Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 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) | 3,469,402 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 2,093,049 | $ 3,916,559 |
Interest bearing deposits | 845,235 | 2,030,090 |
Total cash and cash equivalents | 2,938,284 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 3,705,000 | 1,690,000 |
Securities available for sale | 30,176,272 | 44,560,680 |
Non-marketable equity securities | 752,221 | 753,321 |
Loans, net of allowance for loan losses of $2,366,245 and $2,247,449 at September 30, 2017 and December 31, 2016, respectively | 190,754,189 | 160,586,129 |
Loans held for sale | 659,099 | 305,072 |
Premises and equipment, net | 6,725,000 | 6,843,906 |
Accrued interest receivable | 781,619 | 785,484 |
Foreclosed real estate | 83,500 | 33,000 |
Deferred tax assets | 2,505,692 | 2,593,786 |
Cash value of life insurance | 2,281,760 | 2,245,578 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 303,818 | 359,000 |
Other assets | 3,165,409 | 2,558,910 |
Total assets | 245,731,732 | 230,161,384 |
Liabilities | ||
Non-interest bearing | 12,693,586 | 9,974,536 |
Interest bearing | 166,196,571 | 162,572,485 |
Total deposits | 178,890,157 | 172,547,021 |
Accrued interest payable | 3,693 | 224 |
FHLB advances | 9,114,999 | 1,121,153 |
Other liabilities | 3,711,694 | 3,748,953 |
Total liabilities | 191,720,543 | 177,417,351 |
Commitments and contingencies | ||
Redeemable common stock held by ESOP plan | 1,098,101 | 807,629 |
Stockholders' Equity | ||
Common stock, $.01 par value, 100,000,000 shares authorized; 3,469,402 and 3,467,402 shares issued at September 30, 2017 and December 31, 2016, respectively | 34,694 | 34,674 |
Additional paid-in-capital | 37,181,196 | 37,117,311 |
Retained earnings | 18,340,443 | 17,455,472 |
Unallocated ESOP shares | (1,799,136) | (1,932,648) |
Accumulated other comprehensive income | 253,992 | 69,224 |
54,011,189 | 52,744,033 | |
Less: | ||
Maximum cash obligation related to ESOP shares | (1,098,101) | (807,629) |
Total stockholders' equity | 52,913,088 | 51,936,404 |
Total liabilities and stockholders' equity | $ 245,731,732 | $ 230,161,384 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance for loan losses | $ 2,366,245 | $ 2,247,449 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 3,469,402 | 3,467,402 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 2,204,397 | $ 1,857,478 | $ 6,291,581 | $ 5,432,531 |
Securities: | ||||
Residential mortgage-backed and related securities | 98,541 | 122,919 | 360,557 | 423,463 |
State and municipal securities | 116,431 | 133,429 | 373,999 | 404,133 |
Dividends on non-marketable equity securities | 1,812 | 1,058 | 5,154 | 5,218 |
Interest-bearing deposits | 5,357 | 11,903 | 21,403 | 22,301 |
Total interest and dividend income | 2,426,538 | 2,126,787 | 7,052,694 | 6,287,646 |
Interest expense: | ||||
Deposits | 247,897 | 205,843 | 676,374 | 611,533 |
Borrowings | 20,564 | 15,181 | 35,624 | 26,921 |
Total interest expense | 268,461 | 221,024 | 711,998 | 638,454 |
Net interest income | 2,158,077 | 1,905,763 | 6,340,696 | 5,649,192 |
Provision for loan losses | 210,000 | 25,000 | 460,000 | 302,500 |
Net interest income after provision for loan losses | 1,948,077 | 1,880,763 | 5,880,696 | 5,346,692 |
Other income: | ||||
Gain on sale of securities | 77,028 | 98,230 | 8,418 | |
Gain on sale of loans | 205,375 | 142,646 | 522,360 | 330,316 |
Gain on sale of foreclosed real estate | 5,182 | 76,759 | 29,242 | 183,491 |
Gain on sale of repossessed assets | 1,123 | 15,419 | 1,680 | |
Loan origination and servicing income | 159,078 | 102,652 | 462,787 | 239,186 |
Origination of mortgage servicing rights, net of amortization | 21,293 | 14,879 | 55,405 | 42,433 |
Customer service fees | 123,288 | 118,761 | 360,359 | 318,688 |
Income on bank owned life insurance | 11,999 | 12,560 | 36,182 | 37,287 |
Other | 28,940 | 29,269 | 89,044 | 77,885 |
Total other income | 633,306 | 497,526 | 1,669,028 | 1,244,100 |
Other expenses: | ||||
Salaries and employee benefits | 1,047,416 | 840,038 | 3,124,939 | 2,504,956 |
Directors fees | 40,800 | 40,800 | 122,400 | 122,400 |
Occupancy | 158,716 | 171,425 | 484,496 | 477,615 |
Deposit insurance premium | 15,437 | 37,122 | 41,648 | 127,114 |
Legal and professional services | 92,007 | 83,012 | 282,129 | 257,957 |
Data processing | 144,137 | 130,864 | 435,244 | 386,597 |
Loss on sale of securities | 47,603 | 55,169 | 3,261 | |
Loan expense | 152,645 | 124,851 | 403,088 | 284,672 |
Valuation adjustments and expenses on foreclosed real estate | 2,662 | 31,703 | 10,184 | 100,639 |
Loss on sale of OREO | 336 | 4,716 | 336 | 4,716 |
Loss on sale of repossessed assets | 274 | |||
Other | 269,710 | 269,245 | 807,889 | 747,318 |
Total other expenses | 1,971,469 | 1,733,776 | 5,767,796 | 5,017,245 |
Income before income tax expense | 609,914 | 644,513 | 1,781,928 | 1,573,547 |
Income tax expense | 155,163 | 223,251 | 504,332 | 520,063 |
Net income | $ 454,751 | $ 421,262 | $ 1,277,596 | $ 1,053,484 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.15 | $ 0.39 | $ 0.37 |
Diluted earnings per share (in dollars per share) | 0.14 | 0.15 | 0.39 | 0.36 |
Dividends per share (in dollars per share) | $ 0.04 | $ 0.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 454,751 | $ 421,262 | $ 1,277,596 | $ 1,053,484 |
Other comprehensive income, before tax: | ||||
Unrealized holding (losses) gains arising during the period | (62,663) | (80,126) | 354,599 | 372,176 |
Reclassification adjustment for (gains) included in net income | (29,425) | (43,061) | (5,157) | |
Other comprehensive (loss) income, before tax | (92,088) | (80,126) | 311,538 | 367,019 |
Income tax (benefit) expense related to items of other comprehensive (loss) income | (31,109) | (31,341) | 126,770 | 143,560 |
Other comprehensive (loss) income, net of tax | (60,979) | (48,785) | 184,768 | 223,459 |
Comprehensive income | $ 393,772 | $ 372,477 | $ 1,462,364 | $ 1,276,943 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,277,596 | $ 1,053,484 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 184,080 | 178,279 |
Provision for loan losses | 460,000 | 302,500 |
Provision for deferred income taxes | (38,676) | 484,450 |
Net amortization of premiums and discounts on securities | 382,730 | 493,126 |
Gain on sale of securities, net | (43,061) | (5,157) |
Origination of mortgage loans held for sale | (16,894,581) | (12,746,064) |
Proceeds from sale of mortgage loans held for sale | 17,062,914 | 12,365,680 |
Gain on sale of loans, net | (522,360) | (330,316) |
Origination of mortgage servicing rights, net of amortization | (55,405) | (42,433) |
Gain on sale of foreclosed real estate, net | (29,242) | (183,491) |
Write down of foreclosed real estate | 28,551 | |
Gain on sale of repossessed assets, net | (15,145) | (1,680) |
ESOP compensation expense | 190,277 | 44,258 |
MRP compensation expense | 3,304 | |
Compensation expense on RRP options granted | 4,371 | |
Amortization of core deposit intangible | 55,182 | 69,000 |
Amortization (accretion) of fair value adjustments on acquired: | ||
Loans | 184,879 | 90,729 |
Certificates of deposit | (14,000) | (53,000) |
Federal Home Loan Bank Advances | 5,209 | 2,777 |
Increase in cash surrender value of life insurance | (36,182) | (37,287) |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | 3,865 | (24,608) |
Increase in other assets | (553,594) | (1,296,435) |
Increase in accrued interest payable and other liabilities | (33,790) | (449,093) |
Net cash provided by (used in) operating activities | 1,570,696 | (49,055) |
Cash Flows from Investing Activities | ||
Purchases | (1,308,450) | (3,806,910) |
Sales, calls, maturities and paydowns | 15,664,727 | 6,521,328 |
Sale of non-marketable equity securities | 1,100 | 604,800 |
Net increase in loans | (31,066,772) | (15,380,158) |
Net decrease in federal funds sold | (2,015,000) | (52,747,000) |
Proceeds from sale of foreclosed real estate | 193,075 | 490,062 |
Proceeds from sale of repossessed assets | 57,145 | 22,805 |
Purchase of premises and equipment | (65,174) | (16,489) |
Net cash used in investing activities | (18,539,349) | (64,311,562) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 6,357,136 | 55,205,102 |
Proceeds from Federal Home Loan Bank advances | 8,000,000 | 10,000,000 |
Principal reduction of Federal Home Loan Bank advances | (11,363) | (3,511,197) |
Proceeds from stock options exercised | 7,140 | |
Dividends paid | (392,625) | |
Net cash provided by financing activities | 13,960,288 | 61,693,905 |
Net decrease in cash and cash equivalents | (3,008,365) | (2,666,712) |
Cash and cash equivalents: | ||
Beginning of period | 5,946,649 | 7,135,719 |
End of period | 2,938,284 | 4,469,007 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 515,444 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 218,256 | 235,190 |
Other assets acquired in settlement of loans | 39,500 | 46,000 |
Sale of foreclosed real estate through loan origination | 3,923 | 128,000 |
Increase in ESOP put option liability | 290,472 | 184,906 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 672,905 | 610,230 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 35,624 | $ 26,921 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 – NATURE OF BUSINESS Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 to Ottawa Savings Bancorp, Inc. (“Ottawa Savings Bancorp”) upon completion of the 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, whereby Twin Oaks was merged with and into the Bank, with the Bank as the surviving institution (the “Merger”). As a result of the Merger, the Bank increased its market share in the LaSalle County market and expanded into Grundy County. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2 – BASIS OF PRESENTATION 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | NOTE 3 – USE OF ESTIMATES 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 September 30, 2017, no 10 March 29, 2017. |
Note 4 - Critical Accounting Po
Note 4 - Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4 – CRITICAL ACCOUNTING POLICIES 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 polic y. Allowance for Loan Losses . The allowance for loan losses is an amount necessary to absorb known or inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. 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 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 | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income available to common stockholders $ 454,751 $ 421,262 $ 1,277,596 $ 1,053,484 Basic potential common shares: Weighted average shares outstanding 3,468,228 2,894,123 3,467,680 2,894,123 Weighted average unallocated ESOP shares (185,243 ) (17,374 ) (189,903 ) (18,638 ) Weighted average unvested MRP shares - (1,047 ) - (1,047 ) Basic weighted average shares outstanding 3,282,985 2,875,702 3,277,777 2,874,438 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 890 - 913 Weighted average RRP options outstanding 14,726 21,017 14,419 14,963 Dilutive weighted average shares outstanding 3,297,711 2,897,609 3,292,196 2,890,314 Basic earnings per share $ 0.14 $ 0.15 $ 0.39 $ 0.37 Diluted earnings per share $ 0.14 $ 0.15 $ 0.39 $ 0.36 |
Note 6 - Employee Stock Ownersh
Note 6 - Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 6 – EMPLOYEE STOCK OWNERSHIP PLAN On May 6, 2005, July 8, 2005, $763,140 76,314 $10.00 October 11, 2016, $1,907,160 190,716 $10.00 ’s discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of approximately $239,000 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 -day exercise period is available in the year following the year in which the distribution is made and begins after a new valuation of the stock has been determined and communicated to the participant or beneficiary. At September 30, 2017, 78,548 $13.98 The following table reflects the status of the shares held by the ESOP: September 30, December 31, 2017 2016 Shares allocated 99,578 85,493 Shares withdrawn from the plan (21,030 ) (21,030 ) Unallocated shares 182,112 196,197 Total ESOP shares 260,660 260,660 Fair value of unallocated shares $ 2,545,926 $ 2,497,588 |
Note 7 - Investments Securities
Note 7 - Investments Securities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N OTE 7 – INVESTMENT SECURITIES 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 September 30, 2017: Securities Available for Sale State and municipal securities $ 14,127,744 $ 362,444 $ - $ 14,490,188 Residential mortgage-backed securities 15,623,293 169,900 107,109 15,686,084 $ 29,751,037 $ 532,344 $ 107,109 $ 30,176,272 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 September 30, 2017, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 51,165 $ 51,201 Due after three months through one year 719,463 725,446 Due after one year through five years 3,400,877 3,491,427 Due after five years through ten years 4,222,380 4,371,933 Due after ten years 5,733,859 5,850,181 Residential mortgage-backed securities 15,623,293 15,686,084 $ 29,751,037 $ 30,176,272 The following table reflects securities with gross unrealized losses for less than 12 12 September 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 September 30, 2017 Securities Available for Sale State and municipal securities $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 6,567,434 54,427 3,740,463 52,682 10,307,897 107,109 $ 6,567,434 $ 54,427 $ 3,740,463 $ 52,682 $ 10,307,897 $ 107,109 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 ’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. At September 30, 2017, 20 1.03% not September 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 $ 6.6 three September 30, 2017 no three September 30, 2016. three September 30, 2017 $77,028 $47,603, $29,425. $11,422 $0 three September 30, 2017 2016. proceeds of $11.6 nine September 30, 2017 $1.7 nine September 30, 2016. nine September 30, 2017 $98,230 $55,169, $43,061. nine September 30, 2016 $8,418 $3,261, $5,157. $16,715 $2,002, nine September 30, 2017 2016. |
Note 8 - Loans and Allowance fo
Note 8 - Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 8 – L OANS AND ALLOWANCE FOR CREDIT LOSSES The components of loans, net of deferred loan costs (fees), are as follows: September 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 118,518,298 $ 103,871,686 Multi-family residential loans 5,012,752 5,182,611 Total mortgage loans 123,531,050 109,054,297 Other loans: Non-residential real estate loans 29,962,862 22,560,167 Commercial loans 17,051,906 16,645,226 Consumer direct 4,636,078 2,859,703 Purchased auto 17,938,538 11,714,185 Total other loans 69,589,384 53,779,281 Gross loans 193,120,434 162,833,578 Less: Allowance for loan losses (2,366,245 ) (2,247,449 ) Loans, net $ 190,754,189 $ 160,586,129 The following table reflects the carrying amount of loans acquired in the Twin Oaks merger, which are included in the loan categories above as of the dates indicated. September 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 15,618,555 $ 18,062,672 Multi-family residential loans 267,322 272,378 Total mortgage loans 15,885,877 18,335,050 Other loans: Non-residential real estate loans 2,187,087 2,352,952 Commercial loans 746,014 779,595 Consumer direct 71,065 196,340 Total other loans 3,004,166 3,328,887 Gross loans 18,890,043 21,663,937 Less: Allowance for loan losses (100,000 ) (100,000 ) Loans, net $ 18,790,043 $ 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 nine September 30, 2017 2016: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Balance, beginning of period $ 255,747 $ 498,912 $ 461,334 $ 575,605 Payment activity (131,108 ) (42,422 ) (482,073 ) (134,325 ) Transfer to OREO - - - (44,417 ) Accretion into interest income 24,931 23,345 170,309 82,972 $ 149,570 $ 479,835 $ 149,570 $ 479,835 The contractual amount outstanding for the loans acquired with deteriorated credit quality totaled $470,000 $1,108,000 September 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 nine September 30, 2017 2016: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Balance, beginning of period $ 35,668 $ 124,583 $ 82,869 $ 175,342 Net reclassification from non-accretable yield 3,292 - 101,469 8,868 Accretion into interest income (24,931 ) (23,345 ) (170,309 ) (82,972 ) $ 14,029 $ 101,238 $ 14,029 $ 101,238 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Purchased auto loans $ 4,979,707 $ 1,010,717 $ 10,035,353 $ 9,351,997 Net (charge-offs) / recoveries, segregated by class of loans, for the periods indicated were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 One-to-four family $ (84,240 ) $ 17,802 $ (251,231 ) $ (173,225 ) Multi-family 3,972 3,972 12,148 11,915 Non-residential (1,726 ) - (53,686 ) - Consumer direct (1,756 ) 1,551 (2,503 ) 5,005 Purchased auto (591 ) (28,212 ) (45,932 ) (62,047 ) Net (charge-offs)/recoveries $ (84,341 ) $ (4,887 ) $ (341,204 ) $ (218,352 ) The following table presents the activity in the allowance for loan losses by portfolio segment for the three September 30, 2017 2016: September 30, 2017 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased auto Total Balance at beginning of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 Provision charged to income 148,036 (6,870 ) 27,876 12,134 (17,583 ) 46,407 210,000 Loans charged off (86,439 ) - (1,726 ) - (3,282 ) (2,685 ) (94,132 ) Recoveries of loans previously charged off 2,199 3,972 - - 1,526 2,094 9,791 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 September 30, 2016 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased auto Total Balance at beginning of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 Provision charged to income (28,679 ) (132,076 ) 98,221 21,914 22,610 43,010 25,000 Loans charged off (2,698 ) - - - - (29,718 ) (32,416 ) Recoveries of loans previously charged off 20,500 3,972 - - 1,551 1,506 27,529 Balance at end of period $ 1,563,721 $ 39,381 $ 373,568 $ 75,170 $ 84,652 $ 171,662 $ 2,308,154 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine September 30, 2017 2016: September 30, 2017 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased 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 318,990 (7,054 ) (53,998 ) 27,215 21,411 153,436 460,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (63,848 ) (393,523 ) Recoveries of loans previously charged off 8,125 12,148 8,000 - 6,130 17,916 52,319 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 September 30, 2016 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased 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 9,364 (114,771 ) 175,228 23,864 42,460 166,355 302,500 Loans charged off (233,264 ) - - - - (68,011 ) (301,275 ) Recoveries of loans previously charged off 60,039 11,915 - - 5,005 5,964 82,923 Balance at end of period $ 1,563,721 $ 39,381 $ 373,568 $ 75,170 $ 84,652 $ 171,662 $ 2,308,154 September 30, 2017 December 31, 2016: One-to- four Multi- Non- Consumer Purchased September 30, 2017 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 1,375,976 $ - $ 368,020 $ 12,970 $ - $ 3,468 $ 1,760,434 Loans acquired with deteriorated credit quality 149,571 - - - - - 149,571 Loans collectively evaluated for impairment 116,992,751 5,012,752 29,594,842 17,038,936 4,636,078 17,935,070 191,210,429 Balance at end of period $ 118,518,298 $ 5,012,752 $ 29,962,862 $ 17,051,906 $ 4,636,078 $ 17,938,538 $ 193,120,434 Period-end amount allocated to: Loans individually evaluated for impairment $ 50,861 $ - $ 62,471 $ - $ - $ 1,734 $ 115,066 Loans acquired with deteriorated credit quality 23,638 - - - - - 23,638 Loans collectively evaluated for impairment 1,420,214 98,575 197,171 124,038 98,161 289,382 2,227,541 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 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 $ 96,481 $ 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 September 30, 2017 December 31, 2016: September 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 $ 1,570,305 $ 984,882 $ 540,665 $ 1,525,547 $ 74,499 $ 1,896,563 Multi-family - - - - - - Non-residential 368,020 - 368,020 368,020 62,471 879,038 Commercial 12,970 12,970 - 12,970 - 3,222 Consumer direct - - - - - - Purchased auto 3,468 - 3,468 3,468 1,734 14,830 $ 1,954,763 $ 997,852 $ 912,153 $ 1,910,005 $ 138,704 $ 2,793,653 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 nine September 30, 2017, $3,000 $9,000, three nine September 30, 2016, $3,000 At September 30, 2017, 28 $1.9 38 $4.9 December 31, 2016. eight $2.4 four $0.2 seven $351,000 two $83,000 $298,000, seven $376,000 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 September 30, 2017 $0.5 $2.4 December 31, 2016. $1.9 three $1.7 $0.2 three not, six There were no three September 30, 2017 2016. oans classified as TDRs during the nine September 30, 2017 2016, Nine Months Ended Nine Months Ended September 30, 2017 September 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 $ 80,814 $ - Multi-family - - - - - - Non-residential - - - - - - Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - - $ - $ - 2 $ 80,814 $ - There were no twelve September 30, 2017 2016 60 three nine September 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 September 30, 2017 December 31, 2016: September 30, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,609,874 $ - Multi-family - - Non-residential 368,020 - Commercial 12,970 - Consumer direct - - Purchased auto 3,468 - $ 1,994,332 $ - 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 $ - September 30, 2017 December 31, 2016: September 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 $ 2,098,295 $ 244,158 $ 110,260 $ 2,452,713 $ 116,065,585 $ 118,518,298 Multi-family - - - - 5,012,752 5,012,752 Non-residential 490,913 - - 490,913 29,471,949 29,962,862 Commercial 12,970 - - 12,970 17,038,936 17,051,906 Consumer direct - - - - 4,636,078 4,636,078 Purchased auto - - 3,468 3,468 17,935,070 17,938,538 $ 2,602,178 $ 244,158 $ 113,728 $ 2,960,064 $ 190,160,370 $ 193,120,434 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 – loans in this bucket are not t September 30, 2017 December 31, 2016, September 30, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 409,575 $ 1,525,547 $ - $ 116,583,176 $ 118,518,298 Multi-family - 122,073 - - 4,890,679 5,012,752 Non-residential 29,346,282 248,560 368,020 - - 29,962,862 Commercial 17,038,936 - 12,970 - - 17,051,906 Consumer direct - - - - 4,636,078 4,636,078 Purchased auto - - 3,468 - 17,935,070 17,938,538 Total $ 46,385,218 $ 780,208 $ 1,910,005 $ - $ 144,045,003 $ 193,120,434 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 September 30, 2017, $0.1 $33,000 December 31, 2016. $0.1 $0.5 September 30, 2017 December 31, 2016, |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 – STOCK COMPENSATION Total stock-based compensation expense was approximately $0 $8,000 nine September 30, 2017 2016, 718, Compensation-Stock Compensation , nine September 30, 2017 2016, not |
Note 10 - Recent Accounting Dev
Note 10 - Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 1 0 – RECENT ACCOUNTING DEVELOPMENTS In May 2014, No. 2014 09, (Topic 606 2014 09 2014 09 December 15, 2016. August 2015, ASU 2015 14, 606 2014 09 one four 2016 2014 09. 2014 09, 2014 09 may not first 2018 In January 2016, 2016 01, —Overall (Subtopic 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 consolidated financial statements. In March 2016, 2016 09, – Stock Compensation (Topic 718 December 15, 2016, 2016 09 January 1, 2017 not may In June 2016, 2016 13, 326 2016 13 ’s portfolio. In addition, ASU 2016 13 2016 13 December 15, 2019, December 31, 2018, 2016 13 In January 2017, 2017 04, – Goodwill and Other (Topic 350 2 December 15, 2019, January 1, 2017. not In March 2017, 2017 08, 310 20 2017 08 December 15, 2018, |
Note 11 - Borrowings
Note 11 - Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 – BORROWINGS A summary of outstanding advances from the Federal Home Loan Bank of Chicago is as follows: September 30, December 31, 2017 2016 Matures 02/15/2018 at 1.27%, fixed $ 1,000,000 $ - Matures 03/30/2018 at 1.72%, fixed 498,714 496,784 Matures 05/15/2018 at 1.34%, fixed 2,000,000 - Matures 09/25/201 8 at 1.46%, fixed 2,000,000 - Matures 04/01/2019 at 2.00%, fixed 496,543 494,906 Matures 08/30/2019 at 1.56%, fixed 3,000,000 - Matures 10/03/2022 at 1.48%, fixed 119,742 129,463 $ 9,114,999 $ 1,121,153 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement and Disclosure | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | NOTE 1 2 – FAIR VALUE MEASUREMENT AND DISCLOSURE FASB ASC Topic 8 20, 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 ’ terms and conditions, among other things resulting in classification within Level 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 during the nine September 30, 2017 December 31, 2016. The tables below present the recorded amount s of assets measured at fair value on a recurring basis at September 30, 2017 December 31, 2016. Total September 30, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 14,490,188 $ - $ 14,490,188 Residential mortgage-backed securities available for sale - 15,686,084 - 15,686,084 $ - $ 30,176,272 $ - $ 30,176,272 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 amount s of assets measured at fair value on a non-recurring basis at September 30, 2017 December 31, 2016. Total September 30, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 83,500 $ 83,500 Impaired loans, net - - 773,449 773,449 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 September 30, 2017 Foreclosed assets $ 83,500 Appraisal of collateral Appraisal adjustments -81.4% Impaired loans, net $ 662,195 Appraisal of collateral Appraisal adjustments -36.3 to -55.9% Impaired loans, net $ 111,254 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 September 30, 2017 December 31, 2016, Fair Value Measurements at Carrying September 30, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 2,938,284 $ 2,938,284 $ - $ - $ 2,938,284 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 3,705,000 3,705,000 - - 3,705,000 Securities 30,928,493 - 30,176,272 752,221 30,928,493 Net loans 190,754,189 - - 193,127,599 193,127,599 Loans held for sale 659,099 659,099 - - 659,099 Accrued interest receivable 781,619 781,619 - - 781,619 Mortgage servicing rights 406,949 - - 406,949 406,949 Financial Liabilities: Non-interest bearing deposits 12,693,586 12,693,586 - - 12,693,586 Interest bearing deposits 166,196,571 - - 166,823,607 166,823,607 Accrued interest payable 3,693 3,693 - - 3,693 FHLB advances 9,114,999 - 8,270,081 - 8,270,081 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 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 Accrued interest receivable 785,484 785,484 - - 785,484 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: The Company obtains fair value measurements of available for sale securities from an independent pricing service. See Note 11 Loans: For variable-rate loans that re-price frequently and with no Loans held for sale : three Accrued i nterest r eceivable and p ayable : Mortgage s ervicing r ights : Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. FHLB a dvances : Loan c ommitments : not September 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) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses . The allowance for loan losses is an amount necessary to absorb known or inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. 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 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) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income available to common stockholders $ 454,751 $ 421,262 $ 1,277,596 $ 1,053,484 Basic potential common shares: Weighted average shares outstanding 3,468,228 2,894,123 3,467,680 2,894,123 Weighted average unallocated ESOP shares (185,243 ) (17,374 ) (189,903 ) (18,638 ) Weighted average unvested MRP shares - (1,047 ) - (1,047 ) Basic weighted average shares outstanding 3,282,985 2,875,702 3,277,777 2,874,438 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 890 - 913 Weighted average RRP options outstanding 14,726 21,017 14,419 14,963 Dilutive weighted average shares outstanding 3,297,711 2,897,609 3,292,196 2,890,314 Basic earnings per share $ 0.14 $ 0.15 $ 0.39 $ 0.37 Diluted earnings per share $ 0.14 $ 0.15 $ 0.39 $ 0.36 |
Note 6 - Employee Stock Owner21
Note 6 - Employee Stock Ownership Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | September 30, December 31, 2017 2016 Shares allocated 99,578 85,493 Shares withdrawn from the plan (21,030 ) (21,030 ) Unallocated shares 182,112 196,197 Total ESOP shares 260,660 260,660 Fair value of unallocated shares $ 2,545,926 $ 2,497,588 |
Note 7 - Investments Securiti22
Note 7 - Investments Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2017: Securities Available for Sale State and municipal securities $ 14,127,744 $ 362,444 $ - $ 14,490,188 Residential mortgage-backed securities 15,623,293 169,900 107,109 15,686,084 $ 29,751,037 $ 532,344 $ 107,109 $ 30,176,272 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 $ 51,165 $ 51,201 Due after three months through one year 719,463 725,446 Due after one year through five years 3,400,877 3,491,427 Due after five years through ten years 4,222,380 4,371,933 Due after ten years 5,733,859 5,850,181 Residential mortgage-backed securities 15,623,293 15,686,084 $ 29,751,037 $ 30,176,272 |
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 September 30, 2017 Securities Available for Sale State and municipal securities $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 6,567,434 54,427 3,740,463 52,682 10,307,897 107,109 $ 6,567,434 $ 54,427 $ 3,740,463 $ 52,682 $ 10,307,897 $ 107,109 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 23
Note 8 - Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 118,518,298 $ 103,871,686 Multi-family residential loans 5,012,752 5,182,611 Total mortgage loans 123,531,050 109,054,297 Other loans: Non-residential real estate loans 29,962,862 22,560,167 Commercial loans 17,051,906 16,645,226 Consumer direct 4,636,078 2,859,703 Purchased auto 17,938,538 11,714,185 Total other loans 69,589,384 53,779,281 Gross loans 193,120,434 162,833,578 Less: Allowance for loan losses (2,366,245 ) (2,247,449 ) Loans, net $ 190,754,189 $ 160,586,129 |
Schedule of Loans Acquired in Merger [Table Text Block] | September 30, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 15,618,555 $ 18,062,672 Multi-family residential loans 267,322 272,378 Total mortgage loans 15,885,877 18,335,050 Other loans: Non-residential real estate loans 2,187,087 2,352,952 Commercial loans 746,014 779,595 Consumer direct 71,065 196,340 Total other loans 3,004,166 3,328,887 Gross loans 18,890,043 21,663,937 Less: Allowance for loan losses (100,000 ) (100,000 ) Loans, net $ 18,790,043 $ 21,563,937 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Balance, beginning of period $ 255,747 $ 498,912 $ 461,334 $ 575,605 Payment activity (131,108 ) (42,422 ) (482,073 ) (134,325 ) Transfer to OREO - - - (44,417 ) Accretion into interest income 24,931 23,345 170,309 82,972 $ 149,570 $ 479,835 $ 149,570 $ 479,835 |
Certain Loans Acquired in Transfer Accretable Yield [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Balance, beginning of period $ 35,668 $ 124,583 $ 82,869 $ 175,342 Net reclassification from non-accretable yield 3,292 - 101,469 8,868 Accretion into interest income (24,931 ) (23,345 ) (170,309 ) (82,972 ) $ 14,029 $ 101,238 $ 14,029 $ 101,238 |
Schedule Of Loans Purchased [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Purchased auto loans $ 4,979,707 $ 1,010,717 $ 10,035,353 $ 9,351,997 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 One-to-four family $ (84,240 ) $ 17,802 $ (251,231 ) $ (173,225 ) Multi-family 3,972 3,972 12,148 11,915 Non-residential (1,726 ) - (53,686 ) - Consumer direct (1,756 ) 1,551 (2,503 ) 5,005 Purchased auto (591 ) (28,212 ) (45,932 ) (62,047 ) Net (charge-offs)/recoveries $ (84,341 ) $ (4,887 ) $ (341,204 ) $ (218,352 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | September 30, 2017 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased auto Total Balance at beginning of period $ 1,430,917 $ 101,473 $ 233,492 $ 111,904 $ 117,500 $ 245,300 $ 2,240,586 Provision charged to income 148,036 (6,870 ) 27,876 12,134 (17,583 ) 46,407 210,000 Loans charged off (86,439 ) - (1,726 ) - (3,282 ) (2,685 ) (94,132 ) Recoveries of loans previously charged off 2,199 3,972 - - 1,526 2,094 9,791 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 September 30, 2016 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased auto Total Balance at beginning of period $ 1,574,598 $ 167,485 $ 275,347 $ 53,256 $ 60,491 $ 156,864 $ 2,288,041 Provision charged to income (28,679 ) (132,076 ) 98,221 21,914 22,610 43,010 25,000 Loans charged off (2,698 ) - - - - (29,718 ) (32,416 ) Recoveries of loans previously charged off 20,500 3,972 - - 1,551 1,506 27,529 Balance at end of period $ 1,563,721 $ 39,381 $ 373,568 $ 75,170 $ 84,652 $ 171,662 $ 2,308,154 September 30, 2017 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased 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 318,990 (7,054 ) (53,998 ) 27,215 21,411 153,436 460,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (63,848 ) (393,523 ) Recoveries of loans previously charged off 8,125 12,148 8,000 - 6,130 17,916 52,319 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 September 30, 2016 One-to- family Multi- family Non- residential Commercial Consumer direct Purchased 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 9,364 (114,771 ) 175,228 23,864 42,460 166,355 302,500 Loans charged off (233,264 ) - - - - (68,011 ) (301,275 ) Recoveries of loans previously charged off 60,039 11,915 - - 5,005 5,964 82,923 Balance at end of period $ 1,563,721 $ 39,381 $ 373,568 $ 75,170 $ 84,652 $ 171,662 $ 2,308,154 One-to- four Multi- Non- Consumer Purchased September 30, 2017 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 1,375,976 $ - $ 368,020 $ 12,970 $ - $ 3,468 $ 1,760,434 Loans acquired with deteriorated credit quality 149,571 - - - - - 149,571 Loans collectively evaluated for impairment 116,992,751 5,012,752 29,594,842 17,038,936 4,636,078 17,935,070 191,210,429 Balance at end of period $ 118,518,298 $ 5,012,752 $ 29,962,862 $ 17,051,906 $ 4,636,078 $ 17,938,538 $ 193,120,434 Period-end amount allocated to: Loans individually evaluated for impairment $ 50,861 $ - $ 62,471 $ - $ - $ 1,734 $ 115,066 Loans acquired with deteriorated credit quality 23,638 - - - - - 23,638 Loans collectively evaluated for impairment 1,420,214 98,575 197,171 124,038 98,161 289,382 2,227,541 Balance at end of period $ 1,494,713 $ 98,575 $ 259,642 $ 124,038 $ 98,161 $ 291,116 $ 2,366,245 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 $ 96,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 |
Impaired Financing Receivables [Table Text Block] | September 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 $ 1,570,305 $ 984,882 $ 540,665 $ 1,525,547 $ 74,499 $ 1,896,563 Multi-family - - - - - - Non-residential 368,020 - 368,020 368,020 62,471 879,038 Commercial 12,970 12,970 - 12,970 - 3,222 Consumer direct - - - - - - Purchased auto 3,468 - 3,468 3,468 1,734 14,830 $ 1,954,763 $ 997,852 $ 912,153 $ 1,910,005 $ 138,704 $ 2,793,653 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] | Nine Months Ended Nine Months Ended September 30, 2017 September 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 $ 80,814 $ - Multi-family - - - - - - Non-residential - - - - - - Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - - $ - $ - 2 $ 80,814 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | September 30, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,609,874 $ - Multi-family - - Non-residential 368,020 - Commercial 12,970 - Consumer direct - - Purchased auto 3,468 - $ 1,994,332 $ - 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] | September 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 $ 2,098,295 $ 244,158 $ 110,260 $ 2,452,713 $ 116,065,585 $ 118,518,298 Multi-family - - - - 5,012,752 5,012,752 Non-residential 490,913 - - 490,913 29,471,949 29,962,862 Commercial 12,970 - - 12,970 17,038,936 17,051,906 Consumer direct - - - - 4,636,078 4,636,078 Purchased auto - - 3,468 3,468 17,935,070 17,938,538 $ 2,602,178 $ 244,158 $ 113,728 $ 2,960,064 $ 190,160,370 $ 193,120,434 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] | September 30, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 409,575 $ 1,525,547 $ - $ 116,583,176 $ 118,518,298 Multi-family - 122,073 - - 4,890,679 5,012,752 Non-residential 29,346,282 248,560 368,020 - - 29,962,862 Commercial 17,038,936 - 12,970 - - 17,051,906 Consumer direct - - - - 4,636,078 4,636,078 Purchased auto - - 3,468 - 17,935,070 17,938,538 Total $ 46,385,218 $ 780,208 $ 1,910,005 $ - $ 144,045,003 $ 193,120,434 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 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2017 2016 Matures 02/15/2018 at 1.27%, fixed $ 1,000,000 $ - Matures 03/30/2018 at 1.72%, fixed 498,714 496,784 Matures 05/15/2018 at 1.34%, fixed 2,000,000 - Matures 09/25/201 8 at 1.46%, fixed 2,000,000 - Matures 04/01/2019 at 2.00%, fixed 496,543 494,906 Matures 08/30/2019 at 1.56%, fixed 3,000,000 - Matures 10/03/2022 at 1.48%, fixed 119,742 129,463 $ 9,114,999 $ 1,121,153 |
Note 12 - Fair Value Measurem25
Note 12 - Fair Value Measurement and Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total September 30, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 14,490,188 $ - $ 14,490,188 Residential mortgage-backed securities available for sale - 15,686,084 - 15,686,084 $ - $ 30,176,272 $ - $ 30,176,272 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 September 30, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 83,500 $ 83,500 Impaired loans, net - - 773,449 773,449 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 September 30, 2017 Foreclosed assets $ 83,500 Appraisal of collateral Appraisal adjustments -81.4% Impaired loans, net $ 662,195 Appraisal of collateral Appraisal adjustments -36.3 to -55.9% Impaired loans, net $ 111,254 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 September 30, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 2,938,284 $ 2,938,284 $ - $ - $ 2,938,284 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 3,705,000 3,705,000 - - 3,705,000 Securities 30,928,493 - 30,176,272 752,221 30,928,493 Net loans 190,754,189 - - 193,127,599 193,127,599 Loans held for sale 659,099 659,099 - - 659,099 Accrued interest receivable 781,619 781,619 - - 781,619 Mortgage servicing rights 406,949 - - 406,949 406,949 Financial Liabilities: Non-interest bearing deposits 12,693,586 12,693,586 - - 12,693,586 Interest bearing deposits 166,196,571 - - 166,823,607 166,823,607 Accrued interest payable 3,693 3,693 - - 3,693 FHLB advances 9,114,999 - 8,270,081 - 8,270,081 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 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 Accrued interest receivable 785,484 785,484 - - 785,484 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income available to common stockholders | $ 454,751 | $ 421,262 | $ 1,277,596 | $ 1,053,484 |
Basic potential common shares: | ||||
Weighted average shares outstanding (in shares) | 3,468,228 | 2,894,123 | 3,467,680 | 2,894,123 |
Weighted average unallocated ESOP shares (in shares) | (185,243) | (17,374) | (189,903) | (18,638) |
Weighted average unvested MRP shares (in shares) | (1,047) | (1,047) | ||
Basic weighted average shares outstanding (in shares) | 3,282,985 | 2,875,702 | 3,277,777 | 2,874,438 |
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 3,297,711 | 2,897,609 | 3,292,196 | 2,890,314 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.15 | $ 0.39 | $ 0.37 |
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.15 | $ 0.39 | $ 0.36 |
Management Recognition Plan [Member] | ||||
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 890 | 913 | ||
Recognition and Retention Plan [Member] | ||||
Dilutive potential common shares: | ||||
Dilutive weighted average shares outstanding (in shares) | 14,726 | 21,017 | 14,419 | 14,963 |
Note 6 - Employee Stock Owner28
Note 6 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Oct. 11, 2016 | May 06, 2005 | |
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 260,660 | 260,660 | 190,716 | 76,314 |
Sale of Stock, Price Per Share | $ 10 | $ 10 | ||
Employee Stock Ownership Plan ESOP Interest and Principal Payments from ESOP | $ 239,000 | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 99,578 | 85,493 | ||
Mezzanine Capital [Member] | ||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 78,548 | |||
Fair Value Per Share | $ 13.98 |
Note 6 - Employee Stock Owner29
Note 6 - Employee Stock Ownership Plan - Employee Stock Ownership Plan (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Oct. 11, 2016 | May 06, 2005 |
Shares allocated (in shares) | 99,578 | 85,493 | ||
Shares withdrawn from the plan (in shares) | (21,030) | (21,030) | ||
Unallocated shares (in shares) | 182,112 | 196,197 | ||
Total ESOP shares (in shares) | 260,660 | 260,660 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 2,545,926 | $ 2,497,588 |
Note 7 - Investments Securiti30
Note 7 - Investments Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | 20 | ||
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 1.03% | 1.03% | ||
Other than Temporary Impairment Losses, Investments | $ 0 | |||
Proceeds from Sale of Available-for-sale Securities | $ 6,600,000 | $ 0 | 11,600,000 | $ 1,700,000 |
Available-for-sale Securities, Gross Realized Gains | 77,028 | 98,230 | 8,418 | |
Available-for-sale Securities, Gross Realized Losses | 47,603 | 55,169 | 3,261 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | 29,425 | 43,061 | 5,157 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 11,422 | $ 0 | $ 16,715 | $ 2,002 |
Note 7 - Investment Securities
Note 7 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Securities available for sale, amortized cost | $ 29,751,037 | $ 44,446,983 |
Securities available for sale, gross unrealized gains | 532,344 | 443,465 |
Securities available for sale, gross unrealized losses | 107,109 | 329,768 |
Securities available for sale | 30,176,272 | 44,560,680 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 14,127,744 | 18,019,050 |
Securities available for sale, gross unrealized gains | 362,444 | 200,924 |
Securities available for sale, gross unrealized losses | 63,836 | |
Securities available for sale | 14,490,188 | 18,156,138 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 15,623,293 | 26,427,933 |
Securities available for sale, gross unrealized gains | 169,900 | 242,541 |
Securities available for sale, gross unrealized losses | 107,109 | 265,932 |
Securities available for sale | $ 15,686,084 | $ 26,404,542 |
Note 7 - Investment Securitie32
Note 7 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Securities available for sale, due in three months or less, amortized cost | $ 51,165 | |
Securities available for sale, due in three months or less, fair value | 51,201 | |
Securities available for sale, due after three months through one year, amortized cost | 719,463 | |
Securities available for sale, due after three months through one year, fair value | 725,446 | |
Securities available for sale, due after one year through five years, amortized cost | 3,400,877 | |
Securities available for sale, due after one year through five years, fair value | 3,491,427 | |
Securities available for sale, due after five years through ten years, amortized cost | 4,222,380 | |
Securities available for sale, due after five years through ten years, fair value | 4,371,933 | |
Securities available for sale, due after ten years, amortized cost | 5,733,859 | |
Securities available for sale, due after ten years, fair value | 5,850,181 | |
Residential mortgage-backed securities, amortized cost | 15,623,293 | |
Residential mortgage-backed securities, fair value | 15,686,084 | |
Securities available for sale, amortized cost | 29,751,037 | |
Securities available for sale, fair value | $ 30,176,272 | $ 44,560,680 |
Note 7 - Investment Securitie33
Note 7 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Securities available for sale, less than 12 months, fair value | $ 6,567,434 | $ 18,099,436 |
Securities available for sale, less than 12 months, unrealized losses | 54,427 | 251,027 |
Securities available for sale, 12 months or more, fair value | 3,740,463 | 4,422,865 |
Securities available for sale, 12 months or more, unrealized losses | 52,682 | 78,741 |
Securities available for sale, fair value | 10,307,897 | 22,522,301 |
Securities available for sale, unrealized losses | 107,109 | 329,768 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 4,734,681 | |
Securities available for sale, less than 12 months, unrealized losses | 63,836 | |
Securities available for sale, 12 months or more, fair value | 0 | |
Securities available for sale, 12 months or more, unrealized losses | 0 | |
Securities available for sale, fair value | 4,734,681 | |
Securities available for sale, unrealized losses | 63,836 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 6,567,434 | 13,364,755 |
Securities available for sale, less than 12 months, unrealized losses | 54,427 | 187,191 |
Securities available for sale, 12 months or more, fair value | 3,740,463 | 4,422,865 |
Securities available for sale, 12 months or more, unrealized losses | 52,682 | 78,741 |
Securities available for sale, fair value | 10,307,897 | 17,787,620 |
Securities available for sale, unrealized losses | $ 107,109 | $ 265,932 |
Note 8 - Loans and Allowance 34
Note 8 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield | $ 14,029 | $ 101,238 | $ 14,029 | $ 101,238 | $ 35,668 | $ 82,869 | $ 124,583 | $ 175,342 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 3,000 | $ 3,000 | $ 9,000 | $ 3,000 | |||||
Number of Impaired Loans | 28 | 28 | 38 | ||||||
Impaired Financing Receivable, Recorded Investment | $ 1,910,005 | $ 1,910,005 | $ 4,893,512 | ||||||
Impaired Loans, Additions, Number | 7 | ||||||||
Impaired Loans, Additions, Value | $ 376,000 | ||||||||
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 | $ 83,500 | $ 83,500 | 33,000 | ||||||
Mortgage Loans in Process of Foreclosure, Amount | 100,000 | 100,000 | 500,000 | ||||||
Residential Portfolio Segment [Member] | |||||||||
Real Estate Acquired Through Foreclosure | $ 100,000 | $ 100,000 | 33,000 | ||||||
Paid Off or Charged Off [Member] | |||||||||
Number of Impaired Loans | 8 | 8 | |||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 2,400,000 | ||||||||
Written Down [Member] | |||||||||
Number of Impaired Loans | 4 | 4 | |||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 200,000 | ||||||||
Written Down and Moved to OREO [Member] | |||||||||
Number of Impaired Loans | 7 | 7 | |||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 351,000 | ||||||||
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 | 298,000 | ||||||||
Troubled Debt Restructurings [Member] | |||||||||
Impaired Financing Receivable, Recorded Investment | 500,000 | 500,000 | 2,400,000 | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0.20 | ||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Decreased | $ 1,900,000 | ||||||||
Financing Receivable, Modifications, Number of Contracts Paid-off | 3 | ||||||||
Proceeds from Impaired Loans, Principal Payment | $ 1,700,000 | ||||||||
Financing Receivable, Modifications, Number of Contracts Charge-off | 3 | ||||||||
Twin Oaks [Member] | |||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 28,638,000 | ||||||||
Business Combination, Acquired Receivable, Fair Value | 28,472,000 | ||||||||
Twin Oaks [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 470,000 | $ 470,000 | $ 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 35
Note 8 - Loans and Allowance for Credit Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Gross loans | $ 193,120,434 | $ 162,833,578 | ||||
Less: Allowance for loan losses | (2,366,245) | $ (2,240,586) | (2,247,449) | $ (2,308,154) | $ (2,288,041) | $ (2,224,006) |
Loans, net | 190,754,189 | 160,586,129 | ||||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 123,531,050 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Gross loans | 118,518,298 | 103,871,686 | ||||
Less: Allowance for loan losses | (1,494,713) | (1,430,917) | (1,426,954) | (1,563,721) | (1,574,598) | (1,727,582) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Gross loans | 5,012,752 | 5,182,611 | ||||
Less: Allowance for loan losses | (98,575) | (101,473) | (93,481) | (39,381) | (167,485) | (142,237) |
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Gross loans | 29,962,862 | 22,560,167 | ||||
Less: Allowance for loan losses | (259,642) | (233,492) | (367,326) | (373,568) | (275,347) | (198,340) |
Commercial Portfolio Segment [Member] | ||||||
Gross loans | 17,051,906 | 16,645,226 | ||||
Less: Allowance for loan losses | (124,038) | (111,904) | (96,823) | (75,170) | (53,256) | (51,306) |
Consumer Portfolio Segment [Member] | ||||||
Gross loans | 4,636,078 | 2,859,703 | ||||
Less: Allowance for loan losses | (98,161) | (117,500) | (79,253) | (84,652) | (60,491) | (37,187) |
Purchased Auto Loans [Member] | ||||||
Gross loans | 17,938,538 | 11,714,185 | ||||
Less: Allowance for loan losses | (291,116) | $ (245,300) | (183,612) | $ (171,662) | $ (156,864) | $ (67,354) |
Non-mortgage Loans [Member] | ||||||
Gross loans | $ 69,589,384 | $ 53,779,281 |
Note 8 - Loans and Allowance 36
Note 8 - Loans and Allowance for Credit Losses - Carrying Amount of Loans Acquired in Twin Oaks Merger (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Gross loans | $ 193,120,434 | $ 162,833,578 | ||||
Less: Allowance for loan losses | (2,366,245) | $ (2,240,586) | (2,247,449) | $ (2,308,154) | $ (2,288,041) | $ (2,224,006) |
Loans, net | 190,754,189 | 160,586,129 | ||||
Twin Oaks [Member] | ||||||
Gross loans | 18,890,043 | 21,663,937 | ||||
Less: Allowance for loan losses | (100,000) | (100,000) | ||||
Loans, net | 18,790,043 | 21,563,937 | ||||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 123,531,050 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 15,885,877 | 18,335,050 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Gross loans | 118,518,298 | 103,871,686 | ||||
Less: Allowance for loan losses | (1,494,713) | (1,430,917) | (1,426,954) | (1,563,721) | (1,574,598) | (1,727,582) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Twin Oaks [Member] | ||||||
Gross loans | 15,618,555 | 18,062,672 | ||||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Gross loans | 5,012,752 | 5,182,611 | ||||
Less: Allowance for loan losses | (98,575) | (101,473) | (93,481) | (39,381) | (167,485) | (142,237) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Twin Oaks [Member] | ||||||
Gross loans | 267,322 | 272,378 | ||||
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Gross loans | 29,962,862 | 22,560,167 | ||||
Less: Allowance for loan losses | (259,642) | (233,492) | (367,326) | (373,568) | (275,347) | (198,340) |
Nonresidential Real Estate Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 2,187,087 | 2,352,952 | ||||
Commercial Portfolio Segment [Member] | ||||||
Gross loans | 17,051,906 | 16,645,226 | ||||
Less: Allowance for loan losses | (124,038) | (111,904) | (96,823) | (75,170) | (53,256) | (51,306) |
Commercial Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 746,014 | 779,595 | ||||
Consumer Portfolio Segment [Member] | ||||||
Gross loans | 4,636,078 | 2,859,703 | ||||
Less: Allowance for loan losses | (98,161) | $ (117,500) | (79,253) | $ (84,652) | $ (60,491) | $ (37,187) |
Consumer Portfolio Segment [Member] | Twin Oaks [Member] | ||||||
Gross loans | 71,065 | 196,340 | ||||
Non-mortgage Loans [Member] | ||||||
Gross loans | 69,589,384 | 53,779,281 | ||||
Non-mortgage Loans [Member] | Twin Oaks [Member] | ||||||
Gross loans | $ 3,004,166 | $ 3,328,887 |
Note 8 - Loans and Allowance 37
Note 8 - Loans and Allowance for Credit Losses - Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance, beginning of period | $ 255,747 | $ 498,912 | $ 461,334 | $ 575,605 |
Payment activity | (131,108) | (42,422) | (482,073) | (134,325) |
Transfer to OREO | (44,417) | |||
Accretion into interest income | 24,931 | 23,345 | 170,309 | 82,972 |
Balance, Ending of year | $ 149,570 | $ 479,835 | $ 149,570 | $ 479,835 |
Note 8 - Loans and Allowance 38
Note 8 - Loans and Allowance for Credit Losses - Accretable Yield of Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance, beginning of period | $ 35,668 | $ 124,583 | $ 82,869 | $ 175,342 |
Net reclassification from non-accretable yield | 3,292 | 101,469 | 8,868 | |
Accretion into interest income | (24,931) | (23,345) | (170,309) | (82,972) |
Balance, ending of year | $ 14,029 | $ 101,238 | $ 14,029 | $ 101,238 |
Note 8 - Loans and Allowance 39
Note 8 - Loans and Allowance for Credit Losses - Purchases of Loans Receivable (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Purchased Auto Loans [Member] | ||||
Purchases of loans receivable | $ 4,979,707 | $ 1,010,717 | $ 10,035,353 | $ 9,351,997 |
Note 8 - Loans and Allowance 40
Note 8 - Loans and Allowance for Credit Losses - Net (Charge-offs) Recoveries (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net (charge-offs)/recoveries | $ (84,341) | $ (4,887) | $ (341,204) | $ (218,352) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Net (charge-offs)/recoveries | (84,240) | 17,802 | (251,231) | (173,225) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Net (charge-offs)/recoveries | 3,972 | 3,972 | 12,148 | 11,915 |
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Net (charge-offs)/recoveries | (1,726) | (53,686) | ||
Consumer Portfolio Segment [Member] | ||||
Net (charge-offs)/recoveries | (1,756) | 1,551 | (2,503) | 5,005 |
Purchased Auto Loans [Member] | ||||
Net (charge-offs)/recoveries | $ (591) | $ (28,212) | $ (45,932) | $ (62,047) |
Note 8 - Loans and Allowance 41
Note 8 - Loans and Allowance for Credit Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 2,240,586 | $ 2,288,041 | $ 2,247,449 | $ 2,224,006 | ||
Provision for loan losses | 210,000 | 25,000 | 460,000 | 302,500 | ||
Loans charged off | (94,132) | (32,416) | (393,523) | (301,275) | ||
Recoveries of loans previously charged off | 9,791 | 27,529 | 52,319 | 82,923 | ||
Balance at end of period | 2,366,245 | 2,308,154 | 2,366,245 | 2,308,154 | ||
Loans individually evaluated for impairment | $ 1,760,434 | $ 4,432,178 | ||||
Gross loans | 193,120,434 | 162,833,578 | ||||
Loans collectively evaluated for impairment | 191,210,429 | 157,940,066 | ||||
Loans individually evaluated for impairment | 115,066 | 405,640 | ||||
Allowance for loan losses | 2,366,245 | 2,288,041 | 2,366,245 | 2,308,154 | 2,366,245 | 2,247,449 |
Loans collectively evaluated for impairment | 2,227,541 | 1,807,408 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Balance at beginning of period | 34,401 | |||||
Balance at end of period | 23,638 | 23,638 | ||||
Gross loans | 149,571 | 461,334 | ||||
Allowance for loan losses | 23,638 | 23,638 | 23,638 | 34,401 | ||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 123,531,050 | 109,054,297 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Balance at beginning of period | 1,430,917 | 1,574,598 | 1,426,954 | 1,727,582 | ||
Provision for loan losses | 148,036 | (28,679) | 318,990 | 9,364 | ||
Loans charged off | (86,439) | (2,698) | (259,356) | (233,264) | ||
Recoveries of loans previously charged off | 2,199 | 20,500 | 8,125 | 60,039 | ||
Balance at end of period | 1,494,713 | 1,563,721 | 1,494,713 | 1,563,721 | ||
Loans individually evaluated for impairment | 1,375,976 | 2,142,851 | ||||
Gross loans | 118,518,298 | 103,871,686 | ||||
Loans collectively evaluated for impairment | 116,992,751 | 101,267,501 | ||||
Loans individually evaluated for impairment | 50,861 | 208,186 | ||||
Allowance for loan losses | 1,430,917 | 1,574,598 | 1,494,713 | 1,563,721 | 1,494,713 | 1,426,954 |
Loans collectively evaluated for impairment | 1,420,214 | 1,184,367 | ||||
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 | 23,638 | 23,638 | ||||
Gross loans | 149,571 | 461,334 | ||||
Allowance for loan losses | 23,638 | 23,638 | 23,638 | 34,401 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Balance at beginning of period | 101,473 | 167,485 | 93,481 | 142,237 | ||
Provision for loan losses | (6,870) | (132,076) | (7,054) | (114,771) | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries of loans previously charged off | 3,972 | 3,972 | 12,148 | 11,915 | ||
Balance at end of period | 98,575 | 39,381 | 98,575 | 39,381 | ||
Loans individually evaluated for impairment | 0 | 0 | ||||
Gross loans | 5,012,752 | 5,182,611 | ||||
Loans collectively evaluated for impairment | 5,012,752 | 5,182,611 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses | 101,473 | 167,485 | 98,575 | 39,381 | 98,575 | 93,481 |
Loans collectively evaluated for impairment | 98,575 | 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 | 233,492 | 275,347 | 367,326 | 198,340 | ||
Provision for loan losses | 27,876 | 98,221 | (53,998) | 175,228 | ||
Loans charged off | (1,726) | 0 | (61,686) | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | 8,000 | 0 | ||
Balance at end of period | 259,642 | 373,568 | 259,642 | 373,568 | ||
Loans individually evaluated for impairment | 368,020 | 2,264,763 | ||||
Gross loans | 29,962,862 | 22,560,167 | ||||
Loans collectively evaluated for impairment | 29,594,842 | 20,295,404 | ||||
Loans individually evaluated for impairment | 62,471 | 185,172 | ||||
Allowance for loan losses | 233,492 | 275,347 | 259,642 | 373,568 | 259,642 | 367,326 |
Loans collectively evaluated for impairment | 197,171 | 182,154 | ||||
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 | 111,904 | 53,256 | 96,823 | 51,306 | ||
Provision for loan losses | 12,134 | 21,914 | 27,215 | 23,864 | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 | ||
Balance at end of period | 124,038 | 75,170 | 124,038 | 75,170 | ||
Loans individually evaluated for impairment | 12,970 | 0 | ||||
Gross loans | 17,051,906 | 16,645,226 | ||||
Loans collectively evaluated for impairment | 17,038,936 | 16,645,226 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses | 111,904 | 53,256 | 124,038 | 75,170 | 124,038 | 96,823 |
Loans collectively evaluated for impairment | 124,038 | 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 | 117,500 | 60,491 | 79,253 | 37,187 | ||
Provision for loan losses | (17,583) | 22,610 | 21,411 | 42,460 | ||
Loans charged off | (3,282) | 0 | (8,633) | 0 | ||
Recoveries of loans previously charged off | 1,526 | 1,551 | 6,130 | 5,005 | ||
Balance at end of period | 98,161 | 84,652 | 98,161 | 84,652 | ||
Loans individually evaluated for impairment | 0 | 0 | ||||
Gross loans | 4,636,078 | 2,859,703 | ||||
Loans collectively evaluated for impairment | 4,636,078 | 2,859,703 | ||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses | 117,500 | 60,491 | 98,161 | 84,652 | 98,161 | 79,253 |
Loans collectively evaluated for impairment | 98,161 | 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 | 245,300 | 156,864 | 183,612 | 67,354 | ||
Provision for loan losses | 46,407 | 43,010 | 153,436 | 166,355 | ||
Loans charged off | (2,685) | (29,718) | (63,848) | (68,011) | ||
Recoveries of loans previously charged off | 2,094 | 1,506 | 17,916 | 5,964 | ||
Balance at end of period | 291,116 | 171,662 | 291,116 | 171,662 | ||
Loans individually evaluated for impairment | 3,468 | 24,564 | ||||
Gross loans | 17,938,538 | 11,714,185 | ||||
Loans collectively evaluated for impairment | 17,935,070 | 11,689,621 | ||||
Loans individually evaluated for impairment | 1,734 | 12,282 | ||||
Allowance for loan losses | 245,300 | $ 156,864 | 291,116 | $ 171,662 | 291,116 | 183,612 |
Loans collectively evaluated for impairment | 289,382 | 171,330 | ||||
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 42
Note 8 - Loans and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Unpaid Contractual Principal Balance | $ 1,954,763 | $ 5,148,185 |
Recorded Investment With No Allowance | 997,852 | 1,428,073 |
Recorded Investment With Allowance | 912,153 | 3,465,439 |
Total Recorded Investment | 1,910,005 | 4,893,512 |
Related Allowance | 138,704 | 440,041 |
Average Recorded Investment | 2,793,653 | 4,674,918 |
Unpaid Contractual Principal Balance | 1,954,763 | 5,148,185 |
Recorded Investment With No Allowance | 997,852 | 1,428,073 |
Recorded Investment With Allowance | 912,153 | 3,465,439 |
Related Allowance | 138,704 | 440,041 |
Average Recorded Investment | 2,793,653 | 4,674,918 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 1,570,305 | 2,688,197 |
Recorded Investment With No Allowance | 984,882 | 1,428,073 |
Recorded Investment With Allowance | 540,665 | 1,176,112 |
Total Recorded Investment | 1,525,547 | 2,604,185 |
Related Allowance | 74,499 | 242,587 |
Average Recorded Investment | 1,896,563 | 2,634,763 |
Unpaid Contractual Principal Balance | 1,570,305 | 2,688,197 |
Recorded Investment With No Allowance | 984,882 | 1,428,073 |
Recorded Investment With Allowance | 540,665 | 1,176,112 |
Related Allowance | 74,499 | 242,587 |
Average Recorded Investment | 1,896,563 | 2,634,763 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
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 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 368,020 | 2,435,424 |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 368,020 | 2,264,763 |
Total Recorded Investment | 368,020 | 2,264,763 |
Related Allowance | 62,471 | 185,172 |
Average Recorded Investment | 879,038 | 2,030,894 |
Unpaid Contractual Principal Balance | 368,020 | 2,435,424 |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 368,020 | 2,264,763 |
Related Allowance | 62,471 | 185,172 |
Average Recorded Investment | 879,038 | 2,030,894 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 12,970 | 0 |
Recorded Investment With No Allowance | 12,970 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 12,970 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,222 | 0 |
Unpaid Contractual Principal Balance | 12,970 | 0 |
Recorded Investment With No Allowance | 12,970 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,222 | 0 |
Consumer Portfolio Segment [Member] | ||
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 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Purchased Auto Loans [Member] | ||
Unpaid Contractual Principal Balance | 3,468 | 24,564 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 3,468 | 24,564 |
Total Recorded Investment | 3,468 | 24,564 |
Related Allowance | 1,734 | 12,282 |
Average Recorded Investment | 14,830 | 9,261 |
Unpaid Contractual Principal Balance | 3,468 | 24,564 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 3,468 | 24,564 |
Related Allowance | 1,734 | 12,282 |
Average Recorded Investment | $ 14,830 | $ 9,261 |
Note 8 - Loans and Allowance 43
Note 8 - Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Number of Modifications | 0 | 0 | 2 | |
Recorded Investment | $ 80,814 | $ 80,814 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Number of Modifications | 2 | |||
Recorded Investment | 80,814 | $ 80,814 | ||
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 44
Note 8 - Loans and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Nonaccrual Loans | $ 1,994,332 | $ 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 | 1,609,874 | 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 | 368,020 | 2,264,763 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 12,970 | 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 | 3,468 | 24,564 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Note 8 - Loans and Allowance 45
Note 8 - Loans and Allowance for Credit Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Loans past due | $ 2,960,064 | $ 3,820,602 |
Loans, current | 190,160,370 | 159,012,976 |
Total loans | 193,120,434 | 162,833,578 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 2,602,178 | 2,003,039 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 244,158 | 22,562 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 113,728 | 1,795,001 |
Residential Portfolio Segment [Member] | ||
Total loans | 123,531,050 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 2,452,713 | 2,991,635 |
Loans, current | 116,065,585 | 100,880,051 |
Total loans | 118,518,298 | 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 | 2,098,295 | 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 | 244,158 | 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 | 110,260 | 1,089,635 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 0 | 0 |
Loans, current | 5,012,752 | 5,182,611 |
Total loans | 5,012,752 | 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 | 490,913 | 798,934 |
Loans, current | 29,471,949 | 21,761,233 |
Total loans | 29,962,862 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 490,913 | 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 | 0 | 680,802 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 12,970 | 0 |
Loans, current | 17,038,936 | 16,645,226 |
Total loans | 17,051,906 | 16,645,226 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 12,970 | 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 | 0 | 1,105 |
Loans, current | 4,636,078 | 2,858,598 |
Total loans | 4,636,078 | 2,859,703 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 0 | 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 | 3,468 | 28,928 |
Loans, current | 17,935,070 | 11,685,257 |
Total loans | 17,938,538 | 11,714,185 |
Purchased Auto Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 0 | 4,364 |
Purchased Auto Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Purchased Auto Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 3,468 | $ 24,564 |
Note 8 - Loans and Allowance 46
Note 8 - Loans and Allowance for Credit Losses - Loans by Risk Category (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Gross loans | $ 193,120,434 | $ 162,833,578 |
Pass [Member] | ||
Gross loans | 46,385,218 | 36,747,402 |
Special Mention [Member] | ||
Gross loans | 780,208 | 883,430 |
Substandard [Member] | ||
Gross loans | 1,910,005 | 4,893,512 |
Doubtful [Member] | ||
Gross loans | 0 | 0 |
Not Rated [Member] | ||
Gross loans | 144,045,003 | 120,309,234 |
Residential Portfolio Segment [Member] | ||
Gross loans | 123,531,050 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 118,518,298 | 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 | 409,575 | 562,215 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 1,525,547 | 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 | 116,583,176 | 100,705,286 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 5,012,752 | 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 | 122,073 | 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 | 4,890,679 | 5,054,624 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 29,962,862 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 29,346,282 | 20,102,176 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 248,560 | 193,228 |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 368,020 | 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 | 17,051,906 | 16,645,226 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 17,038,936 | 16,645,226 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 12,970 | 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 | 4,636,078 | 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 | 4,636,078 | 2,859,703 |
Purchased Auto Loans [Member] | ||
Gross loans | 17,938,538 | 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 | 3,468 | 24,564 |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 17,935,070 | $ 11,689,621 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 0 | $ 8,000 |
Management Recognition Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Note 11 - Borrowings - Outstand
Note 11 - Borrowings - Outstanding Advances (Details) - Federal Home Loan Bank of Chicago [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Advances from FHLB | $ 9,114,999 | $ 1,121,153 |
Matures 02/15/2018 at 1.27% [Member] | ||
Advances from FHLB | 1,000,000 | |
Matures 03/30/2018 at 1.72% [Member] | ||
Advances from FHLB | 498,714 | 496,784 |
Matures 05/15/2018 at 1.34% [Member] | ||
Advances from FHLB | 2,000,000 | |
Matures 09/25/2018 at 1.46% [Member] | ||
Advances from FHLB | 2,000,000 | |
Matures 04/01/2019 at 2.00% [Member] | ||
Advances from FHLB | 496,543 | 494,906 |
Matures 08/30/2019 at 1.56% [Member] | ||
Advances from FHLB | 3,000,000 | |
Matures 10/03/2022 at 1.48% [Member] | ||
Advances from FHLB | $ 119,742 | $ 129,463 |
Note 11 - Borrowings - Outsta49
Note 11 - Borrowings - Outstanding Advances (Details) (Parentheticals) - Federal Home Loan Bank of Chicago [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Matures 02/15/2018 at 1.27% [Member] | ||
Maturity date on fixed rate advance | Feb. 15, 2018 | |
Interest rate, fixed | 1.27% | |
Matures 03/30/2018 at 1.72% [Member] | ||
Maturity date on fixed rate advance | Mar. 30, 2018 | Mar. 30, 2018 |
Interest rate, fixed | 1.72% | 1.72% |
Matures 05/15/2018 at 1.34% [Member] | ||
Maturity date on fixed rate advance | May 15, 2018 | |
Interest rate, fixed | 1.34% | |
Matures 09/25/2018 at 1.46% [Member] | ||
Maturity date on fixed rate advance | Sep. 25, 2018 | |
Interest rate, fixed | 1.46% | |
Matures 04/01/2019 at 2.00% [Member] | ||
Maturity date on fixed rate advance | Apr. 1, 2019 | Apr. 1, 2019 |
Interest rate, fixed | 2.00% | 2.00% |
Matures 08/30/2019 at 1.56% [Member] | ||
Maturity date on fixed rate advance | Aug. 30, 2019 | |
Interest rate, fixed | 1.56% | |
Matures 10/03/2022 at 1.48% [Member] | ||
Maturity date on fixed rate advance | Oct. 3, 2022 | Oct. 3, 2022 |
Interest rate, fixed | 1.48% | 1.48% |
Note 12 - Fair Value Measurem50
Note 12 - Fair Value Measurement and Disclosure (Details Textual) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities | $ 30,176,272 | $ 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 12 - Fair Value Measurem51
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Securities available for sale | $ 30,176,272 | $ 44,560,680 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 30,176,272 | 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 | 30,176,272 | 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 | 14,490,188 | 18,156,138 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 14,490,188 | 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 | 14,490,188 | 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 | 15,686,084 | 26,404,542 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 15,686,084 | 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 | 15,686,084 | 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 12 - Fair Value Measurem52
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Foreclosed assets | $ 83,500 | $ 35,500 |
Impaired loans, net | 773,449 | 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 | 83,500 | 35,500 |
Impaired loans, net | $ 773,449 | $ 3,025,398 |
Note 12 - Fair Value Measurem53
Note 12 - Fair Value Measurement and Disclosure - Quantitative Information About Assets Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | ||
Assets, fair value disclosure, noncrecurring | $ 83,500 | $ 35,500 |
Appraisal adjustments | (81.40%) | |
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 | $ 662,195 | $ 2,856,621 |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | ||
Appraisal adjustments | (36.30%) | (14.50%) |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | ||
Appraisal adjustments | (55.90%) | (86.50%) |
Income Approach Valuation Technique [Member] | Impaired Loans [Member] | ||
Assets, fair value disclosure, noncrecurring | $ 111,254 | $ 168,777 |
Discount Rate | 10.00% | 10.00% |
Note 12 - Fair Value Measurem54
Note 12 - Fair Value Measurement and Disclosure - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 2,938,284 | $ 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 3,705,000 | 1,690,000 |
Securities | 30,928,493 | 45,314,001 |
Net loans | 190,754,189 | 160,586,129 |
Loans held for sale | 659,099 | 305,072 |
Accrued interest receivable | 781,619 | 785,484 |
Mortgage servicing rights | 406,949 | 351,544 |
Accrued interest payable | 3,693 | 224 |
FHLB advances | 9,114,999 | 1,121,153 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 12,693,586 | 9,974,536 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 166,196,571 | 162,572,485 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 2,938,284 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 3,705,000 | 1,690,000 |
Securities | 30,928,493 | 45,314,001 |
Net loans | 193,127,599 | 161,967,000 |
Loans held for sale | 659,099 | 305,072 |
Accrued interest receivable | 781,619 | 785,484 |
Mortgage servicing rights | 406,949 | 351,544 |
Accrued interest payable | 3,693 | 224 |
FHLB advances | 8,270,081 | 1,151,000 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 12,693,586 | 9,974,536 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 166,823,607 | 155,963,464 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 2,938,284 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 3,705,000 | 1,690,000 |
Securities | ||
Net loans | ||
Loans held for sale | 659,099 | 305,072 |
Accrued interest receivable | 781,619 | 785,484 |
Mortgage servicing rights | ||
Accrued interest payable | 3,693 | 224 |
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 12,693,586 | 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] | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | 30,176,272 | 44,560,680 |
Net loans | ||
Loans held for sale | ||
Accrued interest receivable | ||
Mortgage servicing rights | ||
Accrued interest payable | ||
FHLB advances | 8,270,081 | 1,151,000 |
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] | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | 752,221 | 753,321 |
Net loans | 193,127,599 | 161,967,000 |
Loans held for sale | ||
Accrued interest receivable | ||
Mortgage servicing rights | 406,949 | 351,544 |
Accrued interest payable | ||
FHLB advances | ||
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 | $ 166,823,607 | $ 155,963,464 |