Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
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) | 3,407,440 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 2,598,874 | $ 2,426,924 |
Interest bearing deposits | 576,308 | 1,328,893 |
Total cash and cash equivalents | 3,175,182 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 1,758,000 | 939,000 |
Securities available for sale | 25,453,506 | 26,045,675 |
Non-marketable equity securities | 817,137 | 918,387 |
Loans, net of allowance for loan losses of $2,570,533 and $2,472,446 at March 31, 2018 and December 31, 2017, respectively | 220,221,604 | 207,035,091 |
Loans held for sale | 208,484 | 499,375 |
Premises and equipment, net | 6,616,841 | 6,670,088 |
Accrued interest receivable | 812,928 | 794,449 |
Foreclosed real estate | 24,000 | 84,100 |
Deferred tax assets | 1,943,254 | 1,870,490 |
Cash surrender value of life insurance | 2,305,570 | 2,293,800 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 271,500 | 286,000 |
Other assets | 3,458,293 | 3,307,734 |
Total assets | 267,966,168 | 255,399,875 |
Deposits: | ||
Non-interest bearing | 11,814,608 | 11,562,801 |
Interest bearing | 185,927,881 | 171,211,823 |
Total deposits | 197,742,489 | 182,774,624 |
Accrued interest payable | 6,890 | 661 |
FHLB advances | 12,857,023 | 15,105,287 |
Other liabilities | 4,900,205 | 4,416,368 |
Total liabilities | 215,506,607 | 202,296,940 |
Commitments and contingencies | ||
Redeemable common stock held by ESOP plan | 1,203,326 | 1,202,014 |
Stockholders' Equity | ||
Common stock, $.01 par value, 12,000,000 shares authorized; 3,415,490 and 3,451,802 shares issued at March 31, 2018 and December 31, 2017, respectively | 34,155 | 34,518 |
Additional paid-in-capital | 36,329,217 | 36,949,508 |
Retained earnings | 17,828,165 | 17,720,962 |
Unallocated ESOP shares | (1,710,128) | (1,754,632) |
Accumulated other comprehensive (loss) income | (21,848) | 152,579 |
52,459,561 | 53,102,935 | |
Less: | ||
Maximum cash obligation related to ESOP shares | (1,203,326) | (1,202,014) |
Total stockholders' equity | 51,256,235 | 51,900,921 |
Total liabilities and stockholders' equity | $ 267,966,168 | $ 255,399,875 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | $ 2,570,533 | $ 2,472,446 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, shares issued (in shares) | 3,415,490 | 3,451,802 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 2,398,669 | $ 1,972,750 |
Securities: | ||
Residential mortgage-backed and related securities | 67,466 | 135,868 |
State and municipal securities | 100,448 | 130,629 |
Dividends on non-marketable equity securities | 4,186 | 1,794 |
Interest-bearing deposits | 15,794 | 9,321 |
Total interest and dividend income | 2,586,563 | 2,250,362 |
Interest expense: | ||
Deposits | 332,524 | 205,269 |
Borrowings | 48,144 | 6,996 |
Total interest expense | 380,668 | 212,265 |
Net interest income | 2,205,895 | 2,038,097 |
Provision for loan losses | 125,500 | 90,000 |
Net interest income after provision for loan losses | 2,080,395 | 1,948,097 |
Other income: | ||
Gain on sale of securities | 42 | |
Gain on sale of loans | 133,211 | 107,093 |
Gain on sale of foreclosed real estate | 42,035 | 24,060 |
Gain on sale of repossessed assets | 557 | 3,044 |
Loan origination and servicing income | 162,872 | 100,991 |
Origination of mortgage servicing rights, net of amortization | 12,854 | 15,411 |
Increase in cash surrender value of life insurance | 11,770 | 12,025 |
Other | 24,938 | 27,965 |
Total other income | 511,232 | 406,490 |
Other expenses: | ||
Salaries and employee benefits | 1,012,444 | 994,366 |
Directors fees | 48,000 | 40,800 |
Occupancy | 174,071 | 163,539 |
Deposit insurance premium | 16,396 | 13,514 |
Legal and professional services | 88,701 | 96,158 |
Data processing | 154,773 | 138,493 |
Loan expense | 168,807 | 118,323 |
Valuation adjustments and expenses on foreclosed real estate | 9,012 | 5,462 |
Loss on sale of repossessed assets | 3,265 | 274 |
Other | 264,416 | 245,085 |
Total other expenses | 1,939,885 | 1,816,014 |
Income before income tax expense | 651,742 | 538,573 |
Income tax expense | 172,160 | 181,273 |
Net income | $ 479,582 | $ 357,300 |
Basic earnings per share (in dollars per share) | $ 0.15 | $ 0.11 |
Diluted earnings per share (in dollars per share) | 0.15 | 0.11 |
Dividends per share (in dollars per share) | $ 0.115 | $ 0.04 |
Bank Servicing [Member] | ||
Other income: | ||
Customer service fees | $ 122,995 | $ 115,859 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 479,582 | $ 357,300 |
Other comprehensive income, before tax: | ||
Unrealized holding (losses) gains arising during the period | (243,971) | 153,819 |
Reclassification adjustment for (gains) included in net income | (42) | |
Other comprehensive (loss) income, before tax | (243,971) | 153,777 |
Income tax (benefit) expense related to items of other comprehensive (loss) income | (69,544) | 60,150 |
Other comprehensive (loss) income, net of tax | (174,427) | 93,627 |
Comprehensive income | $ 305,155 | $ 450,927 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 479,582 | $ 357,300 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 59,806 | 60,785 |
Provision for loan losses | 125,500 | 90,000 |
Provision for deferred income taxes | (3,220) | 137,990 |
Net amortization of premiums and discounts on securities | 62,550 | 139,549 |
Gain on sale of securities, net | (42) | |
Origination of mortgage loans held for sale | (4,481,167) | (4,083,851) |
Proceeds from sale of mortgage loans held for sale | 4,905,269 | 3,807,016 |
Gain on sale of loans, net | (133,211) | (107,093) |
Origination of mortgage servicing rights, net of amortization | (12,854) | (15,411) |
Gain on sale of foreclosed real estate, net | (42,035) | (24,060) |
Loss (gain) on sale of repossessed assets, net | 2,708 | (2,770) |
ESOP compensation expense | 65,773 | 61,892 |
Amortization of core deposit intangible | 14,500 | 19,545 |
Amortization (accretion) of fair value adjustments on acquired: | ||
Loans | 9,487 | 69,554 |
Certificates of deposit | (8,000) | |
Federal Home Loan Bank Advances | 1,736 | 1,737 |
Increase in cash surrender value of life insurance | (11,770) | (12,025) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (18,479) | (12,759) |
Increase in other assets | (111,124) | (83,111) |
Increase in accrued interest payable and other liabilities | 117,687 | 382,298 |
Net cash provided by operating activities | 1,030,738 | 778,544 |
Cash Flows from Investing Activities | ||
Purchases | (665,765) | (1,223,896) |
Sales, calls, maturities and paydowns | 951,413 | 1,806,128 |
Sale of non-marketable equity securities | 101,250 | |
Net increase in loans | (13,393,000) | (6,716,676) |
Net increase in federal funds sold | (819,000) | (1,094,000) |
Proceeds from sale of foreclosed real estate | 126,135 | 84,493 |
Proceeds from sale of repossessed assets | 18,211 | 13,270 |
Purchase of premises and equipment | (6,559) | (14,672) |
Net cash used in investing activities | (13,687,315) | (7,145,353) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 14,967,865 | 5,529,575 |
Proceeds from Federal Home Loan Bank advances | 3,250,000 | |
Principal reduction of Federal Home Loan Bank advances | (5,500,000) | |
Proceeds from stock options exercised | 65,135 | |
Shares repurchased and cancelled | (707,058) | |
Dividends paid | (130,848) | |
Net cash provided by financing activities | 12,075,942 | 5,398,727 |
Net decrease in cash and cash equivalents | (580,635) | (968,082) |
Cash and cash equivalents: | ||
Beginning of period | 3,755,817 | 5,946,649 |
End of period | 3,175,182 | 4,978,567 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 300 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 24,000 | 31,356 |
Other assets acquired in settlement of loans | 47,500 | 16,000 |
Sale of foreclosed real estate through loan origination | 3,923 | |
Increase in ESOP put option liability | 1,312 | 101,120 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 326,295 | 203,822 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 48,144 | $ 6,996 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 second two second second On December 31, 2014, The primary business of the Company is the ownership of the Bank. Through the Bank, the Company is engaged in providing a variety of financial services to individual and corporate customers in the Ottawa, Marseilles, and Morris, Illinois areas, which are primarily agricultural areas consisting of several rural communities with small to medium sized businesses. The Bank’s primary source of revenue is interest and fees related to single-family residential loans to middle-income individuals. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2 The consolidated financial statements presented in this quarterly report include the accounts of the Company and the Bank. The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and predominant practices followed by the financial services industry and are unaudited. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, which the Company considers necessary to fairly state the Company’s financial position and the results of operations and cash flows have been recorded. The interim financial statements should be read in conjunction with the audited financial statements and accompanying notes of the Company for the year ended December 31, 2017. not |
Note 3 - Use of Estimates
Note 3 - Use of Estimates | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | NOTE 3 The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Changes in these estimates and assumptions are considered reasonably possible and may At March 31, 2018, no 10 March 28, 2018. |
Note 4 - Critical Accounting Po
Note 4 - Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4 We consider accounting policies involving significant judgments and assumptions by management that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. We consider the allowance for loan losses to be our critical accounting policy. Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5 – EARNINGS PER SHARE Basic earnings per share is based on net income divided by the weighted average number of shares outstanding during the period, including allocated and committed-to-be-released Employee Stock Ownership Plan (“ESOP”) shares. Diluted earnings per share show the dilutive effect, if any, of additional common shares issuable under stock options and awards. Three Months Ended March 31, 2018 2017 Net income available to common stockholders $ 479,582 $ 357,300 Basic potential common shares: Weighted average shares outstanding 3,429,002 3,467,402 Weighted average unallocated ESOP shares (175,801 ) (194,580 ) Basic weighted average shares outstanding 3,253,201 3,272,822 Dilutive potential common shares: Weighted average RRP options outstanding 8,679 15,559 Dilutive weighted average shares outstanding 3,261,880 3,288,381 Basic earnings per share $ 0.15 $ 0.11 Diluted earnings per share $ 0.15 $ 0.11 |
Note 6 - Employee Stock Ownersh
Note 6 - Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 6 – EMPLOYEE STOCK OWNERSHIP PLAN On May 6, 2005, July 8, 2005, $763,140 76,314 $10.00 October 11, 2016, $1,907,160 190,716 $10.00 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, and dividends on unallocated ESOP shares reduce accrued interest. A terminated participant or the beneficiary of a deceased participant who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 not 60 March 31, 2018, 87,706 $13.72 The following table reflects the status of the shares held by the ESOP: March 31, December 31, 2018 2017 Shares allocated 108,966 104,272 Shares withdrawn from the plan (21,260 ) (21,030 ) Unallocated shares 172,724 177,418 Total ESOP shares 260,430 260,660 Fair value of unallocated shares $ 2,369,773 $ 2,561,916 |
Note 7 - Investments Securities
Note 7 - Investments Securities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N OTE 7 – INVESTMENT SECURITIES The amortized cost and fair values of securities, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2018: Securities Available for Sale State and municipal securities $ 14,167,731 $ 126,910 $ 34,288 $ 14,260,353 Residential mortgage-backed securities 11,316,333 85,535 208,715 11,193,153 $ 25,484,064 $ 212,445 $ 243,003 $ 25,453,506 December 31, 2017: Securities 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 The amortized cost and fair value at March 31, 2018, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 656,688 $ 657,797 Due after three months through one year 53,577 53,392 Due after one year through five years 5,463,925 5,520,054 Due after five years through ten years 3,984,336 4,008,977 Due after ten years 4,009,205 4,020,133 Residential mortgage-backed securities 11,316,333 11,193,153 $ 25,484,064 $ 25,453,506 The following table reflects securities with gross unrealized losses for less than 12 12 March 31, 2018 December 31, 2017: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2018 Securities Available for Sale State and municipal securities $ 3,251,485 $ 34,288 $ - $ - $ 3,251,485 $ 34,288 Residential mortgage-backed securities 2,697,169 41,502 5,714,098 167,213 8,411,267 208,715 $ 5,948,654 $ 75,790 $ 5,714,098 $ 167,213 $ 11,662,752 $ 243,003 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 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 not not At March 31, 2018, 40 2.04% not March 31, 2018 ● Decline in value is attributable to interest rates. ● The value did not ● The Company does not ● The Company has adequate liquidity such that it will not not may There were no three March 31, 2018 $0.4 three March 31, 2017. three March 31, 2017 $42 no $0 $16 three March 31, 2018 2017. |
Note 8 - Loans and Allowance fo
Note 8 - Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 8 OANS AND ALLOWANCE FOR CREDIT LOSSES The components of loans, net of deferred loan costs (fees), are as follows: March 31, December 31, 2018 2017 Mortgage loans: One-to-four family residential loans $ 130,287,273 $ 124,118,335 Multi-family residential loans 6,510,667 5,664,524 Total mortgage loans 136,797,940 129,782,859 Other loans: Non-residential real estate loans 33,710,232 32,133,094 Commercial loans 20,922,937 20,759,262 Consumer direct 8,529,670 6,281,712 Purchased auto 22,831,358 20,550,610 Total other loans 85,994,197 79,724,678 Gross loans 222,792,137 209,507,537 Less: Allowance for loan losses (2,570,533 ) (2,472,446 ) Loans, net $ 220,221,604 $ 207,035,091 The following table reflects the carrying amount of loans acquired in the Twin Oaks merger, which are included in the loan categories above as of the dates indicated. March 31, December 31, 2018 2017 Mortgage loans: One-to-four family residential loans $ 13,501,289 $ 14,811,329 Multi-family residential loans 263,894 265,625 Total mortgage loans 13,765,183 15,076,954 Other loans: Non-residential real estate loans 1,982,720 2,120,630 Commercial loans 576,293 571,538 Consumer direct 47,551 59,353 Total other loans 2,606,564 2,751,521 Gross loans 16,371,747 17,828,475 Less: Allowance for loan losses (135,000 ) (135,000 ) Loans, net $ 16,236,747 $ 17,693,475 Total loans acquired in the Merger were recorded at a fair value of $29,795,910 $31,831,910 December 31, 2014. 310 20, not $28,638,000 $28,472,000. $407,000 573,000 166,000 Loans acquired with deteriorated credit quality and accounted for under FASB ASC Topic 310 30 $3,194,000 $1,324,000. not $1,870,000 362,000 1,508,000 The following table reflects activity for the loans acquired with deteriorated credit quality for the three March 31, 2018 2017: Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 144,528 $ 461,334 Payment activity (11,438 ) (225,489 ) Transfer to foreclosed real estate - - Accretion into interest income 4,443 64,791 $ 137,533 $ 300,636 The contractual amount outstanding for the loans acquired with deteriorated credit quality totaled $465,000 $468,000 March 31, 2018 December 31, 2017, The following table reflects activity in the accretable yield for the loans acquired with deteriorated credit quality for the three March 31, 2018 2017: Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 9,592 $ 82,869 Net reclassification from non-accretable yield - 29,891 Accretion into interest income (4,443 ) (64,791 ) $ 5,149 $ 47,969 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Three Months Ended March 31, 2018 2017 Purchased auto loans $ 4,034,864 $ 1,534,937 Net (charge-offs) / recoveries, segregated by class of loans, for the periods indicated were as follows: Three Months Ended March 31, 2018 2017 One-to-four family $ (2,283 ) $ (86,067 ) Multi-family 3,972 - Non-residential - (51,960 ) Consumer direct 1,727 2,327 Purchased auto (30,829 ) (18,068 ) Net (charge-offs)/recoveries $ (27,413 ) $ (153,768 ) The following table presents the activity in the allowance for loan losses by portfolio segment for the three March 31, 2018 2017: One-to- four Multi- Non- Consumer Purchased March 31, 2018 family family residential Commercial direct auto Total Balance at beginning of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Provision charged to income 114,187 (816 ) 1,187 (521 ) (44,411 ) 55,874 125,500 Loans charged off (6,724 ) - - - - (36,194 ) (42,918 ) Recoveries of loans previously charged off 4,441 3,972 - - 1,727 5,365 15,505 Balance at end of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 One-to- four Multi- Non- Consumer Purchased March 31, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 108,120 2,219 (64,902 ) 4,280 17,471 22,812 90,000 Loans charged off (89,515 ) - (59,960 ) - - (30,312 ) (179,787 ) Recoveries of loans previously charged off 3,448 - 8,000 - 2,327 12,244 26,019 Balance at end of period $ 1,449,007 $ 95,700 $ 250,464 $ 101,103 $ 99,051 $ 188,356 $ 2,183,681 The following table presents the recorded investment in loans and the related allowances allocated by portfolio segment and based on impairment method as of March 31, 2018 December 31, 2017: One-to- four Multi- Non- Consumer Purchased March 31, 2018 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 759,861 $ - $ 344,837 $ 3,235 $ - $ 12,828 $ 1,120,761 Loans acquired with deteriorated credit quality 137,532 - - - - - 137,532 Loans collectively evaluated for impairment 129,389,880 6,510,667 33,365,395 20,919,702 8,529,670 22,818,530 221,533,844 Balance at end of period $ 130,287,273 $ 6,510,667 $ 33,710,232 $ 20,922,937 $ 8,529,670 $ 22,831,358 $ 222,792,137 Period-end amount allocated to: Loans individually evaluated for impairment $ 125,076 $ - $ 102,225 $ - $ - $ 6,414 $ 233,715 Loans acquired with deteriorated credit quality 12,843 - - - - - 12,843 Loans collectively evaluated for impairment 1,451,404 25,126 270,055 153,075 97,585 326,730 2,323,975 Balance at end of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 One-to- four Multi- Non- Consumer Purchased December 31, 2017 family family residential Commercial direct 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 Balance at end of period $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 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 The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The following table presents loans individually evaluated for impairment, by class of loans, as of March 31, 2018 December 31, 2017: March 31, 2018 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 $ 897,393 $ 402,755 $ 494,638 $ 897,393 $ 137,919 $ 1,120,597 Multi-family - - - - - - Non-residential 344,837 - 344,837 344,837 102,225 348,337 Commercial 3,235 3,235 - 3,235 - 3,839 Consumer direct - - - - - - Purchased auto 12,828 - 12,828 12,828 6,414 4,276 $ 1,258,293 $ 405,990 $ 852,303 $ 1,258,293 $ 246,558 $ 1,477,049 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 For the three March 31, 2018, no three March 31, 2017, $3,000 At March 31, 2018 19 $1.3 19 $1.5 December 31, 2017. two $28,000 one $323,000 $38,000, three $149,000 Our loan portfolio also includes certain loans that have been modified in a troubled debt restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance or other actions. TDRs are classified as non-performing at the time of restructuring and typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less estimated selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. Impaired loans at March 31, 2018 $145,000 $473,000 December 31, 2017. $328,000 one $323,000 $5,000. not, six There were no three March 31, 2018 2017. There were no twelve March 31, 2018 2017 60 three March 31, 2018 2017. All TDRs are evaluated for possible impairment and any impairment identified is recognized through the allowance. Additionally, the qualitative factors are updated quarterly for trends in economic and non-performing factors, including collateral securing TDRs. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 March 31, 2018 December 31, 2017: March 31, 2018 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 897,393 $ - Multi-family - - Non-residential 344,837 - Commercial 3,235 - Consumer direct - - Purchased auto 12,828 - $ 1,258,293 $ - 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 $ - The following table presents the aging of the recorded investment in loans, by class of loans, as of March 31, 2018 December 31, 2017: March 31, 2018 Loans 30-59 Days Past Due Loans 60-8 9 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 864,289 $ 473,875 $ 438,946 $ 1,777,110 $ 128,510,163 $ 130,287,273 Multi-family - - - - 6,510,667 6,510,667 Non-residential 344,837 - - 344,837 33,365,395 33,710,232 Commercial 23,991 - - 23,991 20,898,946 20,922,937 Consumer direct 75,521 - - 75,521 8,454,149 8,529,670 Purchased auto 17,099 - 12,828 29,927 22,801,431 22,831,358 $ 1,325,737 $ 473,875 $ 451,774 $ 2,251,386 $ 220,540,751 $ 222,792,137 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 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. For commercial and non-residential real estate loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial and non-residential real estate loan is assigned a risk rating upon origination. The risk rating is reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. For residential real estate loans, multi-family, consumer direct and purchased auto loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated regularly by the Company’s loan system for real estate loans, multi-family and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. Generally, when residential real estate loans, multi-family and consumer direct loans become over 90 6 12 The Company uses the following definitions for risk ratings: ● Pass – loans classified as pass are of a higher quality and do not ● Special Mention – loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may ● Substandard – loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not ● Doubtful – loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. ● Not not At March 31, 2018 December 31, 2017, March 31, 2018 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 1,213,262 $ 897,393 $ - $ 128,176,618 $ 130,287,273 Multi-family - - - - 6,510,667 6,510,667 Non-residential 33,127,423 237,972 344,837 - - 33,710,232 Commercial 20,919,702 - 3,235 - - 20,922,937 Consumer direct - - - - 8,529,670 8,529,670 Purchased auto - - 12,828 - 22,818,530 22,831,358 Total $ 54,047,125 $ 1,451,234 $ 1,258,293 $ - $ 166,035,485 $ 222,792,137 December 31, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 529,738 $ 1,130,849 $ - $ 122,457,748 $ 124,118,335 Multi-family - - - - 5,664,524 5,664,524 Non-residential 31,531,886 246,005 355,203 - - 32,133,094 Commercial 20,748,808 - 10,454 - - 20,759,262 Consumer direct - - - - 6,281,712 6,281,712 Purchased auto - - 985 - 20,549,625 20,550,610 Total $ 52,280,694 $ 775,743 $ 1,497,491 $ - $ 154,953,609 $ 209,507,537 At March 31, 2018, $24,000 $84,100 December 31, 2017. $0 $23,000 March 31, 2018 December 31, 2017, |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 – STOCK COMPENSATION Total stock-based compensation expense was $0 three March 31, 2018 2017, 718, Compensation-Stock Compensation , three March 31, 2018 2017, not |
Note 10 - Recent Accounting Dev
Note 10 - Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 1 0 – RECENT ACCOUNTING DEVELOPMENTS In May 2014, No. 2014 09, 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. not January 1, 2018 not The standard allowed the use of either the full retrospective or modified retrospective transition method. We elected to apply the modified retrospective transition method to incomplete contracts as of the initial date of application on January 1, 2018. not not not Descriptions of our significant revenue-generating transactions that are within the scope of the new revenue recognition standards, which are presented in the consolidated statements of income as components of non-interest income, are as follows: ● Service charges on deposit accounts. ● Gains/losses on sale of foreclosed real estate and repossessed assets. ● Other. In January 2016, 2016 01, Financial Instruments—Overall (Subtopic 825 10 2016 01 January 1, 2018. not no In February 2016, 2016 02, Leases (Topic 842 1 2 606, no 2016 02 December 15, 2018, not may not 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, |
Note 11 - Borrowings
Note 11 - Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 – BORROWINGS A summary of outstanding advances from the Federal Home Loan Bank of Chicago is as follows: March 31, December 31, 2018 2017 Open lines of credit at 1.46% $ - $ 4,000,000 Open lines of credit at 1.82% 3,250,000 - Matured 02/15/2018 at 1.27%, fixed - 1,000,000 Matured 03/30/2018 at 1.72%, fixed - 499,357 Matures 05/15/2018 at 1.34%, fixed 2,000,000 2,000,000 Matures 09/25/2018 at 1.46%, fixed 2,000,000 2,000,000 Matures 04/01/2019 at 2.00%, fixed 497,635 497,089 Matures 08/30/2019 at 1.56%, fixed 3,000,000 3,000,000 Matures 12/16/2019 at 2.08%, fixed 2,000,000 2,000,000 Matures 10/03/2022 at 1.48%, fixed 109,388 108,841 $ 12,857,023 $ 15,105,287 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement and Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 2 – FAIR VALUE MEASUREMENT AND DISCLOSURE FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets, consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. The Company did not 1 2 three March 31, 2018 December 31, 2017. The tables below present the recorded amounts of assets measured at fair value on a recurring basis at March 31, 2018 December 31, 2017. Total March 31, 2018 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 14,260,353 $ - $ 14,260,353 Residential mortgage-backed securities available for sale - 11,193,153 - 11,193,153 $ - $ 25,453,506 $ - $ 25,453,506 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 The tables below present the recorded amounts of assets measured at fair value on a non-recurring basis at March 31, 2018 December 31, 2017. Total March 31, 2018 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 50,581 $ 50,581 Impaired loans, net - - 605,745 605,745 The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 2018 Foreclosed assets $ 50,581 Appraisal of collateral Appraisal adjustments -40% to -64% Impaired loans, net $ 594,956 Appraisal of collateral Appraisal adjustments -15% to -64.4% Impaired loans, net $ 10,789 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% 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% In accordance with accounting pronouncements, the carrying value and estimated fair value of the Company’s financial instruments as of March 31, 2018 December 31, 2017, Fair Value Measurements at Carrying March 31, 2018 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,175,182 $ 3,175,182 $ - $ - $ 3,175,182 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,758,000 1,758,000 - - 1,758,000 Securities 26,270,643 - 25,453,506 817,137 26,270,643 Net loans 220,221,604 - - 217,146,000 217,146,000 Loans held for sale 208,484 - 208,484 - 208,484 Accrued interest receivable 812,928 812,928 - - 812,928 Mortgage servicing rights 436,376 - - 436,376 436,376 Financial Liabilities: Non-interest bearing deposits 11,814,608 11,814,608 - - 11,814,608 Interest bearing deposits 185,927,881 - - 186,856,000 186,856,000 Accrued interest payable 6,890 6,890 - - 6,890 FHLB advances 12,857,023 - 12,799,000 - 12,799,000 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 Net loans 207,035,091 - - 208,823,729 208,823,729 Loans held for sale 499,375 - 499,375 - 499,375 Accrued interest receivable 794,449 794,449 - - 794,449 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 The following methods and assumptions were used by the Bank in estimating the fair value of financial instruments: Cash and c ash e quivalents : Time deposits : Federal f unds s old : Securities: 12 Loans: no 2018, not Loans held for sale : three Accrued i nterest r eceivable and p ayable : Mortgage s ervicing r ights : Deposits: FHLB a dvances : Loan c ommitments : not March 31, 2018 December 31, 2017, In addition, other assets and liabilities of the Bank that are not not not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2018 2017 Net income available to common stockholders $ 479,582 $ 357,300 Basic potential common shares: Weighted average shares outstanding 3,429,002 3,467,402 Weighted average unallocated ESOP shares (175,801 ) (194,580 ) Basic weighted average shares outstanding 3,253,201 3,272,822 Dilutive potential common shares: Weighted average RRP options outstanding 8,679 15,559 Dilutive weighted average shares outstanding 3,261,880 3,288,381 Basic earnings per share $ 0.15 $ 0.11 Diluted earnings per share $ 0.15 $ 0.11 |
Note 6 - Employee Stock Owner21
Note 6 - Employee Stock Ownership Plan (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | March 31, December 31, 2018 2017 Shares allocated 108,966 104,272 Shares withdrawn from the plan (21,260 ) (21,030 ) Unallocated shares 172,724 177,418 Total ESOP shares 260,430 260,660 Fair value of unallocated shares $ 2,369,773 $ 2,561,916 |
Note 7 - Investments Securiti22
Note 7 - Investments Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2018: Securities Available for Sale State and municipal securities $ 14,167,731 $ 126,910 $ 34,288 $ 14,260,353 Residential mortgage-backed securities 11,316,333 85,535 208,715 11,193,153 $ 25,484,064 $ 212,445 $ 243,003 $ 25,453,506 December 31, 2017: Securities 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 656,688 $ 657,797 Due after three months through one year 53,577 53,392 Due after one year through five years 5,463,925 5,520,054 Due after five years through ten years 3,984,336 4,008,977 Due after ten years 4,009,205 4,020,133 Residential mortgage-backed securities 11,316,333 11,193,153 $ 25,484,064 $ 25,453,506 |
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 March 31, 2018 Securities Available for Sale State and municipal securities $ 3,251,485 $ 34,288 $ - $ - $ 3,251,485 $ 34,288 Residential mortgage-backed securities 2,697,169 41,502 5,714,098 167,213 8,411,267 208,715 $ 5,948,654 $ 75,790 $ 5,714,098 $ 167,213 $ 11,662,752 $ 243,003 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 |
Note 8 - Loans and Allowance 23
Note 8 - Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2018 2017 Mortgage loans: One-to-four family residential loans $ 130,287,273 $ 124,118,335 Multi-family residential loans 6,510,667 5,664,524 Total mortgage loans 136,797,940 129,782,859 Other loans: Non-residential real estate loans 33,710,232 32,133,094 Commercial loans 20,922,937 20,759,262 Consumer direct 8,529,670 6,281,712 Purchased auto 22,831,358 20,550,610 Total other loans 85,994,197 79,724,678 Gross loans 222,792,137 209,507,537 Less: Allowance for loan losses (2,570,533 ) (2,472,446 ) Loans, net $ 220,221,604 $ 207,035,091 |
Schedule of Loans Acquired in Merger [Table Text Block] | March 31, December 31, 2018 2017 Mortgage loans: One-to-four family residential loans $ 13,501,289 $ 14,811,329 Multi-family residential loans 263,894 265,625 Total mortgage loans 13,765,183 15,076,954 Other loans: Non-residential real estate loans 1,982,720 2,120,630 Commercial loans 576,293 571,538 Consumer direct 47,551 59,353 Total other loans 2,606,564 2,751,521 Gross loans 16,371,747 17,828,475 Less: Allowance for loan losses (135,000 ) (135,000 ) Loans, net $ 16,236,747 $ 17,693,475 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 144,528 $ 461,334 Payment activity (11,438 ) (225,489 ) Transfer to foreclosed real estate - - Accretion into interest income 4,443 64,791 $ 137,533 $ 300,636 |
Certain Loans Acquired in Transfer Accretable Yield [Table Text Block] | Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 9,592 $ 82,869 Net reclassification from non-accretable yield - 29,891 Accretion into interest income (4,443 ) (64,791 ) $ 5,149 $ 47,969 |
Schedule Of Loans Purchased [Table Text Block] | Three Months Ended March 31, 2018 2017 Purchased auto loans $ 4,034,864 $ 1,534,937 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Three Months Ended March 31, 2018 2017 One-to-four family $ (2,283 ) $ (86,067 ) Multi-family 3,972 - Non-residential - (51,960 ) Consumer direct 1,727 2,327 Purchased auto (30,829 ) (18,068 ) Net (charge-offs)/recoveries $ (27,413 ) $ (153,768 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | One-to- four Multi- Non- Consumer Purchased March 31, 2018 family family residential Commercial direct auto Total Balance at beginning of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Provision charged to income 114,187 (816 ) 1,187 (521 ) (44,411 ) 55,874 125,500 Loans charged off (6,724 ) - - - - (36,194 ) (42,918 ) Recoveries of loans previously charged off 4,441 3,972 - - 1,727 5,365 15,505 Balance at end of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 One-to- four Multi- Non- Consumer Purchased March 31, 2017 family family residential Commercial direct auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 108,120 2,219 (64,902 ) 4,280 17,471 22,812 90,000 Loans charged off (89,515 ) - (59,960 ) - - (30,312 ) (179,787 ) Recoveries of loans previously charged off 3,448 - 8,000 - 2,327 12,244 26,019 Balance at end of period $ 1,449,007 $ 95,700 $ 250,464 $ 101,103 $ 99,051 $ 188,356 $ 2,183,681 One-to- four Multi- Non- Consumer Purchased March 31, 2018 family family residential Commercial direct auto Total Loans individually evaluated for impairment $ 759,861 $ - $ 344,837 $ 3,235 $ - $ 12,828 $ 1,120,761 Loans acquired with deteriorated credit quality 137,532 - - - - - 137,532 Loans collectively evaluated for impairment 129,389,880 6,510,667 33,365,395 20,919,702 8,529,670 22,818,530 221,533,844 Balance at end of period $ 130,287,273 $ 6,510,667 $ 33,710,232 $ 20,922,937 $ 8,529,670 $ 22,831,358 $ 222,792,137 Period-end amount allocated to: Loans individually evaluated for impairment $ 125,076 $ - $ 102,225 $ - $ - $ 6,414 $ 233,715 Loans acquired with deteriorated credit quality 12,843 - - - - - 12,843 Loans collectively evaluated for impairment 1,451,404 25,126 270,055 153,075 97,585 326,730 2,323,975 Balance at end of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 One-to- four Multi- Non- Consumer Purchased December 31, 2017 family family residential Commercial direct 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 Balance at end of period $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 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 |
Impaired Financing Receivables [Table Text Block] | March 31, 2018 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 $ 897,393 $ 402,755 $ 494,638 $ 897,393 $ 137,919 $ 1,120,597 Multi-family - - - - - - Non-residential 344,837 - 344,837 344,837 102,225 348,337 Commercial 3,235 3,235 - 3,235 - 3,839 Consumer direct - - - - - - Purchased auto 12,828 - 12,828 12,828 6,414 4,276 $ 1,258,293 $ 405,990 $ 852,303 $ 1,258,293 $ 246,558 $ 1,477,049 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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | March 31, 2018 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 897,393 $ - Multi-family - - Non-residential 344,837 - Commercial 3,235 - Consumer direct - - Purchased auto 12,828 - $ 1,258,293 $ - 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 $ - |
Past Due Financing Receivables [Table Text Block] | March 31, 2018 Loans 30-59 Days Past Due Loans 60-8 9 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 864,289 $ 473,875 $ 438,946 $ 1,777,110 $ 128,510,163 $ 130,287,273 Multi-family - - - - 6,510,667 6,510,667 Non-residential 344,837 - - 344,837 33,365,395 33,710,232 Commercial 23,991 - - 23,991 20,898,946 20,922,937 Consumer direct 75,521 - - 75,521 8,454,149 8,529,670 Purchased auto 17,099 - 12,828 29,927 22,801,431 22,831,358 $ 1,325,737 $ 473,875 $ 451,774 $ 2,251,386 $ 220,540,751 $ 222,792,137 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2018 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 1,213,262 $ 897,393 $ - $ 128,176,618 $ 130,287,273 Multi-family - - - - 6,510,667 6,510,667 Non-residential 33,127,423 237,972 344,837 - - 33,710,232 Commercial 20,919,702 - 3,235 - - 20,922,937 Consumer direct - - - - 8,529,670 8,529,670 Purchased auto - - 12,828 - 22,818,530 22,831,358 Total $ 54,047,125 $ 1,451,234 $ 1,258,293 $ - $ 166,035,485 $ 222,792,137 December 31, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ - $ 529,738 $ 1,130,849 $ - $ 122,457,748 $ 124,118,335 Multi-family - - - - 5,664,524 5,664,524 Non-residential 31,531,886 246,005 355,203 - - 32,133,094 Commercial 20,748,808 - 10,454 - - 20,759,262 Consumer direct - - - - 6,281,712 6,281,712 Purchased auto - - 985 - 20,549,625 20,550,610 Total $ 52,280,694 $ 775,743 $ 1,497,491 $ - $ 154,953,609 $ 209,507,537 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2018 2017 Open lines of credit at 1.46% $ - $ 4,000,000 Open lines of credit at 1.82% 3,250,000 - Matured 02/15/2018 at 1.27%, fixed - 1,000,000 Matured 03/30/2018 at 1.72%, fixed - 499,357 Matures 05/15/2018 at 1.34%, fixed 2,000,000 2,000,000 Matures 09/25/2018 at 1.46%, fixed 2,000,000 2,000,000 Matures 04/01/2019 at 2.00%, fixed 497,635 497,089 Matures 08/30/2019 at 1.56%, fixed 3,000,000 3,000,000 Matures 12/16/2019 at 2.08%, fixed 2,000,000 2,000,000 Matures 10/03/2022 at 1.48%, fixed 109,388 108,841 $ 12,857,023 $ 15,105,287 |
Note 12 - Fair Value Measurem25
Note 12 - Fair Value Measurement and Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total March 31, 2018 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 14,260,353 $ - $ 14,260,353 Residential mortgage-backed securities available for sale - 11,193,153 - 11,193,153 $ - $ 25,453,506 $ - $ 25,453,506 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 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Total March 31, 2018 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 50,581 $ 50,581 Impaired loans, net - - 605,745 605,745 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 2018 Foreclosed assets $ 50,581 Appraisal of collateral Appraisal adjustments -40% to -64% Impaired loans, net $ 594,956 Appraisal of collateral Appraisal adjustments -15% to -64.4% Impaired loans, net $ 10,789 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% 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% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Carrying March 31, 2018 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 3,175,182 $ 3,175,182 $ - $ - $ 3,175,182 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 1,758,000 1,758,000 - - 1,758,000 Securities 26,270,643 - 25,453,506 817,137 26,270,643 Net loans 220,221,604 - - 217,146,000 217,146,000 Loans held for sale 208,484 - 208,484 - 208,484 Accrued interest receivable 812,928 812,928 - - 812,928 Mortgage servicing rights 436,376 - - 436,376 436,376 Financial Liabilities: Non-interest bearing deposits 11,814,608 11,814,608 - - 11,814,608 Interest bearing deposits 185,927,881 - - 186,856,000 186,856,000 Accrued interest payable 6,890 6,890 - - 6,890 FHLB advances 12,857,023 - 12,799,000 - 12,799,000 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 Net loans 207,035,091 - - 208,823,729 208,823,729 Loans held for sale 499,375 - 499,375 - 499,375 Accrued interest receivable 794,449 794,449 - - 794,449 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 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income available to common stockholders | $ 479,582 | $ 357,300 |
Basic potential common shares: | ||
Weighted average shares outstanding (in shares) | 3,429,002 | 3,467,402 |
Weighted average unallocated ESOP shares (in shares) | (175,801) | (194,580) |
Basic weighted average shares outstanding (in shares) | 3,253,201 | 3,272,822 |
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 3,261,880 | 3,288,381 |
Basic earnings per share (in dollars per share) | $ 0.15 | $ 0.11 |
Diluted earnings per share (in dollars per share) | $ 0.15 | $ 0.11 |
Recognition and Retention Plan - DO NOT USE[Member] | ||
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 8,679 | 15,559 |
Note 6 - Employee Stock Owner27
Note 6 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 | Jul. 08, 2005 | |
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 260,430 | 260,660 | 190,716 | 76,314 |
Sale of Stock, Price Per Share | $ 10 | $ 10 | ||
Employee Stock Ownership Plan ESOP Interest and Principal Payments from ESOP | $ 239,000 | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 108,966 | 104,272 | ||
Mezzanine Capital [Member] | ||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 87,706 | |||
Fair Value Per Share | $ 13.72 |
Note 6 - Employee Stock Owner28
Note 6 - Employee Stock Ownership Plan - Employee Stock Ownership Plan (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 | Jul. 08, 2005 |
Shares allocated (in shares) | 108,966 | 104,272 | ||
Shares withdrawn from the plan (in shares) | (21,260) | (21,030) | ||
Unallocated shares (in shares) | 172,724 | 177,418 | ||
Total ESOP shares (in shares) | 260,430 | 260,660 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 2,369,773 | $ 2,561,916 |
Note 7 - Investments Securiti29
Note 7 - Investments Securities (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 40 | |
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 2.04% | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Proceeds from Sale of Available-for-sale Securities, Total | 0 | $ 400,000 |
Debt Securities, Realized Gain (Loss), Total | 42 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ 0 | $ 16 |
Note 7 - Investment Securities
Note 7 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, amortized cost | $ 25,484,064 | $ 25,832,262 |
Securities available for sale, gross unrealized gains | 212,445 | 343,160 |
Securities available for sale, gross unrealized losses | 243,003 | 129,747 |
Securities available for sale | 25,453,506 | 26,045,675 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 14,167,731 | 13,756,573 |
Securities available for sale, gross unrealized gains | 126,910 | 221,320 |
Securities available for sale, gross unrealized losses | 34,288 | 7,460 |
Securities available for sale | 14,260,353 | 13,970,433 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 11,316,333 | 12,075,689 |
Securities available for sale, gross unrealized gains | 85,535 | 121,840 |
Securities available for sale, gross unrealized losses | 208,715 | 122,287 |
Securities available for sale | $ 11,193,153 | $ 12,075,242 |
Note 7 - Investment Securitie31
Note 7 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, due in three months or less, amortized cost | $ 656,688 | |
Securities available for sale, due in three months or less, fair value | 657,797 | |
Securities available for sale, due after three months through one year, amortized cost | 53,577 | |
Securities available for sale, due after three months through one year, fair value | 53,392 | |
Securities available for sale, due after one year through five years, amortized cost | 5,463,925 | |
Securities available for sale, due after one year through five years, fair value | 5,520,054 | |
Securities available for sale, due after five years through ten years, amortized cost | 3,984,336 | |
Securities available for sale, due after five years through ten years, fair value | 4,008,977 | |
Securities available for sale, due after ten years, amortized cost | 4,009,205 | |
Securities available for sale, due after ten years, fair value | 4,020,133 | |
Residential mortgage-backed securities, amortized cost | 11,316,333 | |
Residential mortgage-backed securities, fair value | 11,193,153 | |
Securities available for sale, amortized cost | 25,484,064 | $ 25,832,262 |
Securities available for sale, fair value | $ 25,453,506 | $ 26,045,675 |
Note 7 - Investment Securitie32
Note 7 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, less than 12 months, fair value | $ 5,948,654 | $ 3,471,094 |
Securities available for sale, less than 12 months, unrealized losses | 75,790 | 20,024 |
Securities available for sale, 12 months or more, fair value | 5,714,098 | 6,209,019 |
Securities available for sale, 12 months or more, unrealized losses | 167,213 | 109,723 |
Securities available for sale, fair value | 11,662,752 | 9,680,113 |
Securities available for sale, unrealized losses | 243,003 | 129,747 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 3,251,485 | 1,435,888 |
Securities available for sale, less than 12 months, unrealized losses | 34,288 | 7,460 |
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 | 3,251,485 | 1,435,888 |
Securities available for sale, unrealized losses | 34,288 | 7,460 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 2,697,169 | 2,035,206 |
Securities available for sale, less than 12 months, unrealized losses | 41,502 | 12,564 |
Securities available for sale, 12 months or more, fair value | 5,714,098 | 6,209,019 |
Securities available for sale, 12 months or more, unrealized losses | 167,213 | 109,723 |
Securities available for sale, fair value | 8,411,267 | 8,244,225 |
Securities available for sale, unrealized losses | $ 208,715 | $ 122,287 |
Note 8 - Loans and Allowance 33
Note 8 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | ||||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Ending Balance | $ 5,149 | $ 47,969 | $ 9,592 | $ 82,869 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 0 | $ 3,000 | |||
Number of Impaired Loans | 19 | 19 | |||
Impaired Financing Receivable, Recorded Investment, Total | $ 1,258,293 | $ 1,497,491 | |||
Impaired Loans, Additions, Number | 3 | ||||
Impaired Loans, Additions, Value | $ 149,000 | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |||
Real Estate Acquired Through Foreclosure | $ 24,000 | 84,100 | |||
Mortgage Loans in Process of Foreclosure, Amount | 0 | 23,000 | |||
Residential Portfolio Segment [Member] | |||||
Real Estate Acquired Through Foreclosure | $ 24,000 | 84,100 | |||
Written Down and Moved to OREO [Member] | |||||
Number of Impaired Loans | 2 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 28,000 | ||||
Returned To Accrual Status [Member] | |||||
Number of Impaired Loans | 1 | ||||
Impaired Financing Receivable, Recorded Investment, Total | $ 323,000 | ||||
Impaired Loan [Member] | |||||
Payments for (Proceeds from) Loans Receivable, Total | 38,000 | ||||
Troubled Debt Restructurings [Member] | |||||
Impaired Financing Receivable, Recorded Investment, Total | 145,000 | 473,000 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Decreased | $ 328,000 | ||||
Financing Receivable, Modifications, Number of Contracts Returned to Accrual Status | 1 | ||||
Financing Receivable, Modifications, Returned to Accrual Status | $ 323,000 | ||||
Proceeds from Impaired Loans, Principal Payment | 5,000 | ||||
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] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 465,000 | $ 468,000 | |||
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, Total | 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, Ending Balance | 362,000 | ||||
Certain Loans Acquired in Transfer, Nonaccretable Difference | 1,508,000 | ||||
Loans Receivable [Member] | Twin Oaks [Member] | Estimate of Fair Value Measurement [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | $ 29,795,910 |
Note 8 - Loans and Allowance 34
Note 8 - Loans and Allowance for Credit Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Gross loans | $ 222,792,137 | $ 209,507,537 | ||
Less: Allowance for loan losses | (2,570,533) | (2,472,446) | $ (2,183,681) | $ (2,247,449) |
Loans, net | 220,221,604 | 207,035,091 | ||
Residential Portfolio Segment [Member] | ||||
Gross loans | 136,797,940 | 129,782,859 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Gross loans | 130,287,273 | 124,118,335 | ||
Less: Allowance for loan losses | (1,589,323) | (1,477,419) | (1,449,007) | (1,426,954) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Gross loans | 6,510,667 | 5,664,524 | ||
Less: Allowance for loan losses | (25,126) | (21,970) | (95,700) | (93,481) |
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Gross loans | 33,710,232 | 32,133,094 | ||
Less: Allowance for loan losses | (372,280) | (371,093) | (250,464) | (367,326) |
Commercial Portfolio Segment [Member] | ||||
Gross loans | 20,922,937 | 20,759,262 | ||
Less: Allowance for loan losses | (153,075) | (153,596) | (101,103) | (96,823) |
Consumer Portfolio Segment [Member] | ||||
Gross loans | 8,529,670 | 6,281,712 | ||
Less: Allowance for loan losses | (97,585) | (140,269) | (99,051) | (79,253) |
Purchased Auto Loans [Member] | ||||
Gross loans | 22,831,358 | 20,550,610 | ||
Less: Allowance for loan losses | (333,144) | (308,099) | $ (188,356) | $ (183,612) |
Non-mortgage Loans [Member] | ||||
Gross loans | $ 85,994,197 | $ 79,724,678 |
Note 8 - Loans and Allowance 35
Note 8 - Loans and Allowance for Credit Losses - Carrying Amount of Loans Acquired in Twin Oaks Merger (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Gross loans | $ 222,792,137 | $ 209,507,537 | ||
Less: Allowance for loan losses | (2,570,533) | (2,472,446) | $ (2,183,681) | $ (2,247,449) |
Loans, net | 220,221,604 | 207,035,091 | ||
Twin Oaks [Member] | ||||
Gross loans | 16,371,747 | 17,828,475 | ||
Less: Allowance for loan losses | (135,000) | (135,000) | ||
Loans, net | 16,236,747 | 17,693,475 | ||
Residential Portfolio Segment [Member] | ||||
Gross loans | 136,797,940 | 129,782,859 | ||
Residential Portfolio Segment [Member] | Twin Oaks [Member] | ||||
Gross loans | 13,765,183 | 15,076,954 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Gross loans | 130,287,273 | 124,118,335 | ||
Less: Allowance for loan losses | (1,589,323) | (1,477,419) | (1,449,007) | (1,426,954) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Twin Oaks [Member] | ||||
Gross loans | 13,501,289 | 14,811,329 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Gross loans | 6,510,667 | 5,664,524 | ||
Less: Allowance for loan losses | (25,126) | (21,970) | (95,700) | (93,481) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Twin Oaks [Member] | ||||
Gross loans | 263,894 | 265,625 | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Gross loans | 33,710,232 | 32,133,094 | ||
Less: Allowance for loan losses | (372,280) | (371,093) | (250,464) | (367,326) |
Nonresidential Real Estate Portfolio Segment [Member] | Twin Oaks [Member] | ||||
Gross loans | 1,982,720 | 2,120,630 | ||
Commercial Portfolio Segment [Member] | ||||
Gross loans | 20,922,937 | 20,759,262 | ||
Less: Allowance for loan losses | (153,075) | (153,596) | (101,103) | (96,823) |
Commercial Portfolio Segment [Member] | Twin Oaks [Member] | ||||
Gross loans | 576,293 | 571,538 | ||
Consumer Portfolio Segment [Member] | ||||
Gross loans | 8,529,670 | 6,281,712 | ||
Less: Allowance for loan losses | (97,585) | (140,269) | $ (99,051) | $ (79,253) |
Consumer Portfolio Segment [Member] | Twin Oaks [Member] | ||||
Gross loans | 47,551 | 59,353 | ||
Non-mortgage Loans [Member] | ||||
Gross loans | 85,994,197 | 79,724,678 | ||
Non-mortgage Loans [Member] | Twin Oaks [Member] | ||||
Gross loans | $ 2,606,564 | $ 2,751,521 |
Note 8 - Loans and Allowance 36
Note 8 - Loans and Allowance for Credit Losses - Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance, beginning of period | $ 144,528 | $ 461,334 |
Payment activity | (11,438) | (225,489) |
Transfer to foreclosed real estate | ||
Accretion into interest income | 4,443 | 64,791 |
Balance, Ending of year | $ 137,533 | $ 300,636 |
Note 8 - Loans and Allowance 37
Note 8 - Loans and Allowance for Credit Losses - Accretable Yield of Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance, beginning of period | $ 9,592 | $ 82,869 |
Net reclassification from non-accretable yield | 29,891 | |
Accretion into interest income | (4,443) | (64,791) |
Balance, ending of year | $ 5,149 | $ 47,969 |
Note 8 - Loans and Allowance 38
Note 8 - Loans and Allowance for Credit Losses - Purchases of Loans Receivable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Purchased Auto Loans [Member] | ||
Purchases of loans receivable | $ 4,034,864 | $ 1,534,937 |
Note 8 - Loans and Allowance 39
Note 8 - Loans and Allowance for Credit Losses - Net (Charge-offs) Recoveries (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net (charge-offs)/recoveries | $ (27,413) | $ (153,768) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Net (charge-offs)/recoveries | (2,283) | (86,067) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Net (charge-offs)/recoveries | 3,972 | |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Net (charge-offs)/recoveries | (51,960) | |
Consumer Portfolio Segment [Member] | ||
Net (charge-offs)/recoveries | 1,727 | 2,327 |
Purchased Auto Loans [Member] | ||
Net (charge-offs)/recoveries | $ (30,829) | $ (18,068) |
Note 8 - Loans and Allowance 40
Note 8 - Loans and Allowance for Credit Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of period | $ 2,472,446 | $ 2,247,449 | ||
Provision for loan losses | 125,500 | 90,000 | ||
Loans charged off | (42,918) | (179,787) | ||
Recoveries of loans previously charged off | 15,505 | 26,019 | ||
Balance at end of period | 2,570,533 | 2,183,681 | ||
Loans individually evaluated for impairment | $ 1,120,761 | $ 1,352,963 | ||
Gross loans | 222,792,137 | 209,507,537 | ||
Loans collectively evaluated for impairment | 221,533,844 | 208,010,046 | ||
Loans individually evaluated for impairment | 233,715 | 189,368 | ||
Allowance for loan losses | 2,570,533 | 2,247,449 | 2,570,533 | 2,472,446 |
Loans collectively evaluated for impairment | 2,323,975 | 2,242,670 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 40,408 | |||
Balance at end of period | 12,843 | |||
Gross loans | 137,532 | 144,528 | ||
Allowance for loan losses | 12,843 | 12,843 | 40,408 | |
Residential Portfolio Segment [Member] | ||||
Gross loans | 136,797,940 | 129,782,859 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Balance at beginning of period | 1,477,419 | 1,426,954 | ||
Provision for loan losses | 114,187 | 108,120 | ||
Loans charged off | (6,724) | (89,515) | ||
Recoveries of loans previously charged off | 4,441 | 3,448 | ||
Balance at end of period | 1,589,323 | 1,449,007 | ||
Loans individually evaluated for impairment | 759,861 | 986,321 | ||
Gross loans | 130,287,273 | 124,118,335 | ||
Loans collectively evaluated for impairment | 129,389,880 | 122,987,486 | ||
Loans individually evaluated for impairment | 125,076 | 78,820 | ||
Allowance for loan losses | 1,477,419 | 1,426,954 | 1,589,323 | 1,477,419 |
Loans collectively evaluated for impairment | 1,451,404 | 1,358,191 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 40,408 | |||
Balance at end of period | 12,843 | |||
Gross loans | 137,532 | 144,528 | ||
Allowance for loan losses | 12,843 | 12,843 | 40,408 | |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Balance at beginning of period | 21,970 | 93,481 | ||
Provision for loan losses | (816) | 2,219 | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 3,972 | |||
Balance at end of period | 25,126 | 95,700 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 6,510,667 | 5,664,524 | ||
Loans collectively evaluated for impairment | 6,510,667 | 5,664,524 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 21,970 | 93,481 | 25,126 | 21,970 |
Loans collectively evaluated for impairment | 25,126 | 21,970 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | |||
Gross loans | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | |
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Balance at beginning of period | 371,093 | 367,326 | ||
Provision for loan losses | 1,187 | (64,902) | ||
Loans charged off | (59,960) | |||
Recoveries of loans previously charged off | 0 | 8,000 | ||
Balance at end of period | 372,280 | 250,464 | ||
Loans individually evaluated for impairment | 344,837 | 355,203 | ||
Gross loans | 33,710,232 | 32,133,094 | ||
Loans collectively evaluated for impairment | 33,365,395 | 31,777,891 | ||
Loans individually evaluated for impairment | 102,225 | 110,055 | ||
Allowance for loan losses | 371,093 | 367,326 | 372,280 | 371,093 |
Loans collectively evaluated for impairment | 270,055 | 261,038 | ||
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | |||
Gross loans | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | |
Commercial Portfolio Segment [Member] | ||||
Balance at beginning of period | 153,596 | 96,823 | ||
Provision for loan losses | (521) | 4,280 | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | ||
Balance at end of period | 153,075 | 101,103 | ||
Loans individually evaluated for impairment | 3,235 | 10,454 | ||
Gross loans | 20,922,937 | 20,759,262 | ||
Loans collectively evaluated for impairment | 20,919,702 | 20,748,808 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 153,596 | 96,823 | 153,075 | 153,596 |
Loans collectively evaluated for impairment | 153,075 | 153,596 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | |||
Gross loans | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | |
Consumer Portfolio Segment [Member] | ||||
Balance at beginning of period | 140,269 | 79,253 | ||
Provision for loan losses | (44,411) | 17,471 | ||
Loans charged off | 0 | |||
Recoveries of loans previously charged off | 1,727 | 2,327 | ||
Balance at end of period | 97,585 | 99,051 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 8,529,670 | 6,281,712 | ||
Loans collectively evaluated for impairment | 8,529,670 | 6,281,712 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 140,269 | 79,253 | 97,585 | 140,269 |
Loans collectively evaluated for impairment | 97,585 | 140,269 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | |||
Gross loans | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | |
Purchased Auto Loans [Member] | ||||
Balance at beginning of period | 308,099 | 183,612 | ||
Provision for loan losses | 55,874 | 22,812 | ||
Loans charged off | (36,194) | (30,312) | ||
Recoveries of loans previously charged off | 5,365 | 12,244 | ||
Balance at end of period | 333,144 | 188,356 | ||
Loans individually evaluated for impairment | 12,828 | 985 | ||
Gross loans | 22,831,358 | 20,550,610 | ||
Loans collectively evaluated for impairment | 22,818,530 | 20,549,625 | ||
Loans individually evaluated for impairment | 6,414 | 493 | ||
Allowance for loan losses | 308,099 | $ 183,612 | 333,144 | 308,099 |
Loans collectively evaluated for impairment | 326,730 | 307,606 | ||
Purchased Auto Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | |||
Gross loans | 0 | 0 | ||
Allowance for loan losses | $ 0 | $ 0 | $ 0 |
Note 8 - Loans and Allowance 41
Note 8 - Loans and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Unpaid Contractual Principal Balance | $ 1,258,293 | $ 1,497,491 |
Recorded Investment With No Allowance | 405,990 | 757,033 |
Recorded Investment With Allowance | 852,303 | 740,458 |
Total Recorded Investment | 1,258,293 | 1,497,491 |
Related Allowance | 246,558 | 229,776 |
Average Recorded Investment | 1,477,049 | 2,561,705 |
Unpaid Contractual Principal Balance | 1,258,293 | 1,497,491 |
Recorded Investment With No Allowance | 405,990 | 757,033 |
Recorded Investment With Allowance | 852,303 | 740,458 |
Related Allowance | 246,558 | 229,776 |
Average Recorded Investment | 1,477,049 | 2,561,705 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 897,393 | 1,130,849 |
Recorded Investment With No Allowance | 402,755 | 746,579 |
Recorded Investment With Allowance | 494,638 | 384,270 |
Total Recorded Investment | 897,393 | 1,130,849 |
Related Allowance | 137,919 | 119,228 |
Average Recorded Investment | 1,120,597 | 1,795,888 |
Unpaid Contractual Principal Balance | 897,393 | 1,130,849 |
Recorded Investment With No Allowance | 402,755 | 746,579 |
Recorded Investment With Allowance | 494,638 | 384,270 |
Related Allowance | 137,919 | 119,228 |
Average Recorded Investment | 1,120,597 | 1,795,888 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 344,837 | 355,203 |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 344,837 | 355,203 |
Total Recorded Investment | 344,837 | 355,203 |
Related Allowance | 102,225 | 110,055 |
Average Recorded Investment | 348,337 | 749,271 |
Unpaid Contractual Principal Balance | 344,837 | 355,203 |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 344,837 | 355,203 |
Related Allowance | 102,225 | 110,055 |
Average Recorded Investment | 348,337 | 749,271 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 3,235 | 10,454 |
Recorded Investment With No Allowance | 3,235 | 10,454 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 3,235 | 10,454 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,839 | 5,341 |
Unpaid Contractual Principal Balance | 3,235 | 10,454 |
Recorded Investment With No Allowance | 3,235 | 10,454 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,839 | 5,341 |
Consumer Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Purchased Auto Loans [Member] | ||
Unpaid Contractual Principal Balance | 12,828 | 985 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 12,828 | 985 |
Total Recorded Investment | 12,828 | 985 |
Related Allowance | 6,414 | 493 |
Average Recorded Investment | 4,276 | 11,205 |
Unpaid Contractual Principal Balance | 12,828 | 985 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 12,828 | 985 |
Related Allowance | 6,414 | 493 |
Average Recorded Investment | $ 4,276 | $ 11,205 |
Note 8 - Loans and Allowance 42
Note 8 - Loans and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Nonaccrual Loans | $ 1,258,293 | $ 1,580,304 |
Loans Past Due Over 90 Days Still Accruing | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Nonaccrual Loans | 897,393 | 1,213,662 |
Loans Past Due Over 90 Days Still Accruing | 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 | 344,837 | 355,203 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 3,235 | 10,454 |
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 | 12,828 | 985 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Note 8 - Loans and Allowance 43
Note 8 - Loans and Allowance for Credit Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loans past due | $ 2,251,386 | $ 2,861,119 |
Loans, current | 220,540,751 | 206,646,418 |
Total loans | 222,792,137 | 209,507,537 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,325,737 | 1,369,784 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 473,875 | 1,390,749 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 451,774 | 100,586 |
Residential Portfolio Segment [Member] | ||
Total loans | 136,797,940 | 129,782,859 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 1,777,110 | 1,945,764 |
Loans, current | 128,510,163 | 122,172,571 |
Total loans | 130,287,273 | 124,118,335 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 864,289 | 860,502 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 473,875 | 985,661 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 438,946 | 99,601 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 0 | 0 |
Loans, current | 6,510,667 | 5,664,524 |
Total loans | 6,510,667 | 5,664,524 |
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 | 344,837 | 873,564 |
Loans, current | 33,365,395 | 31,259,530 |
Total loans | 33,710,232 | 32,133,094 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 344,837 | 478,930 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 394,634 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | |
Commercial Portfolio Segment [Member] | ||
Loans past due | 23,991 | 10,454 |
Loans, current | 20,898,946 | 20,748,808 |
Total loans | 20,922,937 | 20,759,262 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 23,991 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 10,454 |
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 | 75,521 | |
Loans, current | 8,454,149 | 6,281,712 |
Total loans | 8,529,670 | 6,281,712 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 75,521 | |
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 | 29,927 | 31,337 |
Loans, current | 22,801,431 | 20,519,273 |
Total loans | 22,831,358 | 20,550,610 |
Purchased Auto Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 17,099 | 30,352 |
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 | $ 12,828 | $ 985 |
Note 8 - Loans and Allowance 44
Note 8 - Loans and Allowance for Credit Losses - Loans by Risk Category (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Gross loans | $ 222,792,137 | $ 209,507,537 |
Pass [Member] | ||
Gross loans | 54,047,125 | 52,280,694 |
Special Mention [Member] | ||
Gross loans | 1,451,234 | 775,743 |
Substandard [Member] | ||
Gross loans | 1,258,293 | 1,497,491 |
Doubtful [Member] | ||
Gross loans | 0 | |
Not Rated [Member] | ||
Gross loans | 166,035,485 | 154,953,609 |
Residential Portfolio Segment [Member] | ||
Gross loans | 136,797,940 | 129,782,859 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 130,287,273 | 124,118,335 |
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 | 1,213,262 | 529,738 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 897,393 | 1,130,849 |
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 | 128,176,618 | 122,457,748 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 6,510,667 | 5,664,524 |
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 | ||
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 | 6,510,667 | 5,664,524 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 33,710,232 | 32,133,094 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 33,127,423 | 31,531,886 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 237,972 | 246,005 |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 344,837 | 355,203 |
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 | 20,922,937 | 20,759,262 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 20,919,702 | 20,748,808 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 3,235 | 10,454 |
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 | 8,529,670 | 6,281,712 |
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 | 8,529,670 | 6,281,712 |
Purchased Auto Loans [Member] | ||
Gross loans | 22,831,358 | 20,550,610 |
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 | 12,828 | 985 |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 22,818,530 | $ 20,549,625 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 0 | $ 0 |
Management Recognition Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Note 11 - Borrowings - Outstand
Note 11 - Borrowings - Outstanding Advances (Details) - Federal Home Loan Bank of Chicago [Member] - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Advances from FHLB | $ 12,857,023 | $ 15,105,287 |
Open lines of credit at 1.46% [Member] | ||
Open lines of credit | 4,000,000 | |
Open lines of credit at 1.82% [Member] | ||
Open lines of credit | 3,250,000 | |
Matures 02/15/2018 at 1.27% [Member] | ||
Advances from FHLB | 1,000,000 | |
Matures 03/30/2018 at 1.72% [Member] | ||
Advances from FHLB | 499,357 | |
Matures 05/15/2018 at 1.34% [Member] | ||
Advances from FHLB | 2,000,000 | 2,000,000 |
Matures 09/25/2018 at 1.46% [Member] | ||
Advances from FHLB | 2,000,000 | 2,000,000 |
Matures 04/01/2019 at 2.00% [Member] | ||
Advances from FHLB | 497,635 | 497,089 |
Matures 08/30/2019 at 1.56% [Member] | ||
Advances from FHLB | 3,000,000 | 3,000,000 |
Matures 12/16/2019 at 2.08% [Member] | ||
Advances from FHLB | 2,000,000 | 2,000,000 |
Matures 10/03/2022 at 1.48% [Member] | ||
Advances from FHLB | $ 109,388 | $ 108,841 |
Note 11 - Borrowings - Outsta47
Note 11 - Borrowings - Outstanding Advances (Details) (Parentheticals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Open lines of credit at 1.46% [Member] | ||
Interest rate, fixed | 1.46% | |
Open lines of credit at 1.82% [Member] | ||
Interest rate, fixed | 1.82% | |
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% | |
Maturity date on fixed rate advance | Mar. 30, 2018 | |
Matures 05/15/2018 at 1.34% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 1.34% | 1.34% |
Maturity date on fixed rate advance | May 15, 2018 | May 15, 2018 |
Matures 09/25/2018 at 1.46% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 1.46% | 1.46% |
Maturity date on fixed rate advance | Sep. 25, 2018 | Sep. 25, 2018 |
Matures 04/01/2019 at 2.00% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 2.00% | 2.00% |
Maturity date on fixed rate advance | Apr. 1, 2019 | Apr. 1, 2019 |
Matures 08/30/2019 at 1.56% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 1.56% | 1.56% |
Maturity date on fixed rate advance | Aug. 30, 2019 | Aug. 30, 2019 |
Matures 12/16/2019 at 2.08% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 2.08% | 2.08% |
Maturity date on fixed rate advance | Dec. 16, 2019 | Dec. 16, 2019 |
Matures 10/03/2022 at 1.48% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 1.48% | 1.48% |
Maturity date on fixed rate advance | Oct. 3, 2022 | Oct. 3, 2022 |
Note 12 - Fair Value Measurem48
Note 12 - Fair Value Measurement and Disclosure (Details Textual) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Total | $ 25,453,506 | $ 26,045,675 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 |
Note 12 - Fair Value Measurem49
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Securities available for sale | $ 25,453,506 | $ 26,045,675 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 25,453,506 | 26,045,675 |
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 | 25,453,506 | 26,045,675 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 14,260,353 | 13,970,433 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 14,260,353 | 13,970,433 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 14,260,353 | 13,970,433 |
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 | 11,193,153 | 12,075,242 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 11,193,153 | 12,075,242 |
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 | 11,193,153 | 12,075,242 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 12 - Fair Value Measurem50
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] | Mar. 31, 2018USD ($) |
Foreclosed assets | $ 50,581 |
Impaired loans, net | 605,745 |
Fair Value, Inputs, Level 1 [Member] | |
Foreclosed assets | 0 |
Impaired loans, net | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Foreclosed assets | 0 |
Impaired loans, net | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Foreclosed assets | 50,581 |
Impaired loans, net | $ 605,745 |
Note 12 - Fair Value Measurem51
Note 12 - Fair Value Measurement and Disclosure - Quantitative Information About Assets Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Measurement Input, Discount Rate [Member] | ||
Impaired loans, net range | 10 | 10 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | ||
Foreclosed assets | $ 50,581 | $ 84,100 |
Foreclosed assets range | (42) | |
Impaired loans, net | $ 594,956 | $ 415,567 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Minimum [Member] | ||
Foreclosed assets range | (40) | |
Impaired loans, net range | (15) | (50) |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Maximum [Member] | ||
Foreclosed assets range | (64) | |
Impaired loans, net range | (64.4) | 61.5 |
Valuation, Income Approach [Member] | Payment Stream [Member] | ||
Impaired loans, net | $ 10,789 | $ 95,115 |
Note 12 - Fair Value Measurem52
Note 12 - Fair Value Measurement and Disclosure - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 3,175,182 | $ 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 1,758,000 | 939,000 |
Securities | 26,270,643 | 26,964,062 |
Net loans | 220,221,604 | 207,035,091 |
Loans held for sale | 208,484 | 499,375 |
Accrued interest receivable | 812,928 | 794,449 |
Mortgage servicing rights | 436,376 | 423,522 |
Accrued interest payable | 6,890 | 661 |
FHLB advances | 12,857,023 | 15,105,287 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,814,608 | 11,562,801 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 185,927,881 | 171,211,823 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 3,175,182 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 1,758,000 | 939,000 |
Securities | 26,270,643 | 26,964,062 |
Net loans | 217,146,000 | 208,823,729 |
Loans held for sale | 208,484 | 499,375 |
Accrued interest receivable | 812,928 | 794,449 |
Mortgage servicing rights | 436,376 | 423,522 |
Accrued interest payable | 6,890 | 661 |
FHLB advances | 12,799,000 | 15,080,025 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,814,608 | 11,562,801 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 186,856,000 | 171,915,595 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 3,175,182 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 1,758,000 | 939,000 |
Securities | ||
Net loans | ||
Loans held for sale | ||
Accrued interest receivable | 812,928 | 794,449 |
Mortgage servicing rights | ||
Accrued interest payable | 6,890 | 661 |
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 11,814,608 | 11,562,801 |
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 | 25,453,506 | 26,045,675 |
Net loans | ||
Loans held for sale | 208,484 | 499,375 |
Accrued interest receivable | ||
Mortgage servicing rights | ||
Accrued interest payable | ||
FHLB advances | 12,799,000 | 15,080,025 |
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 | 817,137 | 918,387 |
Net loans | 217,146,000 | 208,823,729 |
Loans held for sale | ||
Accrued interest receivable | ||
Mortgage servicing rights | 436,376 | 423,522 |
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 | $ 186,856,000 | $ 171,915,595 |