Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 3,217,418 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 4,512,795 | $ 2,416,568 |
Interest bearing deposits | 1,683,645 | 6,013,890 |
Total cash and cash equivalents | 6,196,440 | 8,430,458 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 8,118,000 | 5,663,000 |
Securities available for sale | 24,926,481 | 25,533,767 |
Loans, net of allowance for loan losses of $2,647,805 and $2,627,738 at June 30, 2019 and December 31, 2018, respectively | 245,111,776 | 235,926,419 |
Loans held for sale | 121,125 | |
Premises and equipment, net | 6,637,592 | 6,621,080 |
Accrued interest receivable | 846,113 | 824,542 |
Foreclosed real estate | 196,000 | |
Deferred tax assets | 1,842,234 | 1,898,141 |
Cash surrender value of life insurance | 2,365,299 | 2,341,453 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 199,000 | 228,000 |
Other assets | 4,096,004 | 4,469,350 |
Total assets | 301,555,933 | 292,836,079 |
Liabilities | ||
Non-interest bearing | 18,034,007 | 14,057,719 |
Interest bearing | 210,959,119 | 209,390,810 |
Total deposits | 228,993,126 | 223,448,529 |
Accrued interest payable | 12,199 | 5,648 |
FHLB advances | 17,577,635 | 12,087,152 |
Other liabilities | 4,413,353 | 4,470,384 |
Total liabilities | 250,996,313 | 240,011,713 |
Stockholders' Equity | ||
Common stock, $0.01 par value, 12,000,000 shares authorized; 3,223,318 and 3,358,922 shares issued at June 30, 2019 and December 31, 2018, respectively | 32,233 | 33,589 |
Additional paid-in-capital | 33,614,487 | 35,579,606 |
Retained earnings | 18,125,450 | 18,859,232 |
Unallocated Employee Stock Ownership Plan (ESOP) shares | (1,487,608) | (1,576,616) |
Unearned management recognition plan (MRP) shares | (34,980) | (40,361) |
Accumulated other comprehensive income (loss) | 310,038 | (31,084) |
Total stockholders' equity | 50,559,620 | 52,824,366 |
Total liabilities and stockholders' equity | $ 301,555,933 | $ 292,836,079 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 2,647,805 | $ 2,627,738 |
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) | 3,223,318 | 3,358,922 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 2,852,347 | $ 2,546,964 | $ 5,712,939 | $ 4,945,633 |
Securities: | ||||
Residential mortgage-backed securities | 73,858 | 71,353 | 156,319 | 138,819 |
State and municipal securities | 100,610 | 103,203 | 198,021 | 203,651 |
Dividends on non-marketable equity securities | 6,277 | 5,208 | 12,711 | 9,394 |
Interest-bearing deposits | 54,168 | 29,554 | 99,547 | 45,348 |
Total interest and dividend income | 3,087,260 | 2,756,282 | 6,179,537 | 5,342,845 |
Interest expense: | ||||
Deposits | 672,145 | 400,605 | 1,280,535 | 733,129 |
Borrowings | 68,445 | 48,401 | 141,146 | 96,545 |
Total interest expense | 740,590 | 449,006 | 1,421,681 | 829,674 |
Net interest income | 2,346,670 | 2,307,276 | 4,757,856 | 4,513,171 |
Provision for loan losses | 170,000 | 187,000 | 300,000 | 312,500 |
Net interest income after provision for loan losses | 2,176,670 | 2,120,276 | 4,457,856 | 4,200,671 |
Other income: | ||||
Gain on sale of loans | 173,334 | 175,660 | 258,291 | 308,871 |
Gain/(Loss) on sale of foreclosed real estate, net | (2,438) | 39,597 | ||
Loan origination and servicing income | 200,108 | 208,146 | 354,391 | 371,018 |
Origination of mortgage servicing rights, net of amortization | (3,045) | 9,999 | (12,735) | 22,853 |
Increase in cash surrender value of life insurance | 11,912 | 11,865 | 23,846 | 23,635 |
Gain/(Loss) on sale of repossessed assets, net | 8,544 | 2,470 | 7,796 | (238) |
Other | 24,184 | 23,696 | 45,946 | 48,634 |
Total other income | 540,116 | 555,410 | 918,480 | 1,063,377 |
Other expenses: | ||||
Salaries and employee benefits | 1,188,291 | 1,103,496 | 2,286,849 | 2,115,940 |
Directors fees | 43,000 | 46,750 | 86,000 | 94,750 |
Occupancy | 157,060 | 160,390 | 328,010 | 334,461 |
Deposit insurance premium | 14,465 | 16,430 | 31,565 | 32,826 |
Legal and professional services | 102,398 | 100,949 | 197,933 | 189,650 |
Data processing | 148,855 | 161,121 | 335,443 | 315,894 |
Loan expense | 172,623 | 193,862 | 337,035 | 362,669 |
Valuation adjustments and expenses on foreclosed real estate | 6,419 | 11,788 | 12,003 | 20,800 |
Other | 315,864 | 412,323 | 598,751 | 676,739 |
Total other expenses | 2,148,975 | 2,207,109 | 4,213,589 | 4,143,729 |
Income before income tax expense | 567,811 | 468,577 | 1,162,747 | 1,120,319 |
Income tax expense | 133,199 | 112,704 | 328,064 | 284,864 |
Net income | $ 434,612 | $ 355,873 | $ 834,683 | $ 835,455 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.26 | $ 0.26 |
Diluted earnings per share (in dollars per share) | 0.14 | 0.11 | 0.26 | 0.26 |
Dividends per share (in dollars per share) | $ 0.43 | $ 0.05 | $ 0.49 | $ 0.165 |
Bank Servicing [Member] | ||||
Other income: | ||||
Customer service fees | $ 125,079 | $ 126,012 | $ 240,945 | $ 249,007 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 434,612 | $ 355,873 | $ 834,683 | $ 835,455 |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding gains (losses) arising during the period | 309,506 | (66,651) | 477,127 | (310,622) |
Other comprehensive income (loss), before tax | 309,506 | (66,651) | 477,127 | (310,622) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 158,999 | (18,999) | 136,005 | (88,543) |
Other comprehensive income (loss), net of tax | 150,507 | (47,652) | 341,122 | (222,079) |
Comprehensive income | $ 585,119 | $ 308,221 | $ 1,175,805 | $ 613,376 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | 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, 2017 | $ 34,518 | $ 36,949,508 | $ 17,720,962 | $ (1,754,632) | $ 152,579 | $ 53,102,935 | |
Net income | 479,582 | 479,582 | |||||
Other comprehensive income | (174,427) | (174,427) | |||||
Allocation of ESOP | 21,269 | 44,504 | 65,773 | ||||
Recognition and Retention Plan options exercised | 140 | 64,995 | 65,135 | ||||
Cash dividends paid | (372,379) | (372,379) | |||||
Repurchase shares | (503) | (706,555) | (707,058) | ||||
Balance at Mar. 31, 2018 | 34,155 | 36,329,217 | 17,828,165 | (1,710,128) | (21,848) | 52,459,561 | |
Balance at Dec. 31, 2017 | 34,518 | 36,949,508 | 17,720,962 | (1,754,632) | 152,579 | 53,102,935 | |
Net income | 835,455 | ||||||
Balance at Jun. 30, 2018 | 34,002 | 36,138,342 | 18,022,135 | (1,665,624) | (69,500) | 52,459,355 | |
Balance at Mar. 31, 2018 | 34,155 | 36,329,217 | 17,828,165 | (1,710,128) | (21,848) | 52,459,561 | |
Net income | 355,873 | 355,873 | |||||
Other comprehensive income | (47,652) | (47,652) | |||||
Allocation of ESOP | 20,502 | 44,504 | 65,006 | ||||
Recognition and Retention Plan options exercised | |||||||
Cash dividends paid | (161,903) | (161,903) | |||||
Repurchase shares | (153) | (211,377) | (211,530) | ||||
Balance at Jun. 30, 2018 | 34,002 | 36,138,342 | 18,022,135 | (1,665,624) | (69,500) | 52,459,355 | |
Balance at Dec. 31, 2018 | 33,589 | 35,579,606 | 18,859,232 | (1,576,616) | (40,361) | (31,084) | 52,824,366 |
Net income | 400,070 | 400,070 | |||||
Other comprehensive income | 190,615 | 190,615 | |||||
Allocation of ESOP | 19,595 | 44,504 | 64,099 | ||||
Recognition and Retention Plan options exercised | 25 | 8,900 | 8,925 | ||||
Cash dividends paid | (201,110) | (201,110) | |||||
Repurchase shares | (249) | (347,331) | (347,580) | ||||
Compensation expense on MRP awards amortized | 3,363 | 3,363 | |||||
Balance at Mar. 31, 2019 | 33,365 | 35,260,770 | 19,058,192 | (1,532,112) | (36,998) | 159,531 | 52,942,748 |
Balance at Dec. 31, 2018 | 33,589 | 35,579,606 | 18,859,232 | (1,576,616) | (40,361) | (31,084) | 52,824,366 |
Net income | 834,683 | ||||||
Balance at Jun. 30, 2019 | 32,233 | 33,614,487 | 18,125,450 | (1,487,608) | (34,980) | 310,038 | 50,559,620 |
Balance at Mar. 31, 2019 | 33,365 | 35,260,770 | 19,058,192 | (1,532,112) | (36,998) | 159,531 | 52,942,748 |
Net income | 434,612 | 434,612 | |||||
Other comprehensive income | 150,507 | 150,507 | |||||
Allocation of ESOP | 18,280 | 44,504 | 62,784 | ||||
Recognition and Retention Plan options exercised | |||||||
Cash dividends paid | (1,367,354) | (1,367,354) | |||||
Repurchase shares | (1,132) | (1,664,563) | (1,665,695) | ||||
Compensation expense on MRP awards amortized | 2,018 | 2,018 | |||||
Balance at Jun. 30, 2019 | $ 32,233 | $ 33,614,487 | $ 18,125,450 | $ (1,487,608) | $ (34,980) | $ 310,038 | $ 50,559,620 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Unallocated ESOP Shares [Member] | ||||
Allocation of ESOP shares (in shares) | 4,695 | 4,695 | ||
Retained Earnings [Member] | ||||
Cash dividends paid, per share (in dollars per share) | $ 0.115 | |||
Common Stock [Member] | ||||
Shares repurchased (in shares) | 15,330 | 50,305 | ||
Allocation of ESOP shares (in shares) | 4,696 | 4,694 | ||
Cash dividends paid, per share (in dollars per share) | $ 0.43 | $ 0.06 | $ 0.05 | |
Shares repurchased (in shares) | 113,141 | 24,963 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 834,683 | $ 835,455 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 141,253 | 120,612 |
Provision for loan losses | 300,000 | 312,500 |
Provision for deferred income taxes | (80,098) | (32,434) |
Net amortization of premiums and discounts on securities | 73,444 | 116,955 |
Origination of mortgage loans held for sale | (6,851,474) | (12,243,101) |
Proceeds from sale of mortgage loans held for sale | 6,988,640 | 12,457,120 |
Gain on sale of loans, net | (258,291) | (308,871) |
Origination of mortgage servicing rights, net of amortization | (12,735) | (22,853) |
Gain on sale of foreclosed real estate, net | (39,597) | |
Loss on sale of repossessed assets, net | 7,796 | 238 |
ESOP compensation expense | 126,883 | 130,779 |
MRP compensation expense | 5,381 | |
Amortization of core deposit intangible | 29,000 | 29,000 |
Amortization of fair value adjustments on acquired: | ||
Loans | 8,930 | 18,401 |
Federal Home Loan Bank Advances | 2,185 | 3,472 |
Increase in cash surrender value of life insurance | (23,846) | (23,635) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (21,571) | (46,020) |
Decrease (increase) in other assets | 366,811 | (236,090) |
Increase in accrued interest payable and other liabilities | (50,480) | (198,907) |
Net cash provided by operating activities | 1,586,511 | 873,024 |
Cash Flows from Investing Activities | ||
Purchases | (1,417,224) | (2,259,494) |
Sales, calls, maturities and paydowns | 2,428,193 | 2,321,556 |
Net increase in loans | (9,893,127) | (13,974,493) |
Net increase in federal funds sold | (2,455,000) | (2,714,000) |
Proceeds from sale of foreclosed real estate | 147,697 | |
Proceeds from sale of repossessed assets | 214,313 | 69,262 |
Purchase of premises and equipment | (157,765) | (64,076) |
Net cash (provided by) investing activities | (11,280,610) | (16,473,548) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 5,544,597 | 24,955,550 |
Proceeds from Federal Home Loan Bank advances | 7,500,000 | 4,750,000 |
Principal reduction of Federal Home Loan Bank advances | (2,011,702) | (10,761,532) |
Proceeds from federal funds purchased | 329,100 | |
Proceeds from stock options exercised | 8,925 | 65,135 |
Shares repurchased and cancelled | (2,013,275) | (918,588) |
Dividends paid | (1,568,464) | (534,282) |
Net cash provided by financing activities | 7,460,081 | 17,885,383 |
Net (decrease) increase in cash and cash equivalents | (2,234,018) | 2,284,859 |
Cash and cash equivalents: | ||
Beginning of period | 8,430,458 | 3,755,817 |
End of period | 6,196,440 | 6,040,676 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 88,000 | 359,077 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 196,000 | 109,000 |
Other assets acquired in settlement of loans | 202,840 | 81,400 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 1,273,338 | 725,787 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 141,792 | $ 96,545 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 Ottawa Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2016 second two second second On December 31, 2014, The primary business of the Company is the ownership of the Bank. Through the Bank, the Company is engaged in providing a variety of financial services to individual and corporate customers in the Ottawa, Marseilles, and Morris, Illinois areas, which are primarily agricultural areas consisting of several rural communities with small to medium sized businesses. The Bank’s primary source of revenue is interest and fees related to single-family residential loans to middle-income individuals. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2 The consolidated financial statements presented in this quarterly report include the accounts of the Company and the Bank. The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and predominant practices followed by the financial services industry and are unaudited. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, which the Company considers necessary to fairly state the Company’s financial position and the results of operations and cash flows have been recorded. The interim financial statements should be read in conjunction with the audited financial statements and accompanying notes of the Company for the year ended December 31, 2018, 10 December 31, 2018 March 28, 2019. not Some items in the prior year financial statements were reclassified to conform to the current presentation with no |
Note 3 - Use of Estimates
Note 3 - Use of Estimates | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | NOTE 3 The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Changes in these estimates and assumptions are considered reasonably possible and may At June 30, 2019, no 10 March 28, 2019. |
Note 4 - Critical Accounting Po
Note 4 - Critical Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4 We consider accounting policies involving significant judgments and assumptions by management that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. We consider the allowance for loan losses to be our critical accounting policy. Allowance for Loan Losses . The allowance for loan losses is an amount necessary to absorb known or inherent losses that are both probable and reasonably estimable and is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect each borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. 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 classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and non-residential loans 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. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5 – EARNINGS PER SHARE Basic earnings per share is based on net income divided by the weighted average number of shares outstanding during the period, including allocated and committed-to-be-released employee stock ownership plan shares. Diluted earnings per share show the dilutive effect, if any, of additional common shares issuable under stock options and awards. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income available to common stockholders $ 434,612 $ 355,873 $ 834,683 $ 835,455 Basic potential common shares: Weighted average shares outstanding 3,293,642 3,406,908 3,319,914 3,417,955 Weighted average unvested MRP shares (1,522 ) - (2,291 ) - Weighted average unallocated ESOP shares (152,380 ) (171,107 ) (154,701 ) (173,454 ) Basic weighted average shares outstanding 3,139,740 3,235,801 3,162,922 3,244,501 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares 41 - 72 - Weighted average RRP options outstanding 5,500 8,628 5,521 8,654 Dilutive weighted average shares outstanding 3,145,281 3,244,429 3,168,515 3,253,155 Basic earnings per share $ 0.14 $ 0.11 $ 0.26 $ 0.26 Diluted earnings per share $ 0.14 $ 0.11 $ 0.26 $ 0.26 |
Note 6 - Employee Stock Ownersh
Note 6 - Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 6 – EMPLOYEE STOCK OWNERSHIP PLAN On May 6, 2005, July 8, 2005, $763,140 76,314 $10.00 October 11, 2016, $1,907,160 190,716 second $10.00 Shares purchased by the ESOP with the loan proceeds are held in a suspense account and are allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’s discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of approximately $239,000 As shares are released from collateral, the Company will report compensation expense equal to the current market price of the shares, and the shares will become outstanding for earnings-per-share (“EPS”) computations. Dividends on allocated ESOP shares reduce retained earnings, and dividends on unallocated ESOP shares reduce accrued interest. A terminated participant or the beneficiary of a deceased participant who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 not 60 The following table reflects the status of the shares held by the ESOP: June 30, December 31, 2019 2018 Shares allocated 132,441 123,051 Shares withdrawn from the plan (28,365 ) (28,278 ) Unallocated shares 149,250 158,639 Total ESOP shares 253,326 253,412 Fair value of unallocated shares $ 1,973,079 $ 2,114,657 |
Note 7 - Investment Securities
Note 7 - Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 7 – INVESTMENT SECURITIES The amortized cost and fair values of securities, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 201 9 : Securities Available for Sale State and municipal securities $ 13,590,751 $ 319,465 $ 44 $ 13,910,172 Residential mortgage-backed securities 10,902,080 158,575 44,346 $ 11,016,309 $ 24,492,831 $ 478,040 $ 44,390 $ 24,926,481 December 31, 2018: Securities 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 The amortized cost and fair value at June 30, 2019, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ - $ - Due after three months through one year 669,594 673,452 Due after one year through five years 5,381,432 5,484,945 Due after five years through ten years 3,992,738 4,109,281 Due after ten years 3,546,987 3,642,494 Residential mortgage-backed securities 10,902,080 11,016,309 $ 24,492,831 $ 24,926,481 The following table reflects securities with gross unrealized losses for less than 12 12 June 30, 2019 December 31, 2018: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30 , 201 9 Securities Available for Sale State and municipal securities $ - $ - $ 101,531 $ 44 $ 101,531 $ 44 Residential mortgage-backed securities 196,063 2,463 4,324,190 41,883 4,520,253 44,346 $ 196,063 $ 2,463 $ 4,425,721 $ 41,927 $ 4,621,784 $ 44,390 December 31, 2018 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 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 not not At June 30, 2019, 19 0.95% not June 30, 2019 ● Decline in value is attributable to interest rates. ● The value did not ● The Company does not ● The Company has adequate liquidity such that it will not not may There were no three six June 30, 2019 June 30, 2018. |
Note 8 - Loans and Allowance fo
Note 8 - Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 8 OANS AND ALLOWANCE FOR CREDIT LOSSES The components of loans, net of deferred loan costs (fees), are as follows: June 30, December 31, 2019 2018 Mortgage loans: One-to-four family residential loans $ 151,433,604 $ 141,779,340 Multi-family residential loans 6,410,915 6,776,424 Total mortgage loans 157,844,519 148,555,764 Other loans: Non-residential real estate loans 28,875,562 35,286,236 Commercial loans 24,182,769 17,241,698 Consumer direct 18,723,751 15,390,263 Purchased auto 18,132,980 22,080,196 Total other loans 89,915,062 89,998,393 Gross loans 247,759,581 238,554,157 Less: Allowance for loan losses (2,647,805 ) (2,627,738 ) Loans, net $ 245,111,776 $ 235,926,419 Purchases of loans receivable, segregated by class of loans, for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Purchased auto loans $ - $ 4,668,207 $ - $ 8,703,071 Net (charge-offs) / recoveries, segregated by class of loans, for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 One-to-four family $ (42,947 ) $ (206,668 ) $ (152,822 ) $ (208,951 ) Multi-family 3,972 3,971 7,943 7,943 Consumer direct (35,894 ) 2,091 (35,542 ) 3,818 Purchased auto (75,691 ) (10,941 ) (99,512 ) (41,770 ) Net charge-offs $ (150,560 ) $ (211,547 ) $ (279,933 ) $ (238,960 ) The following table presents the activity in the allowance for loan losses by portfolio segment for the three June 30, 2019 2018: One-to- four Multi- Non- Consumer Purchased June 30 , 201 9 family family residential Commercial direct auto Total Balance at beginning of period $ 1,723,465 $ 26,698 $ 317,854 $ 145,657 $ 125,285 $ 289,406 $ 2,628,365 Provision charged to income 74,529 (5,590 ) (49,267 ) 43,556 50,268 56,504 170,000 Loans charged off (48,760 ) - - - (36,423 ) (79,230 ) (164,413 ) Recoveries of loans previously charged off 5,813 3,972 - - 529 3,539 13,853 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased June 30, 2018 family family Residential Commercial Direct Auto Total Balance at beginning of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 Provision charged to income 260,934 (4,461 ) (45,346 ) (19,263 ) (41,864 ) 37,000 187,000 Loans charged off (210,486 ) - - - - (15,292 ) (225,778 ) Recoveries of loans previously charged off 3,818 3,971 - - 2,091 4,351 14,231 Balance at end of period $ 1,643,589 $ 24,636 $ 326,934 $ 133,812 $ 57,812 $ 359,203 $ 2,545,986 The following table presents the activity in the allowance for loan losses by portfolio segment for the six June 30, 2019 2018: One-to- four Multi- Non- Consumer Purchased June 30 , 2019 family family residential Commercial direct auto Total Balance at beginning of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 Provision charged to income 146,133 (9,425 ) (75,076 ) 54,048 92,254 92,066 300,000 Loans charged off (284,980 ) - - - (36,423 ) (113,750 ) (435,153 ) Recoveries of loans previously charged off 132,158 7,943 - - 881 14,238 155,220 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased June 30, 2018 family family Residential Commercial Direct Auto Total Balance at beginning of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Provision charged to income 375,121 (5,277 ) (44,159 ) (19,784 ) (86,275 ) 92,874 312,500 Loans charged off (217,210 ) - - - - (51,486 ) (268,696 ) Recoveries of loans previously charged off 8,259 7,943 - - 3,818 9,716 29,736 Balance at end of period $ 1,643,589 $ 24,636 $ 326,934 $ 133,812 $ 57,812 $ 359,203 $ 2,545,986 The following table presents the recorded investment in loans and the related allowances allocated by portfolio segment and based on impairment method as of June 30, 2019 December 31, 2018: One-to- four Multi- Non- Consumer Purchased June 30, 201 9 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 1,345,264 $ - $ 426,548 $ - $ - $ - $ 1,771,812 Loans acquired with deteriorated credit quality 81,477 - - - - - 81,477 Loans collectively evaluated for Impairment 150,006,863 6,410,915 28,449,014 24,182,769 18,723,751 18,132,980 245,906,292 Balance at end of period $ 151,433,604 $ 6,410,915 $ 28,875,562 $ 24,182,769 $ 18,723,751 $ 18,132,980 $ 247,759,581 Period-end amount allocated to: Loans individually evaluated for Impairment $ 33,627 $ - $ 22,939 $ - $ - $ - $ 56,566 Loans acquired with deteriorated credit quality 4,036 - - - - - 4,036 Loans collectively evaluated for Impairment 1,717,384 25,080 245,648 189,213 139,659 270,219 2,587,203 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased December 31, 2018 family family residential Commercial direct 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 Balance at end of period $ 141,779,340 $ 6,776,424 $ 35,286,236 $ 17,241,698 $ 15,390,263 $ 22,080,196 $ 238,554,157 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 The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The following table presents loans individually evaluated for impairment, by class of loans, as of June 30, 2019 December 31, 2018: June 30 , 201 9 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 $ 1,426,741 $ 1,231,397 $ 195,344 $ 1,426,741 $ 37,663 $ 1,006,780 Multi-family - - - - - - Non-residential 426,548 10,341 416,207 426,548 22,939 440,864 Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - $ 1,853,289 $ 1,241,738 $ 611,551 $ 1,853,289 $ 60,602 $ 1,447,644 December 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 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 For the three six June 30, 2019, no three six June 30, 2018, no At June 30, 2019 24 $1.9 21 $1.5 December 31, 2018. one $277,000 three $117,000, one $40,000 $67,000, seven $884,000 Our loan portfolio also includes certain loans that have been modified in a troubled debt restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance or other actions. TDRs are classified as non-performing at the time of restructuring and typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less estimated selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. Impaired loans at June 30, 2019 $65,000 $70,000 December 31, 2018. $5,000. not, six There were no three six June 30, 2019 2018. There were no twelve June 30, 2019 2018 60 three six June 30, 2019 2018. All TDRs are evaluated for possible impairment and any impairment identified is recognized through the allowance. Additionally, the qualitative factors are updated quarterly for trends in economic and non-performing factors, including collateral securing TDRs. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 June 30, 2019 December 31, 2018: June 30, 201 9 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,426,741 $ - Multi-family - - Non-residential 426,548 - Commercial - - Consumer direct - - Purchased auto - - $ 1,853,289 $ - December 31, 2018 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 $ - The following table presents the aging of the recorded investment in loans, by class of loans, as of June 30, 2019 December 31, 2018: June 30 , 201 9 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 $ 487,914 $ - $ 774,180 $ 1,262,094 $ 150,171,510 $ 151,433,604 Multi-family - - - - 6,410,915 6,410,915 Non-residential 123,336 - - 123,336 28,752,226 28,875,562 Commercial - 10,890 - 10,890 24,171,879 24,182,769 Consumer direct 41,523 - - 41,523 18,682,228 18,723,751 Purchased auto 47,992 2,937 - 50,929 18,082,051 18,132,980 $ 700,765 $ 13,827 $ 774,180 $ 1,488,772 $ 246,270,809 $ 247,759,581 December 31, 2018 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 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. For commercial and non-residential real estate loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial and non-residential real estate loan is assigned a risk rating upon origination. The risk rating is reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. For residential real estate loans, multi-family, consumer direct and purchased auto loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated regularly by the Company’s loan system for real estate loans, multi-family and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. Generally, when residential real estate loans, multi-family and consumer direct loans become over 90 6 12 The Company uses the following definitions for risk ratings: ● Pass – loans classified as pass are of a higher quality and do not ● Special Mention – loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may ● Substandard – loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not ● Doubtful – loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. ● Not not At June 30, 2019 December 31, 2018, June 30 , 201 9 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 31,784,685 $ 63,908 $ 1,426,741 $ - $ 118,158,270 $ 151,433,604 Multi-family - - - - 6,410,915 6,410,915 Non-residential 28,449,014 - 426,548 - - 28,875,562 Commercial 24,182,769 - - - - 24,182,769 Consumer direct - - - - 18,723,751 18,723,751 Purchased auto - - - - 18,132,980 18,132,980 Total $ 84,416,468 $ 63,908 $ 1,853,289 $ - $ 161,425,916 $ 247,759,581 December 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 At June 30, 2019, $196,000 $0 December 31, 2018. $607,325 $276,815 June 30, 2019 December 31, 2018, |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 – STOCK COMPENSATION Total stock-based compensation expense was $5,381 $0 six June 30, 2019 2018, 718, Compensation-Stock Compensation , three six June 30, 2019 2018, not |
Note 10 - Recent Accounting Dev
Note 10 - Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 1 0 – RECENT ACCOUNTING DEVELOPMENTS In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 ) 2014 09 2014 09 not January 1, 2018 not The standard allowed the use of either the full retrospective or modified retrospective transition method. We elected to apply the modified retrospective transition method to incomplete contracts as of the initial date of application on January 1, 2018. not not not Descriptions of our significant revenue-generating transactions that are within the scope of the new revenue recognition standards, which are presented in the consolidated statements of income as components of non-interest income, are as follows: ● Service charges on deposit accounts. ● Gains/losses on sale of foreclosed real estate and repossessed assets. ● Other. In January 2016, 2016 01, Financial Instruments—Overall (Subtopic 825 10 2016 01 January 1, 2018. not no In February 2016, 2016 02, Leases (Topic 842 1 2 606, no 2016 02 December 15, 2018, not may not 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, July 17, 2019, December 12, 2022 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 |
Note 11 - Borrowings
Note 11 - Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 – BORROWINGS A summary of outstanding advances from the Federal Home Loan Bank of Chicago is as follows: June 30, December 31, 201 9 201 8 Matured 03/15/2019 at 2.42%, fixed $ - $ 1,500,000 Matured 04/01/2019 at 2.00%, fixed - 499,272 Matures 07/11/2019 at 2.43%, fixed 2,500,000 - Matures 07/22/2019 at 2.43%, fixed 1,000,000 - Matures 07/26/2019 at 2.45%, fixed 2,500,000 - Matures 08/12/2019 at 2.43%, fixed 1,500,000 - 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 1,000,000 Matures 09/21/2021 at 3.07%, fixed 1,000,000 1,000,000 Matures 03/21/2022 at 3.09%, fixed 1,000,000 1,000,000 Matures 09/21/2022 at 3.11%, fixed 1,000,000 1,000,000 Matures 10/03/2022 at 1.48%, fixed 77,635 87,880 Matures 03/21/2023 at 3.15%, fixed 500,000 500,000 Matures 09/21/2023 at 3.18%, fixed 500,000 500,000 $ 17,577,635 $ 12,087,152 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement and Disclosure | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 2 – FAIR VALUE MEASUREMENT AND DISCLOSURE FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets, consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. The Company did not 1 2 six June 30, 2019 December 31, 2018. The tables below present the recorded amounts of assets measured at fair value on a recurring basis at June 30, 2019 December 31, 2018. Total June 30 , 201 9 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,910,172 $ - $ 13,910,172 Residential mortgage-backed securities available for sale - 11,016,282 - 11,016,309 $ - $ 24,926,481 $ - $ 24,926,481 Total December 31, 2018 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 The tables below present the recorded amounts of assets measured at fair value on a non-recurring basis at June 30, 2019 December 31, 2018. Total June 30, 201 9 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 271,366 $ 271,366 Impaired loans, net - - 550,949 550,949 Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 78,926 $ 78,926 Impaired loans, net - - 716,998 716,998 The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range June 30, 2019 Foreclosed assets $ 271,366 Appraisal of collateral Appraisal adjustments -34% to -64% Impaired loans, net $ 547,437 Appraisal of collateral Appraisal adjustments -47% to -71% Impaired loans, net $ 3,512 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% 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% In accordance with accounting pronouncements, the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2019 December 31, 2018, Fair Value Measurements at Carrying June 30, 2019 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 6,196,440 $ 6,196,440 $ - $ - $ 6,196,440 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 8,118,000 8,118,000 - - 8,118,000 Securities 24,926,481 - 24,926,481 - 24,926,481 Net loans 245,111,776 - - 243,887,260 243,887,260 Loans held for sale 121,125 - 121,125 - 121,125 Accrued interest receivable 846,113 846,113 - - 846,113 Mortgage servicing rights 437,061 - - 437,061 437,061 Financial Liabilities: Non-interest bearing deposits 18,034,007 18,034,007 - - 18,034,007 Interest bearing deposits 210,959,119 - - 211,681,793 211,681,793 Accrued interest payable 12,199 12,199 - - 12,199 FHLB advances 17,577,635 - 17,760,249 - 17,760,249 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 25,533,767 - 25,533,767 - 25,533,767 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 - 12,136,836 - 12,136,386 The following methods and assumptions were used by the Bank in estimating the fair value of financial instruments: Cash and c ash e quivalents : Time deposits : Federal f unds s old : Securities: Loans: no 2019, not Loans held for sale : three Accrued i nterest r eceivable and p ayable : Mortgage s ervicing r ights : Deposits: FHLB a dvances : Loan c ommitments : not June 30, 2019 December 31, 2018, In addition, other assets and liabilities of the Bank that are not not not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income available to common stockholders $ 434,612 $ 355,873 $ 834,683 $ 835,455 Basic potential common shares: Weighted average shares outstanding 3,293,642 3,406,908 3,319,914 3,417,955 Weighted average unvested MRP shares (1,522 ) - (2,291 ) - Weighted average unallocated ESOP shares (152,380 ) (171,107 ) (154,701 ) (173,454 ) Basic weighted average shares outstanding 3,139,740 3,235,801 3,162,922 3,244,501 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares 41 - 72 - Weighted average RRP options outstanding 5,500 8,628 5,521 8,654 Dilutive weighted average shares outstanding 3,145,281 3,244,429 3,168,515 3,253,155 Basic earnings per share $ 0.14 $ 0.11 $ 0.26 $ 0.26 Diluted earnings per share $ 0.14 $ 0.11 $ 0.26 $ 0.26 |
Note 6 - Employee Stock Owner_2
Note 6 - Employee Stock Ownership Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | June 30, December 31, 2019 2018 Shares allocated 132,441 123,051 Shares withdrawn from the plan (28,365 ) (28,278 ) Unallocated shares 149,250 158,639 Total ESOP shares 253,326 253,412 Fair value of unallocated shares $ 1,973,079 $ 2,114,657 |
Note 7 - Investment Securities
Note 7 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 201 9 : Securities Available for Sale State and municipal securities $ 13,590,751 $ 319,465 $ 44 $ 13,910,172 Residential mortgage-backed securities 10,902,080 158,575 44,346 $ 11,016,309 $ 24,492,831 $ 478,040 $ 44,390 $ 24,926,481 December 31, 2018: Securities 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ - $ - Due after three months through one year 669,594 673,452 Due after one year through five years 5,381,432 5,484,945 Due after five years through ten years 3,992,738 4,109,281 Due after ten years 3,546,987 3,642,494 Residential mortgage-backed securities 10,902,080 11,016,309 $ 24,492,831 $ 24,926,481 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30 , 201 9 Securities Available for Sale State and municipal securities $ - $ - $ 101,531 $ 44 $ 101,531 $ 44 Residential mortgage-backed securities 196,063 2,463 4,324,190 41,883 4,520,253 44,346 $ 196,063 $ 2,463 $ 4,425,721 $ 41,927 $ 4,621,784 $ 44,390 December 31, 2018 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 |
Note 8 - Loans and Allowance _2
Note 8 - Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, 2019 2018 Mortgage loans: One-to-four family residential loans $ 151,433,604 $ 141,779,340 Multi-family residential loans 6,410,915 6,776,424 Total mortgage loans 157,844,519 148,555,764 Other loans: Non-residential real estate loans 28,875,562 35,286,236 Commercial loans 24,182,769 17,241,698 Consumer direct 18,723,751 15,390,263 Purchased auto 18,132,980 22,080,196 Total other loans 89,915,062 89,998,393 Gross loans 247,759,581 238,554,157 Less: Allowance for loan losses (2,647,805 ) (2,627,738 ) Loans, net $ 245,111,776 $ 235,926,419 |
Schedule Of Loans Purchased [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Purchased auto loans $ - $ 4,668,207 $ - $ 8,703,071 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 One-to-four family $ (42,947 ) $ (206,668 ) $ (152,822 ) $ (208,951 ) Multi-family 3,972 3,971 7,943 7,943 Consumer direct (35,894 ) 2,091 (35,542 ) 3,818 Purchased auto (75,691 ) (10,941 ) (99,512 ) (41,770 ) Net charge-offs $ (150,560 ) $ (211,547 ) $ (279,933 ) $ (238,960 ) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | One-to- four Multi- Non- Consumer Purchased June 30 , 201 9 family family residential Commercial direct auto Total Balance at beginning of period $ 1,723,465 $ 26,698 $ 317,854 $ 145,657 $ 125,285 $ 289,406 $ 2,628,365 Provision charged to income 74,529 (5,590 ) (49,267 ) 43,556 50,268 56,504 170,000 Loans charged off (48,760 ) - - - (36,423 ) (79,230 ) (164,413 ) Recoveries of loans previously charged off 5,813 3,972 - - 529 3,539 13,853 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased June 30, 2018 family family Residential Commercial Direct Auto Total Balance at beginning of period $ 1,589,323 $ 25,126 $ 372,280 $ 153,075 $ 97,585 $ 333,144 $ 2,570,533 Provision charged to income 260,934 (4,461 ) (45,346 ) (19,263 ) (41,864 ) 37,000 187,000 Loans charged off (210,486 ) - - - - (15,292 ) (225,778 ) Recoveries of loans previously charged off 3,818 3,971 - - 2,091 4,351 14,231 Balance at end of period $ 1,643,589 $ 24,636 $ 326,934 $ 133,812 $ 57,812 $ 359,203 $ 2,545,986 One-to- four Multi- Non- Consumer Purchased June 30 , 2019 family family residential Commercial direct auto Total Balance at beginning of period $ 1,761,736 $ 26,562 $ 343,663 $ 135,165 $ 82,947 $ 277,665 $ 2,627,738 Provision charged to income 146,133 (9,425 ) (75,076 ) 54,048 92,254 92,066 300,000 Loans charged off (284,980 ) - - - (36,423 ) (113,750 ) (435,153 ) Recoveries of loans previously charged off 132,158 7,943 - - 881 14,238 155,220 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased June 30, 2018 family family Residential Commercial Direct Auto Total Balance at beginning of period $ 1,477,419 $ 21,970 $ 371,093 $ 153,596 $ 140,269 $ 308,099 $ 2,472,446 Provision charged to income 375,121 (5,277 ) (44,159 ) (19,784 ) (86,275 ) 92,874 312,500 Loans charged off (217,210 ) - - - - (51,486 ) (268,696 ) Recoveries of loans previously charged off 8,259 7,943 - - 3,818 9,716 29,736 Balance at end of period $ 1,643,589 $ 24,636 $ 326,934 $ 133,812 $ 57,812 $ 359,203 $ 2,545,986 One-to- four Multi- Non- Consumer Purchased June 30, 201 9 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 1,345,264 $ - $ 426,548 $ - $ - $ - $ 1,771,812 Loans acquired with deteriorated credit quality 81,477 - - - - - 81,477 Loans collectively evaluated for Impairment 150,006,863 6,410,915 28,449,014 24,182,769 18,723,751 18,132,980 245,906,292 Balance at end of period $ 151,433,604 $ 6,410,915 $ 28,875,562 $ 24,182,769 $ 18,723,751 $ 18,132,980 $ 247,759,581 Period-end amount allocated to: Loans individually evaluated for Impairment $ 33,627 $ - $ 22,939 $ - $ - $ - $ 56,566 Loans acquired with deteriorated credit quality 4,036 - - - - - 4,036 Loans collectively evaluated for Impairment 1,717,384 25,080 245,648 189,213 139,659 270,219 2,587,203 Balance at end of period $ 1,755,047 $ 25,080 $ 268,587 $ 189,213 $ 139,659 $ 270,219 $ 2,647,805 One-to- four Multi- Non- Consumer Purchased December 31, 2018 family family residential Commercial direct 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 Balance at end of period $ 141,779,340 $ 6,776,424 $ 35,286,236 $ 17,241,698 $ 15,390,263 $ 22,080,196 $ 238,554,157 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 |
Impaired Financing Receivables [Table Text Block] | June 30 , 201 9 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 $ 1,426,741 $ 1,231,397 $ 195,344 $ 1,426,741 $ 37,663 $ 1,006,780 Multi-family - - - - - - Non-residential 426,548 10,341 416,207 426,548 22,939 440,864 Commercial - - - - - - Consumer direct - - - - - - Purchased auto - - - - - - $ 1,853,289 $ 1,241,738 $ 611,551 $ 1,853,289 $ 60,602 $ 1,447,644 December 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 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 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30, 201 9 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,426,741 $ - Multi-family - - Non-residential 426,548 - Commercial - - Consumer direct - - Purchased auto - - $ 1,853,289 $ - December 31, 2018 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 $ - |
Financing Receivable, Past Due [Table Text Block] | June 30 , 201 9 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 $ 487,914 $ - $ 774,180 $ 1,262,094 $ 150,171,510 $ 151,433,604 Multi-family - - - - 6,410,915 6,410,915 Non-residential 123,336 - - 123,336 28,752,226 28,875,562 Commercial - 10,890 - 10,890 24,171,879 24,182,769 Consumer direct 41,523 - - 41,523 18,682,228 18,723,751 Purchased auto 47,992 2,937 - 50,929 18,082,051 18,132,980 $ 700,765 $ 13,827 $ 774,180 $ 1,488,772 $ 246,270,809 $ 247,759,581 December 31, 2018 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30 , 201 9 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 31,784,685 $ 63,908 $ 1,426,741 $ - $ 118,158,270 $ 151,433,604 Multi-family - - - - 6,410,915 6,410,915 Non-residential 28,449,014 - 426,548 - - 28,875,562 Commercial 24,182,769 - - - - 24,182,769 Consumer direct - - - - 18,723,751 18,723,751 Purchased auto - - - - 18,132,980 18,132,980 Total $ 84,416,468 $ 63,908 $ 1,853,289 $ - $ 161,425,916 $ 247,759,581 December 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 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 201 9 201 8 Matured 03/15/2019 at 2.42%, fixed $ - $ 1,500,000 Matured 04/01/2019 at 2.00%, fixed - 499,272 Matures 07/11/2019 at 2.43%, fixed 2,500,000 - Matures 07/22/2019 at 2.43%, fixed 1,000,000 - Matures 07/26/2019 at 2.45%, fixed 2,500,000 - Matures 08/12/2019 at 2.43%, fixed 1,500,000 - 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 1,000,000 Matures 09/21/2021 at 3.07%, fixed 1,000,000 1,000,000 Matures 03/21/2022 at 3.09%, fixed 1,000,000 1,000,000 Matures 09/21/2022 at 3.11%, fixed 1,000,000 1,000,000 Matures 10/03/2022 at 1.48%, fixed 77,635 87,880 Matures 03/21/2023 at 3.15%, fixed 500,000 500,000 Matures 09/21/2023 at 3.18%, fixed 500,000 500,000 $ 17,577,635 $ 12,087,152 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurement and Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total June 30 , 201 9 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 13,910,172 $ - $ 13,910,172 Residential mortgage-backed securities available for sale - 11,016,282 - 11,016,309 $ - $ 24,926,481 $ - $ 24,926,481 Total December 31, 2018 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 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Total June 30, 201 9 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 271,366 $ 271,366 Impaired loans, net - - 550,949 550,949 Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 78,926 $ 78,926 Impaired loans, net - - 716,998 716,998 |
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 June 30, 2019 Foreclosed assets $ 271,366 Appraisal of collateral Appraisal adjustments -34% to -64% Impaired loans, net $ 547,437 Appraisal of collateral Appraisal adjustments -47% to -71% Impaired loans, net $ 3,512 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% 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% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Carrying June 30, 2019 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 6,196,440 $ 6,196,440 $ - $ - $ 6,196,440 Time deposits 250,000 250,000 - - 250,000 Federal funds sold 8,118,000 8,118,000 - - 8,118,000 Securities 24,926,481 - 24,926,481 - 24,926,481 Net loans 245,111,776 - - 243,887,260 243,887,260 Loans held for sale 121,125 - 121,125 - 121,125 Accrued interest receivable 846,113 846,113 - - 846,113 Mortgage servicing rights 437,061 - - 437,061 437,061 Financial Liabilities: Non-interest bearing deposits 18,034,007 18,034,007 - - 18,034,007 Interest bearing deposits 210,959,119 - - 211,681,793 211,681,793 Accrued interest payable 12,199 12,199 - - 12,199 FHLB advances 17,577,635 - 17,760,249 - 17,760,249 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 25,533,767 - 25,533,767 - 25,533,767 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 - 12,136,836 - 12,136,386 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income available to common stockholders | $ 434,612 | $ 400,070 | $ 355,873 | $ 479,582 | $ 834,683 | $ 835,455 |
Basic potential common shares: | ||||||
Weighted average shares outstanding (in shares) | 3,293,642 | 3,406,908 | 3,319,914 | 3,417,955 | ||
Weighted average unvested MRP shares (in shares) | (1,522) | (2,291) | ||||
Weighted average unallocated ESOP shares (in shares) | (152,380) | (171,107) | (154,701) | (173,454) | ||
Basic weighted average shares outstanding (in shares) | 3,139,740 | 3,235,801 | 3,162,922 | 3,244,501 | ||
Dilutive potential common shares: | ||||||
Dilutive weighted average shares outstanding (in shares) | 3,145,281 | 3,244,429 | 3,168,515 | 3,253,155 | ||
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.26 | $ 0.26 | ||
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.26 | $ 0.26 | ||
MRP Stock Awards [Member] | ||||||
Dilutive potential common shares: | ||||||
Weighted average dilutive shares (in shares) | 41 | 72 | ||||
Recognition and Retention Plan [Member] | ||||||
Dilutive potential common shares: | ||||||
Weighted average dilutive shares (in shares) | 5,500 | 8,628 | 5,521 | 8,654 |
Note 6 - Employee Stock Owner_3
Note 6 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 6 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Oct. 11, 2016 | Jul. 08, 2005 | |
Loan to Employee Stock Ownership Plan | $ 1,907,160 | $ 763,140 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 253,326 | 253,412 | 190,716 | 76,314 |
Sale of Stock, Price Per Share | $ 10 | $ 10 | ||
Employee Stock Ownership Plan ESOP Interest and Principal Payments from ESOP | $ 239,000 |
Note 6 - Employee Stock Owner_4
Note 6 - Employee Stock Ownership Plan - Employee Stock Ownership Plan (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 11, 2016 | Jul. 08, 2005 |
Shares allocated (in shares) | 132,441 | 123,051 | ||
Shares withdrawn from the plan (in shares) | (28,365) | (28,278) | ||
Unallocated shares (in shares) | 149,250 | 158,639 | ||
Total ESOP shares (in shares) | 253,326 | 253,412 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 1,973,079 | $ 2,114,657 |
Note 7 - Investment Securitie_2
Note 7 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 19 | 19 | ||
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 0.95% | 0.95% | ||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |||
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Investment Securitie_3
Note 7 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale, amortized cost | $ 24,492,831 | $ 25,577,244 |
Securities available for sale, gross unrealized gains | 478,040 | 175,409 |
Securities available for sale, gross unrealized losses | 44,390 | 218,886 |
Securities available for sale | 24,926,481 | 25,533,767 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 13,590,751 | 13,092,077 |
Securities available for sale, gross unrealized gains | 319,465 | 116,127 |
Securities available for sale, gross unrealized losses | 44 | 21,416 |
Securities available for sale | 13,910,172 | 13,186,788 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 10,902,080 | 12,485,167 |
Securities available for sale, gross unrealized gains | 158,575 | 59,282 |
Securities available for sale, gross unrealized losses | 44,346 | 197,470 |
Securities available for sale | $ 11,016,309 | $ 12,346,979 |
Note 7 - Investment Securitie_4
Note 7 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale, due in three months or less, amortized cost | ||
Securities available for sale, due in three months or less, fair value | ||
Securities available for sale, due after three months through one year, amortized cost | 669,594 | |
Securities available for sale, due after three months through one year, fair value | 673,452 | |
Securities available for sale, due after one year through five years, amortized cost | 5,381,432 | |
Securities available for sale, due after one year through five years, fair value | 5,484,945 | |
Securities available for sale, due after five years through ten years, amortized cost | 3,992,738 | |
Securities available for sale, due after five years through ten years, fair value | 4,109,281 | |
Securities available for sale, due after ten years, amortized cost | 3,546,987 | |
Securities available for sale, due after ten years, fair value | 3,642,494 | |
Residential mortgage-backed securities, amortized cost | 10,902,080 | |
Residential mortgage-backed securities, fair value | 11,016,309 | |
Securities available for sale, amortized cost | 24,492,831 | $ 25,577,244 |
Securities available for sale, fair value | $ 24,926,481 | $ 25,533,767 |
Note 7 - Investment Securitie_5
Note 7 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale, less than 12 months, fair value | $ 196,063 | $ 4,696,851 |
Securities available for sale, less than 12 months, unrealized losses | 2,463 | 34,876 |
Securities available for sale, 12 months or more, fair value | 4,425,721 | 7,380,043 |
Securities available for sale, 12 months or more, unrealized losses | 41,927 | 184,010 |
Securities available for sale, fair value | 4,621,784 | 12,076,894 |
Securities available for sale, unrealized losses | 44,390 | 218,886 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 1,831,305 | |
Securities available for sale, less than 12 months, unrealized losses | 9,610 | |
Securities available for sale, 12 months or more, fair value | 101,531 | 1,345,990 |
Securities available for sale, 12 months or more, unrealized losses | 44 | 11,806 |
Securities available for sale, fair value | 101,531 | 3,177,295 |
Securities available for sale, unrealized losses | 44 | 21,416 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 196,063 | 2,865,546 |
Securities available for sale, less than 12 months, unrealized losses | 2,463 | 25,266 |
Securities available for sale, 12 months or more, fair value | 4,324,190 | 6,034,053 |
Securities available for sale, 12 months or more, unrealized losses | 41,883 | 172,204 |
Securities available for sale, fair value | 4,520,253 | 8,899,599 |
Securities available for sale, unrealized losses | $ 44,346 | $ 197,470 |
Note 8 - Loans and Allowance _3
Note 8 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of Impaired Loans | 24 | 24 | 21 | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 1,853,289 | $ 1,853,289 | $ 1,503,940 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Real Estate Acquired Through Foreclosure | $ 196,000 | $ 196,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 607,325 | 607,325 | 276,815 | ||
Residential Portfolio Segment [Member] | |||||
Real Estate Acquired Through Foreclosure | $ 196,000 | $ 196,000 | 0 | ||
Impaired Loans [Member] | |||||
Number of Impaired Loans | 1 | 1 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 67,000 | ||||
Written Down [Member] | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 40,000 | ||||
Additional Impaired Loans [Member] | |||||
Number of Impaired Loans | 7 | 7 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 884,000 | ||||
Troubled Debt Restructurings [Member] | |||||
Impaired Financing Receivable, Recorded Investment, Total | $ 65,000 | 65,000 | $ 70,000 | ||
Proceeds from Impaired Loans, Principal Payment | $ 5,000 | ||||
Written Down and Moved to OREO [Member] | |||||
Number of Impaired Loans | 1 | 1 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 277,000 | ||||
Impaired Loans Paid Off [Member] | |||||
Number of Impaired Loans | 3 | 3 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 117,000 |
Note 8 - Loans and Allowance _4
Note 8 - Loans and Allowance for Credit Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Gross loans | $ 247,759,581 | $ 238,554,157 | ||||
Less: Allowance for loan losses | (2,647,805) | $ (2,628,365) | (2,627,738) | $ (2,545,986) | $ (2,570,533) | $ (2,472,446) |
Loans, net | 245,111,776 | 235,926,419 | ||||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 157,844,519 | 148,555,764 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Gross loans | 151,433,604 | 141,779,340 | ||||
Less: Allowance for loan losses | (1,755,047) | (1,723,465) | (1,761,736) | (1,643,589) | (1,589,323) | (1,477,419) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Gross loans | 6,410,915 | 6,776,424 | ||||
Less: Allowance for loan losses | (25,080) | (26,698) | (26,562) | (24,636) | (25,126) | (21,970) |
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Gross loans | 28,875,562 | 35,286,236 | ||||
Less: Allowance for loan losses | (268,587) | (317,854) | (343,663) | (326,934) | (372,280) | (371,093) |
Commercial Portfolio Segment [Member] | ||||||
Gross loans | 24,182,769 | 17,241,698 | ||||
Less: Allowance for loan losses | (189,213) | (145,657) | (135,165) | (133,812) | (153,075) | (153,596) |
Consumer Portfolio Segment [Member] | ||||||
Gross loans | 18,723,751 | 15,390,263 | ||||
Less: Allowance for loan losses | (139,659) | (125,285) | (82,947) | (57,812) | (97,585) | (140,269) |
Purchased Auto Loans [Member] | ||||||
Gross loans | 18,132,980 | 22,080,196 | ||||
Less: Allowance for loan losses | (270,219) | $ (289,406) | (277,665) | $ (359,203) | $ (333,144) | $ (308,099) |
Non-mortgage Loans [Member] | ||||||
Gross loans | $ 89,915,062 | $ 89,998,393 |
Note 8 - Loans and Allowance _5
Note 8 - Loans and Allowance for Credit Losses - Purchases of Loans Receivable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Purchased Auto Loans [Member] | ||||
Purchases of loans receivable | $ 4,668,207 | $ 8,703,071 |
Note 8 - Loans and Allowance _6
Note 8 - Loans and Allowance for Credit Losses - Net (Charge-offs) Recoveries (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net (charge-offs)/recoveries | $ (150,560) | $ (211,547) | $ (279,933) | $ (238,960) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Net (charge-offs)/recoveries | (42,947) | (206,668) | (152,822) | (208,951) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Net (charge-offs)/recoveries | 3,972 | 3,971 | 7,943 | 7,943 |
Consumer Portfolio Segment [Member] | ||||
Net (charge-offs)/recoveries | (35,894) | 2,091 | (35,542) | 3,818 |
Purchased Auto Loans [Member] | ||||
Net (charge-offs)/recoveries | $ (75,691) | $ (10,941) | $ (99,512) | $ (41,770) |
Note 8 - Loans and Allowance _7
Note 8 - Loans and Allowance for Credit Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Balance | $ 2,628,365 | $ 2,570,533 | $ 2,627,738 | $ 2,472,446 | ||
Provision for loan losses | 170,000 | 187,000 | 300,000 | 312,500 | ||
Loans charged off | (164,413) | (225,778) | (435,153) | (268,696) | ||
Recoveries of loans previously charged off | 13,853 | 14,231 | 155,220 | 29,736 | ||
Balance | 2,647,805 | 2,545,986 | 2,647,805 | 2,545,986 | ||
Loans individually evaluated for Impairment | $ 1,771,812 | $ 1,410,513 | ||||
Gross loans | 247,759,581 | 238,554,157 | ||||
Loans collectively evaluated for Impairment | 245,906,292 | 237,050,217 | ||||
Loans individually evaluated for Impairment | 56,566 | 199,496 | ||||
Allowance for loan losses | 2,647,805 | 2,570,533 | 2,647,805 | 2,545,986 | 2,647,805 | 2,627,738 |
Loans collectively evaluated for Impairment | 2,587,203 | 2,410,425 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 17,817 | |||||
Balance | 4,036 | 4,036 | ||||
Gross loans | 81,477 | 93,427 | ||||
Allowance for loan losses | 4,036 | 4,036 | 4,036 | 17,817 | ||
Residential Portfolio Segment [Member] | ||||||
Gross loans | 157,844,519 | 148,555,764 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||||
Balance | 1,723,465 | 1,589,323 | 1,761,736 | 1,477,419 | ||
Provision for loan losses | 74,529 | 260,934 | 146,133 | 375,121 | ||
Loans charged off | (48,760) | (210,486) | (284,980) | (217,210) | ||
Recoveries of loans previously charged off | 5,813 | 3,818 | 132,158 | 8,259 | ||
Balance | 1,755,047 | 1,643,589 | 1,755,047 | 1,643,589 | ||
Loans individually evaluated for Impairment | 1,345,264 | 955,317 | ||||
Gross loans | 151,433,604 | 141,779,340 | ||||
Loans collectively evaluated for Impairment | 150,006,863 | 140,730,596 | ||||
Loans individually evaluated for Impairment | 33,627 | 160,822 | ||||
Allowance for loan losses | 1,723,465 | 1,589,323 | 1,755,047 | 1,643,589 | 1,755,047 | 1,761,736 |
Loans collectively evaluated for Impairment | 1,717,384 | 1,583,097 | ||||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 17,817 | |||||
Balance | 4,036 | 4,036 | ||||
Gross loans | 81,477 | 93,427 | ||||
Allowance for loan losses | 4,036 | 4,036 | 4,036 | 17,817 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||||
Balance | 26,698 | 25,126 | 26,562 | 21,970 | ||
Provision for loan losses | (5,590) | (4,461) | (9,425) | (5,277) | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries of loans previously charged off | 3,972 | 3,971 | 7,943 | 7,943 | ||
Balance | 25,080 | 24,636 | 25,080 | 24,636 | ||
Loans individually evaluated for Impairment | 0 | 0 | ||||
Gross loans | 6,410,915 | 6,776,424 | ||||
Loans collectively evaluated for Impairment | 6,410,915 | 6,776,424 | ||||
Loans individually evaluated for Impairment | 0 | 0 | ||||
Allowance for loan losses | 26,698 | 25,126 | 25,080 | 24,636 | 25,080 | 26,562 |
Loans collectively evaluated for Impairment | 25,080 | 26,562 | ||||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 0 | |||||
Balance | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||||||
Balance | 317,854 | 372,280 | 343,663 | 371,093 | ||
Provision for loan losses | (49,267) | (45,346) | (75,076) | (44,159) | ||
Loans charged off | ||||||
Recoveries of loans previously charged off | 0 | 0 | ||||
Balance | 268,587 | 326,934 | 268,587 | 326,934 | ||
Loans individually evaluated for Impairment | 426,548 | 455,196 | ||||
Gross loans | 28,875,562 | 35,286,236 | ||||
Loans collectively evaluated for Impairment | 28,449,014 | 34,831,040 | ||||
Loans individually evaluated for Impairment | 22,939 | 38,674 | ||||
Allowance for loan losses | 317,854 | 372,280 | 268,587 | 326,934 | 268,587 | 343,663 |
Loans collectively evaluated for Impairment | 245,648 | 304,989 | ||||
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 0 | |||||
Balance | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||||
Balance | 145,657 | 153,075 | 135,165 | 153,596 | ||
Provision for loan losses | 43,556 | (19,263) | 54,048 | (19,784) | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 | ||
Balance | 189,213 | 133,812 | 189,213 | 133,812 | ||
Loans individually evaluated for Impairment | ||||||
Gross loans | 24,182,769 | 17,241,698 | ||||
Loans collectively evaluated for Impairment | 24,182,769 | 17,241,698 | ||||
Loans individually evaluated for Impairment | 0 | 0 | ||||
Allowance for loan losses | 145,657 | 153,075 | 189,213 | 133,812 | 189,213 | 135,165 |
Loans collectively evaluated for Impairment | 189,213 | 135,165 | ||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 0 | |||||
Balance | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||||
Balance | 125,285 | 97,585 | 82,947 | 140,269 | ||
Provision for loan losses | 50,268 | (41,864) | 92,254 | (86,275) | ||
Loans charged off | (36,423) | (36,423) | ||||
Recoveries of loans previously charged off | 529 | 2,091 | 881 | 3,818 | ||
Balance | 139,659 | 57,812 | 139,659 | 57,812 | ||
Loans individually evaluated for Impairment | 0 | 0 | ||||
Gross loans | 18,723,751 | 15,390,263 | ||||
Loans collectively evaluated for Impairment | 18,723,751 | 15,390,263 | ||||
Loans individually evaluated for Impairment | 0 | 0 | ||||
Allowance for loan losses | 125,285 | 97,585 | 139,659 | 57,812 | 139,659 | 82,947 |
Loans collectively evaluated for Impairment | 139,659 | 82,947 | ||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 0 | |||||
Balance | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | 0 | ||
Purchased Auto Loans [Member] | ||||||
Balance | 289,406 | 333,144 | 277,665 | 308,099 | ||
Provision for loan losses | 56,504 | 37,000 | 92,066 | 92,874 | ||
Loans charged off | (79,230) | (15,292) | (113,750) | (51,486) | ||
Recoveries of loans previously charged off | 3,539 | 4,351 | 14,238 | 9,716 | ||
Balance | 270,219 | 359,203 | 270,219 | 359,203 | ||
Loans individually evaluated for Impairment | ||||||
Gross loans | 18,132,980 | 22,080,196 | ||||
Loans collectively evaluated for Impairment | 18,132,980 | 22,080,196 | ||||
Loans individually evaluated for Impairment | ||||||
Allowance for loan losses | 289,406 | $ 333,144 | 270,219 | $ 359,203 | 270,219 | 277,665 |
Loans collectively evaluated for Impairment | 270,219 | 277,665 | ||||
Purchased Auto Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Balance | 0 | |||||
Balance | 0 | 0 | ||||
Gross loans | 0 | 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Loans and Allowance _8
Note 8 - Loans and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unpaid Contractual Principal Balance | $ 1,853,289 | $ 1,503,940 |
Recorded Investment With No Allowance | 1,241,738 | 569,629 |
Recorded Investment With Allowance | 611,551 | 934,311 |
Total Recorded Investment | 1,853,289 | 1,503,940 |
Related Allowance | 60,602 | 217,313 |
Average Recorded Investment | 1,447,644 | 1,447,500 |
Unpaid Contractual Principal Balance | 1,853,289 | 1,503,940 |
Recorded Investment With No Allowance | 1,241,738 | 569,629 |
Recorded Investment With Allowance | 611,551 | 934,311 |
Related Allowance | 60,602 | 217,313 |
Average Recorded Investment | 1,447,644 | 1,447,500 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 1,426,741 | 1,048,744 |
Recorded Investment With No Allowance | 1,231,397 | 427,825 |
Recorded Investment With Allowance | 195,344 | 620,919 |
Total Recorded Investment | 1,426,741 | 1,048,744 |
Related Allowance | 37,663 | 178,639 |
Average Recorded Investment | 1,006,780 | 1,074,284 |
Unpaid Contractual Principal Balance | 1,426,741 | 1,048,744 |
Recorded Investment With No Allowance | 1,231,397 | 427,825 |
Recorded Investment With Allowance | 195,344 | 620,919 |
Related Allowance | 37,663 | 178,639 |
Average Recorded Investment | 1,006,780 | 1,074,284 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Total Recorded Investment | ||
Related Allowance | ||
Average Recorded Investment | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Related Allowance | ||
Average Recorded Investment | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 426,548 | 455,196 |
Recorded Investment With No Allowance | 10,341 | 141,804 |
Recorded Investment With Allowance | 416,207 | 313,392 |
Total Recorded Investment | 426,548 | 455,196 |
Related Allowance | 22,939 | 38,674 |
Average Recorded Investment | 440,864 | 366,226 |
Unpaid Contractual Principal Balance | 426,548 | 455,196 |
Recorded Investment With No Allowance | 10,341 | 141,804 |
Recorded Investment With Allowance | 416,207 | 313,392 |
Related Allowance | 22,939 | 38,674 |
Average Recorded Investment | 440,864 | 366,226 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Total Recorded Investment | ||
Related Allowance | ||
Average Recorded Investment | 1,282 | |
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Related Allowance | ||
Average Recorded Investment | 1,282 | |
Consumer Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Total Recorded Investment | ||
Related Allowance | ||
Average Recorded Investment | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Related Allowance | ||
Average Recorded Investment | ||
Purchased Auto Loans [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Total Recorded Investment | ||
Related Allowance | ||
Average Recorded Investment | 5,708 | |
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Related Allowance | ||
Average Recorded Investment | $ 5,708 |
Note 8 - Loans and Allowance _9
Note 8 - Loans and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Nonaccrual Loans | $ 1,853,289 | $ 1,503,940 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Nonaccrual Loans | 1,426,741 | 1,048,744 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Nonaccrual Loans | ||
Loans Past Due Over 90 Days Still Accruing | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||
Nonaccrual Loans | 426,548 | 455,196 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | ||
Loans Past Due Over 90 Days Still Accruing | ||
Consumer Portfolio Segment [Member] | ||
Nonaccrual Loans | ||
Loans Past Due Over 90 Days Still Accruing | ||
Purchased Auto Loans [Member] | ||
Nonaccrual Loans | ||
Loans Past Due Over 90 Days Still Accruing |
Note 8 - Loans and Allowance_10
Note 8 - Loans and Allowance for Credit Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Loans past due | $ 1,488,772 | $ 4,361,693 |
Loans, current | 246,270,809 | 234,192,464 |
Total loans | 247,759,581 | 238,554,157 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 700,765 | 2,751,238 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 13,827 | 694,864 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 774,180 | 915,591 |
Residential Portfolio Segment [Member] | ||
Total loans | 157,844,519 | 148,555,764 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 1,262,094 | 2,630,600 |
Loans, current | 150,171,510 | 139,148,740 |
Total loans | 151,433,604 | 141,779,340 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 487,914 | 1,293,142 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 549,331 | |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 774,180 | 788,127 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | ||
Loans, current | 6,410,915 | 6,776,424 |
Total loans | 6,410,915 | 6,776,424 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||
Loans past due | 123,336 | 1,670,320 |
Loans, current | 28,752,226 | 33,615,916 |
Total loans | 28,875,562 | 35,286,236 |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 123,336 | 1,413,392 |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 129,464 | |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 127,464 | |
Commercial Portfolio Segment [Member] | ||
Loans past due | 10,890 | 3,989 |
Loans, current | 24,171,879 | 17,237,709 |
Total loans | 24,182,769 | 17,241,698 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,989 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 10,890 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | ||
Loans past due | 41,523 | 9,044 |
Loans, current | 18,682,228 | 15,381,219 |
Total loans | 18,723,751 | 15,390,263 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 41,523 | 9,044 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Purchased Auto Loans [Member] | ||
Loans past due | 50,929 | 47,740 |
Loans, current | 18,082,051 | 22,032,456 |
Total loans | 18,132,980 | 22,080,196 |
Purchased Auto Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 47,992 | 31,671 |
Purchased Auto Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 2,937 | 16,069 |
Purchased Auto Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due |
Note 8 - Loans and Allowance_11
Note 8 - Loans and Allowance for Credit Losses - Loans by Risk Category (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Gross loans | $ 247,759,581 | $ 238,554,157 |
Pass [Member] | ||
Gross loans | 84,416,468 | 81,726,371 |
Special Mention [Member] | ||
Gross loans | 63,908 | 335,758 |
Substandard [Member] | ||
Gross loans | 1,853,289 | 1,503,940 |
Doubtful [Member] | ||
Gross loans | ||
Not Rated [Member] | ||
Gross loans | 161,425,916 | 154,988,088 |
Residential Portfolio Segment [Member] | ||
Gross loans | 157,844,519 | 148,555,764 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 151,433,604 | 141,779,340 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Pass [Member] | ||
Gross loans | 31,784,685 | 29,653,633 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Special Mention [Member] | ||
Gross loans | 63,908 | 335,758 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 1,426,741 | 1,048,744 |
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 | 118,158,270 | 110,741,205 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 6,410,915 | 6,776,424 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Pass [Member] | ||
Gross loans | ||
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 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Doubtful [Member] | ||
Gross loans | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Not Rated [Member] | ||
Gross loans | 6,410,915 | 6,776,424 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 28,875,562 | 35,286,236 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 28,449,014 | 34,831,040 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | ||
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 426,548 | 455,196 |
Nonresidential Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | ||
Nonresidential Real Estate Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | ||
Commercial Portfolio Segment [Member] | ||
Gross loans | 24,182,769 | 17,241,698 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 24,182,769 | 17,241,698 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | ||
Commercial Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | ||
Gross loans | 18,723,751 | 15,390,263 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 18,723,751 | 15,390,263 |
Purchased Auto Loans [Member] | ||
Gross loans | 18,132,980 | 22,080,196 |
Purchased Auto Loans [Member] | Pass [Member] | ||
Gross loans | ||
Purchased Auto Loans [Member] | Special Mention [Member] | ||
Gross loans | ||
Purchased Auto Loans [Member] | Substandard [Member] | ||
Gross loans | ||
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | ||
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 18,132,980 | $ 22,080,196 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 5,381 | $ 0 | |||
Management Recognition Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 0 |
Note 11 - Borrowings - Outstand
Note 11 - Borrowings - Outstanding Advances (Details) - Federal Home Loan Bank of Chicago [Member] - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Advances from FHLB | $ 17,577,635 | $ 12,087,152 |
Matures 03/15/2019 at 2.42% [Member] | ||
Advances from FHLB | 1,500,000 | |
Matures 04/01/2019 at 2.00% [Member] | ||
Advances from FHLB | 499,272 | |
Matures 07/11/2019 at 2.43% [Member] | ||
Advances from FHLB | 2,500,000 | |
Matures 07/22/2019 at 2.43% [Member] | ||
Advances from FHLB | 1,000,000 | |
Matures 07/26/2019 at 2.45% [Member] | ||
Advances from FHLB | 2,500,000 | |
Matures 08/12/2019 at 2.43% [Member] | ||
Advances from FHLB | 1,500,000 | |
Matures 08/30/2019 at 1.56% [Member] | ||
Advances from FHLB | 3,000,000 | 3,000,000 |
Matures 12/16/2019 at 2.08% [Member] | ||
Advances from FHLB | 2,000,000 | 2,000,000 |
Matures 03/22/2021 at 3.03% [Member] | ||
Advances from FHLB | 1,000,000 | 1,000,000 |
Matures 09/21/2021 at 3.07% [Member] | ||
Advances from FHLB | 1,000,000 | 1,000,000 |
Matures 03/21/2022 at 3.09% [Member] | ||
Advances from FHLB | 1,000,000 | 1,000,000 |
Matures 09/21/2022 at 3.11% [Member] | ||
Advances from FHLB | 1,000,000 | 1,000,000 |
Matures 10/03/2022 at 1.48% [Member] | ||
Advances from FHLB | 77,635 | 87,880 |
Matures 03/21/2023 at 3.15% [Member] | ||
Advances from FHLB | 500,000 | 500,000 |
Matures 09/21/2023 at 3.18 % [Member] | ||
Advances from FHLB | $ 500,000 | $ 500,000 |
Note 11 - Borrowings - Outsta_2
Note 11 - Borrowings - Outstanding Advances (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Apr. 1, 2019 | |
Interest rate, fixed | 2.00% | |
Matures 03/15/2019 at 2.42% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Mar. 15, 2019 | |
Interest rate, fixed | 2.42% | |
Matures 07/11/2019 at 2.43% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Jul. 11, 2019 | Jul. 11, 2019 |
Interest rate, fixed | 2.43% | 2.43% |
Matures 07/22/2019 at 2.43% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Jul. 22, 2019 | Jul. 22, 2019 |
Interest rate, fixed | 2.43% | 2.43% |
Matures 07/26/2019 at 2.45% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Jul. 26, 2019 | Jul. 26, 2019 |
Interest rate, fixed | 2.45% | 2.45% |
Matures 08/12/2019 at 2.43% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Aug. 12, 2019 | Aug. 12, 2019 |
Interest rate, fixed | 2.43% | 2.43% |
Matures 08/30/2019 at 1.56% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Aug. 30, 2019 | Aug. 30, 2019 |
Interest rate, fixed | 1.56% | 1.56% |
Matures 12/16/2019 at 2.08% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Dec. 16, 2019 | Dec. 16, 2019 |
Interest rate, fixed | 2.08% | 2.08% |
Matures 03/22/2021 at 3.03% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Mar. 22, 2021 | Mar. 22, 2021 |
Interest rate, fixed | 3.03% | 3.03% |
Matures 09/21/2021 at 3.07% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Sep. 21, 2021 | Sep. 21, 2021 |
Interest rate, fixed | 3.07% | 3.07% |
Matures 03/21/2022 at 3.09% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Mar. 21, 2022 | Mar. 21, 2022 |
Interest rate, fixed | 3.09% | 3.09% |
Matures 09/21/2022 at 3.11% [Member] | Federal Home Loan Bank of Chicago [Member] | ||
Maturity date on fixed rate advance | Sep. 21, 2022 | Sep. 21, 2022 |
Interest rate, fixed | 3.11% | 3.11% |
Matures 10/03/2022 at 1.48% [Member] | ||
Maturity date on fixed rate advance | Oct. 3, 2022 | Oct. 3, 2022 |
Interest rate, fixed | 1.48% | 1.48% |
Matures 03/21/2023 at 3.15% [Member] | ||
Maturity date on fixed rate advance | Mar. 21, 2023 | Mar. 21, 2023 |
Interest rate, fixed | 3.15% | 3.15% |
Matures 09/21/2023 at 3.18 % [Member] | ||
Maturity date on fixed rate advance | Sep. 21, 2023 | Sep. 21, 2023 |
Interest rate, fixed | 3.18% | 3.18% |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurement and Disclosure (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Total | $ 24,926,481 | $ 25,533,767 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 24,926,481 | $ 25,533,767 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 24,926,481 | 25,533,767 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 24,926,481 | 25,533,767 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 13,910,172 | 13,186,788 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 13,910,172 | 13,186,788 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 13,910,172 | 13,186,788 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale | 11,016,309 | 12,346,979 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 11,016,309 | 12,346,979 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 11,016,282 | 12,346,979 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurement and Disclosure - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Foreclosed assets | $ 271,366 | $ 78,926 |
Impaired loans, net | 550,949 | 716,998 |
Fair Value, Inputs, Level 1 [Member] | ||
Foreclosed assets | 0 | |
Impaired loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Foreclosed assets | 0 | |
Impaired loans, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Foreclosed assets | 271,366 | 78,926 |
Impaired loans, net | $ 550,949 | $ 716,998 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurement and Disclosure - Quantitative Information About Assets Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Measurement Input, Discount Rate [Member] | ||
Impaired loans, net range | 0.1 | 0.1 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | ||
Foreclosed assets | $ 271,366 | $ 78,926 |
Impaired loans, net | $ 547,437 | $ 662,799 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Minimum [Member] | ||
Foreclosed assets range | 0.34 | (0.36) |
Impaired loans, net range | 0.47 | 0.44 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Maximum [Member] | ||
Foreclosed assets range | 0.64 | 0.49 |
Impaired loans, net range | 0.71 | 0.69 |
Valuation, Income Approach [Member] | Payment Stream [Member] | ||
Impaired loans, net | $ 3,512 | $ 54,199 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurement and Disclosure - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 6,196,440 | $ 8,430,458 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 8,118,000 | 5,663,000 |
Securities | 24,926,481 | 25,533,767 |
Net loans | 245,111,776 | 235,926,419 |
Loans held for sale | 121,125 | |
Accrued interest receivable | 846,113 | 824,542 |
Mortgage servicing rights | 437,061 | 446,375 |
Financial Liabilities: | ||
Accrued interest payable | 12,199 | 5,648 |
FHLB advances | 17,577,635 | 12,087,152 |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 18,034,007 | 14,057,719 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | 210,959,119 | 209,390,810 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 6,196,440 | 8,430,458 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 8,118,000 | 5,663,000 |
Securities | 24,926,481 | 25,533,767 |
Net loans | 243,887,260 | 232,996,807 |
Loans held for sale | 121,125 | |
Accrued interest receivable | 846,113 | 824,542 |
Mortgage servicing rights | 437,061 | 446,375 |
Financial Liabilities: | ||
Accrued interest payable | 12,199 | 5,648 |
FHLB advances | 17,760,249 | 12,136,386 |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 18,034,007 | 14,057,719 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Financial Liabilities: | ||
Deposits | 211,681,793 | 209,576,569 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 6,196,440 | 8,430,458 |
Time deposits | 250,000 | 250,000 |
Federal funds sold | 8,118,000 | 5,663,000 |
Securities | ||
Net loans | ||
Loans held for sale | ||
Accrued interest receivable | 846,113 | 824,542 |
Mortgage servicing rights | ||
Financial Liabilities: | ||
Accrued interest payable | 12,199 | 5,648 |
FHLB advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 18,034,007 | 14,057,719 |
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 | 24,926,481 | 25,533,767 |
Net loans | ||
Loans held for sale | 121,125 | |
Accrued interest receivable | ||
Mortgage servicing rights | ||
Financial Liabilities: | ||
Accrued interest payable | ||
FHLB advances | 17,760,249 | 12,136,836 |
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 | ||
Net loans | 243,887,260 | 232,996,807 |
Loans held for sale | ||
Accrued interest receivable | ||
Mortgage servicing rights | 437,061 | 446,375 |
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 | $ 211,681,793 | $ 209,576,569 |