Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 28, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Ottawa Bancorp Inc | ||
Entity Central Index Key | 0001675192 | ||
Trading Symbol | ottw | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,336,459 | ||
Entity Public Float | $ 44,128,281 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 2,416,568 | $ 2,426,924 |
Interest bearing deposits | 6,013,890 | 1,328,893 |
Total cash and cash equivalents | 8,430,458 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 5,663,000 | 939,000 |
Securities available for sale | 25,533,767 | 26,045,675 |
Non-marketable equity securities | 769,121 | 918,387 |
Loans, net of allowance for loan losses of $2,627,738 and $2,472,446 at December 31, 2018 and 2017, respectively | 235,926,419 | 207,035,091 |
Loans held for sale | 499,375 | |
Premises and equipment, net | 6,621,080 | 6,670,088 |
Accrued interest receivable | 824,542 | 794,449 |
Foreclosed real estate | 0 | 84,100 |
Deferred tax assets | 1,898,141 | 1,870,490 |
Cash surrender value of life insurance | 2,341,453 | 2,293,800 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 228,000 | 286,000 |
Other assets | 3,700,229 | 3,307,734 |
Total assets | 292,836,079 | 255,399,875 |
Liabilities | ||
Non-interest bearing | 14,057,719 | 11,562,801 |
Interest bearing | 209,390,810 | 171,211,823 |
Total deposits | 223,448,529 | 182,774,624 |
Accrued interest payable | 5,648 | 661 |
FHLB advances | 12,087,152 | 15,105,287 |
Other liabilities | 4,470,384 | 4,416,368 |
Total liabilities | 240,011,713 | 202,296,940 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 12,000,000 shares authorized; 3,358,922 and 3,451,802 shares issued at December 31, 2018 and 2017, respectively | 33,589 | 34,518 |
Additional paid-in-capital | 35,579,606 | 36,949,508 |
Retained earnings | 18,859,232 | 17,720,962 |
Unallocated ESOP shares | (1,576,616) | (1,754,632) |
Unearned management recognition plan shares | (40,361) | |
Accumulated other comprehensive (loss) income | (31,084) | 152,579 |
Total stockholders' equity | 52,824,366 | 53,102,935 |
Total liabilities and stockholders' equity | $ 292,836,079 | $ 255,399,875 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | $ 2,627,738 | $ 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) | 3,358,922 | 3,451,802 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 10,229,270 | $ 8,677,914 |
Securities: | ||
Residential mortgage-backed and related securities | 281,418 | 435,673 |
State and municipal securities | 408,467 | 477,921 |
Dividends on non-marketable equity securities | 24,535 | 12,084 |
Interest-bearing deposits | 155,322 | 30,322 |
Total interest and dividend income | 11,099,012 | 9,633,914 |
Interest expense: | ||
Deposits | 1,762,113 | 963,242 |
Borrowings | 218,512 | 81,625 |
Total interest expense | 1,980,625 | 1,044,867 |
Net interest income | 9,118,387 | 8,589,047 |
Provision for loan losses | 527,500 | 575,000 |
Net interest income after provision for loan losses | 8,590,887 | 8,014,047 |
Other income: | ||
Gain on sale of loans, net | 584,929 | 696,754 |
Gain on sale of foreclosed real estate | 116,295 | 44,773 |
Gain on sale of repossessed assets | 4,917 | 14,686 |
Loan origination and servicing income | 858,087 | 633,984 |
Origination of mortgage servicing rights, net of amortization | 23,230 | 71,978 |
Increase in cash surrender value of life insurance | 47,653 | 48,222 |
Other | 119,977 | 115,755 |
Total other income | 2,282,827 | 2,108,677 |
Other expenses: | ||
Salaries and employee benefits | 4,295,121 | 4,303,658 |
Directors fees | 180,750 | 163,200 |
Occupancy | 637,872 | 644,103 |
Deposit insurance premium | 66,010 | 57,189 |
Legal and professional services | 388,199 | 360,721 |
Data processing | 664,601 | 593,871 |
Loss on sale of securities | 29,113 | |
Loan expense | 725,125 | 592,531 |
Valuation adjustments and expenses on foreclosed real estate | 26,102 | 11,937 |
Other | 1,216,412 | 1,048,628 |
Total other expenses | 8,200,192 | 7,804,951 |
Income before income tax expense | 2,673,522 | 2,317,773 |
Income tax expense | 679,216 | 1,503,749 |
Net income | $ 1,994,306 | $ 814,024 |
Basic earnings per share (in dollars per share) | $ 0.62 | $ 0.25 |
Diluted earnings per share (in dollars per share) | 0.62 | 0.25 |
Dividends per share (in dollars per share) | $ 0.265 | $ 0.16 |
Bank Servicing [Member] | ||
Other income: | ||
Customer service fees | $ 527,739 | $ 482,525 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 1,994,306 | $ 814,024 |
Other comprehensive income, before tax: | ||
Unrealized holding (losses) gains arising during the period | (256,890) | 70,603 |
Reclassification adjustment for losses included in net income | 29,113 | |
Other comprehensive (loss) income, before tax | (256,890) | 99,716 |
Income tax (benefit) expense related to items of other comprehensive (loss) income | (73,227) | 41,469 |
Other comprehensive (loss) income, net of tax | (183,663) | 58,247 |
Comprehensive income | $ 1,810,643 | $ 872,271 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | RRP Stock Options [Member]Common Stock [Member] | RRP Stock Options [Member]Additional Paid-in Capital [Member] | RRP Stock Options [Member]Retained Earnings [Member] | RRP Stock Options [Member]Unallocated ESOP Shares [Member] | RRP Stock Options [Member]Unallocated MRP Shares [Member] | RRP Stock Options [Member]AOCI Attributable to Parent [Member] | RRP Stock Options [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated ESOP Shares [Member] | Unallocated MRP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2016 | $ 34,674 | $ 37,117,311 | $ 17,455,472 | $ (1,932,648) | $ 69,224 | $ 52,744,033 | ||||||||
Net income | 814,024 | 814,024 | ||||||||||||
Other comprehensive income (loss) | 58,247 | 58,247 | ||||||||||||
TCJA, reclassification between accumulated other comprehensive income and retained earnings | (25,108) | 25,108 | ||||||||||||
Allocation of ESOP | 78,833 | 178,016 | 256,849 | |||||||||||
RRP options exercised | $ 20 | $ 7,120 | $ 7,140 | |||||||||||
Cash dividends paid | (523,426) | (523,426) | ||||||||||||
Repurchase shares | (176) | (253,756) | (253,932) | |||||||||||
Balance at Dec. 31, 2017 | 34,518 | 36,949,508 | 17,720,962 | (1,754,632) | 152,579 | 53,102,935 | ||||||||
Net income | 1,994,306 | 1,994,306 | ||||||||||||
Other comprehensive income (loss) | (183,663) | (183,663) | ||||||||||||
Allocation of ESOP | 80,341 | 178,016 | 258,357 | |||||||||||
RRP options exercised | $ 204 | $ 118,862 | $ 119,066 | |||||||||||
Cash dividends paid | (856,036) | (856,036) | ||||||||||||
Repurchase shares | (1,186) | (1,638,301) | (1,639,487) | |||||||||||
Compensation expense on MRP awards granted | 28,888 | 28,888 | ||||||||||||
Grant of 5,250 MRP shares | 53 | 69,196 | (69,249) | |||||||||||
Balance at Dec. 31, 2018 | $ 33,589 | $ 35,579,606 | $ 18,859,232 | $ (1,576,616) | $ (40,361) | $ (31,084) | $ 52,824,366 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unallocated ESOP Shares [Member] | ||
Allocation of ESOP shares (in shares) | 18,779 | 18,779 |
Retained Earnings [Member] | ||
Cash dividends paid, per share (in dollars per share) | $ 0.265 | $ 0.16 |
Common Stock [Member] | ||
Shares repurchased (in shares) | 118,621 | 17,600 |
Grants (in shares) | 5,250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,994,306 | $ 814,024 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 245,762 | 246,658 |
Provision for loan losses | 527,500 | 575,000 |
Provision for deferred income taxes | 45,576 | 681,827 |
Net amortization of premiums and discounts on securities | 217,838 | 470,371 |
Loss (gain) on sale of securities, net | 29,113 | |
Origination of mortgage loans held for sale | (19,301,192) | (21,980,249) |
Proceeds from sale of mortgage loans held for sale | 20,385,496 | 22,482,700 |
Gain on sale of loans | (584,929) | (696,754) |
Origination and purchase of mortgage servicing rights, net of amortization | (22,128) | (71,978) |
Gain on sale of foreclosed real estate | (116,295) | (44,773) |
Gain on sale of repossessed assets, net | (4,917) | (14,686) |
Release of ESOP Shares | 258,357 | 256,849 |
Compensation expense on MRP options granted | 28,888 | |
Amortization of core deposit intangible | 58,000 | 73,000 |
Amortization (accretion) of fair value adjustments on acquired: | ||
Loans | 26,904 | 193,787 |
Certificates of deposit | (14,000) | |
Federal Home Loan Bank Advances | 5,014 | 6,945 |
Increase in cash surrender value of life insurance | (47,653) | (48,222) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (30,093) | (8,965) |
Increase in other assets | (262,729) | (679,346) |
Increase in accrued interest payable and other liabilities | 59,003 | 667,852 |
Net cash provided by operating activities | 3,482,708 | 2,939,153 |
Cash Flows from Investing Activities | ||
Purchases | (4,223,564) | (1,308,450) |
Sales, calls, maturities and paydowns | 4,260,744 | 19,423,687 |
(Purchase) sale of non-marketable equity securities | 149,266 | (165,066) |
Net increase in loans | (29,717,439) | (47,572,782) |
Net (increase) decrease in federal funds sold | (4,724,000) | 751,000 |
Proceeds from sale of foreclosed real estate | 247,408 | 292,106 |
Proceeds from sale of repossessed assets | 121,973 | 73,786 |
Purchase of property and equipment | (196,754) | (72,840) |
Net cash used in investing activities | (34,082,366) | (28,578,559) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 40,673,905 | 10,241,603 |
Proceeds from Federal Home Loan Bank advances | 9,750,000 | 16,000,000 |
Principal reduction of Federal Home Loan Bank advances | (12,773,149) | (2,022,811) |
Proceeds from stock options exercised | 119,066 | 7,140 |
Shares repurchased and cancelled | (1,639,487) | (253,932) |
Dividends paid | (856,036) | (523,426) |
Net cash provided by financing activities | 35,274,299 | 23,448,574 |
Net increase (decrease) in cash and cash equivalents | 4,674,641 | (2,190,832) |
Cash and cash equivalents: | ||
Beginning of period | 3,755,817 | 5,946,649 |
End of period | 8,430,458 | 3,755,817 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 766,077 | 836,395 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 109,000 | 302,356 |
Other assets acquired in settlement of loans | 207,507 | 56,600 |
Sale of foreclosed real estate through loan origination | 44,800 | 3,923 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 1,757,126 | 962,805 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 218,512 | $ 81,625 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Entity structure Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 second two second second second October 11, 2016, $23.8 2,383,950 $10.00 190,716 $126,000 second 1.1921 On December 31, 2014, Nature of business The primary business of the Company is the ownership of the Bank. Through the Bank, the Company is engaged in providing a variety of financial services to individual and corporate customers in the Ottawa, Marseilles, and Morris, Illinois areas, which are primarily agricultural areas consisting of several rural communities with small to medium sized businesses. The Bank’s primary source of revenue is interest and fees related to single-family residential loans to middle-income individuals. Principles of consolidation The accompanying consolidated financial statements include the accounts of Ottawa Bancorp, Inc. (the Company) and its wholly owned subsidiary Ottawa Savings Bank (the Bank). All significant intercompany transactions and balances are eliminated in consolidation. Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation with no Prior to the quarter ended June 30, 2018, 480 10 S99–3A For the year ended December 31, 2017, $1,202,014 not may 4th 2016, no December 31, 2016 2017 2016. not not Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the fair value of securities available for sale, the determination of the allowance for loan losses, valuation of deferred income taxes, and the fair value measurement for the assets and liabilities. Concentration of credit risk Most of the Bank’s business activity is with customers within the Ottawa, Marseilles, and Morris areas. The Bank does not one Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks and interest bearing deposits, including cash items in process of clearing. Cash flows from loans, deposits, and federal funds sold or purchased are treated as net increases or decreases in the statement of cash flows. The Company maintains its cash in bank deposit accounts which, at times, may not not Time deposits Time deposits held at other financial institutions are carried at cost and include any time deposits with an original maturity of greater than three not not Investment securities Debt securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 To determine if an “other-than-temporary” impairment (OTTI) exists on an investment security, the Company first not Non-marketable equity securities Nonmarketable equity securities, consisting primarily of the Bank’s investment in the Federal Home Loan Bank of Chicago stock, is carried at cost and periodically evaluated for impairment. Loans The Bank primarily lends to small and mid-sized businesses, non-residential real estate customers and consumers providing mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans throughout Ottawa, Marseilles and Morris, Illinois and the surrounding areas. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. It is the Bank’s policy to review each prospective credit in order to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Bank seeks recovery in compliance with state lending laws, the Bank’s lending standards, and credit monitoring and remediation procedures. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the contractual life of the loan using the interest method. The following portfolio segments and classes of loan receivables have been identified by the Company: • Commercial • Non-residential real estate • One-to- four • Multi-family residential • Consumer direct • Purchased auto Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans are placed on nonaccrual status when the loan has become over 90 When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may • The loan is current, and all principal and interest amounts contractually due have been made, • All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period, and • There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: • Six months of repayment performance for contractual monthly payments, or • One year of repayment performance for contractual quarterly or semi-annual payments. Troubled debt restructuring exists when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession (either imposed by court order, law, or agreement between the borrower and the Company) to the borrower that it would not The following criteria, related to granting a concession, together or separately, create a troubled debt restructuring: • A modification of terms of a debt such as one • The reduction of the stated interest rate to a rate lower than the current market rate for new debt with similar risk. • The extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. • The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. • The reduction of accrued interest. • A transfer from the borrower to the Company of receivables from third Allowance for loan losses For all portfolio segments, the allowance for loan losses is an amount necessary to absorb known and inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses, for all portfolio segments, are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. For all portfolio segments, the allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may may The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company using the most recent twelve Actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: ● Levels of and trends in delinquencies and impaired loans ● Levels of and trends in charge-offs and recoveries ● Trends in volume and terms of loans ● Effects of any changes in risk selection and underwriting standards ● Other changes in lending policies, procedures and practices ● Experience, ability and depth of lending management and other relevant staff ● National and local economic trends and conditions ● Industry conditions ● Effects of changes in credit concentrations A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A discussion of the risk characteristics and the allowance for estimated losses on loans, by each portfolio segment, follows: For commercial loans, the Company focuses on small and mid-sized businesses that have annual revenues below $5,000,000 • Ability and stability of current management of the borrower; • Stable earnings with positive financial trends; • Sufficient cash flow to support debt repayment; • Earnings projections based on reasonable assumptions; • Financial strength of the industry and business; and • Value and marketability of collateral. Collateral for commercial loans generally includes accounts receivable, inventory, and equipment. The lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The lending policy specifies maximum term limits for commercial loans. For term loans, the maximum term is 5 3 5 365 may Non-residential real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for non-residential real estate loans generally includes the underlying real estate and improvements, and may Some of the non-residential loans that the Company originates finance the construction of residential dwellings and land development. For land development, the loans generally can be made with a maximum loan to value ratio of 70% 10 may, 80% may nine two 80% For commercial and non-residential real estate loans, the allowance for loan losses consists of specific and general components. For loans that are considered impaired as defined above, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company hires an independent firm to perform a loan review every 12 18 Generally, the Company’s one four not three five 100% 90% no The Company also originates loans for multi-family dwellings. These loans follow board and regulatory approved underwriting guidelines similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for multi-family real estate loans generally includes the underlying real estate and improvements, and may The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, share loans, personal unsecured loans, home equity, and small personal credit lines. The lending policy addresses specific credit guidelines by consumer loan type. Unsecured loans generally have a maximum borrowing limit of $25,000 four The procedures for underwriting consumer loans include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loans. Although the applicant’s credit-worthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company purchases auto loans from regulated financial institutions. These types of loans are primarily low balance individual auto loans. The Company reviews the loans at least three thirty For residential real estate loans, multi-family, consumer direct loans (e.g. installment, in-house auto, other consumer loans, etc.) and purchased auto loans, the allowance for estimated losses on loans consists of a specific and general component. The specific component is evaluated for only loans that are classified as impaired, which is based on current information and events if it is probable that the Company will be unable to collect the scheduled payments according to the terms of the agreement. Impairment on these is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For large groups of smaller balance homogenous loans that are under 90 Residential real estate loans, multi-family real estate loans, consumer direct loans and purchased auto loans are not 90 90 Troubled debt restructurings are considered impaired loans and are subject to the same allowance methodology as described above for impaired loans by portfolio segment. Loans Acquired in a Transfer The loans acquired in the Twin Oaks merger were recorded at fair value as of the acquisition date and no FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, 310 30 The Company considered expected prepayments and estimated the total expected cash flows, which included undiscounted expected principal and interest. The excess of that amount over the fair value of the loan is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the expected life of the loan. The excess of the contractual cash flows over expected cash flows is referred to as non-accretable difference and is not first FASB ASC Topic 310 20, Nonrefundable Fees and Other Costs, not 310 20, Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The Company’s servicing of assets is recorded in other assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Foreclosed real estate Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses. The carrying value of foreclosed residential real estate property as of December 31, 2018 2017, $0 $84,100, one December 31, 2018, $276,815 two December 31, 2017, $23,000. Income taxes Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not no no 2015 Premises and equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. Premises and equipment are depreciated using the straight-line and accelerated depreciation methods over the estimated useful lives of the assets: Years Buildings 5 - 50 Furniture and equipment 5 - 39 Employee stock ownership plan The Bank has an employee stock ownership plan (ESOP) covering substantially all employees. The cost of shares issued to the ESOP but not Stock-based compensation The Company recognizes compensation cost for all stock-based awards based on the estimated grant date fair value. The fair value of stock options is estimated using a Black-Scholes option pricing model and amortized to expense over the option’s vesting periods, as more fully disclosed in Note 11. Off-balance-sheet financial instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to originate loans, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Comprehensive income (loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale net of the related tax effect. Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In the normal course of business, management will reach settlements over legal issues which are recorded in the period received. Management does not Fair value measurement s In accordance with the provisions of FASB ASC 820, Fair Value Measurements and Disclosures , not 15 Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. Cash surrender value of life insurance The Company has purchased bank-owned life insurance on certain directors and officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values are included in other income. Goodwill Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. On December 31, 2014, $650,000. Goodwill acquired in a purchase business combination is not December 31 December 31, 2018, not Core deposit intangible The core deposit intangible represents the value of acquired customer relationships resulting from the Company’s December 31, 2014 9.8 may Estimated future amortization expense on core deposit intangible is shown in the table below: Year Ending December 31, Amount 2019 $ 46,000 2020 38,000 2021 38,000 2022 38,000 2023 38,000 Thereafter 30,000 $ 228,000 Earnings per share Basic earnings per share is based on net income divided by the weighted average number of shares outstanding during the period, including allocated and committed-to-be-released Employee Stock Ownership Plan (“ESOP”) shares and vested Management Recognition Plan (“MRP”) shares. Diluted earnings per share show the dilutive effect, if any, of additional common shares issuable under stock options and awards. See Note 11 Years ended December 31, 201 8 201 7 Net income available to common stockholders $ 1,994,306 $ 814,024 Basic potential common shares: Weighted average shares outstanding 3,401,565 3,467,208 Weighted average unallocated ESOP shares (168,768 ) (187,545 ) Basic weighted average shares outstanding 3,232,797 3,279,663 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares 12 - Weighted average RRP options outstanding 8,313 16,200 Dilutive weighted average shares outstanding 3,241,121 3,295,863 Basic earnings per share $ 0.62 $ 0.25 Diluted earnings per share $ 0.62 $ 0.25 Segment reporting The Company views the Bank as one not one Recent accounting pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 December 15, 2016. August 2015, ASU 2015 14, 606 2014 09 one four 2016 2014 09. 2014 09, 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 January 1, 2019 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, not Subsequent event s The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10 |
Note 2 - Restrictions on Cash a
Note 2 - Restrictions on Cash and Amounts Due From Banks | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Restrictions On Cash And Amounts Due From Banks [Text Block] | Note 2 . Restrictions on Cash and Amounts Due from Banks At December 31, 2018 December 31, 2017, not |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 . Investment Securities The amortized cost and fair values of investment securities, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 201 8 : Available for Sale State and municipal securities $ 13,092,077 $ 116,127 $ 21,416 $ 13,186,788 Residential mortgage-backed securities 12,485,167 59,282 197,470 12,346,979 $ 25,577,244 $ 175,409 $ 218,886 $ 25,533,767 December 31, 201 7 : 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 At December 31, 2018 December 31, 2017, no The amortized cost and fair value at December 31, 2018, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ 500,682 $ 502,801 Due after three months through one year 613,652 616,632 Due after one year through five years 4,928,040 4,957,607 Due after five years through ten years 3,829,046 3,862,014 Due after ten years 3,220,657 3,247,734 Residential mortgage-backed securities 12,485,167 12,346,979 $ 25,577,244 $ 25,533,767 There were no twelve December 31, 2018 $13.7 twelve December 31, 2017 $98,230 $127,343 $29,113. $11,115 December 31, 2017. Information pertaining to securities with gross unrealized losses at December 31, 2018 2017 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 201 8 Securities Available for Sale State and municipal securities $ 1,831,305 $ 9,610 $ 1,345,990 $ 11,806 $ 3,177,295 $ 21,416 Residential mortgage-backed securities 2,865,546 25,266 6,034,053 172,204 8,899,599 197,470 $ 4,696,851 $ 34,876 $ 7,380,043 $ 184,010 $ 12,076,894 $ 218,886 December 31, 201 7 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 December 31, 2018, 42 1.78% not not not not may not December 31, 2018. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . Loans and Allowance for Loan Losses Loans The components of loans, net of deferred loan costs (fees), are as follows: December 31, December 31, 2018 2017 Mortgage loans: One-to-four family $ 141,779,340 $ 124,118,335 Multi-family 6,776,424 5,664,524 Total mortgage loans 148,555,764 129,782,859 Other loans: Non-residential 35,286,236 32,133,094 Commercial loans 17,241,698 20,759,262 Consumer direct 15,390,263 6,281,712 Purchased auto 22,080,196 20,550,610 Total other loans 89,998,393 79,724,678 Gross loans 238,554,157 209,507,537 Less: Allowance for loan losses (2,627,738 ) (2,472,446 ) Loans, net $ 235,926,419 $ 207,035,091 Loans acquired in the merger with deteriorated credit quality and accounted for under FASB ASC Topic 310 30 December 31, 2014, $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 years ended December 31, 2018 2017: 2018 2017 Balance, beginning of year $ 144,528 $ 461,334 Payment activity (60,413 ) (491,552 ) Charge-offs - - Transfer to foreclosed real estate - - Accretion into interest income 9,312 174,746 $ 93,427 $ 144,528 The contractual amount outstanding for the loans acquired with deteriorated credit quality totaled $432,000 $468,000 December 31, 2018, December 31, 2017, The following table reflects activity in the accretable yield for the loans acquired with deteriorated credit quality for the years ended December 31, 2018 2017: 2018 2017 Balance, beginning of year $ 9,592 $ 82,869 Net reclassification from non-accretable yield - 101,469 Accretion into interest income (9,312 ) (174,746 ) Disposals - - $ 280 $ 9,592 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Years Ended December 31, 2018 2017 Purchased auto loans $ 10,012,800 $ 14,141,053 The following table presents the activity in the allowance for loan losses by portfolio segment as of or for the years ended December 31, 2018 2017: December 31, 201 8 One-to-Four Family Multi-family Non- residential Commercial Consumer Direct Purchased 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 546,217 (11,295 ) (27,430 ) (18,431 ) (72,930 ) 111,369 527,500 Loans charged off (312,175 ) - - - - (166,021 ) (478,196 ) Recoveries of loans previously charged off 50,275 15,887 - - 15,608 24,218 105,988 Balance at end of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 Period-end amount allocated to: Loans individually evaluated for impairment $ 160,822 $ - $ 38,674 $ - $ - $ - $ 199,496 Loans acquired with deteriorated credit quality 17,817 - - - - - 17,817 Loans collectively evaluated for impairment 1,583,097 26,562 304,989 135,165 82,947 277,665 2,410,425 Balance at end of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 December 31, 2017 One-to-Four Family Multi-family Non- residential Commercial Consumer Direct Purchased Auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 298,839 (87,630 ) 57,453 56,773 61,392 188,173 575,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (85,442 ) (415,117 ) Recoveries of loans previously charged off 10,982 16,119 8,000 - 8,257 21,756 65,114 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Period-end amount allocated to: Loans individually evaluated for impairment $ 78,820 $ - $ 110,055 $ - $ - $ 493 $ 189,368 Loans acquired with deteriorated credit quality 40,408 - - - - - 40,408 Loans collectively evaluated for impairment 1,358,191 21,970 261,038 153,596 140,269 307,606 2,242,670 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 The following table presents the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2018 2017: December 31, 201 8 One-to-four Family Multi- family Non- residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 955,317 $ - $ 455,196 $ - $ - $ - $ 1,410,513 Loans acquired with deteriorated credit quality 93,427 - - - - - 93,427 Loans collectively evaluated for impairment 140,730,596 6,776,424 34,831,040 17,241,698 15,390,263 22,080,196 237,050,217 Ending Balance $ 141,779,340 $ 6,776,424 $ 35,286,236 $ 17,241,698 $ 15,390,263 $ 22,080,196 $ 238,554,157 December 31, 2017 One-to-four Family Multi- family Non- residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 986,321 $ - $ 355,203 $ 10,454 $ - $ 985 $ 1,352,963 Loans acquired with deteriorated credit quality 144,528 - - - - - 144,528 Loans collectively evaluated for impairment 122,987,486 5,664,524 31,777,891 20,748,808 6,281,712 20,549,625 208,010,046 Ending Balance $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The following table presents loans individually evaluated for impairment, including loans acquired with deteriorated credit quality, by class of loans, at December 31, 2018 2017: December 31, 201 8 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 $ 1,048,744 $ 427,825 $ 620,919 $ 1,048,744 $ 178,639 $ 1,074,284 Multi-family - - - - - - Non-residential 455,196 141,804 313,392 455,196 38,674 366,226 Commercial - - - - - 1,282 Consumer direct - - - - - - Purchased auto - - - - - 5,708 $ 1,503,940 $ 569,629 $ 934,311 $ 1,503,940 $ 217,313 $ 1,447,500 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 The Company recognized approximately $0 $10,000 December 31, 2018 2017, Our loan portfolio also includes certain loans that have been modified in a troubled debt restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructuring and typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less estimated selling costs for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs and deferred loan fees or costs), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. Impaired loans at December 31, 2018 one $70,000 four $473,000 December 31, 2017. $403,000 three $388,000 $15,000. not, six There were no December 31, 2018 2017 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 December 31, 2018 2017: December 31, 201 8 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,048,744 $ - Multi-family - - Non-residential 455,196 - Commercial - - Consumer direct - - Purchased auto - - $ 1,503,940 $ - 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 December 31, 2018 2017: December 31, 201 8 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,293,142 $ 549,331 $ 788,127 $ 2,630,600 $ 139,148,740 $ 141,779,340 Multi-family - - - - 6,776,424 6,776,424 Non-residential 1,413,392 129,464 127,464 1,670,320 33,615,916 35,286,236 Commercial 3,989 - - 3,989 17,237,709 17,241,698 Consumer direct 9,044 - - 9,044 15,381,219 15,390,263 Purchased auto 31,671 16,069 - 47,740 22,032,456 22,080,196 $ 2,751,238 $ 694,864 $ 915,591 $ 4,361,693 $ 234,192,464 $ 238,554,157 December 31, 201 7 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, multi-family real estate, consumer direct and purchased auto loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated regularly by the Company’s loan system for residential real estate, multi-family real estate and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. The Company uses the following definitions for risk ratings: ● Pass – loans classified as pass are of a higher quality and do not ● Special Mention – loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may ● Substandard – loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not ● Doubtful – loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. ● Not not As of December 31, 2018 2017, Decemb e r 31, 2018 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 29,653,633 $ 335,758 $ 1,048,744 $ - $ 110,741,205 $ 141,779,340 Multi-family - - - - 6,776,424 6,776,424 Non-residential 34,831,040 - 455,196 - - 35,286,236 Commercial 17,241,698 - - - - 17,241,698 Consumer direct - - - - 15,390,263 15,390,263 Purchased auto - - - - 22,080,196 22,080,196 Total $ 81,726,371 $ 335,758 $ 1,503,940 $ - $ 154,988,088 $ 238,554,157 December 31, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 23,224,866 $ 529,738 $ 1,130,849 $ - $ 99,232,882 $ 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 $ 75,505,560 $ 775,743 $ 1,497,491 $ - $ 131,728,743 $ 209,507,537 The Bank has had, and may 10% not December 31, 2018 2017 $22,000 $82,016, |
Note 5 - Servicing
Note 5 - Servicing | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Servicing [Text Block] | Note 5 . Servicing Loans serviced for others are not $73,390,811 $68,160,536 December 31, 2018 2017, December 31, 2018 2017, $446,751 $423,522, |
Note 6 - Accrued Interest Recei
Note 6 - Accrued Interest Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accrued Interest Receivable [Text Block] | Note 6 . Accrued Interest Receivable Accrued interest receivable at December 31, 2018 2017, 2018 2017 State and municipal securities $ 114,424 $ 120,760 Residential mortgage-backed securities 38,805 40,099 Loans 671,313 633,590 $ 824,542 $ 794,449 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 . Premises and Equipment Premises and equipment at December 31, 2018 2017, 2018 2017 Cost: Land $ 2,190,649 $ 2,190,649 Buildings 7,427,612 7,300,466 Furniture and equipment 1,519,998 1,450,390 11,138,259 10,941,505 Less: Accumulated depreciation 4,517,179 4,271,417 $ 6,621,080 $ 6,670,088 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 . Deposits Deposits at December 31, 2018 2017, 2018 2017 Amount Percent Amount Percent Non-interest bearing checking $ 14,057,719 6.29 % $ 11,562,801 6.32 % Interest bearing checking 54,292,074 24.30 % 29,081,404 15.91 % Money market 25,032,543 11.20 % 27,560,108 15.08 % Savings 25,719,932 11.51 % 25,965,589 14.21 % Certificates of deposit 104,346,261 46.70 % 88,604,722 48.48 % Interest bearing 209,390,810 93.71 % 171,211,823 93.68 % Total $ 223,448,529 100.00 % $ 182,774,624 100.00 % Interest expense on deposits is summarized as follows: Years Ended December 31, 2018 2017 Money market $ 75,107 $ 74,101 Savings 18,854 18,585 Certificates of deposit 1,483,780 854,250 Interest bearing checking 184,372 16,306 $ 1,762,113 $ 963,242 Deposits from directors, principal officers, and their immediate families at December 31, 2018 2017 $2,458,030 $3,137,871 The aggregate amount of public deposits at December 31, 2018 2017 $7,161,850 $6,729,036, The aggregate amount of certificates of deposit with a minimum denomination of $100,000 $56,341,000 $39,225,000 December 31, 2018 2017, $17,017,000 $7,009,000 December 31, 2018 2017, $250,000. At December 31, 2018, 2019 $ 50,436,286 2020 25,946,723 2021 8,592,671 2022 13,507,486 2023 5,657,739 2024 205,356 $ 104,346,261 The Company held brokered deposits of approximately $21.1 $5.2 December 31, 2018 2017. $1,950 $487 December 31, 2018 2017, |
Note 9 - Borrowings
Note 9 - Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 . Borrowings Our borrowings consist of open line and term advances from the Federal Home Loan Bank of Chicago (“FHLBC”) and Federal Funds purchased from Bankers Bank of Wisconsin. As a member, we are required to own capital stock in the FHLBC and are authorized to apply for advances on the security of such stock and certain of our mortgage loans and other assets (principally securities which are obligations of, or guaranteed by, the United States), provided certain standards related to credit-worthiness have been met. At December 31, 2018, $74.6 December 31, 2018, $7.9 $5.0 $12.1 $15.1 December 31, 2018 2017. no December 31, 2018 2017. A summary of outstanding advances is as follows: December 31, 2018 2017 Open lines of credit at 1.46% $ - $ 4,000,000 Matured 02/15/2018 at 1.27%, fixed - 1,000,000 Matured 03/30/2018 at 1.72%, fixed - 499,357 Matured 05/15/2018 at 1.34%, fixed - 2,000,000 Matured 09/25/2018 at 1.46%, fixed - 2,000,000 Matures 03/15/2019 at 2.42%, fixed 1,500,000 - Matures 04/01/2019 at 2.00%, fixed 499,272 497,089 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 03/22/2021 at 3.03%, fixed 1,000,000 - Matures 09/21/2021 at 3.07%, fixed 1,000,000 - Matures 03/21/2022 at 3.09%, fixed 1,000,000 - Matures 09/21/2022 at 3.11%, fixed 1,000,000 - Matures 10/03/2022 at 1.48%, fixed 87,880 108,841 Matures 03/21/2023 at 3.15%, fixed 500,000 - Matures 09/21/2023 at 3.18%, fixed 500,000 - $ 12,087,152 $ 15,105,287 |
Note 10 - Employment Benefit an
Note 10 - Employment Benefit and Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 1 0 . Employment Benefit and Retirement Plans Employee stock ownership plan On May 6, 2005, July 8, 2005, $763,140 76,314 $10.00 October 11, 2016, $1,907,160 190,716 $10.00 Shares purchased by the ESOP with the loan proceeds are held in a suspense account and are allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’s discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of approximately $239,000 As shares are released from collateral, the Company will report compensation expense equal to the current market price of the shares, and the shares will become outstanding for earnings-per-share (EPS) computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unallocated ESOP shares reduce accrued interest. During 2018, 18,779 $13.76 $258,357, 18,779 $13.68 $256,849 2017. A terminated participant or the beneficiary of a deceased participant who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 not 60 December 31, 2018 2017 Shares allocated 123,051 104,272 Shares withdrawn from the plan (28,278 ) (21,030 ) Unallocated shares 158,639 177,418 Total ESOP shares 253,412 260,660 Fair value of unallocated shares $ 2,114,657 $ 2,561,916 Supplemental executive retirement plan (SERP) On September 19, 2007, 4.5 first $541,392 $580,896 December 31, 2018 2017, $3,367 $97,082 December 31, 2018 2017, 401 The Bank maintains a voluntary 401 may 401 50 first 6 3 401 six $162,090 $173,916 December 31, 2018 2017, Deferred compensation The Bank has deferred compensation agreements with certain directors. Contributions to the plan for the years ended December 31, 2018 2017 $73,409 $86,472, $1,538,862 $1,519,993 December 31, 2018 2017, November, 2018, $33,000 Director r etirement p lan The Bank has, as a result of the Twin Oaks merger, a director retirement plan for six one twelfth ten not $285,053 $296,903 December 31, 2018 2017, Director retirement plan valuation December 31, 2018 2017 Number of participants: Retirees 3 4 Active directors - not yet eligible 2 2 Total 5 6 Obligations and funded status: Years ended December 31, 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 311,283 $ 318,465 Service cost - - Interest cost 12,000 10,116 Actuarial loss (14,345 ) 14,380 Benefits paid (23,885 ) (31,678 ) Assumed liability - - Benefit obligation at end of year $ 285,053 $ 311,283 Change in plan assets $ $ Employer contributions 23,885 31,678 Benefits paid (23,885 ) (31,678 ) Fair value of plan assets at year end - - Funded status (270,708 ) (311,283 ) Actuarial loss (14,345 ) 14,380 Net amount recognized $ (285,053 ) $ (296,903 ) Amounts recognized in the statement of financial position consist of: December 31, 2018 2017 Accumulated post-retirement benefit obligation: Active participants $ (106,093 ) $ (116,478 ) Retired participants including beneficiaries (164,615 ) (194,805 ) Total (270,708 ) (311,283 ) Plan assets at fair value - - Funded status (270,708 ) (311,283 ) Actuarial loss (gain) (14,345 ) 14,380 (Accrued) cost included in other liabilities $ (285,053 ) $ (296,903 ) Components of Net Periodic Benefit Cost: Years ended December 31, 2018 2017 Service cost $ - $ - Interest cost 12,000 10,116 Amortization net (gain) loss (14,345 ) 14,380 Net cost (benefit) $ (2,345 ) $ 24,496 Post-retirement health benefit plan The Bank has a contributory post-retirement health benefit plan for officers that meet eligibility requirements outlined in the employee handbook. The accounting for the health care plan anticipates future cost-sharing changes that are consistent with the Bank’s expressed intent to increase retiree contributions. Post-retirement health benefits valuation December 31, 2018 2017 Number of participants: Retirees 3 3 Active employees - fully eligible - - Active employees - not yet eligible 2 3 Total 5 6 Obligations and funded status: Years ended December 31, 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 293,449 $ 286,691 Service cost 16,589 6,319 Interest cost 11,560 8,993 Actuarial (gain) (14,989 ) (6,000 ) Plan amendments - - Benefits paid (7,533 ) (8,000 ) Retiree contributions 4,144 5,000 Benefit obligation at end of year 303,220 293,449 Change in plan assets Employer contributions 3,389 4,000 Retiree contributions 4,299 5,000 Benefits paid (7,533 ) (9,000 ) Fair value of plan assets at year end - - Funded status (303,220 ) (293,449 ) Actuarial loss (gain) 4,299 (118,270 ) Net amount recognized $ (298,921 ) $ (411,719 ) Amounts recognized in the statement of financial position consist of: December 31, 2018 2017 Accumulated post-retirement benefit obligation: Retirees $ (59,636 ) $ (82,675 ) Active employees - fully eligible - - Active employees - not yet eligible (239,285 ) (210,774 ) Total (298,921 ) (293,449 ) Plan assets at fair value - - Funded status (303,220 ) (293,449 ) Actuarial (gain) 4,299 (118,270 ) (Accrued) cost included in other liabilities $ (298,921 ) $ (411,719 ) Components of Net Periodic Benefit Cost: Years ended December 31, 2018 2017 Service cost $ 16,589 $ 6,319 Interest cost 11,560 8,993 Amortization net gain (40,096 ) (30,083 ) Net cost (benefit) $ (11,947 ) $ (14,771 ) |
Note 11 - Stock Compensation
Note 11 - Stock Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 1 1 . Stock Compensation Management recognition plan A Management Recognition and Retention Plan (“MRP”) provides for the issuance of shares to directors and officers. Pursuant to the Ottawa Savings Bancorp, Inc. 2018 333,753 May, 2018. 30,000 five 5,250 2018. 2,190 December 31, 2018, 3,060 not December31, 2017, no not A summary of the status of the MRP stock awards is as follows: Weighted Average Grant Date Fair Year ending December 31, 2018 Shares Value Outstanding and non-vested at beginning of year - $ - Granted 5,250 13.19 Vested and transferred to recipients (2,190 ) 13.19 Outstanding and non-vested at end of year 3,060 $ 13.19 At December 31, 2018 2,190 3,060 not $40,361 not $29,000 December 31, 2018. December 31, 2017, no not Stock option plan A Recognition and Retention Plan (“RRP”) provides for the issuance of stock options to directors, officers and employees. Pursuant to the Ottawa Savings Bancorp, Inc. 2006 November 21, 2006, 92,666 $12.35 5,451 $9.90 December 21, 2008, 8,722 $6.00 November 17, 2010, 13,083 $4.25 November 16, 2011. five ten The fair value of the stock options granted has been estimated using a Black-Scholes option pricing model. This option pricing model requires management to make subjective assumptions, such as expected stock price volatility, dividend rates, and expected time to exercise. There were no 2018 2017. A summary of the status of the outstanding RRP stock options is as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2018 Shares Price Term (years) Value Outstanding at beginning of year 30,491 $ 5.08 2.92 $ 285,522 Forfeited - - - - Granted - - $ - Exercised (20,491 ) $ 5.81 - $ 163,905 Outstanding at end of year 10,000 $ 3.57 2.88 $ 97,600 Exercisable at year end 10,000 $ 3.57 2.88 $ 97,600 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2017 Shares Price Term (years) Value Outstanding at beginning of year 32,491 $ 4.98 3.98 $ 251,702 Forfeited - - - Granted - - $ - Exercised (2,000 ) $ 3.57 - $ 20,280 Outstanding at end of year 30,491 $ 5.08 2.92 $ 285,522 Exercisable at year end 30,491 $ 5.08 2.92 $ 285,522 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 2 . Income Taxes The Company and Bank file a consolidated federal income tax return on a calendar year basis. Income tax expense is summarized as follows: Years Ended December 31, 2018 2017 Federal: Current $ 363,531 $ 588,767 Deferred 71,504 819,734 435,035 1,408,501 State: Current 270,109 208,047 Deferred (25,928 ) (112,799 ) 244181 95,248 $ 679,216 $ 1,503,749 Years Ended December 31, 2018 2017 Expected income taxes $ 561,440 $ 811,571 Income tax effect of: State taxes, net of federal tax benefit 192,903 61,911 Tax exempt interest (77,569 ) (157,882 ) Income taxed at lower rates - (23,188 ) Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 - 809,403 Other 2,442 1,934 $ 679,216 $ 1,503,749 During the fourth 2017 $0.8 December 22, 2017 34 21 34 The components of the net deferred tax asset are as follows: December 31, 2018 2017 Deferred tax assets Unrealized loss on securities Available For Sale $ 12,393 $ - Employee benefit plans 842,860 818,437 Allowance for loan losses 748,905 704,647 Net operating loss carryforwards 135,576 181,212 RRP compensation - 132,252 Loans 76,599 84,268 Purchase accounting - acquisition expenses 82,570 90,076 Other 108,505 43,844 2,007,408 2,054,736 Deferred tax liabilities Unrealized gain on securities available for sale - (60,834 ) Prepaid expenses (27,229 ) (23,973 ) Origination of mortgage servicing rights (17,048 ) (17,916 ) Core deposit intangible (64,990 ) (81,523 ) (109,267 ) (184,246 ) Net deferred tax asset $ 1,898,141 $ 1,870,490 Stockholders’ equity at December 31, 2018 2017 $2,268,000 no $646,000 December 31, 2018 2017, At December 31, 2018 2017, $0.6 $0.9 382 $0.6 December 31, 2018 $0.2 2033. Management believes that it is more likely than not no December 31, 2018, no |
Note 13 - Regulatory Matters
Note 13 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 3 . Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and the consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below). In July 2013, January 1, 2015. December 2010 1 4.50%, 1 6.00% 4.00% 8.00% 4.00%. December 31, 2018 2017, Additionally, under the final rule, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a 2.5% 1 The new minimum capital requirements were effective for the Company on January 1, 2015, 1 January 1, 2016, 0.625% January 2019, 1 $1.0 not As of December 31, 2018, 1 1 1 no The Bank’s actual capital amounts and ratios as of December 31, 2018 2017, To Be Well For Capital Minimum Capital Capitalized Under Adequacy Adequacy With Prompt Corrective Actual Purposes: Capital Buffer: Action Provisions: Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2018: (Dollars in thousands) Total Risk-Based Capital (to risk-weighted assets) $ 45,968 21.081 % $ 17,445 8.000 % $ 21,533 9.875 % $ 21,806 10.000 % Tier I Capital (to risk-weighted assets) $ 43,340 19.875 % $ 13,083 6.000 % $ 17,172 7.875 % $ 17,445 8.000 % Common Equity Tier I (to risk-weighted assets) $ 43,340 19.875 % $ 9,813 4.500 % $ 13,901 6.375 % $ 14,174 6.500 % Tier I Leverage (to adjusted total assets) $ 43,340 15.158 % $ 11,437 4.000 % $ 11,437 4.000 % $ 14,296 5.000 % December 31, 2017: Total Risk-Based Capital (to risk-weighted assets) $ 43,160 22.524 % $ 15,329 8.000 % $ 17,724 9.250 % $ 19,162 10.000 % Tier I Capital (to risk-weighted assets) $ 40,764 21.274 % $ 11,497 6.000 % $ 13,892 7.250 % $ 15,329 8.000 % Common Equity Tier I (to risk-weighted assets) $ 40,764 21.274 % $ 8,623 4.500 % $ 11,018 5.750 % $ 12,455 6.500 % Tier I Leverage (to adjusted total assets) $ 40,764 16.208 % $ 10,060 4.000 % $ 10,060 4.000 % $ 12,575 5.000 % |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 4 . Commitments and Contingencies In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not not The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit. These instruments involve elements of credit and interest-rate risk in excess of the amount recognized in the balance sheets. At December 31, 2018 2017, Range of rates Variable rate Fixed rate Total on fixed rate commitments As of December 31, 2018: Commitments to originate loans $ 615,000 $ 5,142,737 $ 5,757,737 3.65% - 8.25% Unfunded commitments on construction loans 5,618,741 1,614,824 7,233,565 2.75% - 5.13% Unfunded commitments under lines of credit 15,501,253 - 15,501,253 - 21,734,994 6,757,561 28,492,555 Standby letters of credit - - - $ 21,734,994 $ 6,757,561 $ 28,492,555 As of December 31, 2017: Commitments to originate loans $ 576,200 $ 2,620,320 $ 3,196,520 4.13% - 5.00% Unfunded commitments on construction loans 1,806,979 3,766,781 5,573,760 1.88% - 6.00% Unfunded commitments under lines of credit 16,667,928 - 16,667,928 - 19,051,107 6,387,101 25,438,208 Standby letters of credit - - - $ 19,051,107 $ 6,387,101 $ 25,438,208 Commitments to extend credit are agreements to lend to a customer as long as there is no may may not Unfunded commitments under commercial lines-of-credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines-of-credit are uncollateralized and usually do not may not $15.5 not The Company does not |
Note 15 - Fair Values Measureme
Note 15 - Fair Values Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 1 5 . Fair Values Measurements and Disclosures FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. Management believes it is more likely than not third The Company did not 1 2 2018 2017. The tables below present the recorded amount of assets measured at fair value on a recurring basis at December 31, 2018 2017. Total December 31, 201 8 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,186,788 $ - $ 13,186,788 Residential mortgage-backed securities available for sale - 12,346,979 - 12,346,979 $ - $ 25,533,767 $ - $ 25,533,767 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 amount of assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 December 31, 2017. Total December 31, 201 8 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 78,926 $ 78,926 Impaired loans, net - - 841,522 841,522 Total December 31, 201 7 Level 1 Level 2 Level 3 Fair Value Foreclosed real estate $ - $ - $ 84,100 $ 84,100 Impaired loans, net - - 510,682 510,682 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2018 Foreclosed assets $ 78,926 Appraisal of collateral Appraisal adjustments -36% to -49% Impaired loans, net $ 662,799 Appraisal of collateral Appraisal adjustments -44 to -69% Impaired loans, net $ 54,199 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 201 7 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% |
Note 16 - Fair Values of Financ
Note 16 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 6 . Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair value of financial instruments: Cash and Cash Equivalents: Time deposits: Federal Funds Sold: Securities: 15 Loans: no Loans held for sale: three Mortgage Servicing Rights: Deposits: F HLB Advances : Accrued Interest Receivable and Payable: Loan Commitments: not December 31, 2018 2017, The estimated fair values of the Bank’s financial instruments are as follows: Carrying December 31, 2018 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 8,430,458 $ 8,430,458 $ - $ - $ 8,430,458 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 5,663,000 5,663,000 - - 5,663,000 Securities 26,302,888 - 25,533,767 769,121 26,302,888 Net loans 235,926,419 - - 232,996,807 232,996,807 Accrued interest receivable 824,542 824,542 - - 824,542 Mortgage servicing rights 446,375 - - 446,375 446,375 Financial Liabilities: Non-interest bearing deposits 14,057,719 14,057,719 - - 14,057,719 Interest bearing deposits 209,390,810 - - 209,576,569 209,576,569 Accrued interest payable 5,648 5,648 - - 5,648 FHLB advances 12,087,152 - 12,136,386 - 12,136,386 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 Accrued interest receivable 794,449 794,449 - - 794,449 Loans held for sale 499,375 - 499,375 - 499,375 Mortgage servicing rights 423,522 - - 423,522 423,522 Financial Liabilities: Non-interest bearing deposits 11,562,801 11,562,801 - - 11,562,801 Interest bearing deposits 171,211,823 - - 171,915,595 171,915,595 Accrued interest payable 661 661 - - 661 FHLB advances 15,105,287 - 15,080,025 - 15,080,025 In addition, other assets and liabilities of the Bank that are not not not may not |
Note 17 - Condensed Parent Only
Note 17 - Condensed Parent Only Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1 7 . Condensed Parent Only Financial Statements December 31, 2018 2017 Balance sheets Assets: Interest bearing deposits $ 6,958,943 $ 9,265,423 Equity in net assets of Ottawa Savings Bank 44,187,104 42,020,902 ESOP note receivable 1,630,875 1,802,592 Other assets 47,444 14,018 Total assets $ 52,824,366 $ 53,102,935 Stockholders' Equity 52,824,366 53,102,935 Total liabilities and stockholders' equity $ 52,824,366 $ 53,102,935 Years Ended December 31, 2018 2017 Statements of operations Equity in net income of subsidiary $ 2,062,622 $ 858,784 Interest income 68,665 74,504 Operating income 2,131,287 933,288 Other expenses 163,798 137,257 Income before income tax benefit 1,967,489 796,031 Income tax (benefit) (26,817 ) (17,993 ) Net income $ 1,994,306 $ 814,024 Statements of cash flows Operating activities: Net income $ 1,994,306 $ 814,024 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (33,424 ) (14,018 ) Undistributed net income of subsidiary (2,062,622 ) (858,784 ) Net cash used in operating activities (101,740 ) (58,778 ) Investing activities: Payments received on ESOP notes receivable 171,717 164,195 Net cash provided by investing activities 171,717 164,195 Financing activities: Options exercised 119,066 7,140 Shares repurchased and cancelled (1,639,487 ) (253,932 ) Dividends paid (856,036 ) (523,426 ) Net cash (used in) financing activities (2,376,457 ) (770,218 ) Net (decrease) in cash and cash equivalents (2,306,480 ) (664,801 ) Cash and cash equivalents: Beginning of period 9,265,423 9,930,224 End of period $ 6,958,943 $ 9,265,423 Supplemental Disclosures of Cash Flow Information Cash paid for taxes, net of refunds received $ (40,808 ) $ (3,976 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of Ottawa Bancorp, Inc. (the Company) and its wholly owned subsidiary Ottawa Savings Bank (the Bank). All significant intercompany transactions and balances are eliminated in consolidation. |
Reclassification, Policy [Policy Text Block] | Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation with no Prior to the quarter ended June 30, 2018, 480 10 S99–3A For the year ended December 31, 2017, $1,202,014 not may 4th 2016, no December 31, 2016 2017 2016. not not |
Use of Estimates, Policy [Policy Text Block] | Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the fair value of securities available for sale, the determination of the allowance for loan losses, valuation of deferred income taxes, and the fair value measurement for the assets and liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Most of the Bank’s business activity is with customers within the Ottawa, Marseilles, and Morris areas. The Bank does not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks and interest bearing deposits, including cash items in process of clearing. Cash flows from loans, deposits, and federal funds sold or purchased are treated as net increases or decreases in the statement of cash flows. The Company maintains its cash in bank deposit accounts which, at times, may not not |
Deposit Contracts, Policy [Policy Text Block] | Time deposits Time deposits held at other financial institutions are carried at cost and include any time deposits with an original maturity of greater than three not not |
Marketable Securities, Policy [Policy Text Block] | Investment securities Debt securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 To determine if an “other-than-temporary” impairment (OTTI) exists on an investment security, the Company first not |
Investment, Policy [Policy Text Block] | Non-marketable equity securities Nonmarketable equity securities, consisting primarily of the Bank’s investment in the Federal Home Loan Bank of Chicago stock, is carried at cost and periodically evaluated for impairment. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans The Bank primarily lends to small and mid-sized businesses, non-residential real estate customers and consumers providing mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans throughout Ottawa, Marseilles and Morris, Illinois and the surrounding areas. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. It is the Bank’s policy to review each prospective credit in order to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Bank seeks recovery in compliance with state lending laws, the Bank’s lending standards, and credit monitoring and remediation procedures. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the contractual life of the loan using the interest method. The following portfolio segments and classes of loan receivables have been identified by the Company: • Commercial • Non-residential real estate • One-to- four • Multi-family residential • Consumer direct • Purchased auto Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans are placed on nonaccrual status when the loan has become over 90 When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may • The loan is current, and all principal and interest amounts contractually due have been made, • All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period, and • There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: • Six months of repayment performance for contractual monthly payments, or • One year of repayment performance for contractual quarterly or semi-annual payments. Troubled debt restructuring exists when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession (either imposed by court order, law, or agreement between the borrower and the Company) to the borrower that it would not The following criteria, related to granting a concession, together or separately, create a troubled debt restructuring: • A modification of terms of a debt such as one • The reduction of the stated interest rate to a rate lower than the current market rate for new debt with similar risk. • The extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. • The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. • The reduction of accrued interest. • A transfer from the borrower to the Company of receivables from third |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses For all portfolio segments, the allowance for loan losses is an amount necessary to absorb known and inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses, for all portfolio segments, are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. For all portfolio segments, the allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may may The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company using the most recent twelve Actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: ● Levels of and trends in delinquencies and impaired loans ● Levels of and trends in charge-offs and recoveries ● Trends in volume and terms of loans ● Effects of any changes in risk selection and underwriting standards ● Other changes in lending policies, procedures and practices ● Experience, ability and depth of lending management and other relevant staff ● National and local economic trends and conditions ● Industry conditions ● Effects of changes in credit concentrations A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A discussion of the risk characteristics and the allowance for estimated losses on loans, by each portfolio segment, follows: For commercial loans, the Company focuses on small and mid-sized businesses that have annual revenues below $5,000,000 • Ability and stability of current management of the borrower; • Stable earnings with positive financial trends; • Sufficient cash flow to support debt repayment; • Earnings projections based on reasonable assumptions; • Financial strength of the industry and business; and • Value and marketability of collateral. Collateral for commercial loans generally includes accounts receivable, inventory, and equipment. The lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The lending policy specifies maximum term limits for commercial loans. For term loans, the maximum term is 5 3 5 365 may Non-residential real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for non-residential real estate loans generally includes the underlying real estate and improvements, and may Some of the non-residential loans that the Company originates finance the construction of residential dwellings and land development. For land development, the loans generally can be made with a maximum loan to value ratio of 70% 10 may, 80% may nine two 80% For commercial and non-residential real estate loans, the allowance for loan losses consists of specific and general components. For loans that are considered impaired as defined above, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company hires an independent firm to perform a loan review every 12 18 Generally, the Company’s one four not three five 100% 90% no The Company also originates loans for multi-family dwellings. These loans follow board and regulatory approved underwriting guidelines similar to commercial loans, in addition to those standards and processes specific to real estate loans. Collateral for multi-family real estate loans generally includes the underlying real estate and improvements, and may The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, share loans, personal unsecured loans, home equity, and small personal credit lines. The lending policy addresses specific credit guidelines by consumer loan type. Unsecured loans generally have a maximum borrowing limit of $25,000 four The procedures for underwriting consumer loans include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loans. Although the applicant’s credit-worthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company purchases auto loans from regulated financial institutions. These types of loans are primarily low balance individual auto loans. The Company reviews the loans at least three thirty For residential real estate loans, multi-family, consumer direct loans (e.g. installment, in-house auto, other consumer loans, etc.) and purchased auto loans, the allowance for estimated losses on loans consists of a specific and general component. The specific component is evaluated for only loans that are classified as impaired, which is based on current information and events if it is probable that the Company will be unable to collect the scheduled payments according to the terms of the agreement. Impairment on these is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For large groups of smaller balance homogenous loans that are under 90 Residential real estate loans, multi-family real estate loans, consumer direct loans and purchased auto loans are not 90 90 Troubled debt restructurings are considered impaired loans and are subject to the same allowance methodology as described above for impaired loans by portfolio segment. |
Finance Loans and Leases Receivable Acquired [Policy Text Block] | Loans Acquired in a Transfer The loans acquired in the Twin Oaks merger were recorded at fair value as of the acquisition date and no FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, 310 30 The Company considered expected prepayments and estimated the total expected cash flows, which included undiscounted expected principal and interest. The excess of that amount over the fair value of the loan is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the expected life of the loan. The excess of the contractual cash flows over expected cash flows is referred to as non-accretable difference and is not first FASB ASC Topic 310 20, Nonrefundable Fees and Other Costs, not 310 20, |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Financings, Policy [Policy Text Block] | Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The Company’s servicing of assets is recorded in other assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Real Estate, Policy [Policy Text Block] | Foreclosed real estate Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses. The carrying value of foreclosed residential real estate property as of December 31, 2018 2017, $0 $84,100, one December 31, 2018, $276,815 two December 31, 2017, $23,000. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not no no 2015 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. Premises and equipment are depreciated using the straight-line and accelerated depreciation methods over the estimated useful lives of the assets: Years Buildings 5 - 50 Furniture and equipment 5 - 39 |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee stock ownership plan The Bank has an employee stock ownership plan (ESOP) covering substantially all employees. The cost of shares issued to the ESOP but not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation The Company recognizes compensation cost for all stock-based awards based on the estimated grant date fair value. The fair value of stock options is estimated using a Black-Scholes option pricing model and amortized to expense over the option’s vesting periods, as more fully disclosed in Note 11. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-balance-sheet financial instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to originate loans, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale net of the related tax effect. |
Commitments and Contingencies, Policy [Policy Text Block] | Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In the normal course of business, management will reach settlements over legal issues which are recorded in the period received. Management does not |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurement s In accordance with the provisions of FASB ASC 820, Fair Value Measurements and Disclosures , not 15 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. |
Present Value of Future Insurance Profits, Policy [Policy Text Block] | Cash surrender value of life insurance The Company has purchased bank-owned life insurance on certain directors and officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values are included in other income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. On December 31, 2014, $650,000. Goodwill acquired in a purchase business combination is not December 31 December 31, 2018, not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core deposit intangible The core deposit intangible represents the value of acquired customer relationships resulting from the Company’s December 31, 2014 9.8 may Estimated future amortization expense on core deposit intangible is shown in the table below: Year Ending December 31, Amount 2019 $ 46,000 2020 38,000 2021 38,000 2022 38,000 2023 38,000 Thereafter 30,000 $ 228,000 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share is based on net income divided by the weighted average number of shares outstanding during the period, including allocated and committed-to-be-released Employee Stock Ownership Plan (“ESOP”) shares and vested Management Recognition Plan (“MRP”) shares. Diluted earnings per share show the dilutive effect, if any, of additional common shares issuable under stock options and awards. See Note 11 Years ended December 31, 201 8 201 7 Net income available to common stockholders $ 1,994,306 $ 814,024 Basic potential common shares: Weighted average shares outstanding 3,401,565 3,467,208 Weighted average unallocated ESOP shares (168,768 ) (187,545 ) Basic weighted average shares outstanding 3,232,797 3,279,663 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares 12 - Weighted average RRP options outstanding 8,313 16,200 Dilutive weighted average shares outstanding 3,241,121 3,295,863 Basic earnings per share $ 0.62 $ 0.25 Diluted earnings per share $ 0.62 $ 0.25 |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company views the Bank as one not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 December 15, 2016. August 2015, ASU 2015 14, 606 2014 09 one four 2016 2014 09. 2014 09, 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 January 1, 2019 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, not |
Subsequent Events, Policy [Policy Text Block] | Subsequent event s The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule Of Useful Lives Of Property Plant And Equipment [Table Text Block] | Years Buildings 5 - 50 Furniture and equipment 5 - 39 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2019 $ 46,000 2020 38,000 2021 38,000 2022 38,000 2023 38,000 Thereafter 30,000 $ 228,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31, 201 8 201 7 Net income available to common stockholders $ 1,994,306 $ 814,024 Basic potential common shares: Weighted average shares outstanding 3,401,565 3,467,208 Weighted average unallocated ESOP shares (168,768 ) (187,545 ) Basic weighted average shares outstanding 3,232,797 3,279,663 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares 12 - Weighted average RRP options outstanding 8,313 16,200 Dilutive weighted average shares outstanding 3,241,121 3,295,863 Basic earnings per share $ 0.62 $ 0.25 Diluted earnings per share $ 0.62 $ 0.25 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 201 8 : Available for Sale State and municipal securities $ 13,092,077 $ 116,127 $ 21,416 $ 13,186,788 Residential mortgage-backed securities 12,485,167 59,282 197,470 12,346,979 $ 25,577,244 $ 175,409 $ 218,886 $ 25,533,767 December 31, 201 7 : 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 $ 500,682 $ 502,801 Due after three months through one year 613,652 616,632 Due after one year through five years 4,928,040 4,957,607 Due after five years through ten years 3,829,046 3,862,014 Due after ten years 3,220,657 3,247,734 Residential mortgage-backed securities 12,485,167 12,346,979 $ 25,577,244 $ 25,533,767 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 201 8 Securities Available for Sale State and municipal securities $ 1,831,305 $ 9,610 $ 1,345,990 $ 11,806 $ 3,177,295 $ 21,416 Residential mortgage-backed securities 2,865,546 25,266 6,034,053 172,204 8,899,599 197,470 $ 4,696,851 $ 34,876 $ 7,380,043 $ 184,010 $ 12,076,894 $ 218,886 December 31, 201 7 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 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2018 2017 Mortgage loans: One-to-four family $ 141,779,340 $ 124,118,335 Multi-family 6,776,424 5,664,524 Total mortgage loans 148,555,764 129,782,859 Other loans: Non-residential 35,286,236 32,133,094 Commercial loans 17,241,698 20,759,262 Consumer direct 15,390,263 6,281,712 Purchased auto 22,080,196 20,550,610 Total other loans 89,998,393 79,724,678 Gross loans 238,554,157 209,507,537 Less: Allowance for loan losses (2,627,738 ) (2,472,446 ) Loans, net $ 235,926,419 $ 207,035,091 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | 2018 2017 Balance, beginning of year $ 144,528 $ 461,334 Payment activity (60,413 ) (491,552 ) Charge-offs - - Transfer to foreclosed real estate - - Accretion into interest income 9,312 174,746 $ 93,427 $ 144,528 |
Certain Loans Acquired in Transfer Accretable Yield [Table Text Block] | 2018 2017 Balance, beginning of year $ 9,592 $ 82,869 Net reclassification from non-accretable yield - 101,469 Accretion into interest income (9,312 ) (174,746 ) Disposals - - $ 280 $ 9,592 |
Schedule Of Loans Purchased [Table Text Block] | Years Ended December 31, 2018 2017 Purchased auto loans $ 10,012,800 $ 14,141,053 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | December 31, 201 8 One-to-Four Family Multi-family Non- residential Commercial Consumer Direct Purchased 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 546,217 (11,295 ) (27,430 ) (18,431 ) (72,930 ) 111,369 527,500 Loans charged off (312,175 ) - - - - (166,021 ) (478,196 ) Recoveries of loans previously charged off 50,275 15,887 - - 15,608 24,218 105,988 Balance at end of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 Period-end amount allocated to: Loans individually evaluated for impairment $ 160,822 $ - $ 38,674 $ - $ - $ - $ 199,496 Loans acquired with deteriorated credit quality 17,817 - - - - - 17,817 Loans collectively evaluated for impairment 1,583,097 26,562 304,989 135,165 82,947 277,665 2,410,425 Balance at end of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 December 31, 2017 One-to-Four Family Multi-family Non- residential Commercial Consumer Direct Purchased Auto Total Balance at beginning of period $ 1,426,954 $ 93,481 $ 367,326 $ 96,823 $ 79,253 $ 183,612 $ 2,247,449 Provision charged to income 298,839 (87,630 ) 57,453 56,773 61,392 188,173 575,000 Loans charged off (259,356 ) - (61,686 ) - (8,633 ) (85,442 ) (415,117 ) Recoveries of loans previously charged off 10,982 16,119 8,000 - 8,257 21,756 65,114 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Period-end amount allocated to: Loans individually evaluated for impairment $ 78,820 $ - $ 110,055 $ - $ - $ 493 $ 189,368 Loans acquired with deteriorated credit quality 40,408 - - - - - 40,408 Loans collectively evaluated for impairment 1,358,191 21,970 261,038 153,596 140,269 307,606 2,242,670 Balance at end of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 December 31, 201 8 One-to-four Family Multi- family Non- residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 955,317 $ - $ 455,196 $ - $ - $ - $ 1,410,513 Loans acquired with deteriorated credit quality 93,427 - - - - - 93,427 Loans collectively evaluated for impairment 140,730,596 6,776,424 34,831,040 17,241,698 15,390,263 22,080,196 237,050,217 Ending Balance $ 141,779,340 $ 6,776,424 $ 35,286,236 $ 17,241,698 $ 15,390,263 $ 22,080,196 $ 238,554,157 December 31, 2017 One-to-four Family Multi- family Non- residential Commercial Consumer Direct Purchased Auto Total Loans individually evaluated for impairment $ 986,321 $ - $ 355,203 $ 10,454 $ - $ 985 $ 1,352,963 Loans acquired with deteriorated credit quality 144,528 - - - - - 144,528 Loans collectively evaluated for impairment 122,987,486 5,664,524 31,777,891 20,748,808 6,281,712 20,549,625 208,010,046 Ending Balance $ 124,118,335 $ 5,664,524 $ 32,133,094 $ 20,759,262 $ 6,281,712 $ 20,550,610 $ 209,507,537 |
Impaired Financing Receivables [Table Text Block] | December 31, 201 8 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 $ 1,048,744 $ 427,825 $ 620,919 $ 1,048,744 $ 178,639 $ 1,074,284 Multi-family - - - - - - Non-residential 455,196 141,804 313,392 455,196 38,674 366,226 Commercial - - - - - 1,282 Consumer direct - - - - - - Purchased auto - - - - - 5,708 $ 1,503,940 $ 569,629 $ 934,311 $ 1,503,940 $ 217,313 $ 1,447,500 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] | December 31, 201 8 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,048,744 $ - Multi-family - - Non-residential 455,196 - Commercial - - Consumer direct - - Purchased auto - - $ 1,503,940 $ - 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] | December 31, 201 8 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans One-to-four family $ 1,293,142 $ 549,331 $ 788,127 $ 2,630,600 $ 139,148,740 $ 141,779,340 Multi-family - - - - 6,776,424 6,776,424 Non-residential 1,413,392 129,464 127,464 1,670,320 33,615,916 35,286,236 Commercial 3,989 - - 3,989 17,237,709 17,241,698 Consumer direct 9,044 - - 9,044 15,381,219 15,390,263 Purchased auto 31,671 16,069 - 47,740 22,032,456 22,080,196 $ 2,751,238 $ 694,864 $ 915,591 $ 4,361,693 $ 234,192,464 $ 238,554,157 December 31, 201 7 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] | Decemb e r 31, 2018 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 29,653,633 $ 335,758 $ 1,048,744 $ - $ 110,741,205 $ 141,779,340 Multi-family - - - - 6,776,424 6,776,424 Non-residential 34,831,040 - 455,196 - - 35,286,236 Commercial 17,241,698 - - - - 17,241,698 Consumer direct - - - - 15,390,263 15,390,263 Purchased auto - - - - 22,080,196 22,080,196 Total $ 81,726,371 $ 335,758 $ 1,503,940 $ - $ 154,988,088 $ 238,554,157 December 31, 2017 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 23,224,866 $ 529,738 $ 1,130,849 $ - $ 99,232,882 $ 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 $ 75,505,560 $ 775,743 $ 1,497,491 $ - $ 131,728,743 $ 209,507,537 |
Note 6 - Accrued Interest Rec_2
Note 6 - Accrued Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Interest Receivable [Table Text Block] | 2018 2017 State and municipal securities $ 114,424 $ 120,760 Residential mortgage-backed securities 38,805 40,099 Loans 671,313 633,590 $ 824,542 $ 794,449 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Cost: Land $ 2,190,649 $ 2,190,649 Buildings 7,427,612 7,300,466 Furniture and equipment 1,519,998 1,450,390 11,138,259 10,941,505 Less: Accumulated depreciation 4,517,179 4,271,417 $ 6,621,080 $ 6,670,088 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule Of Deposits [Table Text Block] | 2018 2017 Amount Percent Amount Percent Non-interest bearing checking $ 14,057,719 6.29 % $ 11,562,801 6.32 % Interest bearing checking 54,292,074 24.30 % 29,081,404 15.91 % Money market 25,032,543 11.20 % 27,560,108 15.08 % Savings 25,719,932 11.51 % 25,965,589 14.21 % Certificates of deposit 104,346,261 46.70 % 88,604,722 48.48 % Interest bearing 209,390,810 93.71 % 171,211,823 93.68 % Total $ 223,448,529 100.00 % $ 182,774,624 100.00 % |
Interest Expense On Deposits [Table Text Block] | Years Ended December 31, 2018 2017 Money market $ 75,107 $ 74,101 Savings 18,854 18,585 Certificates of deposit 1,483,780 854,250 Interest bearing checking 184,372 16,306 $ 1,762,113 $ 963,242 |
Schedule Of Maturities Of Certificates Of Deposit [Table Text Block] | 2019 $ 50,436,286 2020 25,946,723 2021 8,592,671 2022 13,507,486 2023 5,657,739 2024 205,356 $ 104,346,261 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2018 2017 Open lines of credit at 1.46% $ - $ 4,000,000 Matured 02/15/2018 at 1.27%, fixed - 1,000,000 Matured 03/30/2018 at 1.72%, fixed - 499,357 Matured 05/15/2018 at 1.34%, fixed - 2,000,000 Matured 09/25/2018 at 1.46%, fixed - 2,000,000 Matures 03/15/2019 at 2.42%, fixed 1,500,000 - Matures 04/01/2019 at 2.00%, fixed 499,272 497,089 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 03/22/2021 at 3.03%, fixed 1,000,000 - Matures 09/21/2021 at 3.07%, fixed 1,000,000 - Matures 03/21/2022 at 3.09%, fixed 1,000,000 - Matures 09/21/2022 at 3.11%, fixed 1,000,000 - Matures 10/03/2022 at 1.48%, fixed 87,880 108,841 Matures 03/21/2023 at 3.15%, fixed 500,000 - Matures 09/21/2023 at 3.18%, fixed 500,000 - $ 12,087,152 $ 15,105,287 |
Note 10 - Employment Benefit _2
Note 10 - Employment Benefit and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | December 31, 2018 2017 Shares allocated 123,051 104,272 Shares withdrawn from the plan (28,278 ) (21,030 ) Unallocated shares 158,639 177,418 Total ESOP shares 253,412 260,660 Fair value of unallocated shares $ 2,114,657 $ 2,561,916 |
Schedule of Employee Benefit and Retirement Plans [Table Text Block] | December 31, 2018 2017 Number of participants: Retirees 3 4 Active directors - not yet eligible 2 2 Total 5 6 December 31, 2018 2017 Number of participants: Retirees 3 3 Active employees - fully eligible - - Active employees - not yet eligible 2 3 Total 5 6 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Years ended December 31, 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 311,283 $ 318,465 Service cost - - Interest cost 12,000 10,116 Actuarial loss (14,345 ) 14,380 Benefits paid (23,885 ) (31,678 ) Assumed liability - - Benefit obligation at end of year $ 285,053 $ 311,283 Change in plan assets $ $ Employer contributions 23,885 31,678 Benefits paid (23,885 ) (31,678 ) Fair value of plan assets at year end - - Funded status (270,708 ) (311,283 ) Actuarial loss (14,345 ) 14,380 Net amount recognized $ (285,053 ) $ (296,903 ) Years ended December 31, 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 293,449 $ 286,691 Service cost 16,589 6,319 Interest cost 11,560 8,993 Actuarial (gain) (14,989 ) (6,000 ) Plan amendments - - Benefits paid (7,533 ) (8,000 ) Retiree contributions 4,144 5,000 Benefit obligation at end of year 303,220 293,449 Change in plan assets Employer contributions 3,389 4,000 Retiree contributions 4,299 5,000 Benefits paid (7,533 ) (9,000 ) Fair value of plan assets at year end - - Funded status (303,220 ) (293,449 ) Actuarial loss (gain) 4,299 (118,270 ) Net amount recognized $ (298,921 ) $ (411,719 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2018 2017 Accumulated post-retirement benefit obligation: Active participants $ (106,093 ) $ (116,478 ) Retired participants including beneficiaries (164,615 ) (194,805 ) Total (270,708 ) (311,283 ) Plan assets at fair value - - Funded status (270,708 ) (311,283 ) Actuarial loss (gain) (14,345 ) 14,380 (Accrued) cost included in other liabilities $ (285,053 ) $ (296,903 ) December 31, 2018 2017 Accumulated post-retirement benefit obligation: Retirees $ (59,636 ) $ (82,675 ) Active employees - fully eligible - - Active employees - not yet eligible (239,285 ) (210,774 ) Total (298,921 ) (293,449 ) Plan assets at fair value - - Funded status (303,220 ) (293,449 ) Actuarial (gain) 4,299 (118,270 ) (Accrued) cost included in other liabilities $ (298,921 ) $ (411,719 ) |
Schedule of Net Benefit Costs [Table Text Block] | Years ended December 31, 2018 2017 Service cost $ - $ - Interest cost 12,000 10,116 Amortization net (gain) loss (14,345 ) 14,380 Net cost (benefit) $ (2,345 ) $ 24,496 Years ended December 31, 2018 2017 Service cost $ 16,589 $ 6,319 Interest cost 11,560 8,993 Amortization net gain (40,096 ) (30,083 ) Net cost (benefit) $ (11,947 ) $ (14,771 ) |
Note 11 - Stock Compensation (T
Note 11 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Weighted Average Grant Date Fair Year ending December 31, 2018 Shares Value Outstanding and non-vested at beginning of year - $ - Granted 5,250 13.19 Vested and transferred to recipients (2,190 ) 13.19 Outstanding and non-vested at end of year 3,060 $ 13.19 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2018 Shares Price Term (years) Value Outstanding at beginning of year 30,491 $ 5.08 2.92 $ 285,522 Forfeited - - - - Granted - - $ - Exercised (20,491 ) $ 5.81 - $ 163,905 Outstanding at end of year 10,000 $ 3.57 2.88 $ 97,600 Exercisable at year end 10,000 $ 3.57 2.88 $ 97,600 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Year ended December 31, 2017 Shares Price Term (years) Value Outstanding at beginning of year 32,491 $ 4.98 3.98 $ 251,702 Forfeited - - - Granted - - $ - Exercised (2,000 ) $ 3.57 - $ 20,280 Outstanding at end of year 30,491 $ 5.08 2.92 $ 285,522 Exercisable at year end 30,491 $ 5.08 2.92 $ 285,522 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2018 2017 Federal: Current $ 363,531 $ 588,767 Deferred 71,504 819,734 435,035 1,408,501 State: Current 270,109 208,047 Deferred (25,928 ) (112,799 ) 244181 95,248 $ 679,216 $ 1,503,749 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2018 2017 Expected income taxes $ 561,440 $ 811,571 Income tax effect of: State taxes, net of federal tax benefit 192,903 61,911 Tax exempt interest (77,569 ) (157,882 ) Income taxed at lower rates - (23,188 ) Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 - 809,403 Other 2,442 1,934 $ 679,216 $ 1,503,749 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2018 2017 Deferred tax assets Unrealized loss on securities Available For Sale $ 12,393 $ - Employee benefit plans 842,860 818,437 Allowance for loan losses 748,905 704,647 Net operating loss carryforwards 135,576 181,212 RRP compensation - 132,252 Loans 76,599 84,268 Purchase accounting - acquisition expenses 82,570 90,076 Other 108,505 43,844 2,007,408 2,054,736 Deferred tax liabilities Unrealized gain on securities available for sale - (60,834 ) Prepaid expenses (27,229 ) (23,973 ) Origination of mortgage servicing rights (17,048 ) (17,916 ) Core deposit intangible (64,990 ) (81,523 ) (109,267 ) (184,246 ) Net deferred tax asset $ 1,898,141 $ 1,870,490 |
Note 13 - Regulatory Matters (T
Note 13 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well For Capital Minimum Capital Capitalized Under Adequacy Adequacy With Prompt Corrective Actual Purposes: Capital Buffer: Action Provisions: Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2018: (Dollars in thousands) Total Risk-Based Capital (to risk-weighted assets) $ 45,968 21.081 % $ 17,445 8.000 % $ 21,533 9.875 % $ 21,806 10.000 % Tier I Capital (to risk-weighted assets) $ 43,340 19.875 % $ 13,083 6.000 % $ 17,172 7.875 % $ 17,445 8.000 % Common Equity Tier I (to risk-weighted assets) $ 43,340 19.875 % $ 9,813 4.500 % $ 13,901 6.375 % $ 14,174 6.500 % Tier I Leverage (to adjusted total assets) $ 43,340 15.158 % $ 11,437 4.000 % $ 11,437 4.000 % $ 14,296 5.000 % December 31, 2017: Total Risk-Based Capital (to risk-weighted assets) $ 43,160 22.524 % $ 15,329 8.000 % $ 17,724 9.250 % $ 19,162 10.000 % Tier I Capital (to risk-weighted assets) $ 40,764 21.274 % $ 11,497 6.000 % $ 13,892 7.250 % $ 15,329 8.000 % Common Equity Tier I (to risk-weighted assets) $ 40,764 21.274 % $ 8,623 4.500 % $ 11,018 5.750 % $ 12,455 6.500 % Tier I Leverage (to adjusted total assets) $ 40,764 16.208 % $ 10,060 4.000 % $ 10,060 4.000 % $ 12,575 5.000 % |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Range of rates Variable rate Fixed rate Total on fixed rate commitments As of December 31, 2018: Commitments to originate loans $ 615,000 $ 5,142,737 $ 5,757,737 3.65% - 8.25% Unfunded commitments on construction loans 5,618,741 1,614,824 7,233,565 2.75% - 5.13% Unfunded commitments under lines of credit 15,501,253 - 15,501,253 - 21,734,994 6,757,561 28,492,555 Standby letters of credit - - - $ 21,734,994 $ 6,757,561 $ 28,492,555 As of December 31, 2017: Commitments to originate loans $ 576,200 $ 2,620,320 $ 3,196,520 4.13% - 5.00% Unfunded commitments on construction loans 1,806,979 3,766,781 5,573,760 1.88% - 6.00% Unfunded commitments under lines of credit 16,667,928 - 16,667,928 - 19,051,107 6,387,101 25,438,208 Standby letters of credit - - - $ 19,051,107 $ 6,387,101 $ 25,438,208 |
Note 15 - Fair Values Measure_2
Note 15 - Fair Values Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total December 31, 201 8 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,186,788 $ - $ 13,186,788 Residential mortgage-backed securities available for sale - 12,346,979 - 12,346,979 $ - $ 25,533,767 $ - $ 25,533,767 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 December 31, 201 8 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 78,926 $ 78,926 Impaired loans, net - - 841,522 841,522 Total December 31, 201 7 Level 1 Level 2 Level 3 Fair Value Foreclosed real estate $ - $ - $ 84,100 $ 84,100 Impaired loans, net - - 510,682 510,682 |
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 December 31, 2018 Foreclosed assets $ 78,926 Appraisal of collateral Appraisal adjustments -36% to -49% Impaired loans, net $ 662,799 Appraisal of collateral Appraisal adjustments -44 to -69% Impaired loans, net $ 54,199 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 201 7 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% |
Note 16 - Fair Values of Fina_2
Note 16 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying December 31, 2018 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 8,430,458 $ 8,430,458 $ - $ - $ 8,430,458 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 5,663,000 5,663,000 - - 5,663,000 Securities 26,302,888 - 25,533,767 769,121 26,302,888 Net loans 235,926,419 - - 232,996,807 232,996,807 Accrued interest receivable 824,542 824,542 - - 824,542 Mortgage servicing rights 446,375 - - 446,375 446,375 Financial Liabilities: Non-interest bearing deposits 14,057,719 14,057,719 - - 14,057,719 Interest bearing deposits 209,390,810 - - 209,576,569 209,576,569 Accrued interest payable 5,648 5,648 - - 5,648 FHLB advances 12,087,152 - 12,136,386 - 12,136,386 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 Accrued interest receivable 794,449 794,449 - - 794,449 Loans held for sale 499,375 - 499,375 - 499,375 Mortgage servicing rights 423,522 - - 423,522 423,522 Financial Liabilities: Non-interest bearing deposits 11,562,801 11,562,801 - - 11,562,801 Interest bearing deposits 171,211,823 - - 171,915,595 171,915,595 Accrued interest payable 661 661 - - 661 FHLB advances 15,105,287 - 15,080,025 - 15,080,025 |
Note 17 - Condensed Parent On_2
Note 17 - Condensed Parent Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2018 2017 Balance sheets Assets: Interest bearing deposits $ 6,958,943 $ 9,265,423 Equity in net assets of Ottawa Savings Bank 44,187,104 42,020,902 ESOP note receivable 1,630,875 1,802,592 Other assets 47,444 14,018 Total assets $ 52,824,366 $ 53,102,935 Stockholders' Equity 52,824,366 53,102,935 Total liabilities and stockholders' equity $ 52,824,366 $ 53,102,935 |
Condensed Income Statement and Cash Flows [Table Text Block] | Years Ended December 31, 2018 2017 Statements of operations Equity in net income of subsidiary $ 2,062,622 $ 858,784 Interest income 68,665 74,504 Operating income 2,131,287 933,288 Other expenses 163,798 137,257 Income before income tax benefit 1,967,489 796,031 Income tax (benefit) (26,817 ) (17,993 ) Net income $ 1,994,306 $ 814,024 Statements of cash flows Operating activities: Net income $ 1,994,306 $ 814,024 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (33,424 ) (14,018 ) Undistributed net income of subsidiary (2,062,622 ) (858,784 ) Net cash used in operating activities (101,740 ) (58,778 ) Investing activities: Payments received on ESOP notes receivable 171,717 164,195 Net cash provided by investing activities 171,717 164,195 Financing activities: Options exercised 119,066 7,140 Shares repurchased and cancelled (1,639,487 ) (253,932 ) Dividends paid (856,036 ) (523,426 ) Net cash (used in) financing activities (2,376,457 ) (770,218 ) Net (decrease) in cash and cash equivalents (2,306,480 ) (664,801 ) Cash and cash equivalents: Beginning of period 9,265,423 9,930,224 End of period $ 6,958,943 $ 9,265,423 Supplemental Disclosures of Cash Flow Information Cash paid for taxes, net of refunds received $ (40,808 ) $ (3,976 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Oct. 11, 2016USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Proceeds from Issuance of Common Stock, Gross | $ 23,800,000 | ||||
Stock Issued During Period, Shares, New Issues | shares | 2,383,950 | 5,250 | |||
Shares Issued, Price Per Share | $ / shares | $ 10 | ||||
Second-step Conversion, Stock Conversion Ratio | 1.1921 | ||||
Maximum Revenues Of Customers | $ 5,000,000 | ||||
Loan and Lease Receviable, Line of Credit Term | 1 year | ||||
Real Estate Acquired Through Foreclosure | $ 0 | $ 84,100 | |||
Mortgage Loans in Process of Foreclosure, Number of Loans | 1 | 2 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 276,815 | $ 23,000 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |||
Goodwill, Acquired During Period | $ 650,000 | ||||
Goodwill, Impairment Loss | $ 0 | ||||
Number of Operating Segments | 1 | ||||
Number of Reportable Segments | 1 | ||||
Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 292 days | ||||
U S D A Rural Development Company Loans [Member] | |||||
Loan and Lease Receviable Loan Term | 4 years | ||||
Loan To Value Ratio | 100.00% | ||||
Percentage Of Loan Guaranteed By U S D A | 90.00% | ||||
Maximum Borrowing Limit | $ 25,000 | ||||
Nonresidential Real Estate Portfolio Segment [Member] | Land Development Loan [Member] | |||||
Loan To Value Ratio | 70.00% | ||||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||||
Percentage Of Loan Balance To Be Repaid As Lots Sold | 80.00% | ||||
Minimum [Member] | |||||
Loan and Lease Receviable Loan Term | 3 years | ||||
Minimum [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loan and Lease Receviable Loan Term | 270 days | ||||
Maximum [Member] | |||||
Loan and Lease Receviable Loan Term | 5 years | ||||
Maximum [Member] | Nonresidential Real Estate Portfolio Segment [Member] | Land Development Loan [Member] | |||||
Loan and Lease Receviable Loan Term | 10 years | ||||
Maximum [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loan and Lease Receviable Loan Term | 2 years | ||||
Reclassified From Temporary Equity to Permanent Equity [Member] | |||||
Employee Stock Ownership Plan (ESOP), Repurchase Obligation Amount | $ 1,202,014 | ||||
Ottawa Savings Bancorp MHC [Member] | |||||
Cash Acquired from Acquisition | $ 126,000 | ||||
Unallocated ESOP Shares [Member] | |||||
Stock Issued During Period, Shares, New Issues | shares | 190,716 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 5 years |
Building [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 50 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 39 years |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Estimated Future Amortization of Intangible Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 46,000 | |
2020 | 38,000 | |
2021 | 38,000 | |
2022 | 38,000 | |
2023 | 38,000 | |
Thereafter | 30,000 | |
$ 228,000 | $ 286,000 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income available to common stockholders | $ 1,994,306 | $ 814,024 |
Basic potential common shares: | ||
Weighted average shares outstanding (in shares) | 3,401,565 | 3,467,208 |
Weighted average unallocated ESOP shares (in shares) | (168,768) | (187,545) |
Basic weighted average shares outstanding (in shares) | 3,232,797 | 3,279,663 |
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 3,241,121 | 3,295,863 |
Basic earnings per share (in dollars per share) | $ 0.62 | $ 0.25 |
Diluted earnings per share (in dollars per share) | $ 0.62 | $ 0.25 |
Management Recognition Plan [Member] | ||
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 12 | |
Recognition and Retention Plan - DO NOT USE[Member] | ||
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 8,313 | 16,200 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 13,700,000 |
Available-for-sale Securities, Gross Realized Gains | 98,230 | |
Available-for-sale Securities, Gross Realized Losses | 127,343 | |
Debt Securities, Realized Gain (Loss), Total | (29,113) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | 11,115 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 42 | |
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 1.78% | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Securities [Member] | ||
Debt Securities, Available-for-sale, Restricted | $ 0 | $ 0 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, amortized cost | $ 25,577,244 | $ 25,832,262 |
Securities available for sale, gross unrealized gains | 175,409 | 343,160 |
Securities available for sale, gross unrealized losses | 218,886 | 129,747 |
Securities available for sale | 25,533,767 | 26,045,675 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 13,092,077 | 13,756,573 |
Securities available for sale, gross unrealized gains | 116,127 | 221,320 |
Securities available for sale, gross unrealized losses | 21,416 | 7,460 |
Securities available for sale | 13,186,788 | 13,970,433 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 12,485,167 | 12,075,689 |
Securities available for sale, gross unrealized gains | 59,282 | 121,840 |
Securities available for sale, gross unrealized losses | 197,470 | 122,287 |
Securities available for sale | $ 12,346,979 | $ 12,075,242 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, due in three months or less, amortized cost | $ 500,682 | |
Securities available for sale, due in three months or less, fair value | 502,801 | |
Securities available for sale, due after three months through one year, amortized cost | 613,652 | |
Securities available for sale, due after three months through one year, fair value | 616,632 | |
Securities available for sale, due after one year through five years, amortized cost | 4,928,040 | |
Securities available for sale, due after one year through five years, fair value | 4,957,607 | |
Securities available for sale, due after five years through ten years, amortized cost | 3,829,046 | |
Securities available for sale, due after five years through ten years, fair value | 3,862,014 | |
Securities available for sale, due after ten years, amortized cost | 3,220,657 | |
Securities available for sale, due after ten years, fair value | 3,247,734 | |
Residential mortgage-backed securities, amortized cost | 12,485,167 | |
Residential mortgage-backed securities, fair value | 12,346,979 | |
Securities available for sale, amortized cost | 25,577,244 | $ 25,832,262 |
Securities available for sale, fair value | $ 25,533,767 | $ 26,045,675 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, less than 12 months, fair value | $ 4,696,851 | $ 3,471,094 |
Securities available for sale, less than 12 months, unrealized losses | 34,876 | 20,024 |
Securities available for sale, 12 months or more, fair value | 7,380,043 | 6,209,019 |
Securities available for sale, 12 months or more, unrealized losses | 184,010 | 109,723 |
Securities available for sale, fair value | 12,076,894 | 9,680,113 |
Securities available for sale, unrealized losses | 218,886 | 129,747 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 1,831,305 | 1,435,888 |
Securities available for sale, less than 12 months, unrealized losses | 9,610 | 7,460 |
Securities available for sale, 12 months or more, fair value | 1,345,990 | |
Securities available for sale, 12 months or more, unrealized losses | 11,806 | |
Securities available for sale, fair value | 3,177,295 | 1,435,888 |
Securities available for sale, unrealized losses | 21,416 | 7,460 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 2,865,546 | 2,035,206 |
Securities available for sale, less than 12 months, unrealized losses | 25,266 | 12,564 |
Securities available for sale, 12 months or more, fair value | 6,034,053 | 6,209,019 |
Securities available for sale, 12 months or more, unrealized losses | 172,204 | 109,723 |
Securities available for sale, fair value | 8,899,599 | 8,244,225 |
Securities available for sale, unrealized losses | $ 197,470 | $ 122,287 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Loan Losses (Details Textual) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Ending Balance | $ 280 | $ 9,592 | $ 82,869 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 0 | 10,000 | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 1,503,940 | $ 1,497,491 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 22,000 | $ 82,016 | ||
Troubled Debt Restructurings [Member] | ||||
Number of Impaired Loans | 1 | 4 | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 70,000 | $ 473,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Decreased | $ 403,000 | |||
Financing Receivable, Modifications, Number of Contracts Returned to Accrual Status | 3 | |||
Financing Receivable, Modifications, Returned to Accrual Status | $ 388,000 | |||
Financing Receivable, Modifications, Improved Performance and Payments | 15,000 | |||
Twin Oaks [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 432,000 | $ 468,000 | ||
Loans Receivable [Member] | Twin Oaks [Member] | ||||
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 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Loan Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Gross loans | $ 238,554,157 | $ 209,507,537 | |
Less: Allowance for loan losses | (2,627,738) | (2,472,446) | $ (2,247,449) |
Loans, net | 235,926,419 | 207,035,091 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 148,555,764 | 129,782,859 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | |||
Gross loans | 141,779,340 | 124,118,335 | |
Less: Allowance for loan losses | (1,761,736) | (1,477,419) | (1,426,954) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | |||
Gross loans | 6,776,424 | 5,664,524 | |
Less: Allowance for loan losses | (26,562) | (21,970) | (93,481) |
Nonresidential Real Estate Portfolio Segment [Member] | |||
Gross loans | 35,286,236 | 32,133,094 | |
Less: Allowance for loan losses | (343,663) | (371,093) | (367,326) |
Commercial Portfolio Segment [Member] | |||
Gross loans | 17,241,698 | 20,759,262 | |
Less: Allowance for loan losses | (135,165) | (153,596) | (96,823) |
Consumer Portfolio Segment [Member] | |||
Gross loans | 15,390,263 | 6,281,712 | |
Less: Allowance for loan losses | (82,947) | (140,269) | (79,253) |
Purchased Auto Loans [Member] | |||
Gross loans | 22,080,196 | 20,550,610 | |
Less: Allowance for loan losses | (277,665) | (308,099) | $ (183,612) |
Non-mortgage Loans [Member] | |||
Gross loans | $ 89,998,393 | $ 79,724,678 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Loan Losses - Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, beginning of year | $ 144,528 | $ 461,334 |
Payment activity | (60,413) | (491,552) |
Charge-offs | ||
Transfer to foreclosed real estate | ||
Accretion into interest income | 9,312 | 174,746 |
Balance, Ending of year | $ 93,427 | $ 144,528 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Loan Losses - Accretable Yield of Loans Acquired With Deteriorated Credit Quality (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, beginning of year | $ 9,592 | $ 82,869 |
Net reclassification from non-accretable yield | 101,469 | |
Accretion into interest income | (9,312) | (174,746) |
Disposals | ||
Balance, ending of year | $ 280 | $ 9,592 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Loan Losses - Purchases of Loans Receivable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased Auto Loans [Member] | ||
Purchases of loans receivable | $ 10,012,800 | $ 14,141,053 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Loan Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 2,472,446 | $ 2,247,449 | ||
Provision for loan losses | 527,500 | 575,000 | ||
Loans charged off | (478,196) | (415,117) | ||
Recoveries of loans previously charged off | 105,988 | 65,114 | ||
Balance | 2,627,738 | 2,472,446 | ||
Loans individually evaluated for impairment | $ 199,496 | $ 189,368 | ||
Allowance for loan losses | 2,627,738 | 2,472,446 | 2,627,738 | 2,472,446 |
Loans collectively evaluated for impairment | 2,410,425 | 2,242,670 | ||
Loans individually evaluated for impairment | 1,410,513 | 1,352,963 | ||
Gross loans | 238,554,157 | 209,507,537 | ||
Loans collectively evaluated for impairment | 237,050,217 | 208,010,046 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 40,408 | |||
Balance | 17,817 | 40,408 | ||
Allowance for loan losses | 17,817 | 40,408 | 17,817 | 40,408 |
Gross loans | 93,427 | 144,528 | ||
Residential Portfolio Segment [Member] | ||||
Gross loans | 148,555,764 | 129,782,859 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Balance | 1,477,419 | 1,426,954 | ||
Provision for loan losses | 546,217 | 298,839 | ||
Loans charged off | (312,175) | (259,356) | ||
Recoveries of loans previously charged off | 50,275 | 10,982 | ||
Balance | 1,761,736 | 1,477,419 | ||
Loans individually evaluated for impairment | 160,822 | 78,820 | ||
Allowance for loan losses | 1,477,419 | 1,477,419 | 1,761,736 | 1,477,419 |
Loans collectively evaluated for impairment | 1,583,097 | 1,358,191 | ||
Loans individually evaluated for impairment | 955,317 | 986,321 | ||
Gross loans | 141,779,340 | 124,118,335 | ||
Loans collectively evaluated for impairment | 140,730,596 | 122,987,486 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 40,408 | |||
Balance | 17,817 | 40,408 | ||
Allowance for loan losses | 17,817 | 40,408 | 17,817 | 40,408 |
Gross loans | 93,427 | 144,528 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Balance | 21,970 | 93,481 | ||
Provision for loan losses | (11,295) | (87,630) | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 15,887 | 16,119 | ||
Balance | 26,562 | 21,970 | ||
Loans individually evaluated for impairment | ||||
Allowance for loan losses | 21,970 | 21,970 | 26,562 | 21,970 |
Loans collectively evaluated for impairment | 26,562 | 21,970 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 6,776,424 | 5,664,524 | ||
Loans collectively evaluated for impairment | 6,776,424 | 5,664,524 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Allowance for loan losses | ||||
Gross loans | 0 | 0 | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Balance | 371,093 | 367,326 | ||
Provision for loan losses | (27,430) | 57,453 | ||
Loans charged off | (61,686) | |||
Recoveries of loans previously charged off | 0 | 8,000 | ||
Balance | 343,663 | 371,093 | ||
Loans individually evaluated for impairment | 38,674 | 110,055 | ||
Allowance for loan losses | 371,093 | 371,093 | 343,663 | 371,093 |
Loans collectively evaluated for impairment | 304,989 | 261,038 | ||
Loans individually evaluated for impairment | 455,196 | 355,203 | ||
Gross loans | 35,286,236 | 32,133,094 | ||
Loans collectively evaluated for impairment | 34,831,040 | 31,777,891 | ||
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Allowance for loan losses | ||||
Gross loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Balance | 153,596 | 96,823 | ||
Provision for loan losses | (18,431) | 56,773 | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | ||
Balance | 135,165 | 153,596 | ||
Loans individually evaluated for impairment | ||||
Allowance for loan losses | 153,596 | 153,596 | 135,165 | 153,596 |
Loans collectively evaluated for impairment | 135,165 | 153,596 | ||
Loans individually evaluated for impairment | 10,454 | |||
Gross loans | 17,241,698 | 20,759,262 | ||
Loans collectively evaluated for impairment | 17,241,698 | 20,748,808 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Allowance for loan losses | ||||
Gross loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Balance | 140,269 | 79,253 | ||
Provision for loan losses | (72,930) | 61,392 | ||
Loans charged off | (8,633) | |||
Recoveries of loans previously charged off | 15,608 | 8,257 | ||
Balance | 82,947 | 140,269 | ||
Loans individually evaluated for impairment | ||||
Allowance for loan losses | 140,269 | 140,269 | 82,947 | 140,269 |
Loans collectively evaluated for impairment | 82,947 | 140,269 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Gross loans | 15,390,263 | 6,281,712 | ||
Loans collectively evaluated for impairment | 15,390,263 | 6,281,712 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Allowance for loan losses | ||||
Gross loans | 0 | 0 | ||
Purchased Auto Loans [Member] | ||||
Balance | 308,099 | 183,612 | ||
Provision for loan losses | 111,369 | 188,173 | ||
Loans charged off | (166,021) | (85,442) | ||
Recoveries of loans previously charged off | 24,218 | 21,756 | ||
Balance | 277,665 | 308,099 | ||
Loans individually evaluated for impairment | 493 | |||
Allowance for loan losses | 308,099 | 308,099 | 277,665 | 308,099 |
Loans collectively evaluated for impairment | 277,665 | 307,606 | ||
Loans individually evaluated for impairment | 985 | |||
Gross loans | 22,080,196 | 20,550,610 | ||
Loans collectively evaluated for impairment | 22,080,196 | 20,549,625 | ||
Purchased Auto Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Allowance for loan losses | ||||
Gross loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unpaid Contractual Principal Balance | $ 1,503,940 | $ 1,497,491 |
Recorded Investment With No Allowance | 569,629 | 757,033 |
Recorded Investment With Allowance | 934,311 | 740,458 |
Total Recorded Investment | 1,503,940 | 1,497,491 |
Related Allowance | 217,313 | 229,776 |
Average Recorded Investment | 1,447,500 | 2,561,705 |
Unpaid Contractual Principal Balance | 1,503,940 | 1,497,491 |
Recorded Investment With No Allowance | 569,629 | 757,033 |
Recorded Investment With Allowance | 934,311 | 740,458 |
Related Allowance | 217,313 | 229,776 |
Average Recorded Investment | 1,447,500 | 2,561,705 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 1,048,744 | 1,130,849 |
Recorded Investment With No Allowance | 427,825 | 746,579 |
Recorded Investment With Allowance | 620,919 | 384,270 |
Total Recorded Investment | 1,048,744 | 1,130,849 |
Related Allowance | 178,639 | 119,228 |
Average Recorded Investment | 1,074,284 | 1,795,888 |
Unpaid Contractual Principal Balance | 1,048,744 | 1,130,849 |
Recorded Investment With No Allowance | 427,825 | 746,579 |
Recorded Investment With Allowance | 620,919 | 384,270 |
Related Allowance | 178,639 | 119,228 |
Average Recorded Investment | 1,074,284 | 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 | 455,196 | 355,203 |
Recorded Investment With No Allowance | 141,804 | |
Recorded Investment With Allowance | 313,392 | 355,203 |
Total Recorded Investment | 455,196 | 355,203 |
Related Allowance | 38,674 | 110,055 |
Average Recorded Investment | 366,226 | 749,271 |
Unpaid Contractual Principal Balance | 455,196 | 355,203 |
Recorded Investment With No Allowance | 141,804 | |
Recorded Investment With Allowance | 313,392 | 355,203 |
Related Allowance | 38,674 | 110,055 |
Average Recorded Investment | 366,226 | 749,271 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 10,454 | |
Recorded Investment With No Allowance | 10,454 | |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 10,454 | |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,282 | 5,341 |
Unpaid Contractual Principal Balance | 10,454 | |
Recorded Investment With No Allowance | 10,454 | |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,282 | 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 | 985 | |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 985 | |
Total Recorded Investment | 985 | |
Related Allowance | 493 | |
Average Recorded Investment | 5,708 | 11,205 |
Unpaid Contractual Principal Balance | 985 | |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 985 | |
Related Allowance | 493 | |
Average Recorded Investment | $ 5,708 | $ 11,205 |
Note 4 - Loans and Allowance_10
Note 4 - Loans and Allowance for Loan Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Nonaccrual Loans | $ 1,503,940 | $ 1,580,304 |
Loans Past Due Over 90 Days Still Accruing | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Nonaccrual Loans | 1,048,744 | 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 | 455,196 | 355,203 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 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 | 985 | |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Loan Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loans past due | $ 4,361,693 | $ 2,861,119 |
Loans, current | 234,192,464 | 206,646,418 |
Gross loans | 238,554,157 | 209,507,537 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 2,751,238 | 1,369,784 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 694,864 | 1,390,749 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 915,591 | 100,586 |
Residential Portfolio Segment [Member] | ||
Gross loans | 148,555,764 | 129,782,859 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 2,630,600 | 1,945,764 |
Loans, current | 139,148,740 | 122,172,571 |
Gross loans | 141,779,340 | 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 | 1,293,142 | 860,502 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 549,331 | 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 | 788,127 | 99,601 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 0 | 0 |
Loans, current | 6,776,424 | 5,664,524 |
Gross loans | 6,776,424 | 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 | 1,670,320 | 873,564 |
Loans, current | 33,615,916 | 31,259,530 |
Gross loans | 35,286,236 | 32,133,094 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,413,392 | 478,930 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 129,464 | 394,634 |
Nonresidential Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 127,464 | |
Commercial Portfolio Segment [Member] | ||
Loans past due | 3,989 | 10,454 |
Loans, current | 17,237,709 | 20,748,808 |
Gross loans | 17,241,698 | 20,759,262 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,989 | 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 | 9,044 | |
Loans, current | 15,381,219 | 6,281,712 |
Gross loans | 15,390,263 | 6,281,712 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 9,044 | |
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 | 47,740 | 31,337 |
Loans, current | 22,032,456 | 20,519,273 |
Gross loans | 22,080,196 | 20,550,610 |
Purchased Auto Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 31,671 | 30,352 |
Purchased Auto Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 16,069 | 0 |
Purchased Auto Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 985 |
Note 4 - Loans and Allowance_12
Note 4 - Loans and Allowance for Loan Losses - Loans by Risk Category (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Gross loans | $ 238,554,157 | $ 209,507,537 |
Pass [Member] | ||
Gross loans | 81,726,371 | 75,505,560 |
Special Mention [Member] | ||
Gross loans | 335,758 | 775,743 |
Substandard [Member] | ||
Gross loans | 1,503,940 | 1,497,491 |
Doubtful [Member] | ||
Gross loans | ||
Not Rated [Member] | ||
Gross loans | 154,988,088 | 131,728,743 |
Residential Portfolio Segment [Member] | ||
Gross loans | 148,555,764 | 129,782,859 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 141,779,340 | 124,118,335 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Pass [Member] | ||
Gross loans | 29,653,633 | 23,224,866 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Special Mention [Member] | ||
Gross loans | 335,758 | 529,738 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 1,048,744 | 1,130,849 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Doubtful [Member] | ||
Gross loans | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Not Rated [Member] | ||
Gross loans | 110,741,205 | 99,232,882 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 6,776,424 | 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 | 6,776,424 | 5,664,524 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 35,286,236 | 32,133,094 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 34,831,040 | 31,531,886 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 246,005 | |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 455,196 | 355,203 |
Nonresidential Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | |
Nonresidential Real Estate Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 0 | |
Commercial Portfolio Segment [Member] | ||
Gross loans | 17,241,698 | 20,759,262 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 17,241,698 | 20,748,808 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 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 | 15,390,263 | 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 | 15,390,263 | 6,281,712 |
Purchased Auto Loans [Member] | ||
Gross loans | 22,080,196 | 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 | 985 | |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 22,080,196 | $ 20,549,625 |
Note 5 - Servicing (Details Tex
Note 5 - Servicing (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Unpaid Principal Balance On Loans Serviced For Others | $ 73,390,811 | $ 68,160,536 |
Mortgage Servicing Rights, Loans Serviced for Others | $ 446,751 | $ 423,522 |
Note 6 - Accrued Interest Rec_3
Note 6 - Accrued Interest Receivable - Summary of Accrued Interest Receivable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued interest receivable | $ 824,542 | $ 794,449 |
US States and Political Subdivisions Debt Securities [Member] | ||
Accrued interest receivable | 114,424 | 120,760 |
Residential Mortgage Backed Securities [Member] | ||
Accrued interest receivable | 38,805 | 40,099 |
Loans Receivable [Member] | ||
Accrued interest receivable | $ 671,313 | $ 633,590 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cost: | ||
Premises and equipment | $ 11,138,259 | $ 10,941,505 |
Less: Accumulated depreciation | 4,517,179 | 4,271,417 |
6,621,080 | 6,670,088 | |
Land [Member] | ||
Cost: | ||
Premises and equipment | 2,190,649 | 2,190,649 |
Building [Member] | ||
Cost: | ||
Premises and equipment | 7,427,612 | 7,300,466 |
Furniture and Fixtures [Member] | ||
Cost: | ||
Premises and equipment | $ 1,519,998 | $ 1,450,390 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Deposit Liabilities | $ 2,458,030 | $ 3,137,871 |
Public Deposit Liabilities | 7,161,850 | 6,729,036 |
Time Deposits, $100,000 or More, Total | 56,341,000 | 39,225,000 |
Time Deposits, at or Above FDIC Insurance Limit | 17,017,000 | 7,009,000 |
Interest-bearing Domestic Deposit, Brokered | 21,100,000 | 5,200,000 |
Payments for Brokerage Fees | $ 1,950 | $ 487 |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-interest bearing | $ 14,057,719 | $ 11,562,801 |
Non-interest bearing checking, percent | 6.29% | 6.32% |
Interest bearing checking | $ 54,292,074 | $ 29,081,404 |
Interest bearing checking, percent | 24.30% | 15.91% |
Money market | $ 25,032,543 | $ 27,560,108 |
Money market, percent | 11.20% | 15.08% |
Savings | $ 25,719,932 | $ 25,965,589 |
Savings, percent | 11.51% | 14.21% |
Certificates of deposit | $ 104,346,261 | $ 88,604,722 |
Certificates of deposit, percent | 46.70% | 48.48% |
Interest bearing | $ 209,390,810 | $ 171,211,823 |
Interest bearing, percent | 93.71% | 93.68% |
Total | $ 223,448,529 | $ 182,774,624 |
Total, percent | 100.00% | 100.00% |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Money market | $ 75,107 | $ 74,101 |
Savings | 18,854 | 18,585 |
Certificates of deposit | 1,483,780 | 854,250 |
Interest bearing checking | 184,372 | 16,306 |
$ 1,762,113 | $ 963,242 |
Note 8 - Deposits - Scheduled M
Note 8 - Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 50,436,286 | |
2020 | 25,946,723 | |
2021 | 8,592,671 | |
2022 | 13,507,486 | |
2023 | 5,657,739 | |
2024 | 205,356 | |
$ 104,346,261 | $ 88,604,722 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Advances from Federal Home Loan Banks, Total | $ 12,100,000 | $ 15,100,000 |
Federal Funds Purchased | 0 | 0 |
Bankers Bank Of Wisconsin [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 7,900,000 | |
Midwest Independent Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |
Federal Home Loan Bank of Chicago [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 74,600,000 | |
Advances from Federal Home Loan Banks, Total | $ 12,087,152 | $ 15,105,287 |
Note 9 - Borrowings - Outstandi
Note 9 - Borrowings - Outstanding Advances (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Advances from FHLB | $ 12,100,000 | $ 15,100,000 |
Federal Home Loan Bank of Chicago [Member] | ||
Advances from FHLB | 12,087,152 | 15,105,287 |
Federal Home Loan Bank of Chicago [Member] | Open lines of credit at 1.46% [Member] | ||
Open lines of credit | 4,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 02/15/2018 at 1.27% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 03/30/2018 at 1.72% [Member] | ||
Advances from FHLB | 499,357 | |
Federal Home Loan Bank of Chicago [Member] | Matures 05/15/2018 at 1.34% [Member] | ||
Advances from FHLB | 2,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 09/25/2018 at 1.46% [Member] | ||
Advances from FHLB | 2,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 03/15/2019 at 2.42% [Member] | ||
Advances from FHLB | 1,500,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 04/01/2019 at 2.00% [Member] | ||
Advances from FHLB | 499,272 | 497,089 |
Federal Home Loan Bank of Chicago [Member] | Matures 08/30/2019 at 1.56% [Member] | ||
Advances from FHLB | 3,000,000 | 3,000,000 |
Federal Home Loan Bank of Chicago [Member] | Matures 12/16/2019 at 2.08% [Member] | ||
Advances from FHLB | 2,000,000 | 2,000,000 |
Federal Home Loan Bank of Chicago [Member] | Matures 03/22/2021 at 3.03% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 09/21/2021 at 3.07% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 03/21/2022 at 3.09% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 09/21/2022 at 3.11% [Member] | ||
Advances from FHLB | 1,000,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 10/03/2022 at 1.48% [Member] | ||
Advances from FHLB | 87,880 | 108,841 |
Federal Home Loan Bank of Chicago [Member] | Matures 03/21/2023 at 3.15% [Member] | ||
Advances from FHLB | 500,000 | |
Federal Home Loan Bank of Chicago [Member] | Matures 09/21/2023 at 3.18 % [Member] | ||
Advances from FHLB | $ 500,000 |
Note 9 - Borrowings - Outstan_2
Note 9 - Borrowings - Outstanding Advances (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Open lines of credit at 1.46% [Member] | ||
Interest rate, fixed | 1.46% | |
Matures 02/15/2018 at 1.27% [Member] | ||
Interest rate, fixed | 1.27% | |
Maturity date on fixed rate advance | Feb. 15, 2018 | |
Matures 03/30/2018 at 1.72% [Member] | ||
Interest rate, fixed | 1.72% | |
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% | |
Maturity date on fixed rate advance | May 15, 2018 | |
Matures 09/25/2018 at 1.46% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 1.46% | |
Maturity date on fixed rate advance | Sep. 25, 2018 | |
Matures 03/15/2019 at 2.42% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 2.42% | |
Maturity date on fixed rate advance | Mar. 15, 2019 | |
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 03/22/2021 at 3.03% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.03% | |
Maturity date on fixed rate advance | Mar. 22, 2021 | |
Matures 09/21/2021 at 3.07% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.07% | 1.48% |
Maturity date on fixed rate advance | Sep. 21, 2021 | |
Matures 03/21/2022 at 3.09% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.09% | |
Maturity date on fixed rate advance | Mar. 21, 2022 | |
Matures 09/21/2022 at 3.11% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.11% | |
Maturity date on fixed rate advance | Sep. 21, 2022 | |
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 |
Matures 03/21/2023 at 3.15% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.15% | |
Maturity date on fixed rate advance | Mar. 21, 2023 | |
Matures 09/21/2023 at 3.18 % [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Interest rate, fixed | 3.18% | |
Maturity date on fixed rate advance | Sep. 21, 2023 |
Note 10 - Employment Benefit _3
Note 10 - Employment Benefit and Retirement Plans (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Oct. 11, 2016USD ($)$ / sharesshares | Sep. 19, 2007 | Jul. 08, 2005USD ($)$ / sharesshares | |
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | shares | 253,412 | 260,660 | 190,716 | 76,314 | ||
Sale of Stock, Price Per Share | $ / shares | $ 10 | $ 10 | ||||
Employee Stock Ownership Plan ESOP Interest and Principal Payments from ESOP | $ 239,000 | |||||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | shares | 18,779 | 18,779 | ||||
Fair Value Per Share | $ / shares | $ 13.76 | $ 13.68 | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 258,357 | $ 256,849 | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||
Defined Contribution Plan, Safe Harbor Contributions, Percent | 3.00% | |||||
Defined Contribution Plan, Vesting Period | 6 years | |||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 162,090 | 173,916 | ||||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 73,409 | 86,472 | ||||
Deferred Compensation Liability, Current and Noncurrent, Total | 1,538,862 | 1,519,993 | ||||
Payments to Nonqualified Deferred Compensation Plan | $ 33,000 | |||||
Supplemental Employee Retirement Plan [Member] | ||||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | (3,367) | 97,082 | ||||
Supplemental Employee Retirement Plan [Member] | Other Liabilities [Member] | ||||||
Liability, Defined Benefit Plan, Total | 541,392 | 580,896 | ||||
Director Retirement Plan [Member] | ||||||
Liability, Defined Benefit Plan, Total | $ 285,053 | $ 296,903 | ||||
Defined Benefit Plan, Number of Participants | 5 | 6 | ||||
Defined Benefit Plan, Guaranteed Payment Term | 10 years | |||||
Director Retirement Plan [Member] | Former Members of Twin Oak's Board of Directors [Member] | ||||||
Defined Benefit Plan, Number of Participants | 6 | |||||
Director Retirement Plan [Member] | Other Liabilities [Member] | ||||||
Liability, Defined Benefit Plan, Total | $ 285,053 | $ 296,903 | ||||
Measurement Input, Discount Rate [Member] | ||||||
Employee Stock Owernship Plan Liability, Measurement Input | 4.5 |
Note 10 - Employment Benefit _4
Note 10 - Employment Benefit and Retirement Plans - Employee Stock Ownership Plan (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 | Jul. 08, 2005 |
Shares allocated (in shares) | 123,051 | 104,272 | ||
Shares withdrawn from the plan (in shares) | (28,278) | (21,030) | ||
Unallocated shares (in shares) | 158,639 | 177,418 | ||
Total ESOP shares (in shares) | 253,412 | 260,660 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 2,114,657 | $ 2,561,916 |
Note 10 - Employment Benefit _5
Note 10 - Employment Benefit and Retirement Plans - Employment Benefit and Retirement Plans Valuation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Director Retirement Plan [Member] | ||
Number of participants | 5 | 6 |
Director Retirement Plan [Member] | Retirees [Member] | ||
Number of participants | 3 | 4 |
Director Retirement Plan [Member] | Active Employees Not Yet Eligible [Member] | ||
Number of participants | 2 | 2 |
Postretirement Health Coverage [Member] | ||
Number of participants | 5 | 6 |
Postretirement Health Coverage [Member] | Retirees [Member] | ||
Number of participants | 3 | 3 |
Postretirement Health Coverage [Member] | Active Employees Not Yet Eligible [Member] | ||
Number of participants | 2 | 3 |
Postretirement Health Coverage [Member] | Active Employees Fully Eligible [Member] | ||
Number of participants |
Note 10 - Employment Benefit _6
Note 10 - Employment Benefit and Retirement Plans - Obligations and Funded Status (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Director Retirement Plan [Member] | ||
Benefit obligation at beginning of year | $ 311,283 | $ 318,465 |
Service cost | 0 | 0 |
Interest cost | 12,000 | 10,116 |
Actuarial loss (gain) | (14,345) | 14,380 |
Benefits paid | (23,885) | (31,678) |
Assumed liability | 0 | 0 |
Benefit obligation at end of year | 285,053 | 311,283 |
Employer contributions | 23,885 | 31,678 |
Benefits paid | (23,885) | (31,678) |
Fair value of plan assets at year end | 0 | 0 |
Funded status | (270,708) | (311,283) |
Actuarial (gain) loss | (14,345) | 14,380 |
Net amount recognized | (285,053) | (296,903) |
Postretirement Health Coverage [Member] | ||
Benefit obligation at beginning of year | 293,449 | 286,691 |
Service cost | 16,589 | 6,319 |
Interest cost | 11,560 | 8,993 |
Actuarial loss (gain) | (14,989) | (6,000) |
Benefits paid | (7,533) | (8,000) |
Benefit obligation at end of year | 303,220 | 293,449 |
Employer contributions | 3,389 | 4,000 |
Benefits paid | (7,533) | (9,000) |
Fair value of plan assets at year end | 0 | 0 |
Funded status | (303,220) | (293,449) |
Actuarial (gain) loss | 4,299 | (118,270) |
Net amount recognized | (298,921) | (411,719) |
Plan amendments | ||
Retiree contributions | 4,144 | 5,000 |
Retiree contributions | $ 4,299 | $ 5,000 |
Note 10 - Employment Benefit _7
Note 10 - Employment Benefit and Retirement Plans - Amounts Recognized in Statement of Financial Position (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Director Retirement Plan [Member] | ||
Accumulated post-retirement benefit obligation | $ (270,708) | $ (311,283) |
Plan assets at fair value | 0 | 0 |
Funded status | (270,708) | (311,283) |
Actuarial loss (gain) | (14,345) | 14,380 |
(Accrued) cost included in other liabilities | (285,053) | (296,903) |
Director Retirement Plan [Member] | Active Participants [Member] | ||
Accumulated post-retirement benefit obligation | (106,093) | (116,478) |
Director Retirement Plan [Member] | Retired Participants Including Beneficiaries [Member] | ||
Accumulated post-retirement benefit obligation | (164,615) | (194,805) |
Postretirement Health Coverage [Member] | ||
Accumulated post-retirement benefit obligation | (298,921) | (293,449) |
Plan assets at fair value | 0 | 0 |
Funded status | (303,220) | (293,449) |
Actuarial loss (gain) | 4,299 | (118,270) |
(Accrued) cost included in other liabilities | (298,921) | (411,719) |
Postretirement Health Coverage [Member] | Retirees [Member] | ||
Accumulated post-retirement benefit obligation | (59,636) | (82,675) |
Postretirement Health Coverage [Member] | Active Employees Fully Eligible [Member] | ||
Accumulated post-retirement benefit obligation | 0 | 0 |
Postretirement Health Coverage [Member] | Active Employees Not Yet Eligible [Member] | ||
Accumulated post-retirement benefit obligation | $ (239,285) | $ (210,774) |
Note 10 - Employment Benefit _8
Note 10 - Employment Benefit and Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Director Retirement Plan [Member] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 12,000 | 10,116 |
Amortization net (gain) loss | (14,345) | 14,380 |
Net cost (benefit) | (2,345) | 24,496 |
Postretirement Health Coverage [Member] | ||
Service cost | 16,589 | 6,319 |
Interest cost | 11,560 | 8,993 |
Amortization net (gain) loss | (40,096) | (30,083) |
Net cost (benefit) | $ (11,947) | $ (14,771) |
Note 11 - Stock Compensation (D
Note 11 - Stock Compensation (Details Textual) - USD ($) | Nov. 16, 2011 | Nov. 17, 2010 | Dec. 21, 2008 | Nov. 21, 2006 | Nov. 30, 2006 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2018 |
Management Recognition Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 333,753 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,250 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,190 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 3,060 | 0 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 40,361 | $ 0 | ||||||
Allocated Share-based Compensation Expense, Total | $ 29,000 | |||||||
Management Recognition Plan [Member] | Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 30,000 | |||||||
Recognition and Retention Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,083 | 8,722 | 5,451 | 92,666 | 0 | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 4.25 | $ 6 | $ 9.90 | $ 12.35 | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 11 - Stock Compensation -
Note 11 - Stock Compensation - MRP Stock Awards (Details) - Management Recognition Plan [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Outstanding and non-vested at beginning of year (in shares) | shares | 0 |
Outstanding and non-vested at beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 5,250 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.19 |
Vested and transferred to recipients (in shares) | shares | (2,190) |
Vested and transferred to recipients, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.19 |
Outstanding and non-vested at end of year (in shares) | shares | 3,060 |
Outstanding and non-vested at end of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.19 |
Note 11 - Stock Compensation _2
Note 11 - Stock Compensation - RRP Stock Options (Details) - Recognition and Retention Plan [Member] - USD ($) | Nov. 16, 2011 | Nov. 17, 2010 | Dec. 21, 2008 | Nov. 21, 2006 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Outstanding at beginning of year (in shares) | 30,491 | 32,491 | |||||
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 5.08 | $ 4.98 | |||||
Outstanding, weighted average remaining contractual term (Year) | 2 years 321 days | 2 years 335 days | 3 years 357 days | ||||
Outstanding, aggregate intrinsic value | $ 97,600 | $ 285,522 | $ 251,702 | ||||
Forfeited (in shares) | |||||||
Forfeited, weighted average exercise price (in dollars per share) | |||||||
Granted (in shares) | 13,083 | 8,722 | 5,451 | 92,666 | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.25 | $ 6 | $ 9.90 | $ 12.35 | $ 0 | $ 0 | |
Exercised (in shares) | (20,491) | (2,000) | |||||
Exercised, weighted average exercise price (in dollars per share) | $ 5.81 | $ 3.57 | |||||
Exercised, aggregate intrinsic value | $ 163,905 | $ 20,280 | |||||
Outstanding at end of year (in shares) | 10,000 | 30,491 | 32,491 | ||||
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 3.57 | $ 5.08 | $ 4.98 | ||||
Exercisable at year end (in shares) | 10,000 | 30,491 | |||||
Exercisable at year end, weighted average exercise price (in dollars per share) | $ 3.57 | $ 5.08 | |||||
Exercisable at year end, weighted average remaining contractual term (Year) | 2 years 321 days | 2 years 335 days | |||||
Exercisable at year end, aggregate intrinsic value | $ 97,600 | $ 285,522 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 800,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | |
Deferred Other Tax Expense (Benefit) | $ 2,268,000 | $ 2,268,000 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 646,000 | 646,000 | 646,000 |
Operating Loss Carryforwards, Total | $ 900,000 | 600,000 | $ 900,000 |
Deferred Tax Assets, Valuation Allowance, Total | 0 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Maximum Usable Amount Per Year | $ 200,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | ||
Current | $ 363,531 | $ 588,767 |
Deferred | 71,504 | 819,734 |
435,035 | 1,408,501 | |
State: | ||
Current | 270,109 | 208,047 |
Deferred | (25,928) | (112,799) |
244,181 | 95,248 | |
$ 679,216 | $ 1,503,749 |
Note 12 - Income Taxes - Inco_2
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Expected income taxes | $ 561,440 | $ 811,571 |
State taxes, net of federal tax benefit | 192,903 | 61,911 |
Tax exempt interest | (77,569) | (157,882) |
Income taxed at lower rates | (23,188) | |
Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017 | 809,403 | |
Other | 2,442 | 1,934 |
$ 679,216 | $ 1,503,749 |
Note 12 - Income Taxes - Net De
Note 12 - Income Taxes - Net Deferred Tax Asset (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Unrealized loss on securities Available For Sale | $ 12,393 | |
Employee benefit plans | 842,860 | 818,437 |
Allowance for loan losses | 748,905 | 704,647 |
Net operating loss carryforwards | 135,576 | 181,212 |
RRP compensation | 132,252 | |
Loans | 76,599 | 84,268 |
Purchase accounting - acquisition expenses | 82,570 | 90,076 |
Other | 108,505 | 43,844 |
2,007,408 | 2,054,736 | |
Unrealized gain on securities available for sale | (60,834) | |
Prepaid expenses | (27,229) | (23,973) |
Origination of mortgage servicing rights | (17,048) | (17,916) |
Core deposit intangible | (64,990) | (81,523) |
(109,267) | (184,246) | |
Net deferred tax asset | $ 1,898,141 | $ 1,870,490 |
Note 13 - Regulatory Matters (D
Note 13 - Regulatory Matters (Details Textual) | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2015 |
Tier 1 Minimum Capital Requirement to Common Equity | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 4.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Capital Conservation Buffer | 2.50% | ||
Capital Conservation Buffer Phase In Amount | 0.625% |
Note 13 - Regulatory Matters -
Note 13 - Regulatory Matters - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2015 |
Total Risk-Based Capital | $ 45,968 | $ 43,160 | |
Total Risk-Based Capital (to risk-weighted assets) | 21.081% | 22.524% | |
Total Risk-Based Capital for Capital Adequacy | $ 17,445 | $ 15,329 | |
Total Risk-Based Capital for Capital Adequacy (to risk-weighted assets) | 8.00% | 8.00% | |
Total Risk-Based Capital for Capital Adequacy with Capital Buffer | $ 21,533 | $ 17,724 | |
Total Risk-Based Capital for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 9.875% | 9.25% | |
Total Risk-Based Capital to be Well Capitalized | $ 21,806 | $ 19,162 | |
Total Risk-Based Capital to be Well Capitalized (to risk-weighted assets) | 10.00% | 10.00% | |
Tier I Capital | $ 43,340 | $ 40,764 | |
Tier I Capital (to risk-weighted assets) | 19.875% | 21.274% | |
Tier I Capital for Capital Adequacy | $ 13,083 | $ 11,497 | |
Tier I Capital for Capital Adequacy (to risk-weighted assets) | 6.00% | 6.00% | 4.00% |
Tier I Capital for Capital Adequacy with Capital Buffer | $ 17,172 | $ 13,892 | |
Tier I Capital for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 7.875% | 7.25% | |
Tier I Capital to be Well Capitalized | $ 17,445 | $ 15,329 | |
Tier I Capital to be Well Capitalized (to risk-weighted assets) | 8.00% | 8.00% | |
Common Equity Tier I | $ 43,340 | $ 40,764 | |
Common Equity Tier I (to risk-weighted assets) | 19.875% | 21.274% | |
Common Equity Tier I for Capital Adequacy | $ 9,813 | $ 8,623 | |
Common Equity Tier I for Capital Adequacy (to risk-weighted assets) | 4.50% | 4.50% | |
Common Equity Tier I for Capital Adequacy with Capital Buffer | $ 13,901 | $ 11,018 | |
Common Equity Tier I for Capital Adequacy with Capital Buffer (to risk-weighted assets) | 6.375% | 5.75% | |
Common Equity Tier I to be Well Capitalized | $ 14,174 | $ 12,455 | |
Common Equity Tier I to be Well Capitalized (to risk-weighted assets) | 6.50% | 6.50% | |
Tier I Leverage | $ 43,340 | $ 40,764 | |
Tier I Leverage (to adjusted total assets) | 15.158% | 16.208% | |
Tier I Leverage for Capital Adequacy | $ 11,437 | $ 10,060 | |
Tier I Leverage for Capital Adequacy (to adjusted total assets) | 4.00% | 4.00% | |
Tier I Leverage for Capital Adequacy with Capital Buffer | $ 11,437 | $ 10,060 | |
Tier I Leverage for Capital Adequacy with Capital Buffer (to adjusted total assets) | 4.00% | 4.00% | |
Tier I Leverage to be Well Capitalized | $ 14,296 | $ 12,575 | |
Tier I Leverage to be Well Capitalized (to adjusted total assets) | 5.00% | 5.00% |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Contractual Obligation, Total | $ 28,492,555 | $ 25,438,208 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Contractual Obligation, Total | $ 15,501,253 | $ 16,667,928 |
Note 14 - Commitments and Con_4
Note 14 - Commitments and Contingencies - Financial Instrument (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments | $ 28,492,555 | $ 25,438,208 |
Range of rates on fixed commitments | ||
Minimum [Member] | ||
Range of rates on fixed commitments | ||
Maximum [Member] | ||
Range of rates on fixed commitments | ||
Variable Rate [Member] | ||
Commitments | 21,734,994 | $ 19,051,107 |
Fixed Rate [Member] | ||
Commitments | 6,757,561 | 6,387,101 |
Loan Origination Commitments [Member] | ||
Commitments | $ 5,757,737 | $ 3,196,520 |
Loan Origination Commitments [Member] | Minimum [Member] | ||
Range of rates on fixed commitments | 3.65% | 4.13% |
Loan Origination Commitments [Member] | Maximum [Member] | ||
Range of rates on fixed commitments | 8.25% | 5.00% |
Loan Origination Commitments [Member] | Variable Rate [Member] | ||
Commitments | $ 615,000 | $ 576,200 |
Loan Origination Commitments [Member] | Fixed Rate [Member] | ||
Commitments | 5,142,737 | 2,620,320 |
Unfunded Commitments On Construction Loans [Member] | ||
Commitments | $ 7,233,565 | $ 5,573,760 |
Range of rates on fixed commitments | ||
Unfunded Commitments On Construction Loans [Member] | Minimum [Member] | ||
Range of rates on fixed commitments | 2.75% | 1.88% |
Unfunded Commitments On Construction Loans [Member] | Maximum [Member] | ||
Range of rates on fixed commitments | 5.13% | 6.00% |
Unfunded Commitments On Construction Loans [Member] | Variable Rate [Member] | ||
Commitments | $ 5,618,741 | $ 1,806,979 |
Unfunded Commitments On Construction Loans [Member] | Fixed Rate [Member] | ||
Commitments | 1,614,824 | 3,766,781 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Commitments | 15,501,253 | 16,667,928 |
Unfunded Commitments Under Lines Of Credit [Member] | Variable Rate [Member] | ||
Commitments | 15,501,253 | 16,667,928 |
Unfunded Commitments Under Lines Of Credit [Member] | Fixed Rate [Member] | ||
Commitments | 0 | 0 |
Loan Commitments [Member] | ||
Commitments | 28,492,555 | $ 25,438,208 |
Range of rates on fixed commitments | ||
Loan Commitments [Member] | Minimum [Member] | ||
Range of rates on fixed commitments | ||
Loan Commitments [Member] | Maximum [Member] | ||
Range of rates on fixed commitments | ||
Loan Commitments [Member] | Variable Rate [Member] | ||
Commitments | 21,734,994 | $ 19,051,107 |
Loan Commitments [Member] | Fixed Rate [Member] | ||
Commitments | 6,757,561 | 6,387,101 |
Standby Letters of Credit [Member] | ||
Commitments | 0 | |
Standby Letters of Credit [Member] | Variable Rate [Member] | ||
Commitments | 0 | 0 |
Standby Letters of Credit [Member] | Fixed Rate [Member] | ||
Commitments | $ 0 |
Note 15 - Fair Values Measure_3
Note 15 - Fair Values Measurements and Disclosures (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Total | $ 25,533,767 | $ 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 15 - Fair Values Measure_4
Note 15 - Fair Values Measurements and Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale | $ 25,533,767 | $ 26,045,675 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 25,533,767 | 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 | 25,533,767 | 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 | 13,186,788 | 13,970,433 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 13,186,788 | 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 | 13,186,788 | 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 | 12,346,979 | 12,075,242 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | 12,346,979 | 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 | 12,346,979 | 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 15 - Fair Values Measure_5
Note 15 - Fair Values Measurements and Disclosures - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Foreclosed assets | $ 78,926 | $ 84,100 |
Impaired loans, net | 841,522 | 510,682 |
Foreclosed real estate | 78,926 | 84,100 |
Fair Value, Inputs, Level 1 [Member] | ||
Foreclosed assets | 0 | |
Impaired loans, net | 0 | 0 |
Foreclosed real estate | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Foreclosed assets | 0 | |
Impaired loans, net | 0 | 0 |
Foreclosed real estate | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Foreclosed assets | 78,926 | 84,100 |
Impaired loans, net | 841,522 | 510,682 |
Foreclosed real estate | $ 78,926 | $ 84,100 |
Note 15 - Fair Values Measure_6
Note 15 - Fair Values Measurements and Disclosures - Quantitative Information About Assets Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Dec. 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 real estate | $ 78,926 | $ 84,100 |
Foreclosed assets range | (42) | |
Impaired loans, net | $ 662,799 | $ 415,567 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Minimum [Member] | ||
Foreclosed assets range | (36) | |
Impaired loans, net range | (44) | (50) |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Maximum [Member] | ||
Foreclosed assets range | (49) | |
Impaired loans, net range | (69) | (61.5) |
Valuation, Income Approach [Member] | Payment Stream [Member] | ||
Impaired loans, net | $ 54,199 | $ 95,115 |
Note 16 - Fair Values of Fina_3
Note 16 - Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 8,430,458 | $ 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 5,663,000 | 939,000 |
Securities | 26,302,888 | 26,964,062 |
Net loans | 235,926,419 | 207,035,091 |
Accrued interest receivable | 824,542 | 794,449 |
Mortgage servicing rights | 446,375 | 423,522 |
Loans held for sale | 499,375 | |
Financial Liabilities: | ||
Accrued interest payable | 5,648 | 661 |
FHLB advances | 12,087,152 | 15,105,287 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 14,057,719 | 11,562,801 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | 209,390,810 | 171,211,823 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 8,430,458 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 5,663,000 | 939,000 |
Securities | 26,302,888 | 26,964,062 |
Net loans | 232,996,807 | 208,823,729 |
Accrued interest receivable | 824,542 | 794,449 |
Mortgage servicing rights | 446,375 | 423,522 |
Loans held for sale | 499,375 | |
Financial Liabilities: | ||
Accrued interest payable | 5,648 | 661 |
FHLB advances | 12,136,386 | 15,080,025 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 14,057,719 | 11,562,801 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | 209,576,569 | 171,915,595 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 8,430,458 | 3,755,817 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 5,663,000 | 939,000 |
Securities | ||
Net loans | ||
Accrued interest receivable | 824,542 | 794,449 |
Mortgage servicing rights | ||
Loans held for sale | ||
Financial Liabilities: | ||
Accrued interest payable | 5,648 | 661 |
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 14,057,719 | 11,562,801 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | 25,533,767 | 26,045,675 |
Net loans | ||
Accrued interest receivable | ||
Mortgage servicing rights | ||
Loans held for sale | 499,375 | |
Financial Liabilities: | ||
Accrued interest payable | ||
FHLB advances | 12,136,386 | 15,080,025 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | 769,121 | 918,387 |
Net loans | 232,996,807 | 208,823,729 |
Accrued interest receivable | ||
Mortgage servicing rights | 446,375 | 423,522 |
Loans held for sale | ||
Financial Liabilities: | ||
Accrued interest payable | ||
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | $ 209,576,569 | $ 171,915,595 |
Note 17 - Condensed Parent On_3
Note 17 - Condensed Parent Only Financial Statements - Statements of Financial Condition (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Interest bearing deposits | $ 6,013,890 | $ 1,328,893 | |
Other assets | 3,700,229 | 3,307,734 | |
Total assets | 292,836,079 | 255,399,875 | |
Stockholders' Equity | 52,824,366 | 53,102,935 | $ 52,744,033 |
Total liabilities and stockholders' equity | 292,836,079 | 255,399,875 | |
Parent Company [Member] | |||
Assets | |||
Interest bearing deposits | 6,958,943 | 9,265,423 | |
Equity in net assets of Ottawa Savings Bank | 44,187,104 | 42,020,902 | |
ESOP note receivable | 1,630,875 | 1,802,592 | |
Other assets | 47,444 | 14,018 | |
Total assets | 52,824,366 | 53,102,935 | |
Stockholders' Equity | 52,824,366 | 53,102,935 | |
Total liabilities and stockholders' equity | $ 52,824,366 | $ 53,102,935 |
Note 17 - Condensed Parent On_4
Note 17 - Condensed Parent Only Financial Statements - Statements of Operations and Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income before income tax benefit | $ 2,673,522 | $ 2,317,773 |
Income tax expense | 679,216 | 1,503,749 |
Net income | 1,994,306 | 814,024 |
Cash Flows from Operating Activities | ||
Net income | 1,994,306 | 814,024 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Increase in other assets | (262,729) | (679,346) |
Net cash used in operating activities | 3,482,708 | 2,939,153 |
Cash Flows from Investing Activities | ||
Net cash provided by investing activities | (34,082,366) | (28,578,559) |
Cash Flows from Financing Activities | ||
Proceeds from stock options exercised | 119,066 | 7,140 |
Shares repurchased and cancelled | (1,639,487) | (253,932) |
Dividends paid | (856,036) | (523,426) |
Net cash (used in) financing activities | 35,274,299 | 23,448,574 |
Net (decrease) in cash and cash equivalents | 4,674,641 | (2,190,832) |
Beginning of period | 3,755,817 | 5,946,649 |
End of period | 8,430,458 | 3,755,817 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 766,077 | 836,395 |
Parent Company [Member] | ||
Equity in net income of subsidiary | 2,062,622 | 858,784 |
Interest income | 68,665 | 74,504 |
Operating income | 2,131,287 | 933,288 |
Other expenses | 163,798 | 137,257 |
Income before income tax benefit | 1,967,489 | 796,031 |
Income tax expense | (26,817) | (17,993) |
Net income | 1,994,306 | 814,024 |
Cash Flows from Operating Activities | ||
Net income | 1,994,306 | 814,024 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Increase in other assets | (33,424) | (14,018) |
Undistributed net income of subsidiary | (2,062,622) | (858,784) |
Net cash used in operating activities | (101,740) | (58,778) |
Cash Flows from Investing Activities | ||
Payments received on ESOP notes receivable | 171,717 | 164,195 |
Net cash provided by investing activities | 171,717 | 164,195 |
Cash Flows from Financing Activities | ||
Proceeds from stock options exercised | 119,066 | 7,140 |
Shares repurchased and cancelled | (1,639,487) | (253,932) |
Dividends paid | (856,036) | (523,426) |
Net cash (used in) financing activities | (2,376,457) | (770,218) |
Net (decrease) in cash and cash equivalents | (2,306,480) | (664,801) |
Beginning of period | 9,265,423 | 9,930,224 |
End of period | 6,958,943 | 9,265,423 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | $ (40,808) | $ (3,976) |