Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 26, 2018 | Jun. 30, 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) | 3,415,490 | ||
Entity Public Float | $ 44,623,668 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 2,426,924 | $ 3,916,559 |
Interest bearing deposits | 1,328,893 | 2,030,090 |
Total cash and cash equivalents | 3,755,817 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 939,000 | 1,690,000 |
Securities available for sale | 26,045,675 | 44,560,680 |
Non-marketable equity securities | 918,387 | 753,321 |
Loans, net of allowance for loan losses of $2,472,446 and $2,247,449 at December 31, 2017 and 2016, respectively | 207,035,091 | 160,586,129 |
Loans held for sale | 499,375 | 305,072 |
Premises and equipment, net | 6,670,088 | 6,843,906 |
Accrued interest receivable | 794,449 | 785,484 |
Foreclosed real estate | 84,100 | 33,000 |
Deferred tax assets | 1,870,490 | 2,593,786 |
Cash surrender value of life insurance | 2,293,800 | 2,245,578 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 286,000 | 359,000 |
Other assets | 3,307,734 | 2,558,910 |
Total assets | 255,399,875 | 230,161,384 |
Liabilities | ||
Non-interest bearing | 11,562,801 | 9,974,536 |
Interest bearing | 171,211,823 | 162,572,485 |
Total deposits | 182,774,624 | 172,547,021 |
Accrued interest payable | 661 | 224 |
FHLB advances | 15,105,287 | 1,121,153 |
Other liabilities | 4,416,368 | 3,748,953 |
Total liabilities | 202,296,940 | 177,417,351 |
Commitments and contingencies (Note 14) | ||
Redeemable common stock held by ESOP plan | 1,202,014 | 807,629 |
Stockholders' equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 3,451,802 and 3,467,402 shares issued at December 31, 2017 and 2016, respectively | 34,518 | 34,674 |
Additional paid-in-capital | 36,949,508 | 37,117,311 |
Retained earnings | 17,720,962 | 17,455,472 |
Unallocated ESOP shares | (1,754,632) | (1,932,648) |
Accumulated other comprehensive income | 152,579 | 69,224 |
53,102,935 | 52,744,033 | |
Less: | ||
Maximum cash obligation related to ESOP shares | (1,202,014) | (807,629) |
Total stockholders' equity | 51,900,921 | 51,936,404 |
Total liabilities and stockholders' equity | $ 255,399,875 | $ 230,161,384 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for loan losses | $ 2,472,446 | $ 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) | 3,451,802 | 3,467,402 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 8,677,914 | $ 7,291,931 |
Securities: | ||
Residential mortgage-backed and related securities | 435,673 | 545,450 |
State and municipal securities | 477,921 | 537,981 |
Dividends on non-marketable equity securities | 12,084 | 11,453 |
Interest-bearing deposits | 30,322 | 36,170 |
Total interest and dividend income | 9,633,914 | 8,422,985 |
Interest expense: | ||
Deposits | 963,242 | 820,316 |
Borrowings | 81,625 | 36,127 |
Total interest expense | 1,044,867 | 856,443 |
Net interest income | 8,589,047 | 7,566,542 |
Provision for loan losses | 575,000 | 442,500 |
Net interest income after provision for loan losses | 8,014,047 | 7,124,042 |
Other income: | ||
Gain on sale of securities | 98,230 | 8,418 |
Gain on sale of loans, net | 696,754 | 509,440 |
Gain on sale of foreclosed real estate | 44,773 | 188,207 |
Gain on sale of repossessed assets | 16,589 | 10,641 |
Loan origination and servicing income | 633,984 | 364,142 |
Origination of mortgage servicing rights, net of amortization | 71,978 | 65,617 |
Customer service fees | 482,525 | 441,890 |
Increase in cash surrender value of life insurance | 48,222 | 50,154 |
Other | 115,755 | 110,012 |
Total other income | 2,208,810 | 1,748,521 |
Other expenses: | ||
Salaries and employee benefits | 4,303,658 | 3,681,189 |
Directors fees | 163,200 | 163,200 |
Occupancy | 644,103 | 636,809 |
Deposit insurance premium | 57,189 | 113,151 |
Legal and professional services | 360,721 | 308,938 |
Data processing | 593,871 | 529,665 |
Loss on sale of securities | 127,343 | 3,261 |
Loan expense | 592,531 | 446,963 |
Valuation adjustments and expenses on foreclosed real estate | 11,937 | 104,569 |
Loss on sale of foreclosed real estate | 4,716 | |
Loss on sale of repossessed assets | 1,903 | 4,876 |
Other | 1,048,628 | 1,014,334 |
Total other expenses | 7,905,084 | 7,011,671 |
Income before income tax expense | 2,317,773 | 1,860,892 |
Income tax expense | 1,503,749 | 599,794 |
Net income | $ 814,024 | $ 1,261,098 |
Basic earnings per share (in dollars per share) | $ 0.25 | $ 0.43 |
Diluted earnings per share (in dollars per share) | 0.25 | 0.42 |
Dividends per share (in dollars per share) | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 814,024 | $ 1,261,098 |
Other comprehensive income, before tax: | ||
Unrealized holding gains (losses) arising during the period | 70,603 | (600,413) |
Reclassification adjustment for losses (gains) included in net income | 29,113 | (5,157) |
Other comprehensive income (loss), before tax | 99,716 | (605,570) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 41,469 | (236,869) |
Other comprehensive income (loss), net of tax | 58,247 | (368,701) |
Comprehensive income | $ 872,271 | $ 892,397 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | MRP Stock Awards [Member]Common Stock [Member] | MRP Stock Awards [Member]Additional Paid-in Capital [Member] | MRP Stock Awards [Member]Retained Earnings [Member] | MRP Stock Awards [Member]Unallocated ESOP Shares [Member] | MRP Stock Awards [Member]Unearned MRP Shares [Member] | MRP Stock Awards [Member]AOCI Attributable to Parent [Member] | MRP Stock Awards [Member]Treasury Stock [Member] | MRP Stock Awards [Member]Maximum Cash Obligation Related To ESOP Shares [Member] | MRP Stock Awards [Member] | RRP Stock Options [Member]Common Stock [Member] | RRP Stock Options [Member]Additional Paid-in Capital [Member] | RRP Stock Options [Member]Retained Earnings [Member] | RRP Stock Options [Member]Unallocated ESOP Shares [Member] | RRP Stock Options [Member]Unearned MRP Shares [Member] | RRP Stock Options [Member]AOCI Attributable to Parent [Member] | RRP Stock Options [Member]Treasury Stock [Member] | RRP Stock Options [Member]Maximum Cash Obligation Related To ESOP Shares [Member] | RRP Stock Options [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated ESOP Shares [Member] | Unearned MRP Shares [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Maximum Cash Obligation Related To ESOP Shares [Member] | Total |
Balance at Dec. 31, 2015 | $ 30,010 | $ 15,845,341 | $ 16,194,374 | $ (203,504) | $ (3,751) | $ 437,925 | $ (1,212,118) | $ (376,543) | $ 30,711,734 | ||||||||||||||||||
Net income | 1,261,098 | 1,261,098 | |||||||||||||||||||||||||
Other comprehensive income (loss) | (368,701) | (368,701) | |||||||||||||||||||||||||
Allocation of ESOP | 17,933 | 178,016 | 195,949 | ||||||||||||||||||||||||
Compensation expense on awards granted | $ 3,751 | $ 3,751 | $ 5,024 | $ 5,024 | |||||||||||||||||||||||
RRP options exercised | 175 | 127,751 | 127,926 | ||||||||||||||||||||||||
Change related to ESOP shares cash obligation | (431,086) | (431,086) | |||||||||||||||||||||||||
Stock offering proceeds, net of offering expenses of $1,627,317 | 4,489 | 21,121,262 | (1,907,160) | 1,212,118 | 20,430,709 | ||||||||||||||||||||||
Balance at Dec. 31, 2016 | 34,674 | 37,117,311 | 17,455,472 | (1,932,648) | 69,224 | (807,629) | 51,936,404 | ||||||||||||||||||||
Net income | 814,024 | 814,024 | |||||||||||||||||||||||||
Other comprehensive income (loss) | 58,247 | 58,247 | |||||||||||||||||||||||||
Allocation of ESOP | 78,833 | 178,016 | 256,849 | ||||||||||||||||||||||||
RRP options exercised | $ 20 | $ 7,120 | $ 7,140 | ||||||||||||||||||||||||
Change related to ESOP shares cash obligation | (394,385) | (394,385) | |||||||||||||||||||||||||
TCJA, reclassification between accumulated other comprehensive income and retained earnings | (25,108) | 25,108 | |||||||||||||||||||||||||
Cash dividends paid, $0.16 per share | (523,426) | (523,426) | |||||||||||||||||||||||||
Repurchase 17,600 shares | (176) | (253,756) | (253,932) | ||||||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 34,518 | $ 36,949,508 | $ 17,720,962 | $ (1,754,632) | $ 152,579 | $ (1,202,014) | $ 51,900,921 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unallocated ESOP Shares [Member] | ||
Allocation of ESOP shares (in shares) | 18,779 | 18,779 |
Common Stock [Member] | ||
Offering expenses | $ 1,627,317 | |
Shares repurchased (in shares) | 17,600 | |
Retained Earnings [Member] | ||
Cash dividends paid, per share (in dollars per share) | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 814,024 | $ 1,261,098 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 246,658 | 238,493 |
Provision for loan losses | 575,000 | 442,500 |
Provision for deferred income taxes | 681,827 | 368,437 |
Net amortization of premiums and discounts on securities | 470,371 | 652,687 |
Loss (gain) on sale of securities, net | 29,113 | (5,157) |
Origination of mortgage loans held for sale | (21,980,249) | (18,591,944) |
Proceeds from sale of mortgage loans held for sale | 22,482,700 | 18,796,312 |
Gain on sale of loans, net | (696,754) | (509,440) |
Origination and purchase of mortgage servicing rights, net of amortization | (71,978) | (65,617) |
Gain on sale of foreclosed real estate, net | (44,773) | (188,207) |
Write down of foreclosed real estate | 28,551 | |
Gain on sale of repossessed assets, net | (14,686) | (5,765) |
ESOP compensation expense | 256,849 | 195,949 |
MRP compensation expense | 3,751 | |
Compensation expense on RRP options granted | 5,024 | |
Amortization of core deposit intangible | 73,000 | 92,000 |
Amortization (accretion) of fair value adjustments on acquired: | ||
Loans | 193,787 | 115,153 |
Certificates of deposit | (14,000) | (65,000) |
Federal Home Loan Bank Advances | 6,945 | 4,513 |
Increase in cash surrender value of life insurance | (48,222) | (50,154) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (8,965) | (9,843) |
Increase in other assets | (679,346) | (503,535) |
Increase in accrued interest payable and other liabilities | 667,852 | 148,128 |
Net cash provided by operating activities | 2,939,153 | 2,362,650 |
Cash Flows from Investing Activities | ||
Purchases | (1,308,450) | (7,198,060) |
Sales, calls, maturities and paydowns | 19,423,687 | 8,369,187 |
(Purchase) sale of non-marketable equity securities | (165,066) | 604,800 |
Net increase in loans | (47,572,782) | (21,199,271) |
Net decrease (increase) in federal funds sold | 751,000 | (86,000) |
Proceeds from sale of foreclosed real estate | 292,106 | 490,062 |
Proceeds from sale of repossessed assets | 73,786 | 78,643 |
Purchase of premises and equipment | (72,840) | (24,352) |
Net cash used in investing activities | (28,578,559) | (18,964,991) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 10,241,603 | (4,122,887) |
Proceeds from Federal Home Loan Bank advances | 16,000,000 | 10,000,000 |
Principal reduction of Federal Home Loan Bank advances | (2,022,811) | (11,022,477) |
Proceeds from stock offering including shares purchased by ESOP, net of expenses | 22,337,869 | |
Proceeds from stock options exercised | 7,140 | 127,926 |
Loan to ESOP to purchase Company stock in stock offering | (1,907,160) | |
Shares repurchased and cancelled | (253,932) | |
Dividends paid | (523,426) | |
Net cash provided by financing activities | 23,448,574 | 15,413,271 |
Net decrease in cash and cash equivalents | (2,190,832) | (1,189,070) |
Cash and cash equivalents: | ||
Beginning of period | 5,946,649 | 7,135,719 |
End of period | 3,755,817 | 5,946,649 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 836,395 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 302,356 | 235,190 |
Other assets acquired in settlement of loans | 56,600 | 58,500 |
Sale of foreclosed real estate through loan origination | 3,923 | 128,000 |
Increase in ESOP put option liability | 394,385 | 431,086 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 962,805 | 820,486 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 81,625 | $ 36,127 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Summary of Significant Accounting Policies Entity structure Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 second two Ottawa Savings Bancorp MHC was the former mutual holding company for Ottawa Savings Bancorp prior to completion of the second second second October 11, 2016, $23.8 2,383,950 $10.00 190,716 $126,000 second 1.1921 On December 31, 2014, Nature of business 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. Principles of consolidation The accompanying consolidated financial statements include the accounts of Ottawa Bancorp, Inc. (the Company) and its wholly owned subsidiary Ottawa Savings Bank (the Bank). All significant intercompany transactions and balances are eliminated in consolidation. Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation with no Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the fair value of securities available for sale, the determination of the allowance for loan losses, valuation of deferred income taxes, and the fair value measurement for the assets and liabilities. Concentration of credit risk Most of the Bank’s business activity is with customers within the Ottawa, Marseilles, and Morris areas. The Bank does not one Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks, including cash items in process of clearing. Cash flows from loans, deposits, and federal funds sold or purchased are treated as net increases or decreases in the statement of cash flows. The Company maintains its cash in bank deposit accounts which, at times, may not not Time deposits Time deposits held at other financial institutions are carried at cost and include any time deposits with an original maturity of greater than three not not Investment securities Debt securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not 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 To determine if an “other-than-temporary” impairment (OTTI) exists on an investment security, the Company first not expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of the other-than-temporary impairment that is recognized in earnings and is a reduction to the cost basis of the security. The portion of total impairment related to all other factors is included in other comprehensive income (loss). Non-marketable equity securities Investments in the Federal Home Loan Bank of Chicago, Bankers Bank of Wisconsin, and the Upper Illinois River Valley Development Corporation are carried at cost and periodically evaluated for impairment. Loans The Bank primarily lends to small and mid-sized businesses, non-residential real estate customers and consumers providing mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans throughout Ottawa, Illinois and the surrounding area. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. It is the Bank’s policy to review each prospective credit in order to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Bank seeks recovery in compliance with state lending laws, the Bank’s lending standards, and credit monitoring and remediation procedures. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the contractual life of the loan using the interest method. The following portfolio segments and classes of loan receivables have been identified by the Company: • Commercial • Non-residential real estate • One-to- four residential • Multi-family residential • Consumer direct • Purchased auto Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans are placed on nonaccrual status when the loan has become over 90 When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. may • The loan is current, and all principal and interest amounts contractually due have been made, • All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period, and • There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: • Six months of repayment performance for contractual monthly payments, or • One year of repayment performance for contractual quarterly or semi-annual payments . Troubled debt restructuring exists when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession (either imposed by court order, law, or agreement between the borrower and the Company) to the borrower that it would not The following criteria, related to granting a concession, together or separately, create a troubled debt restructuring: • A modification of terms of a debt such as one • The reduction of the stated interest rate to a rate lower than the current market rate for new debt with similar risk. • The extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. • The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. • The reduction of accrued interest. • A transfer from the borrower to the Company of receivables from third position in the borrower to fully or partially satisfy a loan. Allowance for loan losses For all portfolio segments, the allowance for loan losses is an amount necessary to absorb known and inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses, for all portfolio segments, 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. For all portfolio segments, 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 may The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company using the most recent twelve December 31, 2014, sixteen Actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: ● Levels of and trends in delinquencies and impaired loans ● Levels of and trends in charge-offs and recoveries ● Trends in volume and terms of loans ● Effects of any changes in risk selection and underwriting standards ● Other changes in lending policies, procedures and practices ● Experience, ability and depth of lending management and other relevant staff ● National and local economic trends and conditions ● Industry conditions ● Effects of changes in credit concentrations 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 A discussion of the risk characteristics and the allowance for estimated losses on loans, by each portfolio segment, follows: For commercial loans, the Company focuses on small and mid-sized businesses that have annual revenues below $5,000,000 The Company also originates commercial loans through Bankers Health Group (BHG). BHG specializes in loans to healthcare professionals of all specialties throughout the United States. The loans for BHG are primarily comprised of working capital and equipment loans. We underwrite these loans based on our criteria and service the loans in-house. Approval is generally based on the following factors: • Ability and stability of current management of the borrower; • Stable earnings with positive financial trends; • Sufficient cash flow to support debt repayment; • Earnings projections based on reasonable assumptions; • Financial strength of the industry and business; and • Value and marketability of collateral. Collateral for commercial loans generally includes accounts receivable, inventory, and equipment. The lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The lending policy specifies maximum term limits for commercial loans. For term loans, the maximum term is 5 3 5 365 may Non-residential real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for non-residential real estate loans generally includes the underlying real estate and improvements, and may Some of the non-residential loans that the Company originates finance the construction of residential dwellings and land development. For land development, the loans generally can be made with a maximum loan to value ratio of 70% 10 may, 80% may nine two 70% For commercial and non-residential real estate loans, the allowance for loan losses consists of specific and general components. For loans that are considered impaired as defined above, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company hires an independent firm to perform a loan review every 18 24 Generally, the Company’s one four not three five 100% 90% no The Company also originates loans for multi-family dwellings. These loans follow board and regulatory approved underwriting guidelines similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for multi-family real estate loans generally includes the underlying real estate and improvements, and may The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, share loans, personal unsecured loans, home equity, and small personal credit lines. The lending policy addresses specific credit guidelines by consumer loan type. Unsecured loans generally have a maximum borrowing limit of $25,000 four The procedures for underwriting consumer loans include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loans. Although the applicant’s credit-worthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company purchases auto loans from regulated financial institutions. These types of loans are primarily low balance individual auto loans. The Company reviews the loans at least three thirty For residential real estate loans, multi-family, consumer direct loans (e.g. installment, in-house auto, other consumer loans, etc.) and purchased auto loans, the allowance for estimated losses on loans consists of a specific and general component. The specific component is evaluated for only loans that are classified as impaired, which is based on current information and events if it is probable that the Company will be unable to collect the scheduled payments according to the terms of the agreement. Impairment on these is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For large groups of smaller balance homogenous loans that are under 90 Residential real estate loans, multi-family real estate loans, consumer direct loans and purchased auto loans are not 90 90 Troubled debt restructur ings are considered impaired loans and are subject to the same allowance methodology as described above for impaired loans by portfolio segment. Loans Acquired in a Transfer The loans acquired in the Twin Oaks merger were recorded at fair value as of the acquisition date and no FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, 310 30 The Company considered expected prepayments and estimated the total expected cash flows, which included undiscounted expected principal and interest. The excess of that amount over the fair value of the loan is referred to as accretable yield. Accretable yield is recognized an interest income on a constant yield basis over the expected life of the loan. The excess of the contractual cash flows over expected cash flows is referred to as non-accretable difference and is not first FASB ASC Topic 310 20, Nonrefundable Fees and Other Costs, not 310 20, Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The Company’s servicing of assets is recorded in other assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Foreclosed real estate Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses. The carrying value of foreclosed residential real estate property as of December 31, 2017 2016, $84,100 $33,000, two December 31, 2017, $23,000 three December 31, 2016, $269,000. Income taxes Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not no no 2014 Premises and equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. Premises and equipment are depreciated using the straight-line and accelerated depreciation methods over the estimated useful lives of the assets: Years Buildings 5 - 50 Furniture and equipment 5 - 39 Employee stock ownership plan The Bank has an employee stock ownership plan (ESOP) covering substantially all employees. The cost of shares issued to the ESOP but not Stock-based compensation The Company recognizes compensation cost for all stock-based awards based on the estimated grant date fair value. The fair value of stock options is estimated using a Black-Scholes option pricing model and amortized to expense over the option’s vesting periods, as more fully disclosed in Note 11. Off-balance-sheet financial instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to originate loans, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Comprehensive income (loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale net of the related tax effect. Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In the normal course of business, management will reach settlements over legal issues which are recorded in the period received. Management does not Fair value measurement s In accordance with the provisions of FASB ASC 820, Fair Value Measurements and Disclosures , not 15 Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. Cash surrender value of life insurance The Company has purchased bank-owned life insurance on certain directors and officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values are included in other income. Goodwill Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. On December 31, 2014, $650,000. not December 31 December 31, 2017, not Core deposit intangible The core deposit intangible represents the value of acquired customer relationships resulting from the Company’s December 31, 2014 9.8 may Estimated future amortization expense on core deposit intangible is shown in the table below: Year Ending December 31, Amount 2018 $ 58,000 2019 46,000 2020 38,000 2021 38,000 2022 38,000 Thereafter 68,000 $ 286,000 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. See Note 11 Years ended December 31, 2017 2016 Net income available to common stockholders $ 814,024 $ 1,261,098 Basic potential common shares: Weighted average shares outstanding 3,467,208 3,019,749 Weighted average unallocated ESOP shares (187,545 ) (59,149 ) Weighted average unvested MRP shares - (938 ) Basic weighted average shares outstanding 3,279,663 2,959,662 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 1,099 Weighted average RRP options outstanding 16,200 14,952 Dilutive weighted average shares outstanding 3,295,863 2,975,713 Basic earnings per share $ 0.25 $ 0.43 Diluted earnings per share $ 0.25 $ 0.42 Segment reporting The Company views the Bank as one not one Recent accounting pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 December 15, 2016. August 2015, ASU 2015 14, 606 2014 09 one four 2016 2014 09. 2014 09, The Company has completed its overall assessment of non-interest income and review of related contracts potentially affected by the guidance. The Company’s assessment indicates the adoption of this guidance will not January 1, 2018 not In January 2016, 2016 01, Financial Instruments—Overall (Subtopic 825 10 2016 01 January 1, 2018. not In February 2016, 2016 02, Leases (Topic 842 1 2 606, no 2016 02 December 15, 2018, not may not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting. December 15, 2016, 2016 09 January 1, 2017 not may In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 2016 13 2016 13 December 15, 2019, December 31, 2018, 2016 13 In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2 December 15, 2019, January 1, 2017. not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 2017 08 December 15, 2018, In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . December 15, 2018, December 31, 2017. $25,108 Subsequent event s The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10 |
Note 2 - Restrictions on Cash a
Note 2 - Restrictions on Cash and Amounts Due From Banks | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restrictions On Cash And Amounts Due From Banks [Text Block] | Note 2 . Restrictions on Cash and Amounts Due from Banks At December 31, 2017 December 31, 2016, not |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 . Investment Securities The amortized cost and fair values of investment securities, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2017: Available for Sale State and municipal securities $ 13,756,573 $ 221,320 $ 7,460 $ 13,970,433 Residential mortgage-backed securities 12,075,689 121,840 122,287 12,075,242 $ 25,832,262 $ 343,160 $ 129,747 $ 26,045,675 December 31, 2016: 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 At December 31, 2017 December 31, 2016, no The amortized cost and fair value at December 31, 2017, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 55,000 $ 55,004 Due after three months through one year 714,379 716,817 Due after one year through five years 4,430,045 4,477,805 Due after five years through ten years 4,212,871 4,312,268 Due after ten years 4,344,278 4,408,539 Residential mortgage-backed securities 12,075,689 12,075,242 $ 25,832,262 $ 26,045,675 There were proceeds of $13.7 twelve December 31, 2017 $1.2 twelve December 31, 2016 $98,230 $8,418, $127,343 $3,261, $29,113 $5,157, $11,115 $2,002, December 31, 2017 2016. Information pertaining to securities with gross unrealized losses at December 31, 20 17 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2017 Securities Available for Sale State and municipal securities $ 1,435,888 $ 7,460 $ - $ - $ 1,435,888 $ 7,460 Residential mortgage-backed securities 2,035,206 12,564 6,209,019 109,723 8,244,225 122,287 $ 3,471,094 $ 20,024 $ 6,209,019 $ 109,723 $ 9,680,113 $ 129,747 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 and ability to retain and whether it is not not At December 31, 2017, 28 1.32% not not not not may not December 31, 2017. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . Loans and Allowance for Credit Losses Loans The components of loans, net of deferred loan costs (fees), are as follows: December 31, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 124,118,335 $ 103,871,686 Multi-family residential loans 5,664,524 5,182,611 Total mortgage loans 129,782,859 109,054,297 Other loans: Non-residential real estate loans 32,133,094 22,560,167 Commercial loans 20,759,262 16,645,226 Consumer direct 6,281,712 2,859,703 Purchased auto 20,550,610 11,714,185 Total other loans 79,724,678 53,779,281 Gross loans 209,507,537 162,833,578 Less: Allowance for loan losses (2,472,446 ) (2,247,449 ) Loans, net $ 207,035,091 $ 160,586,129 The following ta ble 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: December 31, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 14,811,329 $ 18,062,672 Multi-family residential loans 265,625 272,378 Total mortgage loans 15,076,954 18,335,050 Other loans: Non-residential real estate loans 2,120,630 2,352,952 Commercial loans 571,538 779,595 Consumer direct 59,353 196,340 Total other loans 2,751,521 3,328,887 Gross loans 17,828,475 21,663,937 Less: Allowance for loan losses (135,000 ) (100,000 ) Loans, net $ 17,693,475 $ 21,563,937 Total loans acquired in the acquisition were recorded at a fair value of $29,795,910 $31,831,910 December 31, 2014. FAS B ASC 310 20 , Nonrefundable Fees and Other Costs , 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 year s ended December 31, 2017 2016: 2017 2016 Balance, beginning of year $ 461,334 $ 575,605 Payment activity (491,552 ) (171,195 ) Charge-offs - - Transfer to foreclosed real estate - (44,417 ) Accretion into interest income 174,746 101,341 $ 144,528 $ 461,334 The contractual amount outstanding for the loans acquired with deteriorated credit quality totaled $ 468,000 $1,108,000 December 31, 2017, December 31, 2016, The following table reflects activity in the accretable yield for the loans acquired with deteriorated credit quality for the years ended December 31, 2017 2016: 2017 2016 Balance, beginning of year $ 82,869 $ 175,342 Net reclassification from non-accretable yield 101,469 8,868 Accretion into interest income (174,746 ) (101,341 ) Disposals - - $ 9,592 $ 82,869 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Years Ended December 31, 2017 2016 Purchased auto loans $ 14,141,053 $ 10,356,577 Net (charge-offs), segregated by class of loans, for the periods indicated were as follows: Years Ended December 31, 2017 2016 One-to-four family $ (248,374 ) $ (172,625 ) Multi-family 16,119 15,887 Non-residential (53,686 ) (170,661 ) Consumer direct (376 ) 7,432 Purchased auto (63,686 ) (99,090 ) Net (charge-offs)/recoveries $ (350,003 ) $ (419,057 ) The following table presents the activity in the allowance for loan losses by portfolio segment as of or for the years ended December 31, 2017 2016: December 31, 2017 One-to-Four 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 298,839 (87,630 ) 57,453 56,773 61,392 188,173 575,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (85,442 ) (415,117 ) Recoveries of loans previously charged off 10,982 16,119 8,000 - 8,257 21,756 65,114 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Period-end amount allocated to: Loans individually evaluated for impairment $ 78,820 $ - $ 110,055 $ - $ - $ 493 $ 189,368 Loans acquired with deteriorated credit quality 40,408 - - - - 40,408 Loans collectively evaluated for impairment 1,358,191 21,970 261,038 153,596 140,269 307,606 2,242,670 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 December 31, 2016 One-to-Four 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 (128,003 ) (64,643 ) 339,647 45,517 34,634 215,348 442,500 Loans charged off (233,264 ) - (170,661 ) - - (109,514 ) (513,439 ) Recoveries of loans previously charged off 60,639 15,887 - - 7,432 10,424 94,382 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Period-end amount allocated to: Loans individually evaluated for impairment $ 208,186 $ - $ 185,172 $ - $ - $ 12,282 $ 405,640 Loans acquired with deteriorated credit quality 34,401 - - - - - 34,401 Loans collectively evaluated for impairment 1,184,367 93,481 182,154 96,823 79,253 171,330 1,807,408 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 The following table presents the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2017 2016: December 31, 2017 One-to-four Family Multi-family Non-residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 986,321 $ - $ 355,203 $ 10,454 $ - $ 985 $ 1,352,963 Loans acquired with deteriorated credit quality 144,528 - - - - - 144,528 Loans collectively evaluated for impairment 122,987,486 5,664,524 31,777,891 20,748,808 6,281,712 20,549,625 208,010,046 Ending Balance $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 December 31, 2016 One-to-four Family Multi-family Non-residential Commercial Consumer Direct Purchased 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 Ending Balance $ 103,871,686 $ 5,182,611 $ 22,560,167 $ 16,645,226 $ 2,859,703 $ 11,714,185 $ 162,833,578 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, including loans acquired with deteriorated credit quality, by class of loans, at December 31, 2017 2016: December 31, 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 $ 1,130,849 $ 746,579 $ 384,270 $ 1,130,849 $ 119,228 $ 1,795,888 Multi-family - - - - - - Non-residential 355,203 - 355,203 355,203 110,055 749,271 Commercial 10,454 10,454 - 10,454 - 5,341 Consumer direct - - - - - - Purchased auto 985 - 985 985 493 11,205 $ 1,497,491 $ 757,033 $ 740,458 $ 1,497,491 $ 229,776 $ 2,561,705 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 The Company recognized approximately $10,000 $5,000 December 31, 2017 2016, 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. Certain TDRs are classified as nonperforming 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 and deferred loan fees or costs), 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 December 31, 2017 $0.5 $2.4 December 31, 2016. $1.9 three $1.7 $0.2 not, six There were no December 31, 2017 two one four $79,200 December 31, 2016 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 December 31, 2017 2016: December 31, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,213,662 $ - Multi-family - - Non-residential 355,203 - Commercial 10,454 - Consumer direct - - Purchased auto 985 - $ 1,580,304 $ - December 31, 2016 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 2,693,055 $ - Multi-family - - Non-residential 2,264,763 - Commercial - - Consumer direct - - Purchased auto 24,564 - $ 4,982,382 $ - The following table presents the aging of the recorded investment in loans, by class of loans, as of December 31, 2017 2016: December 31, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 860,502 $ 985,661 $ 99,601 $ 1,945,764 $ 122,172,571 $ 124,118,335 Multi-family - - - - 5,664,524 5,664,524 Non-residential 478,930 394,634 - 873,564 31,259,530 32,133,094 Commercial - 10,454 - 10,454 20,748,808 20,759,262 Consumer direct - - - - 6,281,712 6,281,712 Purchased auto 30,352 - 985 31,337 20,519,273 20,550,610 $ 1,369,784 $ 1,390,749 $ 100,586 $ 2,861,119 $ 206,646,418 $ 209,507,537 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, multi-family real estate, 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 residential real estate, multi-family real estate and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. 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 As of December 31, 2017 2016, December 31, 2017 Pass Special Mention Substandard Doubtful Not rated One-to-four family $ - $ 529,738 $ 1,130,849 $ - $ 122,457,748 Multi-family - - - - 5,664,524 Non-residential 31,531,886 246,005 355,203 - - Commercial 20,748,808 - 10,454 - - Consumer direct - - - - 6,281,712 Purchased auto - - 985 - 20,549,625 Total $ 52,280,694 $ 775,743 $ 1,497,491 $ - $ 154,953,609 December 31, 2016 Pass Special Mention Substandard Doubtful Not rated One-to-four family $ - $ 562,215 $ 2,604,185 $ - $ 100,705,286 Multi-family - 127,987 - - 5,054,624 Non-residential 20,102,176 193,228 2,264,763 - - Commercial 16,645,226 - - - - Consumer direct - - - - 2,859,703 Purchased auto - - 24,564 - 11,689,621 Total $ 36,747,402 $ 883,430 $ 4,893,512 $ - $ 120,309,234 The Bank has had, and may business with directors, principal officers, their immediate families and companies in which these parties have a 10% not December 31, 2017 2016 $82,016 $83,604, |
Note 5 - Servicing
Note 5 - Servicing | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Servicing [Text Block] | Note 5 . Servicing Loans serviced for others are not $68,160,536 $57,029,228 December 31, 2017 2016, December 31, 2017 2016, $423,522 $351,544, |
Note 6 - Accrued Interest Recei
Note 6 - Accrued Interest Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accrued Interest Receivable [Text Block] | Note 6 . Accrued Interest Receivable Accrued interest receivable at December 31, 2017 2016, 2017 2016 State and municipal securities $ 120,760 $ 183,453 Residential mortgage-backed securities 40,099 85,481 Loans 633,590 516,550 $ 794,449 $ 785,484 Ottawa Bancorp, Inc. & Subsidiary Notes to Consolidated Financial Statements |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 . Premises and Equipment Premises and equipment at December 31, 2017 2016, 2017 2016 Cost: Land $ 2,190,649 $ 2,190,649 Buildings 7,300,466 7,242,297 Furniture and equipment 1,450,390 1,435,719 10,941,505 10,868,665 Less: Accumulated depreciation 4,271,417 4,024,759 $ 6,670,088 $ 6,843,906 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 . Deposits Deposits at December 31, 2017 2016, 2017 2016 Amount Percent Amount Percent Non-interest bearing checking $ 11,562,801 6.32 % $ 9,974,536 5.78 % Interest bearing checking 29,081,404 15.91 % 27,633,885 16.02 % Money market 27,560,108 15.08 % 29,718,761 17.22 % Savings 25,965,589 14.21 % 23,988,758 13.90 % Certificates of deposit 88,604,722 48.48 % 81,231,081 47.08 % Interest bearing 171,211,823 93.68 % 162,572,485 94.22 % Total $ 182,774,624 100.00 % $ 172,547,021 100.00 % Interest expense on deposits is summarized as follows : Years Ended December 31, 2017 2016 Money market $ 74,101 $ 64,011 Savings 18,585 20,141 Certificates of deposit 854,250 723,865 Interest bearing checking 16,306 12,299 $ 963,242 $ 820,316 Deposits from directors, principal officers, and their immediate families at December 31, 2017 2016 $3,137,871 $2,930,693, The aggregate amount of public deposits at December 31, 2017 2016 $6,729,036 $3,696,375, The aggregate amount of certificates of deposit with a minimum denomination of $100,000 $39,225,000 $32,438,000 December 31, 2017 2016, $7,009,000 $6,663,000 December 31, 2017 2016, $250,000. At December 31, 2017, : 2018 $ 40,838,216 2019 27,874,405 2020 4,645,828 2021 5,240,366 2022 10,005,907 $ 88,604,722 The Company held brokered deposits of approximately $5.2 $138,000, December 31, 2017 2016. $487 $240 December 31, 2017 2016, |
Note 9 - Borrowings
Note 9 - Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 . Borrowings Our borrowings consist of open line and term advances from the Federal Home Loan Bank of Chicago (“FHLBC”) and Federal Funds purchased from Bankers Bank of Wisconsin. As a member, we are required to own capital stock in the FHLBC and are authorized to apply for advances on the security of such stock and certain of our mortgage loans and other assets (principally securities which are obligations of, or guaranteed by, the United States), provided certain standards related to credit-worthiness have been met. At December 31, 2017, $60.4 December 31, 2017, $7.9 $15.1 $1.1 December 31, 2017 2016. no December 31, 2017 2016. A summary of outstanding advances is as follows: December 31, 2017 2016 Open lines of credit at 1.46% $ 4,000,000 $ - Matures 02/15/2018 at 1.27%, fixed 1,000,000 - Matures 03/30/2018 at 1.72%, fixed 499,357 496,784 Matures 05/15/2018 at 1.34%, fixed 2,000,000 - Matures 08/30/2018 at 1.56%, fixed 3,000,000 - Matures 09/25/2018 at 1.46%, fixed 2,000,000 - Matures 04/01/2019 at 2.00%, fixed 497,089 494,906 Matures 12/16/2019 at 2.08%, fixed 2,000,000 - Matures 10/03/2022 at 1.48%, fixed 108,841 129,463 $ 15,105,287 $ 1,121,153 |
Note 10 - Employment Benefit an
Note 10 - Employment Benefit and Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 1 0 . Employment Benefit and Retirement Plans 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 Shares purchased by the ESOP with the loan proceeds are held in a suspense account and are allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’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; dividends on unallocated ESOP shares reduce accrued interest. During 2017, 18,779 $13.68 $256,849, 18,779 $10.86 $195,949 2016. 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 December 31, 2017 2016, 83,242 $14.44, 63,443 $12.73, December 31, 2017 2016 Shares allocated 104,272 85,493 Shares withdrawn from the plan (21,030 ) (22,050 ) Unallocated shares 177,418 196,197 Total ESOP shares 260,660 259,640 Fair value of unallocated shares $ 2,561,916 $ 2,497,588 Supplemental executive retirement plan (SERP) On September 19, 2007, 4.5 first $580,896 $501,852 December 31, 2017 2016, $97,082 $86,365 December 31, 2017 2016, 401 The Bank maintains a voluntary 401 may 401 50 first 6 3 401 six $173,916 $146,920 December 31, 2017 2016, Deferred compensation The Bank has deferred compensation agreements with certain directors. Contributions to the plan for the years ended December 31, 2017 2016 $86,472 $85,882, $1,519,993 $1,361,190 December 31, 2017 2016, Director r etirement p lan The Bank has, as a result of the Twin Oaks merger, a director retirement plan for six one twelfth ten Two not $296,903 $315,503 December 31, 2017 2016, Director retirement plan valuation December 31, 2017 2016 Number of participants: Retirees 4 4 Active directors - not yet eligible 2 2 Total 6 6 Obligations and funded status: Years ended December 31, 2017 2016 (Amounts in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 318 $ 335 Service cost - - Interest cost 10 11 Actuarial loss 14 3 Benefits paid (31 ) (31 ) Assumed liability - - Benefit obligation at end of year 311 318 Change in plan assets Employer contributions 31 31 Benefits paid (31 ) (31 ) Fair value of plan assets at year end - - Funded status (311 ) (318 ) Actuarial loss 14 3 Net amount recognized $ (297 ) $ (315 ) Amounts recognized in the statement of financial position consist of: December 31, 2017 2016 Accumulated post-retirement benefit obligation: Active participants $ (116,478 ) $ (113,270 ) Retired participants including beneficiaries (194,805 ) (205,196 ) Total (311,283 ) (318,466 ) Plan assets at fair value - - Funded status (311,283 ) (318,466 ) Actuarial loss 14,380 2,963 (Accrued) cost included in other liabilities $ (296,903 ) $ (315,503 ) Components of Net Periodic Benefit Cost: Years ended December 31, 2017 2016 Service cost $ - $ - Interest cost 10,116 11,346 Amortization net gain 14,380 2,963 Net cost (benefit) $ 24,496 $ 14,309 Post-retirement health benefit plan The Bank has a contributory post-retirement health benefit plan for officers that meet eligibility requirements outlined in the employee handbook. The accounting for the health care plan anticipates future cost-sharing changes that are consistent with the Bank’s expressed intent to increase retiree contributions. Post-retirement health benefits valuation December 31, 2017 2016 Number of participants: Retirees 3 3 Active employees - fully eligible - - Active employees - not yet eligible 3 3 Total 6 6 Obligations and funded status: Years ended December 31, 2017 2016 (Amounts in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 287 $ 277 Service cost 6 7 Interest cost 9 11 Actuarial loss (gain) (6 ) (5 ) Plan amendments - - Benefits paid (8 ) (8 ) Retiree contributions 5 5 Benefit obligation at end of year 293 287 Change in plan assets Employer contributions 4 3 Retiree contributions 5 5 Benefits paid (9 ) (8 ) Fair value of plan assets at year end - - Funded status (293 ) (287 ) Actuarial loss (gain) (119 ) (125 ) Net amount recognized $ (412 ) $ (412 ) Amounts recognized in the statement of financial position consist of: December 31, 2017 2016 Accumulated post-retirement benefit obligation: Retirees $ (82,675 ) $ (78,426 ) Active employees - fully eligible - - Active employees - not yet eligible (210,774 ) (208,265 ) Total (293,449 ) (286,691 ) Plan assets at fair value - - Funded status (293,449 ) (286,691 ) Actuarial (gain) (118,270 ) (125,028 ) (Accrued) cost included in other liabilities $ (411,719 ) $ (411,719 ) Components of Net Periodic Benefit Cost: Years ended December 31, 2017 2016 Service cost $ 6,319 $ 6,537 Interest cost 8,993 11,363 Amortization net gain (30,083 ) (20,070 ) Net cost (benefit) $ (14,771 ) $ (2,170 ) |
Note 11 - Stock Compensation
Note 11 - Stock Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 1 1 . Stock Compensation Management recognition plan A Management Recognition and Retention Plan (“MRP”) provides for the issuance of shares to directors and officers. Pursuant to the Ottawa Savings Bancorp, Inc. 2006 43,608 November 2006, $13.46 in equal installments over a five no not December 31, 2017 2016. A summary of the status of the MRP stock awards is as follows: Weighted Average Grant Date Fair Year ending December 31, 2016 Shares Value Outstanding and non-vested at beginning of year 1,047 $ 4.25 Conversion for stock offering * 201 3.57 Granted - - Vested and transferred to recipients (1,248 ) 3.57 Outstanding and non-vested at end of year - $ - * Non-vested shares and weighted average grant date fair value were adjusted at the 1.1921 1. The Company recognized compensation expense of approximately $0 $3,800 December 31, 2017 2016, December 31, 2017, no not Stock option plan A Recognition and Retention Plan (“RRP”) provides for the issuance of stock options to directors, officers and employees. Pursuant to the Ottawa Savings Bancorp, Inc. 2006 November 21, 2006, 92,666 $12.35 5,451 $9.90 December 21, 2008, 8,722 $6.00 November 17, 2010, 13,083 $4.25 November 16, 2011. five ten The fair value of the stock options granted has been estimated using a Black-Scholes option pricing model. This option pricing model requires management to make subjective assumptions, such as expected stock price volatility, dividend rates, and expected time to exercise. There were no 2017 2016. A summary of the status of the outstanding RRP stock options is as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2017 Shares Price Term (years) Value Outstanding at beginning of year 32,491 $ 4.98 3.98 $ 251,702 Forfeited - - - - Granted - - Exercised (2,000 ) 3.57 - $ 20,280 Outstanding at end of year 30,491 $ 5.08 2.92 $ 285,522 Exercisable at year end 30,491 $ 5.08 2.92 $ 285,522 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2016 Shares Price Term (years) Value Outstanding at beginning of year 92,667 $ 10.46 2.10 $ - Conversion for stock offering * 14,448 7.36 2.37 Forfeited (17,443 ) 12.35 0.89 - Granted - - Exercised (57,181 ) 10.36 - $ 135,519 Outstanding at end of year 32,491 $ 4.98 3.98 $ 251,702 Exercisable at year end 32,491 $ 4.98 3.98 $ 251,702 At December 31, 2017, no not $0 $5,000 December 31, 2017 2016, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 2 . Income Taxes The Company and Bank file a consolidated federal income tax return on a calendar year basis. Income tax expense is summarized as follows: Years Ended December 31, 2017 2016 Federal: Current $ 588,767 $ 87,588 Deferred 819,734 366,026 1,408,501 453,614 State: Current 208,047 143,769 Deferred (112,799 ) 2,411 95,248 146,180 $ 1,503,749 $ 599,794 The Company ’s income tax differed from the maximum statutory federal rate of 35% Years Ended December 31, 2017 2016 Expected income taxes $ 811,571 $ 651,312 Income tax effect of: State taxes, net of federal tax benefit 61,911 95,017 Tax exempt interest (157,882 ) (178,803 ) Income taxed at lower rates (23,188 ) (18,609 ) Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 809,403 - Other 1,934 50,877 $ 1,503,749 $ 599,794 During t he fourth 2017 $0.8 December 22, 2017 34 21 34 The components of the net deferred tax asset are as follows: December 31, 2017 2016 Deferred tax assets Employee benefit plans $ 818,437 $ 1,033,250 Allowance for loan losses 704,647 885,495 Net operating loss carryforwards 181,212 371,570 MRP and RRP compensation 132,252 182,856 Loans 84,268 191,434 Purchase accounting - acquisition expenses 90,076 133,904 Other 43,844 46,944 2,054,736 2,845,453 Deferred tax liabilities Unrealized gain on securities available for sale (60,834 ) (44,473 ) Prepaid expenses (23,973 ) (38,349 ) Origination of mortgage servicing rights (17,916 ) (28,423 ) Core deposit intangible (81,523 ) (140,422 ) (184,246 ) (251,667 ) Net deferred tax asset $ 1,870,490 $ 2,593,786 Stockholders’ equity at December 31, 2017 2016 $2,268,000 no $646,000 $887,000 December 31, 2017 2016, At December 31, 2017, $0.9 December 31, 2016, $1.2 $1.1 $0.1 382 $0.9 December 31, 2017 $0.2 2033. Management believes that it is more likely than not no December 31, 2017, no |
Note 13 - Regulatory Matters
Note 13 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 3 . Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and the consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below). In July 2013, January 1, 2015. December 2010 1 4.50%, 1 6.00% 4.00% 8.00% 4.00%. December 31, 2017 2016, Additionally, under the final rule, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a 2.5% 1 The new minimum capital requirements were effective for the Company on January 1, 2015, 1 January 1, 2016. January 1, 2016, 0.625% January 2019, 1 $1.0 not As of December 31, 2017, 1 1 1 no The Bank’s actual capital amounts and ratios as of December 31, 2017 2016, To Be Well For Capital Minimum Capital Capitalized Under Adequacy Adequacy With Prompt Corrective Actual Purposes: Capital Buffer: Action Provisions: Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2017: Total Risk-Based Capital (to risk-weighted assets) $ 43,160 22.524 % $ 15,329 8.000 % $ 17,724 9.250 % $ 19,162 10.000 % Tier I Capital (to risk-weighted assets) $ 40,764 21.274 % $ 11,497 6.000 % $ 13,892 7.250 % $ 15,329 8.000 % Common Equity Tier I (to risk-weighted assets) $ 40,764 21.274 % $ 8,623 4.500 % $ 11,018 5.750 % $ 12,455 6.500 % Tier I Leverage (to adjusted total assets) $ 40,764 16.208 % $ 10,060 4.000 % $ 10,060 4.000 % $ 12,575 5.000 % December 31, 2016: Total Risk-Based Capital (to risk-weighted assets) $ 41,430 26.760 % $ 12,384 8.000 % $ 13,352 8.625 % $ 15,481 10.000 % Tier I Capital (to risk-weighted assets) $ 39,489 25.510 % $ 9,288 6.000 % $ 10,256 6.625 % $ 12,384 8.000 % Common Equity Tier I (to risk-weighted assets) $ 39,489 25.510 % $ 6,966 4.500 % $ 7,934 5.125 % $ 10,062 6.500 % Tier I Leverage (to adjusted total assets) $ 39,489 16.840 % $ 9,379 4.000 % $ 9,379 4.000 % $ 11,723 5.000 % |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 4 . Commitments and Contingencies In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not not The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit. These instruments involve elements of credit and interest-rate risk in excess of the amount recognized in the balance sheets. At December 31, 2017 2016, Range of rates Variable rate Fixed rate Total on fixed rate commitments As of December 31, 2017: Commitments to originate loans $ 576,200 $ 2,620,320 $ 3,196,520 4.13% - 5.00% Unfunded commitments on construction loans - 5,573,760 5,573,760 1.88% - 6.00% Unfunded commitments under lines of credit 16,667,928 - 16,667,928 - 17,244,128 8,194,080 25,438,208 Standby letters of credit - - - $ 17,244,128 $ 8,194,080 $ 25,438,208 As of December 31, 2016: Commitments to originate loans $ 1,582,150 $ 2,135,460 $ 3,717,610 3.50% - 4.75% Unfunded commitments on construction loans - 3,011,307 3,011,307 1.88% - 4.38% Unfunded commitments under lines of credit 11,310,327 - 11,310,327 - 12,892,477 5,146,767 18,039,244 Standby letters of credit - - - $ 12,892,477 $ 5,146,767 $ 18,039,244 Commitments to extend credit are agreements to lend to a customer as long as there is no may may not Unfunded commitments under commercial lines-of-credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines-of-credit are uncollateralized and usually do not may not $16.7 not The Company does not |
Note 15 - Fair Values Measureme
Note 15 - Fair Values Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 1 5 . Fair Values Measurements and Disclosures FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. Management believes it is more likely than not third The Company did not 1 2 2017 2016. The tables below present the recorded amount of assets measured at fair value on a recurring basis at December 31, 2017 2016. Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,970,433 $ - $ 13,970,433 Residential mortgage-backed securities available for sale - 12,075,242 - 12,075,242 $ - $ 26,045,675 $ - $ 26,045,675 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 of assets and liabilities measured at fair value on a non-recurring basis at December 31, 2017 December 31, 2016. Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 84,100 $ 84,100 Impaired loans, net - - 510,682 510,682 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 table presents 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 December 31, 2017 Foreclosed assets $ 84,100 Appraisal of collateral Appraisal adjustments -42% Impaired loans, net $ 415,567 Appraisal of collateral Appraisal adjustments -50 to -61.5% Impaired loans, net $ 95,115 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% |
Note 16 - Fair Values of Financ
Note 16 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 6 . Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair value of financial instruments: Cash and Cash Equivalents: Time deposits : Federal Funds Sold: The carrying amounts reported in the balance sheets for federal funds sold approximate fair values. Securities: 14 Loans: no Loans held for sale: The carrying amounts reported in the balance sheets for loans held for sale approximate fair values, as usually these loans are originated with the intent to sell and funding of the sales usually occurs within three Mortgage Servicing Rights: Deposits: F HLB Advances : Accrued Interest Receivable and Payable: Loan Commitments: not December 31, 2017 2016, The estimated fair values of the Bank’s financial instruments are as follows: Fair Value Measurements at Carrying December 31, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,755,817 $ 3,755,817 $ - $ - $ 3,755,817 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 939,000 939,000 - - 939,000 Securities 26,964,062 - 26,045,675 918,387 26,964,062 Accrued interest receivable 794,449 794,449 - - 794,449 Net loans 207,035,091 - - 208,823,729 208,823,729 Loans held for sale 499,375 - 499,375 - 499,375 Mortgage servicing rights 423,522 - - 423,522 423,522 Financial Liabilities: Non-interest bearing deposits 11,562,801 11,562,801 - - 11,562,801 Interest bearing deposits 171,211,823 - - 171,915,595 171,915,595 Accrued interest payable 661 661 - - 661 FHLB advances 15,105,287 - 15,080,025 - 15,080,025 Carrying December 31, 2016 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 5,946,649 $ 5,946,649 $ - $ - $ 5,946,649 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,690,000 1,690,000 - - 1,690,000 Securities 45,314,001 - 44,560,680 753,321 45,314,001 Accrued interest receivable 785,484 785,484 - - 785,484 Net loans 160,586,129 - - 161,967,000 161,967,000 Loans held for sale 305,072 - 305,072 - 305,072 Mortgage servicing rights 351,544 - - 351,544 351,544 Financial Liabilities: Non-interest bearing deposits 9,974,536 9,974,536 - - 9,974,536 Interest bearing deposits 162,572,485 - - 155,963,464 155,963,464 Accrued interest payable 224 224 - - 224 FHLB advances 1,121,153 - 1,151,000 - 1,151,000 In addition, other assets and liabilities of the Bank that are not not not may not |
Note 17 - Condensed Parent Only
Note 17 - Condensed Parent Only Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1 7 . Condensed Parent Only Financial Statements December 31, 2017 2016 Balance sheets Assets: Interest bearing deposits $ 9,265,423 $ 9,930,224 Equity in net assets of Ottawa Savings Bank 42,020,902 40,847,022 ESOP note receivable 1,802,592 1,966,787 Other assets 14,018 - Total assets $ 53,102,935 $ 52,744,033 Liabilities and stockholders' equity: Redeemable common stock in ESOP plan $ 1,202,014 $ 807,629 Stockholders' Equity 51,900,921 51,936,404 Total liabilities and stockholders' equity $ 53,102,935 $ 52,744,033 Years Ended December 31, 2017 2016 Statements of operations Equity in net income of subsidiary $ 858,784 $ 1,316,346 Interest income 74,504 31,537 Operating income 933,288 1,347,883 Other expenses 137,257 86,785 Income before income tax benefit 796,031 1,261,098 Income tax (benefit) (17,993 ) - Net income $ 814,024 $ 1,261,098 Years Ended December 31, 2017 2016 Statements of cash flows Operating activities: Net income $ 814,024 $ 1,261,098 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (14,018 ) - Undistributed net income of subsidiary (858,784 ) (1,316,346 ) Net cash used in operating activities (58,778 ) (55,248 ) Investing activities: Payments received on ESOP notes receivable 164,195 207,165 Net cash provided by investing activities 164,195 207,165 Financing activities: Proceeds from stock offering including shares purchased by ESOP, net of expenses - 22,337,869 Distribution of stock offering proceeds to bank - (11,106,092 ) Options exercised 7,140 127,926 Shares repurchased and cancelled (253,932 ) - Dividends paid (523,426 ) - Loan to ESOP to purchase Company stock in stock offering - (1,907,160 ) Net cash (used in) provided by financing activities (770,218 ) 9,452,543 Net (decrease) increase in cash and cash equivalents (664,801 ) 9,604,460 Cash and cash equivalents: Beginning of period 9,930,224 325,764 End of period $ 9,265,423 $ 9,930,224 Supplemental Disclosures of Cash Flow Information Cash paid for taxes, net of refunds received $ (3,976 ) - Supplemental Schedule of Noncash Investing and Financing Activities Increase in ESOP put option liability $ 394,385 $ 431,086 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of Ottawa Bancorp, Inc. (the Company) and its wholly owned subsidiary Ottawa Savings Bank (the Bank). All significant intercompany transactions and balances are eliminated in consolidation. |
Reclassification, Policy [Policy Text Block] | Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation with no |
Use of Estimates, Policy [Policy Text Block] | Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the fair value of securities available for sale, the determination of the allowance for loan losses, valuation of deferred income taxes, and the fair value measurement for the assets and liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Most of the Bank’s business activity is with customers within the Ottawa, Marseilles, and Morris areas. The Bank does not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks, including cash items in process of clearing. Cash flows from loans, deposits, and federal funds sold or purchased are treated as net increases or decreases in the statement of cash flows. The Company maintains its cash in bank deposit accounts which, at times, may not not |
Deposit Contracts, Policy [Policy Text Block] | Time deposits Time deposits held at other financial institutions are carried at cost and include any time deposits with an original maturity of greater than three not not |
Marketable Securities, Policy [Policy Text Block] | Investment securities Debt securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not 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 To determine if an “other-than-temporary” impairment (OTTI) exists on an investment security, the Company first not expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of the other-than-temporary impairment that is recognized in earnings and is a reduction to the cost basis of the security. The portion of total impairment related to all other factors is included in other comprehensive income (loss). |
Investment, Policy [Policy Text Block] | Non-marketable equity securities Investments in the Federal Home Loan Bank of Chicago, Bankers Bank of Wisconsin, and the Upper Illinois River Valley Development Corporation are carried at cost and periodically evaluated for impairment. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans The Bank primarily lends to small and mid-sized businesses, non-residential real estate customers and consumers providing mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans throughout Ottawa, Illinois and the surrounding area. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. It is the Bank’s policy to review each prospective credit in order to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Bank seeks recovery in compliance with state lending laws, the Bank’s lending standards, and credit monitoring and remediation procedures. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the contractual life of the loan using the interest method. The following portfolio segments and classes of loan receivables have been identified by the Company: • Commercial • Non-residential real estate • One-to- four residential • Multi-family residential • Consumer direct • Purchased auto Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans are placed on nonaccrual status when the loan has become over 90 When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. may • The loan is current, and all principal and interest amounts contractually due have been made, • All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period, and • There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: • Six months of repayment performance for contractual monthly payments, or • One year of repayment performance for contractual quarterly or semi-annual payments . Troubled debt restructuring exists when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession (either imposed by court order, law, or agreement between the borrower and the Company) to the borrower that it would not The following criteria, related to granting a concession, together or separately, create a troubled debt restructuring: • A modification of terms of a debt such as one • The reduction of the stated interest rate to a rate lower than the current market rate for new debt with similar risk. • The extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. • The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. • The reduction of accrued interest. • A transfer from the borrower to the Company of receivables from third position in the borrower to fully or partially satisfy a loan. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses For all portfolio segments, the allowance for loan losses is an amount necessary to absorb known and inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses, for all portfolio segments, 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. For all portfolio segments, 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 may The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company using the most recent twelve December 31, 2014, sixteen Actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: ● Levels of and trends in delinquencies and impaired loans ● Levels of and trends in charge-offs and recoveries ● Trends in volume and terms of loans ● Effects of any changes in risk selection and underwriting standards ● Other changes in lending policies, procedures and practices ● Experience, ability and depth of lending management and other relevant staff ● National and local economic trends and conditions ● Industry conditions ● Effects of changes in credit concentrations 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 A discussion of the risk characteristics and the allowance for estimated losses on loans, by each portfolio segment, follows: For commercial loans, the Company focuses on small and mid-sized businesses that have annual revenues below $5,000,000 The Company also originates commercial loans through Bankers Health Group (BHG). BHG specializes in loans to healthcare professionals of all specialties throughout the United States. The loans for BHG are primarily comprised of working capital and equipment loans. We underwrite these loans based on our criteria and service the loans in-house. Approval is generally based on the following factors: • Ability and stability of current management of the borrower; • Stable earnings with positive financial trends; • Sufficient cash flow to support debt repayment; • Earnings projections based on reasonable assumptions; • Financial strength of the industry and business; and • Value and marketability of collateral. Collateral for commercial loans generally includes accounts receivable, inventory, and equipment. The lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The lending policy specifies maximum term limits for commercial loans. For term loans, the maximum term is 5 3 5 365 may Non-residential real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for non-residential real estate loans generally includes the underlying real estate and improvements, and may Some of the non-residential loans that the Company originates finance the construction of residential dwellings and land development. For land development, the loans generally can be made with a maximum loan to value ratio of 70% 10 may, 80% may nine two 70% For commercial and non-residential real estate loans, the allowance for loan losses consists of specific and general components. For loans that are considered impaired as defined above, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company hires an independent firm to perform a loan review every 18 24 Generally, the Company’s one four not three five 100% 90% no The Company also originates loans for multi-family dwellings. These loans follow board and regulatory approved underwriting guidelines similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for multi-family real estate loans generally includes the underlying real estate and improvements, and may The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, share loans, personal unsecured loans, home equity, and small personal credit lines. The lending policy addresses specific credit guidelines by consumer loan type. Unsecured loans generally have a maximum borrowing limit of $25,000 four The procedures for underwriting consumer loans include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loans. Although the applicant’s credit-worthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company purchases auto loans from regulated financial institutions. These types of loans are primarily low balance individual auto loans. The Company reviews the loans at least three thirty For residential real estate loans, multi-family, consumer direct loans (e.g. installment, in-house auto, other consumer loans, etc.) and purchased auto loans, the allowance for estimated losses on loans consists of a specific and general component. The specific component is evaluated for only loans that are classified as impaired, which is based on current information and events if it is probable that the Company will be unable to collect the scheduled payments according to the terms of the agreement. Impairment on these is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For large groups of smaller balance homogenous loans that are under 90 Residential real estate loans, multi-family real estate loans, consumer direct loans and purchased auto loans are not 90 90 Troubled debt restructur ings are considered impaired loans and are subject to the same allowance methodology as described above for impaired loans by portfolio segment. |
Finance Loans and Leases Receivable Acquired [Policy Text Block] | Loans Acquired in a Transfer The loans acquired in the Twin Oaks merger were recorded at fair value as of the acquisition date and no FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, 310 30 The Company considered expected prepayments and estimated the total expected cash flows, which included undiscounted expected principal and interest. The excess of that amount over the fair value of the loan is referred to as accretable yield. Accretable yield is recognized an interest income on a constant yield basis over the expected life of the loan. The excess of the contractual cash flows over expected cash flows is referred to as non-accretable difference and is not first FASB ASC Topic 310 20, Nonrefundable Fees and Other Costs, not 310 20, |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Financings, Policy [Policy Text Block] | Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The Company’s servicing of assets is recorded in other assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Real Estate, Policy [Policy Text Block] | Foreclosed real estate Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses. The carrying value of foreclosed residential real estate property as of December 31, 2017 2016, $84,100 $33,000, two December 31, 2017, $23,000 three December 31, 2016, $269,000. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not no no 2014 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. Premises and equipment are depreciated using the straight-line and accelerated depreciation methods over the estimated useful lives of the assets: Years Buildings 5 - 50 Furniture and equipment 5 - 39 |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee stock ownership plan The Bank has an employee stock ownership plan (ESOP) covering substantially all employees. The cost of shares issued to the ESOP but not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation The Company recognizes compensation cost for all stock-based awards based on the estimated grant date fair value. The fair value of stock options is estimated using a Black-Scholes option pricing model and amortized to expense over the option’s vesting periods, as more fully disclosed in Note 11. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-balance-sheet financial instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to originate loans, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale net of the related tax effect. |
Commitments and Contingencies, Policy [Policy Text Block] | Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In the normal course of business, management will reach settlements over legal issues which are recorded in the period received. Management does not |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurement s In accordance with the provisions of FASB ASC 820, Fair Value Measurements and Disclosures , not 15 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. |
Present Value of Future Insurance Profits, Policy [Policy Text Block] | Cash surrender value of life insurance The Company has purchased bank-owned life insurance on certain directors and officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values are included in other income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. On December 31, 2014, $650,000. not December 31 December 31, 2017, not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core deposit intangible The core deposit intangible represents the value of acquired customer relationships resulting from the Company’s December 31, 2014 9.8 may Estimated future amortization expense on core deposit intangible is shown in the table below: Year Ending December 31, Amount 2018 $ 58,000 2019 46,000 2020 38,000 2021 38,000 2022 38,000 Thereafter 68,000 $ 286,000 |
Earnings Per Share, Policy [Policy Text Block] | 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. See Note 11 Years ended December 31, 2017 2016 Net income available to common stockholders $ 814,024 $ 1,261,098 Basic potential common shares: Weighted average shares outstanding 3,467,208 3,019,749 Weighted average unallocated ESOP shares (187,545 ) (59,149 ) Weighted average unvested MRP shares - (938 ) Basic weighted average shares outstanding 3,279,663 2,959,662 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 1,099 Weighted average RRP options outstanding 16,200 14,952 Dilutive weighted average shares outstanding 3,295,863 2,975,713 Basic earnings per share $ 0.25 $ 0.43 Diluted earnings per share $ 0.25 $ 0.42 |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company views the Bank as one not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 December 15, 2016. August 2015, ASU 2015 14, 606 2014 09 one four 2016 2014 09. 2014 09, The Company has completed its overall assessment of non-interest income and review of related contracts potentially affected by the guidance. The Company’s assessment indicates the adoption of this guidance will not January 1, 2018 not In January 2016, 2016 01, Financial Instruments—Overall (Subtopic 825 10 2016 01 January 1, 2018. not In February 2016, 2016 02, Leases (Topic 842 1 2 606, no 2016 02 December 15, 2018, not may not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting. December 15, 2016, 2016 09 January 1, 2017 not may In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 2016 13 2016 13 December 15, 2019, December 31, 2018, 2016 13 In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2 December 15, 2019, January 1, 2017. not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 2017 08 December 15, 2018, In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . December 15, 2018, December 31, 2017. $25,108 |
Subsequent Events, Policy [Policy Text Block] | Subsequent event s The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10 |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule Of Useful Lives Of Property Plant And Equipment [Table Text Block] | Years Buildings 5 - 50 Furniture and equipment 5 - 39 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2018 $ 58,000 2019 46,000 2020 38,000 2021 38,000 2022 38,000 Thereafter 68,000 $ 286,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31, 2017 2016 Net income available to common stockholders $ 814,024 $ 1,261,098 Basic potential common shares: Weighted average shares outstanding 3,467,208 3,019,749 Weighted average unallocated ESOP shares (187,545 ) (59,149 ) Weighted average unvested MRP shares - (938 ) Basic weighted average shares outstanding 3,279,663 2,959,662 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 1,099 Weighted average RRP options outstanding 16,200 14,952 Dilutive weighted average shares outstanding 3,295,863 2,975,713 Basic earnings per share $ 0.25 $ 0.43 Diluted earnings per share $ 0.25 $ 0.42 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2017: Available for Sale State and municipal securities $ 13,756,573 $ 221,320 $ 7,460 $ 13,970,433 Residential mortgage-backed securities 12,075,689 121,840 122,287 12,075,242 $ 25,832,262 $ 343,160 $ 129,747 $ 26,045,675 December 31, 2016: 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 $ 55,000 $ 55,004 Due after three months through one year 714,379 716,817 Due after one year through five years 4,430,045 4,477,805 Due after five years through ten years 4,212,871 4,312,268 Due after ten years 4,344,278 4,408,539 Residential mortgage-backed securities 12,075,689 12,075,242 $ 25,832,262 $ 26,045,675 |
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 December 31, 2017 Securities Available for Sale State and municipal securities $ 1,435,888 $ 7,460 $ - $ - $ 1,435,888 $ 7,460 Residential mortgage-backed securities 2,035,206 12,564 6,209,019 109,723 8,244,225 122,287 $ 3,471,094 $ 20,024 $ 6,209,019 $ 109,723 $ 9,680,113 $ 129,747 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 4 - Loans and Allowance 29
Note 4 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 124,118,335 $ 103,871,686 Multi-family residential loans 5,664,524 5,182,611 Total mortgage loans 129,782,859 109,054,297 Other loans: Non-residential real estate loans 32,133,094 22,560,167 Commercial loans 20,759,262 16,645,226 Consumer direct 6,281,712 2,859,703 Purchased auto 20,550,610 11,714,185 Total other loans 79,724,678 53,779,281 Gross loans 209,507,537 162,833,578 Less: Allowance for loan losses (2,472,446 ) (2,247,449 ) Loans, net $ 207,035,091 $ 160,586,129 |
Schedule of Loans Acquired in Merger [Table Text Block] | December 31, December 31, 2017 2016 Mortgage loans: One-to-four family residential loans $ 14,811,329 $ 18,062,672 Multi-family residential loans 265,625 272,378 Total mortgage loans 15,076,954 18,335,050 Other loans: Non-residential real estate loans 2,120,630 2,352,952 Commercial loans 571,538 779,595 Consumer direct 59,353 196,340 Total other loans 2,751,521 3,328,887 Gross loans 17,828,475 21,663,937 Less: Allowance for loan losses (135,000 ) (100,000 ) Loans, net $ 17,693,475 $ 21,563,937 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | 2017 2016 Balance, beginning of year $ 461,334 $ 575,605 Payment activity (491,552 ) (171,195 ) Charge-offs - - Transfer to foreclosed real estate - (44,417 ) Accretion into interest income 174,746 101,341 $ 144,528 $ 461,334 |
Certain Loans Acquired in Transfer Accretable Yield [Table Text Block] | 2017 2016 Balance, beginning of year $ 82,869 $ 175,342 Net reclassification from non-accretable yield 101,469 8,868 Accretion into interest income (174,746 ) (101,341 ) Disposals - - $ 9,592 $ 82,869 |
Schedule Of Loans Purchased [Table Text Block] | Years Ended December 31, 2017 2016 Purchased auto loans $ 14,141,053 $ 10,356,577 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Years Ended December 31, 2017 2016 One-to-four family $ (248,374 ) $ (172,625 ) Multi-family 16,119 15,887 Non-residential (53,686 ) (170,661 ) Consumer direct (376 ) 7,432 Purchased auto (63,686 ) (99,090 ) Net (charge-offs)/recoveries $ (350,003 ) $ (419,057 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | December 31, 2017 One-to-Four 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 298,839 (87,630 ) 57,453 56,773 61,392 188,173 575,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (85,442 ) (415,117 ) Recoveries of loans previously charged off 10,982 16,119 8,000 - 8,257 21,756 65,114 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Period-end amount allocated to: Loans individually evaluated for impairment $ 78,820 $ - $ 110,055 $ - $ - $ 493 $ 189,368 Loans acquired with deteriorated credit quality 40,408 - - - - 40,408 Loans collectively evaluated for impairment 1,358,191 21,970 261,038 153,596 140,269 307,606 2,242,670 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 December 31, 2016 One-to-Four 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 (128,003 ) (64,643 ) 339,647 45,517 34,634 215,348 442,500 Loans charged off (233,264 ) - (170,661 ) - - (109,514 ) (513,439 ) Recoveries of loans previously charged off 60,639 15,887 - - 7,432 10,424 94,382 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Period-end amount allocated to: Loans individually evaluated for impairment $ 208,186 $ - $ 185,172 $ - $ - $ 12,282 $ 405,640 Loans acquired with deteriorated credit quality 34,401 - - - - - 34,401 Loans collectively evaluated for impairment 1,184,367 93,481 182,154 96,823 79,253 171,330 1,807,408 Balance at end of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 December 31, 2017 One-to-four Family Multi-family Non-residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 986,321 $ - $ 355,203 $ 10,454 $ - $ 985 $ 1,352,963 Loans acquired with deteriorated credit quality 144,528 - - - - - 144,528 Loans collectively evaluated for impairment 122,987,486 5,664,524 31,777,891 20,748,808 6,281,712 20,549,625 208,010,046 Ending Balance $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 December 31, 2016 One-to-four Family Multi-family Non-residential Commercial Consumer Direct Purchased 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 Ending Balance $ 103,871,686 $ 5,182,611 $ 22,560,167 $ 16,645,226 $ 2,859,703 $ 11,714,185 $ 162,833,578 |
Impaired Financing Receivables [Table Text Block] | December 31, 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 $ 1,130,849 $ 746,579 $ 384,270 $ 1,130,849 $ 119,228 $ 1,795,888 Multi-family - - - - - - Non-residential 355,203 - 355,203 355,203 110,055 749,271 Commercial 10,454 10,454 - 10,454 - 5,341 Consumer direct - - - - - - Purchased auto 985 - 985 985 493 11,205 $ 1,497,491 $ 757,033 $ 740,458 $ 1,497,491 $ 229,776 $ 2,561,705 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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,213,662 $ - Multi-family - - Non-residential 355,203 - Commercial 10,454 - Consumer direct - - Purchased auto 985 - $ 1,580,304 $ - 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] | December 31, 2017 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 860,502 $ 985,661 $ 99,601 $ 1,945,764 $ 122,172,571 $ 124,118,335 Multi-family - - - - 5,664,524 5,664,524 Non-residential 478,930 394,634 - 873,564 31,259,530 32,133,094 Commercial - 10,454 - 10,454 20,748,808 20,759,262 Consumer direct - - - - 6,281,712 6,281,712 Purchased auto 30,352 - 985 31,337 20,519,273 20,550,610 $ 1,369,784 $ 1,390,749 $ 100,586 $ 2,861,119 $ 206,646,418 $ 209,507,537 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] | December 31, 2017 Pass Special Mention Substandard Doubtful Not rated One-to-four family $ - $ 529,738 $ 1,130,849 $ - $ 122,457,748 Multi-family - - - - 5,664,524 Non-residential 31,531,886 246,005 355,203 - - Commercial 20,748,808 - 10,454 - - Consumer direct - - - - 6,281,712 Purchased auto - - 985 - 20,549,625 Total $ 52,280,694 $ 775,743 $ 1,497,491 $ - $ 154,953,609 December 31, 2016 Pass Special Mention Substandard Doubtful Not rated One-to-four family $ - $ 562,215 $ 2,604,185 $ - $ 100,705,286 Multi-family - 127,987 - - 5,054,624 Non-residential 20,102,176 193,228 2,264,763 - - Commercial 16,645,226 - - - - Consumer direct - - - - 2,859,703 Purchased auto - - 24,564 - 11,689,621 Total $ 36,747,402 $ 883,430 $ 4,893,512 $ - $ 120,309,234 |
Note 6 - Accrued Interest Rec30
Note 6 - Accrued Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Interest Receivable [Table Text Block] | 2017 2016 State and municipal securities $ 120,760 $ 183,453 Residential mortgage-backed securities 40,099 85,481 Loans 633,590 516,550 $ 794,449 $ 785,484 |
Note 7 - Premises and Equipme31
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Cost: Land $ 2,190,649 $ 2,190,649 Buildings 7,300,466 7,242,297 Furniture and equipment 1,450,390 1,435,719 10,941,505 10,868,665 Less: Accumulated depreciation 4,271,417 4,024,759 $ 6,670,088 $ 6,843,906 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule Of Deposits [Table Text Block] | 2017 2016 Amount Percent Amount Percent Non-interest bearing checking $ 11,562,801 6.32 % $ 9,974,536 5.78 % Interest bearing checking 29,081,404 15.91 % 27,633,885 16.02 % Money market 27,560,108 15.08 % 29,718,761 17.22 % Savings 25,965,589 14.21 % 23,988,758 13.90 % Certificates of deposit 88,604,722 48.48 % 81,231,081 47.08 % Interest bearing 171,211,823 93.68 % 162,572,485 94.22 % Total $ 182,774,624 100.00 % $ 172,547,021 100.00 % |
Interest Expense On Deposits [Table Text Block] | Years Ended December 31, 2017 2016 Money market $ 74,101 $ 64,011 Savings 18,585 20,141 Certificates of deposit 854,250 723,865 Interest bearing checking 16,306 12,299 $ 963,242 $ 820,316 |
Schedule Of Maturities Of Certificates Of Deposit [Table Text Block] | 2018 $ 40,838,216 2019 27,874,405 2020 4,645,828 2021 5,240,366 2022 10,005,907 $ 88,604,722 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2017 2016 Open lines of credit at 1.46% $ 4,000,000 $ - Matures 02/15/2018 at 1.27%, fixed 1,000,000 - Matures 03/30/2018 at 1.72%, fixed 499,357 496,784 Matures 05/15/2018 at 1.34%, fixed 2,000,000 - Matures 08/30/2018 at 1.56%, fixed 3,000,000 - Matures 09/25/2018 at 1.46%, fixed 2,000,000 - Matures 04/01/2019 at 2.00%, fixed 497,089 494,906 Matures 12/16/2019 at 2.08%, fixed 2,000,000 - Matures 10/03/2022 at 1.48%, fixed 108,841 129,463 $ 15,105,287 $ 1,121,153 |
Note 10 - Employment Benefit 34
Note 10 - Employment Benefit and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | December 31, 2017 2016 Shares allocated 104,272 85,493 Shares withdrawn from the plan (21,030 ) (22,050 ) Unallocated shares 177,418 196,197 Total ESOP shares 260,660 259,640 Fair value of unallocated shares $ 2,561,916 $ 2,497,588 |
Schedule of Employee Benefit and Retirement Plans [Table Text Block] | December 31, 2017 2016 Number of participants: Retirees 4 4 Active directors - not yet eligible 2 2 Total 6 6 December 31, 2017 2016 Number of participants: Retirees 3 3 Active employees - fully eligible - - Active employees - not yet eligible 3 3 Total 6 6 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Years ended December 31, 2017 2016 (Amounts in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 318 $ 335 Service cost - - Interest cost 10 11 Actuarial loss 14 3 Benefits paid (31 ) (31 ) Assumed liability - - Benefit obligation at end of year 311 318 Change in plan assets Employer contributions 31 31 Benefits paid (31 ) (31 ) Fair value of plan assets at year end - - Funded status (311 ) (318 ) Actuarial loss 14 3 Net amount recognized $ (297 ) $ (315 ) Years ended December 31, 2017 2016 (Amounts in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 287 $ 277 Service cost 6 7 Interest cost 9 11 Actuarial loss (gain) (6 ) (5 ) Plan amendments - - Benefits paid (8 ) (8 ) Retiree contributions 5 5 Benefit obligation at end of year 293 287 Change in plan assets Employer contributions 4 3 Retiree contributions 5 5 Benefits paid (9 ) (8 ) Fair value of plan assets at year end - - Funded status (293 ) (287 ) Actuarial loss (gain) (119 ) (125 ) Net amount recognized $ (412 ) $ (412 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2017 2016 Accumulated post-retirement benefit obligation: Active participants $ (116,478 ) $ (113,270 ) Retired participants including beneficiaries (194,805 ) (205,196 ) Total (311,283 ) (318,466 ) Plan assets at fair value - - Funded status (311,283 ) (318,466 ) Actuarial loss 14,380 2,963 (Accrued) cost included in other liabilities $ (296,903 ) $ (315,503 ) December 31, 2017 2016 Accumulated post-retirement benefit obligation: Retirees $ (82,675 ) $ (78,426 ) Active employees - fully eligible - - Active employees - not yet eligible (210,774 ) (208,265 ) Total (293,449 ) (286,691 ) Plan assets at fair value - - Funded status (293,449 ) (286,691 ) Actuarial (gain) (118,270 ) (125,028 ) (Accrued) cost included in other liabilities $ (411,719 ) $ (411,719 ) |
Schedule of Net Benefit Costs [Table Text Block] | Years ended December 31, 2017 2016 Service cost $ - $ - Interest cost 10,116 11,346 Amortization net gain 14,380 2,963 Net cost (benefit) $ 24,496 $ 14,309 Years ended December 31, 2017 2016 Service cost $ 6,319 $ 6,537 Interest cost 8,993 11,363 Amortization net gain (30,083 ) (20,070 ) Net cost (benefit) $ (14,771 ) $ (2,170 ) |
Note 11 - Stock Compensation (T
Note 11 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Weighted Average Grant Date Fair Year ending December 31, 2016 Shares Value Outstanding and non-vested at beginning of year 1,047 $ 4.25 Conversion for stock offering * 201 3.57 Granted - - Vested and transferred to recipients (1,248 ) 3.57 Outstanding and non-vested at end of year - $ - |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2017 Shares Price Term (years) Value Outstanding at beginning of year 32,491 $ 4.98 3.98 $ 251,702 Forfeited - - - - Granted - - Exercised (2,000 ) 3.57 - $ 20,280 Outstanding at end of year 30,491 $ 5.08 2.92 $ 285,522 Exercisable at year end 30,491 $ 5.08 2.92 $ 285,522 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2016 Shares Price Term (years) Value Outstanding at beginning of year 92,667 $ 10.46 2.10 $ - Conversion for stock offering * 14,448 7.36 2.37 Forfeited (17,443 ) 12.35 0.89 - Granted - - Exercised (57,181 ) 10.36 - $ 135,519 Outstanding at end of year 32,491 $ 4.98 3.98 $ 251,702 Exercisable at year end 32,491 $ 4.98 3.98 $ 251,702 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2017 2016 Federal: Current $ 588,767 $ 87,588 Deferred 819,734 366,026 1,408,501 453,614 State: Current 208,047 143,769 Deferred (112,799 ) 2,411 95,248 146,180 $ 1,503,749 $ 599,794 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2017 2016 Expected income taxes $ 811,571 $ 651,312 Income tax effect of: State taxes, net of federal tax benefit 61,911 95,017 Tax exempt interest (157,882 ) (178,803 ) Income taxed at lower rates (23,188 ) (18,609 ) Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 809,403 - Other 1,934 50,877 $ 1,503,749 $ 599,794 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Deferred tax assets Employee benefit plans $ 818,437 $ 1,033,250 Allowance for loan losses 704,647 885,495 Net operating loss carryforwards 181,212 371,570 MRP and RRP compensation 132,252 182,856 Loans 84,268 191,434 Purchase accounting - acquisition expenses 90,076 133,904 Other 43,844 46,944 2,054,736 2,845,453 Deferred tax liabilities Unrealized gain on securities available for sale (60,834 ) (44,473 ) Prepaid expenses (23,973 ) (38,349 ) Origination of mortgage servicing rights (17,916 ) (28,423 ) Core deposit intangible (81,523 ) (140,422 ) (184,246 ) (251,667 ) Net deferred tax asset $ 1,870,490 $ 2,593,786 |
Note 13 - Regulatory Matters (T
Note 13 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well For Capital Minimum Capital Capitalized Under Adequacy Adequacy With Prompt Corrective Actual Purposes: Capital Buffer: Action Provisions: Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2017: Total Risk-Based Capital (to risk-weighted assets) $ 43,160 22.524 % $ 15,329 8.000 % $ 17,724 9.250 % $ 19,162 10.000 % Tier I Capital (to risk-weighted assets) $ 40,764 21.274 % $ 11,497 6.000 % $ 13,892 7.250 % $ 15,329 8.000 % Common Equity Tier I (to risk-weighted assets) $ 40,764 21.274 % $ 8,623 4.500 % $ 11,018 5.750 % $ 12,455 6.500 % Tier I Leverage (to adjusted total assets) $ 40,764 16.208 % $ 10,060 4.000 % $ 10,060 4.000 % $ 12,575 5.000 % December 31, 2016: Total Risk-Based Capital (to risk-weighted assets) $ 41,430 26.760 % $ 12,384 8.000 % $ 13,352 8.625 % $ 15,481 10.000 % Tier I Capital (to risk-weighted assets) $ 39,489 25.510 % $ 9,288 6.000 % $ 10,256 6.625 % $ 12,384 8.000 % Common Equity Tier I (to risk-weighted assets) $ 39,489 25.510 % $ 6,966 4.500 % $ 7,934 5.125 % $ 10,062 6.500 % Tier I Leverage (to adjusted total assets) $ 39,489 16.840 % $ 9,379 4.000 % $ 9,379 4.000 % $ 11,723 5.000 % |
Note 14 - Commitments and Con38
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Range of rates Variable rate Fixed rate Total on fixed rate commitments As of December 31, 2017: Commitments to originate loans $ 576,200 $ 2,620,320 $ 3,196,520 4.13% - 5.00% Unfunded commitments on construction loans - 5,573,760 5,573,760 1.88% - 6.00% Unfunded commitments under lines of credit 16,667,928 - 16,667,928 - 17,244,128 8,194,080 25,438,208 Standby letters of credit - - - $ 17,244,128 $ 8,194,080 $ 25,438,208 As of December 31, 2016: Commitments to originate loans $ 1,582,150 $ 2,135,460 $ 3,717,610 3.50% - 4.75% Unfunded commitments on construction loans - 3,011,307 3,011,307 1.88% - 4.38% Unfunded commitments under lines of credit 11,310,327 - 11,310,327 - 12,892,477 5,146,767 18,039,244 Standby letters of credit - - - $ 12,892,477 $ 5,146,767 $ 18,039,244 |
Note 15 - Fair Values Measure39
Note 15 - Fair Values Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,970,433 $ - $ 13,970,433 Residential mortgage-backed securities available for sale - 12,075,242 - 12,075,242 $ - $ 26,045,675 $ - $ 26,045,675 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 December 31, 2017 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 84,100 $ 84,100 Impaired loans, net - - 510,682 510,682 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 December 31, 2017 Foreclosed assets $ 84,100 Appraisal of collateral Appraisal adjustments -42% Impaired loans, net $ 415,567 Appraisal of collateral Appraisal adjustments -50 to -61.5% Impaired loans, net $ 95,115 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% |
Note 16 - Fair Values of Fina40
Note 16 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Carrying December 31, 2017 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,755,817 $ 3,755,817 $ - $ - $ 3,755,817 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 939,000 939,000 - - 939,000 Securities 26,964,062 - 26,045,675 918,387 26,964,062 Accrued interest receivable 794,449 794,449 - - 794,449 Net loans 207,035,091 - - 208,823,729 208,823,729 Loans held for sale 499,375 - 499,375 - 499,375 Mortgage servicing rights 423,522 - - 423,522 423,522 Financial Liabilities: Non-interest bearing deposits 11,562,801 11,562,801 - - 11,562,801 Interest bearing deposits 171,211,823 - - 171,915,595 171,915,595 Accrued interest payable 661 661 - - 661 FHLB advances 15,105,287 - 15,080,025 - 15,080,025 Carrying December 31, 2016 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 5,946,649 $ 5,946,649 $ - $ - $ 5,946,649 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,690,000 1,690,000 - - 1,690,000 Securities 45,314,001 - 44,560,680 753,321 45,314,001 Accrued interest receivable 785,484 785,484 - - 785,484 Net loans 160,586,129 - - 161,967,000 161,967,000 Loans held for sale 305,072 - 305,072 - 305,072 Mortgage servicing rights 351,544 - - 351,544 351,544 Financial Liabilities: Non-interest bearing deposits 9,974,536 9,974,536 - - 9,974,536 Interest bearing deposits 162,572,485 - - 155,963,464 155,963,464 Accrued interest payable 224 224 - - 224 FHLB advances 1,121,153 - 1,151,000 - 1,151,000 |
Note 17 - Condensed Parent On41
Note 17 - Condensed Parent Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2017 2016 Balance sheets Assets: Interest bearing deposits $ 9,265,423 $ 9,930,224 Equity in net assets of Ottawa Savings Bank 42,020,902 40,847,022 ESOP note receivable 1,802,592 1,966,787 Other assets 14,018 - Total assets $ 53,102,935 $ 52,744,033 Liabilities and stockholders' equity: Redeemable common stock in ESOP plan $ 1,202,014 $ 807,629 Stockholders' Equity 51,900,921 51,936,404 Total liabilities and stockholders' equity $ 53,102,935 $ 52,744,033 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, 2017 2016 Statements of operations Equity in net income of subsidiary $ 858,784 $ 1,316,346 Interest income 74,504 31,537 Operating income 933,288 1,347,883 Other expenses 137,257 86,785 Income before income tax benefit 796,031 1,261,098 Income tax (benefit) (17,993 ) - Net income $ 814,024 $ 1,261,098 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, 2017 2016 Statements of cash flows Operating activities: Net income $ 814,024 $ 1,261,098 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (14,018 ) - Undistributed net income of subsidiary (858,784 ) (1,316,346 ) Net cash used in operating activities (58,778 ) (55,248 ) Investing activities: Payments received on ESOP notes receivable 164,195 207,165 Net cash provided by investing activities 164,195 207,165 Financing activities: Proceeds from stock offering including shares purchased by ESOP, net of expenses - 22,337,869 Distribution of stock offering proceeds to bank - (11,106,092 ) Options exercised 7,140 127,926 Shares repurchased and cancelled (253,932 ) - Dividends paid (523,426 ) - Loan to ESOP to purchase Company stock in stock offering - (1,907,160 ) Net cash (used in) provided by financing activities (770,218 ) 9,452,543 Net (decrease) increase in cash and cash equivalents (664,801 ) 9,604,460 Cash and cash equivalents: Beginning of period 9,930,224 325,764 End of period $ 9,265,423 $ 9,930,224 Supplemental Disclosures of Cash Flow Information Cash paid for taxes, net of refunds received $ (3,976 ) - Supplemental Schedule of Noncash Investing and Financing Activities Increase in ESOP put option liability $ 394,385 $ 431,086 |
Note 1 - Summary of Significa42
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Oct. 11, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) |
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 | 1.1921 | ||
Maximum Revenues Of Customers | $ 5,000,000 | |||
Loan and Lease Receviable, Line of Credit Term | 1 year | |||
Real Estate Acquired Through Foreclosure | $ 84,100 | $ 33,000 | ||
Mortgage Loans in Process of Foreclosure, Number of Loans | 2 | 3 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 23,000 | $ 269,000 | ||
Unrecognized Tax Benefits | 0 | $ 0 | ||
Goodwill, Acquired During Period | $ 650,000 | |||
Goodwill, Impairment Loss | $ 0 | |||
Number of Operating Segments | 1 | |||
Number of Reportable Segments | 1 | |||
Reclassification of Tax Effects from AOCI | ||||
Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years 292 days | |||
U S D A Rural Development Company Loans [Member] | ||||
Loan and Lease Receviable Loan Term | 4 years | |||
Loan To Value Ratio | 100.00% | |||
Percentage Of Loan Guaranteed By U S D A | 90.00% | |||
Maximum Borrowing Limit | $ 25,000 | |||
Nonresidential Real Estate Portfolio Segment [Member] | Land Development Loan [Member] | ||||
Loan To Value Ratio | 70.00% | |||
Nonresidential Real Estate Portfolio Segment [Member] | Single Family Sub Divisions [Member] | ||||
Loan To Value Ratio | 70.00% | |||
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Percentage Of Loan Balance To Be Repaid As Lots Sold | 80.00% | |||
Minimum [Member] | ||||
Loan and Lease Receviable Loan Term | 3 years | |||
Minimum [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loan and Lease Receviable Loan Term | 270 days | |||
Maximum [Member] | ||||
Loan and Lease Receviable Loan Term | 5 years | |||
Maximum [Member] | Nonresidential Real Estate Portfolio Segment [Member] | Land Development Loan [Member] | ||||
Loan and Lease Receviable Loan Term | 10 years | |||
Maximum [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loan and Lease Receviable Loan Term | 2 years | |||
Ottawa Savings Bancorp MHC [Member] | ||||
Cash Acquired from Acquisition | $ 126,000 | |||
Unallocated ESOP Shares [Member] | ||||
Stock Issued During Period, Shares, New Issues | shares | 190,716 | |||
Reclassification of Tax Effects from AOCI | ||||
AOCI Attributable to Parent [Member] | ||||
Reclassification of Tax Effects from AOCI | 25,108 | |||
AOCI Attributable to Parent [Member] | ASU 2018-02 [Member] | ||||
Reclassification of Tax Effects from AOCI | 25,108 | |||
Retained Earnings [Member] | ||||
Reclassification of Tax Effects from AOCI | (25,108) | |||
Retained Earnings [Member] | ASU 2018-02 [Member] | ||||
Reclassification of Tax Effects from AOCI | $ (25,108) |
Note 1 - Summary of Significa43
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 5 years |
Building [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 50 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 39 years |
Note 1 - Summary of Significa44
Note 1 - Summary of Significant Accounting Policies - Estimated Future Amortization of Intangible Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 58,000 | |
2,019 | 46,000 | |
2,020 | 38,000 | |
2,021 | 38,000 | |
2,022 | 38,000 | |
Thereafter | 68,000 | |
$ 286,000 | $ 359,000 |
Note 1 - Summary of Significa45
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income available to common stockholders | $ 814,024 | $ 1,261,098 |
Basic potential common shares: | ||
Weighted average shares outstanding (in shares) | 3,467,208 | 3,019,749 |
Weighted average unallocated ESOP shares (in shares) | (187,545) | (59,149) |
Weighted average unvested MRP shares (in shares) | (938) | |
Basic weighted average shares outstanding (in shares) | 3,279,663 | 2,959,662 |
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 3,295,863 | 2,975,713 |
Basic earnings per share (in dollars per share) | $ 0.25 | $ 0.43 |
Diluted earnings per share (in dollars per share) | $ 0.25 | $ 0.42 |
Management Recognition Plan [Member] | ||
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 1,099 | |
Recognition and Retention Plan - DO NOT USE[Member] | ||
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 16,200 | 14,952 |
Note 3 - Investment Securitie46
Note 3 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities Pledged as Collateral | $ 0 | $ 0 |
Proceeds from Sale of Available-for-sale Securities | 13,700,000 | 1,200,000 |
Available-for-sale Securities, Gross Realized Gains | 98,230 | 8,418 |
Available-for-sale Securities, Gross Realized Losses | 127,343 | 3,261 |
Available-for-sale Securities, Gross Realized Gain (Loss) | (29,113) | 5,157 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ (11,115) | $ 2,002 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 28 | |
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 1.32% | |
Other than Temporary Impairment Losses, Investments | $ 0 |
Note 3 - Investment Securitie47
Note 3 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, amortized cost | $ 25,832,262 | $ 44,446,983 |
Securities available for sale, gross unrealized gains | 343,160 | 443,465 |
Securities available for sale, gross unrealized losses | 129,747 | 329,768 |
Securities available for sale | 26,045,675 | 44,560,680 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 13,756,573 | 18,019,050 |
Securities available for sale, gross unrealized gains | 221,320 | 200,924 |
Securities available for sale, gross unrealized losses | 7,460 | 63,836 |
Securities available for sale | 13,970,433 | 18,156,138 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 12,075,689 | 26,427,933 |
Securities available for sale, gross unrealized gains | 121,840 | 242,541 |
Securities available for sale, gross unrealized losses | 122,287 | 265,932 |
Securities available for sale | $ 12,075,242 | $ 26,404,542 |
Note 3 - Investment Securitie48
Note 3 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, due in three months or less, amortized cost | $ 55,000 | |
Securities available for sale, due in three months or less, fair value | 55,004 | |
Securities available for sale, due after three months through one year, amortized cost | 714,379 | |
Securities available for sale, due after three months through one year, fair value | 716,817 | |
Securities available for sale, due after one year through five years, amortized cost | 4,430,045 | |
Securities available for sale, due after one year through five years, fair value | 4,477,805 | |
Securities available for sale, due after five years through ten years, amortized cost | 4,212,871 | |
Securities available for sale, due after five years through ten years, fair value | 4,312,268 | |
Securities available for sale, due after ten years, amortized cost | 4,344,278 | |
Securities available for sale, due after ten years, fair value | 4,408,539 | |
Residential mortgage-backed securities, amortized cost | 12,075,689 | |
Residential mortgage-backed securities, fair value | 12,075,242 | |
Securities available for sale, amortized cost | 25,832,262 | |
Securities available for sale, fair value | $ 26,045,675 | $ 44,560,680 |
Note 3 - Investment Securitie49
Note 3 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, less than 12 months, fair value | $ 3,471,094 | $ 18,099,436 |
Securities available for sale, less than 12 months, unrealized losses | 20,024 | 251,027 |
Securities available for sale, 12 months or more, fair value | 6,209,019 | 4,422,865 |
Securities available for sale, 12 months or more, unrealized losses | 109,723 | 78,741 |
Securities available for sale, fair value | 9,680,113 | 22,522,301 |
Securities available for sale, unrealized losses | 129,747 | 329,768 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 1,435,888 | 4,734,681 |
Securities available for sale, less than 12 months, unrealized losses | 7,460 | 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 | 1,435,888 | 4,734,681 |
Securities available for sale, unrealized losses | 7,460 | 63,836 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 2,035,206 | 13,364,755 |
Securities available for sale, less than 12 months, unrealized losses | 12,564 | 187,191 |
Securities available for sale, 12 months or more, fair value | 6,209,019 | 4,422,865 |
Securities available for sale, 12 months or more, unrealized losses | 109,723 | 78,741 |
Securities available for sale, fair value | 8,244,225 | 17,787,620 |
Securities available for sale, unrealized losses | $ 122,287 | $ 265,932 |
Note 4 - Loans and Allowance 50
Note 4 - Loans and Allowance for Credit Losses (Details Textual) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield | $ 9,592 | $ 82,869 | $ 175,342 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 10,000 | 5,000 | ||
Impaired Financing Receivable, Recorded Investment | $ 1,497,491 | 4,893,512 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | |||
Loans and Leases Receivable, Related Parties | $ 82,016 | 83,604 | ||
Troubled Debt Restructurings [Member] | ||||
Impaired Financing Receivable, Recorded Investment | 500,000 | 2,400,000 | ||
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 Receivables, Impaired, Troubled Debt Restructuring, Write-down | 200,000 | |||
One- to Four-family Loan [Member] | Residential Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Recorded Investment | 1,130,849 | $ 2,604,185 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Financing Receivable, Modifications, Recorded Investment | $ 79,200 | |||
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 | $ 468,000 | $ 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 4 - Loans and Allowance 51
Note 4 - Loans and Allowance for Credit Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Gross loans | $ 209,507,537 | $ 162,833,578 | |
Less: Allowance for loan losses | (2,472,446) | (2,247,449) | $ (2,224,006) |
Loans, net | 207,035,091 | 160,586,129 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 129,782,859 | 109,054,297 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | |||
Gross loans | 124,118,335 | 103,871,686 | |
Less: Allowance for loan losses | (1,477,419) | (1,426,954) | (1,727,582) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | |||
Gross loans | 5,664,524 | 5,182,611 | |
Less: Allowance for loan losses | (21,970) | (93,481) | (142,237) |
Nonresidential Real Estate Portfolio Segment [Member] | |||
Gross loans | 32,133,094 | 22,560,167 | |
Less: Allowance for loan losses | (371,093) | (367,326) | (198,340) |
Commercial Portfolio Segment [Member] | |||
Gross loans | 20,759,262 | 16,645,226 | |
Less: Allowance for loan losses | (153,596) | (96,823) | (51,306) |
Consumer Portfolio Segment [Member] | |||
Gross loans | 6,281,712 | 2,859,703 | |
Less: Allowance for loan losses | (140,269) | (79,253) | (37,187) |
Purchased Auto Loans [Member] | |||
Gross loans | 20,550,610 | 11,714,185 | |
Less: Allowance for loan losses | (308,099) | (183,612) | $ (67,354) |
Non-mortgage Loans [Member] | |||
Gross loans | $ 79,724,678 | $ 53,779,281 |
Note 4 - Loans and Allowance 52
Note 4 - Loans and Allowance for Credit Losses - Carrying Amount of Loans Acquired in Twin Oaks Merger (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Gross loans | $ 209,507,537 | $ 162,833,578 | |
Less: Allowance for loan losses | (2,472,446) | (2,247,449) | $ (2,224,006) |
Loans, net | 207,035,091 | 160,586,129 | |
Twin Oaks [Member] | |||
Gross loans | 17,828,475 | 21,663,937 | |
Less: Allowance for loan losses | (135,000) | (100,000) | |
Loans, net | 17,693,475 | 21,563,937 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 129,782,859 | 109,054,297 | |
Residential Portfolio Segment [Member] | Twin Oaks [Member] | |||
Gross loans | 15,076,954 | 18,335,050 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | |||
Gross loans | 124,118,335 | 103,871,686 | |
Less: Allowance for loan losses | (1,477,419) | (1,426,954) | (1,727,582) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Twin Oaks [Member] | |||
Gross loans | 14,811,329 | 18,062,672 | |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | |||
Gross loans | 5,664,524 | 5,182,611 | |
Less: Allowance for loan losses | (21,970) | (93,481) | (142,237) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Twin Oaks [Member] | |||
Gross loans | 265,625 | 272,378 | |
Nonresidential Real Estate Portfolio Segment [Member] | |||
Gross loans | 32,133,094 | 22,560,167 | |
Less: Allowance for loan losses | (371,093) | (367,326) | (198,340) |
Nonresidential Real Estate Portfolio Segment [Member] | Twin Oaks [Member] | |||
Gross loans | 2,120,630 | 2,352,952 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | 20,759,262 | 16,645,226 | |
Less: Allowance for loan losses | (153,596) | (96,823) | (51,306) |
Commercial Portfolio Segment [Member] | Twin Oaks [Member] | |||
Gross loans | 571,538 | 779,595 | |
Consumer Portfolio Segment [Member] | |||
Gross loans | 6,281,712 | 2,859,703 | |
Less: Allowance for loan losses | (140,269) | (79,253) | $ (37,187) |
Consumer Portfolio Segment [Member] | Twin Oaks [Member] | |||
Gross loans | 59,353 | 196,340 | |
Non-mortgage Loans [Member] | |||
Gross loans | 79,724,678 | 53,779,281 | |
Non-mortgage Loans [Member] | Twin Oaks [Member] | |||
Gross loans | $ 2,751,521 | $ 3,328,887 |
Note 4 - Loans and Allowance 53
Note 4 - Loans and Allowance for Credit Losses - Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, beginning of year | $ 461,334 | $ 575,605 |
Payment activity | (491,552) | (171,195) |
Charge-offs | ||
Transfer to foreclosed real estate | (44,417) | |
Accretion into interest income | 174,746 | 101,341 |
Balance, Ending of year | $ 144,528 | $ 461,334 |
Note 4 - Loans and Allowance 54
Note 4 - Loans and Allowance for Credit Losses - Accretable Yield of Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, beginning of year | $ 82,869 | $ 175,342 |
Net reclassification from non-accretable yield | 101,469 | 8,868 |
Accretion into interest income | (174,746) | (101,341) |
Disposals | ||
Balance, ending of year | $ 9,592 | $ 82,869 |
Note 4 - Loans and Allowance 55
Note 4 - Loans and Allowance for Credit Losses - Purchases of Loans Receivable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Purchased Auto Loans [Member] | ||
Purchases of loans receivable | $ 14,141,053 | $ 10,356,577 |
Note 4 - Loans and Allowance 56
Note 4 - Loans and Allowance for Credit Losses - Net (Charge-offs) Recoveries (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net (charge-offs)/recoveries | $ (350,003) | $ (419,057) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Net (charge-offs)/recoveries | (248,374) | (172,625) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Net (charge-offs)/recoveries | 16,119 | 15,887 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Net (charge-offs)/recoveries | (53,686) | (170,661) |
Consumer Portfolio Segment [Member] | ||
Net (charge-offs)/recoveries | (376) | 7,432 |
Purchased Auto Loans [Member] | ||
Net (charge-offs)/recoveries | $ (63,686) | $ (99,090) |
Note 4 - Loans and Allowance 57
Note 4 - Loans and Allowance for Credit Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 2,247,449 | $ 2,224,006 | ||
Provision for loan losses | 575,000 | 442,500 | ||
Loans charged off | (415,117) | (513,439) | ||
Recoveries of loans previously charged off | 65,114 | 94,382 | ||
Balance at end of period | 2,472,446 | 2,247,449 | ||
Loans individually evaluated for impairment | $ 189,368 | $ 405,640 | ||
Allowance for loan losses | 2,472,446 | 2,247,449 | 2,472,446 | 2,247,449 |
Loans collectively evaluated for impairment | 2,242,670 | 1,807,408 | ||
Loans individually evaluated for impairment | 1,352,963 | 4,432,178 | ||
Gross loans | 209,507,537 | 162,833,578 | ||
Loans collectively evaluated for impairment | 208,010,046 | 157,940,066 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Balance at beginning of period | 34,401 | |||
Balance at end of period | 40,408 | 34,401 | ||
Allowance for loan losses | 40,408 | 34,401 | 40,408 | 34,401 |
Gross loans | 144,528 | 461,334 | ||
Residential Portfolio Segment [Member] | ||||
Gross loans | 129,782,859 | 109,054,297 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Balance at beginning of period | 1,426,954 | 1,727,582 | ||
Provision for loan losses | 298,839 | (128,003) | ||
Loans charged off | (259,356) | (233,264) | ||
Recoveries of loans previously charged off | 10,982 | 60,639 | ||
Balance at end of period | 1,477,419 | 1,426,954 | ||
Loans individually evaluated for impairment | 78,820 | 208,186 | ||
Allowance for loan losses | 1,426,954 | 1,426,954 | 1,477,419 | 1,426,954 |
Loans collectively evaluated for impairment | 1,358,191 | 1,184,367 | ||
Loans individually evaluated for impairment | 986,321 | 2,142,851 | ||
Gross loans | 124,118,335 | 103,871,686 | ||
Loans collectively evaluated for impairment | 122,987,486 | 101,267,501 | ||
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 | 40,408 | 34,401 | ||
Allowance for loan losses | 40,408 | 34,401 | 40,408 | 34,401 |
Gross loans | 144,528 | 461,334 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Balance at beginning of period | 93,481 | 142,237 | ||
Provision for loan losses | (87,630) | (64,643) | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 16,119 | 15,887 | ||
Balance at end of period | 21,970 | 93,481 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 93,481 | 93,481 | 21,970 | 93,481 |
Loans collectively evaluated for impairment | 21,970 | 93,481 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 5,664,524 | 5,182,611 | ||
Loans collectively evaluated for impairment | 5,664,524 | 5,182,611 | ||
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 | ||
Allowance for loan losses | 0 | 0 | 0 | 0 |
Gross loans | 0 | 0 | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Balance at beginning of period | 367,326 | 198,340 | ||
Provision for loan losses | 57,453 | 339,647 | ||
Loans charged off | (61,686) | (170,661) | ||
Recoveries of loans previously charged off | 8,000 | 0 | ||
Balance at end of period | 371,093 | 367,326 | ||
Loans individually evaluated for impairment | 110,055 | 185,172 | ||
Allowance for loan losses | 367,326 | 367,326 | 371,093 | 367,326 |
Loans collectively evaluated for impairment | 261,038 | 182,154 | ||
Loans individually evaluated for impairment | 355,203 | 2,264,763 | ||
Gross loans | 32,133,094 | 22,560,167 | ||
Loans collectively evaluated for impairment | 31,777,891 | 20,295,404 | ||
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 | ||
Allowance for loan losses | 0 | 0 | 0 | 0 |
Gross loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Balance at beginning of period | 96,823 | 51,306 | ||
Provision for loan losses | 56,773 | 45,517 | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | ||
Balance at end of period | 153,596 | 96,823 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 96,823 | 96,823 | 153,596 | 96,823 |
Loans collectively evaluated for impairment | 153,596 | 96,823 | ||
Loans individually evaluated for impairment | 10,454 | 0 | ||
Gross loans | 20,759,262 | 16,645,226 | ||
Loans collectively evaluated for impairment | 20,748,808 | 16,645,226 | ||
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | 0 |
Gross loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Balance at beginning of period | 79,253 | 37,187 | ||
Provision for loan losses | 61,392 | 34,634 | ||
Loans charged off | (8,633) | 0 | ||
Recoveries of loans previously charged off | 8,257 | 7,432 | ||
Balance at end of period | 140,269 | 79,253 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 79,253 | 79,253 | 140,269 | 79,253 |
Loans collectively evaluated for impairment | 140,269 | 79,253 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 6,281,712 | 2,859,703 | ||
Loans collectively evaluated for impairment | 6,281,712 | 2,859,703 | ||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | 0 |
Gross loans | 0 | 0 | ||
Purchased Auto Loans [Member] | ||||
Balance at beginning of period | 183,612 | 67,354 | ||
Provision for loan losses | 188,173 | 215,348 | ||
Loans charged off | (85,442) | (109,514) | ||
Recoveries of loans previously charged off | 21,756 | 10,424 | ||
Balance at end of period | 308,099 | 183,612 | ||
Loans individually evaluated for impairment | 493 | 12,282 | ||
Allowance for loan losses | 183,612 | 183,612 | 308,099 | 183,612 |
Loans collectively evaluated for impairment | 307,606 | 171,330 | ||
Loans individually evaluated for impairment | 985 | 24,564 | ||
Gross loans | 20,550,610 | 11,714,185 | ||
Loans collectively evaluated for impairment | 20,549,625 | 11,689,621 | ||
Purchased Auto Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | 0 | ||
Allowance for loan losses | $ 0 | $ 0 | 0 | 0 |
Gross loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance 58
Note 4 - Loans and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unpaid Contractual Principal Balance | $ 1,497,491 | $ 5,148,185 |
Recorded Investment With No Allowance | 757,033 | 1,428,073 |
Recorded Investment With Allowance | 740,458 | 3,465,439 |
Total Recorded Investment | 1,497,491 | 4,893,512 |
Related Allowance | 229,776 | 440,041 |
Average Recorded Investment | 2,561,705 | 4,674,918 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 1,130,849 | 2,688,197 |
Recorded Investment With No Allowance | 746,579 | 1,428,073 |
Recorded Investment With Allowance | 384,270 | 1,176,112 |
Total Recorded Investment | 1,130,849 | 2,604,185 |
Related Allowance | 119,228 | 242,587 |
Average Recorded Investment | 1,795,888 | 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 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 355,203 | 2,435,424 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 355,203 | 2,264,763 |
Total Recorded Investment | 355,203 | 2,264,763 |
Related Allowance | 110,055 | 185,172 |
Average Recorded Investment | 749,271 | 2,030,894 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 10,454 | 0 |
Recorded Investment With No Allowance | 10,454 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 10,454 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 5,341 | 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 |
Purchased Auto Loans [Member] | ||
Unpaid Contractual Principal Balance | 985 | 24,564 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 985 | 24,564 |
Total Recorded Investment | 985 | 24,564 |
Related Allowance | 493 | 12,282 |
Average Recorded Investment | $ 11,205 | $ 9,261 |
Note 4 - Loans and Allowance 59
Note 4 - Loans and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Nonaccrual Loans | $ 1,580,304 | $ 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 | 1,213,662 | 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 | 355,203 | 2,264,763 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 10,454 | 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 | 985 | 24,564 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Note 4 - Loans and Allowance 60
Note 4 - Loans and Allowance for Credit Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loans past due | $ 2,861,119 | $ 3,820,602 |
Loans, current | 206,646,418 | 159,012,976 |
Total loans | 209,507,537 | 162,833,578 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,369,784 | 2,003,039 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 1,390,749 | 22,562 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 100,586 | 1,795,001 |
Residential Portfolio Segment [Member] | ||
Total loans | 129,782,859 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 1,945,764 | 2,991,635 |
Loans, current | 122,172,571 | 100,880,051 |
Total loans | 124,118,335 | 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 | 860,502 | 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 | 985,661 | 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 | 99,601 | 1,089,635 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 0 | 0 |
Loans, current | 5,664,524 | 5,182,611 |
Total loans | 5,664,524 | 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 | 873,564 | 798,934 |
Loans, current | 31,259,530 | 21,761,233 |
Total loans | 32,133,094 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 478,930 | 118,132 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 394,634 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 680,802 | |
Commercial Portfolio Segment [Member] | ||
Loans past due | 10,454 | 0 |
Loans, current | 20,748,808 | 16,645,226 |
Total loans | 20,759,262 | 16,645,226 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 10,454 | 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 | 6,281,712 | 2,858,598 |
Total loans | 6,281,712 | 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 | 31,337 | 28,928 |
Loans, current | 20,519,273 | 11,685,257 |
Total loans | 20,550,610 | 11,714,185 |
Purchased Auto Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 30,352 | 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 | $ 985 | $ 24,564 |
Note 4 - Loans and Allowance 61
Note 4 - Loans and Allowance for Credit Losses - Loans by Risk Category (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Gross loans | $ 209,507,537 | $ 162,833,578 |
Pass [Member] | ||
Gross loans | 52,280,694 | 36,747,402 |
Special Mention [Member] | ||
Gross loans | 775,743 | 883,430 |
Substandard [Member] | ||
Gross loans | 1,497,491 | 4,893,512 |
Doubtful [Member] | ||
Gross loans | 0 | 0 |
Not Rated [Member] | ||
Gross loans | 154,953,609 | 120,309,234 |
Residential Portfolio Segment [Member] | ||
Gross loans | 129,782,859 | 109,054,297 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 124,118,335 | 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 | 529,738 | 562,215 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 1,130,849 | 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 | 122,457,748 | 100,705,286 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 5,664,524 | 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 | 0 | 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 | 5,664,524 | 5,054,624 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 32,133,094 | 22,560,167 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 31,531,886 | 20,102,176 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 246,005 | 193,228 |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 355,203 | 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 | 20,759,262 | 16,645,226 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 20,748,808 | 16,645,226 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 10,454 | 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 | 6,281,712 | 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 | 6,281,712 | 2,859,703 |
Purchased Auto Loans [Member] | ||
Gross loans | 20,550,610 | 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 | 985 | 24,564 |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 20,549,625 | $ 11,689,621 |
Note 5 - Servicing (Details Tex
Note 5 - Servicing (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Unpaid Principal Balance On Loans Serviced For Others | $ 68,160,536 | $ 57,029,228 |
Mortgage Servicing Rights, Loans Serviced for Others | $ 423,522 | $ 351,544 |
Note 6 - Accrued Interest Rec63
Note 6 - Accrued Interest Receivable - Summary of Accrued Interest Receivable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued interest receivable | $ 794,449 | $ 785,484 |
US States and Political Subdivisions Debt Securities [Member] | ||
Accrued interest receivable | 120,760 | 183,453 |
Residential Mortgage Backed Securities [Member] | ||
Accrued interest receivable | 40,099 | 85,481 |
Loans Receivable [Member] | ||
Accrued interest receivable | $ 633,590 | $ 516,550 |
Note 7 - Premises and Equipme64
Note 7 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Cost: | ||
Premises and equipment | $ 10,941,505 | $ 10,868,665 |
Less: Accumulated depreciation | 4,271,417 | 4,024,759 |
6,670,088 | 6,843,906 | |
Land [Member] | ||
Cost: | ||
Premises and equipment | 2,190,649 | 2,190,649 |
Building [Member] | ||
Cost: | ||
Premises and equipment | 7,300,466 | 7,242,297 |
Furniture and Fixtures [Member] | ||
Cost: | ||
Premises and equipment | $ 1,450,390 | $ 1,435,719 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Deposit Liabilities | $ 3,137,871 | $ 2,930,693 |
Public Deposit Liabilities | 6,729,036 | 3,696,375 |
Time Deposits, $100,000 or More | 39,225,000 | 32,438,000 |
Time Deposits, at or Above FDIC Insurance Limit | 7,009,000 | 6,663,000 |
Interest-bearing Domestic Deposit, Brokered | 5,200,000 | 138,000 |
Payments for Brokerage Fees | $ 487 | $ 240 |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-interest bearing | $ 11,562,801 | $ 9,974,536 |
Non-interest bearing checking, percent | 6.32% | 5.78% |
Interest bearing checking | $ 29,081,404 | $ 27,633,885 |
Interest bearing checking, percent | 15.91% | 16.02% |
Money market | $ 27,560,108 | $ 29,718,761 |
Money market, percent | 15.08% | 17.22% |
Savings | $ 25,965,589 | $ 23,988,758 |
Savings, percent | 14.21% | 13.90% |
Certificates of deposit | $ 88,604,722 | $ 81,231,081 |
Certificates of deposit, percent | 48.48% | 47.08% |
Interest bearing | $ 171,211,823 | $ 162,572,485 |
Interest bearing, percent | 93.68% | 94.22% |
Total | $ 182,774,624 | $ 172,547,021 |
Total, percent | 100.00% | 100.00% |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Money market | $ 74,101 | $ 64,011 |
Savings | 18,585 | 20,141 |
Certificates of deposit | 854,250 | 723,865 |
Interest bearing checking | 16,306 | 12,299 |
$ 963,242 | $ 820,316 |
Note 8 - Deposits - Scheduled M
Note 8 - Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 40,838,216 | |
2,019 | 27,874,405 | |
2,020 | 4,645,828 | |
2,021 | 5,240,366 | |
2,022 | 10,005,907 | |
$ 88,604,722 | $ 81,231,081 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Advances from Federal Home Loan Banks | $ 15,100,000 | $ 1,100,000 |
Federal Funds Purchased | 0 | 0 |
Bankers Bank Of Wisconsin [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 7,900,000 | |
Federal Home Loan Bank of Chicago [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 60,400,000 | |
Advances from Federal Home Loan Banks | $ 15,105,287 | $ 1,121,153 |
Note 9 - Borrowings - Outstandi
Note 9 - Borrowings - Outstanding Advances (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Advances from FHLB | $ 15,100,000 | $ 1,100,000 |
Federal Home Loan Bank of Chicago [Member] | ||
Open lines of credit at 1.46% | 4,000,000 | |
Advances from FHLB | 15,105,287 | 1,121,153 |
Federal Home Loan Bank of Chicago [Member] | Matures 02/15/2018 at 1.27% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 03/30/2018 at 1.72% [Member] | ||
Advances from FHLB | 499,357 | 496,784 |
Federal Home Loan Bank of Chicago [Member] | Matures 05/15/2018 at 1.34% [Member] | ||
Advances from FHLB | 2,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 08/30/2019 at 1.56% [Member] | ||
Advances from FHLB | 3,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 09/25/2018 at 1.46% [Member] | ||
Advances from FHLB | 2,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 04/01/2019 at 2.00% [Member] | ||
Advances from FHLB | 497,089 | 494,906 |
Federal Home Loan Bank of Chicago [Member] | Matures 12/16/2019 at 2.08% [Member] | ||
Advances from FHLB | 2,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 10/03/2022 at 1.48% [Member] | ||
Advances from FHLB | $ 108,841 | $ 129,463 |
Note 9 - Borrowings - Outstan71
Note 9 - Borrowings - Outstanding Advances (Details) (Parentheticals) - Federal Home Loan Bank of Chicago [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest rate, fixed | 1.46% | |
Matures 02/15/2018 at 1.27% [Member] | ||
Interest rate, fixed | 1.27% | |
Maturity date on fixed rate advance | Feb. 15, 2018 | |
Matures 03/30/2018 at 1.72% [Member] | ||
Interest rate, fixed | 1.72% | 1.72% |
Maturity date on fixed rate advance | Mar. 30, 2018 | Mar. 30, 2018 |
Matures 05/15/2018 at 1.34% [Member] | ||
Interest rate, fixed | 1.34% | |
Maturity date on fixed rate advance | May 15, 2018 | |
Matures 08/30/2019 at 1.56% [Member] | ||
Interest rate, fixed | 1.56% | |
Maturity date on fixed rate advance | Aug. 30, 2018 | |
Matures 09/25/2018 at 1.46% [Member] | ||
Interest rate, fixed | 1.46% | |
Maturity date on fixed rate advance | Sep. 25, 2018 | |
Matures 04/01/2019 at 2.00% [Member] | ||
Interest rate, fixed | 2.00% | 2.00% |
Maturity date on fixed rate advance | Apr. 1, 2019 | Apr. 1, 2019 |
Matures 12/16/2019 at 2.08% [Member] | ||
Interest rate, fixed | 2.08% | |
Maturity date on fixed rate advance | Dec. 16, 2019 | |
Matures 10/03/2022 at 1.48% [Member] | ||
Interest rate, fixed | 1.48% | 1.48% |
Maturity date on fixed rate advance | Oct. 3, 2022 | Oct. 3, 2022 |
Note 10 - Employment Benefit 72
Note 10 - Employment Benefit and Retirement Plans (Details Textual) | Sep. 19, 2007 | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 11, 2016USD ($)$ / sharesshares | Jul. 08, 2005USD ($)$ / sharesshares |
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | |||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | shares | 260,660 | 259,640 | 190,716 | 76,314 | |
Sale of Stock, Price Per Share | $ / shares | $ 10 | $ 10 | |||
Employee Stock Ownership Plan ESOP Interest and Principal Payments from ESOP | $ 239,000 | ||||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | shares | 18,779 | 18,779 | |||
Fair Value Per Share | $ / shares | $ 13.68 | $ 10.86 | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 256,849 | $ 195,949 | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | shares | 104,272 | 85,493 | |||
Fair Value Inputs, Discount Rate | 4.50% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||||
Defined Contribution Plan, Safe Harbor Contributions, Percent | 3.00% | ||||
Defined Contribution Plan, Vesting Period | 6 years | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 173,916 | $ 146,920 | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 86,472 | 85,882 | |||
Deferred Compensation Liability, Current and Noncurrent | 1,519,993 | 1,361,190 | |||
Supplemental Employee Retirement Plan [Member] | |||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 97,082 | 86,365 | |||
Supplemental Employee Retirement Plan [Member] | Other Liabilities [Member] | |||||
Liability, Defined Benefit Plan | 580,896 | 501,852 | |||
Director Retirement Plan [Member] | |||||
Liability, Defined Benefit Plan | $ 296,903 | $ 315,503 | |||
Defined Benefit Plan, Number of Participants | 6 | 6 | |||
Defined Benefit Plan, Guaranteed Payment Term | 10 years | ||||
Director Retirement Plan [Member] | Active Employees Not Yet Eligible [Member] | |||||
Defined Benefit Plan, Number of Participants | 2 | 2 | |||
Director Retirement Plan [Member] | Other Liabilities [Member] | |||||
Liability, Defined Benefit Plan | $ 296,903 | $ 315,503 | |||
Mezzanine Capital [Member] | |||||
Fair Value Per Share | $ / shares | $ 14.44 | $ 12.73 | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | shares | 83,242 | 63,443 |
Note 10 - Employment Benefit 73
Note 10 - Employment Benefit and Retirement Plans - Employee Stock Ownership Plan (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 11, 2016 | Jul. 08, 2005 |
Shares allocated (in shares) | 104,272 | 85,493 | ||
Shares withdrawn from the plan (in shares) | (21,030) | (22,050) | ||
Unallocated shares (in shares) | 177,418 | 196,197 | ||
Total ESOP shares (in shares) | 260,660 | 259,640 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 2,561,916 | $ 2,497,588 |
Note 10 - Employment Benefit 74
Note 10 - Employment Benefit and Retirement Plans - Employment Benefit and Retirement Plans Valuation (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Director Retirement Plan [Member] | ||
Number of participants | 6 | 6 |
Director Retirement Plan [Member] | Retirees [Member] | ||
Number of participants | 4 | 4 |
Director Retirement Plan [Member] | Active Employees Not Yet Eligible [Member] | ||
Number of participants | 2 | 2 |
Postretirement Health Coverage [Member] | ||
Number of participants | 6 | 6 |
Postretirement Health Coverage [Member] | Retirees [Member] | ||
Number of participants | 3 | 3 |
Postretirement Health Coverage [Member] | Active Employees Not Yet Eligible [Member] | ||
Number of participants | 3 | 3 |
Postretirement Health Coverage [Member] | Active Employees Fully Eligible [Member] | ||
Number of participants |
Note 10 - Employment Benefit 75
Note 10 - Employment Benefit and Retirement Plans - Obligations and Funded Status (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Director Retirement Plan [Member] | ||
Benefit obligation at beginning of year | $ 318,000 | $ 335,000 |
Service cost | 0 | 0 |
Interest cost | 10,116 | 11,346 |
Actuarial loss (gain) | 14,000 | 3,000 |
Benefits paid | (31,000) | (31,000) |
Assumed liability | 0 | 0 |
Benefit obligation at end of year | 311,000 | 318,000 |
Employer contributions | 31,000 | 31,000 |
Benefits paid | (31,000) | (31,000) |
Fair value of plan assets at year end | ||
Funded status | (311,283) | (318,466) |
Actuarial loss (gain) | 14,380 | 2,963 |
Net amount recognized | (297,000) | (315,000) |
Postretirement Health Coverage [Member] | ||
Benefit obligation at beginning of year | 287,000 | 277,000 |
Service cost | 6,319 | 6,537 |
Interest cost | 8,993 | 11,363 |
Actuarial loss (gain) | (6,000) | (5,000) |
Benefits paid | (8,000) | (8,000) |
Benefit obligation at end of year | 293,000 | 287,000 |
Employer contributions | 4,000 | 3,000 |
Benefits paid | (9,000) | (8,000) |
Fair value of plan assets at year end | 0 | 0 |
Funded status | (293,449) | (286,691) |
Actuarial loss (gain) | (118,270) | (125,028) |
Net amount recognized | (412,000) | (412,000) |
Plan amendments | ||
Retiree contributions | 5,000 | 5,000 |
Retiree contributions | $ 5,000 | $ 5,000 |
Note 10 - Employment Benefit 76
Note 10 - Employment Benefit and Retirement Plans - Amounts Recognized in Statement of Financial Position (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Director Retirement Plan [Member] | ||
Accumulated post-retirement benefit obligation | $ (311,283) | $ (318,466) |
Plan assets at fair value | ||
Funded status | (311,283) | (318,466) |
Actuarial loss | 14,380 | 2,963 |
(Accrued) cost included in other liabilities | (296,903) | (315,503) |
Director Retirement Plan [Member] | Active Participants [Member] | ||
Accumulated post-retirement benefit obligation | (116,478) | (113,270) |
Director Retirement Plan [Member] | Retired Participants Including Beneficiaries [Member] | ||
Accumulated post-retirement benefit obligation | (194,805) | (205,196) |
Postretirement Health Coverage [Member] | ||
Accumulated post-retirement benefit obligation | (293,449) | (286,691) |
Plan assets at fair value | 0 | 0 |
Funded status | (293,449) | (286,691) |
Actuarial loss | (118,270) | (125,028) |
(Accrued) cost included in other liabilities | (411,719) | (411,719) |
Postretirement Health Coverage [Member] | Retirees [Member] | ||
Accumulated post-retirement benefit obligation | (82,675) | (78,426) |
Postretirement Health Coverage [Member] | Active Employees Fully Eligible [Member] | ||
Accumulated post-retirement benefit obligation | 0 | 0 |
Postretirement Health Coverage [Member] | Active Employees Not Yet Eligible [Member] | ||
Accumulated post-retirement benefit obligation | $ (210,774) | $ (208,265) |
Note 10 - Employment Benefit 77
Note 10 - Employment Benefit and Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Director Retirement Plan [Member] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 10,116 | 11,346 |
Amortization net gain | 14,380 | 2,963 |
Net cost (benefit) | 24,496 | 14,309 |
Postretirement Health Coverage [Member] | ||
Service cost | 6,319 | 6,537 |
Interest cost | 8,993 | 11,363 |
Amortization net gain | (30,083) | (20,070) |
Net cost (benefit) | $ (14,771) | $ (2,170) |
Note 11 - Stock Compensation (D
Note 11 - Stock Compensation (Details Textual) | Nov. 16, 2011$ / sharesshares | Nov. 17, 2010$ / sharesshares | Dec. 21, 2008$ / sharesshares | Nov. 21, 2006$ / sharesshares | Nov. 30, 2006$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 11, 2016 | Dec. 31, 2015shares |
Second-step Conversion, Stock Conversion Ratio | 1.1921 | 1.1921 | |||||||
Management Recognition Plan [Member] | |||||||||
Treasury Stock, Shares, Acquired | shares | 43,608 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 13.46 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 0 | 0 | 1,047 | ||||||
Allocated Share-based Compensation Expense | $ 0 | $ 3,800 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | ||||||||
Recognition and Retention Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Allocated Share-based Compensation Expense | $ 0 | $ 5,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 13,083 | 8,722 | 5,451 | 92,666 | 0 | 0 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4.25 | $ 6 | $ 9.90 | $ 12.35 | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 11 - Stock Compensation -
Note 11 - Stock Compensation - MRP Stock Awards (Details) - Management Recognition Plan [Member] | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Outstanding and non-vested at beginning of year (in shares) | shares | 1,047 | |
Outstanding and non-vested at beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.25 | |
Conversion for stock offering * (in shares) | shares | 201 | [1] |
Conversion for stock offering, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.57 | [1] |
Granted (in shares) | shares | 0 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Vested and transferred to recipients (in shares) | shares | (1,248) | |
Vested and transferred to recipients, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.57 | |
Outstanding and non-vested at end of year (in shares) | shares | 0 | |
Outstanding and non-vested at end of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
[1] | Non-vested shares and weighted average grant date fair value were adjusted at the 1.1921 exchange ratio upon closing of the stock conversion as discussed in Note 1. |
Note 11 - Stock Compensation 80
Note 11 - Stock Compensation - RRP Stock Options (Details) - Recognition and Retention Plan [Member] - USD ($) | Nov. 16, 2011 | Nov. 17, 2010 | Dec. 21, 2008 | Nov. 21, 2006 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at beginning of year (in shares) | 32,491 | 92,667 | ||||||
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 4.98 | $ 10.46 | ||||||
Outstanding, weighted average remaining contractual term (Year) | 2 years 335 days | 3 years 357 days | 2 years 36 days | |||||
Outstanding, aggregate intrinsic value | $ 285,522 | $ 251,702 | ||||||
Forfeited (in shares) | (17,443) | |||||||
Forfeited, weighted average exercise price (in dollars per share) | $ 12.35 | |||||||
Granted (in shares) | 13,083 | 8,722 | 5,451 | 92,666 | 0 | 0 | ||
Granted, weighted average exercise price (in dollars per share) | $ 4.25 | $ 6 | $ 9.90 | $ 12.35 | $ 0 | $ 0 | ||
Exercised (in shares) | (2,000) | (57,181) | ||||||
Exercised, weighted average exercise price (in dollars per share) | $ 3.57 | $ 10.36 | ||||||
Exercised, aggregate intrinsic value | $ 20,280 | $ 135,519 | ||||||
Outstanding at end of year (in shares) | 30,491 | 32,491 | 92,667 | |||||
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 5.08 | $ 4.98 | $ 10.46 | |||||
Exercisable at year end (in shares) | 30,491 | 32,491 | ||||||
Exercisable at year end, weighted average exercise price (in dollars per share) | $ 5.08 | $ 4.98 | ||||||
Exercisable at year end, weighted average remaining contractual term (Year) | 2 years 335 days | 3 years 357 days | ||||||
Exercisable at year end, aggregate intrinsic value | $ 285,522 | $ 251,702 | ||||||
Conversion for stock offering (in shares) | [1] | 14,448 | ||||||
Conversion for stock offering, weighted average exercise price (in dollars per share) | [1] | $ 7.36 | ||||||
Conversion for stock offering , weighted average remaining contractual term (Year) | [1] | 2 years 135 days | ||||||
Forfeited, weighted average remaining contractual term (Year) | 324 days | |||||||
[1] | Non-vested shares and weighted average grant date fair value were adjusted at the 1.1921 exchange ratio upon closing of the stock conversion as discussed in Note 1. |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 800,000 | |||
Deferred Other Tax Expense (Benefit) | 2,268,000 | $ 2,268,000 | ||
Unrecognized Tax Benefits | 0 | $ 0 | 0 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 646,000 | 646,000 | 887,000 | |
Operating Loss Carryforwards | $ 900,000 | 900,000 | 1,200,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards | 1,100,000 | |||
Operating Loss Carryforwards, Maximum Usable Amount Per Year | $ 200,000 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | ||||
Operating Loss Carryforwards | $ 100,000 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | ||
Current | $ 588,767 | $ 87,588 |
Deferred | 819,734 | 366,026 |
1,408,501 | 453,614 | |
State: | ||
Current | 208,047 | 143,769 |
Deferred | (112,799) | 2,411 |
95,248 | 146,180 | |
$ 1,503,749 | $ 599,794 |
Note 12 - Income Taxes - Inco83
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected income taxes | $ 811,571 | $ 651,312 |
State taxes, net of federal tax benefit | 61,911 | 95,017 |
Tax exempt interest | (157,882) | (178,803) |
Income taxed at lower rates | (23,188) | (18,609) |
Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 | 809,403 | |
Other | 1,934 | 50,877 |
$ 1,503,749 | $ 599,794 |
Note 12 - Income Taxes - Net De
Note 12 - Income Taxes - Net Deferred Tax Asset (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Employee benefit plans | $ 818,437 | $ 1,033,250 |
Allowance for loan losses | 704,647 | 885,495 |
Net operating loss carryforwards | 181,212 | 371,570 |
MRP and RRP compensation | 132,252 | 182,856 |
Loans | 84,268 | 191,434 |
Purchase accounting - acquisition expenses | 90,076 | 133,904 |
Other | 43,844 | 46,944 |
2,054,736 | 2,845,453 | |
Unrealized gain on securities available for sale | (60,834) | (44,473) |
Prepaid expenses | (23,973) | (38,349) |
Origination of mortgage servicing rights | (17,916) | (28,423) |
Core deposit intangible | (81,523) | (140,422) |
(184,246) | (251,667) | |
Net deferred tax asset | $ 1,870,490 | $ 2,593,786 |
Note 13 - Regulatory Matters (D
Note 13 - Regulatory Matters (Details Textual) | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2015 |
Tier 1 Minimum Capital Requirement to Common Equity | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 4.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Note 13 - Regulatory Matters -
Note 13 - Regulatory Matters - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2015 |
Total Risk-Based Capital | $ 43,160 | $ 41,430 | |
Total Risk-Based Capital (to risk-weighted assets) | 22.524% | 26.76% | |
Total Risk-Based Capital for Capital Adequacy | $ 15,329 | $ 12,384 | |
Total Risk-Based Capital for Capital Adequacy (to risk-weighted assets) | 8.00% | 8.00% | |
Total Risk-Based Capital for Capital Adequacy with Capital Buffer | $ 17,724 | $ 13,352 | |
Total Risk-Based Capital for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 9.25% | 8.625% | |
Total Risk-Based Capital to be Well Capitalized | $ 19,162 | $ 15,481 | |
Total Risk-Based Capital to be Well Capitalized (to risk-weighted assets) | 10.00% | 10.00% | |
Tier I Capital | $ 40,764 | $ 39,489 | |
Tier I Capital (to risk-weighted assets) | 21.274% | 25.51% | |
Tier I Capital for Capital Adequacy | $ 11,497 | $ 9,288 | |
Tier I Capital for Capital Adequacy (to risk-weighted assets) | 6.00% | 6.00% | 4.00% |
Tier I Capital for Capital Adequacy with Capital Buffer | $ 13,892 | $ 10,256 | |
Tier I Capital for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 7.25% | 6.625% | |
Tier I Capital to be Well Capitalized | $ 15,329 | $ 12,384 | |
Tier I Capital to be Well Capitalized (to risk-weighted assets) | 8.00% | 8.00% | |
Common Equity Tier I | $ 40,764 | $ 39,489 | |
Common Equity Tier I (to risk-weighted assets) | 21.274% | 25.51% | |
Common Equity Tier I for Capital Adequacy | $ 8,623 | $ 6,966 | |
Common Equity Tier I for Capital Adequacy (to risk-weighted assets) | 4.50% | 4.50% | |
Common Equity Tier I for Capital Adequacy with Capital Buffer | $ 11,018 | $ 7,934 | |
Common Equity Tier I for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 5.75% | 5.125% | |
Common Equity Tier I to be Well Capitalized | $ 12,455 | $ 10,062 | |
Common Equity Tier I to be Well Capitalized (to risk-weighted assets) | 6.50% | 6.50% | |
Tier I Leverage | $ 40,764 | $ 39,489 | |
Tier I Leverage (to adjusted total assets) | 16.208% | 16.84% | |
Tier I Leverage for Capital Adequacy | $ 10,060 | $ 9,379 | |
Tier I Leverage for Capital Adequacy (to adjusted total assets) | 4.00% | 4.00% | |
Tier I Leverage for Capital Adequacy with Capital Buffer | $ 10,060 | $ 9,379 | |
Tier I Leverage for Capital Adequacy with Capital Buffer (to adjusted total assets) | 4.00% | 4.00% | |
Tier I Leverage to be Well Capitalized | $ 12,575 | $ 11,723 | |
Tier I Leverage to be Well Capitalized (to adjusted total assets) | 5.00% | 5.00% |
Note 14 - Commitments and Con87
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Contractual Obligation | $ 25,438,208 | $ 18,039,244 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Contractual Obligation | $ 16,667,928 | $ 11,310,327 |
Note 14 - Commitments and Con88
Note 14 - Commitments and Contingencies - Financial Instrument (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments | $ 25,438,208 | $ 18,039,244 |
Variable Rate [Member] | ||
Commitments | 17,244,128 | 12,892,477 |
Fixed Rate [Member] | ||
Commitments | 8,194,080 | 5,146,767 |
Loan Origination Commitments [Member] | ||
Commitments | $ 3,196,520 | $ 3,717,610 |
Loan Origination Commitments [Member] | Minimum [Member] | ||
Range of rates on fixed commitments | 4.13% | 3.50% |
Loan Origination Commitments [Member] | Maximum [Member] | ||
Range of rates on fixed commitments | 5.00% | 4.75% |
Loan Origination Commitments [Member] | Variable Rate [Member] | ||
Commitments | $ 576,200 | $ 1,582,150 |
Loan Origination Commitments [Member] | Fixed Rate [Member] | ||
Commitments | 2,620,320 | 2,135,460 |
Unfunded Commitments On Construction Loans [Member] | ||
Commitments | $ 5,573,760 | $ 3,011,307 |
Unfunded Commitments On Construction Loans [Member] | Minimum [Member] | ||
Range of rates on fixed commitments | 1.88% | 1.88% |
Unfunded Commitments On Construction Loans [Member] | Maximum [Member] | ||
Range of rates on fixed commitments | 6.00% | 4.38% |
Unfunded Commitments On Construction Loans [Member] | Variable Rate [Member] | ||
Commitments | $ 0 | |
Unfunded Commitments On Construction Loans [Member] | Fixed Rate [Member] | ||
Commitments | 5,573,760 | 3,011,307 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Commitments | 16,667,928 | 11,310,327 |
Unfunded Commitments Under Lines Of Credit [Member] | Variable Rate [Member] | ||
Commitments | 16,667,928 | 11,310,327 |
Unfunded Commitments Under Lines Of Credit [Member] | Fixed Rate [Member] | ||
Commitments | 0 | 0 |
Loan Commitments [Member] | ||
Commitments | 25,438,208 | 18,039,244 |
Loan Commitments [Member] | Variable Rate [Member] | ||
Commitments | 17,244,128 | 12,892,477 |
Loan Commitments [Member] | Fixed Rate [Member] | ||
Commitments | 8,194,080 | 5,146,767 |
Standby Letters of Credit [Member] | ||
Commitments | 0 | |
Standby Letters of Credit [Member] | Variable Rate [Member] | ||
Commitments | 0 | 0 |
Standby Letters of Credit [Member] | Fixed Rate [Member] | ||
Commitments | $ 0 |
Note 15 - Fair Values Measure89
Note 15 - Fair Values Measurements and Disclosures (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities | $ 26,045,675 | $ 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 15 - Fair Values Measure90
Note 15 - Fair Values Measurements and Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale | $ 26,045,675 | $ 44,560,680 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 26,045,675 | 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 | 26,045,675 | 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 | 13,970,433 | 18,156,138 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 13,970,433 | 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 | 13,970,433 | 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 | 12,075,242 | 26,404,542 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 12,075,242 | 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 | 12,075,242 | 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 15 - Fair Values Measure91
Note 15 - Fair Values Measurements and Disclosures - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Foreclosed assets | $ 84,100 | $ 35,500 |
Impaired loans, net | 510,682 | 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 | 84,100 | 35,500 |
Impaired loans, net | $ 510,682 | $ 3,025,398 |
Note 15 - Fair Values Measure92
Note 15 - Fair Values Measurements and Disclosures - Quantitative Information About Assets Measured at Fair Value (Details) - USD ($) | Sep. 19, 2007 | Dec. 31, 2017 | Dec. 31, 2016 |
Discount rate | 4.50% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Discount rate | 10.00% | 10.00% | |
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, fair value disclosure, noncrecurring | $ 84,100 | $ 35,500 | |
Appraisal adjustments | (42.00%) | ||
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Appraisal adjustments | (23.00%) | ||
Market Approach Valuation Technique [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Appraisal adjustments | (50.00%) | ||
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, fair value disclosure, noncrecurring | $ 415,567 | $ 2,856,621 | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Appraisal adjustments | (50.00%) | (14.50%) | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Appraisal adjustments | (61.50%) | (86.50%) | |
Income Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, fair value disclosure, noncrecurring | $ 95,115 | $ 168,777 |
Note 16 - Fair Values of Fina93
Note 16 - Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 3,755,817 | $ 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 939,000 | 1,690,000 |
Securities | 26,964,062 | 45,314,001 |
Accrued interest receivable | 794,449 | 785,484 |
Net loans | 207,035,091 | 160,586,129 |
Loans held for sale | 499,375 | 305,072 |
Mortgage servicing rights | 423,522 | 351,544 |
Accrued interest payable | 661 | 224 |
FHLB advances | 15,105,287 | 1,121,153 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,562,801 | 9,974,536 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 171,211,823 | 162,572,485 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 3,755,817 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 939,000 | 1,690,000 |
Securities | 26,964,062 | 45,314,001 |
Accrued interest receivable | 794,449 | 785,484 |
Net loans | 208,823,729 | 161,967,000 |
Loans held for sale | 499,375 | 305,072 |
Mortgage servicing rights | 423,522 | 351,544 |
Accrued interest payable | 661 | 224 |
FHLB advances | 15,080,025 | 1,151,000 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,562,801 | 9,974,536 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 171,915,595 | 155,963,464 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 3,755,817 | 5,946,649 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 939,000 | 1,690,000 |
Securities | ||
Accrued interest receivable | 794,449 | 785,484 |
Net loans | ||
Loans held for sale | ||
Mortgage servicing rights | ||
Accrued interest payable | 661 | 224 |
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,562,801 | 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 | 26,045,675 | 44,560,680 |
Accrued interest receivable | ||
Net loans | ||
Loans held for sale | 499,375 | 305,072 |
Mortgage servicing rights | ||
Accrued interest payable | ||
FHLB advances | 15,080,025 | 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 | 918,387 | 753,321 |
Accrued interest receivable | ||
Net loans | 208,823,729 | 161,967,000 |
Loans held for sale | ||
Mortgage servicing rights | 423,522 | 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 | $ 171,915,595 | $ 155,963,464 |
Note 17 - Condensed Parent On94
Note 17 - Condensed Parent Only Financial Statements - Statements of Financial Condition (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Interest bearing deposits | $ 1,328,893 | $ 2,030,090 | |
Other assets | 3,307,734 | 2,558,910 | |
Total assets | 255,399,875 | 230,161,384 | |
Liabilities and stockholders' equity: | |||
Stockholders' Equity | 51,900,921 | 51,936,404 | $ 30,711,734 |
Total liabilities and stockholders' equity | 255,399,875 | 230,161,384 | |
Parent Company [Member] | |||
Assets | |||
Interest bearing deposits | 9,265,423 | 9,930,224 | |
Equity in net assets of Ottawa Savings Bank | 42,020,902 | 40,847,022 | |
ESOP note receivable | 1,802,592 | 1,966,787 | |
Other assets | 14,018 | ||
Total assets | 53,102,935 | 52,744,033 | |
Liabilities and stockholders' equity: | |||
Redeemable common stock in ESOP plan | 1,202,014 | 807,629 | |
Stockholders' Equity | 51,900,921 | 51,936,404 | |
Total liabilities and stockholders' equity | $ 53,102,935 | $ 52,744,033 |
Note 17 - Condensed Parent On95
Note 17 - Condensed Parent Only Financial Statements - Statements of Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income before income tax expense | $ 2,317,773 | $ 1,860,892 |
Income tax expense | 1,503,749 | 599,794 |
Net income | 814,024 | 1,261,098 |
Parent Company [Member] | ||
Equity in net income of subsidiary | 858,784 | 1,316,346 |
Interest income | 74,504 | 31,537 |
Operating income | 933,288 | 1,347,883 |
Other expenses | 137,257 | 86,785 |
Income before income tax expense | 796,031 | 1,261,098 |
Income tax expense | (17,993) | |
Net income | $ 814,024 | $ 1,261,098 |
Note 17 - Condensed Parent On96
Note 17 - Condensed Parent Only Financial Statements - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 814,024 | $ 1,261,098 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Increase in other assets | (679,346) | (503,535) |
Net cash provided by operating activities | 2,939,153 | 2,362,650 |
Cash Flows from Investing Activities | ||
Net cash used in investing activities | (28,578,559) | (18,964,991) |
Cash Flows from Financing Activities | ||
Proceeds from stock offering including shares purchased by ESOP, net of expenses | 22,337,869 | |
Proceeds from stock options exercised | 7,140 | 127,926 |
Shares repurchased and cancelled | (253,932) | |
Dividends paid | (523,426) | |
Loan to ESOP to purchase Company stock in stock offering | (1,907,160) | |
Net cash provided by financing activities | 23,448,574 | 15,413,271 |
Net (decrease) increase in cash and cash equivalents | (2,190,832) | (1,189,070) |
Cash and cash equivalents: | ||
Beginning of period | 5,946,649 | 7,135,719 |
End of period | 3,755,817 | 5,946,649 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid for taxes, net of refunds received | 836,395 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Increase in ESOP put option liability | 394,385 | 431,086 |
Parent Company [Member] | ||
Cash Flows from Operating Activities | ||
Net income | 814,024 | 1,261,098 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Increase in other assets | (14,018) | |
Undistributed net income of subsidiary | (858,784) | (1,316,346) |
Net cash provided by operating activities | (58,778) | (55,248) |
Cash Flows from Investing Activities | ||
Payments received on ESOP notes receivable | 164,195 | 207,165 |
Net cash used in investing activities | 164,195 | 207,165 |
Cash Flows from Financing Activities | ||
Proceeds from stock offering including shares purchased by ESOP, net of expenses | 22,337,869 | |
Distribution of stock offering proceeds to bank | (11,106,092) | |
Proceeds from stock options exercised | 7,140 | 127,926 |
Shares repurchased and cancelled | (253,932) | |
Dividends paid | (523,426) | |
Loan to ESOP to purchase Company stock in stock offering | (1,907,160) | |
Net cash provided by financing activities | (770,218) | 9,452,543 |
Net (decrease) increase in cash and cash equivalents | (664,801) | 9,604,460 |
Cash and cash equivalents: | ||
Beginning of period | 9,930,224 | 325,764 |
End of period | 9,265,423 | 9,930,224 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid for taxes, net of refunds received | (3,976) | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Increase in ESOP put option liability | $ 394,385 | $ 431,086 |