Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 12, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Bancorp 34, Inc. | ||
Entity Central Index Key | 0001668340 | ||
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 | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,168,574 | ||
Entity Public Float | $ 48.6 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 4,496,465 | $ 6,374,457 |
Interest-bearing deposits with banks | 24,990,000 | 5,400,000 |
Total cash and cash equivalents | 29,486,465 | 11,774,457 |
Available-for-sale securities, at fair value | 44,517,178 | 33,428,658 |
Loans held for sale - discontinued operations | 26,884,014 | |
Loans held for investment | 294,660,719 | 285,691,372 |
Allowance for loan losses | (2,921,931) | (2,901,091) |
Loans held for investment, net | 291,738,788 | 282,790,281 |
Premises and equipment, net | 8,990,955 | 9,558,943 |
Premises and equipment, net - discontinued operations | 56,683 | |
Stock in financial institutions, restricted, at cost | 4,016,761 | 3,910,361 |
Accrued interest receivable | 961,105 | 863,513 |
Accrued interest receivable - discontinued operations | 11,527 | |
Deferred income tax asset, net | 1,907,876 | 2,196,928 |
Bank owned life insurance | 10,850,085 | 10,573,069 |
Core deposit intangible, net | 133,052 | 172,108 |
Prepaid and other assets | 1,137,090 | 815,950 |
Prepaid and other assets - discontinued operations | 241,415 | |
TOTAL ASSETS | 393,739,355 | 383,277,907 |
Liabilities | ||
Demand deposits | 56,401,370 | 45,350,477 |
Savings and NOW deposits | 166,107,428 | 142,349,920 |
Time deposits | 81,387,861 | 77,538,576 |
Total deposits | 303,896,659 | 265,238,973 |
Federal Home Loan Bank advances | 40,000,000 | 67,000,000 |
Escrows | 254,593 | 228,816 |
Escrows - discontinued operations | 149,776 | |
Accrued interest and other liabilities | 4,271,437 | 3,520,201 |
Accrued interest and other liabilities - discontinued operations | 233,427 | 717,407 |
Total liabilities | 348,656,116 | 336,855,173 |
Commitments and contingencies (note 12) | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding | ||
Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding. | 32,086 | 33,746 |
Additional paid-in capital | 23,168,176 | 25,500,873 |
Retained earnings | 23,157,134 | 22,928,777 |
Accumulated other comprehensive income (loss), net of tax | 307,255 | (396,148) |
Unearned employee stock ownership plan (ESOP) shares | (1,581,412) | (1,644,514) |
Total stockholders’ equity | 45,083,239 | 46,422,734 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 393,739,355 | $ 383,277,907 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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) | 3,208,618 | 3,374,565 |
Common stock, shares outstanding (in shares) | 3,208,618 | 3,374,565 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | ||
Interest and fees on loans | $ 17,489,918 | $ 15,846,938 |
Interest on securities | 972,524 | 654,444 |
Interest on other interest-earning assets | 484,546 | 362,047 |
Total interest income | 18,946,988 | 16,863,429 |
Interest expense | ||
Interest on deposits | 3,799,642 | 2,430,616 |
Interest on borrowings | 1,020,368 | 743,196 |
Total interest expense | 4,820,010 | 3,173,812 |
Net interest income | 14,126,978 | 13,689,617 |
Provision for loan losses | 22,500 | 318,000 |
Net interest income after provision for loan losses | 14,104,478 | 13,371,617 |
Noninterest income | ||
Gain on sale of loans | 272,293 | 129,231 |
Service charges and fees | 362,293 | 367,346 |
Bank owned life insurance | 370,388 | 365,705 |
Other | 14,225 | 38,888 |
Total noninterest income | 1,019,199 | 901,170 |
Noninterest expense | ||
Salaries and benefits | 6,619,148 | 6,131,107 |
Occupancy | 1,462,077 | 1,426,701 |
Data processing fees | 2,092,060 | 1,566,001 |
FDIC and other insurance expense | 181,206 | 206,633 |
Professional fees | 815,278 | 944,932 |
Advertising | 260,440 | 170,723 |
Other | 1,061,408 | 1,276,723 |
Total noninterest expense | 12,491,617 | 11,722,820 |
Income from continuing operations before provision for income taxes | 2,632,060 | 2,549,967 |
Provision for income taxes | 665,953 | 674,712 |
Net income from continuing operations | 1,966,107 | 1,875,255 |
Discontinued operations | ||
Loss from discontinued operations | (1,683,555) | (1,060,754) |
Benefit for income taxes | (427,627) | (259,013) |
Net loss from discontinued operations | (1,255,928) | (801,741) |
NET INCOME | 710,179 | 1,073,514 |
Other comprehensive income | ||
Unrealized gain (loss) on available-for-sale securities | 943,533 | (223,210) |
Tax effect of unrealized (gain) loss on available-for-sale securities | (240,130) | 57,107 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 703,403 | (166,103) |
COMPREHENSIVE INCOME | $ 1,413,582 | $ 907,411 |
Earnings per common share - Basic | ||
Earnings per common share - continuing operations (in dollars per share) | $ 0.64 | $ 0.59 |
Loss per common share - discontinued operations (in dollars per share) | (0.41) | (0.26) |
Earnings per common share - Basic (in dollars per share) | 0.23 | 0.33 |
Earnings per common share - Diluted | ||
Earnings per common share - continuing operations (in dollars per share) | 0.64 | 0.59 |
Loss per common share - discontinued operations (in dollars per share) | (0.41) | (0.26) |
Earnings per common share - Diluted (in dollars per share) | $ 0.23 | $ 0.33 |
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, 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 (loss) on available-for-sale securities, net | (166,103) | (166,103) | |||||
Stock option exercise (in shares) | 15,464 | ||||||
Stock option exercise | $ 155 | 149,073 | 149,228 | ||||
Restricted stock awards (in shares) | 429 | ||||||
Restricted stock awards | $ 4 | (4) | |||||
Restricted stock forfeitures (in shares) | (6,500) | ||||||
Restricted stock forfeitures | $ (65) | 65 | |||||
Amortization of equity awards | 427,382 | 55,858 | 483,240 | ||||
Tax rate effect reclassification (1) | [1] | (44,221) | 44,221 | ||||
Share repurchase (in shares) | (125,500) | ||||||
Share repurchase | $ (1,255) | (1,925,465) | (1,926,720) | ||||
Dividends paid | (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 | |
Net income | 710,179 | 710,179 | |||||
Unrealized gain (loss) on available-for-sale securities, net | 703,403 | $ 703,403 | |||||
Stock option exercise (in shares) | 7,300 | 8,460 | |||||
Stock option exercise | $ 73 | 69,962 | $ 70,035 | ||||
Restricted stock awards (in shares) | 4,000 | ||||||
Restricted stock awards | $ 40 | (40) | |||||
Restricted stock forfeitures (in shares) | (1,800) | ||||||
Restricted stock forfeitures | $ (18) | 18 | |||||
Amortization of equity awards | 328,256 | 63,102 | 391,358 | ||||
Share repurchase (in shares) | (175,447) | ||||||
Share repurchase | $ (1,755) | (2,730,893) | (2,732,648) | ||||
Dividends paid | (481,822) | (481,822) | |||||
Balance (in shares) at Dec. 31, 2019 | 3,208,618 | ||||||
Balance at Dec. 31, 2019 | $ 32,086 | $ 23,168,176 | $ 23,157,134 | $ 307,255 | $ (1,581,412) | $ 45,083,239 | |
[1] | The stranded tax element of accumulated other comprehensive income created by the 2017 Tax Cuts and Jobs Act is reclassified to retained earnings. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends paid, per share (in dollars per share) | $ 0.15 | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 710,179 | $ 1,073,514 |
Less: Net loss from discontinued operations | (1,255,928) | (801,741) |
Net income from continuing operations | 1,966,107 | 1,875,255 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 611,200 | 702,956 |
Stock dividends on financial institution stock | (106,400) | (84,500) |
Amortization of premiums and discounts on securities, net | 122,057 | 250,556 |
Amortization of ESOP awards | 99,367 | 89,883 |
Stock-based compensation expense | 291,991 | 393,357 |
Amortization of core deposit intangible | 39,056 | 48,556 |
Gain on sale of loans | (272,293) | (129,231) |
Proceeds from sale of loans | 3,714,648 | 1,703,987 |
Provision for loan losses | 22,500 | 318,000 |
Net appreciation on bank-owned life insurance | (277,016) | (282,397) |
Deferred income tax (benefit) expense | 48,922 | (36,975) |
Changes in operating assets and liabilities: | ||
Accrued interest receivable | (86,065) | (36,080) |
Prepaid and other assets | (79,725) | 325,921 |
Accrued interest and other liabilities | 267,256 | (154,044) |
Net cash from operating activities - continuing operations | 6,361,605 | 4,985,244 |
Net cash from operating activities - discontinued operations | 25,628,086 | (12,222,996) |
Net cash from operating activities | 31,989,691 | (7,237,752) |
Cash flows from investing activities | ||
Proceeds from principal payments on available-for-sale securities | 5,940,620 | 6,014,670 |
Purchases of available-for-sale securities | (16,207,664) | (15,517,212) |
Purchase of bank-owned life insurance | (155,000) | |
Net change in loans held for investment | (12,413,363) | (26,826,528) |
Proceeds from disposals of premises and equipment | 33,516 | |
Purchases of premises and equipment | (20,044) | (197,678) |
Net cash from investing activities | (22,666,935) | (36,681,748) |
Cash flows from financing activities | ||
Net change in deposits | 38,657,686 | 29,677,640 |
Net change in escrows | (123,999) | 81,745 |
Proceeds from Federal Home Loan Bank advances | 30,000,000 | 132,000,000 |
Repayments of Federal Home Loan Bank advances | (57,000,000) | (110,000,000) |
Exercise of stock options | 70,035 | 149,228 |
Dividends paid | (481,822) | (4,161,114) |
Common stock repurchases | (2,732,648) | (1,926,720) |
Net cash from financing activities | 8,389,252 | 45,820,779 |
Net change in cash and cash equivalents | 17,712,008 | 1,901,279 |
Cash and cash equivalents, beginning of period | 11,774,457 | 9,873,178 |
Cash and cash equivalents, end of period | 29,486,465 | 11,774,457 |
Supplemental disclosures: | ||
Interest on deposits and advances paid | 4,802,125 | 3,470,186 |
Income taxes paid | 19,553 | 352,600 |
Loans transferred to loans held for sale | $ 3,423,909 | $ 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, 2019 | |
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 $18.8 $1.3 second 2.0473 34 1,558,706 second 3,438,190 34 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. In May 2019, 34 2 The primary deposit products are demand deposits, certificates of deposit, NOW, savings and money market accounts. The primary lending products are 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 – Discontinued Operations – 2 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 Loans Held for Sale one four 2 June 2019. December 31, 2019 2018 $0 $26.9 one four Derivative Financial Instruments - ● Interest Rate Lock Commitments ● Forward Commitments not As discussed in The consolidated financial statements, Note 2 May 2019. December 31, 2019 2018 $0 $381,000, $0 $154,000 December 31, 2019 2018, 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, 2019 2018 $260,000 $171,000, Employee Stock Ownership Plan (ESOP) – not Cash dividends on unallocated ESOP shares may may 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 Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 January 1, 2018. August 2015, 2015 14, Revenue from Contracts with Customers - Deferral of the Effective Date one 2014 09. 2016 08, Principal versus Agent Considerations 2016 10, Identifying Performance Obligations and Licensing 2016 12, Narrow-Scope Improvements and Practical Expedients 2016 20, Technical Corrections and Improvements to Topic 606 January 1, 2019, no no Under Topic 606, not 606. not 606, 606 All of our revenue from contracts with customers in the scope of Accounting Standards Codification (ASC) 606 606 • Service Charges on Deposit accounts - We earn monthly account fees and transaction-based fees from our customers for services rendered on deposit accounts. Fees charged to deposit accounts on a monthly basis are recognized as the performance obligation is satisfied at the end of the service period. • Transaction-based fees - We earn fees based on specific services provided to our customer. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. • ATM and Point of Sale fees – We earn fees when debit cards we issued are used in transactions through card processing networks. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ account. The fees are recognized monthly. Leases – February 2016, 2016 - 02 “Leases (Topic 842 December 15, 2018 first 2020 $1.3 $1.4 January 1, 2020. Credit Losses - June 2016, 2016 - 13, “Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments.” December 15, 2019 December 15, 2020, December 15, 2020, December 15, 2021. October 16, 2019, first December 15, 2022. 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 January 2019 not Reporting Tax Effects of Tax Cuts and Jobs Act - February 2018, No. 2018 - 02, “Income Statement-Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2017 December 15, 2018, 2018 02 December 2018 not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On May 9, 2019, 2019. December 31, 2019. no May 2019 June 2019. Income and expense related to mortgage banking operations are included in discontinued operations and prior period financial information has been retrospectively adjusted for the impact of discontinued operations. Liabilities for costs associated with discontinued operations were recognized and measured initially at their fair values during the quarter ended June 30, 2019 December 31, 2019. not The following table summarizes the one Severance benefits $ 147,948 Leases, software & other contractual obligations 360,613 Fixed asset losses 30,423 Other costs 305,915 Net Loss on Disposal $ 844,899 The following table presents results of discontinued operations for the years ended December 31, 2019, 2018: Year Ended December 31, 2019 2018 Net interest income $ 170,782 $ 326,446 Gain on sale of loans 4,813,660 14,292,592 Other 190 - Total noninterest income 4,813,850 14,292,592 Salaries and benefits 4,480,025 12,067,023 Occupancy 232,360 674,977 Data processing fees 584,369 1,394,464 Professional fees 107,972 178,906 Advertising 118,801 356,419 Net loss on disposal 844,899 - Other 299,761 1,008,003 Total noninterest expense 6,668,187 15,679,792 Loss from discontinued operations (1,683,555 ) (1,060,754 ) Benefit for income taxes (427,627 ) (259,013 ) Net loss from discontinued operations $ (1,255,928 ) $ (801,741 ) Net interest income from discontinued operations includes interest income on mortgage loans held for sale less interest expense allocated to mortgage banking operations equal to the average mortgage loans held for sale times the average rate on FHLB short-term borrowings. Material assets and liabilities of mortgage banking operations are classified as Discontinued Operations in the consolidated balance sheet as of December 31, 2019, The following table summarizes the major categories of assets and liabilities classified as held for sale related to discontinued operations in the consolidated balance sheet as of: December 31, 2019 December 31, 2018 Loans held for sale - discontinued operations $ - $ 26,884,014 Premises and equipment, net - discontinued operations - 56,683 Accrued interest receivable - discontinued operations - 11,527 Prepaid and other assets - discontinued operations - 241,415 Total assets $ - $ 27,193,639 Escrows - discontinued operations - 149,776 Accrued interest and other liabilities - discontinued operations 233,427 717,407 Total liabilities $ 233,427 $ 867,183 Net (liabilities) assets $ (233,427 ) $ 26,326,456 |
Note 3 - Restrictions on Cash a
Note 3 - Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3 – 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, 2019 2018 $1.1 $1.1 |
Note 4 - Available-for-sale Sec
Note 4 - Available-for-sale Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 – AVAILABLE-FOR-SALE SECURITIES Available-for-sale securities have been classified in the consolidated balance sheets according to management’s intent at December 31, 2019 2018. Gross Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2019 Available-for-sale securities Mortgage-backed securities $ 30,722,958 $ 415,564 $ (119,774 ) $ 31,018,748 U.S. Government agencies 1,102,532 1,739 (24,824 ) 1,079,447 Municipal obligations 12,279,341 254,521 (114,879 ) 12,418,983 Total $ 44,104,831 $ 671,824 $ (259,477 ) $ 44,517,178 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 There were no 2019 2018. Amortized cost and fair value of securities by contractual maturity as of December 31, 2019 2018 not may may The scheduled maturities of available-for-sale securities at December 31, 2019 2018 December 31, 2019 December 31, 2018 Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ - $ - $ 403,612 $ 402,924 Due after one to five years 27,151,751 27,510,536 23,040,618 22,482,300 Due after five to ten years 14,048,273 14,163,270 10,515,614 10,543,434 Due after ten years 2,904,807 2,843,372 - - Totals $ 44,104,831 $ 44,517,178 $ 33,959,844 $ 33,428,658 At December 31, 2019 2018, no one 10% At December 31, 2019 2018, $13.4 $13.8 not Gross Unrealized Losses and Fair Value December 31, 2019 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 $ 10,201,840 $ (64,195 ) $ 6,459,069 $ (55,579 ) $ 16,660,909 $ (119,774 ) U.S. Government agencies - - 843,719 (24,824 ) 843,719 (24,824 ) Municipal obligations 4,676,851 (114,879 ) - - 4,676,851 (114,879 ) Total temporarily impaired securities $ 14,878,691 $ (179,074 ) $ 7,302,788 $ (80,403 ) $ 22,181,479 $ (259,477 ) 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 ) At December 31, 2019 2018, not not not not December 31, 2019. Loans and securities carried at approximately $147.2 December 31, 2019 $4.2 December 31, 2019 |
Note 5 - Loans Held for Investm
Note 5 - Loans Held for Investment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – LOANS HELD FOR INVESTMENT, NET The components of loans held for investment, net in the consolidated balance sheets were as follows: December 31, 2019 December 31, 2018 Amount Percent Amount Percent Loans held for investment, net: Commercial real estate $ 242,682,721 82.1 % $ 233,102,637 81.3 % One- to four-family residential real estate residential real estate 28,849,640 9.8 29,855,462 10.4 Commercial and industrial 20,075,236 6.8 17,508,258 6.1 Consumer and other 3,860,991 1.3 6,374,532 2.2 Total gross loans 295,468,588 100.0 % 286,840,889 100.0 % Unamortized loan fees (807,869 ) (1,149,517 ) Loans held for investment 294,660,719 285,691,372 Allowance for loan losses (2,921,931 ) (2,901,091 ) Loans held for investment, net $ 291,738,788 $ 282,790,281 At December 31, 2019 2018 $16.1 $20.8 Allowance for Loan Losses and Recorded Investment in Loans – December 31, 2019 2018: As of December 31, 2019 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 2,588,714 187,345 115,502 30,370 2,921,931 Total $ 2,588,714 $ 187,345 $ 115,502 $ 30,370 $ 2,921,931 Gross loans Ending balance: individually evaluated for impairment $ 2,718,731 $ 786,557 $ - $ - $ 3,505,288 Ending balance: collectively evaluated for impairment 239,963,990 28,063,083 20,075,236 3,860,991 291,963,300 Total $ 242,682,721 $ 28,849,640 $ 20,075,236 $ 3,860,991 $ 295,468,588 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 The following is a summary of activities for the allowance for loan losses for the years ended December 31, 2019 2018: Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Balance December 31, 2018 $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 Provision for loan losses 458,590 (169,193 ) (263,185 ) (3,712 ) 22,500 Charge-offs - (8,686 ) - - (8,686 ) Recoveries - 5,519 1,507 - 7,026 Net (charge-offs) recoveries - (3,167 ) 1,507 - (1,660 ) Balance December 31, 2019 $ 2,588,714 $ 187,345 $ 115,502 $ 30,370 $ 2,921,931 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, 2019 2018. 90 no Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2019 Commercial real estate $ - $ - $ 2,718,731 $ 2,718,731 $ 239,963,990 $ 242,682,721 One- to four-family residential real estate 758,197 36,520 638,623 1,433,340 27,416,300 28,849,640 Commercial and industrial - - - - 20,075,236 20,075,236 Consumer and other - - - - 3,860,991 3,860,991 Totals $ 758,197 $ 36,520 $ 3,357,354 $ 4,152,071 $ 291,316,517 $ 295,468,588 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 The following table sets forth nonaccrual loans and other real estate at December 31, 2019 2018: December 31, December 31, 2019 2018 Nonaccrual loans Commercial real estate $ 2,718,731 $ 2,993,923 One- to four-family residential real estate 786,557 649,685 Commercial and industrial - - Consumer and other - - Total nonaccrual loans 3,505,288 3,643,608 Other real estate (ORE) - - Total nonperforming assets $ 3,505,288 $ 3,643,608 Nonperforming assets to gross loans held for investment and ORE 1.19% 1.27% Nonperforming assets to total assets 0.89% 0.95% Nonaccrual loan balances guaranteed by the SBA are $2.3 66%, $2.3 63%, December 31, 2019 December 31, 2018, Credit Quality Indicators – December 31, 2019 2018. may As of December 31, 2019 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 237,546,684 $ 26,969,204 $ 19,774,797 $ 3,860,991 $ 288,151,676 Special mention 508,201 375,054 - - 883,255 Substandard 4,627,836 1,505,382 300,439 - 6,433,657 Doubtful - - - - - Loss - - - - - Totals $ 242,682,721 $ 28,849,640 $ 20,075,236 $ 3,860,991 $ 295,468,588 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 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, 2019 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 2,718,731 $ 2,718,731 $ - $ 2,738,545 One- to four-family residential real estate 786,557 786,557 - 791,476 Commercial and industrial - - - - Consumer and other - - - - $ 3,505,288 $ 3,505,288 $ - $ 3,530,021 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 2,718,731 $ 2,718,731 $ - $ 2,738,545 One- to four-family residential real estate 786,557 786,557 - 791,476 Commercial and industrial - - - - Consumer and other - - - - $ 3,505,288 $ 3,505,288 $ - $ 3,530,021 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 During the years ended December 31, 2019 2018, no $10,000 2019 $4,000 2018 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, 2019 2018. Troubled Debt Restructurings not may no six In the normal course of business, the Company may not There was one $75,000 December 31, 2019 December 31, 2018. |
Note 6 - Stock in Financial Ins
Note 6 - Stock in Financial Institutions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stock in Financial Institutions [Text Block] | NOTE 6 – 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, 2019 2018 $4.0 $3.9 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 – PREMISES AND EQUIPMENT, NET Components of premises and equipment, net included in the consolidated balance sheets at December 31, 2019 2018 At December 31, 2019 2018 Cost: Land and improvements $ 2,452,807 $ 2,452,807 Building and improvements 12,250,011 12,264,369 Furniture and equipment 1,790,529 2,073,474 Automobiles 91,387 91,387 Total cost 16,584,734 16,882,037 Accumulated depreciation and amortization (7,593,779 ) (7,323,094 ) Net book value $ 8,990,955 $ 9,558,943 Depreciation and amortization expense was $611,000 $703,000 December 31, 2019 2018, |
Note 8 - Core Deposit Intangibl
Note 8 - Core Deposit Intangible | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8 – CORE DEPOSIT INTANGIBLE The gross carrying value and accumulated amortization of core deposit intangible is as follows: December 31, 2019 2018 Gross carrying value $ 502,000 $ 502,000 Less accumulated amortization (368,948 ) (329,892 ) Core deposit intangible $ 133,052 $ 172,108 Amortization of core deposit intangible was $39,000 $49,000 December 31, 2019 2018, The future amortization expense related to core deposit intangible remaining as of December 31, 2019 Year one $ 35,443 Year two 35,443 Year three 35,443 Year four 26,723 Year five - Core deposit intangible $ 133,052 |
Note 9 - Time Deposits
Note 9 - Time Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 – TIME DEPOSITS Following are maturities of time deposits at December 31, 2019 2018: At December 31, 2019 At December 31, 2018 Weighted- Weighted- Average Average Maturity Rate Amount Rate Amount One year or less 2.09 % $ 55,567,378 1.51 % $ 30,457,540 Over one through three years 2.08 % 22,461,008 2.20 % 43,552,518 Over three through five years 1.85 % 3,359,475 1.58 % 3,528,518 2.08 % $ 81,387,861 1.90 % $ 77,538,576 At December 31, 2019 2018, $12.4 $10.7 $250,000 December 31, 2019 2018, $10.8 $6.4 one Interest expense on time deposits in denominations of $250,000 $212,000 $133,000 December 31, 2019 2018, |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | NOTE 10 – BORROWINGS The Bank has established a borrowing line with the FHLB of Dallas. As of December 31, 2019 2018, $40.0 $67.0 1.32% 3.03%. December 31, 2019, $105.4 December 31, 2019 2018: At December 31, Maturity 2019 2018 Year one $ 40,000,000 $ 27,000,000 Year two - 40,000,000 Year three - - Year four - - Total borrowings $ 40,000,000 $ 67,000,000 The Bank has two $9.8 $6.0 no December 31, 2019 2018. |
Note 11 - Derivatives
Note 11 - Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 1 1 – DERIVATIVES As discussed in The consolidated financial statements, Note 2 May 2019. not The following table shows the fair value of derivatives included in Gain on sale of loans as part of the results of discontinued operations in The consolidated financial statements, Note 2 For the Year Ended December 31, 2019 2018 Forward Commitments $ (272,012 ) $ (58,344 ) Interest rate lock commitments (380,866 ) 197,779 $ (652,878 ) $ 139,435 The following table shows the fair value of derivatives included in Prepaid and other assets in the Consolidated Balance Sheets: As of December 31, 2019 2018 Notional Amount Fair Value Notional Amount Fair Value Forward Commitments $ - $ - $ 21,500,000 $ (153,906 ) Interest rate lock commitments - - 27,000,000 380,886 $ - $ - $ 48,500,000 $ 226,980 |
Note 12 - Financial Instruments
Note 12 - Financial Instruments With Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE 1 2 – 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, 2019 2018: December 31, 2019 December 31, 2018 Commitments to originate and sell mortgage loans $ - $ 34,268,309 Commitments to extend credit 25,739,246 25,323,822 Unused lines of credit 17,765,580 18,281,453 Totals $ 43,504,826 $ 77,873,584 There were no December 31, 2019 2 Commitments to extend credit are agreements to lend to a customer as long as there is no may Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do 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 13 - Leases
Note 13 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | NOTE 1 3 – LEASES The Bank has noncancelable operating leases that expire over the next three $664,000 $938,000 December 31, 2019 2018, Approximate future minimum rental commitments under noncancelable leases are: For the Year Ending December 31, Amount 2020 $ 581,943 2021 507,522 2022 363,921 $ 1,453,386 |
Note 14 - Employee Retirement B
Note 14 - Employee Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 1 4 – EMPLOYEE RETIREMENT BENEFIT PLANS Profit Sharing Plan 401 six 2014, January 1, 2014, 100% first 3% 50% 2%, 4% Profit sharing plan expense was $336,000 $375,000 December 31, 2019 2018, Employee Stock Ownership Plan In October 2016, $1.5 150,358 $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 Page 81 102 Table of Contents Shares held by the ESOP at December 31, 2019 2018 At December 31, 2019 2018 Allocated and committed to be allocated to participants 35,566 33,318 Unallocated/unearned 163,745 170,316 Total ESOP shares 199,311 203,634 Fair value of unallocated/unearned shares $ 2,500,386 $ 2,452,557 ESOP expense was $99,000 $90,000 December 31, 2019 2018, 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 $225,000 $82,000 December 31, 2019 2018, 5% July 1, 2019 ( $572,000 87% December 31, 2019 2018 $158,000 $44,000, no no In January 2020 $1.5 June 30, 2020 Deferred Compensation and Directors Fee Plans 10 January 1 st 5%, 5.5% 5.0%, December 31, 2019 2018, $77,000 $57,000, December 31, 2019 2018, $1.5 $1.3 December 31, 2019 2018, |
Note 15 - Board of Directors' R
Note 15 - Board of Directors' Retirement Policy | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Board of Directors' Retirement Policy Disclosure [Text Block] | NOTE 1 5 – 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, 2019 2018. |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 6 – INCOME TAXES The provision for income taxes from continuing operations for the years ended December 31, 2019 2018, Years Ended December 31, 2019 2018 Current Federal $ 510,945 $ 508,165 State 106,086 114,841 Deferred expense 48,922 51,706 Provision for income taxes from continuing operations $ 665,953 $ 674,712 Income tax expense from continuing operations differs from the amounts computed by applying the federal income tax rate of 21% 2019 2018, not not A reconciliation of income tax expense from continuing operations at the Federal statutory rate to the Company’s actual income tax expense for all periods presented is shown below: Years Ended December 31, 2019 2018 Federal tax at the statutory rate (21%) $ 552,733 $ 535,493 Benefit from permanent differences: State income taxes, net of Federal tax benefit 109,048 216,188 Bank-owned life insurance (58,173 ) (59,303 ) Meals & entertainment 11,080 6,486 Other, net 51,265 (24,152 ) Provision for income taxes from continuing operations $ 665,953 $ 674,712 The tax effects of temporary differences related to deferred taxes were: As of December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 734,048 $ 721,765 Unrealized losses on AFS securities - 135,038 Board of Directors retirement plan 271,099 239,957 Other, net 278,581 311,762 Deferred compensation 248,271 215,033 Accrued bonus 192,331 216,254 Organizational costs 50,451 70,638 Net operating loss carryforwards 787,500 840,001 Total deferred tax assets 2,562,281 2,750,448 Deferred tax liabilities: FHLB stock dividends (79,953 ) (52,709 ) Depreciation and amortization (217,321 ) (276,802 ) Loan origination costs (218,615 ) (195,770 ) Purchase accounting (33,425 ) (28,239 ) Unrealized gains on AFS securities (105,091 ) - Total deferred tax liabilities (654,405 ) (553,520 ) Net deferred tax asset $ 1,907,876 $ 2,196,928 A valuation allowance for deferred tax assets is recorded when it is more-likely-than- not not not December 31, 2019. At December 31, 2019, $3.8 382 $250,000 2028. December 31, 2019, $788,000 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, 2019, 2018 2017, no not 12 The Company files consolidated U.S. federal and various state income/franchise tax returns. The Company is no 2016 no 2015 2016. not five |
Note 17 - Regulatory Matters
Note 17 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 1 7 – 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, 2019 2018, Banks are also subject to certain restrictions on the amount of dividends that they may As of December 31, 2019, 1 1 no The Bank’s actual and required capital amounts and ratios are as follows: To be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 42,944 14.59 % $ 23,554 ≥8.00 % $ 29,443 ≥10.00 % Tier I Capital (to Risk-Weighted Assets) $ 39,982 13.58 % $ 17,666 ≥6.00 % $ 23,554 ≥8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 39,982 13.58 % $ 13,249 ≥4.50 % $ 19,138 ≥6.50 % Tier I Capital (to Average Assets) $ 39,982 10.30 % $ 15,529 ≥4.00 % $ 19,411 ≥5.00 % As of December 31, 2018: Total Capital (to Risk-Weighted Assets) $ 41,685 14.50 % $ 22,999 ≥8.00 % $ 28,748 ≥10.00 % Tier I Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 17,252 ≥6.00 % $ 23,003 ≥8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 12,939 ≥4.50 % $ 18,690 ≥6.50 % Tier I Capital (to Average Assets) $ 38,703 10.29 % $ 15,045 ≥4.00 % $ 18,806 ≥5.00 % |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 8 – 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, 2019 2018 Beginning balance $ - $ - New loans - 500,000 Repayments - (500,000 ) Ending balance $ - $ - Fees and bonuses paid to directors during the period $ 218,475 $ 244,125 Deposits from related parties held by the Bank at end of period $ 2,392,225 $ 2,470,696 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 19 - Stock-based Compensat
Note 19 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 9 – STOCK-BASED COMPENSATION Stock-based expense for the years ended December 31, 2019 2018, $299,000 $487,000 $188,000 $354,000 $111,000 $133,000 The Company accounts for forfeitures when they occur by reversing any previously accrued compensation expense on forfeited options in accordance with ASC 718 The stock option plan allows for net settlement of vested options. In a net settlement, the Company, at the direction of the optionee, net settles the options by issuing new shares to the optionee with a value, at the current per share trading price, equal to the total in-the-money or intrinsic value of the options less any necessary tax withholdings on the disqualifying disposition of Incentive Stock Options. The optionee is granted newly issued shares and a small amount of cash in lieu of partial shares. In 2019, 40 no 2018. On November 17, 2017 2017 263,127 187,948 may 75,179 may 20% first seven On February 27, 2018 5,000 439 $15.48 In 2019, 2,750 4,000 2019 $3.72 Grant date stock price and exercise price $ 14.71 Dividend yield 0.86 % Expected volatility 25.10 % Risk-free interest rate 1.84 % Expected life in years 6 Historical data is used to estimate expected volatility and the term of options expected to be outstanding and takes into account that options are not A summary of stock option activity during the years ended December 31, 2019 2018 For the Year Ended December 31, 2019 Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (years) Value Outstanding, December 31, 2018 164,410 $ 14.68 5.8 $ 37,316 Granted 2,750 14.71 Exercised (8,460) 10.39 Forfeited or expired (12,400) 14.90 Outstanding, December 31, 2019 146,300 $ 14.92 5.0 $ 53,166 Exercisable, December 31, 2019 57,910 $ 14.91 4.9 $ 21,131 Information related to stock options during each year is as follows: Year Ended December 31, 2019 2018 Intrinsic value of options exercised $ 42,616 $ 89,080 Cash received from option exercises $ 70,035 $ 149,228 Tax benefit from option exercises $ 10,708 $ 24,866 Total weighted average fair value of options granted $ 10,230 $ 20,200 A summary of restricted stock activity during the years ended December 31, 2019 2018 Weighted Average Average Remaining Grant Date Contractual Shares Price Term (years) For the Year Ended December 31, 2019 Outstanding, December 31, 2018 49,829 $ 14.90 4.0 Granted 4,000 $ 14.76 Vested (11,985 ) 14.90 Forfeited or expired (1,800 ) 14.90 Outstanding, December 31, 2019 40,044 $ 14.89 3.4 As of December 31, 2019, $319,000 $581,000 2017 3 |
Note 20 - Fair Values of Financ
Note 20 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 20 – 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, 2019 2018. 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, 2019: Recurring basis Mortgage-backed securities $ - $ 31,018,748 $ - $ 31,018,748 U.S. Government agencies - 1,079,447 - 1,079,447 Municipal obligations - 12,418,983 - 12,418,983 Nonrecurring basis Impaired loans - - 3,505,288 3,505,288 Totals $ - $ 44,517,178 $ 3,505,288 $ 48,022,466 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 IRLCs - - 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 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, 2019 2018. The following tables present estimated fair values of the Company’s financial instruments at December 31, 2019 2018. 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, 2019: Financial assets: Cash and due from banks $ 4,496 $ 4,496 $ 4,496 $ - $ - Interest-bearing deposits with banks 24,990 24,990 24,990 - - Available-for-sale securities 44,517 44,517 - 44,517 - Loans held for investment, net 291,739 292,246 - - 292,246 Stock in financial institutions 4,017 4,017 - 4,017 - Financial liabilities: Demand deposits, savings and NOW deposits 222,509 214,611 214,611 - - Time deposits 81,388 81,638 - 81,638 - Federal Home Loan Bank advances 40,000 40,075 - 40,075 - 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 IRLCs 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 - 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 – 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, 2019 Impaired loans Commercial real estate $ 2,718,731 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 786,557 Appraisal Appraisal discount and estimated selling costs 17 - 18% Total Impaired Loans $ 3,505,288 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% Total Impaired Loans $ 3,643,608 Derivative IRLCs $ 380,866 Internal pricing model Pull-through rate 77% |
Note 21 - Condensed Financial S
Note 21 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 1 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Financial information as of December 31, 2019 2018, 34 BALANCE SHEETS As of December 31, 2019 2018 ASSETS Cash and due from banks $ 1,960,863 $ 4,993,568 Investment in wholly owned subsidiary 40,934,500 39,044,001 ESOP note receivable 1,672,606 1,700,795 Prepaid and other assets 520,270 684,370 TOTAL ASSETS $ 45,088,239 $ 46,422,734 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accounts payable $ 5,000 $ - Total liabilities 5,000 - Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding - - Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding. 32,086 33,746 Additional paid-in capital 23,168,176 25,500,873 Retained earnings 23,157,134 22,928,777 Accumulated other comprehensive income (loss), net of tax 307,255 (396,148 ) Unearned employee stock ownership plan (ESOP) shares (1,581,412 ) (1,644,514 ) Total stockholders’ equity 45,083,239 46,422,734 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 45,088,239 $ 46,422,734 STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2019 2018 Interest income on ESOP note receivable $ 93,544 $ 77,917 Noninterest income Equity in income of subsidiary 795,761 1,100,091 Noninterest expense Professional fees and other 175,833 121,957 Income before income taxes 713,472 1,056,051 Provision (benefit) for income taxes 3,293 (17,463 ) Net income 710,179 1,073,514 Other comprehensive income (loss) Unrealized income (loss) on available-for-sale securities 703,403 (121,882 ) COMPREHENSIVE INCOME $ 1,413,582 $ 951,632 STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 Cash flows from operating activities Net income $ 710,179 $ 1,073,514 Adjustments to reconcile net income to net cash from operating activities: Equity in (income) of subsidiary (795,761 ) (1,100,091 ) Changes in operating assets and liabilities Prepaid and other assets 164,100 (325,408 ) Accrued interest and other liabilities 5,000 (35,828 ) Net cash provided by (used for) operating activities 83,518 (387,813 ) Cash flows from investing activities - Principal collections on ESOP note receivable 28,189 30,699 Net cash provided by investing activities 28,189 30,699 Cash flows from financing activities - Dividend from subsidiary - 4,800,000 Stock option exercise 70,058 149,228 Share repurchase (2,732,648 ) (1,926,720 ) Dividends paid - $0.15 per share 2019, $1.25 per share 2018 (481,822 ) (4,161,114 ) Net cash provided by financing activities (3,144,412 ) (1,138,606 ) Net increase (decrease) in cash and due from banks (3,032,705 ) (1,495,720 ) Cash and due from banks, beginning of period 4,993,568 6,489,288 Cash and due from banks, end of period $ 1,960,863 $ 4,993,568 |
Note 22 - Earnings Per Share
Note 22 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 2 –EARNINGS PER SHARE The two two Year Ended December 31, 2019 2018 Basic: Net income from continuing operations $ 1,966,107 $ 1,875,255 Net loss from discontinued operations (1,255,928 ) (801,741 ) Less: Earnings allocated to participating securities (11,456 ) (24,642 ) Net income allocated to common shareholders $ 698,723 $ 1,048,872 Weighted-average common shares outstanding including participating securities 3,298,548 3,410,670 Less: Average participating securities (48,982 ) (70,988 ) Less: Average unallocated ESOP Shares (164,096 ) (176,102 ) Average shares 3,085,470 3,163,581 Basic earnings per common share - continuing operations $ 0.64 $ 0.59 Basic loss per common share - discontinued operations (0.41 ) (0.26 ) Basic earnings per common share $ 0.23 $ 0.33 Diluted: Net income allocated to common shareholders $ 698,723 $ 1,048,872 Weighted-average common shares outstanding for basic earnings per common share 3,085,470 3,163,581 Add: Dilutive effects of assumed exercises of stock options 2,766 8,076 Weighted average shares and dilutive potential common shares 3,088,236 3,171,655 Diluted earnings per common share - continuing operations $ 0.64 $ 0.59 Diluted loss per common share - discontinued operations (0.41 ) (0.26 ) Diluted earnings per common share $ 0.23 $ 0.33 Participating securities are restricted stock awards since they participate in common stock dividends. Stock options for 4,000 not 2019 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations – 2 |
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 |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale one four 2 June 2019. December 31, 2019 2018 $0 $26.9 one four |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments - ● Interest Rate Lock Commitments ● Forward Commitments not As discussed in The consolidated financial statements, Note 2 May 2019. December 31, 2019 2018 $0 $381,000, $0 $154,000 December 31, 2019 2018, |
Financing Receivable [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 Cost [Policy Text Block] | Advertising Cost December 31, 2019 2018 $260,000 $171,000, |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan (ESOP) – not Cash dividends on unallocated ESOP shares may may may |
Share-based Payment Arrangement [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 Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 January 1, 2018. August 2015, 2015 14, Revenue from Contracts with Customers - Deferral of the Effective Date one 2014 09. 2016 08, Principal versus Agent Considerations 2016 10, Identifying Performance Obligations and Licensing 2016 12, Narrow-Scope Improvements and Practical Expedients 2016 20, Technical Corrections and Improvements to Topic 606 January 1, 2019, no no Under Topic 606, not 606. not 606, 606 All of our revenue from contracts with customers in the scope of Accounting Standards Codification (ASC) 606 606 • Service Charges on Deposit accounts - We earn monthly account fees and transaction-based fees from our customers for services rendered on deposit accounts. Fees charged to deposit accounts on a monthly basis are recognized as the performance obligation is satisfied at the end of the service period. • Transaction-based fees - We earn fees based on specific services provided to our customer. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. • ATM and Point of Sale fees – We earn fees when debit cards we issued are used in transactions through card processing networks. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ account. The fees are recognized monthly. Leases – February 2016, 2016 - 02 “Leases (Topic 842 December 15, 2018 first 2020 $1.3 $1.4 January 1, 2020. Credit Losses - June 2016, 2016 - 13, “Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments.” December 15, 2019 December 15, 2020, December 15, 2020, December 15, 2021. October 16, 2019, first December 15, 2022. 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 January 2019 not Reporting Tax Effects of Tax Cuts and Jobs Act - February 2018, No. 2018 - 02, “Income Statement-Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2017 December 15, 2018, 2018 02 December 2018 not |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations, Calculation of Net Loss [Table Text Block] | Severance benefits $ 147,948 Leases, software & other contractual obligations 360,613 Fixed asset losses 30,423 Other costs 305,915 Net Loss on Disposal $ 844,899 |
Disposal Groups, Including Discontinued Operations, Income Statement Information [Table Text Block] | Year Ended December 31, 2019 2018 Net interest income $ 170,782 $ 326,446 Gain on sale of loans 4,813,660 14,292,592 Other 190 - Total noninterest income 4,813,850 14,292,592 Salaries and benefits 4,480,025 12,067,023 Occupancy 232,360 674,977 Data processing fees 584,369 1,394,464 Professional fees 107,972 178,906 Advertising 118,801 356,419 Net loss on disposal 844,899 - Other 299,761 1,008,003 Total noninterest expense 6,668,187 15,679,792 Loss from discontinued operations (1,683,555 ) (1,060,754 ) Benefit for income taxes (427,627 ) (259,013 ) Net loss from discontinued operations $ (1,255,928 ) $ (801,741 ) |
Disposal Groups, Including Discontinued Operations, Balance Sheet Information [Table Text Block] | December 31, 2019 December 31, 2018 Loans held for sale - discontinued operations $ - $ 26,884,014 Premises and equipment, net - discontinued operations - 56,683 Accrued interest receivable - discontinued operations - 11,527 Prepaid and other assets - discontinued operations - 241,415 Total assets $ - $ 27,193,639 Escrows - discontinued operations - 149,776 Accrued interest and other liabilities - discontinued operations 233,427 717,407 Total liabilities $ 233,427 $ 867,183 Net (liabilities) assets $ (233,427 ) $ 26,326,456 |
Note 4 - Available-for-sale S_2
Note 4 - Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Gross Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2019 Available-for-sale securities Mortgage-backed securities $ 30,722,958 $ 415,564 $ (119,774 ) $ 31,018,748 U.S. Government agencies 1,102,532 1,739 (24,824 ) 1,079,447 Municipal obligations 12,279,341 254,521 (114,879 ) 12,418,983 Total $ 44,104,831 $ 671,824 $ (259,477 ) $ 44,517,178 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 |
Available-for-sale Securities Debt Maturities [Table Text Block] | December 31, 2019 December 31, 2018 Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ - $ - $ 403,612 $ 402,924 Due after one to five years 27,151,751 27,510,536 23,040,618 22,482,300 Due after five to ten years 14,048,273 14,163,270 10,515,614 10,543,434 Due after ten years 2,904,807 2,843,372 - - Totals $ 44,104,831 $ 44,517,178 $ 33,959,844 $ 33,428,658 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2019 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 $ 10,201,840 $ (64,195 ) $ 6,459,069 $ (55,579 ) $ 16,660,909 $ (119,774 ) U.S. Government agencies - - 843,719 (24,824 ) 843,719 (24,824 ) Municipal obligations 4,676,851 (114,879 ) - - 4,676,851 (114,879 ) Total temporarily impaired securities $ 14,878,691 $ (179,074 ) $ 7,302,788 $ (80,403 ) $ 22,181,479 $ (259,477 ) 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 ) |
Note 5 - Loans Held for Inves_2
Note 5 - Loans Held for Investment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Loans Held for Investment, Net [Table Text Block] | December 31, 2019 December 31, 2018 Amount Percent Amount Percent Loans held for investment, net: Commercial real estate $ 242,682,721 82.1 % $ 233,102,637 81.3 % One- to four-family residential real estate residential real estate 28,849,640 9.8 29,855,462 10.4 Commercial and industrial 20,075,236 6.8 17,508,258 6.1 Consumer and other 3,860,991 1.3 6,374,532 2.2 Total gross loans 295,468,588 100.0 % 286,840,889 100.0 % Unamortized loan fees (807,869 ) (1,149,517 ) Loans held for investment 294,660,719 285,691,372 Allowance for loan losses (2,921,931 ) (2,901,091 ) Loans held for investment, net $ 291,738,788 $ 282,790,281 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | As of December 31, 2019 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 2,588,714 187,345 115,502 30,370 2,921,931 Total $ 2,588,714 $ 187,345 $ 115,502 $ 30,370 $ 2,921,931 Gross loans Ending balance: individually evaluated for impairment $ 2,718,731 $ 786,557 $ - $ - $ 3,505,288 Ending balance: collectively evaluated for impairment 239,963,990 28,063,083 20,075,236 3,860,991 291,963,300 Total $ 242,682,721 $ 28,849,640 $ 20,075,236 $ 3,860,991 $ 295,468,588 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 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Balance December 31, 2018 $ 2,130,124 $ 359,705 $ 377,180 $ 34,082 $ 2,901,091 Provision for loan losses 458,590 (169,193 ) (263,185 ) (3,712 ) 22,500 Charge-offs - (8,686 ) - - (8,686 ) Recoveries - 5,519 1,507 - 7,026 Net (charge-offs) recoveries - (3,167 ) 1,507 - (1,660 ) Balance December 31, 2019 $ 2,588,714 $ 187,345 $ 115,502 $ 30,370 $ 2,921,931 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 |
Financing Receivable, Past Due [Table Text Block] | Past Due Total 90 Days Financing 30 - 59 Days 60 - 89 Days or More Total Current Receivables December 31, 2019 Commercial real estate $ - $ - $ 2,718,731 $ 2,718,731 $ 239,963,990 $ 242,682,721 One- to four-family residential real estate 758,197 36,520 638,623 1,433,340 27,416,300 28,849,640 Commercial and industrial - - - - 20,075,236 20,075,236 Consumer and other - - - - 3,860,991 3,860,991 Totals $ 758,197 $ 36,520 $ 3,357,354 $ 4,152,071 $ 291,316,517 $ 295,468,588 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 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, December 31, 2019 2018 Nonaccrual loans Commercial real estate $ 2,718,731 $ 2,993,923 One- to four-family residential real estate 786,557 649,685 Commercial and industrial - - Consumer and other - - Total nonaccrual loans 3,505,288 3,643,608 Other real estate (ORE) - - Total nonperforming assets $ 3,505,288 $ 3,643,608 Nonperforming assets to gross loans held for investment and ORE 1.19% 1.27% Nonperforming assets to total assets 0.89% 0.95% |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2019 Commercial Real Estate One- to Four- Family Residential Real Estate Commercial and Industrial Consumer and Other Total Grade Pass $ 237,546,684 $ 26,969,204 $ 19,774,797 $ 3,860,991 $ 288,151,676 Special mention 508,201 375,054 - - 883,255 Substandard 4,627,836 1,505,382 300,439 - 6,433,657 Doubtful - - - - - Loss - - - - - Totals $ 242,682,721 $ 28,849,640 $ 20,075,236 $ 3,860,991 $ 295,468,588 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 |
Impaired Financing Receivables [Table Text Block] | As of December 31, 2019 Principal Average Recorded Net of Related Recorded Investment Charge-offs Allowance Investment With no related allowance recorded: Commercial real estate $ 2,718,731 $ 2,718,731 $ - $ 2,738,545 One- to four-family residential real estate 786,557 786,557 - 791,476 Commercial and industrial - - - - Consumer and other - - - - $ 3,505,288 $ 3,505,288 $ - $ 3,530,021 With an allowance recorded: $ - $ - $ - $ - Total: Commercial real estate $ 2,718,731 $ 2,718,731 $ - $ 2,738,545 One- to four-family residential real estate 786,557 786,557 - 791,476 Commercial and industrial - - - - Consumer and other - - - - $ 3,505,288 $ 3,505,288 $ - $ 3,530,021 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 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 31, 2019 2018 Cost: Land and improvements $ 2,452,807 $ 2,452,807 Building and improvements 12,250,011 12,264,369 Furniture and equipment 1,790,529 2,073,474 Automobiles 91,387 91,387 Total cost 16,584,734 16,882,037 Accumulated depreciation and amortization (7,593,779 ) (7,323,094 ) Net book value $ 8,990,955 $ 9,558,943 |
Note 8 - Core Deposit Intangi_2
Note 8 - Core Deposit Intangible (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2019 2018 Gross carrying value $ 502,000 $ 502,000 Less accumulated amortization (368,948 ) (329,892 ) Core deposit intangible $ 133,052 $ 172,108 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year one $ 35,443 Year two 35,443 Year three 35,443 Year four 26,723 Year five - Core deposit intangible $ 133,052 |
Note 9 - Time Deposits (Tables)
Note 9 - Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | At December 31, 2019 At December 31, 2018 Weighted- Weighted- Average Average Maturity Rate Amount Rate Amount One year or less 2.09 % $ 55,567,378 1.51 % $ 30,457,540 Over one through three years 2.08 % 22,461,008 2.20 % 43,552,518 Over three through five years 1.85 % 3,359,475 1.58 % 3,528,518 2.08 % $ 81,387,861 1.90 % $ 77,538,576 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | At December 31, Maturity 2019 2018 Year one $ 40,000,000 $ 27,000,000 Year two - 40,000,000 Year three - - Year four - - Total borrowings $ 40,000,000 $ 67,000,000 |
Note 11 - Derivatives (Tables)
Note 11 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | For the Year Ended December 31, 2019 2018 Forward Commitments $ (272,012 ) $ (58,344 ) Interest rate lock commitments (380,866 ) 197,779 $ (652,878 ) $ 139,435 As of December 31, 2019 2018 Notional Amount Fair Value Notional Amount Fair Value Forward Commitments $ - $ - $ 21,500,000 $ (153,906 ) Interest rate lock commitments - - 27,000,000 380,886 $ - $ - $ 48,500,000 $ 226,980 |
Note 12 - Financial Instrumen_2
Note 12 - Financial Instruments With Off-balance-sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2019 December 31, 2018 Commitments to originate and sell mortgage loans $ - $ 34,268,309 Commitments to extend credit 25,739,246 25,323,822 Unused lines of credit 17,765,580 18,281,453 Totals $ 43,504,826 $ 77,873,584 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Year Ending December 31, Amount 2020 $ 581,943 2021 507,522 2022 363,921 $ 1,453,386 |
Note 14 - Employee Retirement_2
Note 14 - Employee Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | At December 31, 2019 2018 Allocated and committed to be allocated to participants 35,566 33,318 Unallocated/unearned 163,745 170,316 Total ESOP shares 199,311 203,634 Fair value of unallocated/unearned shares $ 2,500,386 $ 2,452,557 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2019 2018 Current Federal $ 510,945 $ 508,165 State 106,086 114,841 Deferred expense 48,922 51,706 Provision for income taxes from continuing operations $ 665,953 $ 674,712 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2019 2018 Federal tax at the statutory rate (21%) $ 552,733 $ 535,493 Benefit from permanent differences: State income taxes, net of Federal tax benefit 109,048 216,188 Bank-owned life insurance (58,173 ) (59,303 ) Meals & entertainment 11,080 6,486 Other, net 51,265 (24,152 ) Provision for income taxes from continuing operations $ 665,953 $ 674,712 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 734,048 $ 721,765 Unrealized losses on AFS securities - 135,038 Board of Directors retirement plan 271,099 239,957 Other, net 278,581 311,762 Deferred compensation 248,271 215,033 Accrued bonus 192,331 216,254 Organizational costs 50,451 70,638 Net operating loss carryforwards 787,500 840,001 Total deferred tax assets 2,562,281 2,750,448 Deferred tax liabilities: FHLB stock dividends (79,953 ) (52,709 ) Depreciation and amortization (217,321 ) (276,802 ) Loan origination costs (218,615 ) (195,770 ) Purchase accounting (33,425 ) (28,239 ) Unrealized gains on AFS securities (105,091 ) - Total deferred tax liabilities (654,405 ) (553,520 ) Net deferred tax asset $ 1,907,876 $ 2,196,928 |
Note 17 - Regulatory Matters (T
Note 17 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 42,944 14.59 % $ 23,554 ≥8.00 % $ 29,443 ≥10.00 % Tier I Capital (to Risk-Weighted Assets) $ 39,982 13.58 % $ 17,666 ≥6.00 % $ 23,554 ≥8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 39,982 13.58 % $ 13,249 ≥4.50 % $ 19,138 ≥6.50 % Tier I Capital (to Average Assets) $ 39,982 10.30 % $ 15,529 ≥4.00 % $ 19,411 ≥5.00 % As of December 31, 2018: Total Capital (to Risk-Weighted Assets) $ 41,685 14.50 % $ 22,999 ≥8.00 % $ 28,748 ≥10.00 % Tier I Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 17,252 ≥6.00 % $ 23,003 ≥8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 38,703 13.46 % $ 12,939 ≥4.50 % $ 18,690 ≥6.50 % Tier I Capital (to Average Assets) $ 38,703 10.29 % $ 15,045 ≥4.00 % $ 18,806 ≥5.00 % |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Years Ended December 31, 2019 2018 Beginning balance $ - $ - New loans - 500,000 Repayments - (500,000 ) Ending balance $ - $ - Fees and bonuses paid to directors during the period $ 218,475 $ 244,125 Deposits from related parties held by the Bank at end of period $ 2,392,225 $ 2,470,696 |
Note 19 - Stock-based Compens_2
Note 19 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Grant date stock price and exercise price $ 14.71 Dividend yield 0.86 % Expected volatility 25.10 % Risk-free interest rate 1.84 % Expected life in years 6 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | For the Year Ended December 31, 2019 Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (years) Value Outstanding, December 31, 2018 164,410 $ 14.68 5.8 $ 37,316 Granted 2,750 14.71 Exercised (8,460) 10.39 Forfeited or expired (12,400) 14.90 Outstanding, December 31, 2019 146,300 $ 14.92 5.0 $ 53,166 Exercisable, December 31, 2019 57,910 $ 14.91 4.9 $ 21,131 |
Share-based Compensation, Additional Disclosures on Grants [Table Text Block] | Year Ended December 31, 2019 2018 Intrinsic value of options exercised $ 42,616 $ 89,080 Cash received from option exercises $ 70,035 $ 149,228 Tax benefit from option exercises $ 10,708 $ 24,866 Total weighted average fair value of options granted $ 10,230 $ 20,200 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Average Remaining Grant Date Contractual Shares Price Term (years) For the Year Ended December 31, 2019 Outstanding, December 31, 2018 49,829 $ 14.90 4.0 Granted 4,000 $ 14.76 Vested (11,985 ) 14.90 Forfeited or expired (1,800 ) 14.90 Outstanding, December 31, 2019 40,044 $ 14.89 3.4 |
Note 20 - Fair Values of Fina_2
Note 20 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Recurring basis Mortgage-backed securities $ - $ 31,018,748 $ - $ 31,018,748 U.S. Government agencies - 1,079,447 - 1,079,447 Municipal obligations - 12,418,983 - 12,418,983 Nonrecurring basis Impaired loans - - 3,505,288 3,505,288 Totals $ - $ 44,517,178 $ 3,505,288 $ 48,022,466 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 IRLCs - - 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 |
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, 2019: Financial assets: Cash and due from banks $ 4,496 $ 4,496 $ 4,496 $ - $ - Interest-bearing deposits with banks 24,990 24,990 24,990 - - Available-for-sale securities 44,517 44,517 - 44,517 - Loans held for investment, net 291,739 292,246 - - 292,246 Stock in financial institutions 4,017 4,017 - 4,017 - Financial liabilities: Demand deposits, savings and NOW deposits 222,509 214,611 214,611 - - Time deposits 81,388 81,638 - 81,638 - Federal Home Loan Bank advances 40,000 40,075 - 40,075 - 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 IRLCs 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 - |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Valuation Methodologies Valuation Model Unobservable Input Valuation At December 31, 2019 Impaired loans Commercial real estate $ 2,718,731 Appraisal Appraisal discount and estimated selling costs 17 - 18% One- to four-family residential real estate 786,557 Appraisal Appraisal discount and estimated selling costs 17 - 18% Total Impaired Loans $ 3,505,288 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% Total Impaired Loans $ 3,643,608 Derivative IRLCs $ 380,866 Internal pricing model Pull-through rate 77% |
Note 21 - Condensed Financial_2
Note 21 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2019 2018 ASSETS Cash and due from banks $ 1,960,863 $ 4,993,568 Investment in wholly owned subsidiary 40,934,500 39,044,001 ESOP note receivable 1,672,606 1,700,795 Prepaid and other assets 520,270 684,370 TOTAL ASSETS $ 45,088,239 $ 46,422,734 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accounts payable $ 5,000 $ - Total liabilities 5,000 - Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding - - Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding. 32,086 33,746 Additional paid-in capital 23,168,176 25,500,873 Retained earnings 23,157,134 22,928,777 Accumulated other comprehensive income (loss), net of tax 307,255 (396,148 ) Unearned employee stock ownership plan (ESOP) shares (1,581,412 ) (1,644,514 ) Total stockholders’ equity 45,083,239 46,422,734 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 45,088,239 $ 46,422,734 |
Condensed Statement of Comprehensive Income [Table Text Block] | Year Ended December 31, 2019 2018 Interest income on ESOP note receivable $ 93,544 $ 77,917 Noninterest income Equity in income of subsidiary 795,761 1,100,091 Noninterest expense Professional fees and other 175,833 121,957 Income before income taxes 713,472 1,056,051 Provision (benefit) for income taxes 3,293 (17,463 ) Net income 710,179 1,073,514 Other comprehensive income (loss) Unrealized income (loss) on available-for-sale securities 703,403 (121,882 ) COMPREHENSIVE INCOME $ 1,413,582 $ 951,632 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, 2019 2018 Cash flows from operating activities Net income $ 710,179 $ 1,073,514 Adjustments to reconcile net income to net cash from operating activities: Equity in (income) of subsidiary (795,761 ) (1,100,091 ) Changes in operating assets and liabilities Prepaid and other assets 164,100 (325,408 ) Accrued interest and other liabilities 5,000 (35,828 ) Net cash provided by (used for) operating activities 83,518 (387,813 ) Cash flows from investing activities - Principal collections on ESOP note receivable 28,189 30,699 Net cash provided by investing activities 28,189 30,699 Cash flows from financing activities - Dividend from subsidiary - 4,800,000 Stock option exercise 70,058 149,228 Share repurchase (2,732,648 ) (1,926,720 ) Dividends paid - $0.15 per share 2019, $1.25 per share 2018 (481,822 ) (4,161,114 ) Net cash provided by financing activities (3,144,412 ) (1,138,606 ) Net increase (decrease) in cash and due from banks (3,032,705 ) (1,495,720 ) Cash and due from banks, beginning of period 4,993,568 6,489,288 Cash and due from banks, end of period $ 1,960,863 $ 4,993,568 |
Note 22 - Earnings Per Share (T
Note 22 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2019 2018 Basic: Net income from continuing operations $ 1,966,107 $ 1,875,255 Net loss from discontinued operations (1,255,928 ) (801,741 ) Less: Earnings allocated to participating securities (11,456 ) (24,642 ) Net income allocated to common shareholders $ 698,723 $ 1,048,872 Weighted-average common shares outstanding including participating securities 3,298,548 3,410,670 Less: Average participating securities (48,982 ) (70,988 ) Less: Average unallocated ESOP Shares (164,096 ) (176,102 ) Average shares 3,085,470 3,163,581 Basic earnings per common share - continuing operations $ 0.64 $ 0.59 Basic loss per common share - discontinued operations (0.41 ) (0.26 ) Basic earnings per common share $ 0.23 $ 0.33 Diluted: Net income allocated to common shareholders $ 698,723 $ 1,048,872 Weighted-average common shares outstanding for basic earnings per common share 3,085,470 3,163,581 Add: Dilutive effects of assumed exercises of stock options 2,766 8,076 Weighted average shares and dilutive potential common shares 3,088,236 3,171,655 Diluted earnings per common share - continuing operations $ 0.64 $ 0.59 Diluted loss per common share - discontinued operations (0.41 ) (0.26 ) Diluted earnings per common share $ 0.23 $ 0.33 |
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, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jan. 01, 2020USD ($) |
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 | 3,208,618 | 3,374,565 | ||
Advertising Expense | $ 260,440 | $ 170,723 | |||
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | |||
Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||
Minimum [Member] | Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 1,300,000 | ||||
Operating Lease, Liability, Total | 1,300,000 | ||||
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 | ||||
Maximum [Member] | Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | 1,400,000 | ||||
Operating Lease, Liability, Total | $ 1,400,000 | ||||
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 | ||||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Fair Value, Gross Asset, Total | $ 0 | 381,000 | |||
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Fair Value, Gross Asset, Total | 0 | 154,000 | |||
One-to-four Family Residential Real Estate Portfolio Segment [Member] | |||||
Loans Receivable Held-for-sale, Amount | $ 0 | $ 26,900,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations - Calculation of Net Loss (Details) - Discontinued Operations [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Severance benefits | $ 147,948 |
Leases, software & other contractual obligations | 360,613 |
Fixed asset losses | 30,423 |
Other costs | 305,915 |
Net Loss on Disposal | $ 844,899 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gain on sale of loans | $ 272,293 | $ 129,231 |
Other | 14,225 | 38,888 |
Total noninterest income | 1,019,199 | 901,170 |
Salaries and benefits | 6,619,148 | 6,131,107 |
Occupancy | 1,462,077 | 1,426,701 |
Data processing fees | 2,092,060 | 1,566,001 |
Professional fees | 815,278 | 944,932 |
Advertising | 260,440 | 170,723 |
Other | 1,061,408 | 1,276,723 |
Total noninterest expense | 12,491,617 | 11,722,820 |
Loss from discontinued operations | (1,683,555) | (1,060,754) |
Benefit for income taxes | (427,627) | (259,013) |
Less: Net loss from discontinued operations | (1,255,928) | (801,741) |
Discontinued Operations [Member] | ||
Net interest income | 170,782 | 326,446 |
Gain on sale of loans | 4,813,660 | 14,292,592 |
Other | 190 | |
Total noninterest income | 4,813,850 | 14,292,592 |
Salaries and benefits | 4,480,025 | 12,067,023 |
Occupancy | 232,360 | 674,977 |
Data processing fees | 584,369 | 1,394,464 |
Professional fees | 107,972 | 178,906 |
Advertising | 118,801 | 356,419 |
Net loss on disposal | 844,899 | |
Other | 299,761 | 1,008,003 |
Total noninterest expense | 6,668,187 | 15,679,792 |
Loss from discontinued operations | (1,683,555) | (1,060,754) |
Benefit for income taxes | (427,627) | (259,013) |
Less: Net loss from discontinued operations | $ (1,255,928) | $ (801,741) |
Note 2 - Discontinued Operati_5
Note 2 - Discontinued Operations - Major Categories of Assets and Liabilities Classified as Held for Sale Related to Discontinued Operations (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Loans held for sale - discontinued operations | $ 26,884,014 | |
Premises and equipment, net - discontinued operations | 56,683 | |
Accrued interest receivable - discontinued operations | 11,527 | |
Prepaid and other assets - discontinued operations | 241,415 | |
Total assets | 27,193,639 | |
Escrows - discontinued operations | 149,776 | |
Accrued interest and other liabilities - discontinued operations | 233,427 | 717,407 |
Total liabilities | 233,427 | 867,183 |
Net (liabilities) assets | $ (233,427) | $ 26,326,456 |
Note 3 - Restrictions on Cash_2
Note 3 - Restrictions on Cash and Due From Banks (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents, Total | $ 1.1 | $ 1.1 |
Note 4 - Available-for-sale S_3
Note 4 - Available-for-sale Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 0 |
Available-for-sale Securities, Greater than 10% of Stockholders' Equity | 0 | 0 |
Available-for-sale Securities, Total | 44,517,178 | 33,428,658 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | |
Loans and Securities Pledged to Secure FHLB Advances | 147,200,000 | |
Loans and Securities Pledged to Secure Public Deposits | 4,200,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Total | 13,400,000 | 13,800,000 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Total | $ 0 | $ 0 |
Note 4 - Available-for-sale S_4
Note 4 - Available-for-sale Securities - Carrying Amount of Securities and Fair Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Total, amortized cost | $ 44,104,831 | $ 33,959,844 |
Available-for-sale securities, gross unrealized gains | 671,824 | 118,187 |
Available-for-sale securities, gross unrealized losses | (259,477) | (649,373) |
Available-for-sale securities, fair value | 44,517,178 | 33,428,658 |
Asset-backed Securities [Member] | ||
Total, amortized cost | 30,722,958 | 28,799,904 |
Available-for-sale securities, gross unrealized gains | 415,564 | 115,824 |
Available-for-sale securities, gross unrealized losses | (119,774) | (605,370) |
Available-for-sale securities, fair value | 31,018,748 | 28,310,358 |
US Government Agencies Debt Securities [Member] | ||
Total, amortized cost | 1,102,532 | 1,487,917 |
Available-for-sale securities, gross unrealized gains | 1,739 | |
Available-for-sale securities, gross unrealized losses | (24,824) | (42,885) |
Available-for-sale securities, fair value | 1,079,447 | 1,445,032 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, amortized cost | 12,279,341 | 3,672,023 |
Available-for-sale securities, gross unrealized gains | 254,521 | 2,363 |
Available-for-sale securities, gross unrealized losses | (114,879) | (1,118) |
Available-for-sale securities, fair value | $ 12,418,983 | $ 3,673,268 |
Note 4 - Available-for-sale S_5
Note 4 - Available-for-sale Securities - Scheduled Maturities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, amortized cost | $ 403,612 | |
Due in one year or less, fair value | 402,924 | |
Due after one to five years, amortized cost | 27,151,751 | 23,040,618 |
Due after one to five years, fair value | 27,510,536 | 22,482,300 |
Due after five to ten years, amortized cost | 14,048,273 | 10,515,614 |
Due after five to ten years, fair value | 14,163,270 | 10,543,434 |
Due after ten years, amortized cost | 2,904,807 | |
Due after ten years, fair value | 2,843,372 | |
Total, amortized cost | 44,104,831 | 33,959,844 |
Total, fair value | $ 44,517,178 | $ 33,428,658 |
Note 4 - Available-for-sale S_6
Note 4 - Available-for-sale Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities, less than 12 months, fair value | $ 14,878,691 | $ 10,655,532 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (179,074) | (201,505) |
Available-for-sale securities, 12 months or more, fair value | 7,302,788 | 12,286,409 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (80,403) | (447,868) |
Available-for-sale securities, fair value | 22,181,479 | 22,941,941 |
Available-for-sale securities, gross unrealized losses | (259,477) | (649,373) |
Asset-backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 10,201,840 | 8,605,742 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (64,195) | (200,190) |
Available-for-sale securities, 12 months or more, fair value | 6,459,069 | 10,740,671 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (55,579) | (405,180) |
Available-for-sale securities, fair value | 16,660,909 | 19,346,413 |
Available-for-sale securities, gross unrealized losses | (119,774) | (605,370) |
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 | 843,719 | 1,142,814 |
Available-for-sale securities, 12 months or more, gross unrealized losses | (24,824) | (42,000) |
Available-for-sale securities, fair value | 843,719 | 1,445,033 |
Available-for-sale securities, gross unrealized losses | (24,824) | (42,885) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,676,851 | 1,747,571 |
Available-for-sale securities, less than 12 months, gross unrealized losses | (114,879) | (430) |
Available-for-sale securities, 12 months or more, fair value | 402,924 | |
Available-for-sale securities, 12 months or more, gross unrealized losses | (688) | |
Available-for-sale securities, fair value | 4,676,851 | 2,150,495 |
Available-for-sale securities, gross unrealized losses | $ (114,879) | $ (1,118) |
Note 5 - Loans Held for Inves_3
Note 5 - Loans Held for Investment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Nonaccrual | $ 3,505,288 | $ 3,643,608 |
Impaired Financing Receivable, Interest Income, Nonaccrual | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 10,000 | $ 4,000 |
Financing Receivable, Troubled Debt Restructuring | $ 75,000 | |
Veterans Administration Loan [Member] | ||
Number of Receivable Commitments Outstanding | 0 | 0 |
Small Business Administration [Member] | ||
Financing Receivable, Nonaccrual | $ 2,300,000 | $ 2,300,000 |
Nonaccrual Loan Secure Percentage | 66.00% | 63.00% |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | $ 2,718,731 | $ 2,993,923 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 16,100,000 | $ 20,800,000 |
Note 5 - Loans Held for Inves_4
Note 5 - Loans Held for Investment, Net - Components of Loans Held for Investment, Net (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total, gross loans | $ 295,468,588 | $ 286,840,889 | |
Percentage of gross loans | 100.00% | 100.00% | |
Unamortized loan fees | $ (807,869) | $ (1,149,517) | |
Loans held for investment | 294,660,719 | 285,691,372 | |
Allowance for loan losses | (2,921,931) | (2,901,091) | $ (3,117,190) |
Loans held for investment, net | 291,738,788 | 282,790,281 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total, gross loans | $ 242,682,721 | $ 233,102,637 | |
Percentage of gross loans | 82.10% | 81.30% | |
Allowance for loan losses | $ (2,588,714) | $ (2,130,124) | (2,055,911) |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | |||
Total, gross loans | $ 28,849,640 | $ 29,855,462 | |
Percentage of gross loans | 9.80% | 10.40% | |
Allowance for loan losses | $ (187,345) | $ (359,705) | (567,290) |
Commercial and Industrial Portfolio Segment [Member] | |||
Total, gross loans | $ 20,075,236 | $ 17,508,258 | |
Percentage of gross loans | 6.80% | 6.10% | |
Allowance for loan losses | $ (115,502) | $ (377,180) | (462,406) |
Consumer and Other Portfolio Segment [Member] | |||
Total, gross loans | $ 3,860,991 | $ 6,374,532 | |
Percentage of gross loans | 1.30% | 2.20% | |
Allowance for loan losses | $ (30,370) | $ (34,082) | $ (31,583) |
Note 5 - Loans Held for Inves_5
Note 5 - Loans Held for Investment, Net - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Ending balance: individually evaluated for impairment, allowance for loan losses | $ 0 | |||
Ending balance: collectively evaluated for impairment, allowance for loan losses | 2,921,931 | 2,901,091 | ||
Total, allowance for loan losses | $ 2,901,091 | $ 3,117,190 | 2,921,931 | 2,901,091 |
Ending balance: individually evaluated for impairment, gross loans | 3,505,288 | 3,643,608 | ||
Ending balance: collectively evaluated for impairment, gross loans | 291,963,300 | 283,197,281 | ||
Total, gross loans | 295,468,588 | 286,840,889 | ||
Balance | 2,901,091 | 3,117,190 | ||
Provision for loan losses | 22,500 | 318,000 | ||
Charge-offs | (8,686) | (596,418) | ||
Recoveries | 7,026 | 62,319 | ||
Net recoveries (charge-offs) | (1,660) | (534,099) | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment, allowance for loan losses | 0 | |||
Ending balance: collectively evaluated for impairment, allowance for loan losses | 2,588,714 | 2,130,124 | ||
Total, allowance for loan losses | 2,130,124 | 2,055,911 | 2,588,714 | 2,130,124 |
Ending balance: individually evaluated for impairment, gross loans | 2,718,731 | 2,993,923 | ||
Ending balance: collectively evaluated for impairment, gross loans | 239,963,990 | 230,108,714 | ||
Total, gross loans | 242,682,721 | 233,102,637 | ||
Balance | 2,130,124 | 2,055,911 | ||
Provision for loan losses | 458,590 | 624,213 | ||
Charge-offs | (550,000) | |||
Recoveries | ||||
Net recoveries (charge-offs) | (550,000) | |||
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Ending balance: collectively evaluated for impairment, allowance for loan losses | 187,345 | 359,705 | ||
Total, allowance for loan losses | 359,705 | 567,290 | 187,345 | 359,705 |
Ending balance: individually evaluated for impairment, gross loans | 786,557 | 649,685 | ||
Ending balance: collectively evaluated for impairment, gross loans | 28,063,083 | 29,205,777 | ||
Total, gross loans | 28,849,640 | 29,855,462 | ||
Balance | 359,705 | 567,290 | ||
Provision for loan losses | (169,193) | (183,988) | ||
Charge-offs | (8,686) | (36,096) | ||
Recoveries | 5,519 | 12,499 | ||
Net recoveries (charge-offs) | (3,167) | (23,597) | ||
Commercial and Industrial Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Ending balance: collectively evaluated for impairment, allowance for loan losses | 115,502 | 377,180 | ||
Total, allowance for loan losses | 377,180 | 462,406 | 115,502 | 377,180 |
Ending balance: individually evaluated for impairment, gross loans | ||||
Ending balance: collectively evaluated for impairment, gross loans | 20,075,236 | 17,508,258 | ||
Total, gross loans | 20,075,236 | 17,508,258 | ||
Balance | 377,180 | 462,406 | ||
Provision for loan losses | (263,185) | (124,724) | ||
Charge-offs | (10,322) | |||
Recoveries | 1,507 | 49,820 | ||
Net recoveries (charge-offs) | 1,507 | 39,498 | ||
Consumer and Other Portfolio Segment [Member] | ||||
Ending balance: individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Ending balance: collectively evaluated for impairment, allowance for loan losses | 30,370 | 34,082 | ||
Total, allowance for loan losses | 34,082 | 31,583 | 30,370 | 34,082 |
Ending balance: individually evaluated for impairment, gross loans | ||||
Ending balance: collectively evaluated for impairment, gross loans | 3,860,991 | 6,374,532 | ||
Total, gross loans | $ 3,860,991 | $ 6,374,532 | ||
Balance | 34,082 | 31,583 | ||
Provision for loan losses | $ (3,712) | 2,499 | ||
Net recoveries (charge-offs) |
Note 5 - Loans Held for Inves_6
Note 5 - Loans Held for Investment, Net - Nonperforming Receivables Past Due (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Past due loans | $ 4,152,071 | $ 4,154,832 |
Current loans | 291,316,517 | 282,686,057 |
Total, gross loans | 295,468,588 | 286,840,889 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due loans | 758,197 | 782,835 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due loans | 36,520 | 2,978,929 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due loans | 3,357,354 | 393,068 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 2,718,731 | 2,744,405 |
Current loans | 239,963,990 | 230,358,232 |
Total, gross loans | 242,682,721 | 233,102,637 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due loans | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due loans | 2,744,405 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due loans | 2,718,731 | |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Past due loans | 1,433,340 | 1,410,427 |
Current loans | 27,416,300 | 28,445,035 |
Total, gross loans | 28,849,640 | 29,855,462 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due loans | 758,197 | 782,835 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due loans | 36,520 | 234,524 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due loans | 638,623 | 393,068 |
Commercial and Industrial Portfolio Segment [Member] | ||
Past due loans | ||
Current loans | 20,075,236 | 17,508,258 |
Total, gross loans | 20,075,236 | 17,508,258 |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due loans | ||
Consumer and Other Portfolio Segment [Member] | ||
Past due loans | 0 | 0 |
Current loans | 3,860,991 | 6,374,532 |
Total, gross loans | 3,860,991 | 6,374,532 |
Consumer and Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due loans | $ 0 | $ 0 |
Note 5 - Loans Held for Inves_7
Note 5 - Loans Held for Investment, Net - Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Total nonaccrual loans | $ 3,505,288 | $ 3,643,608 |
Other real estate (ORE) | 0 | 0 |
Total nonperforming assets | $ 3,505,288 | $ 3,643,608 |
Nonperforming assets to gross loans held for investment and ORE | 1.19% | 1.27% |
Nonperforming assets to total assets | 0.89% | 0.95% |
Commercial Real Estate Portfolio Segment [Member] | ||
Total nonaccrual loans | $ 2,718,731 | $ 2,993,923 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Total nonaccrual loans | 786,557 | 649,685 |
Commercial and Industrial Portfolio Segment [Member] | ||
Total nonaccrual loans | ||
Consumer and Other Portfolio Segment [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 5 - Loans Held for Inves_8
Note 5 - Loans Held for Investment, Net - Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Total, gross loans | $ 295,468,588 | $ 286,840,889 |
Pass [Member] | ||
Total, gross loans | 288,151,676 | 278,113,442 |
Special Mention [Member] | ||
Total, gross loans | 883,255 | 2,250,559 |
Substandard [Member] | ||
Total, gross loans | 6,433,657 | 6,476,888 |
Doubtful [Member] | ||
Total, gross loans | ||
Loss [Member] | ||
Total, gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total, gross loans | 242,682,721 | 233,102,637 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 237,546,684 | 226,510,803 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 508,201 | 1,981,667 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 4,627,836 | 4,610,167 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | ||
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 | 28,849,640 | 29,855,462 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 26,969,204 | 27,990,417 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 375,054 | 268,892 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 1,505,382 | 1,596,153 |
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 | 20,075,236 | 17,508,258 |
Commercial and Industrial Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 19,774,797 | 17,237,690 |
Commercial and Industrial Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | ||
Commercial and Industrial Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | 300,439 | 270,568 |
Commercial and Industrial Portfolio Segment [Member] | Doubtful [Member] | ||
Total, gross loans | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Loss [Member] | ||
Total, gross loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | ||
Total, gross loans | 3,860,991 | 6,374,532 |
Consumer and Other Portfolio Segment [Member] | Pass [Member] | ||
Total, gross loans | 3,860,991 | 6,374,532 |
Consumer and Other Portfolio Segment [Member] | Special Mention [Member] | ||
Total, gross loans | 0 | |
Consumer and Other Portfolio Segment [Member] | Substandard [Member] | ||
Total, gross loans | ||
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 5 - Loans Held for Inves_9
Note 5 - Loans Held for Investment, Net - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired loans, with no related allowance recorded, recorded investment | $ 3,505,288 | $ 3,643,608 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 3,505,288 | 3,643,608 |
Impaired loans, with no related allowance recorded, average recorded investment | 3,530,021 | 3,663,931 |
Impaired loans, with related 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 | 3,505,288 | 3,643,608 |
Impaired loans, principal net of charge-offs | 3,505,288 | 3,643,608 |
Impaired loans, average recorded investment | 3,530,021 | 3,663,931 |
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 2,718,731 | 2,993,923 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 2,718,731 | 2,993,923 |
Impaired loans, with no related allowance recorded, average recorded investment | 2,738,545 | 3,007,495 |
Impaired loans, related allowance | 0 | |
Impaired loans, fair value disclosure | 2,718,731 | 2,993,923 |
Impaired loans, principal net of charge-offs | 2,718,731 | 2,993,923 |
Impaired loans, average recorded investment | 2,738,545 | 3,007,495 |
Impaired loans, fair value disclosure | 2,718,731 | 2,993,923 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | 786,557 | 649,685 |
Impaired loans, with no related allowance recorded, principal net of charge-offs, | 786,557 | 649,685 |
Impaired loans, with no related allowance recorded, average recorded investment | 791,476 | 656,436 |
Impaired loans, related allowance | 0 | |
Impaired loans, fair value disclosure | 786,557 | 649,685 |
Impaired loans, principal net of charge-offs | 786,557 | 649,685 |
Impaired loans, average recorded investment | 791,476 | 656,436 |
Impaired loans, fair value disclosure | 786,557 | 649,685 |
Commercial and Industrial Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | ||
Impaired loans, with no related allowance recorded, principal net of charge-offs, | ||
Impaired loans, with no related allowance recorded, average recorded investment | ||
Impaired loans, related allowance | ||
Impaired loans, fair value disclosure | ||
Impaired loans, principal net of charge-offs | ||
Impaired loans, average recorded investment | ||
Impaired loans, fair value disclosure | ||
Consumer and Other Portfolio Segment [Member] | ||
Impaired loans, with no related allowance recorded, recorded investment | ||
Impaired loans, with no related allowance recorded, principal net of charge-offs, | ||
Impaired loans, with no related allowance recorded, average recorded investment | ||
Impaired loans, related allowance | ||
Impaired loans, fair value disclosure | ||
Impaired loans, principal net of charge-offs | ||
Impaired loans, average recorded investment | ||
Impaired loans, fair value disclosure |
Note 6 - Stock in Financial I_2
Note 6 - Stock in Financial Institutions (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cost Method Investments | $ 4,016,761 | $ 3,910,361 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 611,200 | $ 702,956 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment, Net - Components of Premises and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Total cost | $ 16,584,734 | $ 16,882,037 |
Accumulated depreciation and amortization | (7,593,779) | (7,323,094) |
Net book value | 8,990,955 | 9,558,943 |
Land and Land Improvements [Member] | ||
Total cost | 2,452,807 | 2,452,807 |
Building and Building Improvements [Member] | ||
Total cost | 12,250,011 | 12,264,369 |
Furniture and Fixtures [Member] | ||
Total cost | 1,790,529 | 2,073,474 |
Automobiles [Member] | ||
Total cost | $ 91,387 | $ 91,387 |
Note 8 - Core Deposit Intangi_3
Note 8 - Core Deposit Intangible (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 39,056 | $ 48,556 |
Core Deposits [Member] | ||
Amortization of Intangible Assets, Total | $ 39,000 | $ 49,000 |
Note 8 - Core Deposit Intangi_4
Note 8 - Core Deposit Intangible - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Core deposit intangible | $ 133,052 | $ 172,108 |
Core Deposits [Member] | ||
Gross carrying value | 502,000 | 502,000 |
Less accumulated amortization | (368,948) | (329,892) |
Core deposit intangible | $ 133,052 | $ 172,108 |
Note 8 - Core Deposit Intangi_5
Note 8 - Core Deposit Intangible - Future Amortization Expense (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Core deposit intangible | $ 133,052 | $ 172,108 |
Core Deposits [Member] | ||
Year one | 35,443 | |
Year two | 35,443 | |
Year three | 35,443 | |
Year four | 26,723 | |
Year five | ||
Core deposit intangible | $ 133,052 | $ 172,108 |
Note 9 - Time Deposits (Details
Note 9 - Time Deposits (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Time Deposits, at or Above FDIC Insurance Limit | $ 12,400,000 | $ 10,700,000 |
Time Deposits, 250,000 or More, Mature With in One Year | 10,800,000 | 6,400,000 |
Interest Expense, Time Deposits, 250,000 or More | $ 212,000 | $ 133,000 |
Note 9 - Time Deposits - Time D
Note 9 - Time Deposits - Time Deposit Maturities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted average rate, one year or less | 2.09% | 1.51% |
One year or less, amount | $ 55,567,378 | $ 30,457,540 |
Weighted average rate, over one through three years | 2.08% | 2.20% |
Over one through three years, amount | $ 22,461,008 | $ 43,552,518 |
Weighted average rate, over three through five years | 1.85% | 1.58% |
Over three through five years, amount | $ 3,359,475 | $ 3,528,518 |
Weighted average rate | 2.08% | 1.90% |
Amount | $ 81,387,861 | $ 77,538,576 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank Advances, Total | $ 40,000 | $ 67,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 105,400 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Financial Institution One [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 9,800 | |
Financial Institution Two [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.32% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 3.03% |
Note 10 - Borrowings - FHLB Mat
Note 10 - Borrowings - FHLB Maturities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Year one | $ 40,000,000 | $ 27,000,000 |
Year two | 40,000,000 | |
Year three | ||
Year four | ||
Total borrowings | $ 40,000,000 | $ 67,000,000 |
Note 11 - Derivatives - Fair Va
Note 11 - Derivatives - Fair Value of Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | $ 48,500,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | 226,980 | |
Gain On Sale of Loans [Member] | ||
Gain (loss) on sale of loans | (652,878) | 139,435 |
Forward Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | 21,500,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | (153,906) | |
Forward Contracts [Member] | Gain On Sale of Loans [Member] | ||
Gain (loss) on sale of loans | (272,012) | (58,344) |
Interest Rate Lock Commitments [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative, notional amount | 27,000,000 | |
Derivative Asset, Fair Value, Gross Asset, Total | 380,886 | |
Interest Rate Lock Commitments [Member] | Gain On Sale of Loans [Member] | ||
Gain (loss) on sale of loans | $ (380,866) | $ 197,779 |
Note 12 - Financial Instrumen_3
Note 12 - Financial Instruments With Off-balance-sheet Risk - Contract Amounts (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financial instruments with off-balance-sheet risk | $ 43,504,826 | $ 77,873,584 |
Commitments to Originate and Sell Mortgage Loans [Member] | ||
Financial instruments with off-balance-sheet risk | 34,268,309 | |
Commitments to Extend Credit [Member] | ||
Financial instruments with off-balance-sheet risk | 25,739,246 | 25,323,822 |
Unused lines of Credit [Member] | ||
Financial instruments with off-balance-sheet risk | $ 17,765,580 | $ 18,281,453 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Operating Lease, Term of Contract | 3 years | |
Operating Leases, Rent Expense, Net, Total | $ 664,000 | $ 938,000 |
Note 13 - Leases - Schedule of
Note 13 - Leases - Schedule of Future Minimum Rental Payments (Details) | Dec. 31, 2019USD ($) |
2020 | $ 581,943 |
2021 | 507,522 |
2022 | 363,921 |
Total | $ 1,453,386 |
Note 14 - Employee Retirement_3
Note 14 - Employee Retirement Benefit Plans (Details Textual) - USD ($) | Oct. 11, 2016 | Oct. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2020 | Jul. 01, 2019 | 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 | ||||||
Loan Receivable, ESOP, Repayment Term | 30 years | |||||||
Senior Officers and Directors [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |||||||
Deferred Compensation Arrangement, Stated Interest Rate | 5.00% | |||||||
Deferred Compensation Arrangement, Effective Interest Rate | 5.50% | 5.00% | ||||||
Deferred Compensation Arrangement, Interest Expense | $ 77,000 | $ 57,000 | ||||||
Deferred Compensation Liability, Current, Total | 1,500,000 | 1,300,000 | ||||||
Multiemployer Plans, Pension [Member] | Pentegra Defined Benefit Plan [Member] | ||||||||
Multiemploye Plan, Contributions by Employer | $ 225,000 | 82,000 | ||||||
Multiemployer Plan, Contributions by Employer, Percentage | 5.00% | |||||||
Multiemployer Plan, Unfunded Pension Liability | $ 572,000 | |||||||
Multiemployer Plan, Funded Percentage | 87.00% | |||||||
Pension Cost (Reversal of Cost) | $ 158,000 | 44,000 | ||||||
Multiemployer Plans, Pension [Member] | Pentegra Defined Benefit Plan [Member] | Subsequent Event [Member] | ||||||||
Multiemployer Plans, Expected Future Employer Contributions, Next Fiscal Year | $ 1,500,000 | |||||||
Treasury Stock [Member] | ||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 99,000 | 90,000 | ||||||
Deferred Profit Sharing [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 336,000 | $ 375,000 | ||||||
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 14 - Employee Retirement_4
Note 14 - Employee Retirement Benefit Plans - Employee Stock Ownership Plan (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Allocated and committed to be allocated to participants (in shares) | 35,566 | 33,318 |
Unallocated/unearned (in shares) | 163,745 | 170,316 |
Total ESOP shares (in shares) | 199,311 | 203,634 |
Fair value of unallocated/unearned shares | $ 2,500,386 | $ 2,452,557 |
Note 15 - Board of Directors'_2
Note 15 - Board of Directors' Retirement Policy (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Operating Loss Carryforwards, Total | $ 787,500 | $ 840,001 |
Deferred Tax Assets, Valuation Allowance, Total | 788,000 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 |
Bank 34 [Member] | ||
Deferred Tax Assets Acquired Losses | 250,000 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 3,800,000 | |
Operating Loss Carry Forwards, Expiration Year | 2028 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current | ||
Federal | $ 510,945 | $ 508,165 |
State | 106,086 | 114,841 |
Deferred expense | 48,922 | 51,706 |
Provision for income taxes from continuing operations | $ 665,953 | $ 674,712 |
Note 16 - Income Taxes - Effect
Note 16 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal tax at the statutory rate | $ 552,733 | $ 535,493 |
State income taxes, net of Federal tax benefit | 109,048 | 216,188 |
Bank-owned life insurance | (58,173) | (59,303) |
Meals & entertainment | 11,080 | 6,486 |
Other, net | 51,265 | (24,152) |
Provision for income taxes | $ 665,953 | $ 674,712 |
Note 16 - Income Taxes - Effe_2
Note 16 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal tax at the statutory rate, tax rate | 21.00% | 21.00% |
Note 16 - Income Taxes - Schedu
Note 16 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 734,048 | $ 721,765 |
Unrealized losses on AFS securities | 135,038 | |
Board of Directors retirement plan | 271,099 | 239,957 |
Other, net | 278,581 | 311,762 |
Deferred compensation | 248,271 | 215,033 |
Accrued bonus | 192,331 | 216,254 |
Organizational costs | 50,451 | 70,638 |
Net operating loss carryforwards | 787,500 | 840,001 |
Total deferred tax assets | 2,562,281 | 2,750,448 |
Deferred tax liabilities: | ||
FHLB stock dividends | (79,953) | (52,709) |
Depreciation and amortization | (217,321) | (276,802) |
Loan origination costs | (218,615) | (195,770) |
Purchase accounting | (33,425) | (28,239) |
Unrealized gains on AFS securities | (105,091) | |
Total deferred tax liabilities | (654,405) | (553,520) |
Net deferred tax asset | $ 1,907,876 | $ 2,196,928 |
Note 17 - Regulatory Matters -
Note 17 - Regulatory Matters - Actual and Required Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 42,944 | $ 41,685 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 14.59% | 14.50% |
Total Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Amount | $ 23,554 | $ 22,999 |
Total Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 29,443 | $ 28,748 |
Total Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk-Weighted Assets), Actual Amount | $ 39,982 | $ 38,703 |
Tier I Capital (to Risk-Weighted Assets), Actual Ratio | 13.58% | 13.46% |
Tier I Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Amount | $ 17,666 | $ 17,252 |
Tier I Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Ratio | 6.00% | 6.00% |
Tier I Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 23,554 | $ 23,003 |
Tier I Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | $ 39,982 | $ 38,703 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio | 13.58% | 13.46% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Amount | $ 13,249 | $ 12,939 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), for Capital Adequacy Purposes, Actual Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Amount | $ 19,138 | $ 18,690 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), to be Well Capitalized, Actual Ratio | 6.50% | 6.50% |
Tier I Capital (to Average Assets), Actual Amount | $ 39,982 | $ 38,703 |
Tier I Capital (to Average Assets), Actual Ratio | 10.30% | 10.29% |
Tier I Capital (to Average Assets), for Capital Adequacy Purposes, Actual Amount | $ 15,529 | $ 15,045 |
Tier I Capital (to Average Assets), for Capital Adequacy Purposes, Actual Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets), to be Well Capitalized, Actual Amount | $ 19,411 | $ 18,806 |
Tier I Capital (to Average Assets), to be Well Capitalized, Actual Ratio | 5.00% | 5.00% |
Note 18 - Related Party Trans_3
Note 18 - Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | ||
New loans | 500,000 | |
Repayments | (500,000) | |
Balance | ||
Fees and bonuses paid to directors during the period | 218,475 | 244,125 |
Deposits from related parties held by the Bank at end of period | $ 2,392,225 | $ 2,470,696 |
Note 19 - Stock-based Compens_3
Note 19 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 27, 2018 | Nov. 17, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Payment Arrangement, Expense, Including Restricted Stock Dividends Payable | $ 299,000 | $ 487,000 | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total | 40 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,750 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 14.71 | |||
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, Expiration Period | 7 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | 2,750 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 439 | 4,000 | ||
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, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.72 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | |||
Incentive Plan [Member] | Incentive Plan, Per Year Vested Amount [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 187,948 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 319,000 | |||
Incentive Plan [Member] | Restricted Stock [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 75,179 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 581,000 | |||
Stock-based Compensation Expense [Member] | ||||
Share-based Payment Arrangement, Expense, Including Restricted Stock Dividends Payable | 188,000 | $ 354,000 | ||
Stock-based Other Noninterest Expense [Member] | ||||
Share-based Payment Arrangement, Expense, Including Restricted Stock Dividends Payable | $ 111,000 | $ 133,000 |
Note 19 - Stock-based Compens_4
Note 19 - Stock-based Compensation - Inputs and Assumptions (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Grant date stock price and exercise price (in dollars per share) | $ 14.71 |
Dividend yield | 0.86% |
Expected volatility | 25.10% |
Risk-free interest rate | 1.84% |
Expected life in years (Year) | 6 years |
Note 19 - Stock-based Compens_5
Note 19 - Stock-based Compensation - Stock Option Activities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 164,410 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.68 | |
Outstanding, average remaining contractual term (Year) | 5 years | 5 years 292 days |
Outstanding, aggregate intrinsic value | $ 53,166 | $ 37,316 |
Granted (in shares) | 2,750 | |
Granted, weighted average exercise price (in dollars per share) | $ 14.71 | |
Exercised (in shares) | (8,460) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10.39 | |
Forfeited or expired (in shares) | (12,400) | |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 14.90 | |
Outstanding (in shares) | 146,300 | 164,410 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.92 | $ 14.68 |
Exercisable (in shares) | 57,910 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 14.91 | |
Exercisable, average remaining contractual term (Year) | 4 years 328 days | |
Exercisable, aggregate intrinsic value | $ 21,131 |
Note 19 - Stock-based Compens_6
Note 19 - Stock-based Compensation - Information Related to Stock Options (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intrinsic value of options exercised | $ 42,616 | $ 89,080 |
Exercise of stock options | 70,035 | 149,228 |
Tax benefit from option exercises | 10,708 | 24,866 |
Total weighted average fair value of options granted | $ 10,230 | $ 20,200 |
Note 19 - Stock-based Compens_7
Note 19 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, share (in shares) | 49,829 | |
Outstanding, Weighted average grant date (in dollars per share) | $ 14.89 | $ 14.90 |
Outstanding, Average remaining contractual (Year) | 3 years 146 days | 4 years |
Granted, share (in shares) | 4,000 | |
Granted, Weighted average grant date (in dollars per share) | $ 14.76 | |
Vested, share (in shares) | (11,985) | |
Vested, Weighted average grant date (in dollars per share) | $ 14.90 | |
Forfeited or expired, share (in shares) | (1,800) | |
Forfeited or expired, Weighted average grant date (in dollars per share) | $ 14.90 | |
Outstanding, share (in shares) | 40,044 | 49,829 |
Note 20 - Fair Values of Fina_3
Note 20 - Fair Values of Financial Instruments - Assets at Fair Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities, at fair value | $ 44,517,178 | $ 33,428,658 |
Assets, fair value disclosure | 48,022,466 | 64,183,240 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | 44,517,178 | 60,158,766 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value disclosure | 3,505,288 | 4,024,474 |
Fair Value, Recurring [Member] | ||
Loans held for sale | 26,884,014 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale | 26,884,014 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 0 | |
Fair Value, Nonrecurring [Member] | ||
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, fair value disclosure | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, fair value disclosure | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, at fair value | 31,018,748 | 28,310,358 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, at fair value | 31,018,748 | 28,310,358 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, at fair value | 31,018,748 | 28,310,358 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, at fair value | 1,079,447 | 1,445,032 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, at fair value | 1,079,447 | 1,445,032 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, at fair value | 1,079,447 | 1,445,032 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, at fair value | 12,418,983 | 3,673,268 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, at fair value | 12,418,983 | 3,673,268 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, at fair value | 12,418,983 | 3,673,268 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | 0 | 381,000 |
Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLCs, fair value disclosure | 380,866 | |
Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLCs, fair value disclosure | ||
Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLCs, fair value disclosure | ||
Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative IRLCs, fair value disclosure | 380,866 | |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | $ 0 | 154,000 |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | (153,906) | |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | 0 | |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | (153,906) | |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative forward commitments | $ 0 |
Note 20 - Fair Values of Fina_4
Note 20 - Fair Values of Financial Instruments - Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities, fair value | $ 44,517,178 | $ 33,428,658 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 4,496,000 | 6,374,000 |
Interest-bearing deposits with banks | 24,990,000 | 5,400,000 |
Available-for-sale securities, fair value | 44,517,000 | 33,429,000 |
Loans held for investment, net | 291,739,000 | 282,790,000 |
Stock in financial institutions | 4,017,000 | 3,910,000 |
Demand deposits, savings and NOW deposits | 222,509,000 | 187,700,000 |
Time deposits | 81,388,000 | 77,539,000 |
Federal Home Loan Bank advances | 40,000,000 | 67,000,000 |
Loans held for sale | 26,884,000 | |
Derivative IRLCs, fair value disclosure | 381,000 | |
Derivative forward commitments | (154,000) | |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 4,496,000 | 6,374,000 |
Interest-bearing deposits with banks | 24,990,000 | 5,400,000 |
Available-for-sale securities, fair value | 44,517,000 | 33,429,000 |
Loans held for investment, net | 292,246,000 | 283,466,000 |
Stock in financial institutions | 4,017,000 | 3,910,000 |
Demand deposits, savings and NOW deposits | 214,611,000 | 172,049,000 |
Time deposits | 81,638,000 | 77,688,000 |
Federal Home Loan Bank advances | 40,075,000 | 66,653,000 |
Loans held for sale | 26,884,000 | |
Derivative IRLCs, fair value disclosure | 381,000 | |
Derivative forward commitments | (154,000) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 4,496,000 | 6,374,000 |
Interest-bearing deposits with banks | 24,990,000 | 5,400,000 |
Available-for-sale securities, fair value | 0 | 0 |
Loans held for investment, net | 0 | |
Stock in financial institutions | 0 | 0 |
Demand deposits, savings and NOW deposits | 214,611,000 | 172,049,000 |
Time deposits | 0 | |
Federal Home Loan Bank advances | 0 | |
Loans held for sale | ||
Derivative IRLCs, fair value disclosure | ||
Derivative forward commitments | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Available-for-sale securities, fair value | 44,517,000 | 33,429,000 |
Loans held for investment, net | 0 | |
Stock in financial institutions | 4,017,000 | 3,910,000 |
Demand deposits, savings and NOW deposits | 0 | |
Time deposits | 81,638,000 | 77,688,000 |
Federal Home Loan Bank advances | 40,075,000 | 66,653,000 |
Loans held for sale | 26,884,000 | |
Derivative IRLCs, fair value disclosure | ||
Derivative forward commitments | (154,000) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Available-for-sale securities, fair value | 0 | 0 |
Loans held for investment, net | 292,246,000 | 283,466,000 |
Stock in financial institutions | 0 | 0 |
Demand deposits, savings and NOW deposits | 0 | |
Time deposits | 0 | |
Federal Home Loan Bank advances | 0 | |
Loans held for sale | ||
Derivative IRLCs, fair value disclosure | 381,000 | |
Derivative forward commitments |
Note 20 - Fair Values of Fina_5
Note 20 - Fair Values of Financial Instruments - Significant Unobservable Inputs (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Impaired loans, fair value disclosure | $ 3,505,288 | $ 3,643,608 |
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 2,718,731 | 2,993,923 |
Impaired loans, fair value disclosure | 2,718,731 | 2,993,923 |
One-to-four Family Residential Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 786,557 | 649,685 |
Impaired loans, fair value disclosure | 786,557 | 649,685 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Impaired loans, fair value disclosure | 3,505,288 | 3,643,608 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans, fair value disclosure | 2,718,731 | 2,993,923 |
Impaired loans, fair value disclosure | $ 2,718,731 | $ 2,993,923 |
Fair Value, 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, 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, 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 | $ 786,557 | $ 649,685 |
Impaired loans, fair value disclosure | $ 786,557 | $ 649,685 |
Fair Value, 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, 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, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Internal Estimate [member] | ||
Derivative IRLCs, fair value disclosure | $ 380,866 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Internal Estimate [member] | Measurement Input, Pull-through Rate [Member] | ||
Derivative IRLCs, Unobservable input valuation | 0.77 |
Note 21 - Condensed Financial_3
Note 21 - Condensed Financial Statements of Parent Company - Balance Sheets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||
Cash and due from banks | $ 4,496,465 | $ 6,374,457 | |
Prepaid and other assets | 1,137,090 | 815,950 | |
TOTAL ASSETS | 393,739,355 | 383,277,907 | |
Liabilities | |||
Total liabilities | 348,656,116 | 336,855,173 | |
Stockholders’ equity | |||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding | |||
Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding. | 32,086 | 33,746 | |
Additional paid-in capital | 23,168,176 | 25,500,873 | |
Retained earnings | 23,157,134 | 22,928,777 | |
Accumulated other comprehensive income (loss), net of tax | 307,255 | (396,148) | |
Unearned employee stock ownership plan (ESOP) shares | (1,581,412) | (1,644,514) | |
Total stockholders’ equity | 45,083,239 | 46,422,734 | $ 50,970,689 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 393,739,355 | 383,277,907 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 1,960,863 | 4,993,568 | |
Investment in wholly owned subsidiary | 40,934,500 | 39,044,001 | |
ESOP note receivable | 1,672,606 | 1,700,795 | |
Prepaid and other assets | 520,270 | 684,370 | |
TOTAL ASSETS | 45,088,239 | 46,422,734 | |
Liabilities | |||
Accounts payable | 5,000 | ||
Total liabilities | 5,000 | ||
Stockholders’ equity | |||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding | |||
Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding. | 32,086 | 33,746 | |
Additional paid-in capital | 23,168,176 | 25,500,873 | |
Retained earnings | 23,157,134 | 22,928,777 | |
Accumulated other comprehensive income (loss), net of tax | 307,255 | (396,148) | |
Unearned employee stock ownership plan (ESOP) shares | (1,581,412) | (1,644,514) | |
Total stockholders’ equity | 45,083,239 | 46,422,734 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 45,088,239 | $ 46,422,734 |
Note 21 - Condensed Financial_4
Note 21 - Condensed Financial Statements of Parent Company - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 11, 2016 |
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) | 3,208,618 | 3,374,565 | |
Common stock, shares outstanding (in shares) | 3,208,618 | 3,374,565 | 3,438,190 |
Parent Company [Member] | |||
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) | 3,208,618 | 3,374,565 | |
Common stock, shares outstanding (in shares) | 3,208,618 | 3,374,565 |
Note 21 - Condensed Financial_5
Note 21 - Condensed Financial Statements of Parent Company - Statements of Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noninterest expense | ||
Income from continuing operations before provision for income taxes | $ 2,632,060 | $ 2,549,967 |
Provision for income taxes | 665,953 | 674,712 |
Net income | 710,179 | 1,073,514 |
Other comprehensive income | ||
Unrealized income (loss) on available-for-sale securities | 703,403 | (166,103) |
COMPREHENSIVE INCOME | 1,413,582 | 907,411 |
Parent Company [Member] | ||
Interest income on ESOP note receivable | 93,544 | 77,917 |
Noninterest income | ||
Equity in income of subsidiary | 795,761 | 1,100,091 |
Noninterest expense | ||
Professional fees and other | 175,833 | 121,957 |
Income from continuing operations before provision for income taxes | 713,472 | 1,056,051 |
Provision for income taxes | 3,293 | (17,463) |
Net income | 710,179 | 1,073,514 |
Other comprehensive income | ||
Unrealized income (loss) on available-for-sale securities | 703,403 | (121,882) |
COMPREHENSIVE INCOME | $ 1,413,582 | $ 951,632 |
Note 21 - Condensed Financial_6
Note 21 - Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 710,179 | $ 1,073,514 |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | (79,725) | 325,921 |
Accrued interest and other liabilities | 267,256 | (154,044) |
Net cash provided by (used for) operating activities | 31,989,691 | (7,237,752) |
Cash flows from investing activities | ||
Net cash provided by investing activities | (22,666,935) | (36,681,748) |
Cash flows from financing activities | ||
Stock dividends on financial institution stock | (106,400) | (84,500) |
Stock option exercise | 70,035 | 149,228 |
Share repurchase | 2,732,648 | 1,926,720 |
Dividends paid | 481,822 | 4,161,114 |
Net cash provided by financing activities | 8,389,252 | 45,820,779 |
Net increase (decrease) in cash and due from banks | 17,712,008 | 1,901,279 |
Cash and cash equivalents, beginning of period | 11,774,457 | 9,873,178 |
Cash and cash equivalents, end of period | 29,486,465 | 11,774,457 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income | 710,179 | 1,073,514 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Equity in (income) of subsidiary | (795,761) | (1,100,091) |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 164,100 | (325,408) |
Accrued interest and other liabilities | 5,000 | (35,828) |
Net cash provided by (used for) operating activities | 83,518 | (387,813) |
Cash flows from investing activities | ||
Principal collections on ESOP note receivable | 28,189 | 30,699 |
Net cash provided by investing activities | 28,189 | 30,699 |
Cash flows from financing activities | ||
Stock dividends on financial institution stock | 4,800,000 | |
Stock option exercise | 70,058 | 149,228 |
Share repurchase | (2,732,648) | (1,926,720) |
Dividends paid | (481,822) | (4,161,114) |
Net cash provided by financing activities | (3,144,412) | (1,138,606) |
Net increase (decrease) in cash and due from banks | (3,032,705) | (1,495,720) |
Cash and cash equivalents, beginning of period | 4,993,568 | 6,489,288 |
Cash and cash equivalents, end of period | $ 1,960,863 | $ 4,993,568 |
Note 21 - Condensed Financial_7
Note 21 - Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details) (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends paid, per share (in dollars per share) | $ 0.15 | $ 1.25 |
Parent Company [Member] | ||
Dividends paid, per share (in dollars per share) | $ 0.15 | $ 1.25 |
Note 22 - Earnings Per Share (D
Note 22 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,000 | 4,000 |
Note 22 - Earnings Per Share -
Note 22 - Earnings Per Share - Calculation of Diluted Weighted-average Shares Outstanding (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income from continuing operations | $ 1,966,107 | $ 1,875,255 |
Net loss from discontinued operations | (1,255,928) | (801,741) |
Less: Earnings (loss) allocated to participating securities | (11,456) | (24,642) |
Net income allocated to common shareholders | $ 698,723 | $ 1,048,872 |
Weighted-average common shares outstanding including participating securities (in shares) | 3,298,548 | 3,410,670 |
Less: Average participating securities (in shares) | (48,982) | (70,988) |
Less: Average unallocated ESOP Shares (in shares) | (164,096) | (176,102) |
Average shares (in shares) | 3,085,470 | 3,163,581 |
Earnings per common share - continuing operations (in dollars per share) | $ 0.64 | $ 0.59 |
Loss per common share - discontinued operations (in dollars per share) | (0.41) | (0.26) |
Earnings per common share - Basic (in dollars per share) | $ 0.23 | $ 0.33 |
Net income allocated to common shareholders | $ 698,723 | $ 1,048,872 |
Add: Dilutive effects of assumed exercises of stock options (in shares) | 2,766 | 8,076 |
Weighted average shares and dilutive potential common shares (in shares) | 3,088,236 | 3,171,655 |
Diluted earnings per common share - continuing operations (in dollars per share) | $ 0.64 | $ 0.59 |
Diluted loss per common share - discontinued operations (in dollars per share) | (0.41) | (0.26) |
Earnings per common share - Diluted (in dollars per share) | $ 0.23 | $ 0.33 |