Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Ottawa Bancorp Inc | |
Entity Central Index Key | 1,675,192 | |
Trading Symbol | ottw | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 3,467,402 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 2,823,601 | $ 3,916,559 |
Interest bearing deposits | 507,496 | 2,030,090 |
Total cash and cash equivalents | 3,331,097 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 1,690,000 | |
Securities available for sale | 38,158,992 | 44,560,680 |
Non-marketable equity securities | 752,221 | 753,321 |
Loans, net of allowance for loan losses of $2,240,586 and $2,247,449 at June 30, 2017 and December 31, 2016, respectively | 178,959,773 | 160,586,129 |
Loans held for sale | 1,426,800 | 305,072 |
Premises and equipment, net | 6,778,433 | 6,843,906 |
Accrued interest receivable | 857,931 | 785,484 |
Foreclosed real estate | 33,000 | |
Deferred tax assets | 2,320,296 | 2,593,786 |
Cash value of life insurance | 2,269,760 | 2,245,578 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 321,636 | 359,000 |
Other assets | 2,954,876 | 2,558,910 |
Total assets | 239,031,684 | 230,161,384 |
Deposits: | ||
Non-interest bearing | 11,714,780 | 9,974,536 |
Interest bearing | 167,909,584 | 162,572,485 |
Total deposits | 179,624,364 | 172,547,021 |
Accrued interest payable | 1,704 | 224 |
FHLB advances | 1,113,262 | 1,121,153 |
Federal funds purchased | 438,000 | |
Other liabilities | 4,177,857 | 3,748,953 |
Total liabilities | 185,355,187 | 177,417,351 |
Commitments and contingencies | ||
Redeemable common stock held by ESOP plan | 1,016,956 | 807,629 |
Stockholders' Equity | ||
Common stock, $.01 par value, 12,000,000 shares authorized; 3,467,402 shares issued at June 30, 2017 and December 31, 2016 | 34,674 | 34,674 |
Additional paid-in-capital | 37,153,871 | 37,117,311 |
Retained earnings | 18,016,621 | 17,455,472 |
Unallocated ESOP shares | (1,843,640) | (1,932,648) |
Accumulated other comprehensive income | 314,971 | 69,224 |
53,676,497 | 52,744,033 | |
Maximum cash obligation related to ESOP shares | (1,016,956) | (807,629) |
Total stockholders' equity | 52,659,541 | 51,936,404 |
Total liabilities and stockholders' equity | $ 239,031,684 | $ 230,161,384 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for loan losses | $ 2,240,586 | $ 2,247,449 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, shares issued (in shares) | 3,467,402 | 3,467,402 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 2,114,434 | $ 1,851,755 | $ 4,087,184 | $ 3,575,053 |
Securities: | ||||
Residential mortgage-backed and related securities | 126,148 | 148,467 | 262,016 | 300,544 |
State and municipal securities | 126,939 | 135,724 | 257,568 | 270,704 |
Dividends on non-marketable equity securities | 1,548 | 1,970 | 3,342 | 4,160 |
Interest-bearing deposits | 6,725 | 3,054 | 16,046 | 10,398 |
Total interest and dividend income | 2,375,794 | 2,140,970 | 4,626,156 | 4,160,859 |
Interest expense: | ||||
Deposits | 223,208 | 203,220 | 428,477 | 405,690 |
Borrowings | 8,064 | 7,120 | 15,060 | 11,740 |
Total interest expense | 231,272 | 210,340 | 443,537 | 417,430 |
Net interest income | 2,144,522 | 1,930,630 | 4,182,619 | 3,743,429 |
Provision for loan losses | 160,000 | 157,500 | 250,000 | 277,500 |
Net interest income after provision for loan losses | 1,984,522 | 1,773,130 | 3,932,619 | 3,465,929 |
Other income: | ||||
Gain on sale of securities | 21,160 | 8,322 | 21,202 | 8,418 |
Gain on sale of loans | 209,892 | 148,740 | 316,985 | 187,670 |
Gain on sale of foreclosed real estate | 46,251 | 24,060 | 111,448 | |
Gain on sale of repossessed assets | 11,252 | 1,048 | 14,296 | 1,680 |
Loan origination and servicing income | 202,718 | 77,912 | 303,709 | 136,534 |
Origination of mortgage servicing rights, net of amortization | 18,701 | 25,424 | 34,112 | 27,554 |
Customer service fees | 121,212 | 101,656 | 237,071 | 199,927 |
Income on bank owned life insurance | 12,158 | 12,554 | 24,182 | 24,726 |
Other | 32,139 | 23,798 | 60,105 | 48,617 |
Total other income | 629,232 | 445,705 | 1,035,722 | 746,574 |
Other expenses: | ||||
Salaries and employee benefits | 1,083,157 | 837,233 | 2,077,523 | 1,664,918 |
Directors fees | 40,800 | 40,800 | 81,600 | 81,600 |
Occupancy | 162,241 | 154,112 | 325,780 | 306,190 |
Deposit insurance premium | 12,697 | 45,769 | 26,211 | 89,992 |
Legal and professional services | 93,964 | 87,817 | 190,122 | 174,945 |
Data processing | 152,614 | 120,711 | 291,107 | 255,733 |
Loss on sale of securities | 7,566 | 3,261 | 7,566 | 3,261 |
Loan expense | 132,120 | 101,279 | 250,443 | 159,821 |
Valuation adjustments and expenses on foreclosed real estate | 2,060 | 32,423 | 7,522 | 68,936 |
Loss on sale of repossessed assets | 274 | |||
Other | 293,094 | 240,317 | 538,179 | 478,073 |
Total other expenses | 1,980,313 | 1,663,722 | 3,796,327 | 3,283,469 |
Income before income tax expense | 633,441 | 555,113 | 1,172,014 | 929,034 |
Income tax expense | 167,896 | 181,797 | 349,169 | 296,812 |
Net income | $ 465,545 | $ 373,316 | $ 822,845 | $ 632,222 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.25 | $ 0.22 |
Diluted earnings per share (in dollars per share) | 0.14 | 0.13 | 0.25 | 0.22 |
Dividends per share (in dollars per share) | $ 0.04 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 465,545 | $ 373,316 | $ 822,845 | $ 632,222 |
Other comprehensive income, before tax: | ||||
Unrealized holding gains arising during the period | 263,443 | 288,653 | 417,262 | 452,302 |
Reclassification adjustment for net gains included in net income | (13,594) | (5,061) | (13,636) | (5,157) |
Other comprehensive income, before tax | 249,849 | 283,592 | 403,626 | 447,145 |
Income tax expense related to items of other comprehensive income | 97,729 | 110,927 | 157,879 | 174,901 |
Other comprehensive income, net of tax | 152,120 | 172,665 | 245,747 | 272,244 |
Comprehensive income | $ 617,665 | $ 545,981 | $ 1,068,592 | $ 904,466 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 822,845 | $ 632,222 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 121,650 | 118,282 |
Provision for loan losses | 250,000 | 277,500 |
Provision for deferred income taxes | 115,611 | 276,511 |
Net amortization of premiums and discounts on securities | 274,241 | 326,814 |
Gain on sale of securities, net | (13,636) | (5,157) |
Origination of mortgage loans held for sale | (11,361,079) | (7,405,366) |
Proceeds from sale of mortgage loans held for sale | 10,556,336 | 7,086,492 |
Gain on sale of loans, net | (316,985) | (187,670) |
Origination of mortgage servicing rights, net of amortization | (34,112) | (27,554) |
Gain on sale of foreclosed real estate, net | (24,060) | (111,448) |
Write down of foreclosed real estate | 28,551 | |
Gain on sale of repossessed assets, net | (14,022) | (1,680) |
ESOP compensation expense | 125,568 | 27,786 |
MRP compensation expense | 2,203 | |
Compensation expense on RRP options granted | 2,914 | |
Amortization of core deposit intangible | 37,364 | 46,000 |
Amortization (accretion) of fair value adjustments on acquired: | ||
Loans | 155,331 | 61,595 |
Certificates of deposit | (13,000) | (37,000) |
Federal Home Loan Bank Advances | 3,472 | 1,041 |
Increase in cash surrender value of life insurance | (24,182) | (24,726) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (72,447) | (65,767) |
Increase in other assets | (351,355) | (1,024,355) |
Increase in accrued interest payable and other liabilities | 430,384 | 158,892 |
Net cash provided by operating activities | 667,924 | 156,080 |
Cash Flows from Investing Activities | ||
Purchases | (1,308,450) | (3,613,482) |
Sales, calls, maturities and paydowns | 7,853,159 | 4,902,012 |
Sale of non-marketable equity securities | 1,100 | 604,800 |
Net (increase) in loans | (18,845,908) | (10,602,947) |
Net decrease in federal funds sold | 1,690,000 | 1,604,000 |
Proceeds from sale of foreclosed real estate | 84,493 | 264,266 |
Proceeds from sale of repossessed assets | 43,023 | 22,057 |
Purchase of premises and equipment | (56,177) | (6,000) |
Net cash used in investing activities | (10,538,760) | (6,825,294) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 7,090,343 | (594,076) |
Principal reduction of Federal Home Loan Bank advances | (11,363) | (1,011,197) |
Proceeds from federal funds purchased | 438,000 | 3,705,000 |
Dividends paid | (261,696) | |
Net cash provided by financing activities | 7,255,284 | 2,099,727 |
Net decrease in cash and cash equivalents | (2,615,552) | (4,569,487) |
Cash and cash equivalents: | ||
Beginning of period | 5,946,649 | 7,135,719 |
End of period | 3,331,097 | 2,566,232 |
Real estate acquired through or in lieu of foreclosure | 31,356 | 235,190 |
Other assets acquired in settlement of loans | 39,500 | 23,000 |
Sale of foreclosed real estate through loan origination | 3,923 | |
Increase in ESOP put option liability | 209,327 | 101,188 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 155,444 | |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 426,997 | 404,713 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 15,060 | $ 11,740 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 second two second second second October 11, 2016, $23.8 2,383,950 $10.00 190,716 $126,000 second 1.1921 On December 31, 2014, The primary business of the Company is the ownership of the Bank. Through the Bank, the Company is engaged in providing a variety of financial services to individual and corporate customers in the Ottawa, Marseilles, and Morris, Illinois areas, which are primarily agricultural areas consisting of several rural communities with small to medium sized businesses. The Bank’s primary source of revenue is interest and fees related to single-family residential loans to middle-income individuals. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2 The consolidated financial statements presented in this quarterly report include the accounts of the Company and the Bank. The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and predominant practices followed by the financial services industry, and are unaudited. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, which the Company considers necessary to fairly state the Company’s financial position and the results of operations and cash flows have been recorded. The interim financial statements should be read in conjunction with the audited financial statements and accompanying notes of the Company for the year ended December 31, 2016. not |
Note 3 - Use of Estimates
Note 3 - Use of Estimates | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | NOTE 3 The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Changes in these estimates and assumptions are considered reasonably possible and may At June 30, 2017, no 10 March 29, 2017. |
Note 4 - Critical Accounting Po
Note 4 - Critical Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4 We consider accounting policies involving significant judgments and assumptions by management that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. We consider the allowance for loan losses to be our critical accounting policy. Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5 – EARNINGS PER SHARE Basic earnings per share is based on net income divided by the weighted average number of shares outstanding during the period, including allocated and committed-to-be-released Employee Stock Ownership Plan (“ESOP”) shares and vested Management Recognition Plan (“MRP”) shares. Diluted earnings per share show the dilutive effect, if any, of additional common shares issuable under stock options and awards. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income available to common stockholders $ 465,545 $ 373,316 $ 822,845 $ 632,222 Basic potential common shares: Weighted average shares outstanding 3,467,402 2,894,123 3,467,402 2,894,123 Weighted average unallocated ESOP shares (189,920 ) (18,645 ) (192,220 ) (19,276 ) Weighted average unvested MRP shares - (1,047 ) - (1,047 ) Basic weighted average shares outstanding 3,277,482 2,874,431 3,275,182 2,873,800 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 905 - 917 Weighted average RRP options outstanding 15,724 14,616 15,956 11,346 Dilutive weighted average shares outstanding 3,293,206 2,889,952 3,291,138 2,886,063 Basic earnings per share $ 0.14 $ 0.13 $ 0.25 $ 0.22 Diluted earnings per share $ 0.14 $ 0.13 $ 0.25 $ 0.22 |
Note 6 - Employment Stock Owner
Note 6 - Employment Stock Ownership Plans | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 6 On May 6, 2005, July 8, 2005, $763,140 76,314 $10.00 October 11, 2016, $1,907,160 190,716 $10.00 As shares are released from collateral, the Company will report compensation expense equal to the current market price of the shares, and the shares will become outstanding for earnings-per-share (“EPS”) computations. Dividends on allocated ESOP shares reduce retained earnings, and dividends on unallocated ESOP shares reduce accrued interest. A terminated participant or the beneficiary of a deceased participant who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 not 60 June 30, 2017, 73,853 $13.77 The following table reflects the status of the shares held by the ESOP: June 30, December 31, 2017 2016 Shares allocated 94,883 85,493 Shares withdrawn from the plan (21,030 ) (21,030 ) Unallocated shares 186,807 196,197 Total ESOP shares 260,660 260,660 Fair value of unallocated shares $ 2,572,332 $ 2,497,588 |
Note 7 - Investments Securities
Note 7 - Investments Securities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 7 The amortized cost and fair values of securities, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2017: Securities Available for Sale State and municipal securities $ 16,187,563 $ 454,465 $ - $ 16,642,028 Residential mortgage-backed securities 21,454,106 195,662 132,804 21,516,964 $ 37,641,669 $ 650,127 $ 132,804 $ 38,158,992 December 31, 2016: Securities Available for Sale State and municipal securities $ 18,019,050 $ 200,924 $ 63,836 $ 18,156,138 Residential mortgage-backed securities 26,427,933 242,541 265,932 26,404,542 $ 44,446,983 $ 443,465 $ 329,768 $ 44,560,680 The amortized cost and fair value at June 30, 2017, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 200,499 $ 201,200 Due after three months through one year 1,029,835 1,039,611 Due after one year through five years 4,766,701 4,929,183 Due after five years through ten years 3,558,695 3,682,066 Due after ten years 6,631,833 6,789,968 Residential mortgage-backed securities 21,454,106 21,516,964 $ 37,641,669 $ 38,158,992 The following table reflects securities with gross unrealized losses for less than 12 12 June 30, 2017 December 31, 2016: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2017 Securities Available for Sale State and municipal securities $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 9,016,935 73,469 4,281,810 59,335 13,298,745 132,804 $ 9,016,935 $ 73,469 $ 4,281,810 $ 59,335 $ 13,298,745 $ 132,804 December 31, 2016 Securities Available for Sale State and municipal securities $ 4,734,681 $ 63,836 $ - $ - $ 4,734,681 $ 63,836 Residential mortgage-backed securities 13,364,755 187,191 4,422,865 78,741 17,787,620 265,932 $ 18,099,436 $ 251,027 $ 4,422,865 $ 78,741 $ 22,522,301 $ 329,768 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 not not At June 30, 2017, 25 0.99% not June 30, 2017 ● Decline in value is attributable to interest rates. ● The value did not ● The Company does not ● The Company has adequate liquidity such that it will not not may There were proceeds of $4.6 three June 30, 2017 $1.1 three June 30, 2016. three June 30, 2017 $21,160 $7,566, $13,594. three June 30, 2016 $8,322 3,261, $5,061. $5,277 $1,965, three June 30, 2017 2016. There were proceeds of $5.0 six June 30, 2017 $1.7 six June 30, 2016. six June 30, 2017 $21,202 $7,566, $13,636. six June 30, 2016 $8,418 $3,261, $5,157. $5,293 $2,002, six June 30, 2017 2016. |
Note 8 - Loans and Allowance fo
Note 8 - Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 8 The components of loans, net of deferred loan costs (fees), are as follows: June 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 115,496,668 $ 103,871,686 Multi-family residential loans 4,986,219 5,182,611 Total mortgage loans 120,482,887 109,054,297 Other loans: Non-residential real estate loans 26,867,454 22,560,167 Commercial loans 15,552,859 16,645,226 Consumer direct 3,994,065 2,859,703 Purchased auto 14,303,094 11,714,185 Total other loans 60,717,472 53,779,281 Gross loans 181,200,359 162,833,578 Less: Allowance for loan losses (2,240,586 ) (2,247,449 ) Loans, net $ 178,959,773 $ 160,586,129 The following table reflects the carrying amount of loans acquired in the Merger, which are included in the loan categories above as of the dates indicated. June 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 16,376,452 $ 18,062,672 Multi-family residential loans 269,031 272,378 Total mortgage loans 16,645,483 18,335,050 Other loans: Non-residential real estate loans 2,238,383 2,352,952 Commercial loans 743,693 779,595 Consumer direct 125,581 196,340 Total other loans 3,107,657 3,328,887 Gross loans 19,753,140 21,663,937 Less: Allowance for loan losses (100,000 ) (100,000 ) Loans, net $ 19,653,140 $ 21,563,937 Total loans acquired in the Merger were recorded at a fair value of $29,795,910 $31,831,910 December 31, 2014. 310 20, not $28,638,000 $28,472,000. $407,000 573,000 166,000 Loans acquired with deteriorated credit quality and accounted for under FASB ASC Topic 310 30 $3,194,000 $1,324,000. not $1,870,000 362,000 1,508,000 The following table reflects activity for the loans acquired with deteriorated credit quality for the three six June 30, 2017 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Balance, beginning of period $ 300,636 $ 526,435 $ 461,334 $ 575,605 Payment activity (125,476 ) (60,051 ) (350,965 ) (91,903 ) Transfer to OREO - - - (44,417 ) Accretion into interest income 80,587 32,528 145,378 59,627 $ 255,747 $ 498,912 $ 255,747 $ 498,912 The contractual amount outstanding for the loans acquired with deteriorated credit quality totaled $669,000 $1,108,000 June 30, 2017, December 31, 2016, The following table reflects activity in the accretable yield for the loans acquired with deteriorated credit quality for the three six June 30, 2017 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Balance, beginning of period $ 47,969 $ 157,111 $ 82,869 $ 175,342 Net reclassification from non-accretable yield 68,286 - 98,177 8,868 Accretion into interest income (80,587 ) (32,528 ) (145,378 ) (59,627 ) $ 35,668 $ 124,583 $ 35,668 $ 124,583 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Purchased auto loans $ 3,520,709 $ 3,333,888 $ 5,055,646 $ 8,341,280 Net (charge-offs) / recoveries, segregated by class of loans, for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 One-to-four family $ (80,924 ) $ (40,012 ) $ (166,991 ) $ (191,027 ) Multi-family 8,176 3,971 8,176 7,943 Non-residential - - (51,960 ) - Consumer direct (3,074 ) 1,727 (747 ) 3,454 Purchased auto (27,273 ) (26,989 ) (45,341 ) (33,835 ) Net (charge-offs)/recoveries $ (103,095 ) $ (61,303 ) $ (256,863 ) $ (213,465 ) The following table presents the activity in the allowance for loan losses by portfolio segment for the three June 30, 2017 2016: One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,449,007 $ 95,700 $ 250,464 $ 101,103 $ 99,051 $ 188,356 $ 2,183,681 Provision charged to income 62,834 (2,403 ) (16,972 ) 10,801 21,523 84,217 160,000 Loans charged off (83,402 ) - - - (5,351 ) (30,851 ) (119,604 ) Recoveries of loans previously charged off 2,478 8,176 - - 2,277 3,578 16,509 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased June 30, 2016 family family residential Commercial direct auto Total Balance at beginning of period $ 1,602,619 $ 162,149 $ 206,250 $ 49,443 $ 51,597 $ 119,786 $ 2,191,844 Provision charged to income 11,991 1,365 69,097 3,813 7,167 64,067 157,500 Loans charged off (40,672 ) - - - - (29,613 ) (70,285 ) Recoveries of loans previously charged off 660 3,971 - - 1,727 2,624 8,982 Balance at end of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 The following table presents the activity in the allowance for loan losses by portfolio segment for the six June 30, 2017 2016: One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 170,954 (184 ) (81,874 ) 15,081 38,994 107,029 250,000 Loans charged off (172,917 ) - (59,960 ) - (5,351 ) (61,163 ) (299,391 ) Recoveries of loans previously charged off 5,926 8,176 8,000 - 4,604 15,822 42,528 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased June 30, 2016 family family residential Commercial direct auto Total Balance at beginning of period $ 1,727,582 $ 142,237 $ 198,340 $ 51,306 $ 37,187 $ 67,354 $ 2,224,006 Provision charged to income 38,043 17,305 77,007 1,950 19,850 123,345 277,500 Loans charged off (230,566 ) - - - - (38,293 ) (268,859 ) Recoveries of loans previously charged off 39,539 7,943 - - 3,454 4,458 55,394 Balance at end of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 The following table presents the recorded investment in loans and the related allowances allocated by portfolio segment and based on impairment method as of June 30, 2017 December 31, 2016: One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 1,472,261 $ - $ 458,625 $ - $ - $ 26,009 $ 1,956,895 Loans acquired with deteriorated credit quality 255,747 - - - - - 255,747 Loans collectively evaluated for impairment 113,768,660 4,986,219 26,408,829 15,552,859 3,994,065 14,277,085 178,987,717 Balance at end of period $ 115,496,668 $ 4,986,219 $ 26,867,454 $ 15,552,859 $ 3,994,065 $ 14,303,094 $ 181,200,359 Period-end amount allocated to: Loans individually evaluated for impairment $ 71,319 $ - $ 53,440 $ - $ - $ 13,004 $ 137,763 Loans acquired with deteriorated credit quality 32,908 - - - - - 32,908 Loans collectively evaluated for impairment 1,326,690 101,473 180,052 111,904 117,500 232,296 2,069,915 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased December 31, 2016 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 2,142,851 $ - $ 2,264,763 $ - $ - $ 24,564 $ 4,432,178 Loans acquired with deteriorated credit quality 461,334 - - - - - 461,334 Loans collectively evaluated for impairment 101,267,501 5,182,611 20,295,404 16,645,226 2,859,703 11,689,621 157,940,066 Balance at end of period $ 103,871,686 $ 5,182,611 $ 22,560,167 $ 16,645,226 $ 2,859,703 $ 11,714,185 $ 162,833,578 Period-end amount allocated to: Loans individually evaluated for impairment $ 208,186 $ - $ 185,172 $ - $ - $ 12,282 $ 405,640 Loans acquired with deteriorated credit quality 34,401 - - - - - 34,401 Loans collectively evaluated for impairment 1,184,367 93,481 182,154 96,823 79,253 171,330 1,807,408 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The following table presents loans individually evaluated for impairment, by class of loans, as of June 30, 2017 December 31, 2016: June 30, 2017 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 1,937,020 $ 1,185,839 $ 542,169 $ 1,728,008 $ 104,227 $ 2,082,684 Multi-family - - - - - - Non-residential 498,625 83,521 375,104 458,625 53,440 1,105,443 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 26,009 - 26,009 26,009 13,004 21,310 $ 2,461,654 $ 1,269,360 $ 943,282 $ 2,212,642 $ 170,671 $ 3,209,437 December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 2,688,197 $ 1,428,073 $ 1,176,112 $ 2,604,185 $ 242,587 $ 2,634,763 Multi-family - - - - - - Non-residential 2,435,424 - 2,264,763 2,264,763 185,172 2,030,894 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 24,564 - 24,564 24,564 12,282 9,261 $ 5,148,185 $ 1,428,073 $ 3,465,439 $ 4,893,512 $ 440,041 $ 4,674,918 For the three six June 30, 2017, $3,000 $6,000, three six June 30, 2016, no At June 30, 2017, 32 $2.2 38 $4.9 December 31, 2016. six $2.2 four $0.2 two $68,000 two $83,000 $262,000, four $168,000 Our loan portfolio also includes certain loans that have been modified in a troubled debt restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance or other actions. TDRs are classified as non-performing at the time of restructuring and typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less estimated selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. Impaired loans at June 30, 2017 $0.7 $2.4 December 31, 2016. $1.7 two $1.6 $125,000 two one 2010 $91,000. not, six There were no three June 30, 2017 2016. six June 30, 2017 2016, Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Number of Modifications Recorded Investment Increase in Allowance Number of Modifications Recorded Investment Increase in Allowance (as of period end) (as of period end) One-to-four family - $ - $ - 2 $ 82,400 $ - Multi-family - - - - - - Non-residential - - - - - - Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - - $ - $ - 2 $ 82,400 $ - There were no twelve June 30, 2017 2016 60 three six June 30, 2017 2016. All TDRs are evaluated for possible impairment and any impairment identified is recognized through the allowance. Additionally, the qualitative factors are updated quarterly for trends in economic and non-performing factors, including collateral securing TDRs. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 June 30, 2017 December 31, 2016: June 30, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,813,849 $ - Multi-family - - Non-residential 458,625 - Commercial - - Consumer direct - - Purchased auto 26,009 - $ 2,298,483 $ - December 31, 2016 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 2,693,055 $ - Multi-family - - Non-residential 2,264,763 - Commercial - - Consumer direct - - Purchased auto 24,564 - $ 4,982,382 $ - The following table presents the recorded investment in loans and the related allowances allocated by portfolio segment and based on impairment method as of June 30, 2017 December 31, 2016: June 30, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,490,226 $ 98,310 $ 317,347 $ 1,905,883 $ 113,590,785 $ 115,496,668 Multi-family - - - - 4,986,219 4,986,219 Non-residential - - 83,521 83,521 26,783,933 26,867,454 Commercial 2,629,439 - - 2,629,439 12,923,420 15,552,859 Consumer direct 3,282 - - 3,282 3,990,783 3,994,065 Purchased auto 17,426 3,468 26,009 46,903 14,256,191 14,303,094 $ 4,140,373 $ 101,778 $ 426,877 $ 4,669,028 $ 176,531,331 $ 181,200,359 December 31, 2016 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,879,438 $ 22,562 $ 1,089,635 $ 2,991,635 $ 100,880,051 $ 103,871,686 Multi-family - - - - 5,182,611 5,182,611 Non-residential 118,132 - 680,802 798,934 21,761,233 22,560,167 Commercial - - - - 16,645,226 16,645,226 Consumer direct 1,105 - - 1,105 2,858,598 2,859,703 Purchased auto 4,364 - 24,564 28,928 11,685,257 11,714,185 $ 2,003,039 $ 22,562 $ 1,795,001 $ 3,820,602 $ 159,012,976 $ 162,833,578 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. For commercial and non-residential real estate loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial and non-residential real estate loan is assigned a risk rating upon origination. The risk rating is reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. For residential real estate loans, multi-family, consumer direct and purchased auto loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated regularly by the Company’s loan system for real estate loans, multi-family and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. Generally, when residential real estate loans, multi-family and consumer direct loans become over 90 6 12 The Company uses the following definitions for risk ratings: ● Pass – loans classified as pass are of a higher quality and do not ● Special Mention – loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may ● Substandard – loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not ● Doubtful – loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. ● Not not At June 30, 2017 December 31, 2016, June 30, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 580,450 $ 1,728,007 $ - $ 113,188,211 $ 115,496,668 Multi-family - 124,064 - - 4,862,155 4,986,219 Non-residential 26,301,656 107,173 458,625 - - 26,867,454 Commercial 15,552,859 - - - - 15,552,859 Consumer direct - - - - 3,994,065 3,994,065 Purchased auto - - 26,009 - 14,277,085 14,303,094 Total $ 41,854,515 $ 811,687 $ 2,212,641 $ - $ 136,321,516 $ 181,200,359 December 31, 2016 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 562,215 $ 2,604,185 $ - $ 100,705,286 $ 103,871,686 Multi-family - 127,987 - - 5,054,624 5,182,611 Non-residential 20,102,176 193,228 2,264,763 - - 22,560,167 Commercial 16,645,226 - - - - 16,645,226 Consumer direct - - - - 2,859,703 2,859,703 Purchased auto - - 24,564 - 11,689,621 11,714,185 Total $ 36,747,402 $ 883,430 $ 4,893,512 $ - $ 120,309,234 $ 162,833,578 At June 30, 2017, no $33,000 December 31, 2016. $0.2 $0.5 June 30, 2017 December 31, 2016, |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 Total stock-based compensation expense was approximately $0 $5,000 six June 30, 2017 2016, 718, Compensation-Stock Compensation, six June 30, 2017 2016, not |
Note 10 - Recent Accounting Dev
Note 10 - Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 10 In May 2014, No. 2014 09, 2014 09 2014 09 2014 09 January 1, 2018 not In January 2016, 2016 01, 825 10 2016 01 January 1, 2018. not In February 2016, 2016 02, 842 1 2 606, no 2016 02 December 15, 2018, not may not In March 2016, 2016 09, 718 December 15, 2016, 2016 09 January 1, 2017 not may In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 December 15, 2019, December 31, 2018, 2016 13 In January 2017, No. 2017 04, 350 2 December 15, 2019, January 1, 2017. not In March 2017, No. 2017 07, 715 No. 2017 07 No. 2017 07 beginning after December 15, 2017, The Company does not In March 2017, No. 2017 08, 310 20 not No. 2017 08 December 15, 2018; first not In May 2017, 2017 09, 718 718. 2017 09 December 15, 2017. not 2017 09 2017 09 not 2017 09 |
Note 11 - Fair Values Measureme
Note 11 - Fair Values Measurements and Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | NOTE 11 FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets, consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. The Company did not 1 2 six June 30, 2017 December 31, 2016. The tables below present the recorded amounts of assets measured at fair value on a recurring basis at June 30, 2017 December 31, 2016. Total June 30, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 16,642,028 $ - $ 16,642,028 Residential mortgage-backed securities available for sale - 21,516,964 - 21,516,964 $ - $ 38,158,992 $ - $ 38,158,992 Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 18,156,138 $ - $ 18,156,138 Residential mortgage-backed securities available for sale - 26,404,542 - 26,404,542 $ - $ 44,560,680 $ - $ 44,560,680 The tables below present the recorded amounts of assets measured at fair value on a non-recurring basis at June 30, 2017 December 31, 2016. Total June 30, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 13,000 $ 13,000 Impaired loans, net - - 772,611 772,611 Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 35,500 $ 35,500 Impaired loans, net - - 3,025,398 3,025,398 The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range June 30, 2017 Foreclosed assets $ 13,000 Appraisal of collateral Appraisal adjustments -28% Impaired loans, net $ 656,038 Appraisal of collateral Appraisal adjustments -41 to -86.5% Impaired loans, net $ 116,573 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 2016 Foreclosed assets $ 35,500 Appraisal of collateral Appraisal adjustments -23% to -50% Impaired loans, net $ 2,856,621 Appraisal of collateral Appraisal adjustments -14.5 to -86.5% Impaired loans, net $ 168,777 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% In accordance with accounting pronouncements, the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2017 December 31, 2016, Fair Value Measurements at Carrying June 30, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,331,097 $ 3,331,097 $ - $ - $ 3,331,097 Time deposits 250,000 250,000 - - 250,000 Securities 38,911,213 - 38,158,992 752,221 38,911,213 Accrued interest receivable 857,931 857,931 - - 857,931 Net loans 178,959,773 - - 181,372,062 181,372,062 Loans held for sale 1,426,800 1,426,800 - - 1,426,800 Mortgage servicing rights 385,656 - - 385,656 385,656 Financial Liabilities: Non-interest bearing deposits 11,714,780 11,714,780 - - 11,714,780 Interest bearing deposits 167,909,584 - - 168,484,908 168,484,908 Accrued interest payable 1,704 1,704 - - 1,704 FHLB advances 1,113,262 - 1,115,966 - 1,115,966 Federal funds purchased 438,000 438,000 - - 438,000 Carrying December 31, 2016 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 5,946,649 $ 5,946,649 $ - $ - $ 5,946,649 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,690,000 1,690,000 - - 1,690,000 Securities 45,314,001 - 44,560,680 753,321 45,314,001 Accrued interest receivable 785,484 785,484 - - 785,484 Net loans 160,586,129 - - 161,967,000 161,967,000 Loans held for sale 305,072 305,072 - - 305,072 Mortgage servicing rights 351,544 - - 351,544 351,544 Financial Liabilities: Non-interest bearing deposits 9,974,536 9,974,536 - - 9,974,536 Interest bearing deposits 162,572,485 - - 155,963,464 155,963,464 Accrued interest payable 224 224 - - 224 FHLB advances 1,121,153 - 1,151,000 - 1,151,000 The following methods and assumptions were used by the Bank in estimating the fair value of financial instruments: Cash and c ash e quivalents: Time deposits : Federal f unds s old: Securities: 11 Loans: no Loans held for sale : three Accrued i nterest r eceivable and p ayable: Mortgage s ervicing r ights: Deposits: FHLB a dvances: Federal f unds purchased : Loan c ommitments: not June 30, 2017 December 31, 2016, In addition, other assets and liabilities of the Bank that are not not not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income available to common stockholders $ 465,545 $ 373,316 $ 822,845 $ 632,222 Basic potential common shares: Weighted average shares outstanding 3,467,402 2,894,123 3,467,402 2,894,123 Weighted average unallocated ESOP shares (189,920 ) (18,645 ) (192,220 ) (19,276 ) Weighted average unvested MRP shares - (1,047 ) - (1,047 ) Basic weighted average shares outstanding 3,277,482 2,874,431 3,275,182 2,873,800 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 905 - 917 Weighted average RRP options outstanding 15,724 14,616 15,956 11,346 Dilutive weighted average shares outstanding 3,293,206 2,889,952 3,291,138 2,886,063 Basic earnings per share $ 0.14 $ 0.13 $ 0.25 $ 0.22 Diluted earnings per share $ 0.14 $ 0.13 $ 0.25 $ 0.22 |
Note 6 - Employment Stock Own20
Note 6 - Employment Stock Ownership Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | June 30, December 31, 2017 2016 Shares allocated 94,883 85,493 Shares withdrawn from the plan (21,030 ) (21,030 ) Unallocated shares 186,807 196,197 Total ESOP shares 260,660 260,660 Fair value of unallocated shares $ 2,572,332 $ 2,497,588 |
Note 7 - Investments Securiti21
Note 7 - Investments Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2017: Securities Available for Sale State and municipal securities $ 16,187,563 $ 454,465 $ - $ 16,642,028 Residential mortgage-backed securities 21,454,106 195,662 132,804 21,516,964 $ 37,641,669 $ 650,127 $ 132,804 $ 38,158,992 December 31, 2016: Securities Available for Sale State and municipal securities $ 18,019,050 $ 200,924 $ 63,836 $ 18,156,138 Residential mortgage-backed securities 26,427,933 242,541 265,932 26,404,542 $ 44,446,983 $ 443,465 $ 329,768 $ 44,560,680 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 200,499 $ 201,200 Due after three months through one year 1,029,835 1,039,611 Due after one year through five years 4,766,701 4,929,183 Due after five years through ten years 3,558,695 3,682,066 Due after ten years 6,631,833 6,789,968 Residential mortgage-backed securities 21,454,106 21,516,964 $ 37,641,669 $ 38,158,992 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2017 Securities Available for Sale State and municipal securities $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 9,016,935 73,469 4,281,810 59,335 13,298,745 132,804 $ 9,016,935 $ 73,469 $ 4,281,810 $ 59,335 $ 13,298,745 $ 132,804 December 31, 2016 Securities Available for Sale State and municipal securities $ 4,734,681 $ 63,836 $ - $ - $ 4,734,681 $ 63,836 Residential mortgage-backed securities 13,364,755 187,191 4,422,865 78,741 17,787,620 265,932 $ 18,099,436 $ 251,027 $ 4,422,865 $ 78,741 $ 22,522,301 $ 329,768 |
Note 8 - Loans and Allowance 22
Note 8 - Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 115,496,668 $ 103,871,686 Multi-family residential loans 4,986,219 5,182,611 Total mortgage loans 120,482,887 109,054,297 Other loans: Non-residential real estate loans 26,867,454 22,560,167 Commercial loans 15,552,859 16,645,226 Consumer direct 3,994,065 2,859,703 Purchased auto 14,303,094 11,714,185 Total other loans 60,717,472 53,779,281 Gross loans 181,200,359 162,833,578 Less: Allowance for loan losses (2,240,586 ) (2,247,449 ) Loans, net $ 178,959,773 $ 160,586,129 |
Schedule of Loans Acquired in Merger [Table Text Block] | June 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 16,376,452 $ 18,062,672 Multi-family residential loans 269,031 272,378 Total mortgage loans 16,645,483 18,335,050 Other loans: Non-residential real estate loans 2,238,383 2,352,952 Commercial loans 743,693 779,595 Consumer direct 125,581 196,340 Total other loans 3,107,657 3,328,887 Gross loans 19,753,140 21,663,937 Less: Allowance for loan losses (100,000 ) (100,000 ) Loans, net $ 19,653,140 $ 21,563,937 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Balance, beginning of period $ 300,636 $ 526,435 $ 461,334 $ 575,605 Payment activity (125,476 ) (60,051 ) (350,965 ) (91,903 ) Transfer to OREO - - - (44,417 ) Accretion into interest income 80,587 32,528 145,378 59,627 $ 255,747 $ 498,912 $ 255,747 $ 498,912 |
Certain Loans Acquired in Transfer Accretable Yield [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Balance, beginning of period $ 47,969 $ 157,111 $ 82,869 $ 175,342 Net reclassification from non-accretable yield 68,286 - 98,177 8,868 Accretion into interest income (80,587 ) (32,528 ) (145,378 ) (59,627 ) $ 35,668 $ 124,583 $ 35,668 $ 124,583 |
Schedule Of Loans Purchased [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Purchased auto loans $ 3,520,709 $ 3,333,888 $ 5,055,646 $ 8,341,280 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 One-to-four family $ (80,924 ) $ (40,012 ) $ (166,991 ) $ (191,027 ) Multi-family 8,176 3,971 8,176 7,943 Non-residential - - (51,960 ) - Consumer direct (3,074 ) 1,727 (747 ) 3,454 Purchased auto (27,273 ) (26,989 ) (45,341 ) (33,835 ) Net (charge-offs)/recoveries $ (103,095 ) $ (61,303 ) $ (256,863 ) $ (213,465 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,449,007 $ 95,700 $ 250,464 $ 101,103 $ 99,051 $ 188,356 $ 2,183,681 Provision charged to income 62,834 (2,403 ) (16,972 ) 10,801 21,523 84,217 160,000 Loans charged off (83,402 ) - - - (5,351 ) (30,851 ) (119,604 ) Recoveries of loans previously charged off 2,478 8,176 - - 2,277 3,578 16,509 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased June 30, 2016 family family residential Commercial direct auto Total Balance at beginning of period $ 1,602,619 $ 162,149 $ 206,250 $ 49,443 $ 51,597 $ 119,786 $ 2,191,844 Provision charged to income 11,991 1,365 69,097 3,813 7,167 64,067 157,500 Loans charged off (40,672 ) - - - - (29,613 ) (70,285 ) Recoveries of loans previously charged off 660 3,971 - - 1,727 2,624 8,982 Balance at end of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 170,954 (184 ) (81,874 ) 15,081 38,994 107,029 250,000 Loans charged off (172,917 ) - (59,960 ) - (5,351 ) (61,163 ) (299,391 ) Recoveries of loans previously charged off 5,926 8,176 8,000 - 4,604 15,822 42,528 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased June 30, 2016 family family residential Commercial direct auto Total Balance at beginning of period $ 1,727,582 $ 142,237 $ 198,340 $ 51,306 $ 37,187 $ 67,354 $ 2,224,006 Provision charged to income 38,043 17,305 77,007 1,950 19,850 123,345 277,500 Loans charged off (230,566 ) - - - - (38,293 ) (268,859 ) Recoveries of loans previously charged off 39,539 7,943 - - 3,454 4,458 55,394 Balance at end of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 One-to- four Multi- Non- Consumer Purchased June 30, 2017 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 1,472,261 $ - $ 458,625 $ - $ - $ 26,009 $ 1,956,895 Loans acquired with deteriorated credit quality 255,747 - - - - - 255,747 Loans collectively evaluated for impairment 113,768,660 4,986,219 26,408,829 15,552,859 3,994,065 14,277,085 178,987,717 Balance at end of period $ 115,496,668 $ 4,986,219 $ 26,867,454 $ 15,552,859 $ 3,994,065 $ 14,303,094 $ 181,200,359 Period-end amount allocated to: Loans individually evaluated for impairment $ 71,319 $ - $ 53,440 $ - $ - $ 13,004 $ 137,763 Loans acquired with deteriorated credit quality 32,908 - - - - - 32,908 Loans collectively evaluated for impairment 1,326,690 101,473 180,052 111,904 117,500 232,296 2,069,915 Balance at end of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 One-to- four Multi- Non- Consumer Purchased December 31, 2016 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 2,142,851 $ - $ 2,264,763 $ - $ - $ 24,564 $ 4,432,178 Loans acquired with deteriorated credit quality 461,334 - - - - - 461,334 Loans collectively evaluated for impairment 101,267,501 5,182,611 20,295,404 16,645,226 2,859,703 11,689,621 157,940,066 Balance at end of period $ 103,871,686 $ 5,182,611 $ 22,560,167 $ 16,645,226 $ 2,859,703 $ 11,714,185 $ 162,833,578 Period-end amount allocated to: Loans individually evaluated for impairment $ 208,186 $ - $ 185,172 $ - $ - $ 12,282 $ 405,640 Loans acquired with deteriorated credit quality 34,401 - - - - - 34,401 Loans collectively evaluated for impairment 1,184,367 93,481 182,154 96,823 79,253 171,330 1,807,408 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 |
Impaired Financing Receivables [Table Text Block] | June 30, 2017 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 1,937,020 $ 1,185,839 $ 542,169 $ 1,728,008 $ 104,227 $ 2,082,684 Multi-family - - - - - - Non-residential 498,625 83,521 375,104 458,625 53,440 1,105,443 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 26,009 - 26,009 26,009 13,004 21,310 $ 2,461,654 $ 1,269,360 $ 943,282 $ 2,212,642 $ 170,671 $ 3,209,437 December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 2,688,197 $ 1,428,073 $ 1,176,112 $ 2,604,185 $ 242,587 $ 2,634,763 Multi-family - - - - - - Non-residential 2,435,424 - 2,264,763 2,264,763 185,172 2,030,894 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 24,564 - 24,564 24,564 12,282 9,261 $ 5,148,185 $ 1,428,073 $ 3,465,439 $ 4,893,512 $ 440,041 $ 4,674,918 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Number of Modifications Recorded Investment Increase in Allowance Number of Modifications Recorded Investment Increase in Allowance (as of period end) (as of period end) One-to-four family - $ - $ - 2 $ 82,400 $ - Multi-family - - - - - - Non-residential - - - - - - Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - - $ - $ - 2 $ 82,400 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | June 30, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,813,849 $ - Multi-family - - Non-residential 458,625 - Commercial - - Consumer direct - - Purchased auto 26,009 - $ 2,298,483 $ - December 31, 2016 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 2,693,055 $ - Multi-family - - Non-residential 2,264,763 - Commercial - - Consumer direct - - Purchased auto 24,564 - $ 4,982,382 $ - |
Past Due Financing Receivables [Table Text Block] | June 30, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,490,226 $ 98,310 $ 317,347 $ 1,905,883 $ 113,590,785 $ 115,496,668 Multi-family - - - - 4,986,219 4,986,219 Non-residential - - 83,521 83,521 26,783,933 26,867,454 Commercial 2,629,439 - - 2,629,439 12,923,420 15,552,859 Consumer direct 3,282 - - 3,282 3,990,783 3,994,065 Purchased auto 17,426 3,468 26,009 46,903 14,256,191 14,303,094 $ 4,140,373 $ 101,778 $ 426,877 $ 4,669,028 $ 176,531,331 $ 181,200,359 December 31, 2016 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,879,438 $ 22,562 $ 1,089,635 $ 2,991,635 $ 100,880,051 $ 103,871,686 Multi-family - - - - 5,182,611 5,182,611 Non-residential 118,132 - 680,802 798,934 21,761,233 22,560,167 Commercial - - - - 16,645,226 16,645,226 Consumer direct 1,105 - - 1,105 2,858,598 2,859,703 Purchased auto 4,364 - 24,564 28,928 11,685,257 11,714,185 $ 2,003,039 $ 22,562 $ 1,795,001 $ 3,820,602 $ 159,012,976 $ 162,833,578 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 580,450 $ 1,728,007 $ - $ 113,188,211 $ 115,496,668 Multi-family - 124,064 - - 4,862,155 4,986,219 Non-residential 26,301,656 107,173 458,625 - - 26,867,454 Commercial 15,552,859 - - - - 15,552,859 Consumer direct - - - - 3,994,065 3,994,065 Purchased auto - - 26,009 - 14,277,085 14,303,094 Total $ 41,854,515 $ 811,687 $ 2,212,641 $ - $ 136,321,516 $ 181,200,359 December 31, 2016 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 562,215 $ 2,604,185 $ - $ 100,705,286 $ 103,871,686 Multi-family - 127,987 - - 5,054,624 5,182,611 Non-residential 20,102,176 193,228 2,264,763 - - 22,560,167 Commercial 16,645,226 - - - - 16,645,226 Consumer direct - - - - 2,859,703 2,859,703 Purchased auto - - 24,564 - 11,689,621 11,714,185 Total $ 36,747,402 $ 883,430 $ 4,893,512 $ - $ 120,309,234 $ 162,833,578 |
Note 11 - Fair Values Measure23
Note 11 - Fair Values Measurements and Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total June 30, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 16,642,028 $ - $ 16,642,028 Residential mortgage-backed securities available for sale - 21,516,964 - 21,516,964 $ - $ 38,158,992 $ - $ 38,158,992 Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 18,156,138 $ - $ 18,156,138 Residential mortgage-backed securities available for sale - 26,404,542 - 26,404,542 $ - $ 44,560,680 $ - $ 44,560,680 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Total June 30, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 13,000 $ 13,000 Impaired loans, net - - 772,611 772,611 Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 35,500 $ 35,500 Impaired loans, net - - 3,025,398 3,025,398 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range June 30, 2017 Foreclosed assets $ 13,000 Appraisal of collateral Appraisal adjustments -28% Impaired loans, net $ 656,038 Appraisal of collateral Appraisal adjustments -41 to -86.5% Impaired loans, net $ 116,573 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 2016 Foreclosed assets $ 35,500 Appraisal of collateral Appraisal adjustments -23% to -50% Impaired loans, net $ 2,856,621 Appraisal of collateral Appraisal adjustments -14.5 to -86.5% Impaired loans, net $ 168,777 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Carrying June 30, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,331,097 $ 3,331,097 $ - $ - $ 3,331,097 Time deposits 250,000 250,000 - - 250,000 Securities 38,911,213 - 38,158,992 752,221 38,911,213 Accrued interest receivable 857,931 857,931 - - 857,931 Net loans 178,959,773 - - 181,372,062 181,372,062 Loans held for sale 1,426,800 1,426,800 - - 1,426,800 Mortgage servicing rights 385,656 - - 385,656 385,656 Financial Liabilities: Non-interest bearing deposits 11,714,780 11,714,780 - - 11,714,780 Interest bearing deposits 167,909,584 - - 168,484,908 168,484,908 Accrued interest payable 1,704 1,704 - - 1,704 FHLB advances 1,113,262 - 1,115,966 - 1,115,966 Federal funds purchased 438,000 438,000 - - 438,000 Carrying December 31, 2016 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 5,946,649 $ 5,946,649 $ - $ - $ 5,946,649 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,690,000 1,690,000 - - 1,690,000 Securities 45,314,001 - 44,560,680 753,321 45,314,001 Accrued interest receivable 785,484 785,484 - - 785,484 Net loans 160,586,129 - - 161,967,000 161,967,000 Loans held for sale 305,072 305,072 - - 305,072 Mortgage servicing rights 351,544 - - 351,544 351,544 Financial Liabilities: Non-interest bearing deposits 9,974,536 9,974,536 - - 9,974,536 Interest bearing deposits 162,572,485 - - 155,963,464 155,963,464 Accrued interest payable 224 224 - - 224 FHLB advances 1,121,153 - 1,151,000 - 1,151,000 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | Oct. 11, 2016USD ($)$ / sharesshares |
Proceeds from Issuance of Common Stock, Gross | $ | $ 23,800,000 |
Stock Issued During Period, Shares, New Issues | shares | 2,383,950 |
Shares Issued, Price Per Share | $ / shares | $ 10 |
Second-step Conversion, Stock Conversion Ratio | 1.1921 |
Ottawa Savings Bancorp MHC [Member] | |
Cash Acquired from Acquisition | $ | $ 126,000 |
Unallocated ESOP Shares [Member] | |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | shares | 190,716 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income available to common stockholders | $ 465,545 | $ 373,316 | $ 822,845 | $ 632,222 |
Basic potential common shares: | ||||
Weighted average shares outstanding (in shares) | 3,467,402 | 2,894,123 | 3,467,402 | 2,894,123 |
Weighted average unallocated ESOP shares (in shares) | (189,920) | (18,645) | (192,220) | (19,276) |
Weighted average unvested MRP shares (in shares) | (1,047) | (1,047) | ||
Basic weighted average shares outstanding (in shares) | 3,277,482 | 2,874,431 | 3,275,182 | 2,873,800 |
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 3,293,206 | 2,889,952 | 3,291,138 | 2,886,063 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.25 | $ 0.22 |
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.25 | $ 0.22 |
Management Recognition Plan [Member] | ||||
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 905 | 917 | ||
Recognition and Retention Plan [Member] | ||||
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 15,724 | 14,616 | 15,956 | 11,346 |
Note 6 - Employment Stock Own26
Note 6 - Employment Stock Ownership Plans (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 11, 2016 | May 06, 2005 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 260,660 | 260,660 | 190,716 | 76,314 |
Sale of Stock, Price Per Share | $ 10 | $ 10 | ||
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 94,883 | 85,493 | ||
Mezzanine Capital [Member] | ||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 73,853 | |||
Fair Value Per Share | $ 13.77 |
NNote 6 - Employment Stock Owne
NNote 6 - Employment Stock Ownership Plans - Employee Stock Ownership Plan (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 11, 2016 | May 06, 2005 |
Shares allocated (in shares) | 94,883 | 85,493 | ||
Shares withdrawn from the plan (in shares) | (21,030) | (21,030) | ||
Unallocated shares (in shares) | 186,807 | 196,197 | ||
Total ESOP shares (in shares) | 260,660 | 260,660 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 2,572,332 | $ 2,497,588 |
Note 7 - Investments Securiti28
Note 7 - Investments Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 25 | 25 | ||
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 0.99% | 0.99% | ||
Available-for-sale Securities, Gross Realized Losses | $ 7,566 | $ 3,261 | $ 7,566 | $ 3,261 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 13,594 | 5,061 | 13,636 | 5,157 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 5,277 | 1,965 | 5,293 | 2,002 |
Other than Temporary Impairment Losses, Investments | 0 | |||
Proceeds from Sale of Available-for-sale Securities | 4,600,000 | 1,100,000 | 5,000,000 | 1,700,000 |
Available-for-sale Securities, Gross Realized Gains | $ 21,160 | $ 8,322 | $ 21,202 | $ 8,418 |
Note 7 - Investment Securities
Note 7 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Securities available for sale, amortized cost | $ 37,641,669 | $ 44,446,983 |
Securities available for sale, gross unrealized gains | 650,127 | 443,465 |
Securities available for sale, gross unrealized losses | 132,804 | 329,768 |
Securities available for sale | 38,158,992 | 44,560,680 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 16,187,563 | 18,019,050 |
Securities available for sale, gross unrealized gains | 454,465 | 200,924 |
Securities available for sale, gross unrealized losses | 63,836 | |
Securities available for sale | 16,642,028 | 18,156,138 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 21,454,106 | 26,427,933 |
Securities available for sale, gross unrealized gains | 195,662 | 242,541 |
Securities available for sale, gross unrealized losses | 132,804 | 265,932 |
Securities available for sale | $ 21,516,964 | $ 26,404,542 |
Note 7 - Investment Securitie30
Note 7 - Investment Securities - The Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due in three months or less | $ 200,499 | |
Due in three months or less | 201,200 | |
Due after three months through one year | 1,029,835 | |
Due after three months through one year | 1,039,611 | |
Due after one year through five years | 4,766,701 | |
Due after one year through five years | 4,929,183 | |
Due after five years through ten years | 3,558,695 | |
Due after five years through ten years | 3,682,066 | |
Due after ten years | 6,631,833 | |
Due after ten years | 6,789,968 | |
Residential mortgage-backed securities | 21,454,106 | |
Residential mortgage-backed securities | 21,516,964 | |
Securities available for sale, amortized cost | 37,641,669 | |
Securities available for sale | $ 38,158,992 | $ 44,560,680 |
Note 7 - Investment Securitie31
Note 7 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Less than 12 Months Fair Value | $ 9,016,935 | $ 18,099,436 |
Less than 12 Months Unrealized Losses | 73,469 | 251,027 |
12 Months or More Fair Value | 4,281,810 | 4,422,865 |
12 Months or More Unrealized Losses | 59,335 | 78,741 |
Total Fair Value | 13,298,745 | 22,522,301 |
Total Unrealized Losses | 132,804 | 329,768 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 Months Fair Value | 4,734,681 | |
Less than 12 Months Unrealized Losses | 63,836 | |
12 Months or More Fair Value | 0 | |
12 Months or More Unrealized Losses | 0 | |
Total Fair Value | 4,734,681 | |
Total Unrealized Losses | 63,836 | |
Residential Mortgage Backed Securities [Member] | ||
Less than 12 Months Fair Value | 9,016,935 | 13,364,755 |
Less than 12 Months Unrealized Losses | 73,469 | 187,191 |
12 Months or More Fair Value | 4,281,810 | 4,422,865 |
12 Months or More Unrealized Losses | 59,335 | 78,741 |
Total Fair Value | 13,298,745 | 17,787,620 |
Total Unrealized Losses | $ 132,804 | $ 265,932 |
Note 8 - Loans and Allowance 32
Note 8 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 2 | ||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |||||
Real Estate Acquired Through Foreclosure | $ 33,000 | ||||||||
Mortgage Loans in Process of Foreclosure, Amount | 200,000 | 200,000 | 500,000 | ||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield | 35,668 | $ 124,583 | 35,668 | $ 124,583 | $ 47,969 | $ 82,869 | $ 157,111 | $ 175,342 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 3,000 | $ 0 | $ 6,000 | $ 0 | |||||
Number of Impaired Loans | 32 | 32 | 38 | ||||||
Impaired Loans, Additions, Number | 4 | ||||||||
Impaired Loans, Additions, Value | $ 168,000 | ||||||||
Impaired Financing Receivable, Recorded Investment | $ 2,212,642 | 2,212,642 | $ 4,893,512 | ||||||
Residential Portfolio Segment [Member] | |||||||||
Real Estate Acquired Through Foreclosure | $ 0 | 0 | 33,000 | ||||||
Paid Off or Charged Off [Member] | |||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 2,200,000 | ||||||||
Number of Impaired Loans | 6 | 6 | |||||||
Written Down [Member] | |||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 200,000 | ||||||||
Number of Impaired Loans | 4 | 4 | |||||||
Written Down and Moved to OREO [Member] | |||||||||
Real Estate Owned, Transfer to Real Estate Owned | $ 68,000 | ||||||||
Number of Impaired Loans | 2 | 2 | |||||||
Returned To Accrual Status [Member] | |||||||||
Number of Impaired Loans | 2 | 2 | |||||||
Impaired Financing Receivable, Recorded Investment | $ 83,000 | $ 83,000 | |||||||
Impaired Loan [Member] | |||||||||
Payments for (Proceeds from) Loans Receivable | 262,000 | ||||||||
Troubled Debt Restructurings [Member] | |||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 125,000 | ||||||||
Financing Receivable, Modifications, Number of Contracts Charge-off | 2 | ||||||||
Financing Receivable, Modifications, Number of Contracts Re-default | 1 | ||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Re-default | $ 91,000 | ||||||||
Impaired Financing Receivable, Recorded Investment | 700,000 | 700,000 | 2,400,000 | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Decreased | $ 1,700,000 | ||||||||
Financing Receivable, Modifications, Number of Contracts Paid-off | 2 | ||||||||
Proceeds from Impaired Loans, Principal Payment | $ 1,600,000 | ||||||||
Twin Oaks [Member] | |||||||||
Business Combination, Acquired Receivable, Fair Value | $ 28,472,000 | ||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 28,638,000 | ||||||||
Twin Oaks [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 669,000 | $ 669,000 | $ 1,108,000 | ||||||
Loans Receivable [Member] | Twin Oaks [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 31,831,910 | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 407,000 | ||||||||
Certain Loans Acquired in Transfer, Accretable Yield | 573,000 | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 166,000 | ||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 3,194,000 | ||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,324,000 | ||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net | 1,870,000 | ||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield | 362,000 | ||||||||
Certain Loans Acquired in Transfer, Nonaccretable Difference | 1,508,000 | ||||||||
Loans Receivable [Member] | Twin Oaks [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | $ 29,795,910 |
Note 8 - Loans and Allowance 33
Note 8 - Loans and Allowance for Credit Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Gross loans | $ 181,200,359 | $ 162,833,578 | ||||
Less: Allowance for loan losses | (2,240,586) | $ (2,183,681) | (2,247,449) | $ (2,288,041) | $ (2,191,844) | $ (2,224,006) |
Loans, net | 178,959,773 | 160,586,129 | ||||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 120,482,887 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Gross loans | 115,496,668 | 103,871,686 | ||||
Less: Allowance for loan losses | (1,430,917) | (1,449,007) | (1,426,954) | (1,574,598) | (1,602,619) | (1,727,582) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Gross loans | 4,986,219 | 5,182,611 | ||||
Less: Allowance for loan losses | (101,473) | (95,700) | (93,481) | (167,485) | (162,149) | (142,237) |
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Gross loans | 26,867,454 | 22,560,167 | ||||
Less: Allowance for loan losses | (233,492) | (250,464) | (367,326) | (275,347) | (206,250) | (198,340) |
Commercial Portfolio Segment [Member] | ||||||
Gross loans | 15,552,859 | 16,645,226 | ||||
Less: Allowance for loan losses | (111,904) | (101,103) | (96,823) | (53,256) | (49,443) | (51,306) |
Consumer Portfolio Segment [Member] | ||||||
Gross loans | 3,994,065 | 2,859,703 | ||||
Less: Allowance for loan losses | (117,500) | (99,051) | (79,253) | (60,491) | (51,597) | (37,187) |
Purchased Auto Loans [Member] | ||||||
Gross loans | 14,303,094 | 11,714,185 | ||||
Less: Allowance for loan losses | (245,300) | $ (188,356) | (183,612) | $ (156,864) | $ (119,786) | $ (67,354) |
Non-mortgage Loans [Member] | ||||||
Gross loans | $ 60,717,472 | $ 53,779,281 |
Note 8 - Loans and Allowance 34
Note 8 - Loans and Allowance for Credit Losses - Carrying Amount of Loans Acquired in Twin Oaks Merger (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Gross loans | $ 181,200,359 | $ 162,833,578 | ||||
Less: Allowance for loan losses | (2,240,586) | $ (2,183,681) | (2,247,449) | $ (2,288,041) | $ (2,191,844) | $ (2,224,006) |
Loans, net | 178,959,773 | 160,586,129 | ||||
Twin Oaks [Member] | ||||||
Gross loans | 19,753,140 | 21,663,937 | ||||
Less: Allowance for loan losses | (100,000) | (100,000) | ||||
Loans, net | 19,653,140 | 21,563,937 | ||||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 120,482,887 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 16,645,483 | 18,335,050 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Gross loans | 115,496,668 | 103,871,686 | ||||
Less: Allowance for loan losses | (1,430,917) | (1,449,007) | (1,426,954) | (1,574,598) | (1,602,619) | (1,727,582) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Twin Oaks [Member] | ||||||
Gross loans | 16,376,452 | 18,062,672 | ||||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Gross loans | 4,986,219 | 5,182,611 | ||||
Less: Allowance for loan losses | (101,473) | (95,700) | (93,481) | (167,485) | (162,149) | (142,237) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Twin Oaks [Member] | ||||||
Gross loans | 269,031 | 272,378 | ||||
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Gross loans | 26,867,454 | 22,560,167 | ||||
Less: Allowance for loan losses | (233,492) | (250,464) | (367,326) | (275,347) | (206,250) | (198,340) |
Nonresidential Real Estate Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 2,238,383 | 2,352,952 | ||||
Commercial Portfolio Segment [Member] | ||||||
Gross loans | 15,552,859 | 16,645,226 | ||||
Less: Allowance for loan losses | (111,904) | (101,103) | (96,823) | (53,256) | (49,443) | (51,306) |
Commercial Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 743,693 | 779,595 | ||||
Consumer Portfolio Segment [Member] | ||||||
Gross loans | 3,994,065 | 2,859,703 | ||||
Less: Allowance for loan losses | (117,500) | $ (99,051) | (79,253) | $ (60,491) | $ (51,597) | $ (37,187) |
Consumer Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 125,581 | 196,340 | ||||
Non-mortgage Loans [Member] | ||||||
Gross loans | 60,717,472 | 53,779,281 | ||||
Non-mortgage Loans [Member] | Twin Oaks [Member] | ||||||
Gross loans | $ 3,107,657 | $ 3,328,887 |
Note 8 - Loans and Allowance 35
Note 8 - Loans and Allowance for Credit Losses - Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance, beginning of period | $ 300,636 | $ 526,435 | $ 461,334 | $ 575,605 |
Payment activity | (125,476) | (60,051) | (350,965) | (91,903) |
Transfer to OREO | (44,417) | |||
Accretion into interest income | 80,587 | 32,528 | 145,378 | 59,627 |
Balance, Ending of year | $ 255,747 | $ 498,912 | $ 255,747 | $ 498,912 |
Note 8 - Loans and Allowance 36
Note 8 - Loans and Allowance for Credit Losses - Accretable Yield of Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance, beginning of period | $ 47,969 | $ 157,111 | $ 82,869 | $ 175,342 |
Net reclassification from non-accretable yield | 68,286 | 98,177 | 8,868 | |
Accretion into interest income | (80,587) | (32,528) | (145,378) | (59,627) |
Balance, ending of year | $ 35,668 | $ 124,583 | $ 35,668 | $ 124,583 |
Note 8 - Loans and Allowance 37
Note 8 - Loans and Allowance for Credit Losses - Purchases of Loans Receivable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Purchased Auto Loans [Member] | ||||
Purchases of loans receivable | $ 3,520,709 | $ 3,333,888 | $ 5,055,646 | $ 8,341,280 |
Note 8 - Loans and Allowance 38
Note 8 - Loans and Allowance for Credit Losses - Net (Charge-offs) / Recoveries (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net (charge-offs)/recoveries | $ (103,095) | $ (61,303) | $ (256,863) | $ (213,465) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Net (charge-offs)/recoveries | (80,924) | (40,012) | (166,991) | (191,027) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Net (charge-offs)/recoveries | 8,176 | 3,971 | 8,176 | 7,943 |
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Net (charge-offs)/recoveries | (51,960) | |||
Consumer Portfolio Segment [Member] | ||||
Net (charge-offs)/recoveries | (3,074) | 1,727 | (747) | 3,454 |
Purchased Auto Loans [Member] | ||||
Net (charge-offs)/recoveries | $ (27,273) | $ (26,989) | $ (45,341) | $ (33,835) |
Note 8 - Loans and Allowance 39
Note 8 - Loans and Allowance for Credit Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 2,183,681 | $ 2,191,844 | $ 2,247,449 | $ 2,224,006 | ||
Provision for loan losses | 160,000 | 157,500 | 250,000 | 277,500 | ||
Loans charged off | (119,604) | (70,285) | (299,391) | (268,859) | ||
Recoveries of loans previously charged off | 16,509 | 8,982 | 42,528 | 55,394 | ||
Balance at end of period | 2,240,586 | 2,288,041 | 2,240,586 | 2,288,041 | ||
Loans individually evaluated for impairment | $ 1,956,895 | $ 4,432,178 | ||||
Loans collectively evaluated for impairment | 178,987,717 | 157,940,066 | ||||
Gross loans | 181,200,359 | 162,833,578 | ||||
Loans individually evaluated for impairment | 137,763 | 405,640 | ||||
Loans collectively evaluated for impairment | 2,069,915 | 1,807,408 | ||||
Allowance for loan losses | 2,240,586 | 2,191,844 | 2,240,586 | 2,288,041 | 2,240,586 | 2,247,449 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 34,401 | |||||
Balance at end of period | 32,908 | 32,908 | ||||
Gross loans | 255,747 | 461,334 | ||||
Allowance for loan losses | 32,908 | 32,908 | 32,908 | 34,401 | ||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 120,482,887 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Balance at beginning of period | 1,449,007 | 1,602,619 | 1,426,954 | 1,727,582 | ||
Provision for loan losses | 62,834 | 11,991 | 170,954 | 38,043 | ||
Loans charged off | (83,402) | (40,672) | (172,917) | (230,566) | ||
Recoveries of loans previously charged off | 2,478 | 660 | 5,926 | 39,539 | ||
Balance at end of period | 1,430,917 | 1,574,598 | 1,430,917 | 1,574,598 | ||
Loans individually evaluated for impairment | 1,472,261 | 2,142,851 | ||||
Loans collectively evaluated for impairment | 113,768,660 | 101,267,501 | ||||
Gross loans | 115,496,668 | 103,871,686 | ||||
Loans individually evaluated for impairment | 71,319 | 208,186 | ||||
Loans collectively evaluated for impairment | 1,326,690 | 1,184,367 | ||||
Allowance for loan losses | 1,449,007 | 1,602,619 | 1,430,917 | 1,574,598 | 1,430,917 | 1,426,954 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 34,401 | |||||
Balance at end of period | 32,908 | 32,908 | ||||
Gross loans | 255,747 | 461,334 | ||||
Allowance for loan losses | 32,908 | 32,908 | 32,908 | 34,401 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Balance at beginning of period | 95,700 | 162,149 | 93,481 | 142,237 | ||
Provision for loan losses | (2,403) | 1,365 | (184) | 17,305 | ||
Loans charged off | 0 | |||||
Recoveries of loans previously charged off | 8,176 | 3,971 | 8,176 | 7,943 | ||
Balance at end of period | 101,473 | 167,485 | 101,473 | 167,485 | ||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 4,986,219 | 5,182,611 | ||||
Gross loans | 4,986,219 | 5,182,611 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 101,473 | 93,481 | ||||
Allowance for loan losses | 95,700 | 162,149 | 101,473 | 167,485 | 101,473 | 93,481 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 0 | |||||
Balance at end of period | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Balance at beginning of period | 250,464 | 206,250 | 367,326 | 198,340 | ||
Provision for loan losses | (16,972) | 69,097 | (81,874) | 77,007 | ||
Loans charged off | (59,960) | |||||
Recoveries of loans previously charged off | 0 | 8,000 | ||||
Balance at end of period | 233,492 | 275,347 | 233,492 | 275,347 | ||
Loans individually evaluated for impairment | 458,625 | 2,264,763 | ||||
Loans collectively evaluated for impairment | 26,408,829 | 20,295,404 | ||||
Gross loans | 26,867,454 | 22,560,167 | ||||
Loans individually evaluated for impairment | 53,440 | 185,172 | ||||
Loans collectively evaluated for impairment | 180,052 | 182,154 | ||||
Allowance for loan losses | 250,464 | 206,250 | 233,492 | 275,347 | 233,492 | 367,326 |
Nonresidential Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 0 | |||||
Balance at end of period | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||||
Balance at beginning of period | 101,103 | 49,443 | 96,823 | 51,306 | ||
Provision for loan losses | 10,801 | 3,813 | 15,081 | 1,950 | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 | ||
Balance at end of period | 111,904 | 53,256 | 111,904 | 53,256 | ||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 15,552,859 | 16,645,226 | ||||
Gross loans | 15,552,859 | 16,645,226 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 111,904 | 96,823 | ||||
Allowance for loan losses | 101,103 | 49,443 | 111,904 | 53,256 | 111,904 | 96,823 |
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 0 | |||||
Balance at end of period | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||||
Balance at beginning of period | 99,051 | 51,597 | 79,253 | 37,187 | ||
Provision for loan losses | 21,523 | 7,167 | 38,994 | 19,850 | ||
Loans charged off | (5,351) | (5,351) | ||||
Recoveries of loans previously charged off | 2,277 | 1,727 | 4,604 | 3,454 | ||
Balance at end of period | 117,500 | 60,491 | 117,500 | 60,491 | ||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 3,994,065 | 2,859,703 | ||||
Gross loans | 3,994,065 | 2,859,703 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 117,500 | 79,253 | ||||
Allowance for loan losses | 99,051 | 51,597 | 117,500 | 60,491 | 117,500 | 79,253 |
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 0 | |||||
Balance at end of period | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Purchased Auto Loans [Member] | ||||||
Balance at beginning of period | 188,356 | 119,786 | 183,612 | 67,354 | ||
Provision for loan losses | 84,217 | 64,067 | 107,029 | 123,345 | ||
Loans charged off | (30,851) | (29,613) | (61,163) | (38,293) | ||
Recoveries of loans previously charged off | 3,578 | 2,624 | 15,822 | 4,458 | ||
Balance at end of period | 245,300 | 156,864 | 245,300 | 156,864 | ||
Loans individually evaluated for impairment | 26,009 | 24,564 | ||||
Loans collectively evaluated for impairment | 14,277,085 | 11,689,621 | ||||
Gross loans | 14,303,094 | 11,714,185 | ||||
Loans individually evaluated for impairment | 13,004 | 12,282 | ||||
Loans collectively evaluated for impairment | 232,296 | 171,330 | ||||
Allowance for loan losses | 188,356 | $ 119,786 | 245,300 | $ 156,864 | 245,300 | 183,612 |
Purchased Auto Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 0 | |||||
Balance at end of period | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Loans and Allowance 40
Note 8 - Loans and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Recorded Investment With No Allowance | $ 1,269,360 | $ 1,428,073 |
Recorded Investment With Allowance | 943,282 | 3,465,439 |
Unpaid Contractual Principal Balance | 2,461,654 | 5,148,185 |
Recorded Investment With No Allowance | 1,269,360 | 1,428,073 |
Recorded Investment With Allowance | 943,282 | 3,465,439 |
Total Recorded Investment | 2,212,642 | 4,893,512 |
Related Allowance | 170,671 | 440,041 |
Average Recorded Investment | 3,209,437 | 4,674,918 |
Unpaid Contractual Principal Balance | 2,461,654 | 5,148,185 |
Related Allowance | 170,671 | 440,041 |
Average Recorded Investment | 3,209,437 | 4,674,918 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Recorded Investment With No Allowance | 1,185,839 | 1,428,073 |
Recorded Investment With Allowance | 542,169 | 1,176,112 |
Unpaid Contractual Principal Balance | 1,937,020 | 2,688,197 |
Recorded Investment With No Allowance | 1,185,839 | 1,428,073 |
Recorded Investment With Allowance | 542,169 | 1,176,112 |
Total Recorded Investment | 1,728,008 | 2,604,185 |
Related Allowance | 104,227 | 242,587 |
Average Recorded Investment | 2,082,684 | 2,634,763 |
Unpaid Contractual Principal Balance | 1,937,020 | 2,688,197 |
Related Allowance | 104,227 | 242,587 |
Average Recorded Investment | 2,082,684 | 2,634,763 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Recorded Investment With No Allowance | 83,521 | |
Recorded Investment With Allowance | 375,104 | 2,264,763 |
Unpaid Contractual Principal Balance | 498,625 | 2,435,424 |
Recorded Investment With No Allowance | 83,521 | |
Recorded Investment With Allowance | 375,104 | 2,264,763 |
Total Recorded Investment | 458,625 | 2,264,763 |
Related Allowance | 53,440 | 185,172 |
Average Recorded Investment | 1,105,443 | 2,030,894 |
Unpaid Contractual Principal Balance | 498,625 | 2,435,424 |
Related Allowance | 53,440 | 185,172 |
Average Recorded Investment | 1,105,443 | 2,030,894 |
Commercial Portfolio Segment [Member] | ||
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Purchased Auto Loans [Member] | ||
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 26,009 | 24,564 |
Unpaid Contractual Principal Balance | 26,009 | 24,564 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 26,009 | 24,564 |
Total Recorded Investment | 26,009 | 24,564 |
Related Allowance | 13,004 | 12,282 |
Average Recorded Investment | 21,310 | 9,261 |
Unpaid Contractual Principal Balance | 26,009 | 24,564 |
Related Allowance | 13,004 | 12,282 |
Average Recorded Investment | $ 21,310 | $ 9,261 |
Note 8 - Loans and Allowance 41
Note 8 - Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Number of Modifications | 0 | 0 | 2 | |
Recorded Investment | $ 82,400 | $ 82,400 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Number of Modifications | 2 | |||
Recorded Investment | 82,400 | $ 82,400 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Number of Modifications | ||||
Recorded Investment | ||||
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Number of Modifications | ||||
Recorded Investment | ||||
Commercial Portfolio Segment [Member] | ||||
Number of Modifications | ||||
Recorded Investment | ||||
Consumer Portfolio Segment [Member] | ||||
Number of Modifications | ||||
Recorded Investment | ||||
Purchased Auto Loans [Member] | ||||
Number of Modifications | ||||
Recorded Investment |
Note 8 - Loans and Allowance 42
Note 8 - Loans and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Nonaccrual Loans | $ 2,298,483 | $ 4,982,382 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Nonaccrual Loans | 1,813,849 | 2,693,055 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Nonaccrual Loans | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Nonaccrual Loans | 458,625 | 2,264,763 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual Loans | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Purchased Auto Loans [Member] | ||
Nonaccrual Loans | 26,009 | 24,564 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Note 8 - Loans and Allowance 43
Note 8 - Loans and Allowance for Credit Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Loans past due | $ 4,669,028 | $ 3,820,602 |
Loans, current | 176,531,331 | 159,012,976 |
Total loans | 181,200,359 | 162,833,578 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 4,140,373 | 2,003,039 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 101,778 | 22,562 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 426,877 | 1,795,001 |
Residential Portfolio Segment [Member] | ||
Total loans | 120,482,887 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 1,905,883 | 2,991,635 |
Loans, current | 113,590,785 | 100,880,051 |
Total loans | 115,496,668 | 103,871,686 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,490,226 | 1,879,438 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 98,310 | 22,562 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 317,347 | 1,089,635 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 0 | 0 |
Loans, current | 4,986,219 | 5,182,611 |
Total loans | 4,986,219 | 5,182,611 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Loans past due | 83,521 | 798,934 |
Loans, current | 26,783,933 | 21,761,233 |
Total loans | 26,867,454 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 118,132 | |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 83,521 | 680,802 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 2,629,439 | 0 |
Loans, current | 12,923,420 | 16,645,226 |
Total loans | 15,552,859 | 16,645,226 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 2,629,439 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans past due | 3,282 | 1,105 |
Loans, current | 3,990,783 | 2,858,598 |
Total loans | 3,994,065 | 2,859,703 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,282 | 1,105 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Purchased Auto Loans [Member] | ||
Loans past due | 46,903 | 28,928 |
Loans, current | 14,256,191 | 11,685,257 |
Total loans | 14,303,094 | 11,714,185 |
Purchased Auto Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 17,426 | 4,364 |
Purchased Auto Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 3,468 | 0 |
Purchased Auto Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 26,009 | $ 24,564 |
Note 8 - Loans and Allowance 44
Note 8 - Loans and Allowance for Credit Losses - Loans by Risk Category (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Gross loans | $ 181,200,359 | $ 162,833,578 |
Pass [Member] | ||
Gross loans | 41,854,515 | 36,747,402 |
Special Mention [Member] | ||
Gross loans | 811,687 | 883,430 |
Substandard [Member] | ||
Gross loans | 2,212,641 | 4,893,512 |
Doubtful [Member] | ||
Gross loans | 0 | |
Not Rated [Member] | ||
Gross loans | 136,321,516 | 120,309,234 |
Residential Portfolio Segment [Member] | ||
Gross loans | 120,482,887 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 115,496,668 | 103,871,686 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Pass [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Special Mention [Member] | ||
Gross loans | 580,450 | 562,215 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 1,728,007 | 2,604,185 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Not Rated [Member] | ||
Gross loans | 113,188,211 | 100,705,286 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 4,986,219 | 5,182,611 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Pass [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Special Mention [Member] | ||
Gross loans | 124,064 | 127,987 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Substandard [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Not Rated [Member] | ||
Gross loans | 4,862,155 | 5,054,624 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 26,867,454 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 26,301,656 | 20,102,176 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 107,173 | 193,228 |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 458,625 | 2,264,763 |
Nonresidential Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 15,552,859 | 16,645,226 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 15,552,859 | 16,645,226 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 3,994,065 | 2,859,703 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 3,994,065 | 2,859,703 |
Purchased Auto Loans [Member] | ||
Gross loans | 14,303,094 | 11,714,185 |
Purchased Auto Loans [Member] | Pass [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Substandard [Member] | ||
Gross loans | 26,009 | 24,564 |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 14,277,085 | $ 11,689,621 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 0 | $ 5,000 |
Management Recognition Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Note 11 - Fair Values Measure46
Note 11 - Fair Values Measurements and Disclosures (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities | $ 38,158,992 | $ 44,560,680 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | $ 0 |
Note 11 - Fair Values Measure47
Note 11 - Fair Values Measurements and Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Securities available for sale | $ 38,158,992 | $ 44,560,680 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 38,158,992 | 44,560,680 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 38,158,992 | 44,560,680 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 16,642,028 | 18,156,138 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 16,642,028 | 18,156,138 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 16,642,028 | 18,156,138 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale | 21,516,964 | 26,404,542 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 21,516,964 | 26,404,542 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 21,516,964 | 26,404,542 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Foreclosed assets | $ 13,000 | $ 35,500 |
Impaired loans, net | 772,611 | 3,025,398 |
Fair Value, Inputs, Level 1 [Member] | ||
Foreclosed assets | 0 | 0 |
Impaired loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Foreclosed assets | 0 | 0 |
Impaired loans, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Foreclosed assets | 13,000 | 35,500 |
Impaired loans, net | $ 772,611 | $ 3,025,398 |
Note 11 - Fair Values Measure49
Note 11 - Fair Values Measurements and Disclosures - Quantitative Information About Assets Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | ||
Appraisal adjustments | (28.00%) | |
Assets, fair value disclosure, noncrecurring | $ 13,000 | $ 35,500 |
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | Minimum [Member] | ||
Appraisal adjustments | (23.00%) | |
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | Maximum [Member] | ||
Appraisal adjustments | (50.00%) | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||
Assets, fair value disclosure, noncrecurring | $ 656,038 | $ 2,856,621 |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | ||
Appraisal adjustments | (41.00%) | (14.50%) |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | ||
Appraisal adjustments | (86.50%) | (86.50%) |
Income Approach Valuation Technique [Member] | Impaired Loans [Member] | ||
Assets, fair value disclosure, noncrecurring | $ 116,573 | $ 168,777 |
Discount Rate | 10.00% | 10.00% |
Note 11 - Fair Value Measurem50
Note 11 - Fair Value Measurement and Disclosure - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Federal funds sold | $ 1,690,000 | |
Securities | $ 38,911,213 | 45,314,001 |
Accrued interest receivable | 857,931 | 785,484 |
Net loans | 178,959,773 | 160,586,129 |
Loans held for sale | 1,426,800 | 305,072 |
Mortgage servicing rights | 385,656 | 351,544 |
Accrued interest payable | 1,704 | 224 |
FHLB advances | 1,113,262 | 1,121,153 |
Federal funds purchased | 438,000 | |
Cash and cash equivalents | 3,331,097 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,714,780 | 9,974,536 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 167,909,584 | 162,572,485 |
Estimate of Fair Value Measurement [Member] | ||
Federal funds sold | 1,690,000 | |
Securities | 38,911,213 | 45,314,001 |
Accrued interest receivable | 857,931 | 785,484 |
Net loans | 181,372,062 | 161,967,000 |
Loans held for sale | 1,426,800 | 305,072 |
Mortgage servicing rights | 385,656 | 351,544 |
Accrued interest payable | 1,704 | 224 |
FHLB advances | 1,115,966 | 1,151,000 |
Federal funds purchased | 438,000 | |
Cash and cash equivalents | 3,331,097 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,714,780 | 9,974,536 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 168,484,908 | 155,963,464 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Federal funds sold | 1,690,000 | |
Securities | ||
Accrued interest receivable | 857,931 | 785,484 |
Net loans | ||
Loans held for sale | 1,426,800 | 305,072 |
Mortgage servicing rights | ||
Accrued interest payable | 1,704 | 224 |
FHLB advances | ||
Federal funds purchased | 438,000 | |
Cash and cash equivalents | 3,331,097 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,714,780 | 9,974,536 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Federal funds sold | ||
Securities | 38,158,992 | 44,560,680 |
Accrued interest receivable | ||
Net loans | ||
Loans held for sale | ||
Mortgage servicing rights | ||
Accrued interest payable | ||
FHLB advances | 1,115,966 | 1,151,000 |
Federal funds purchased | ||
Cash and cash equivalents | ||
Time deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Federal funds sold | ||
Securities | 752,221 | 753,321 |
Accrued interest receivable | ||
Net loans | 181,372,062 | 161,967,000 |
Loans held for sale | ||
Mortgage servicing rights | 385,656 | 351,544 |
Accrued interest payable | ||
FHLB advances | ||
Federal funds purchased | ||
Cash and cash equivalents | ||
Time deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | $ 168,484,908 | $ 155,963,464 |