Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 18, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Bancorp 34, Inc. | ||
Entity Central Index Key | 1,668,340 | ||
Trading Symbol | bctf | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,356,155 | ||
Entity Public Float | $ 45.1 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 6,374,457 | $ 4,988,178 |
Interest-bearing deposits with banks | 5,400,000 | 4,885,000 |
Total cash and cash equivalents | 11,774,457 | 9,873,178 |
Available-for-sale securities, at fair value | 33,428,658 | 24,399,881 |
Loans held for sale | 26,884,014 | 15,423,670 |
Loans held for investment | 285,691,372 | 261,012,786 |
Allowance for loan losses | (2,901,091) | (3,117,190) |
Loans held for investment, net | 282,790,281 | 257,895,596 |
Premises and equipment, net | 9,615,626 | 10,120,904 |
Stock in financial institutions, restricted, at cost | 3,910,361 | 3,825,861 |
Accrued interest receivable | 875,040 | 838,960 |
Deferred income taxes, net | 2,196,928 | 2,191,526 |
Bank owned life insurance | 10,573,069 | 10,135,672 |
Core deposit intangible, net | 172,108 | 220,664 |
Prepaid and other assets | 1,057,365 | 1,294,606 |
TOTAL ASSETS | 383,277,907 | 336,220,518 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding | ||
Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding. | 33,746 | 34,907 |
Additional paid-in capital | 25,500,873 | 26,849,822 |
Retained earnings | 22,928,777 | 26,060,598 |
Accumulated other comprehensive loss, net of tax | (396,148) | (274,266) |
Unearned employee stock ownership plan (ESOP) shares | (1,644,514) | (1,700,372) |
Total stockholders’ equity | 46,422,734 | 50,970,689 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 383,277,907 | 336,220,518 |
Deposits | ||
Demand deposits | 45,350,477 | 37,502,593 |
Savings and NOW deposits | 142,349,920 | 135,009,406 |
Time deposits | 77,538,576 | 63,049,334 |
Total deposits | 265,238,973 | 235,561,333 |
Federal Home Loan Bank advances | 67,000,000 | 45,000,000 |
Escrows | 378,592 | 296,847 |
Accrued interest and other liabilities | 4,237,608 | 4,391,649 |
Total liabilities | 336,855,173 | 285,249,829 |
Commitments and contingencies (note 11) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
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, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 3,374,565 | 3,490,672 | |
Common stock, shares outstanding (in shares) | 3,374,565 | 3,490,672 | 3,438,190 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | ||
Interest and fees on loans | $ 16,605,046 | $ 15,221,018 |
Interest on securities | 654,444 | 528,936 |
Interest on other interest-earning assets | 362,047 | 214,608 |
Total interest income | 17,621,537 | 15,964,562 |
Interest expense | ||
Interest on deposits | 2,430,616 | 1,672,541 |
Interest on borrowings | 1,174,858 | 599,430 |
Total interest expense | 3,605,474 | 2,271,971 |
Net interest income | 14,016,063 | 13,692,591 |
Provision for loan losses | 318,000 | 575,000 |
Net interest income after provision for loan losses | 13,698,063 | 13,117,591 |
Noninterest income | ||
Gain on sale of loans | 14,421,823 | 11,450,457 |
Service charges and fees | 367,346 | 367,497 |
Loss on sale of securities | (176,089) | |
Bank owned life insurance income | 365,705 | 211,484 |
Other | 38,888 | 52,915 |
Total noninterest income | 15,193,762 | 11,906,264 |
Noninterest expense | ||
Salaries and benefits | 18,198,130 | 14,415,349 |
Occupancy | 2,101,678 | 1,942,822 |
Data processing fees | 2,960,465 | 2,344,092 |
FDIC and other insurance expense | 206,633 | 186,650 |
Professional fees | 1,123,838 | 1,415,932 |
Advertising | 527,142 | 453,976 |
Net other real estate expenses | 80 | |
Other | 2,284,726 | 1,935,935 |
Total noninterest expense | 27,402,612 | 22,694,836 |
Income before provision for income taxes | 1,489,213 | 2,329,019 |
Provision for income taxes | 415,699 | 1,968,428 |
NET INCOME | 1,073,514 | 360,591 |
Other comprehensive income | ||
Unrealized (loss) gain on available-for-sale securities | (223,210) | 143,906 |
Tax effect of unrealized (loss) gain on available-for-sale securities | 57,107 | (54,735) |
Unrealized (loss) gain on available-for-sale securities, net of tax | (166,103) | 89,171 |
COMPREHENSIVE INCOME | $ 907,411 | $ 449,762 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.33 | $ 0.11 |
Diluted (in dollars per share) | $ 0.33 | $ 0.11 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned ESOP Shares [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 3,438,190 | |||||
Balance at Dec. 31, 2016 | $ 34,382 | $ 27,161,856 | $ 25,700,007 | $ (363,437) | $ (1,756,231) | $ 50,776,577 |
Net income | 360,591 | 360,591 | ||||
Unrealized gain on available-for-sale securities, net | 89,171 | $ 89,171 | ||||
Stock option exercise (in shares) | 5,732 | 5,732 | ||||
Stock option exercise | $ 57 | 55,257 | $ 55,314 | |||
Restricted stock awards (in shares) | 74,750 | |||||
Restricted stock awards | $ 748 | (748) | ||||
Amortization of equity awards | 47,577 | 55,859 | 103,436 | |||
Share repurchase (in shares) | (28,000) | |||||
Share repurchase | $ (280) | (414,120) | (414,400) | |||
Balance (in shares) at Dec. 31, 2017 | 3,490,672 | |||||
Balance at Dec. 31, 2017 | $ 34,907 | 26,849,822 | 26,060,598 | (274,266) | (1,700,372) | 50,970,689 |
Net income | 1,073,514 | 1,073,514 | ||||
Unrealized gain on available-for-sale securities, net | (166,103) | $ (166,103) | ||||
Stock option exercise (in shares) | 15,464 | 15,464 | ||||
Stock option exercise | $ 155 | 149,073 | $ 149,228 | |||
Restricted stock awards (in shares) | 429 | |||||
Restricted stock awards | $ 4 | (4) | ||||
Amortization of equity awards | 427,382 | 55,858 | 483,240 | |||
Share repurchase (in shares) | (125,500) | |||||
Share repurchase | $ (1,255) | (1,925,465) | (1,926,720) | |||
Restricted stock forfeitures (in shares) | (6,500) | |||||
Restricted stock forfeitures | $ (65) | 65 | ||||
Tax rate effect reclassification (1) | (44,221) | 44,221 | ||||
Dividend paid - $1.25 per share | (4,161,114) | (4,161,114) | ||||
Balance (in shares) at Dec. 31, 2018 | 3,374,565 | |||||
Balance at Dec. 31, 2018 | $ 33,746 | $ 25,500,873 | $ 22,928,777 | $ (396,148) | $ (1,644,514) | $ 46,422,734 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Dividend per share (in dollars per share) | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 1,073,514 | $ 360,591 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 702,956 | 677,551 |
Stock dividend on financial institution stock | (84,500) | (53,600) |
Amortization of premiums and discounts on securities, net | 250,556 | 413,090 |
Amortization of ESOP awards | 55,858 | 78,737 |
Amortization of stock-based compensation | 427,382 | 24,699 |
Amortization of core deposit intangible | 48,556 | 62,268 |
Loss on sale of available-for-sale securities | 176,089 | |
Gain on sale of loans | (14,421,823) | (11,450,457) |
Proceeds from sale of loans held for sale | 321,764,114 | 276,322,001 |
Funding of loans held for sale | (317,188,790) | (254,247,735) |
Provision for loan losses | 318,000 | 575,000 |
Net appreciation on bank-owned life insurance | (282,397) | (154,504) |
Deferred income tax (benefit) expense | (36,975) | 2,191,457 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable | (36,080) | (48,875) |
Prepaid and other assets | 325,921 | (638,832) |
Accrued interest and other liabilities | (154,044) | 1,138,205 |
Net cash from operating activities | (7,237,752) | 15,425,685 |
Cash flows from investing activities | ||
Proceeds from principal payments on available-for-sale securities | 6,014,670 | 5,823,104 |
Proceeds from sales of available-for-sale securities | 6,933,361 | |
Purchases of available-for-sale securities | (15,517,212) | (6,102,485) |
Purchase of bank-owned life insurance | (155,000) | (4,500,000) |
Net change in loans held for investment | (26,826,528) | (28,897,562) |
Purchases of premises and equipment | (197,678) | (684,986) |
Purchase of stock in financial institutions | (197,200) | |
Net cash from investing activities | (36,681,748) | (27,625,768) |
Cash flows from financing activities | ||
Net change in deposits | 29,677,640 | 11,039,330 |
Net change in escrows | 81,745 | (18,327) |
Proceeds from Federal Home Loan Bank advances | 132,000,000 | 160,000,000 |
Repayment of Federal Home Loan Bank advances | (110,000,000) | (165,000,000) |
Exercise of stock options | 149,228 | 55,314 |
Dividends paid | (4,161,114) | |
Common stock repurchases | (1,926,720) | (414,400) |
Net cash from financing activities | 45,820,779 | 5,661,917 |
Net change in cash and cash equivalents | 1,901,279 | (6,538,166) |
Cash and cash equivalents, beginning of period | 9,873,178 | 16,411,344 |
Cash and cash equivalents, end of period | 11,774,457 | 9,873,178 |
Supplemental disclosures: | ||
Interest on deposits and advances paid | 3,470,186 | 2,264,168 |
Income taxes paid | 352,600 | 88,696 |
Loans transferred to loans held for sale | $ 2,037,039 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 Bancorp 34, 34” 2016 second 34 two second second second October 11, 2016 34 1,879,484 150,358 $10.00 r gross proceeds of appr $18.8 $1.3 second 2.0473 34 1,558,706 second 3,438,190 34 Because the conversion occurred on October 11, 2016, 2.0473 1 34 fourth 2016. 34 100% The Bank provides a variety of banking services to individuals and businesses through its full-service branches in Alamogordo and Las Cruces, New Mexico, and Scottsdale and Peoria, Arizona. The Bank also operates ten one A large portion of the Bank’s New Mexico loans are secured by real estate in Otero and Dona Ana Counties. The economy for these counties is heavily dependent on two The primary deposit products are demand deposits, certificates of deposit, NOW, savings and money market accounts. The primary lending products are real estate mortgage loans and commercial loans. The Bank is subject to competition from other financial institutions, regulation by certain federal agencies and undergoes periodic examinations by regulatory authorities. Rising and falling interest rate environments can have various impacts on the Bank’s net interest income, depending on the short-term interest rate gap that the Bank maintains. The Bank’s net interest income is also affected by prepayments of loans and early withdrawals of deposits. Basis of Presentation – Basis of Consolidation 34 Emerging Growth Company Status 34 2019. 34 Reclassifications Use of Estimates – Significant estimates include, but are not Subsequent Events Cash and Cash Equivalents – three Available for Sale Securities – not Mortgage Banking Operations – Loans Held for Sale one four seven 14 December 31, 2018 2017 $26.9 $15.4 one four Derivative Financial Instruments - ● Interest Rate Lock Commitments ● Forward Commitments not Loans Held for Investment, Net 90 may no 180 The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb probable credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio; credit concentrations; trends in historical loss experience; and specific impaired loans and economic conditions. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Because of uncertainties associated with regional economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that management’s estimate of probable credit losses inherent in the loan portfolio and the related allowance may may Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Premises and Equipment three seven fifteen forty not Stock in Financial Institutions - may Transfers of Financial Assets not Bank Owned Life Insurance (BOLI) – Core deposit intangible (CDI) – 9 may Other Real Estate (ORE) not not Fair Value Measurements – three ● Level 1 ● Level 2 not ● Level 3 no 3 The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Escrow Accounts Financial Instruments with Off-Balance-Sheet Risk – Advertising Cost December 31, 2018 2017 $527,000 $454,000, Employee Stock Ownership Plan (ESOP) – not Cash dividends on unallocated shares are charged to compensation expense and used to make payments on the ESOP loan which releases shares to be allocated to participant accounts in proportion to their account balances. Cash dividends paid on allocated shares are recorded as a reduction of retained earnings and, at the direction of the employer may Other Stock-Based Compensation Income Taxes no Comprehensive Income ( Loss ) Earnings per Common Share not not two two Business Combinations – 805, 805” no Summary of Recent Accounting Pronouncements Bancorp 34 may not 2019, fifth 1440 Revenue Recognition May 2014, Accounting Standards Update (“ASU”) 2014 09, 606 2014 09 ASU 2015 4 2014 09 one first 2018. 2014 09, not 2014 09 first 2018 not Financial Instruments – January 2016, No. 2016 01, 825 10 December 15, 2017 not Leases – February 2016, 2016 02 842 December 15, 2018 for public companies, but the Company will have until the first quarter of 2020 to adopt due to its emerging growth company status. Share-Based Payments – March 2016, No. 2016 09, no December 15, 2016, No. 2016 09 January 1, 2017 not Credit Losses - June 2016, 2016 13, “ Financial Instruments—Credit Losses (Topic 326 . ” December 15, 2019 December 15, 2020, December 15, 2020, December 15, 2021. December 15, 2018, Premium on Callable Debt - March 2017, No. 2017 08, “ Receivables–Nonrefundable Fees and Other Costs (Subtopic 310 20 ” not December 15, 2018, 2017 08 not Share-Based Payment Modification - May 2017, 2017 09, 718 2017 09 not 2017 09 December 15, 2017. 2017 09 January 1, 2018 not Reporting Tax Effects of Tax Cuts and Jobs Act - February 2018, No. 2018 02, Income Statement- R eporting Comprehensive Income (Topic 220 ” 2017 December 15, 2018, 2018 02 December 2018 not |
Note 2 - Restrictions on Cash a
Note 2 - Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2 – RESTRICTIONS ON CASH AND DUE FROM BANKS Banks are required to maintain reserve funds in cash or on deposit with the Federal Reserve Bank. The reserves required at December 31, 2018 2017 $1.1 $621,000, |
Note 3 - Available-for-sale Sec
Note 3 - Available-for-sale Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 – AVAILABLE-FOR-SALE SECURITIES Available-for-sale securities have been classified in the consolidated balance sheets according to management’s intent at December 31, 2018 2017. Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale securities Mortgage-backed securities $ 28,799,904 $ 115,824 $ (605,370 ) $ 28,310,358 U.S. Government agencies 1,487,917 - (42,885 ) 1,445,032 Municipal obligations 3,672,023 2,363 (1,118 ) 3,673,268 Total $ 33,959,844 $ 118,187 $ (649,373 ) $ 33,428,658 December 31, 2017 Available-for-sale securities Mortgage-backed securities $ 21,028,794 $ 12,757 $ (272,959 ) $ 20,768,592 U.S. Government agencies 2,006,786 44 (49,047 ) 1,957,783 Municipal obligations 1,672,277 2,584 (1,355 ) 1,673,506 Total $ 24,707,857 $ 15,385 $ (323,361 ) $ 24,399,881 Gross proceeds from the sale of available-for-sale securities and resulting gains and losses were as follows: Year Ended December 31, 2018 2017 Proceeds from sale $ - $ 6,933,361 Sales gains $ - $ 3,618 Sales losses $ - $ (179,707 ) Amortized cost and fair value of securities by contractual maturity as of December 31, 2018 2017 not may may The scheduled maturities of available-for-sale securities at December 31, 2018 2017 December 31, 2018 December 31, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 403,612 $ 402,924 $ 1,254,321 $ 1,256,906 Due after one to five years 23,040,618 22,482,300 21,574,631 21,306,086 Due after five to ten years 10,515,614 10,543,434 1,878,905 1,836,889 Due after ten years - - - - Totals $ 33,959,844 $ 33,428,658 $ 24,707,857 $ 24,399,881 At December 31, 2018 2017, no one 10% At December 31, 2018 2017, $13.8 $10.1 not Gross Unrealized Losses and Fair Value December 31, 2018 Less Than 12 Months 12 Months or More Total Gross Gross Gross Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities: Mortgage-backed securities $ 8,605,742 $ (200,190 ) $ 10,740,671 $ (405,180 ) $ 19,346,413 $ (605,370 ) U.S. Government agencies 302,219 (885 ) 1,142,814 (42,000 ) 1,445,033 (42,885 ) Municipal obligations 1,747,571 (430 ) 402,924 (688 ) 2,150,495 (1,118 ) Total temporarily impaired securities $ 10,655,532 $ (201,505 ) $ 12,286,409 $ (447,868 ) $ 22,941,941 $ (649,373 ) December 31, 2017 Less Than 12 Months 12 Months or More Total Gross Gross Gross Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities: Mortgage-backed securities $ 3,468,607 $ (39,099 ) $ 9,763,879 $ (233,860 ) $ 13,232,486 $ (272,959 ) U.S. Government agencies - - 1,548,481 (49,047 ) 1,548,481 (49,047 ) Municipal obligations 416,600 (1,355 ) - 416,600 (1,355 ) Total temporarily impaired securities $ 3,885,207 $ (40,454 ) $ 11,312,360 $ (282,907 ) $ 15,197,567 $ (323,361 ) At December 31, 2018 2017, not not not not December 31, 2018. Loans and securities carried at approximately $130.5 December 31, 2018 $3.8 December 31, 2018 |
Note 4 - Loans Held for Investm
Note 4 - Loans Held for Investment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 – LOANS HELD FOR INVESTMENT, NET The components of loans held for investment, net in the consolidated balance sheets were as follows: December 31, 2018 December 31, 2017 Amount Percent Amount Percent Loans held for investment, net: Commercial real estate $ 233,102,637 81.3 % $ 214,871,788 82.0 % One- to four-family residential real estate 29,855,462 10.4 29,114,060 11.1 Commercial and industrial 17,508,258 6.1 12,296,308 4.7 Consumer and other 6,374,532 2.2 5,740,352 2.2 Total gross loans 286,840,889 100.0 % 262,022,508 100.0 % Unamortized loan fees (1,149,517 ) (1,009,722 ) Loans held for investment 285,691,372 261,012,786 Allowance for loan losses (2,901,091 ) (3,117,190 ) Loans held for investment, net $ 282,790,281 $ 257,895,596 At December 31, 2018 2017 $20.8 $14.7 Allowance for Loan Losses and Recorded Investment in Loans – December 31, 2018 2017: As of December 31, 2018 Commercial Real Estate One- to Four-Family Residential Real Estate Commercial and Industrial Other Total Allowance for loan losses Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment 2,130,124 359,705 377,180 34,082 2,901,091 Total $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 Gross loans Ending balance: individually evaluated for impairment $ 2,993,923 $ 649,685 $ - $ - $ 3,643,608 Ending balance: collectively evaluated for impairment 230,108,714 29,205,777 17,508,258 6,374,532 283,197,281 Total $ 233,102,637 $ 29,855,462 $ 17,508,258 $ 6,374,532 $ 286,840,889 As of December 31, 2017 Commercial Real Estate One- to Four-Family Residential Real Estate Commercial and Industrial Other Total Allowance for loan losses Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment 2,055,911 567,290 462,406 31,583 3,117,190 Total $ 2,055,911 $ 567,290 $ 462,406 $ 31,583 $ 3,117,190 Gross loans Ending balance: individually evaluated for impairment $ 3,483,078 $ 679,184 $ 1,274,710 $ - $ 5,436,972 Ending balance: collectively evaluated for impairment 211,388,710 28,434,876 11,021,598 5,740,352 256,585,536 Total $ 214,871,788 $ 29,114,060 $ 12,296,308 $ 5,740,352 $ 262,022,508 The following is a summary of activities for the allowance for loan losses for the years ended December 31, 2018 2017: Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Balance December 31, 2016 $ 1,688,448 $ 617,912 $ 147,371 $ 52,302 $ 2,506,033 Provision for loan losses 366,263 (54,777 ) 284,233 (20,719 ) 575,000 Charge-offs - (20,845 ) - - (20,845 ) Recoveries 1,200 25,000 30,802 - 57,002 Net recoveries 1,200 4,155 30,802 - 36,157 Balance December 31, 2017 $ 2,055,911 $ 567,290 $ 462,406 $ 31,583 $ 3,117,190 Provision for loan losses 624,213 (183,988 ) (124,724 ) 2,499 318,000 Charge-offs (550,000 ) (36,096 ) (10,322 ) - (596,418 ) Recoveries - 12,499 49,820 - 62,319 Net (charge-offs) recoveries (550,000 ) (23,597 ) 39,498 - (534,099 ) Balance December 31, 2018 $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 Nonperforming Assets – December 31, 2018 2017. 90 no Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2018 Commercial real estate $ - $ 2,744,405 $ - $ 2,744,405 $ 230,358,232 $ 233,102,637 One- to four-family residential real estate 782,835 234,524 393,068 1,410,427 28,445,035 29,855,462 Commercial and industrial - - - - 17,508,258 17,508,258 Consumer and other - - - - 6,374,532 6,374,532 Totals $ 782,835 $ 2,978,929 $ 393,068 $ 4,154,832 $ 282,686,057 $ 286,840,889 Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2017 Commercial real estate $ 246,154 $ - $ 550,000 $ 796,154 $ 214,075,634 $ 214,871,788 One- to four-family residential real estate 235,561 116,977 525,532 878,070 28,235,990 29,114,060 Commercial and industrial - - 1,274,710 1,274,710 11,021,598 12,296,308 Consumer and other - - - - 5,740,352 5,740,352 Totals $ 481,715 $ 116,977 $ 2,350,242 $ 2,948,934 $ 259,073,574 $ 262,022,508 December 31, 2018 2017: December 31, December 31, 2018 2017 Nonaccrual loans Commercial real estate $ 2,993,923 $ 3,483,078 One- to four-family residential real estate 649,685 679,184 Commercial and industrial - 1,274,710 Consumer and other - - Total nonaccrual loans 3,643,608 5,436,972 Other real estate (ORE) - - Total nonperforming assets $ 3,643,608 $ 5,436,972 Nonperforming assets to gross loans held for investment and ORE 1.27 % 2.08 % Nonperforming assets to total assets 0.95 % 1.62 % One large loan relationship secured by real estate comprises $2.7 75.3%, $3.6 December 31, 2018, $2.3 63%, December 31, 2018 Credit Quality Indicators – December 31, 2018 2017. may As of December 31, 2018 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 226,510,803 $ 27,990,417 $ 17,237,690 $ 6,374,532 $ 278,113,442 Special mention 1,981,667 268,892 - - 2,250,559 Substandard 4,610,167 1,596,153 270,568 - 6,476,888 Doubtful - - - - - Loss - - - - - Totals $ 233,102,637 $ 29,855,462 $ 17,508,258 $ 6,374,532 $ 286,840,889 As of December 31, 2017 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 208,395,458 $ 27,400,698 $ 10,624,210 $ 5,568,633 $ 251,988,999 Special mention 911,571 43,382 - - 954,953 Substandard 5,014,759 1,669,980 1,672,098 171,719 8,528,556 Doubtful 550,000 - - - 550,000 Loss - - - - - Totals $ 214,871,788 $ 29,114,060 $ 12,296,308 $ 5,740,352 $ 262,022,508 The Bank’s internally assigned grades are as follows: Pass no Special Mention Substandard Doubtful one Loss no not no not may Impaired Loans – As of December 31, 2018 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 2,993,923 $ 2,993,923 $ - $ 3,007,495 One- to four-family residential real estate 649,685 649,685 - 656,436 Commercial and industrial - - - - Consumer and other - - - - $ 3,643,608 $ 3,643,608 $ - $ 3,663,931 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 2,993,923 $ 2,993,923 $ - $ 3,007,495 One- to four-family residential real estate 649,685 649,685 - 656,436 Commercial and industrial - - - - Consumer and other - - - - $ 3,643,608 $ 3,643,608 $ - $ 3,663,931 As of December 31, 2017 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 3,483,078 $ 3,483,078 $ - $ 3,521,421 One- to four-family residential real estate 679,184 679,184 - 684,632 Commercial and industrial 1,274,710 1,274,710 - 1,297,740 Consumer and other - - - - $ 5,436,972 $ 5,436,972 $ - $ 5,503,793 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 3,483,078 $ 3,483,078 $ - $ 3,521,421 One- to four-family residential real estate 679,184 679,184 - 684,632 Commercial and industrial 1,274,710 1,274,710 - 1,297,740 Consumer and other - - - - $ 5,436,972 $ 5,436,972 $ - $ 5,503,793 During the years ended December 31, 2018 2017, no $4,000 2018 $8,000 2017 Certain loans within the Company’s loan and ORE portfolios are guaranteed by the Veterans Administration (VA). In the event of default by the borrower, the VA can elect to pay the guaranteed amount or take possession of the property. If the VA takes possession of the property, the Company is entitled to be reimbursed for the outstanding principal balance, accrued interest and certain other expenses. There were no December 31, 2018 2017. Troubled Debt Restructurings not may no six In the normal course of business, the Company may not There was one $54,000 December 31, 2018 no December 31, 2017. |
Note 5 - Stock in Financial Ins
Note 5 - Stock in Financial Institutions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stock in Financial Institutions [Text Block] | NOTE 5 – STOCK IN FINANCIAL INSTITUTIONS The Bank has stock in the FHLB of Dallas, The Independent Bankers Bank (TIB) and Pacific Coast Bankers’ Bancshares (PCBB). The carrying value of the stocks at December 31, 2018 2017 $3.9 $3.8 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Components of premises and equipment, net included in the consolidated balance sheets at December 31, 2018 2017 At December 31, 2018 2017 Cost: Land and improvements $ 2,452,807 $ 2,452,807 Building and improvements 12,276,205 12,218,857 Furniture and equipment 2,362,017 2,266,934 Automobiles 91,387 137,635 Total cost 17,182,416 17,076,233 Accumulated depreciation and amortization (7,566,790 ) (6,955,329 ) Net book value $ 9,615,626 $ 10,120,904 Depreciation and amortization expense was $703,000 $678,000 December 31, 2018 2017, |
Note 7 - Core Deposit Intangibl
Note 7 - Core Deposit Intangible | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7 – CORE DEPOSIT INTANGIBLE The gross carrying value and accumulated amortization of core deposit intangible is as follows: December 31, 2018 2017 Gross carrying value $ 502,000 $ 502,000 Less accumulated amortization (329,892 ) (281,336 ) Core deposit intangible $ 172,108 $ 220,664 Amortization of core deposit intangible was $49,000 $62,000 December 31, 2018 2017, The future amortization expense related to core deposit intangible remaining as of December 31, 2018 Year one $ 39,057 Year two 35,443 Year three 35,443 Year four 35,443 Year five 26,722 Thereafter - Core deposit intangible $ 172,108 |
Note 8 - Time Deposits
Note 8 - Time Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 – TIME DEPOSITS Following are maturities of time deposits at December 31, 2018 2017: At December 31, 2018 At December 31, 2017 Weighted- Weighted- Average Average Maturity Rate Amount Rate Amount One year or less 1.51 % $ 30,457,540 1.06 % $ 31,916,859 Over one through three years 2.20 % 43,552,518 1.28 % 27,678,266 Over three through five years 1.58 % 3,528,518 1.26 % 3,454,209 Over five years - - 1.90 % $ 77,538,576 1.17 % $ 63,049,334 At December 31, 2018 2017, $10.7 $14.1 $250,000 December 31, 2018 2017, $6.4 $11.9 one Interest expense on time deposits in denominations of $250,000 $133,000 $82,000 December 31, 2018 2017, |
Note 9 - Borrowings
Note 9 - Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | NOTE 9 – BORROWINGS The Bank has established a borrowing line with the FHLB of Dallas. As of December 31, 2018 2017, $67.0 $45.0 1.32% 3.03% December 31, 2018 0.90% 1.46% December 31, 2017. December 31, 2018, $82.4 December 31, 2018 2017: At December 31, Maturity 2018 2017 Year one $ 27,000,000 $ 35,000,000 Year two 40,000,000 - Year three - 10,000,000 Year four - - Total borrowings $ 67,000,000 $ 45,000,000 The Bank has two $ 6.0 $ 9.8 no December 31, 2018 2017. |
Note 10 - Derivatives
Note 10 - Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 1 0 – DERIVATIVES In connection with its mortgage banking operation, the Company enters into the following derivatives to mitigate exposure to interest rate risk. These derivatives are not Forward Commitments December 31, 2018 2017, $21.5 $13.5 $154,000 $16,000, Interest Rate Lock Commitments - December 31, 2018 2017, $381,000 $183,000, $27,000 $11.9 The following table shows the fair value of derivatives included in Gain on sale of loans in the Consolidated Statement of Comprehensive Income: For the Year Ended December 31, 2018 2017 Forward Commitments $ (58,344 ) $ 25,806 Interest rate lock commitments 197,779 183,087 $ 139,435 $ 208,893 The following table shows the fair value of derivatives included in Prepaid and other assets in the Consolidated Balance Sheets: As of December 31, 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Forward Commitments $ 21,500,000 (153,906 ) $ 13,500,000 $ (15,820 ) Interest rate lock commitments 27,000,000 380,886 11,900,000 183,087 $ 48,500,000 $ 226,980 $ 25,400,000 $ 167,267 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments With Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE 1 1 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK In the normal course of business, the Bank has outstanding commitments to extend credit and standby letters of credit, which are not Financial instruments whose contract amounts represent off-balance-sheet credit risk are as follows as of December 31, 2018 2017: December 31, 2018 December 31, 2017 Commitments to originate and sell mortgage loans $ 34,268,309 $ 27,440,793 Commitments to extend credit 25,323,822 23,425,182 Unused lines of credit 18,281,453 13,576,993 Standby letters of credit - 125,000 Totals $ 77,873,584 $ 64,567,968 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third may |
Note 12 - Leases
Note 12 - Leases | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | NOTE 1 2 – LEASES The Bank has noncancelable operating leases that expire over the next five $938,000 $787,000 December 31, 2018 2017, Approximate future minimum rental commitments under noncancelable leases are: December 31, Amount 2019 $ 784,136 2020 563,419 2021 495,179 2022 365,494 2023 - $ 2,208,228 |
Note 13 - Employee Retirement B
Note 13 - Employee Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 1 3 – EMPLOYEE RETIREMENT BENEFIT PLANS Profit Sharing Plan 401 six 2014, January 1, 2014, 100% first 3% 50% 2%, 4% Profit sharing plan expense was $375,000 $381,000 December 31, 2018 2017, Employee Stock Ownership Plan In October 2016, $1.5 34 150,358 $10 34 $1.8 30 $1.5 2016 $266,000 2012 2014. December 31 January 1 st may Since the Bank is the primary source of repayment on ESOP loans, the Bank records the note payable and an equal contra-equity account on its balance sheet and interest expense and ESOP benefit plan expense on its statement of comprehensive income equal to the annual loan payments. As inter-company borrowings, all bank-recorded balance sheet items, Bancorp 34 34 34 Shares held by the ESOP at December 31, 2018 2017 At December 31, 2018 2017 Allocated and committed to be allocated to participants 33,318 31,578 Unallocated/unearned 170,316 176,102 Total ESOP shares 203,634 207,680 Fair value of unallocated/unearned shares $ 2,452,557 $ 2,597,501 ESOP expense was $90,000 $84,000 December 31, 2018 2017, Defined Benefit Plan 13 5645888 No. 333 June 1, 2006, ● Assets contributed to the Pentegra DB Plan may ● If a participating employer stops contributing to the Pentegra DB Plan, the unfunded obligations may ● If the Company chooses to stop participating in the Pentegra DB Plan, it may The Company’s cash contributions to the Pentegra DB Plan were $82,000 $110,000 December 31, 2018 2017, 5 July 1, 2018 ( $405,000 91% December 31, 2018 2017 $44,000 $202,000, no no |
Note 14 - Board of Directors' R
Note 14 - Board of Directors' Retirement Policy | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Board of Directors' Retirement Policy Disclosure [Text Block] | NOTE 1 4 – BOARD OF DIRECTORS’ RETIREMENT POLICY The Bank has entered into director retirement agreements with three 2013. $74,238 70 15 The Board previously had a deferred compensation policy (Policy) to compensate Board members for their service to the Company. The retirement date for directors was the later of the last month in which they reached age 70 70. $2,000 zero four 20% five 40% six 60% seven 80% eight 100% September 21, 2011, $ 268,000 December 31, 2018 2017, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 5 – INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2018 2017, Years Ended December 31, 2018 2017 Current Federal $ 284,797 $ (109,214 ) State 79,196 13,194 Deferred expense & change in valuation allowance 51,706 914,130 Net deferred tax asset revaluation adjustment - 1,150,318 Provision (benefit) for income taxes $ 415,699 $ 1,968,428 On December 22, 2017, 21% 34% January 1, 2018. $1.2 December 31, 2017, Income tax expense differs from the amounts computed by applying federal income tax rates of 21% 2018 34% 2017, 2016 2017, not A reconciliation of income tax expense at the Federal statutory rate to the Company’s actual income tax expense for all periods presented is shown below: Years Ended December 31, 2018 2017 Amount Rate Amount Rate Federal tax at the statutory rate $ 312,735 21 % $ 791,867 34 % Benefit from permanent differences: State income taxes, net of Federal tax benefit 58,156 4 73,896 3 Bank-owned life insurance (59,303 ) (4 ) (74,019 ) (3 ) Meals & entertainment 9,169 1 - - Net deferred tax asset revaluation adjustment - - 1,150,318 49 Other, net 94,942 6 26,366 1 Provision (benefit) for income taxes $ 415,699 28 % $ 1,968,428 85 % The tax effects of temporary differences related to deferred taxes were: As of December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 721,765 $ 720,047 Unrealized losses on AFS securities 135,038 77,931 Board of Directors retirement plan 239,957 232,748 Other, net 311,762 155,858 Deferred compensation 215,033 183,155 Accrued bonus 216,254 258,069 Purchase accounting - 4,325 Organizational costs 70,638 93,404 Net operating loss carryforwards 840,001 1,014,199 Total deferred tax assets 2,750,448 2,739,736 Deferred tax liabilities: FHLB stock dividends (52,709 ) (32,412 ) Depreciation and amortization (276,802 ) (336,613 ) Loan origination costs (195,770 ) (179,185 ) Purchase accounting (28,239 ) - Total deferred tax liabilities (553,520 ) (548,210 ) Net deferred tax asset 2,196,928 2,191,526 A valuation allowance for deferred tax assets is recorded when it is more-likely-than- not not not December 31, 2018. At December 31, 2018, $4.0 382 $250,000 2028. December 31, 2018, $840,000 It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not December 31, 2018, 2017 2016, no not 12 The Company files consolidated U.S. federal and various state income/franchise tax returns. The Company is no 2015 no 2014 2015. not five |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 1 6 – REGULATORY MATTERS Bank 34 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total risk-based capital and Tier 1 1 December 31, 2018 2017, Banks are also subject to certain restrictions on the amount of dividends that they may As of December 31, 2018, 1 1 no The Bank’s actual and required capital amounts and ratios are as follows: Actual For Capital Adequacy Puroses To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ration (Dollars in thousands) As of December 31, 2018: Total Capital (to Risk-Weighted Assets) $ 41,685 14.50 % $ 22,999 > $ 28,748 > Tier I Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 17,252 > $ 23,003 > Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 12,939 > $ 18,690 > Tier I Capital (to Average Assets) $ 38,703 10.29 % $ 15,045 > $ 18,806 > As of December 31, 2017: Total Capital (to Risk-Weighted Assets) $ 45,076 17.21 % $ 20,950 > $ 26,187 > Tier I Capital (to Risk-Weighted Assets) $ 41,800 15.96 % $ 15,712 > $ 20,950 > Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 41,800 15.96 % $ 11,784 > $ 17,022 > Tier I Capital (to Average Assets) $ 41,800 11.96 % $ 14,011 > $ 17,514 > |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 7 – RELATED PARTY TRANSACTIONS The Bank has entered into transactions with its executive officers, directors, significant stockholders, and their affiliates (related parties). The activity of loans to such related parties is as follows: Years Ended December 31, 2018 2017 Beginning balance $ - $ - New loans 500,000 - Repayments (500,000 ) - Ending balance $ - $ - Fees and bonuses paid to directors during the period $ 244,125 $ 216,000 Deposits from related parties held by the Bank at end of period $ 2,470,696 $ 1,755,885 In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not |
Note 18 - Stock-based Compensat
Note 18 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 8 – STOCK-BASED COMPENSATION Stock-based expense for the years ended December 31, 2018 2017, $487,000 $25,000 $354,000 $16,000 $133,000 $9,000 On November 17, 2017 2017 263,127 187,948 may 75,179 may On February 27, 2018 5,000 439 $15.48 20% first seven The grant-date fair value of stock option awards granted on February 27, 2018 $4.04 Grant date stock price $ 15.48 Dividend yield 0.00 % Expected volatility 19.55 % Risk-free interest rate 2.75 % Expected life in years 6 The Company also has vested and outstanding stock options issued under the 2001 No 2018 2017 no no 2018 2017. The expected volatility represents the average volatility of a peer group of financial institutions that had 2 nd 2016 not A summary of stock option activity during the years ended December 31, 2018 2017 For the Year Ended December 31, 2018 Average Weighted- Remaining Average Contractual Shares Exercise Price Term (years) Outstanding, December 31, 2017 207,108 $ 14.18 6.2 Granted 5,000 15.48 - Exercised (15,464 ) 9.65 - Forfeited or expired (32,234 ) 13.98 - Outstanding, December 31, 2018 164,410 $ 14.68 5.8 Exercisable, December 31, 2018 37,890 $ 13.89 4.9 For the Year Ended December 31, 2017 Average Weighted- Remaining Average Contractual Shares Exercise Price Term (years) Outstanding, December 31, 2016 34,190 $ 9.65 2.3 Granted 178,650 14.9 6.9 Exercised (5,732 ) 9. - Forfeited or expired - - - Outstanding, December 31, 2017 207,108 $ 14.18 6.2 Exercisable, December 31, 2017 28,458 $ 9.65 1.3 Information related to stock options during each year is as follows: Year Ended December 31, 2018 2017 Intrinsic value of options exercised $ 89,080 $ 25,909 Cash received from option exercises $ 149,228 $ 55,314 Tax benefit from option exercises $ 24,866 $ 21,240 Total weighted average fair value of options granted $ 20,200 $ 653,859 A summary of restricted stock activity during the years ended December 31, 2018 2017 Weighted Average Avererage Remaining Grant Date Contractual Shares Price Term (years) For the Year Ended December 31, 2018 Outstanding, December 31, 2017 74,750 $ 14.90 4.9 Granted 429 $ 15.48 Vested (18,850 ) 14.90 Forfeited or expired (6,500 ) 14.90 Outstanding, December 31, 2018 49,829 $ 14.90 4.0 For the Year Ended December 31, 2017 Outstanding, December 31, 2016 - Granted 74,750 $ 14.90 Vested - Forfeited or expired - Outstanding, December 31, 2017 74,750 $ 14.90 4.9 As of December 31, 2018, $461,000 $723,000 2017 4 |
Note 19 - Fair Values of Financ
Note 19 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 19 – FAIR VALUES OF FINANCIAL INSTRUMENTS The following table presents information about assets and liabilities measured at fair value on a recurring and non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair values as of December 31, 2018 2017. Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Fair Value December 31, 2018: Recurring basis Mortgage-backed securities $ - $ 28,310,358 $ - $ 28,310,358 U.S. Government agencies - 1,445,032 - 1,445,032 Municipal obligations - 3,673,268 - 3,673,268 Loans held for sale - 26,884,014 - 26,884,014 Derivative IRLC's - - 380,866 380,866 Derivative forward commitments - (153,906 ) - (153,906 ) Nonrecurring basis Impaired loans - - 3,643,608 3,643,608 Totals $ - $ 60,158,766 $ 4,024,474 $ 64,183,240 December 31, 2017: Recurring basis Mortgage-backed securities $ - $ 20,768,592 $ - $ 20,768,592 U.S. Government agencies - 1,957,783 - 1,957,783 Municipal obligations - 1,673,506 - 1,673,506 Loans held for sale - 15,423,670 - 15,423,670 Derivative IRLC's - 183,087 183,087 Derivative forward commitments - (15,820 ) - (15,820 ) Nonrecurring basis Impaired loans - - 5,436,972 5,436,972 Totals $ - $ 39,807,731 $ 5,620,059 $ 45,427,790 The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no not not There were no December 31, 2018 2017. The following tables present estimated fair values of the Company’s financial instruments at December 31, 2018 2017. Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) At December 31, 2018: Financial assets: Cash and due from banks $ 6,374 $ 6,374 $ 6,374 $ - $ - Interest-bearing deposits with banks 5,400 5,400 5,400 - - Available-for-sale securities 33,429 33,429 - 33,429 - Loans held for sale 26,884 26,884 - 26,884 - Loans held for investment, net 282,790 283,466 - - 283,466 Derivative IRLC's 381 381 - - 381 Derivative forward commitments (154 ) (154 ) - (154 ) - Stock in financial institutions 3,910 3,910 - 3,910 - Financial liabilities: Demand deposits, savings and NOW deposits 187,700 172,049 172,049 - - Time deposits 77,539 77,688 - 77,688 - Federal Home Loan Bank advances 67,000 66,653 - 66,653 - At December 31, 2017 Financial assets: Cash and due from banks $ 4,988 $ 4,988 $ 4,988 $ - $ - Interest-bearing deposits with banks 4,885 4,885 4,885 - - Available-for-sale securities 24,400 24,400 - 24,400 - Loans held for sale 15,424 15,424 - 15,424 - Loans held for investment, net 257,896 257,937 - - 257,937 Stock in financial institutions 3,826 3,826 - 3,826 - Financial liabilities: Demand deposits, savings and NOW deposits 172,512 168,080 168,080 - - Time deposits 63,049 63,076 - 63,076 - Federal Home Loan Bank advances 45,000 45,176 - 45,176 - The following methods and assumptions were used to estimate the fair value of the additional classes of financial instruments shown: Cash and Due from Banks, Interest-Bearing Deposits with Banks and Stock in Financial Institutions Deposits and FHLB Advances Available-for-sale Securities – 1 1 not 2 1 2 not 3 Loans Held for Sale – Other Real Estate – 3 Loans Held for Investment – not 3. The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 Fair Value Valuation Methodologies Valuation Model Unobservable Input Valuation At December 31, 2018 Impaired loans Commercial real estate $ 2,993,923 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 649,685 Appraisal Appraisal discount and estimated selling costs 17 - 18% Commercial and industrial - Appraisal Appraisal discount and estimated selling costs 17 - 18% Total Impaired Loans $ 3,643,608 Derivative IRLC's $ 380,866 Internal pricing model Pull-through rate 77 % At December 31, 2017 Impaired loans Commercial real estate $ 3,483,078 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 679,184 Appraisal Appraisal discount and estimated selling costs 17 - 18% Commercial and industrial 1,274,710 Appraisal Appraisal discount and estimated selling costs 17 - 18% $ 5,436,972 Derivative IRLC's $ 183,087 Internal pricing model Pull-through rate 81 % |
Note 20 - Condensed Financial S
Note 20 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 0 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Financial information as of December 31, 2018 2017, 34 BALANCE SHEETS As of December 31, 2018 2017 ASSETS Cash and due from banks $ 4,993,568 $ 6,489,288 Investment in wholly owned subsidiary 39,044,001 42,426,774 ESOP note receivable 1,700,795 1,731,494 Prepaid and other assets 684,370 358,962 TOTAL ASSETS $ 46,422,734 $ 51,006,518 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accounts payable $ - $ 35,829 Total liabilities - 35,829 Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding - - Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding. 33,746 34,907 Additional paid-in capital 25,500,873 26,849,822 Retained earnings 22,928,777 26,060,598 Accumulated other comprehensive loss, net of tax (396,148 ) (274,266 ) Unearned employee stock ownership plan (ESOP) shares (1,644,514 ) (1,700,372 ) Total stockholders’ equity 46,422,734 50,970,689 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,422,734 $ 51,006,518 STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2018 2017 Interest income on ESOP note receivable $ 77,917 $ 66,111 Noninterest income Equity in income of subsidiary 1,100,091 643,113 Noninterest expense Professional fees and other 121,957 193,828 Income before income taxes 1,056,051 515,396 Provision (benefit) for income taxes (17,463 ) 154,805 Net income 1,073,514 360,591 Other comprehensive income (loss) Unrealized income (loss) on available-for-sale securities (121,882 ) 89,171 COMPREHENSIVE INCOME $ 951,632 $ 449,762 STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 2017 Cash flows from operating activities Net income $ 1,073,514 $ 360,591 Adjustments to reconcile net income to net cash from operating activities: Equity in (income) of subsidiary (1,100,091 ) (643,113 ) Changes in operating assets and liabilities Prepaid and other assets (325,408 ) 86,609 Accounts payable (35,829 ) 35,827 Net cash provided by (used for) operating activities (387,813 ) (160,086 ) Cash flows from investing activities - Principal collections on ESOP note receivable 30,699 30,134 Net cash provided by investing activities 30,699 30,134 Cash flows from financing activities - Dividend from subsidiary 4,800,000 - Stock option exercise 149,228 55,314 Share repurchase (1,926,720 ) (414,400 ) Dividend paid - $1.25 per share (4,161,114 ) - Net cash provided by financing activities (1,138,606 ) (359,086 ) Net change in cash and cash equivalents (1,495,720 ) (489,038 ) Cash and due from banks, beginning of period 6,489,288 6,978,326 Cash and due from banks, end of period $ 4,993,568 $ 6,489,288 |
Note 21 - Earnings Per Share
Note 21 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 1 – EARNINGS PER SHARE The two two Year Ended December 31, 2018 2017 Basic: Net income $ 1,073,514 $ 360,591 Less: Earnings allocated to participating securities (24,642 ) (543 ) Net income allocated to common shareholders $ 1,048,872 $ 360,048 Weighted-average common shares outstanding including participating securities 3,410,670 3,443,695 Less: Average participating securities (70,988 ) (4,915 ) Less: Average unallocated ESOP Shares (176,102 ) (181,887 ) Average shares 3,163,581 3,256,893 Basic earnings per common share $ 0.33 $ 0.11 Diluted: Net income allocated to common shareholders $ 1,048,872 $ 360,048 Weighted-average common shares outstanding for basic earnings per common share 3,163,581 3,256,893 Add: Dilutive effects of assumed exercises of stock options 8,076 8,269 Weighted average shares and dilutive potential common shares 3,171,655 3,265,162 Diluted earnings per common share $ 0.33 $ 0.11 Participating securities are restricted stock awards since they participate in common stock dividends. Stock options for 4,000 178,650 not 2018 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation 34 |
Emerging Growth Company, Policy [Policy Text Block] | Emerging Growth Company Status 34 2019. 34 |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – Significant estimates include, but are not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents – three |
Marketable Securities, Policy [Policy Text Block] | Available for Sale Securities – not |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage Banking Operations – |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale one four seven 14 December 31, 2018 2017 $26.9 $15.4 one four |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments - ● Interest Rate Lock Commitments ● Forward Commitments not |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Held for Investment, Net 90 may no 180 The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb probable credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio; credit concentrations; trends in historical loss experience; and specific impaired loans and economic conditions. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Because of uncertainties associated with regional economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that management’s estimate of probable credit losses inherent in the loan portfolio and the related allowance may may Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment three seven fifteen forty not |
Investment, Policy [Policy Text Block] | Stock in Financial Institutions - may |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets not |
Bank Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance (BOLI) – |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core deposit intangible (CDI) – 9 may |
Real Estate, Policy [Policy Text Block] | Other Real Estate (ORE) not not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements – three ● Level 1 ● Level 2 not ● Level 3 no 3 The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. |
Escrow Accounts Policy [Policy Text Block] | Escrow Accounts |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Financial Instruments with Off-Balance-Sheet Risk – |
Advertising Costs, Policy [Policy Text Block] | Advertising Cost December 31, 2018 2017 $527,000 $454,000, |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan (ESOP) – not Cash dividends on unallocated shares are charged to compensation expense and used to make payments on the ESOP loan which releases shares to be allocated to participant accounts in proportion to their account balances. Cash dividends paid on allocated shares are recorded as a reduction of retained earnings and, at the direction of the employer may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Other Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes no |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income ( Loss ) |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share not not two two |
Business Combinations Policy [Policy Text Block] | Business Combinations – 805, 805” no |
New Accounting Pronouncements, Policy [Policy Text Block] | Summary of Recent Accounting Pronouncements Bancorp 34 may not 2019, fifth 1440 Revenue Recognition May 2014, Accounting Standards Update (“ASU”) 2014 09, 606 2014 09 ASU 2015 4 2014 09 one first 2018. 2014 09, not 2014 09 first 2018 not Financial Instruments – January 2016, No. 2016 01, 825 10 December 15, 2017 not Leases – February 2016, 2016 02 842 December 15, 2018 for public companies, but the Company will have until the first quarter of 2020 to adopt due to its emerging growth company status. Share-Based Payments – March 2016, No. 2016 09, no December 15, 2016, No. 2016 09 January 1, 2017 not Credit Losses - June 2016, 2016 13, “ Financial Instruments—Credit Losses (Topic 326 . ” December 15, 2019 December 15, 2020, December 15, 2020, December 15, 2021. December 15, 2018, Premium on Callable Debt - March 2017, No. 2017 08, “ Receivables–Nonrefundable Fees and Other Costs (Subtopic 310 20 ” not December 15, 2018, 2017 08 not Share-Based Payment Modification - May 2017, 2017 09, 718 2017 09 not 2017 09 December 15, 2017. 2017 09 January 1, 2018 not Reporting Tax Effects of Tax Cuts and Jobs Act - February 2018, No. 2018 02, Income Statement- R eporting Comprehensive Income (Topic 220 ” 2017 December 15, 2018, 2018 02 December 2018 not |
Note 3 - Available-for-sale S_2
Note 3 - Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale securities Mortgage-backed securities $ 28,799,904 $ 115,824 $ (605,370 ) $ 28,310,358 U.S. Government agencies 1,487,917 - (42,885 ) 1,445,032 Municipal obligations 3,672,023 2,363 (1,118 ) 3,673,268 Total $ 33,959,844 $ 118,187 $ (649,373 ) $ 33,428,658 December 31, 2017 Available-for-sale securities Mortgage-backed securities $ 21,028,794 $ 12,757 $ (272,959 ) $ 20,768,592 U.S. Government agencies 2,006,786 44 (49,047 ) 1,957,783 Municipal obligations 1,672,277 2,584 (1,355 ) 1,673,506 Total $ 24,707,857 $ 15,385 $ (323,361 ) $ 24,399,881 |
Gain (Loss) on Securities [Table Text Block] | Year Ended December 31, 2018 2017 Proceeds from sale $ - $ 6,933,361 Sales gains $ - $ 3,618 Sales losses $ - $ (179,707 ) |
Available-for-sale Securities Debt Maturities [Table Text Block] | December 31, 2018 December 31, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 403,612 $ 402,924 $ 1,254,321 $ 1,256,906 Due after one to five years 23,040,618 22,482,300 21,574,631 21,306,086 Due after five to ten years 10,515,614 10,543,434 1,878,905 1,836,889 Due after ten years - - - - Totals $ 33,959,844 $ 33,428,658 $ 24,707,857 $ 24,399,881 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2018 Less Than 12 Months 12 Months or More Total Gross Gross Gross Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities: Mortgage-backed securities $ 8,605,742 $ (200,190 ) $ 10,740,671 $ (405,180 ) $ 19,346,413 $ (605,370 ) U.S. Government agencies 302,219 (885 ) 1,142,814 (42,000 ) 1,445,033 (42,885 ) Municipal obligations 1,747,571 (430 ) 402,924 (688 ) 2,150,495 (1,118 ) Total temporarily impaired securities $ 10,655,532 $ (201,505 ) $ 12,286,409 $ (447,868 ) $ 22,941,941 $ (649,373 ) December 31, 2017 Less Than 12 Months 12 Months or More Total Gross Gross Gross Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities: Mortgage-backed securities $ 3,468,607 $ (39,099 ) $ 9,763,879 $ (233,860 ) $ 13,232,486 $ (272,959 ) U.S. Government agencies - - 1,548,481 (49,047 ) 1,548,481 (49,047 ) Municipal obligations 416,600 (1,355 ) - 416,600 (1,355 ) Total temporarily impaired securities $ 3,885,207 $ (40,454 ) $ 11,312,360 $ (282,907 ) $ 15,197,567 $ (323,361 ) |
Note 4 - Loans Held for Inves_2
Note 4 - Loans Held for Investment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Loans Held for Investment, Net [Table Text Block] | December 31, 2018 December 31, 2017 Amount Percent Amount Percent Loans held for investment, net: Commercial real estate $ 233,102,637 81.3 % $ 214,871,788 82.0 % One- to four-family residential real estate 29,855,462 10.4 29,114,060 11.1 Commercial and industrial 17,508,258 6.1 12,296,308 4.7 Consumer and other 6,374,532 2.2 5,740,352 2.2 Total gross loans 286,840,889 100.0 % 262,022,508 100.0 % Unamortized loan fees (1,149,517 ) (1,009,722 ) Loans held for investment 285,691,372 261,012,786 Allowance for loan losses (2,901,091 ) (3,117,190 ) Loans held for investment, net $ 282,790,281 $ 257,895,596 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | As of December 31, 2018 Commercial Real Estate One- to Four-Family Residential Real Estate Commercial and Industrial Other Total Allowance for loan losses Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment 2,130,124 359,705 377,180 34,082 2,901,091 Total $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 Gross loans Ending balance: individually evaluated for impairment $ 2,993,923 $ 649,685 $ - $ - $ 3,643,608 Ending balance: collectively evaluated for impairment 230,108,714 29,205,777 17,508,258 6,374,532 283,197,281 Total $ 233,102,637 $ 29,855,462 $ 17,508,258 $ 6,374,532 $ 286,840,889 As of December 31, 2017 Commercial Real Estate One- to Four-Family Residential Real Estate Commercial and Industrial Other Total Allowance for loan losses Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment 2,055,911 567,290 462,406 31,583 3,117,190 Total $ 2,055,911 $ 567,290 $ 462,406 $ 31,583 $ 3,117,190 Gross loans Ending balance: individually evaluated for impairment $ 3,483,078 $ 679,184 $ 1,274,710 $ - $ 5,436,972 Ending balance: collectively evaluated for impairment 211,388,710 28,434,876 11,021,598 5,740,352 256,585,536 Total $ 214,871,788 $ 29,114,060 $ 12,296,308 $ 5,740,352 $ 262,022,508 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Balance December 31, 2016 $ 1,688,448 $ 617,912 $ 147,371 $ 52,302 $ 2,506,033 Provision for loan losses 366,263 (54,777 ) 284,233 (20,719 ) 575,000 Charge-offs - (20,845 ) - - (20,845 ) Recoveries 1,200 25,000 30,802 - 57,002 Net recoveries 1,200 4,155 30,802 - 36,157 Balance December 31, 2017 $ 2,055,911 $ 567,290 $ 462,406 $ 31,583 $ 3,117,190 Provision for loan losses 624,213 (183,988 ) (124,724 ) 2,499 318,000 Charge-offs (550,000 ) (36,096 ) (10,322 ) - (596,418 ) Recoveries - 12,499 49,820 - 62,319 Net (charge-offs) recoveries (550,000 ) (23,597 ) 39,498 - (534,099 ) Balance December 31, 2018 $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 |
Past Due Financing Receivables [Table Text Block] | Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2018 Commercial real estate $ - $ 2,744,405 $ - $ 2,744,405 $ 230,358,232 $ 233,102,637 One- to four-family residential real estate 782,835 234,524 393,068 1,410,427 28,445,035 29,855,462 Commercial and industrial - - - - 17,508,258 17,508,258 Consumer and other - - - - 6,374,532 6,374,532 Totals $ 782,835 $ 2,978,929 $ 393,068 $ 4,154,832 $ 282,686,057 $ 286,840,889 Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2017 Commercial real estate $ 246,154 $ - $ 550,000 $ 796,154 $ 214,075,634 $ 214,871,788 One- to four-family residential real estate 235,561 116,977 525,532 878,070 28,235,990 29,114,060 Commercial and industrial - - 1,274,710 1,274,710 11,021,598 12,296,308 Consumer and other - - - - 5,740,352 5,740,352 Totals $ 481,715 $ 116,977 $ 2,350,242 $ 2,948,934 $ 259,073,574 $ 262,022,508 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, December 31, 2018 2017 Nonaccrual loans Commercial real estate $ 2,993,923 $ 3,483,078 One- to four-family residential real estate 649,685 679,184 Commercial and industrial - 1,274,710 Consumer and other - - Total nonaccrual loans 3,643,608 5,436,972 Other real estate (ORE) - - Total nonperforming assets $ 3,643,608 $ 5,436,972 Nonperforming assets to gross loans held for investment and ORE 1.27 % 2.08 % Nonperforming assets to total assets 0.95 % 1.62 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2018 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 226,510,803 $ 27,990,417 $ 17,237,690 $ 6,374,532 $ 278,113,442 Special mention 1,981,667 268,892 - - 2,250,559 Substandard 4,610,167 1,596,153 270,568 - 6,476,888 Doubtful - - - - - Loss - - - - - Totals $ 233,102,637 $ 29,855,462 $ 17,508,258 $ 6,374,532 $ 286,840,889 As of December 31, 2017 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 208,395,458 $ 27,400,698 $ 10,624,210 $ 5,568,633 $ 251,988,999 Special mention 911,571 43,382 - - 954,953 Substandard 5,014,759 1,669,980 1,672,098 171,719 8,528,556 Doubtful 550,000 - - - 550,000 Loss - - - - - Totals $ 214,871,788 $ 29,114,060 $ 12,296,308 $ 5,740,352 $ 262,022,508 |
Impaired Financing Receivables [Table Text Block] | As of December 31, 2018 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 2,993,923 $ 2,993,923 $ - $ 3,007,495 One- to four-family residential real estate 649,685 649,685 - 656,436 Commercial and industrial - - - - Consumer and other - - - - $ 3,643,608 $ 3,643,608 $ - $ 3,663,931 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 2,993,923 $ 2,993,923 $ - $ 3,007,495 One- to four-family residential real estate 649,685 649,685 - 656,436 Commercial and industrial - - - - Consumer and other - - - - $ 3,643,608 $ 3,643,608 $ - $ 3,663,931 As of December 31, 2017 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 3,483,078 $ 3,483,078 $ - $ 3,521,421 One- to four-family residential real estate 679,184 679,184 - 684,632 Commercial and industrial 1,274,710 1,274,710 - 1,297,740 Consumer and other - - - - $ 5,436,972 $ 5,436,972 $ - $ 5,503,793 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 3,483,078 $ 3,483,078 $ - $ 3,521,421 One- to four-family residential real estate 679,184 679,184 - 684,632 Commercial and industrial 1,274,710 1,274,710 - 1,297,740 Consumer and other - - - - $ 5,436,972 $ 5,436,972 $ - $ 5,503,793 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 31, 2018 2017 Cost: Land and improvements $ 2,452,807 $ 2,452,807 Building and improvements 12,276,205 12,218,857 Furniture and equipment 2,362,017 2,266,934 Automobiles 91,387 137,635 Total cost 17,182,416 17,076,233 Accumulated depreciation and amortization (7,566,790 ) (6,955,329 ) Net book value $ 9,615,626 $ 10,120,904 |
Note 7 - Core Deposit Intangi_2
Note 7 - Core Deposit Intangible (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2018 2017 Gross carrying value $ 502,000 $ 502,000 Less accumulated amortization (329,892 ) (281,336 ) Core deposit intangible $ 172,108 $ 220,664 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year one $ 39,057 Year two 35,443 Year three 35,443 Year four 35,443 Year five 26,722 Thereafter - Core deposit intangible $ 172,108 |
Note 8 - Time Deposits (Tables)
Note 8 - Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | At December 31, 2018 At December 31, 2017 Weighted- Weighted- Average Average Maturity Rate Amount Rate Amount One year or less 1.51 % $ 30,457,540 1.06 % $ 31,916,859 Over one through three years 2.20 % 43,552,518 1.28 % 27,678,266 Over three through five years 1.58 % 3,528,518 1.26 % 3,454,209 Over five years - - 1.90 % $ 77,538,576 1.17 % $ 63,049,334 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | At December 31, Maturity 2018 2017 Year one $ 27,000,000 $ 35,000,000 Year two 40,000,000 - Year three - 10,000,000 Year four - - Total borrowings $ 67,000,000 $ 45,000,000 |
Note 10 - Derivatives (Tables)
Note 10 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | For the Year Ended December 31, 2018 2017 Forward Commitments $ (58,344 ) $ 25,806 Interest rate lock commitments 197,779 183,087 $ 139,435 $ 208,893 As of December 31, 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Forward Commitments $ 21,500,000 (153,906 ) $ 13,500,000 $ (15,820 ) Interest rate lock commitments 27,000,000 380,886 11,900,000 183,087 $ 48,500,000 $ 226,980 $ 25,400,000 $ 167,267 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments With Off-balance-sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2018 December 31, 2017 Commitments to originate and sell mortgage loans $ 34,268,309 $ 27,440,793 Commitments to extend credit 25,323,822 23,425,182 Unused lines of credit 18,281,453 13,576,993 Standby letters of credit - 125,000 Totals $ 77,873,584 $ 64,567,968 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | December 31, Amount 2019 $ 784,136 2020 563,419 2021 495,179 2022 365,494 2023 - $ 2,208,228 |
Note 13 - Employee Retirement_2
Note 13 - Employee Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | At December 31, 2018 2017 Allocated and committed to be allocated to participants 33,318 31,578 Unallocated/unearned 170,316 176,102 Total ESOP shares 203,634 207,680 Fair value of unallocated/unearned shares $ 2,452,557 $ 2,597,501 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2018 2017 Current Federal $ 284,797 $ (109,214 ) State 79,196 13,194 Deferred expense & change in valuation allowance 51,706 914,130 Net deferred tax asset revaluation adjustment - 1,150,318 Provision (benefit) for income taxes $ 415,699 $ 1,968,428 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2018 2017 Amount Rate Amount Rate Federal tax at the statutory rate $ 312,735 21 % $ 791,867 34 % Benefit from permanent differences: State income taxes, net of Federal tax benefit 58,156 4 73,896 3 Bank-owned life insurance (59,303 ) (4 ) (74,019 ) (3 ) Meals & entertainment 9,169 1 - - Net deferred tax asset revaluation adjustment - - 1,150,318 49 Other, net 94,942 6 26,366 1 Provision (benefit) for income taxes $ 415,699 28 % $ 1,968,428 85 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 721,765 $ 720,047 Unrealized losses on AFS securities 135,038 77,931 Board of Directors retirement plan 239,957 232,748 Other, net 311,762 155,858 Deferred compensation 215,033 183,155 Accrued bonus 216,254 258,069 Purchase accounting - 4,325 Organizational costs 70,638 93,404 Net operating loss carryforwards 840,001 1,014,199 Total deferred tax assets 2,750,448 2,739,736 Deferred tax liabilities: FHLB stock dividends (52,709 ) (32,412 ) Depreciation and amortization (276,802 ) (336,613 ) Loan origination costs (195,770 ) (179,185 ) Purchase accounting (28,239 ) - Total deferred tax liabilities (553,520 ) (548,210 ) Net deferred tax asset 2,196,928 2,191,526 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Puroses To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ration (Dollars in thousands) As of December 31, 2018: Total Capital (to Risk-Weighted Assets) $ 41,685 14.50 % $ 22,999 > $ 28,748 > Tier I Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 17,252 > $ 23,003 > Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 12,939 > $ 18,690 > Tier I Capital (to Average Assets) $ 38,703 10.29 % $ 15,045 > $ 18,806 > As of December 31, 2017: Total Capital (to Risk-Weighted Assets) $ 45,076 17.21 % $ 20,950 > $ 26,187 > Tier I Capital (to Risk-Weighted Assets) $ 41,800 15.96 % $ 15,712 > $ 20,950 > Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 41,800 15.96 % $ 11,784 > $ 17,022 > Tier I Capital (to Average Assets) $ 41,800 11.96 % $ 14,011 > $ 17,514 > |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Years Ended December 31, 2018 2017 Beginning balance $ - $ - New loans 500,000 - Repayments (500,000 ) - Ending balance $ - $ - Fees and bonuses paid to directors during the period $ 244,125 $ 216,000 Deposits from related parties held by the Bank at end of period $ 2,470,696 $ 1,755,885 |
Note 18 - Stock-based Compens_2
Note 18 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Grant date stock price $ 15.48 Dividend yield 0.00 % Expected volatility 19.55 % Risk-free interest rate 2.75 % Expected life in years 6 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | For the Year Ended December 31, 2018 Average Weighted- Remaining Average Contractual Shares Exercise Price Term (years) Outstanding, December 31, 2017 207,108 $ 14.18 6.2 Granted 5,000 15.48 - Exercised (15,464 ) 9.65 - Forfeited or expired (32,234 ) 13.98 - Outstanding, December 31, 2018 164,410 $ 14.68 5.8 Exercisable, December 31, 2018 37,890 $ 13.89 4.9 For the Year Ended December 31, 2017 Average Weighted- Remaining Average Contractual Shares Exercise Price Term (years) Outstanding, December 31, 2016 34,190 $ 9.65 2.3 Granted 178,650 14.9 6.9 Exercised (5,732 ) 9. - Forfeited or expired - - - Outstanding, December 31, 2017 207,108 $ 14.18 6.2 Exercisable, December 31, 2017 28,458 $ 9.65 1.3 |
Share-based Compensation, Additional Disclosures on Grants [Table Text Block] | Year Ended December 31, 2018 2017 Intrinsic value of options exercised $ 89,080 $ 25,909 Cash received from option exercises $ 149,228 $ 55,314 Tax benefit from option exercises $ 24,866 $ 21,240 Total weighted average fair value of options granted $ 20,200 $ 653,859 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Avererage Remaining Grant Date Contractual Shares Price Term (years) For the Year Ended December 31, 2018 Outstanding, December 31, 2017 74,750 $ 14.90 4.9 Granted 429 $ 15.48 Vested (18,850 ) 14.90 Forfeited or expired (6,500 ) 14.90 Outstanding, December 31, 2018 49,829 $ 14.90 4.0 For the Year Ended December 31, 2017 Outstanding, December 31, 2016 - Granted 74,750 $ 14.90 Vested - Forfeited or expired - Outstanding, December 31, 2017 74,750 $ 14.90 4.9 |
Note 19 - Fair Values of Fina_2
Note 19 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Fair Value December 31, 2018: Recurring basis Mortgage-backed securities $ - $ 28,310,358 $ - $ 28,310,358 U.S. Government agencies - 1,445,032 - 1,445,032 Municipal obligations - 3,673,268 - 3,673,268 Loans held for sale - 26,884,014 - 26,884,014 Derivative IRLC's - - 380,866 380,866 Derivative forward commitments - (153,906 ) - (153,906 ) Nonrecurring basis Impaired loans - - 3,643,608 3,643,608 Totals $ - $ 60,158,766 $ 4,024,474 $ 64,183,240 December 31, 2017: Recurring basis Mortgage-backed securities $ - $ 20,768,592 $ - $ 20,768,592 U.S. Government agencies - 1,957,783 - 1,957,783 Municipal obligations - 1,673,506 - 1,673,506 Loans held for sale - 15,423,670 - 15,423,670 Derivative IRLC's - 183,087 183,087 Derivative forward commitments - (15,820 ) - (15,820 ) Nonrecurring basis Impaired loans - - 5,436,972 5,436,972 Totals $ - $ 39,807,731 $ 5,620,059 $ 45,427,790 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) At December 31, 2018: Financial assets: Cash and due from banks $ 6,374 $ 6,374 $ 6,374 $ - $ - Interest-bearing deposits with banks 5,400 5,400 5,400 - - Available-for-sale securities 33,429 33,429 - 33,429 - Loans held for sale 26,884 26,884 - 26,884 - Loans held for investment, net 282,790 283,466 - - 283,466 Derivative IRLC's 381 381 - - 381 Derivative forward commitments (154 ) (154 ) - (154 ) - Stock in financial institutions 3,910 3,910 - 3,910 - Financial liabilities: Demand deposits, savings and NOW deposits 187,700 172,049 172,049 - - Time deposits 77,539 77,688 - 77,688 - Federal Home Loan Bank advances 67,000 66,653 - 66,653 - At December 31, 2017 Financial assets: Cash and due from banks $ 4,988 $ 4,988 $ 4,988 $ - $ - Interest-bearing deposits with banks 4,885 4,885 4,885 - - Available-for-sale securities 24,400 24,400 - 24,400 - Loans held for sale 15,424 15,424 - 15,424 - Loans held for investment, net 257,896 257,937 - - 257,937 Stock in financial institutions 3,826 3,826 - 3,826 - Financial liabilities: Demand deposits, savings and NOW deposits 172,512 168,080 168,080 - - Time deposits 63,049 63,076 - 63,076 - Federal Home Loan Bank advances 45,000 45,176 - 45,176 - |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Valuation Methodologies Valuation Model Unobservable Input Valuation At December 31, 2018 Impaired loans Commercial real estate $ 2,993,923 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 649,685 Appraisal Appraisal discount and estimated selling costs 17 - 18% Commercial and industrial - Appraisal Appraisal discount and estimated selling costs 17 - 18% Total Impaired Loans $ 3,643,608 Derivative IRLC's $ 380,866 Internal pricing model Pull-through rate 77 % At December 31, 2017 Impaired loans Commercial real estate $ 3,483,078 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 679,184 Appraisal Appraisal discount and estimated selling costs 17 - 18% Commercial and industrial 1,274,710 Appraisal Appraisal discount and estimated selling costs 17 - 18% $ 5,436,972 Derivative IRLC's $ 183,087 Internal pricing model Pull-through rate 81 % |
Note 20 - Condensed Financial_2
Note 20 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2018 2017 ASSETS Cash and due from banks $ 4,993,568 $ 6,489,288 Investment in wholly owned subsidiary 39,044,001 42,426,774 ESOP note receivable 1,700,795 1,731,494 Prepaid and other assets 684,370 358,962 TOTAL ASSETS $ 46,422,734 $ 51,006,518 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accounts payable $ - $ 35,829 Total liabilities - 35,829 Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding - - Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding. 33,746 34,907 Additional paid-in capital 25,500,873 26,849,822 Retained earnings 22,928,777 26,060,598 Accumulated other comprehensive loss, net of tax (396,148 ) (274,266 ) Unearned employee stock ownership plan (ESOP) shares (1,644,514 ) (1,700,372 ) Total stockholders’ equity 46,422,734 50,970,689 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,422,734 $ 51,006,518 |
Condensed Statement of Comprehensive Income [Table Text Block] | Year Ended December 31, 2018 2017 Interest income on ESOP note receivable $ 77,917 $ 66,111 Noninterest income Equity in income of subsidiary 1,100,091 643,113 Noninterest expense Professional fees and other 121,957 193,828 Income before income taxes 1,056,051 515,396 Provision (benefit) for income taxes (17,463 ) 154,805 Net income 1,073,514 360,591 Other comprehensive income (loss) Unrealized income (loss) on available-for-sale securities (121,882 ) 89,171 COMPREHENSIVE INCOME $ 951,632 $ 449,762 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, 2018 2017 Cash flows from operating activities Net income $ 1,073,514 $ 360,591 Adjustments to reconcile net income to net cash from operating activities: Equity in (income) of subsidiary (1,100,091 ) (643,113 ) Changes in operating assets and liabilities Prepaid and other assets (325,408 ) 86,609 Accounts payable (35,829 ) 35,827 Net cash provided by (used for) operating activities (387,813 ) (160,086 ) Cash flows from investing activities - Principal collections on ESOP note receivable 30,699 30,134 Net cash provided by investing activities 30,699 30,134 Cash flows from financing activities - Dividend from subsidiary 4,800,000 - Stock option exercise 149,228 55,314 Share repurchase (1,926,720 ) (414,400 ) Dividend paid - $1.25 per share (4,161,114 ) - Net cash provided by financing activities (1,138,606 ) (359,086 ) Net change in cash and cash equivalents (1,495,720 ) (489,038 ) Cash and due from banks, beginning of period 6,489,288 6,978,326 Cash and due from banks, end of period $ 4,993,568 $ 6,489,288 |
Note 21 - Earnings Per Share (T
Note 21 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2018 2017 Basic: Net income $ 1,073,514 $ 360,591 Less: Earnings allocated to participating securities (24,642 ) (543 ) Net income allocated to common shareholders $ 1,048,872 $ 360,048 Weighted-average common shares outstanding including participating securities 3,410,670 3,443,695 Less: Average participating securities (70,988 ) (4,915 ) Less: Average unallocated ESOP Shares (176,102 ) (181,887 ) Average shares 3,163,581 3,256,893 Basic earnings per common share $ 0.33 $ 0.11 Diluted: Net income allocated to common shareholders $ 1,048,872 $ 360,048 Weighted-average common shares outstanding for basic earnings per common share 3,163,581 3,256,893 Add: Dilutive effects of assumed exercises of stock options 8,076 8,269 Weighted average shares and dilutive potential common shares 3,171,655 3,265,162 Diluted earnings per common share $ 0.33 $ 0.11 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details Textual) | Oct. 11, 2016USD ($)$ / sharesshares | Oct. 31, 2016$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Stock Issued During Period, Shares, New Issues | shares | 1,879,484 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 150,358 | 150,358 | ||
Shares Issued, Price Per Share | $ / shares | $ 10 | $ 10 | ||
Stock Issued During Period, Value, New Issues | $ 18,800,000 | |||
Payments of Stock Issuance Costs | $ 1,300,000 | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2.0473 | |||
Conversion of Stock, Shares Issued | shares | 1,558,706 | |||
Common Stock, Shares, Outstanding, Ending Balance | shares | 3,438,190 | 3,374,565 | 3,490,672 | |
Advertising Expense | $ 527,142 | $ 453,976 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||||
Loans Receivable Held-for-sale, Amount | $ 26,900,000 | $ 15,400,000 | ||
Minimum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum [Member] | Leasehold Improvements and Buildings [Member] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Minimum [Member] | One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||||
Loans Receivable Selling Period | 7 days | |||
Maximum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Maximum [Member] | Leasehold Improvements and Buildings [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Maximum [Member] | One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||||
Loans Receivable Selling Period | 14 days |
Note 2 - Restrictions on Cash_2
Note 2 - Restrictions on Cash and Due From Banks (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents, Total | $ 1,100,000 | $ 621,000 |
Note 3 - Available-for-sale S_3
Note 3 - Available-for-sale Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale Securities, Greater than 10% of Stockholders' Equity | $ 0 | $ 0 |
Available-for-sale Securities, Total | 33,428,658 | 24,399,881 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | |
Loans and Securities Pledged to Secure FHLB Advances | 130,500,000 | |
Loans and Securities Pledged to Secure Public Deposits | 3,800,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Total | 13,800,000 | 10,100,000 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Total | $ 0 | $ 0 |
Note 3 - Available-for-sale S_4
Note 3 - Available-for-sale Securities - Carrying Amount of Securities and Fair Value (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities, gross amortized cost | $ 33,959,844 | $ 24,707,857 |
Available-for-sale securities, gross unrealized gains | 118,187 | 15,385 |
Available-for-sale securities, gross unrealized losses | (649,373) | (323,361) |
Available-for-sale securities, fair value | 33,428,658 | 24,399,881 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, gross amortized cost | 28,799,904 | 21,028,794 |
Available-for-sale securities, gross unrealized gains | 115,824 | 12,757 |
Available-for-sale securities, gross unrealized losses | (605,370) | (272,959) |
Available-for-sale securities, fair value | 28,310,358 | 20,768,592 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, gross amortized cost | 1,487,917 | 2,006,786 |
Available-for-sale securities, gross unrealized gains | 44 | |
Available-for-sale securities, gross unrealized losses | (42,885) | (49,047) |
Available-for-sale securities, fair value | 1,445,032 | 1,957,783 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, gross amortized cost | 3,672,023 | 1,672,277 |
Available-for-sale securities, gross unrealized gains | 2,363 | 2,584 |
Available-for-sale securities, gross unrealized losses | (1,118) | (1,355) |
Available-for-sale securities, fair value | $ 3,673,268 | $ 1,673,506 |
Note 3 - Available-for-sale S_5
Note 3 - Available-for-sale Securities - Sale of Available-for-sale Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from sale | $ 6,933,361 | |
Sales gains | 3,618 | |
Sales losses | $ (179,707) |
Note 3 - Available-for-sale S_6
Note 3 - Available-for-sale Securities - Scheduled Maturities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Due in one year or less, amortized cost | $ 403,612 | $ 1,254,321 |
Due in one year or less, fair value | 402,924 | 1,256,906 |
Due after one to five years, amortized cost | 23,040,618 | 21,574,631 |
Due after one to five years, fair value | 22,482,300 | 21,306,086 |
Due after five to ten years, amortized cost | 10,515,614 | 1,878,905 |
Due after five to ten years, fair value | 10,543,434 | 1,836,889 |
Due after ten years, amortized cost | ||
Due after ten years, fair value | ||
Available-for-sale securities, gross amortized cost | 33,959,844 | 24,707,857 |
Total, fair value | $ 33,428,658 | $ 24,399,881 |
Note 3 - Available-for-sale S_7
Note 3 - Available-for-sale Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities, less than 12 months, fair value | $ 10,655,532 | $ 3,885,207 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (201,505) | (40,454) |
Available-for-sale securities, 12 months or more, fair value | 12,286,409 | 11,312,360 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (447,868) | (282,907) |
Available-for-sale securities, fair value | 22,941,941 | 15,197,567 |
Available-for-sale securities, gross unrealized losses | (649,373) | (323,361) |
Asset-backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 8,605,742 | 3,468,607 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (200,190) | (39,099) |
Available-for-sale securities, 12 months or more, fair value | 10,740,671 | 9,763,879 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (405,180) | (233,860) |
Available-for-sale securities, fair value | 19,346,413 | 13,232,486 |
Available-for-sale securities, gross unrealized losses | (605,370) | (272,959) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 302,219 | |
Available-for-sale securities, less than 12 months, gross unrealized losses | (885) | |
Available-for-sale securities, 12 months or more, fair value | 1,142,814 | 1,548,481 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (42,000) | (49,047) |
Available-for-sale securities, fair value | 1,445,033 | 1,548,481 |
Available-for-sale securities, gross unrealized losses | (42,885) | (49,047) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 1,747,571 | 416,600 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (430) | (1,355) |
Available-for-sale securities, 12 months or more, fair value | 402,924 | 0 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (688) | 0 |
Available-for-sale securities, fair value | 2,150,495 | 416,600 |
Available-for-sale securities, gross unrealized losses | $ (1,118) | $ (1,355) |
Note 4 - Loans Held for Inves_3
Note 4 - Loans Held for Investment, Net (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,643,608 | $ 5,436,972 |
Impaired Financing Receivable, Interest Income, Nonaccrual | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 4,000 | 8,000 |
Financing Receivable, Modifications, Recorded Investment | $ 54,000 | $ 0 |
Veterans Administration Loan [Member] | ||
Number of Receivable Commitments Outstanding | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,700,000 | |
Nonaccrual Loan Secure Percentage | 75.30% | |
Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,300,000 | |
Nonaccrual Loan Secure Percentage | 63.00% | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans Receivable, Gross, Commercial, Construction | $ 20,800,000 | $ 14,700,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,993,923 | $ 3,483,078 |
Note 4 - Loans Held for Inves_4
Note 4 - Loans Held for Investment, Net - Components of Loans Held for Investment, Net (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total, gross loans | $ 286,840,889 | $ 262,022,508 | |
Percentage of gross loans | 100.00% | 100.00% | |
Unamortized loan fees | $ (1,149,517) | $ (1,009,722) | |
Loans held for investment | 285,691,372 | 261,012,786 | |
Allowance for loan losses | (2,901,091) | (3,117,190) | $ (2,506,033) |
Loans held for investment, net | 282,790,281 | 257,895,596 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total, gross loans | $ 233,102,637 | $ 214,871,788 | |
Percentage of gross loans | 81.30% | 82.00% | |
Allowance for loan losses | $ (2,130,124) | $ (2,055,911) | (1,688,448) |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | |||
Total, gross loans | $ 29,855,462 | $ 29,114,060 | |
Percentage of gross loans | 10.40% | 11.10% | |
Allowance for loan losses | $ (359,705) | $ (567,290) | (617,912) |
Commercial and Industrial Portfolio Segment [Member] | |||
Total, gross loans | $ 17,508,258 | $ 12,296,308 | |
Percentage of gross loans | 6.10% | 4.70% | |
Allowance for loan losses | $ (377,180) | $ (462,406) | (147,371) |
Consumer and Other Portfolio Segment [Member] | |||
Total, gross loans | $ 6,374,532 | $ 5,740,352 | |
Percentage of gross loans | 2.20% | 2.20% | |
Allowance for loan losses | $ (34,082) | $ (31,583) | $ (52,302) |
Note 4 - Loans Held for Inves_5
Note 4 - Loans Held for Investment, Net - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ending balance: individually evaluated for impairment | $ 0 | |||
Ending balance: collectively evaluated for impairment | 2,901,091 | 3,117,190 | ||
Total, allowance for loan losses | $ 3,117,190 | $ 2,506,033 | 2,901,091 | 3,117,190 |
Ending balance: individually evaluated for impairment, gross loans | 3,643,608 | 5,436,972 | ||
Ending balance: collectively evaluated for impairment, gross loans | 283,197,281 | 256,585,536 | ||
Total, gross loans | 286,840,889 | 262,022,508 | ||
Balance | 3,117,190 | 2,506,033 | ||
Provision for loan losses | 318,000 | 575,000 | ||
Charge-offs | (596,418) | (20,845) | ||
Recoveries | 62,319 | 57,002 | ||
Net recoveries (charge-offs) | (534,099) | 36,157 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment | 0 | |||
Ending balance: collectively evaluated for impairment | 2,130,124 | 2,055,911 | ||
Total, allowance for loan losses | 2,055,911 | 1,688,448 | 2,130,124 | 2,055,911 |
Ending balance: individually evaluated for impairment, gross loans | 2,993,923 | 3,483,078 | ||
Ending balance: collectively evaluated for impairment, gross loans | 230,108,714 | 211,388,710 | ||
Total, gross loans | 233,102,637 | 214,871,788 | ||
Balance | 2,055,911 | 1,688,448 | ||
Provision for loan losses | 624,213 | 366,263 | ||
Charge-offs | (550,000) | |||
Recoveries | 1,200 | |||
Net recoveries (charge-offs) | (550,000) | 1,200 | ||
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 359,705 | 567,290 | ||
Total, allowance for loan losses | 567,290 | 617,912 | 359,705 | 567,290 |
Ending balance: individually evaluated for impairment, gross loans | 649,685 | 679,184 | ||
Ending balance: collectively evaluated for impairment, gross loans | 29,205,777 | 28,434,876 | ||
Total, gross loans | 29,855,462 | 29,114,060 | ||
Balance | 567,290 | 617,912 | ||
Provision for loan losses | (183,988) | (54,777) | ||
Charge-offs | (36,096) | (20,845) | ||
Recoveries | 12,499 | 25,000 | ||
Net recoveries (charge-offs) | (23,597) | 4,155 | ||
Commercial and Industrial Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 377,180 | 462,406 | ||
Total, allowance for loan losses | 462,406 | 147,371 | 377,180 | 462,406 |
Ending balance: individually evaluated for impairment, gross loans | 1,274,710 | |||
Ending balance: collectively evaluated for impairment, gross loans | 17,508,258 | 11,021,598 | ||
Total, gross loans | 17,508,258 | 12,296,308 | ||
Balance | 462,406 | 147,371 | ||
Provision for loan losses | (124,724) | 284,233 | ||
Charge-offs | (10,322) | |||
Recoveries | 49,820 | 30,802 | ||
Net recoveries (charge-offs) | 39,498 | 30,802 | ||
Consumer and Other Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 34,082 | 31,583 | ||
Total, allowance for loan losses | 31,583 | 52,302 | 34,082 | 31,583 |
Ending balance: individually evaluated for impairment, gross loans | 0 | |||
Ending balance: collectively evaluated for impairment, gross loans | 6,374,532 | 5,740,352 | ||
Total, gross loans | $ 6,374,532 | $ 5,740,352 | ||
Balance | 31,583 | 52,302 | ||
Provision for loan losses | 2,499 | $ (20,719) | ||
Net recoveries (charge-offs) |
Note 4 - Loans Held for Inves_6
Note 4 - Loans Held for Investment, Net - Nonperforming Receivables Past Due (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Past due loans | $ 4,154,832 | $ 2,948,934 |
Current loans | 282,686,057 | 259,073,574 |
Total, gross loans | 286,840,889 | 262,022,508 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 782,835 | 481,715 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | 2,978,929 | 116,977 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 393,068 | 2,350,242 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 2,744,405 | 796,154 |
Current loans | 230,358,232 | 214,075,634 |
Total, gross loans | 233,102,637 | 214,871,788 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 246,154 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | 2,744,405 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 550,000 | |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Past due loans | 1,410,427 | 878,070 |
Current loans | 28,445,035 | 28,235,990 |
Total, gross loans | 29,855,462 | 29,114,060 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 782,835 | 235,561 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | 234,524 | 116,977 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 393,068 | 525,532 |
Commercial and Industrial Portfolio Segment [Member] | ||
Past due loans | 1,274,710 | |
Current loans | 17,508,258 | 11,021,598 |
Total, gross loans | 17,508,258 | 12,296,308 |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | 1,274,710 | |
Consumer and Other Portfolio Segment [Member] | ||
Past due loans | 0 | 0 |
Current loans | 6,374,532 | 5,740,352 |
Total, gross loans | 6,374,532 | 5,740,352 |
Consumer and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due loans | $ 0 | $ 0 |
Note 4 - Loans Held for Inves_7
Note 4 - Loans Held for Investment, Net - Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total nonaccrual loans | $ 3,643,608 | $ 5,436,972 |
Other real estate (ORE) | 0 | 0 |
Total nonperforming assets | $ 3,643,608 | $ 5,436,972 |
Nonperforming assets to gross loans held for investment and ORE | 1.27% | 2.08% |
Nonperforming assets to total assets | 0.95% | 1.62% |
Commercial Real Estate Portfolio Segment [Member] | ||
Total nonaccrual loans | $ 2,993,923 | $ 3,483,078 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Total nonaccrual loans | 649,685 | 679,184 |
Commercial and Industrial Portfolio Segment [Member] | ||
Total nonaccrual loans | 1,274,710 | |
Consumer and Other Portfolio Segment [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 4 - Loans Held for Inves_8
Note 4 - Loans Held for Investment, Net - Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total, gross loans | $ 286,840,889 | $ 262,022,508 |
Pass [Member] | ||
Total, gross loans | 278,113,442 | 251,988,999 |
Special Mention [Member] | ||
Total, gross loans | 2,250,559 | 954,953 |
Substandard [Member] | ||
Total, gross loans | 6,476,888 | 8,528,556 |
Doubtful [Member] | ||
Total, gross loans | 550,000 | |
Loss [Member] | ||
Total, gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total, gross loans | 233,102,637 | 214,871,788 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 226,510,803 | 208,395,458 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 1,981,667 | 911,571 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 4,610,167 | 5,014,759 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | 550,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Total, gross loans | 0 | 0 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Total, gross loans | 29,855,462 | 29,114,060 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 27,990,417 | 27,400,698 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 268,892 | 43,382 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 1,596,153 | 1,669,980 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | 0 | 0 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Total, gross loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | ||
Total, gross loans | 17,508,258 | 12,296,308 |
Commercial and Industrial Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 17,237,690 | 10,624,210 |
Commercial and Industrial Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 270,568 | 1,672,098 |
Commercial and Industrial Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Loss [Member] | ||
Total, gross loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | ||
Total, gross loans | 6,374,532 | 5,740,352 |
Consumer and Other Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 6,374,532 | 5,568,633 |
Consumer and Other Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 171,719 | |
Consumer and Other Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Loss [Member] | ||
Total, gross loans | $ 0 | $ 0 |
Note 4 - Loans Held for Inves_9
Note 4 - Loans Held for Investment, Net - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired loans, with no related allowance recorded, recorded investment | $ 3,643,608 | $ 5,436,972 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 3,643,608 | 5,436,972 |
Impaired loans, with no related allowance recorded, average recorded investment | 3,663,931 | 5,503,793 |
Impaired loans, with an allowance recorded, recorded investment | 0 | 0 |
Impaired loans, with an allowance recorded, principal net of charge-offs | 0 | 0 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, with an allowance recorded, average recorded investment | 0 | 0 |
Impaired loans, fair value disclosure | 3,643,608 | 5,436,972 |
Impaired loans, principal net of charge-offs | 3,643,608 | 5,436,972 |
Impaired loans, average recorded investment | 3,663,931 | 5,503,793 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 2,993,923 | 3,483,078 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 2,993,923 | 3,483,078 |
Impaired loans, with no related allowance recorded, average recorded investment | 3,007,495 | 3,521,421 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, fair value disclosure | 2,993,923 | 3,483,078 |
Impaired loans, principal net of charge-offs | 2,993,923 | 3,483,078 |
Impaired loans, average recorded investment | 3,007,495 | 3,521,421 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 649,685 | 679,184 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 649,685 | 679,184 |
Impaired loans, with no related allowance recorded, average recorded investment | 656,436 | 684,632 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, fair value disclosure | 649,685 | 679,184 |
Impaired loans, principal net of charge-offs | 649,685 | 679,184 |
Impaired loans, average recorded investment | 656,436 | 684,632 |
Commercial and Industrial Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 1,274,710 | |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 1,274,710 | |
Impaired loans, with no related allowance recorded, average recorded investment | 1,297,740 | |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, fair value disclosure | 1,274,710 | |
Impaired loans, principal net of charge-offs | 1,274,710 | |
Impaired loans, average recorded investment | 1,297,740 | |
Consumer and Other Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 0 | 0 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 0 | 0 |
Impaired loans, with no related allowance recorded, average recorded investment | 0 | 0 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, fair value disclosure | 0 | 0 |
Impaired loans, principal net of charge-offs | 0 | 0 |
Impaired loans, average recorded investment | $ 0 | $ 0 |
Note 5 - Stock in Financial I_2
Note 5 - Stock in Financial Institutions (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cost Method Investments | $ 3,910,361 | $ 3,825,861 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Depletion and Amortization, Total | $ 703,000 | $ 678,000 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment, Net - Components of Premises and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total cost | $ 17,182,416 | $ 17,076,233 |
Accumulated depreciation and amortization | (7,566,790) | (6,955,329) |
Net book value | 9,615,626 | 10,120,904 |
Land and Land Improvements [Member] | ||
Total cost | 2,452,807 | 2,452,807 |
Building and Building Improvements [Member] | ||
Total cost | 12,276,205 | 12,218,857 |
Furniture and Fixtures [Member] | ||
Total cost | 2,362,017 | 2,266,934 |
Automobiles [Member] | ||
Total cost | $ 91,387 | $ 137,635 |
Note 7 - Core Deposit Intangi_3
Note 7 - Core Deposit Intangible (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of Intangible Assets, Total | $ 48,556 | $ 62,268 |
Core Deposits [Member] | ||
Amortization of Intangible Assets, Total | $ 49,000 | $ 62,000 |
Note 7 - Core Deposit Intangi_4
Note 7 - Core Deposit Intangible - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Core deposit intangible | $ 172,108 | $ 220,664 |
Core Deposits [Member] | ||
Gross carrying value | 502,000 | 502,000 |
Less accumulated amortization | (329,892) | (281,336) |
Core deposit intangible | $ 172,108 | $ 220,664 |
Note 7 - Core Deposit Intangi_5
Note 7 - Core Deposit Intangible - Future Amortization Expense (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Core deposit intangible | $ 172,108 | $ 220,664 |
Core Deposits [Member] | ||
Year one | 39,057 | |
Year two | 35,443 | |
Year three | 35,443 | |
Year four | 35,443 | |
Year five | 26,722 | |
Thereafter | ||
Core deposit intangible | $ 172,108 | $ 220,664 |
Note 8 - Time Deposits (Details
Note 8 - Time Deposits (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Time Deposits, at or Above FDIC Insurance Limit | $ 10,700,000 | $ 14,100,000 |
Time Deposits, 250,000 or More, Mature With in One Year | 6,400,000 | 11,900,000 |
Interest Expense, Time Deposits, 250,000 or More | $ 133,000 | $ 82,000 |
Note 8 - Time Deposits - Time D
Note 8 - Time Deposits - Time Deposit Maturities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Weighted average rate, one year or less | 1.51% | 1.06% |
One year or less, amount | $ 30,457,540 | $ 31,916,859 |
Weighted average rate, over one through three years | 2.20% | 1.28% |
Over one through three years, amount | $ 43,552,518 | $ 27,678,266 |
Weighted average rate, over three through five years | 1.58% | 1.26% |
Over three through five years, amount | $ 3,528,518 | $ 3,454,209 |
Weighted average rate, over five years | 0.00% | 0.00% |
Over five years, amount | $ 0 | $ 0 |
Weighted average rate | 1.90% | 1.17% |
Amount | $ 77,538,576 | $ 63,049,334 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank Advances, Total | $ 67,000 | $ 45,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 82,400 | |
Financial Institution One [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | 6,000 |
Long-term Line of Credit, Total | 0 | 0 |
Financial Institution Two [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 9,800 | 9,800 |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.32% | 0.90% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 3.03% | 1.46% |
Note 9 - Borrowings - FHLB Matu
Note 9 - Borrowings - FHLB Maturities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Year one | $ 27,000,000 | $ 35,000,000 |
Year two | 40,000,000 | |
Year three | 10,000,000 | |
Year four | ||
Total borrowings | $ 67,000,000 | $ 45,000,000 |
Note 10 - Derivatives (Details
Note 10 - Derivatives (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Forward Contracts [Member] | ||
Derivative Asset, Notional Amount | $ 21,500,000 | $ 13,500,000 |
Derivative Asset, Fair Value, Gross Asset, Total | 154,000 | 16,000 |
Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Notional Amount | 27,000 | 11,900,000 |
Derivative Asset, Fair Value, Gross Asset, Total | $ 381,000 | $ 183,000 |
Note 10 - Derivatives - Fair Va
Note 10 - Derivatives - Fair Value of Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | $ 48,500,000 | $ 25,400,000 |
Derivative, fair value | 226,980 | 167,267 |
Gain On Sale of Loans [Member] | ||
Gain on sale of loans | 139,435 | 208,893 |
Forward Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | 21,500,000 | 13,500,000 |
Derivative, fair value | (153,906) | (15,820) |
Forward Contracts [Member] | Gain On Sale of Loans [Member] | ||
Gain on sale of loans | (58,344) | 25,806 |
Interest Rate Lock Commitments [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | 27,000,000 | 11,900,000 |
Derivative, fair value | 380,886 | 183,087 |
Interest Rate Lock Commitments [Member] | Gain On Sale of Loans [Member] | ||
Gain on sale of loans | $ 197,779 | $ 183,087 |
Note 11 - Financial Instrumen_3
Note 11 - Financial Instruments With Off-balance-sheet Risk - Contract Amounts (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments with off-balance-sheet risk | $ 77,873,584 | $ 64,567,968 |
Commitments to Originate and Sell Mortgage Loans [Member] | ||
Financial instruments with off-balance-sheet risk | 34,268,309 | 27,440,793 |
Commitments to Extend Credit [Member] | ||
Financial instruments with off-balance-sheet risk | 25,323,822 | 23,425,182 |
Unused lines of Credit [Member] | ||
Financial instruments with off-balance-sheet risk | 18,281,453 | 13,576,993 |
Standby Letters of Credit 1 [Member] | ||
Financial instruments with off-balance-sheet risk | $ 125,000 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Operating Lease, Term of Contract | 5 years | |
Operating Leases, Rent Expense, Net, Total | $ 938,000 | $ 787,000 |
Note 12 - Leases - Schedule of
Note 12 - Leases - Schedule of Future Minimum Rental Payments (Details) | Dec. 31, 2018USD ($) |
2,019 | $ 784,136 |
2,020 | 563,419 |
2,021 | 495,179 |
2,022 | 365,494 |
2,023 | |
Total | $ 2,208,228 |
Note 13 - Employee Retirement_3
Note 13 - Employee Retirement Benefit Plans (Details Textual) - USD ($) | Oct. 11, 2016 | Oct. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2018 | Dec. 31, 2016 | Dec. 31, 2014 |
Loan Receivable, ESOP | $ 1,500,000 | $ 1,800,000 | $ 266,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 150,358 | 150,358 | |||||
Shares Issued, Price Per Share | $ 10 | $ 10 | |||||
Defined Benefit Plan, Unfunded Pension Liability | $ 405,000 | ||||||
Defined Benefit Plan, Funded Percentage | 91.00% | ||||||
Pension Cost (Reversal of Cost) | $ 44,000 | $ 202,000 | |||||
Multiemployer Plans, Pension [Member] | Pentegra Defined Benefit Plan [Member] | |||||||
Multiemploye Plan, Contributions by Employer | $ 82,000 | $ 110,000 | |||||
Multiemployer Plan, Contributions by Employer, Percentage | 5.00% | 5.00% | |||||
Treasury Stock [Member] | |||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 90,000 | $ 84,000 | |||||
Deferred Profit Sharing [Member] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 375,000 | $ 381,000 | |||||
Profit Sharing Plan [Member] | |||||||
Defined Contribution Plan, Vesting Period | 6 years | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||||
Profit Sharing Plan, First 3% of Employee Contribution [Member] | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||||||
Profit Sharing Plan, Next 2% of Employee Contribution [Member] | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 13 - Employee Retirement_4
Note 13 - Employee Retirement Benefit Plans - Employee Stock Ownership Plan (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allocated and committed to be allocated to participants (in shares) | 33,318 | 31,578 |
Unallocated/unearned (in shares) | 170,316 | 176,102 |
Total ESOP shares (in shares) | 203,634 | 207,680 |
Fair value of unallocated/unearned shares | $ 2,452,557 | $ 2,597,501 |
Note 14 - Board of Directors'_2
Note 14 - Board of Directors' Retirement Policy (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 74,238 | |
Retirement Benefit Amortized Term | 15 years | |
Director [Member] | ||
Deferred Compensation Arrangement with Individual, Maximum Monthly Payment | $ 2,000 | |
Deferred Compensation Arrangement, Vesting Percentage for Zero to Four Years of Service | 20.00% | |
Deferred Compensation Arrangement, Vesting Percentage for Five Years of Service | 40.00% | |
Deferred Compensation Arrangement, Vesting Percentage for Six Years of Service | 60.00% | |
Deferred Compensation Arrangement, Vesting Percentage for Seven Years of Service | 80.00% | |
Deferred Compensation Arrangement, Vesting Percentage for Eight Years of Service | 100.00% | |
Liability, Defined Benefit Plan, Total | $ 268,000 | $ 268,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,200,000 | ||
Operating Loss Carryforwards, Total | $ 840,001 | $ 1,014,199 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 | |
Bank 34 [Member] | |||
Deferred Tax Assets Acquired Losses | 250,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 840,000 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 4,000,000 | ||
Operating Loss Carry Forwards, Expiration Year | 2,028 |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||
Federal | $ 284,797 | $ (109,214) |
State | 79,196 | 13,194 |
Deferred expense & change in valuation allowance | 51,706 | 914,130 |
Net deferred tax asset revaluation adjustment | 1,150,318 | |
Provision (benefit) for income taxes | $ 415,699 | $ 1,968,428 |
Note 15 - Income Taxes - Effect
Note 15 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal tax at the statutory rate | $ 312,735 | $ 791,867 |
Federal tax at the statutory rate, tax rate | 21.00% | 34.00% |
State income taxes, net of Federal tax benefit | $ 58,156 | $ 73,896 |
State income taxes, net of Federal tax benefit, tax rate | 4.00% | 3.00% |
Bank-owned life insurance | $ (59,303) | $ (74,019) |
Bank-owned life insurance, tax rate | (4.00%) | (3.00%) |
Meals & entertainment | $ 9,169 | |
Meals & entertainment, tax rate | 1.00% | |
Net deferred tax asset revaluation adjustment | $ 1,150,318 | |
Net deferred tax asset revaluation adjustment, tax rate | 49.00% | |
Other, net | $ 94,942 | $ 26,366 |
Other, net, tax rate | 6.00% | 1.00% |
Provision (benefit) for income taxes | $ 415,699 | $ 1,968,428 |
Provision (benefit) for income taxes, tax rate | 28.00% | 85.00% |
Note 15 - Income Taxes - Schedu
Note 15 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 721,765 | $ 720,047 |
Unrealized losses on AFS securities | 135,038 | 77,931 |
Board of Directors retirement plan | 239,957 | 232,748 |
Other, net | 311,762 | 155,858 |
Deferred compensation | 215,033 | 183,155 |
Accrued bonus | 216,254 | 258,069 |
Purchase accounting | 4,325 | |
Organizational costs | 70,638 | 93,404 |
Net operating loss carryforwards | 840,001 | 1,014,199 |
Total deferred tax assets | 2,750,448 | 2,739,736 |
Deferred tax liabilities: | ||
FHLB stock dividends | (52,709) | (32,412) |
Depreciation and amortization | (276,802) | (336,613) |
Loan origination costs | (195,770) | (179,185) |
Purchase accounting | (28,239) | |
Total deferred tax liabilities | (553,520) | (548,210) |
Net deferred tax asset | $ 2,196,928 | $ 2,191,526 |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Actual and Required Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tier I Capital (to Risk-Weighted Assets), Actual Amount | $ 41,685 | $ 41,800 |
Tier I Capital (to Risk-Weighted Assets), Actual Ratio | 14.50% | 15.96% |
Tier I Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Amount | $ 22,999 | $ 11,784 |
Tier I Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Ratio | 8.00% | 4.50% |
Tier I Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 28,748 | $ 17,022 |
Tier I Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 10.00% | 6.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | $ 38,703 | $ 41,800 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio | 13.46% | 15.96% |
Tier I Capital (to Average Assets), for Capital Adequacy Purposes, Actual Amount (USD) | $ 17,252 | $ 15,712 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), for Capital Adequacy, Actual Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 23,003 | $ 20,950 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 8.00% | 8.00% |
Tier I Capital (to Average Assets), Actual Amount | $ 38,703 | $ 41,800 |
Tier I Capital (to Average Assets), Actual Ratio | 13.46% | 11.96% |
Tier I Capital (to Average Assets), for Capital Adequacy Purposes, Actual Amount | $ 12,939 | $ 14,011 |
Tier I Capital (to Average Assets), for Capital Adequacy Purposes, Actual Ratio | 4.50% | 4.00% |
Tier I Capital (to Average Assets), to be Well Capitalized, Actual Amount | $ 18,690 | $ 17,514 |
Tier I Capital (to Average Assets), to be Well Capitalized, Actual Ratio | 6.50% | 5.00% |
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 38,703 | $ 45,076 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 10.29% | 17.21% |
Total Capital (to Risk-Weighted Assets), for Capital Adequacy Purpose, Actual Amount | $ 15,045 | $ 20,950 |
Total Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Ratio | 4.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 18,806 | $ 26,187 |
Total Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 5.00% | 10.00% |
Note 17 - Related Party Trans_3
Note 17 - Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | ||
New loans | 500,000 | |
Repayments | (500,000) | |
Balance | ||
Fees and bonuses paid to directors during the period | 244,125 | 216,000 |
Deposits from related parties held by the Bank at end of period | $ 2,470,696 | $ 1,755,885 |
Note 18 - Stock-based Compens_3
Note 18 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 17, 2017 |
Allocated Share-based Compensation Expense, Total | $ 487,000 | $ 25,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | 178,650 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15.48 | $ 14.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.04 | |||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 263,127 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 439 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Incentive Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Share-based Compensation Award, Tranche Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 187,948 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 461,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||
Incentive Plan [Member] | Restricted Stock [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 75,179 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 723,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||
Prior Plan [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||
Stock-based Compensation Expense [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 354,000 | $ 16,000 | ||
Stock-based Other Noninterest Expense [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 133,000 | $ 9,000 |
Note 18 - Stock-based Compens_4
Note 18 - Stock-based Compensation - Inputs and Assumptions (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Grant date stock price (in dollars per share) | $ 15.48 |
Dividend yield | 0.00% |
Expected volatility | 19.55% |
Risk-free interest rate | 2.75% |
Expected life in years (Year) | 6 years |
Note 18 - Stock-based Compens_5
Note 18 - Stock-based Compensation - Stock Option Activities (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding (in shares) | 207,108 | 34,190 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.68 | $ 14.18 | $ 9.65 |
Outstanding, average remaining contractual term (Year) | 5 years 292 days | 6 years 73 days | 2 years 109 days |
Granted (in shares) | 5,000 | 178,650 | |
Granted, weighted average exercise price (in dollars per share) | $ 15.48 | $ 14.90 | |
Exercised (in shares) | (15,464) | (5,732) | |
Exercised, weighted average exercise price (in dollars per share) | $ 9.65 | $ 9.65 | |
Forfeited or expired (in shares) | (32,234) | ||
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 13.98 | ||
Outstanding (in shares) | 164,410 | 207,108 | 34,190 |
Exercisable (in shares) | 37,890 | 28,458 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 13.89 | $ 9.65 | |
Exercisable, average remaining contractual term (Year) | 4 years 328 days | 1 year 109 days | |
Granted, average remaining contractual term (Year) | 6 years 328 days |
Note 18 - Stock-based Compens_6
Note 18 - Stock-based Compensation - Information Related to Stock Options (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intrinsic value of options exercised | $ 89,080 | $ 25,909 |
Exercise of stock options | 149,228 | 55,314 |
Tax benefit from option exercises | 24,866 | 21,240 |
Total weighted average fair value of options granted | $ 20,200 | $ 653,859 |
Note 18 - Stock-based Compens_7
Note 18 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, share (in shares) | 74,750 | ||
Outstanding, Weighted average grant date (in dollars per share) | $ 14.90 | $ 14.90 | |
Outstanding, Average remaining contractual (Year) | 4 years | 4 years 328 days | |
Granted, share (in shares) | 429 | 74,750 | |
Granted, Weighted average grant date (in dollars per share) | $ 15.48 | $ 14.90 | |
Vested, share (in shares) | (18,850) | ||
Vested, Weighted average grant date (in dollars per share) | $ 14.90 | ||
Forfeited or expired, share (in shares) | (6,500) | ||
Forfeited or expired, Weighted average grant date (in dollars per share) | $ 14.90 | ||
Outstanding, share (in shares) | 49,829 | 74,750 |
Note 19 - Fair Values of Fina_3
Note 19 - Fair Values of Financial Instruments - Assets at Fair Value (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale Securities, fair value disclosure | $ 33,428,658 | $ 24,399,881 |
Assets, fair value disclosure | 64,183,240 | 45,427,790 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | 60,158,766 | 39,807,731 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value disclosure | 4,024,474 | 5,620,059 |
Fair Value, Measurements, Recurring [Member] | ||
Loans held for sale, fair value disclosure | 26,884,014 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale, fair value disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale, fair value disclosure | 26,884,014 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale, fair value disclosure | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Loans held for sale, fair value disclosure | 15,423,670 | |
Impaired loans, fair value disclosure | 3,643,608 | 5,436,972 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale, fair value disclosure | 0 | |
Impaired loans, fair value disclosure | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale, fair value disclosure | 15,423,670 | |
Impaired loans, fair value disclosure | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale, fair value disclosure | 0 | |
Impaired loans, fair value disclosure | 3,643,608 | 5,436,972 |
Asset-backed Securities [Member] | ||
Available-for-sale Securities, fair value disclosure | 28,310,358 | 20,768,592 |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale Securities, fair value disclosure | 28,310,358 | 20,768,592 |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities, fair value disclosure | 28,310,358 | 20,768,592 |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale Securities, fair value disclosure | 1,445,032 | 1,957,783 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale Securities, fair value disclosure | 1,445,032 | 1,957,783 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities, fair value disclosure | 1,445,032 | 1,957,783 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, fair value disclosure | 3,673,268 | 1,673,506 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale Securities, fair value disclosure | 3,673,268 | 1,673,506 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities, fair value disclosure | 3,673,268 | 1,673,506 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities, fair value disclosure | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | 381,000 | 183,000 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLC's, fair value disclosure | 380,866 | 183,087 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLC's, fair value disclosure | 0 | 0 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLC's, fair value disclosure | 0 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLC's, fair value disclosure | 380,866 | 183,087 |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | 154,000 | 16,000 |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | (153,906) | (15,820) |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | 0 | 0 |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | (153,906) | (15,820) |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, fair value | $ 0 | $ 0 |
Note 19 - Fair Values of Fina_4
Note 19 - Fair Values of Financial Instruments - Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Available-for-sale securities, at fair value | $ 33,428,658 | $ 24,399,881 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and due from banks | 6,374,000 | 4,988,000 |
Interest-bearing deposits with banks | 5,400,000 | 4,885,000 |
Available-for-sale securities, at fair value | 33,429,000 | 24,400,000 |
Loans held for sale | 26,884,000 | 15,424,000 |
Loans held for investment, net | 282,790,000 | 257,896,000 |
Derivative IRLC's, fair value disclosure | 381,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | (154,000) | |
Stock in financial institutions | 3,910,000 | 3,826,000 |
Financial liabilities: | ||
Demand deposits, savings and NOW deposits | 187,700,000 | 172,512,000 |
Time deposits | 77,539,000 | 63,049,000 |
Federal Home Loan Bank advances | 67,000,000 | 45,000,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and due from banks | 6,374,000 | 4,988,000 |
Interest-bearing deposits with banks | 5,400,000 | 4,885,000 |
Available-for-sale securities, at fair value | 33,429,000 | 24,400,000 |
Loans held for sale | 26,884,000 | 15,424,000 |
Loans held for investment, net | 283,466,000 | 257,937,000 |
Derivative IRLC's, fair value disclosure | 381,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | (154,000) | |
Stock in financial institutions | 3,910,000 | 3,826,000 |
Financial liabilities: | ||
Demand deposits, savings and NOW deposits | 172,049,000 | 168,080,000 |
Time deposits | 77,688,000 | 63,076,000 |
Federal Home Loan Bank advances | 66,653,000 | 45,176,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks | 6,374,000 | 4,988,000 |
Interest-bearing deposits with banks | 5,400,000 | 4,885,000 |
Available-for-sale securities, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 0 | 0 |
Derivative IRLC's, fair value disclosure | 0 | |
Derivative Asset, Fair Value, Gross Asset, Total | 0 | |
Stock in financial institutions | 0 | 0 |
Financial liabilities: | ||
Demand deposits, savings and NOW deposits | 172,049,000 | 168,080,000 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Available-for-sale securities, at fair value | 33,429,000 | 24,400,000 |
Loans held for sale | 26,884,000 | 15,424,000 |
Loans held for investment, net | 0 | 0 |
Derivative IRLC's, fair value disclosure | 0 | |
Derivative Asset, Fair Value, Gross Asset, Total | (154,000) | |
Stock in financial institutions | 3,910,000 | 3,826,000 |
Financial liabilities: | ||
Demand deposits, savings and NOW deposits | 0 | 0 |
Time deposits | 77,688,000 | 63,076,000 |
Federal Home Loan Bank advances | 66,653,000 | 45,176,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Available-for-sale securities, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 283,466,000 | 257,937,000 |
Derivative IRLC's, fair value disclosure | 381,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | 0 | |
Stock in financial institutions | 0 | 0 |
Financial liabilities: | ||
Demand deposits, savings and NOW deposits | 0 | 0 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | $ 0 | $ 0 |
Note 19 - Fair Values of Fina_5
Note 19 - Fair Values of Financial Instruments - Significant Unobservable Inputs (Details) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Impaired loans, fair value disclosure | $ 3,643,608 | $ 5,436,972 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 2,993,923 | 3,483,078 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 649,685 | 679,184 |
Commercial and Industrial Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 1,274,710 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value disclosure | 3,643,608 | 5,436,972 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | $ 2,993,923 | $ 3,483,078 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.17 | 0.17 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.18 | 0.18 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | $ 649,685 | $ 679,184 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | One-to-four Family Residential Real Estate Portfolio Segment [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.17 | 0.17 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | One-to-four Family Residential Real Estate Portfolio Segment [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.18 | 0.18 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | $ 1,274,710 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial and Industrial Portfolio Segment [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.17 | 0.17 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial and Industrial Portfolio Segment [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, Unobservable input valuation | 0.18 | 0.18 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Internal Estimate [member] | ||
Derivative IRLC's, fair value disclosure | $ 380,866 | $ 183,087 |
Derivative IRLC's, Unobservable input valuation | 0.81 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Internal Estimate [member] | Measurement Input, Pull-through Rate [Member] | ||
Derivative IRLC's, Unobservable input valuation | 0.77 |
Note 20 - Condensed Financial_3
Note 20 - Condensed Financial Statements of Parent Company - Balance Sheets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | |||
Cash and due from banks | $ 6,374,457 | $ 4,988,178 | |
Prepaid and other assets | 1,057,365 | 1,294,606 | |
TOTAL ASSETS | 383,277,907 | 336,220,518 | |
Liabilities | |||
Total liabilities | 336,855,173 | 285,249,829 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding | |||
Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding. | 33,746 | 34,907 | |
Additional paid-in capital | 25,500,873 | 26,849,822 | |
Retained earnings | 22,928,777 | 26,060,598 | |
Accumulated other comprehensive loss, net of tax | (396,148) | (274,266) | |
Unearned employee stock ownership plan (ESOP) shares | (1,644,514) | (1,700,372) | |
Total stockholders’ equity | 46,422,734 | 50,970,689 | $ 50,776,577 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 383,277,907 | 336,220,518 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 4,993,568 | 6,489,288 | |
Investment in wholly owned subsidiary | 39,044,001 | 42,426,774 | |
ESOP note receivable | 1,700,795 | 1,731,494 | |
Prepaid and other assets | 684,370 | 358,962 | |
TOTAL ASSETS | 46,422,734 | 51,006,518 | |
Liabilities | |||
Accounts payable | 35,829 | ||
Total liabilities | 35,829 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding | |||
Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding. | 33,746 | 34,907 | |
Additional paid-in capital | 25,500,873 | 26,849,822 | |
Retained earnings | 22,928,777 | 26,060,598 | |
Accumulated other comprehensive loss, net of tax | (396,148) | (274,266) | |
Unearned employee stock ownership plan (ESOP) shares | (1,644,514) | (1,700,372) | |
Total stockholders’ equity | 46,422,734 | 50,970,689 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 46,422,734 | $ 51,006,518 |
Note 20 - Condensed Financial_4
Note 20 - Condensed Financial Statements of Parent Company - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
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, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 3,374,565 | 3,490,672 | |
Common stock, shares outstanding (in shares) | 3,374,565 | 3,490,672 | 3,438,190 |
Parent Company [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
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, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 3,374,565 | 3,490,672 | |
Common stock, shares outstanding (in shares) | 3,374,565 | 3,490,672 |
Note 20 - Condensed Financial_5
Note 20 - Condensed Financial Statements of Parent Company - Statements of Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest expense | ||
Income before income taxes | $ 1,489,213 | $ 2,329,019 |
Provision for income taxes | 415,699 | 1,968,428 |
Net income | 1,073,514 | 360,591 |
Other comprehensive income | ||
Unrealized income (loss) on available-for-sale securities | (166,103) | 89,171 |
COMPREHENSIVE INCOME | 907,411 | 449,762 |
Parent Company [Member] | ||
Interest income on ESOP note receivable | 77,917 | 66,111 |
Noninterest income | ||
Equity in income of subsidiary | 1,100,091 | 643,113 |
Noninterest expense | ||
Professional fees and other | 121,957 | 193,828 |
Income before income taxes | 1,056,051 | 515,396 |
Provision for income taxes | (17,463) | 154,805 |
Net income | 1,073,514 | 360,591 |
Other comprehensive income | ||
Unrealized income (loss) on available-for-sale securities | (121,882) | 89,171 |
COMPREHENSIVE INCOME | $ 951,632 | $ 449,762 |
Note 20 - Condensed Financial_6
Note 20 - Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 1,073,514 | $ 360,591 |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 325,921 | (638,832) |
Net cash provided by (used for) operating activities | (7,237,752) | 15,425,685 |
Cash flows from investing activities | ||
Net cash provided by investing activities | (36,681,748) | (27,625,768) |
Cash flows from financing activities | ||
Stock dividend on financial institution stock | (84,500) | (53,600) |
Stock option exercise | 149,228 | 55,314 |
Share repurchase | 1,926,720 | 414,400 |
Dividend paid - $1.25 per share | 4,161,114 | |
Net cash provided by financing activities | 45,820,779 | 5,661,917 |
Net change in cash and cash equivalents | 1,901,279 | (6,538,166) |
Cash and cash equivalents, beginning of period | 9,873,178 | 16,411,344 |
Cash and cash equivalents, end of period | 11,774,457 | 9,873,178 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income | 1,073,514 | 360,591 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Equity in (income) of subsidiary | (1,100,091) | (643,113) |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | (325,408) | 86,609 |
Accounts payable | (35,829) | 35,827 |
Net cash provided by (used for) operating activities | (387,813) | (160,086) |
Cash flows from investing activities | ||
Principal collections on ESOP note receivable | 30,699 | 30,134 |
Net cash provided by investing activities | 30,699 | 30,134 |
Cash flows from financing activities | ||
Stock dividend on financial institution stock | 4,800,000 | |
Stock option exercise | 149,228 | 55,314 |
Share repurchase | (1,926,720) | (414,400) |
Dividend paid - $1.25 per share | (4,161,114) | |
Net cash provided by financing activities | (1,138,606) | (359,086) |
Net change in cash and cash equivalents | (1,495,720) | (489,038) |
Cash and cash equivalents, beginning of period | 6,489,288 | 6,978,326 |
Cash and cash equivalents, end of period | $ 4,993,568 | $ 6,489,288 |
Note 20 - Condensed Financial_7
Note 20 - Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Dividend per share (in dollars per share) | $ 1.25 |
Parent Company [Member] | |
Dividend per share (in dollars per share) | $ 1.25 |
Note 21 - Earnings Per Share (D
Note 21 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,000 | 178,650 |
Note 21 - Earnings Per Share -
Note 21 - Earnings Per Share - Calculation of Diluted Weighted-average Shares Outstanding (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic: | ||
Net income | $ 1,073,514 | $ 360,591 |
Less: Earnings allocated to participating securities | (24,642) | (543) |
Net income allocated to common shareholders | $ 1,048,872 | $ 360,048 |
Weighted-average common shares outstanding including participating securities (in shares) | 3,410,670 | 3,443,695 |
Less: Average participating securities (in shares) | (70,988) | (4,915) |
Less: Average unallocated ESOP Shares (in shares) | (176,102) | (181,887) |
Average shares (in shares) | 3,163,581 | 3,256,893 |
Basic (in dollars per share) | $ 0.33 | $ 0.11 |
Diluted: | ||
Net income allocated to common shareholders | $ 1,048,872 | $ 360,048 |
Average shares (in shares) | 3,163,581 | 3,256,893 |
Add: Dilutive effects of assumed exercises of stock options (in shares) | 8,076 | 8,269 |
Weighted average shares and dilutive potential common shares (in shares) | 3,171,655 | 3,265,162 |
Diluted (in dollars per share) | $ 0.33 | $ 0.11 |