Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Owens Realty Mortgage, Inc. | |
Entity Central Index Key | 1,556,364 | |
Trading Symbol | orm | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,247,477 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 601,734 | $ 434,243 |
Restricted cash | 6,500,000 | 6,500,000 |
Loans, net of allowance for losses of $2,636,859 in 2017 and $2,706,822 in 2016 | 134,068,065 | 126,975,489 |
Interest and other receivables | 2,166,239 | 2,164,335 |
Other assets, net of accumulated depreciation and amortization of $266,097 in 2017 and $251,729 in 2016 | 857,489 | 803,676 |
Deferred financing costs, net of accumulated amortization of $144,570 in 2017 and $107,744 in 2016 | 135,029 | 171,855 |
Deferred tax assets, net | 7,259,013 | 7,248,977 |
Investment in limited liability company | 2,184,474 | 2,140,482 |
Real estate held for sale | 81,502,043 | 75,843,635 |
Real estate held for investment, net of accumulated depreciation of $3,363,333 in 2017 and $3,151,427 in 2016 | 35,526,689 | 37,279,763 |
Total assets | 270,800,775 | 259,562,455 |
LIABILITIES: | ||
Dividends payable | 819,798 | 1,402,496 |
Due to Manager | 372,532 | 360,627 |
Accounts payable and accrued liabilities | 2,511,774 | 3,699,859 |
Deferred gains on sales of real estate | 209,662 | 209,662 |
Lines of credit payable | 14,164,000 | 4,976,000 |
Notes and loans payable on real estate | 37,823,252 | 33,385,934 |
Total liabilities | 55,901,018 | 44,034,578 |
Commitments and Contingencies (Note 13) | ||
EQUITY: | ||
Preferred stock, $.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016 | ||
Common stock, $.01 par value per share, 50,000,000 shares authorized, 11,198,119 shares issued, 10,247,477 shares outstanding at March 31, 2017 and December 31, 2016 | 111,981 | 111,981 |
Additional paid-in capital | 182,437,522 | 182,437,522 |
Treasury stock, at cost – 950,642 shares at March 31, 2017 and December 31, 2016 | (12,852,058) | (12,852,058) |
Retained earnings | 45,202,312 | 45,830,432 |
Total stockholders’ equity | 214,899,757 | 215,527,877 |
Total liabilities and equity | $ 270,800,775 | $ 259,562,455 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Loans, allowance for losses | $ 2,636,859 | $ 2,706,822 |
Other assets, accumulated depreciation and amortization | 266,097 | 251,729 |
Deferred financing costs, accumulated amortization | 144,570 | 107,744 |
Real estate held for investment, accumulated depreciation | $ 3,363,333 | $ 3,151,427 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,198,119 | 11,198,119 |
Common stock, shares outstanding (in shares) | 10,247,477 | 10,247,477 |
Treasury stock, shares (in shares) | 950,642 | 950,642 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Interest income on loans | $ 2,547,042 | $ 2,043,008 |
Rental and other income from real estate properties | 946,371 | 2,139,985 |
Income from investment in limited liability company | 43,992 | 42,624 |
Total revenues | 3,537,405 | 4,225,617 |
Expenses: | ||
Management fees to Manager | 947,514 | 765,515 |
Servicing fees to Manager | 86,138 | 69,592 |
General and administrative expense | 483,814 | 553,417 |
Rental and other expenses on real estate properties | 1,203,319 | 1,790,379 |
Depreciation and amortization | 309,960 | 343,649 |
Interest expense | 286,801 | 683,051 |
Provision for loan losses | 38,036 | 111,075 |
Total expenses | 3,355,582 | 4,316,678 |
Operating income (loss) | 181,823 | (91,061) |
(Loss) gain on sales of real estate, net | (181) | 4,838,815 |
Net income before income tax expense | 181,642 | 4,747,754 |
Income tax benefit | 10,036 | |
Net income | 191,678 | 4,747,754 |
Less: Net income attributable to non-controlling interests | (13,492) | |
Net income attributable to common stockholders | $ 191,678 | $ 4,734,262 |
Per common share data: | ||
Basic and diluted earnings per common share (in dollars per share) | $ 0.02 | $ 0.46 |
Basic and diluted weighted average number of common shares outstanding (in shares) | 10,247,477 | 10,247,477 |
Dividends declared per share of common stock (in dollars per share) | $ 0.08 | $ 0.08 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Dec. 31, 2015 | 11,198,119 | (950,642) | |||||
Balances at Dec. 31, 2015 | $ 111,981 | $ 182,437,522 | $ (12,852,058) | $ 25,282,553 | $ 194,979,998 | $ 4,528,849 | $ 199,508,847 |
Net income | 4,734,262 | 4,734,262 | 13,492 | 4,747,754 | |||
Dividends declared | (819,798) | (819,798) | (819,798) | ||||
Distributions to non-controlling interests | (5,132) | (5,132) | |||||
Balances (in shares) at Mar. 31, 2016 | 11,198,119 | (950,642) | |||||
Balances at Mar. 31, 2016 | $ 111,981 | 182,437,522 | $ (12,852,058) | 29,197,017 | 198,894,462 | 4,537,209 | 203,431,671 |
Balances (in shares) at Dec. 31, 2016 | 11,198,119 | (950,642) | |||||
Balances at Dec. 31, 2016 | $ 111,981 | 182,437,522 | $ (12,852,058) | 45,830,432 | 215,527,877 | 215,527,877 | |
Net income | 191,678 | 191,678 | 191,678 | ||||
Dividends declared | (819,798) | (819,798) | (819,798) | ||||
Balances (in shares) at Mar. 31, 2017 | 11,198,119 | (950,642) | |||||
Balances at Mar. 31, 2017 | $ 111,981 | $ 182,437,522 | $ (12,852,058) | $ 45,202,312 | $ 214,899,757 | $ 214,899,757 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 191,678 | $ 4,747,754 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Loss (gain) on sales of real estate, net | 181 | (4,838,815) |
Deferred income tax benefit | (10,036) | |
Income from investment in limited liability company | (43,992) | (42,624) |
Provision for loan losses | 38,036 | 111,075 |
Depreciation and amortization | 309,960 | 343,649 |
Amortization of deferred financing costs | 45,902 | 107,022 |
Changes in operating assets and liabilities: | ||
Interest and other receivables | (1,904) | (342,480) |
Other assets | (57,224) | (100,645) |
Accounts payable and accrued liabilities | (2,385,879) | (1,445,657) |
Due to Manager | 11,905 | (90,621) |
Net cash used in operating activities | (1,901,373) | (1,551,342) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Principal collected on loans | 8,603,121 | 18,028,938 |
Investment in loans | (15,733,733) | (22,964,470) |
Investment in real estate properties | (3,825,224) | (2,832,188) |
Net proceeds from disposition of real estate properties | 871,856 | 6,478,811 |
Purchases of vehicles and equipment | (10,957) | (23,173) |
Transfer to restricted cash, net | (104,050) | |
Net cash used in investing activities | (10,094,937) | (1,416,132) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advances on notes payable | 4,475,120 | 1,562,861 |
Repayments on notes payable | (96,823) | (166,971) |
Advances on lines of credit | 14,918,000 | 32,128,000 |
Repayments on lines of credit | (5,730,000) | (26,191,000) |
Payment of deferred financing costs | (254,582) | |
Distributions to non-controlling interests | (5,132) | |
Dividends paid (including tax payments on behalf of shareholders) | (1,402,496) | (2,133,455) |
Net cash provided by financing activities | 12,163,801 | 4,939,721 |
Net increase in cash and cash equivalents | 167,491 | 1,972,247 |
Cash and cash equivalents at beginning of period | 434,243 | 1,255,842 |
Cash and cash equivalents at end of period | 601,734 | 3,228,089 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest (excluding amounts capitalized) | 215,585 | 502,649 |
Cash paid during the period for interest that was capitalized | 267,580 | 188,691 |
Supplemental Disclosure of Non-Cash Activity | ||
Amortization of deferred financing costs capitalized to construction project | (49,945) | (36,230) |
Change in capital expenditures financed through accounts payable | (1,197,794) | (3,503,363) |
Dividends declared but not paid | $ (819,798) | $ (819,798) |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 Owens Realty Mortgage, Inc. (the “Company”) was incorporated on August 9, 2012, 50,000,000 $0.01 5,000,000 $0.01 4, February 12, 2013 333 184392). April 16, 2013 May 20, 2013. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, December 31, 2012. 100% 90% |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 In the opinion of the management of the Company, the accompanying unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial information included therein. Certain information and footnote disclosures presented in the annual consolidated financial statements are not included in these interim financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Form 10 December 31, 2016 March 15, 2017. three March 31, 2017 December 31, 2017. 10 Basis of Presentation Princip les of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned taxable REIT subsidiaries (“TRSs”) and its majority- and wholly-owned limited liability companies. The Company is in the business of providing mortgage lending services and manages its business as one Certain reclassifications, not affecting previously reported net income or stockholders’ equity, have been made to the previously issued consolidated financial statements to conform to the current period presentation. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates. Recently Issued Accounting Pronouncements In January 2017, 2017 01, 805) 2017 01. 2017 01 December 15, 2017, 2017 01 In November 2016, 2016 18, 230) 2016 18. 2016 18 December 15, 2017, 2016 18 In August 2016, 2016 15, 230) 2016 15. 2016 15 eight December 15, 2017, 2016 15 In June 2016, 2016 13, 326) 2016 13. 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 may In May 2014, 2014 09, 606),” 2014 09. 2014 09 2014 09’s one 2015 14, first December 15, 2017, December 15, 2016. In February 2016, 2016 02, 842)” 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, 2016 01, 825 10) 2016 1. 2016 01 December 15, 2017, 2016 01 Recently Adopted Accounting Pronouncements In March 2016, 2016 07, 323) 2016 07. 2016 07 323 2016 07 first 2017 Significant Accounting Policies The significant accounting policies used in the preparation of these interim consolidated financial statements are disclosed in the Company’s consolidated financial statements for the year ended December 31, 2016 2016 10 March 31, 2017. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | NOTE 3 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are generally stated at the principal amount outstanding. Advances under the terms of a loan to pay property taxes, insurance, legal and other costs are generally capitalized and reported as interest and other receivables. The Company’s portfolio consists primarily of real estate loans generally collateralized by first, second third ninety 9). Loans and the related accrued interest and advances are analyzed by management on a periodic basis for ultimate recovery. The allowance for loan losses is management’s estimate of probable credit losses inherent in the Company’s loan portfolio that have been incurred as of the balance sheet date. The allowance is established through a provision for loan losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two Regardless of a loan type, a loan is considered impaired when, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. All loans determined to be impaired are individually evaluated for impairment. When a loan is considered impaired, management estimates impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, management may fourth may A restructuring of a debt constitutes a troubled debt restructuring (“TDR”) if the Company for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. Restructured loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Loans that are reported as TDR’s are considered impaired and measured for impairment as described above. The determination of the general reserve for loans that are not considered impaired and are collectively evaluated for impairment is based on estimates made by management, to include, but not limited to, consideration of historical losses by portfolio segment, internal asset classifications, and qualitative factors to include economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. The Company maintains a separate allowance for each portfolio segment (loan type). These portfolio segments include commercial real estate, residential real estate and land loans. The allowance for loan losses attributable to each portfolio segment, which includes both impaired loans that are individually evaluated for impairment and loans that are not considered impaired and are collectively evaluated for impairment, is combined to determine the Company’s overall allowance, which is included on the consolidated balance sheet. The reserve for loans that are not considered impaired consists of reserve factors that are based on management’s assessment of the following for each portfolio segment: (1) (2) (3) Land Loans Commercial and Residential Real Estate Loans may The following tables show the changes in the allowance for loan losses by portfolio segment for the three March 31, 2017 2016 March 31, 2017 December 31, 2016 2017 Commercial Residential Land Total Allowance for loan losses: Three Months Ended March 31, 2017 Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (107,999 ) — (107,999 ) Provision (Reversal) 69,577 (13,964 ) (17,577 ) 38,036 Ending balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 March 31 , 201 7 Ending balance: individually evaluated for impairment $ — $ 624,713 $ — $ 624,713 Ending balance: collectively evaluated for impairment 934,548 584,642 492,956 2,012,146 Ending balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 Loans: Ending balance: individually evaluated for impairment $ — $ 4,177,854 $ — $ 4,177,854 Ending balance: collectively evaluated for impairment 110,682,477 13,606,070 8,238,523 132,527,070 Ending balance $ 110,682,477 $ 17,783,924 $ 8,238,523 $ 136,704,924 2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended March 31, 2016 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Provision (Reversal) (3 ) 48,335 62,743 111,075 Ending balance $ 1,140,527 $ 503,922 $ 309,072 $ 1,953,521 December 31 , 201 6 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment 864,971 598,606 510,533 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment 102,442,111 14,117,811 8,238,523 124,798,445 Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311 The following tables show an aging analysis of the loan portfolio by the time monthly payments are past due as of March 31, 2017 December 31, 2016. 90 March 31, 2017 December 31, 2016. March 31, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ — $ 110,682,477 $ 110,682,477 Residential — — 4,177,854 4,177,854 13,606,070— 17,783,924 Land — — — — 8,238,523 8,238,523 $ — $ — $ 4,177,854 $ 4,177,854 $ 132,527,070 $ 136,704,924 The above table as of March 31, 2017 $5,227,000 ($1,175,000 90 $4,052,000 $3,025,000 90 $760,000 60 89 $267,000 30 59 December 31, 2016 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ — $ 102,442,111 $ 102,442,111 Residential 1,983,247 — 4,883,866 6,867,113 12,134,564 19,001,677 Land 1,080,000 — — 1,080,000 7,158,523 8,238,523 $ 3,063,247 $ — $ 4,883,866 $ 7,947,113 $ 121,735,198 $ 129,682,311 The above table as of December 31, 2016 $8,686,000 ($3,675,000 $2,500,000 30 $1,175,000 30 59 $5,011,000 90 The following tables show information related to impaired loans as of and for the three March 31, 2017: As of March 31, 201 7 Three Months Ended March 31, 201 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 224,880 224,880 — 226,042 4,982 Land — — — — — $ 224,880 $ 224,880 $ 226,042 $ 4,982 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 4,443,169 3,952,974 624,713 4,673,655 — Land — — — — — $ 4,443,169 3,952,974 $ 624,713 $ 4,673,655 $ — Total: Commercial $ — $ — $ — $ — $ — Residential 4,668,049 4,177,854 624,713 4,899,697 4,982 Land — — — — — $ 4,668,049 $ 4,177,854 $ 624,713 $ 4,899,697 $ 4,982 The following table shows information related to impaired loans as of December 31, 2016 three March 31, 2016: As of December 31, 201 6 Three Months Ended March 31, 201 6 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 488,699 $ — Residential 228,349 228,349 — 7,702,080 5,247 Land — — — — — $ 228,349 $ 228,349 $ 8,190,779 $ 5,247 With an allowance recorded: Commercial $ — $ — $ — $ 1,171,207 $ — Residential 5,145,712 4,655,517 732,712 — — Land — — — — — $ 5,145,712 4,655,517 $ 732,712 $ 1,171,207 $ — Total: Commercial Commercial Real Estate $ — $ — $ — $ 1,659,906 $ — Residential 5,374,061 4,883,866 732,712 7,702,080 5,247 Land — — — — — $ 5,374,061 $ 4,883,866 $ 732,712 $ 9,361,986 $ 5,247 The recorded investment balances presented in the above tables include amounts advanced in addition to principal on impaired loans (such as property taxes, insurance and legal charges) that are reimbursable by borrowers and are included in interest and other receivables in the accompanying consolidated balance sheets. Interest income recognized on a cash basis for impaired loans approximates the interest income recognized as reflected in the tables above. The average recorded investment and interest income recognized on impaired loans for which no related allowance was recorded presented in the above tables are disclosed as such, even if these impaired loans may Troubled Debt Restructurings The Company had recorded specific loan loss allowances of approximately $625,000 $733,000 $4,668,000 $5,374,000 March 31, 2017 December 31, 2016, not No loans were modified as troubled debt restructurings during the quarters ended March 31, 2017 2016, nor twelve three March 31, 2017 2016. |
Note 4 - Investment in Limited
Note 4 - Investment in Limited Liability Company | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 During 2008, 1850 (“1850”), July 2008, two two 1850. 1850 The Company received no 1850 three March 31, 2017 2016. 1850 $44,000 $43,000 three March 31, 2017 2016, |
Note 5 - Real Estate Held for S
Note 5 - Real Estate Held for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 5 Real estate properties held for sale as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Land (including land under development) $ 78,068,730 $ 73,140,659 Golf course 1,970,437 1,970,437 Marina 1,462,876 — Office — 732,539 $ 81,502,043 $ 75,843,635 Transfers During the three March 31, 2017, one $1,463,000 During the three March 31, 2016, one $4,183,000 September 2016. Impairment Losses No three March 31, 2017 2016. Sales During the three March 31, 2017, one one $872,000, In April 2017 the approximately 8.0 $42,300,000, $13,200,000 14). During the three March 31, 2016, one one $6,479,000, $4,839,000. |
Note 6 - Real Estate Held for I
Note 6 - Real Estate Held for Investment | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Real Estate Held for Investment Disclosure [Text Block] | NOTE 6 Real estate held for investment as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Retail $ 16,646,653 $ 16,829,995 Land 4,235,465 4,234,806 Residential 2,393,328 2,405,439 Assisted care 5,786,246 5,820,709 Office 3,925,360 3,962,869 Marina 2,539,637 4,025,945 $ 35,526,689 $ 37,279,763 The balances of land and the major classes of depreciable property for real estate held for investment as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Land and land improvements $ 10,404,165 $ 11,520,339 Buildings and improvements 28,485,857 28,910,851 38,890,022 40,431,190 Less: Accumulated depreciation (3,363,333 ) (3,151,427 ) $ 35,526,689 $ 37,279,763 It is the Company’s intent to sell the majority of its real estate properties held for investment, but expected sales are not probable to occur within the next year. Depreciation expense was approximately $296,000 $327,000 three March 31, 2017 2016, Certain of the Company’s real estate properties held for sale and investment are leased to tenants one seven tenant five March 31, 2017 Twelve months ending March 31: 2018 $ 2,333,552 2019 1,918,726 2020 1,371,521 2021 792,792 2022 691,599 Thereafter (through 2024) 862,936 Total $ 7,971,126 |
Note 7 - Lines of Credit Payabl
Note 7 - Lines of Credit Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 The Company borrows funds under the revolving California Bank & Trust (“CB&T”) Line of Credit and, until its termination in September 2016, March 31, 2017 December 31, 2016, As of March 31, 201 7 As of December 31, 201 6 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ 14,164,000 $ 44,120,000 $ 4,976,000 $ 22,625,000 CB&T Line of Credit In February 2014, April 2015 $30,000,000 March 1, 2016 $30,000,000 $50,000,000, $75,000,000, March 1, 2018. March 2017, $5,000,000 $55,000,000. Such borrowings bear interest payable monthly at the prime rate of interest established by CB&T from time-to-time plus one (.25%) (4.25% March 31, 2017). 2.00%. $100,000 $177,000 March 31, 2017). $255,000 $160,000 $188,000 three March 31, 2017 2016, $37,000 $34,000, Borrowings are secured by certain assets of the Company. These collateral assets will include the grant to the lenders of first March 31, 2017, Loans: March 31 , 201 7 Commercial $ 63,853,317 Residential 4,038,904 Total $ 67,892,221 The CB&T Credit Facility agreements contain financial covenants which are customary for a loan of this type. Management is not aware of any breach of these covenants as of March 31, 2017. Opus Bank Line of Credit In April 2014, 2016 The Opus Credit Facility required the payment of an origination fee of $100,000 $231,000 $109,000 three March 31, 2016 $19,000 |
Note 8 - Notes and Loans Payabl
Note 8 - Notes and Loans Payable on Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | NOTE 8 The Company had the following notes and loans payable outstanding as of March 31, 2017 December 31, 2016: March 31, 2017 Interest Rate December 31, 2016 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 13,538,066 3.47 % 13,634,889 3.47 % Amortizing Monthly January 2021 Zalanta Construction Loan Payable 24,688,680 5.50 % 20,213,560 5.25 % Interest Only Monthly August 2018 Principal amount $ 38,226,746 $ 33,848,449 Less unamortized deferred financing costs (403,494 ) (462,515 ) Notes and loans payable, net $ 37,823,252 $ 33,385,934 The following table shows maturities by year on these notes and loans payable as of March 31, 2017: Twelve months ending March 31: 2018 $ 24,395,789 2019 1,098,423 2020 424,190 2021 12,308,344 2022 — $ 38,226,746 Tahoe Stateline Venture, LLC Loan Payable In December 2014, $14,500,000. $10,445,000 first $3,830,000 September 2015. The maturity date of the TSV Loan is January 1, 2021 3.47% January 1, 2018 three five (5.00%) ten (10.00%) 90 January 1, 2018, 90 may During the term of the TSV Loan, TSV will make equal combined payments of principal and accrued interest on the first 300 The Credit Agreement required the payment of a closing fee of $108,750 $218,000. three March 31, 2017 2016, $127,000 $130,000, $9,000 $9,000, $137,000 $146,000 March 31, 2017 December 31, 2016, The TSV Loan documents contain financial covenants which are customary for loans of this type . Management is not aware of any breach of these covenants as of March 31, 2017. Zalanta Construction Loan Payable In August 2016, $31,000,000, Borrowings under the ZRV Loan documents are only for payment or reimbursement of approved Project costs and such borrowings are subject to customary conditions for loans of this type. The borrowings under the ZRV Loan may 60% 65% 1.50% five (5.0%) March 31, 2017 5.5%. five (5.0%) Interest only payments are payable monthly from an established interest reserve. In addition, on the last day of the calendar quarter in which a Certificate of Occupancy is obtained with respect to completion of the first $6 August 3, 2018. Borrowings are secured by: (i) a first $3,000,000 The Loan Agreement required the payment of an origination fee of $310,000 $400,000. three March 31, 2017, $50,000 three March 31, 2017, $290,000 The ZRV Loan documents contain financial covenants which are customary for loans of this type . Management is not aware of any breach of these covenants as of March 31, 2017. |
Note 9 - Transactions with Affi
Note 9 - Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 In consideration of the management services rendered to the Company pursuant to the management agreement between the Company and OFG (the “Management Agreement”), OFG is entitled to receive from the Company a management fee payable monthly, subject to a maximum of 2.75% All of the Company’s loans are serviced by OFG, in consideration for which OFG receives a monthly fee, which, when added to all other fees paid in connection with the servicing of a particular loan, does not exceed the lesser of the customary, competitive fee paid in the community where the loan is placed for the provision of such mortgage services on that type of loan, or up to 0.25% OFG, at its sole discretion may, may 1 /12 12 $948,000 $766,000 three March 31, 2017 2016, $86,000 $70,000 three March 31, 2017 2016, March 31, 2017 December 31, 2016, $342,000 $324,000, During the three March 31, 2017 2016 December 31, 2016, Pursuant to the charter, OFG receives all late payment charges from borrowers on loans owned by the Company. The amounts paid to or collected by OFG for such charges totaled approximately $15,000 $3,000 three March 31, 2017 2016, $4,000 $4,000 three March 31, 2017 2016, OFG originates all loans the Company invests in and receives loan origination and extension fees from borrowers. During the three March 31, 2017 2016, $528,000 $718,000, $26,655,000 $35,150,000, OFG is reimbursed by the Company for the actual cost of goods, services and materials used for or by the Company and paid by OFG and the salary and related salary expense of OFG’s non-management and non-supervisory personnel performing services for the Company which could be performed by independent parties (subject to certain limitations in the Management Agreement). The amounts reimbursed to OFG by the Company were $93,000 $114,000 three March 31, 2017 2016, $31,000 $36,000 March 31, 2017 December 31, 2016, no three March 31, 2017 2016. The Company paid Investor’s Yield, Inc. (a wholly owned subsidiary of OFG) less than $1,000 three March 31, 2017 2016. |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 Dividends On March 16, 2017, $0.08 March 31, 2017. April 13, 2017 $819,798. Stock Repurchase Program On December 11, 2015, 10b5 1 “2016 $7.5 2016 2016 April 1, 2016 2016 March 31, 2017. |
Note 11 - Restricted Cash
Note 11 - Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | NOTE 11 Contingency Reserves In accordance with the charter, the Company is required to maintain cash, cash equivalents and marketable securities as contingency reserves in an aggregate amount of 1 1/2% The contingency reserves required per the charter as of March 31, 2017 December 31, 2016 $3,726,000 $3,738,000, $6,500,000 March 31, 2017 December 31, 2016 |
Note 12 - Fair Value
Note 12 - Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 12 The Company discloses fair value of its financial and nonfinancial assets and liabilities pursuant to ASC 820 Fair Value Measurements and Disclosures 820 Fair value is defined in ASC 820 820 three may Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 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, such as the Company’s own data or assumptions. Level 3 Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may one Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial and nonfinancial assets and liabilities on a nonrecurring basis. There were no Impaired Loans The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan may 310 10 35. third March 31, 2017 December 31, 2016, third two. 820, 3. Real Estate Held for Sale and Investment Real estate held for sale and investment includes properties acquired through foreclosure of the related loans. When property is acquired, any excess of the Company’s recorded investment in the loan and accrued interest income over the estimated fair market value of the property, net of estimated selling costs, is charged against the allowance for loan losses. Subsequently, real estate properties held for sale are carried at the lower of carrying value or fair value less costs to sell. The Company periodically compares the carrying value of real estate held for investment to expected future cash flows as determined by internally or third third two) 3 The following table presents information about the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2017 December 31, 2016: Fair Value Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2017 Nonrecurring: Impaired loans: Residential $ 3,818,456 $ — $ — $ 3,818,456 Total $ 3,818,456 $ — $ — $ 3,818,456 December 31, 2016 Nonrecurring: Impaired loans: Residential $ 4,413,000 $ — $ — $ 4,413,000 Total $ 4,413,000 $ — $ — $ 4,413,000 Real estate properties: Land $ 139,498 $ — $ — $ 139,498 Commercial 732,539 — — 732,539 Total $ 872,037 — $ — $ 872,037 The provision for loan losses based on the fair value of loan collateral less estimated selling costs for the impaired loans above totaled approximately $0 $9,000 three March 31, 2017 2016, No three March 31, 2017 2016, There were no March 31, 2017 December 31, 2016. During the three March 31, 2017 2016, 1 2. The following table presents quantitative information about Level 3 March 31, 2017 December 31, 2016: March 31, 2017 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Commercial $ 3,818,456 Appraisal Comparable Sales Adjustment (4.6) % to 4.2% N/A December 31, 2016 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Residential $ 4,413,000 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Land $ 139,498 Appraisal Comparable Sales Adjustment (33.7)% N/A Commercial 732,539 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A Where only one one one The approximate carrying amounts and estimated fair values of financial instruments at March 31, 2017 December 31, 2016 Fair Value Measurements at March 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 602,000 $ 602,000 $ — $ — $ 602,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 134,068,000 — — 133,748,000 133,748,000 Investment in limited liability company 2,184,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,355,000 — — 1,355,000 1,355,000 Financial liabilities Accrued interest payable $ 184,000 $ — $ 145,000 $ 39,000 $ 184,000 Line of credit payable 14,164,000 — 14,164,000 — 14,164,000 Notes and loans payable 37,823,000 — 24,689,000 12,699,000 37,388,000 Fair Value Measurements at December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 434,000 $ 434,000 $ — $ — $ 434,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 126,975,000 — — 126,652,000 126,652,000 Investment in limited liability company 2,140,000 — — 2,650,000 2,650,000 Accrued interest and advances receivables 1,328,000 — — 1,328,000 1,328,000 Financial liabilities Accrued interest payable $ 137,000 $ — $ 97,000 $ 40,000 $ 137,000 Line of credit payable 4,976,000 4,976,000 — 4,976,000 Notes and loans payable 33,386,000 — 20,213,000 13,499,000 33,712,000 The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instruments: Cash, cash equivalents and restricted cash: The carrying value of cash and cash equivalents and restricted cash approximates the fair value because of the relatively short maturity and/or liquid nature of these instruments and are classified as Level 1. Loans, net: Except as it relates to impaired loans measured at fair value on a nonrecurring basis discussed previously, the fair value of loans is estimated using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality but are often unobservable resulting in a Level 3 3. Investment in limited liability company The fair value of the Company’s investment in limited liability company is estimated based on an appraisal obtained and is classified as Level 3 Line of credit payable: The fair values of the Company’s line of credit is estimated based upon a discounted cash flow model using comparable market indicators of current pricing for the same or similar issue or on the current rate offered to the Company for debt of the same remaining maturity and is generally observable resulting in a Level 2 2. Notes and loans payable: The fair values of the Company’s notes and loans payable and related accrued interest payable are estimated based upon a discounted cash flow model using comparable market indicators of current pricing for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities resulting in either a Level 2 3 2 one 3 2 3. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 Contractual Obligations The Company has entered into various contracts for design, architectural, engineering, foundation work and construction for the development of the land owned by ZRV. The aggregate amount of these contracts totaled approximately $33,811,000 $30,035,000 March 31, 2017 $4,734,000 $34,769,000). may The Company has entered into various contracts for design, architectural and engineering for the development of the land owned by ZRV II. The aggregate amount of these contracts totaled approximately $1,044,000 $862,000 March 31, 2017 $294,000 $1,156,000). may As of March 31, 2017, $30,360,000 $4,017,000 Legal Proceedings The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, such matters will not have a material effect upon the financial position of the Company. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14 Closing of Sale of Assets at Chateau at the Village As previously reported, on September 22, 2016, 2 November 18, 2016, 8.0 $45.5 $42.5 $3.0 The sale of the Property closed on April 18, 2017 $42.3 $13.2 Shelf Registration Filed In May 2017, 3 1933, “1933 $100.0 two may 415 1933 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Princip les of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned taxable REIT subsidiaries (“TRSs”) and its majority- and wholly-owned limited liability companies. The Company is in the business of providing mortgage lending services and manages its business as one Certain reclassifications, not affecting previously reported net income or stockholders’ equity, have been made to the previously issued consolidated financial statements to conform to the current period presentation. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In January 2017, 2017 01, 805) 2017 01. 2017 01 December 15, 2017, 2017 01 In November 2016, 2016 18, 230) 2016 18. 2016 18 December 15, 2017, 2016 18 In August 2016, 2016 15, 230) 2016 15. 2016 15 eight December 15, 2017, 2016 15 In June 2016, 2016 13, 326) 2016 13. 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 may In May 2014, 2014 09, 606),” 2014 09. 2014 09 2014 09’s one 2015 14, first December 15, 2017, December 15, 2016. In February 2016, 2016 02, 842)” 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, 2016 01, 825 10) 2016 1. 2016 01 December 15, 2017, 2016 01 Recently Adopted Accounting Pronouncements In March 2016, 2016 07, 323) 2016 07. 2016 07 323 2016 07 first 2017 |
Note 3 - Loans and Allowance 22
Note 3 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2017 Commercial Residential Land Total Allowance for loan losses: Three Months Ended March 31, 2017 Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (107,999 ) — (107,999 ) Provision (Reversal) 69,577 (13,964 ) (17,577 ) 38,036 Ending balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 March 31 , 201 7 Ending balance: individually evaluated for impairment $ — $ 624,713 $ — $ 624,713 Ending balance: collectively evaluated for impairment 934,548 584,642 492,956 2,012,146 Ending balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 Loans: Ending balance: individually evaluated for impairment $ — $ 4,177,854 $ — $ 4,177,854 Ending balance: collectively evaluated for impairment 110,682,477 13,606,070 8,238,523 132,527,070 Ending balance $ 110,682,477 $ 17,783,924 $ 8,238,523 $ 136,704,924 2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended March 31, 2016 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Provision (Reversal) (3 ) 48,335 62,743 111,075 Ending balance $ 1,140,527 $ 503,922 $ 309,072 $ 1,953,521 December 31 , 201 6 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment 864,971 598,606 510,533 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment 102,442,111 14,117,811 8,238,523 124,798,445 Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311 |
Past Due Financing Receivables [Table Text Block] | March 31, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ — $ 110,682,477 $ 110,682,477 Residential — — 4,177,854 4,177,854 13,606,070— 17,783,924 Land — — — — 8,238,523 8,238,523 $ — $ — $ 4,177,854 $ 4,177,854 $ 132,527,070 $ 136,704,924 December 31, 2016 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ — $ 102,442,111 $ 102,442,111 Residential 1,983,247 — 4,883,866 6,867,113 12,134,564 19,001,677 Land 1,080,000 — — 1,080,000 7,158,523 8,238,523 $ 3,063,247 $ — $ 4,883,866 $ 7,947,113 $ 121,735,198 $ 129,682,311 |
Impaired Financing Receivables [Table Text Block] | As of March 31, 201 7 Three Months Ended March 31, 201 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 224,880 224,880 — 226,042 4,982 Land — — — — — $ 224,880 $ 224,880 $ 226,042 $ 4,982 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 4,443,169 3,952,974 624,713 4,673,655 — Land — — — — — $ 4,443,169 3,952,974 $ 624,713 $ 4,673,655 $ — Total: Commercial $ — $ — $ — $ — $ — Residential 4,668,049 4,177,854 624,713 4,899,697 4,982 Land — — — — — $ 4,668,049 $ 4,177,854 $ 624,713 $ 4,899,697 $ 4,982 As of December 31, 201 6 Three Months Ended March 31, 201 6 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 488,699 $ — Residential 228,349 228,349 — 7,702,080 5,247 Land — — — — — $ 228,349 $ 228,349 $ 8,190,779 $ 5,247 With an allowance recorded: Commercial $ — $ — $ — $ 1,171,207 $ — Residential 5,145,712 4,655,517 732,712 — — Land — — — — — $ 5,145,712 4,655,517 $ 732,712 $ 1,171,207 $ — Total: Commercial Commercial Real Estate $ — $ — $ — $ 1,659,906 $ — Residential 5,374,061 4,883,866 732,712 7,702,080 5,247 Land — — — — — $ 5,374,061 $ 4,883,866 $ 732,712 $ 9,361,986 $ 5,247 |
Note 5 - Real Estate Held for23
Note 5 - Real Estate Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Properties Acquired Through Foreclosure [Table Text Block] | March 31, 2017 December 31, 2016 Land (including land under development) $ 78,068,730 $ 73,140,659 Golf course 1,970,437 1,970,437 Marina 1,462,876 — Office — 732,539 $ 81,502,043 $ 75,843,635 |
Note 6 - Real Estate Held for24
Note 6 - Real Estate Held for Investment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Twelve months ending March 31: 2018 $ 2,333,552 2019 1,918,726 2020 1,371,521 2021 792,792 2022 691,599 Thereafter (through 2024) 862,936 Total $ 7,971,126 |
By Property [Member] | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | March 31, 2017 December 31, 2016 Retail $ 16,646,653 $ 16,829,995 Land 4,235,465 4,234,806 Residential 2,393,328 2,405,439 Assisted care 5,786,246 5,820,709 Office 3,925,360 3,962,869 Marina 2,539,637 4,025,945 $ 35,526,689 $ 37,279,763 March 31, 2017 December 31, 2016 Land and land improvements $ 10,404,165 $ 11,520,339 Buildings and improvements 28,485,857 28,910,851 38,890,022 40,431,190 Less: Accumulated depreciation (3,363,333 ) (3,151,427 ) $ 35,526,689 $ 37,279,763 |
Note 7 - Lines of Credit Paya25
Note 7 - Lines of Credit Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | As of March 31, 201 7 As of December 31, 201 6 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ 14,164,000 $ 44,120,000 $ 4,976,000 $ 22,625,000 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | Loans: March 31 , 201 7 Commercial $ 63,853,317 Residential 4,038,904 Total $ 67,892,221 |
Note 8 - Notes and Loans Paya26
Note 8 - Notes and Loans Payable on Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2017 Interest Rate December 31, 2016 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 13,538,066 3.47 % 13,634,889 3.47 % Amortizing Monthly January 2021 Zalanta Construction Loan Payable 24,688,680 5.50 % 20,213,560 5.25 % Interest Only Monthly August 2018 Principal amount $ 38,226,746 $ 33,848,449 Less unamortized deferred financing costs (403,494 ) (462,515 ) Notes and loans payable, net $ 37,823,252 $ 33,385,934 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Twelve months ending March 31: 2018 $ 24,395,789 2019 1,098,423 2020 424,190 2021 12,308,344 2022 — $ 38,226,746 |
Note 12 - Fair Value (Tables)
Note 12 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2017 Nonrecurring: Impaired loans: Residential $ 3,818,456 $ — $ — $ 3,818,456 Total $ 3,818,456 $ — $ — $ 3,818,456 December 31, 2016 Nonrecurring: Impaired loans: Residential $ 4,413,000 $ — $ — $ 4,413,000 Total $ 4,413,000 $ — $ — $ 4,413,000 Real estate properties: Land $ 139,498 $ — $ — $ 139,498 Commercial 732,539 — — 732,539 Total $ 872,037 — $ — $ 872,037 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Commercial $ 3,818,456 Appraisal Comparable Sales Adjustment (4.6) % to 4.2% N/A Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Residential $ 4,413,000 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Land $ 139,498 Appraisal Comparable Sales Adjustment (33.7)% N/A Commercial 732,539 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at March 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 602,000 $ 602,000 $ — $ — $ 602,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 134,068,000 — — 133,748,000 133,748,000 Investment in limited liability company 2,184,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,355,000 — — 1,355,000 1,355,000 Financial liabilities Accrued interest payable $ 184,000 $ — $ 145,000 $ 39,000 $ 184,000 Line of credit payable 14,164,000 — 14,164,000 — 14,164,000 Notes and loans payable 37,823,000 — 24,689,000 12,699,000 37,388,000 Fair Value Measurements at December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 434,000 $ 434,000 $ — $ — $ 434,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 126,975,000 — — 126,652,000 126,652,000 Investment in limited liability company 2,140,000 — — 2,650,000 2,650,000 Accrued interest and advances receivables 1,328,000 — — 1,328,000 1,328,000 Financial liabilities Accrued interest payable $ 137,000 $ — $ 97,000 $ 40,000 $ 137,000 Line of credit payable 4,976,000 4,976,000 — 4,976,000 Notes and loans payable 33,386,000 — 20,213,000 13,499,000 33,712,000 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 | Jan. 23, 2013 | Aug. 09, 2012 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |
Potential Percentage Penalty Tax | 100.00% | |||
REIT Minimum Percent Distribution of Taxable Income | 90.00% |
Note 2 - Summary of Significa29
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Operating Segments | 1 |
Note 3 - Loans and Allowance 30
Note 3 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($) | |
Financing Receivable, Recorded Investment, Current | $ 132,527,070 | $ 121,735,198 | |
Allowance for Loan and Lease Losses, Real Estate | $ 2,636,859 | 2,706,822 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | 0 | |
Extended Maturity [Member] | |||
Allowance for Loan and Lease Losses, Real Estate | 625,000 | 733,000 | |
Financing Receivable, Modifications, Recorded Investment | 4,668,000 | 5,374,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 110,682,477 | 102,442,111 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 13,606,070 | 12,134,564 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | |||
Financing Receivable, Recorded Investment, Current | 5,227,000 | 8,686,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 1,175,000 | 3,675,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 1,175,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 2,500,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 4,052,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 3,025,000 | $ 5,011,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 760,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | $ 267,000 |
Note 3 - Loans and Allowance 31
Note 3 - Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 2,706,822 | $ 1,842,446 | ||
Charge-offs | (107,999) | |||
Provision (Reversal) | 38,036 | 111,075 | ||
Ending balance | 2,636,859 | 1,953,521 | ||
Ending balance: individually evaluated for impairment - allowance for loan losses | $ 624,713 | $ 732,712 | ||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 2,012,146 | 1,974,110 | ||
Ending balance | 2,706,822 | 1,842,446 | 2,636,859 | 2,706,822 |
Ending balance: individually evaluated for impairment - loans | 4,177,854 | 4,883,866 | ||
Ending balance: collectively evaluated for impairment - loans | 132,527,070 | 124,798,445 | ||
Loans and Leases Receivable, Gross | 136,704,924 | 129,682,311 | ||
Commercial Portfolio Segment [Member] | ||||
Beginning balance | 864,971 | 1,140,530 | ||
Charge-offs | ||||
Provision (Reversal) | 69,577 | (3) | ||
Ending balance | 934,548 | 1,140,527 | ||
Ending balance: individually evaluated for impairment - allowance for loan losses | ||||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 934,548 | 864,971 | ||
Ending balance | 864,971 | 1,140,530 | 934,548 | 864,971 |
Ending balance: individually evaluated for impairment - loans | ||||
Ending balance: collectively evaluated for impairment - loans | 110,682,477 | 102,442,111 | ||
Loans and Leases Receivable, Gross | 110,682,477 | 102,442,111 | ||
Residential Portfolio Segment [Member] | ||||
Beginning balance | 1,331,318 | 455,587 | ||
Charge-offs | (107,999) | |||
Provision (Reversal) | (13,964) | 48,335 | ||
Ending balance | 1,209,355 | 503,922 | ||
Ending balance: individually evaluated for impairment - allowance for loan losses | 624,713 | 732,712 | ||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 584,642 | 598,606 | ||
Ending balance | 1,331,318 | 455,587 | 1,209,355 | 1,331,318 |
Ending balance: individually evaluated for impairment - loans | 4,177,854 | 4,883,866 | ||
Ending balance: collectively evaluated for impairment - loans | 13,606,070 | 14,117,811 | ||
Loans and Leases Receivable, Gross | 17,783,924 | 19,001,677 | ||
Land Portfolio Segment [Member] | ||||
Beginning balance | 510,533 | 246,329 | ||
Charge-offs | ||||
Provision (Reversal) | (17,577) | 62,743 | ||
Ending balance | 492,956 | 309,072 | ||
Ending balance: individually evaluated for impairment - allowance for loan losses | ||||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 492,956 | 510,533 | ||
Ending balance | $ 510,533 | $ 246,329 | 492,956 | 510,533 |
Ending balance: individually evaluated for impairment - loans | ||||
Ending balance: collectively evaluated for impairment - loans | 8,238,523 | 8,238,523 | ||
Loans and Leases Receivable, Gross | $ 8,238,523 | $ 8,238,523 |
Note 3 - Loans and Allowance 32
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of the Loan Portfolio by the Time Past Due (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Past due loans | $ 4,177,854 | $ 7,947,113 |
Current loans | 132,527,070 | 121,735,198 |
Total Loans | 136,704,924 | 129,682,311 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 3,063,247 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 4,177,854 | 4,883,866 |
Commercial Portfolio Segment [Member] | ||
Past due loans | ||
Current loans | 110,682,477 | 102,442,111 |
Total Loans | 110,682,477 | 102,442,111 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | ||
Residential Portfolio Segment [Member] | ||
Past due loans | 4,177,854 | 6,867,113 |
Current loans | 13,606,070 | 12,134,564 |
Total Loans | 17,783,924 | 19,001,677 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 1,983,247 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 4,177,854 | 4,883,866 |
Land Portfolio Segment [Member] | ||
Past due loans | 1,080,000 | |
Current loans | 8,238,523 | 7,158,523 |
Total Loans | 8,238,523 | 8,238,523 |
Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 1,080,000 | |
Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | ||
Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans |
Note 3 - Loans and Allowance 33
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Recorded investment, with no related allowance | $ 224,880 | $ 228,349 | |
Unpaid principal balance, with no related allowance | 224,880 | 228,349 | |
Average recorded investment, with no related allowance | 226,042 | $ 8,190,779 | |
Interest income recognized, with no related allowance | 4,982 | 5,247 | |
Recorded investment, with related allowance | 4,443,169 | 5,145,712 | |
Unpaid principal balance, with related allowance | 3,952,974 | 4,655,517 | |
Related allowance | 624,713 | 732,712 | |
Average recorded investment, with related allowance | 4,673,655 | 1,171,207 | |
Interest income recognized, with related allowance | |||
Recorded investment | 4,668,049 | 5,374,061 | |
Unpaid principal balance | 4,177,854 | 4,883,866 | |
Average recorded investment | 4,899,697 | 9,361,986 | |
Interest income recognized | 4,982 | 5,247 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | |||
Unpaid principal balance, with no related allowance | |||
Average recorded investment, with no related allowance | 488,699 | ||
Interest income recognized, with no related allowance | |||
Recorded investment, with related allowance | |||
Unpaid principal balance, with related allowance | |||
Related allowance | |||
Average recorded investment, with related allowance | 1,171,207 | ||
Interest income recognized, with related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
Average recorded investment | |||
Interest income recognized | |||
Residential Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 224,880 | 228,349 | |
Unpaid principal balance, with no related allowance | 224,880 | 228,349 | |
Average recorded investment, with no related allowance | 226,042 | 7,702,080 | |
Interest income recognized, with no related allowance | 4,982 | 5,247 | |
Recorded investment, with related allowance | 4,443,169 | 5,145,712 | |
Unpaid principal balance, with related allowance | 3,952,974 | 4,655,517 | |
Related allowance | 624,713 | 732,712 | |
Average recorded investment, with related allowance | 4,673,655 | ||
Interest income recognized, with related allowance | |||
Recorded investment | 4,668,049 | 5,374,061 | |
Unpaid principal balance | 4,177,854 | 4,883,866 | |
Average recorded investment | 4,899,697 | 7,702,080 | |
Interest income recognized | 4,982 | 5,247 | |
Land Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | |||
Unpaid principal balance, with no related allowance | |||
Average recorded investment, with no related allowance | |||
Interest income recognized, with no related allowance | |||
Recorded investment, with related allowance | |||
Unpaid principal balance, with related allowance | |||
Related allowance | |||
Average recorded investment, with related allowance | |||
Interest income recognized, with related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
Average recorded investment | |||
Interest income recognized | |||
Commercial Real Estate Portfolio Segment [Member] | |||
Related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
Average recorded investment | 1,659,906 | ||
Interest income recognized |
Note 4 - Investment in Limite34
Note 4 - Investment in Limited Liability Company (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jul. 31, 2008 | |
Income (Loss) from Equity Method Investments | $ 43,992 | $ 42,624 | |
1850 [Member] | |||
Number of Real Estate Properties | 2 | ||
Number of Companies | 2 | ||
Income (Loss) from Equity Method Investments | 44,000 | 43,000 | |
Proceeds from Equity Method Investment, Distribution | $ 0 | $ 0 |
Note 5 - Real Estate Held for35
Note 5 - Real Estate Held for Sale (Details Textual) | Apr. 18, 2017USD ($)a | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Real Estate Properties, Transfer to Held for Investment from Held for Sale | $ 1,463,000 | $ 4,183,000 | |
Impairment of Real Estate | 0 | 0 | |
Proceeds from Sale of Other Real Estate | 6,479,000 | ||
Gain (Loss) on Sale of Properties | $ (181) | $ 4,838,815 | |
Subsequent Event [Member] | Tahoe Stateline Venture, LLC [Member] | |||
Gain (Loss) on Sale of Properties | $ 13,200,000 | ||
Subsequent Event [Member] | Tahoe Stateline Venture, LLC [Member] | Land and Entitlements [Member] | |||
Proceeds from Sale of Other Real Estate | $ 42,300,000 | ||
Area of Real Estate Sold | a | 8 | ||
Gain (Loss) on Sale of Properties | $ 13,200,000 | ||
Marinas [Member] | |||
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 1 | ||
Condominium Property [Member] | |||
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 1 | ||
Land Property [Member] | |||
Number of Real Estate Properties Sold | 1 | ||
Office Property [Member] | |||
Number of Real Estate Properties Sold | 1 | ||
Real Estate Properties Sold during the Period [Member] | |||
Proceeds from Sale of Other Real Estate | $ 872,000 | ||
Industrial Property [Member] | |||
Number of Real Estate Properties Sold | 1 | ||
Office Building [Member] | |||
Number of Real Estate Properties Sold | 1 |
Note 5 - Real Estate Held for36
Note 5 - Real Estate Held for Sale - Properties Acquired Through Foreclosure (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Real estate held for sale | $ 81,502,043 | $ 75,843,635 |
Improved and Unimproved Land [Member] | ||
Real estate held for sale | 78,068,730 | 73,140,659 |
Golf Course [Member] | ||
Real estate held for sale | 1,970,437 | 1,970,437 |
Marinas [Member] | ||
Real estate held for sale | 1,462,876 | |
Office Building [Member] | ||
Real estate held for sale | $ 732,539 |
Note 6 - Real Estate Held for37
Note 6 - Real Estate Held for Investment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation | $ 296,000 | $ 327,000 |
Minimum [Member] | ||
Remaining Term on Lease | 1 year | |
Maximum [Member] | ||
Remaining Term on Lease | 7 years |
Note 6 - Real Estate Held for38
Note 6 - Real Estate Held for Investment - Real Estate Held for Investment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Real estate held for investment | $ 35,526,689 | $ 37,279,763 |
Land and land improvements | 10,404,165 | 11,520,339 |
Buildings and improvements | 28,485,857 | 28,910,851 |
Real estate held for investment | 38,890,022 | 40,431,190 |
Less: Accumulated depreciation | (3,363,333) | (3,151,427) |
Retail Site [Member] | ||
Real estate held for investment | 16,646,653 | 16,829,995 |
Improved and Unimproved Land [Member] | ||
Real estate held for investment | 4,235,465 | 4,234,806 |
Residential [Member] | ||
Real estate held for investment | 2,393,328 | 2,405,439 |
Assisted Care Facility [Member] | ||
Real estate held for investment | 5,786,246 | 5,820,709 |
Office Building [Member] | ||
Real estate held for investment | 3,925,360 | 3,962,869 |
Marinas [Member] | ||
Real estate held for investment | $ 2,539,637 | $ 4,025,945 |
Note 6 - Real Estate Held for39
Note 6 - Real Estate Held for Investment - Future Minimum Rental Income From Noncancellable Operating Leases (Details) | Mar. 31, 2017USD ($) |
2,018 | $ 2,333,552 |
2,019 | 1,918,726 |
2,020 | 1,371,521 |
2,021 | 792,792 |
2,022 | 691,599 |
Thereafter (through 2024) | 862,936 |
Total | $ 7,971,126 |
Note 7 - Lines of Credit Paya40
Note 7 - Lines of Credit Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2016 | Apr. 30, 2014 | Feb. 28, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 01, 2016 | |
Interest Expense | $ 286,801 | $ 683,051 | ||||
Revolving Credit Facility [Member] | CB and T [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | 55,000,000 | $ 50,000,000 | |||
Line of Credit Facility Maximum Borrowing Capacity Additional Amount | $ 75,000,000 | |||||
Line of Credit Facility, Increase (Decrease) in Borrowing Capacity | 5,000,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
Interest Rate Increases Upon Default | 2.00% | |||||
Loan Processing Fee | $ 255,000 | $ 100,000 | ||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 177,000 | |||||
Interest Expense | 160,000 | 188,000 | ||||
Amortization of Debt Issuance Costs | $ 37,000 | 34,000 | ||||
Revolving Credit Facility [Member] | CB and T [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | ||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 231,000 | |||||
Interest Expense | 109,000 | |||||
Amortization of Debt Issuance Costs | $ 19,000 | |||||
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | Minimum [Member] | Contingency Reserves [Member] | ||||||
Loan Processing Fee | $ 100,000 |
Note 7 - Lines of Credit Paya41
Note 7 - Lines of Credit Payable - Credit Facilities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Lines of credit payable | $ 14,164,000 | $ 4,976,000 |
CB and T [Member] | ||
Lines of credit payable | 14,164,000 | 4,976,000 |
Lines of credit, commitment | $ 44,120,000 | $ 22,625,000 |
Note 7 - Lines of Credit Paya42
Note 7 - Lines of Credit Payable - Loans Securing Credit Facility (Details) - CB and T [Member] | Mar. 31, 2017USD ($) |
Carrying amount of loans securing CB&T Facility | $ 67,892,221 |
Commercial Loan [Member] | |
Carrying amount of loans securing CB&T Facility | 63,853,317 |
Residential Real Estate [Member] | |
Carrying amount of loans securing CB&T Facility | $ 4,038,904 |
Note 8 - Notes and Loans Paya43
Note 8 - Notes and Loans Payable on Real Estate (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | |
Interest Expense | $ 286,801 | $ 683,051 | |||
Debt Issuance Costs, Net | 403,494 | $ 462,515 | |||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | |||||
Debt Instrument, Face Amount | $ 14,500,000 | ||||
Proceeds from Issuance of Debt | $ 10,445,000 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 3,830,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.47% | ||||
Debt Instrument, Amortization Period | 25 years | ||||
Debt Issuance Costs, Gross | $ 218,000 | ||||
Interest Expense | 127,000 | 130,000 | |||
Amortization of Debt Issuance Costs | 9,000 | $ 9,000 | |||
Debt Issuance Costs, Net | 137,000 | $ 146,000 | |||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Closing Fee [Member] | |||||
Debt Issuance Costs, Gross | $ 108,750 | ||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Outstanding Principal Balance [Member] | |||||
Debt Instrument Default Rate Increase | 5.00% | ||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Other Outstanding Obligations [Member] | |||||
Debt Instrument Default Rate Increase | 10.00% | ||||
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | |||||
Amortization of Debt Issuance Costs | $ 50,000 | ||||
Debt Issuance Costs, Net | 400,000 | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 31,000,000 | ||||
Debt Agreement, Maximum Borrowing Capacity, Percentage of Project Value | 60.00% | ||||
Debt Agreement, Maximum Borrowing Capacity, Percentage of Total Cost of Project | 65.00% | ||||
Debt Agreement, Increase in Interest Rate Upon Default | 5.00% | ||||
Debt Agreement, Curtailment Requirement | $ 6,000,000 | ||||
Debt Instrument, Collateral Amount | 3,000,000 | ||||
Debt Agreement, Origination Fee Obligation | $ 310,000 | ||||
Interest Costs Capitalized | $ 290,000 | ||||
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | ||||
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 8 - Notes and Loans Paya44
Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Outstanding (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt instrument, outstanding | $ 38,226,746 | $ 33,848,449 |
Less unamortized deferred financing costs | (403,494) | (462,515) |
Notes and loans payable, net | 37,823,252 | 33,385,934 |
Tahoe Stateline Venture, LLC [Member] | TSV Credit Agreement [Member] | ||
Debt instrument, outstanding | $ 13,538,066 | $ 13,634,889 |
Debt Instrument, Interest Rate, Stated Percentage | 3.47% | 3.47% |
Zalanta Resort at the Village, LLC [Member] | Loan Agreement [Member] | ||
Debt instrument, outstanding | $ 24,688,680 | $ 20,213,560 |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.25% |
Note 8 - Notes and Loans Paya45
Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Maturities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 24,395,789 | |
2,019 | 1,098,423 | |
2,020 | 424,190 | |
2,021 | 12,308,344 | |
2,022 | ||
Total | $ 38,226,746 | $ 33,848,449 |
Note 9 - Transactions with Af46
Note 9 - Transactions with Affiliates (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Management Fee Expense | $ 947,514 | $ 765,515 | |
Professional and Contract Services Expense | 86,138 | 69,592 | |
Due to Related Parties | 372,532 | $ 360,627 | |
Late Fee Income Generated by Servicing Financial Assets, Amount | 15,000 | 3,000 | |
Ancillary Fee Income Generated by Servicing Financial Assets, Amount | 4,000 | 4,000 | |
Loan Fees Earned by OFG | 528,000 | 718,000 | |
Loans and Leases Receivable, Gross | 136,704,924 | 129,682,311 | |
Owens Financial Group Inc. [Member] | |||
Due to Related Parties | 31,000 | 36,000 | |
Loans and Leases Receivable, Gross | 26,655,000 | 35,150,000 | |
Related Party Transaction, Amounts of Transaction | 93,000 | 114,000 | |
OFG Officers [Member] | |||
Related Party Transaction, Amounts of Transaction | 0 | 0 | |
Investors Yield Inc. [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1,000 | $ 1,000 | |
Management Fee [Member] | |||
Related Party Transaction, Rate | 2.75% | ||
Servicing Fee [Member] | |||
Related Party Transaction, Rate | 0.25% | ||
Management and Service Fees [Member] | Owens Financial Group Inc. [Member] | |||
Due to Related Parties | $ 342,000 | $ 324,000 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | Apr. 13, 2017 | Mar. 16, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 11, 2015 |
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.08 | $ 0.08 | ||
Payments of Dividends | $ 1,402,496 | $ 2,133,455 | |||
The 2016 Repurchase Plan [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 7,500,000 | ||||
Subsequent Event [Member] | |||||
Payments of Dividends | $ 819,798 |
Note 11 - Restricted Cash (Deta
Note 11 - Restricted Cash (Details Textual) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Contingency Reserves as a Percent of Capital | 1.50% | |
Restricted Cash and Cash Equivalents | $ 6,500,000 | $ 6,500,000 |
Contingency Reserves [Member] | ||
Restricted Cash and Cash Equivalents | 3,726,000 | 3,738,000 |
Contingency Reserves [Member] | Minimum [Member] | ||
Restricted Cash and Cash Equivalents | $ 6,500,000 | $ 6,500,000 |
Note 12 - Fair Value (Details T
Note 12 - Fair Value (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses, Adjustments, Other | $ (38,036) | $ (111,075) | |
Liabilities, Fair Value Disclosure, Recurring | 0 | $ 0 | |
Impairment of Real Estate | 0 | 0 | |
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Assets, Fair Value Disclosure, Recurring | 0 | $ 0 | |
Excluding Loan Loss Reversal Foreclosed Loan [Member] | |||
Allowance for Loan and Lease Losses, Adjustments, Other | $ 0 | $ 9,000 |
Note 12 - Fair Value - Assets a
Note 12 - Fair Value - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Assets at fair value | $ 3,818,456 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | 3,818,456 | |
Impaired Loans [Member] | ||
Assets at fair value | $ 872,037 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | 872,037 | |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | ||
Assets at fair value | 3,818,456 | 4,413,000 |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | $ 3,818,456 | 4,413,000 |
Real Estate Properties [Member] | ||
Assets at fair value | 4,413,000 | |
Real Estate Properties [Member] | Land 1 [Member] | ||
Assets at fair value | 139,498 | |
Real Estate Properties [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | 4,413,000 | |
Real Estate Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Land 1 [Member] | ||
Assets at fair value | 139,498 | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | ||
Assets at fair value | 732,539 | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | $ 732,539 |
Note 12 - Fair Value - Level 3
Note 12 - Fair Value - Level 3 Fair Value Measurements for Financial Instruments (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Assets at fair value | $ 3,818,456 | |
Real Estate Properties [Member] | ||
Assets at fair value | $ 4,413,000 | |
Real Estate Properties [Member] | Land 1 [Member] | ||
Assets at fair value | 139,498 | |
Real Estate Properties [Member] | Market Approach Valuation Technique [Member] | Land 1 [Member] | ||
Assets at fair value | $ 139,498 | |
Assets at fair value, comparable sales adjustment | (33.70%) | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | ||
Assets at fair value | $ 732,539 | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | ||
Assets at fair value | $ 3,818,456 | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Assets at fair value, comparable sales adjustment | (4.60%) | |
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Assets at fair value, comparable sales adjustment | 4.20% | |
Impaired Loans [Member] | ||
Assets at fair value | 872,037 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | ||
Assets at fair value | $ 732,539 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Minimum [Member] | ||
Assets at fair value, estimate of future improvements | (5.00%) | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Maximum [Member] | ||
Assets at fair value, estimate of future improvements | 5.00% | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | ||
Assets at fair value, capitalization rate | 7.30% | |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | ||
Assets at fair value | $ 3,818,456 | $ 4,413,000 |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | ||
Assets at fair value | $ 4,413,000 | |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Assets at fair value, comparable sales adjustment | (4.60%) | |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Assets at fair value, comparable sales adjustment | 4.20% |
Note 12 - Fair Value - Carrying
Note 12 - Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | $ 602,000 | $ 434,000 |
Restricted cash | 6,500,000 | 6,500,000 |
Loans, net | ||
Investment in limited liability company | ||
Accrued interest and advances receivable | ||
Accrued interest payable | ||
Line of credit payable | ||
Notes and loans payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Loans, net | ||
Investment in limited liability company | ||
Accrued interest and advances receivable | ||
Accrued interest payable | 145,000 | 97,000 |
Line of credit payable | 14,164,000 | 4,976,000 |
Notes and loans payable | 24,689,000 | 20,213,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Loans, net | 133,748,000 | 126,652,000 |
Investment in limited liability company | 2,650,000 | 2,650,000 |
Accrued interest and advances receivable | 1,355,000 | 1,328,000 |
Accrued interest payable | 39,000 | 40,000 |
Line of credit payable | ||
Notes and loans payable | 12,699,000 | 13,499,000 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 602,000 | 434,000 |
Restricted cash | 6,500,000 | 6,500,000 |
Loans, net | 134,068,000 | 126,975,000 |
Investment in limited liability company | 2,184,000 | 2,140,000 |
Accrued interest and advances receivable | 1,355,000 | 1,328,000 |
Accrued interest payable | 184,000 | 137,000 |
Line of credit payable | 14,164,000 | 4,976,000 |
Notes and loans payable | 37,823,000 | 33,386,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 602,000 | 434,000 |
Restricted cash | 6,500,000 | 6,500,000 |
Loans, net | 133,748,000 | 126,652,000 |
Investment in limited liability company | 2,650,000 | 2,650,000 |
Accrued interest and advances receivable | 1,355,000 | 1,328,000 |
Accrued interest payable | 184,000 | 137,000 |
Line of credit payable | 14,164,000 | 4,976,000 |
Notes and loans payable | $ 37,388,000 | $ 33,712,000 |
Note 13 - Commitments and Con53
Note 13 - Commitments and Contingencies (Details Textual) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Contractual Obligation | $ 30,360,000 |
Interest Reserves [Member] | |
Contractual Obligation | 4,017,000 |
Zalanta Resort at the Village, LLC [Member] | |
Contractual Obligation | 33,811,000 |
Contractual Obligation Incurred | 30,035,000 |
Other Construction Costs | 4,734,000 |
Construction Costs Incurred and Other Costs | 34,769,000 |
Zalanta II [Member] | |
Contractual Obligation | 1,044,000 |
Contractual Obligation Incurred | 862,000 |
Other Construction Costs | 294,000 |
Construction Costs Incurred and Other Costs | $ 1,156,000 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) | Apr. 18, 2017USD ($) | Sep. 22, 2016USD ($)a | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | May 08, 2017USD ($) |
Proceeds from Sale of Other Real Estate | $ 6,479,000 | ||||
Gain (Loss) on Sale of Properties | $ (181) | $ 4,838,815 | |||
Subsequent Event [Member] | |||||
Shelf Registration Statement, Maximum Offering Amount | $ 100,000,000 | ||||
Tahoe Stateline Venture, LLC [Member] | Subsequent Event [Member] | |||||
Gain (Loss) on Sale of Properties | $ 13,200,000 | ||||
Tahoe Stateline Venture, LLC [Member] | Subsequent Event [Member] | Land and Entitlements [Member] | |||||
Proceeds from Sale of Other Real Estate | 42,300,000 | ||||
Gain (Loss) on Sale of Properties | $ 13,200,000 | ||||
The Chateau at the Village [Member] | Tahoe Stateline Venture, LLC [Member] | Jianping Pan, Kawana Holdings LLC [Member] | |||||
Area of Real Estate for Sale | a | 8 | ||||
Real Estate Held for Sale Purchase Agreement Amount | $ 45,500,000 | ||||
Real Estate Held for Sale Purchase Agreement Amount, Net of Seller's Credit | 42,500,000 | ||||
Real Estate Held for Sale Purchase Agreement, Buyer's Credit | $ 3,000,000 |