |
IRA Savings [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 7,116,437 | 7,304,321 |
Percent of Total | 7.50% | 7.50% |
Money Market [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | 11,204,610 | 10,587,572 |
Percent of Total | 11.80% | 10.90% |
Certificates of Deposit [Member] | ||
Type Of Deposits [Line Items] | ||
Total deposits | $38,844,112 | $40,214,550 |
Percent of Total | 41.00% | 41.50% |
Deposits_Summary_of_Certificat
Deposits - Summary of Certificates of Deposit by Maturity Date Ranges (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Less than or equal to one year | $16,574,452 | $18,314,343 |
More than one to two years | 7,580,178 | 6,043,772 |
More than two to three years | 6,234,186 | 6,696,340 |
More than three to four years | 7,326,521 | 7,280,817 |
More than four to five years | 1,128,775 | 1,879,278 |
Total certificates of deposit | $38,844,112 | $40,214,550 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (Maximum [Member], USD $) | Mar. 31, 2015 |
Maximum [Member] | |
Schedule Of Deposits [Line Items] | |
Deposit accounts in Bank insured by FDIC | $250,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $6,786,628 | $9,874,706 |
Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 6,786,628 | 9,874,706 |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 6,539,528 | 9,599,232 |
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 | 6,539,528 | 9,599,232 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 247,100 | 275,474 |
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 | 247,100 | 275,474 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 6,786,628 | 9,874,706 |
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 | 6,786,628 | 9,874,706 |
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 | 6,539,528 | 9,599,232 |
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 | $247,100 | $275,474 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonperforming impaired loans | $260,319 | $595,070 |
Foreclosed real estate | 52,964 | 52,964 |
Fair Value on Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonperforming impaired loans | 260,319 | 595,070 |
Foreclosed real estate | 52,964 | 52,964 |
Residential Owner Occupied - First Lien [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonperforming impaired loans | 146,410 | 469,610 |
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 | 146,410 | 469,610 |
Residential Owner Occupied - Junior Lien [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonperforming impaired loans | 9,417 | |
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 | |
Residential Non-Owner Occupied (Investor) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonperforming impaired loans | 113,909 | 116,043 |
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 | 113,909 | 116,043 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | 52,964 | 52,964 |
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 | 260,319 | 595,070 |
Foreclosed real estate | 52,964 | 52,964 |
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 | 146,410 | 469,610 |
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] | 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 | $113,909 | $116,043 |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Beginning and Ending Balances for Level 3 Assets (Detail) (Significant Unobservable Inputs Level 3 [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $595,070 | $1,049,038 |
Settlements | -193,081 | -749,397 |
Transfers in and/or out of Level 3 | -141,670 | 295,429 |
Ending balance | 260,319 | 595,070 |
Foreclosed Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 462,005 | |
Total realized and unrealized gains (losses) included in net income | -2,632 | |
Settlements | -406,409 | |
Ending balance | $52,964 | $52,964 |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financial instruments - assets: | ||
Certificates of deposit with depository institutions | $3,102,112 | $3,102,936 |
Securities available for sale | 6,786,628 | 9,874,706 |
Securities held for sale | 1,256,195 | 1,256,280 |
Loans, net of allowance for loan losses | 97,905,539 | 89,984,513 |
Foreclosed assets | 52,964 | 52,964 |
Bank-owned life insurance | 2,065,535 | 2,051,646 |
Other equity securities | 656,796 | 605,596 |
Financial instruments - liabilities: | ||
Deposits | 94,677,529 | 96,904,887 |
Federal Home Loan Bank Advances | 9,500,000 | 8,000,000 |
Carrying Amount [Member] | ||
Financial instruments - assets: | ||
Certificates of deposit with depository institutions | 3,102,112 | 3,102,936 |
Securities available for sale | 6,786,628 | 9,874,706 |
Securities held for sale | 1,256,195 | 1,256,280 |
Loans, net of allowance for loan losses | 97,905,539 | 89,984,513 |
Foreclosed assets | 52,964 | 52,964 |
Bank-owned life insurance | 2,065,535 | 2,051,646 |
Other equity securities | 656,796 | 605,596 |
Financial instruments - liabilities: | ||
Deposits | 94,677,529 | 96,904,887 |
Federal Home Loan Bank Advances | 9,500,000 | 8,000,000 |
Financial instruments - off-balance sheet | 0 | 0 |
Fair Value [Member] | ||
Financial instruments - assets: | ||
Certificates of deposit with depository institutions | 3,102,112 | 3,102,936 |
Securities available for sale | 6,786,628 | 9,874,706 |
Securities held for sale | 1,282,115 | 1,272,835 |
Loans, net of allowance for loan losses | 99,737,000 | 91,718,000 |
Foreclosed assets | 52,964 | 52,964 |
Bank-owned life insurance | 2,065,535 | 2,051,646 |
Other equity securities | 656,796 | 605,596 |
Financial instruments - liabilities: | ||
Deposits | 94,754,000 | 96,864,887 |
Federal Home Loan Bank Advances | 9,693,000 | 8,179,000 |
Financial instruments - off-balance sheet | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Financial instruments - liabilities: | ||
Financial instruments - off-balance sheet | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Financial instruments - assets: | ||
Certificates of deposit with depository institutions | 3,102,112 | 3,102,936 |
Securities available for sale | 6,786,628 | 9,874,706 |
Securities held for sale | 1,282,115 | 1,272,835 |
Bank-owned life insurance | 2,065,535 | 2,051,646 |
Financial instruments - liabilities: | ||
Deposits | 94,754,000 | 96,864,887 |
Federal Home Loan Bank Advances | 9,693,000 | 8,179,000 |
Financial instruments - off-balance sheet | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ||
Financial instruments - assets: | ||
Loans, net of allowance for loan losses | 99,737,000 | 91,718,000 |
Foreclosed assets | 52,964 | 52,964 |
Other equity securities | 656,796 | 605,596 |
Financial instruments - liabilities: | ||
Financial instruments - off-balance sheet | $0 | $0 |
Capital_Requirements_and_Regul2
Capital Requirements and Regulatory Matters - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Dividends available to be paid out of undivided profits | 100.00% |
Dividends paid from surplus in excess of 100% with approval | 100.00% |
Loans and advances limitation | 10.00% |
Maximum [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Percentage of cash dividends limitation of net earnings | 90.00% |
Capital_Requirements_and_Regul3
Capital Requirements and Regulatory Matters - Summary of Bank's Capital Position (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Total capital to risk-weighted assets Amount | $16,152,696 | $11,049,639 |
Total capital to risk-weighted assets Ratio | 19.60% | 14.80% |
Total capital to risk-weighted assets for Capital Adequacy Purposes Amount | 6,605,206 | 5,968,618 |
Total capital to risk-weighted assets for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total capital to risk-weighted assets to be well Capitalized Under Prompt Corrective Action Provisions Amount | 8,256,508 | 7,460,773 |
Total 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 | 15,391,696 | 10,327,639 |
Tier 1 capital to risk-weighted assets Ratio | 18.60% | 13.80% |
Tier 1 capital to risk-weighted assets for Capital Adequacy Purposes Amount | 4,953,905 | 2,984,309 |
Tier 1 capital to risk-weighted assets for Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 capital to risk-weighted assets to be well Capitalized Under Prompt Corrective Action Provisions Amount | 6,605,206 | 4,476,464 |
Tier 1 capital to risk-weighted assets to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Common equity tier 1 capital to risk-weighted assets Amount | 15,391,696 | 10,327,639 |
Common equity tier 1 capital to risk-weighted assets Ratio | 18.60% | |
Common equity tier 1 capital to risk-weighted assets for Capital Adequacy Purposes Amount | 3,715,428 | |
Common equity tier 1 capital to risk-weighted assets for Capital Adequacy Purposes Ratio | 4.50% | |
Common equity tier 1 capital to risk-weighted assets to be well Capitalized Under Prompt Corrective Action Provisions Amount | 5,366,730 | |
Common equity tier 1 capital to risk-weighted assets to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 leverage to average assets Amount | 15,391,696 | 10,327,639 |
Tier 1 leverage to average assets Ratio | 13.00% | 9.20% |
Tier 1 leverage to average assets for Capital Adequacy Purposes Amount | 4,735,037 | 4,515,721 |
Tier 1 leverage to average assets for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 leverage to average assets to be well Capitalized Under Prompt Corrective Action Provisions Amount | 5,918,796 | 5,644,651 |
Tier 1 leverage to average assets to be well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tangible capital to tangible assets Amount | 15,422,115 | 10,337,815 |
Tangible capital to tangible assets Ratio | 12.80% | 8.90% |
Tangible capital to tangible assets for Capital Adequacy Purposes Amount | $1,738,590 | |
Tangible capital to tangible assets for Capital Adequacy Purposes Ratio | 1.50% |
Capital_Requirements_and_Regul4
Capital Requirements and Regulatory Matters - Schedule of Reconciliation of Company's Consolidated Equity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||||
Consolidated GAAP equity | $15,802,011 | $10,750,497 | $10,250,498 | $8,415,698 |
Consolidated equity in excess of Bank equity | -379,896 | -412,682 | ||
Bank GAAP equity - Tangible capital | 15,422,115 | 10,337,815 | ||
Accumulated other comprehensive income, net of tax | 30,419 | 10,176 | ||
Disallowed deferred tax assets | 0 | 0 | ||
Common equity tier 1 capital | 15,391,696 | 10,327,639 | ||
Additional tier 1 capital | 0 | 0 | ||
Tier 1 capital | 15,391,696 | 10,327,639 | ||
Allowance for loan losses (1.25% of risk-weighted assets) | 761,000 | 722,000 | ||
Total risk-based capital | $16,152,696 | $11,049,639 |
Capital_Requirements_and_Regul5
Capital Requirements and Regulatory Matters - Schedule of Reconciliation of Company's Consolidated Equity (Parenthetical) (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Allowance for loan losses Percentage of risk-weighted assets | 1.25% | 1.25% |
Earnings_Per_Share_Calculation
Earnings Per Share - Calculation of Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Net Income available to common shareholders | $55,415 | $73,185 |
Weighted average number of shares used in: | ||
Basic earnings per share | 541,794 | 405,509 |
Adjustment for common share equivalents | 14,928 | 13,092 |
Diluted earnings per share | 556,722 | 418,601 |
Basic net income per common share | $0.10 | $0.18 |
Diluted net income per common share | $0.10 | $0.17 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Percentage of dividend declared | 20.00% |
Dividend payable date declared | 26-Mar-15 |
Dividend payable date to be paid | 1-May-15 |
Dividend payable date of record | 10-Apr-15 |