Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 14, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 3,121,035 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 10,671,653 | $ 5,272,925 |
Interest bearing deposits | 4,309,495 | 765,486 |
Total cash and cash equivalents | 14,981,148 | 6,038,411 |
Time deposits | 745,500 | 1,483,500 |
Federal funds sold | 2,027,000 | 4,185,000 |
Securities available for sale | 22,898,813 | 24,515,759 |
Loans, net of allowance for loan losses of $3,357,596 and $2,937,632 at March 31, 2020 and December 31, 2019, respectively | 250,324,233 | 247,775,814 |
Loans held for sale | 1,225,526 | |
Premises and equipment, net | 6,449,871 | 6,517,922 |
Accrued interest receivable | 816,995 | 875,104 |
Deferred tax assets | 1,806,616 | 1,743,161 |
Cash surrender value of life insurance | 2,402,228 | 2,389,530 |
Goodwill | 649,869 | 649,869 |
Core deposit intangible | 160,499 | 169,999 |
Other assets | 3,812,100 | 2,962,101 |
Total assets | 307,074,872 | 300,531,696 |
Liabilities | ||
Non-interest bearing | 17,366,843 | 13,664,986 |
Interest bearing | 225,061,788 | 222,648,518 |
Total deposits | 242,428,631 | 236,313,504 |
Accrued interest payable | 89,832 | 8,146 |
FHLB advances | 13,569,123 | 9,068,030 |
Other liabilities | 2,229,358 | 4,431,141 |
Total liabilities | 258,316,944 | 249,820,821 |
Stockholders' Equity | ||
Common stock, $0.01 par value, 12,000,000 shares authorized; 3,119,598 and 3,159,494 shares issued at March 31, 2020 and December 31, 2019, respectively | 31,190 | 31,594 |
Additional paid-in-capital | 32,263,029 | 32,845,639 |
Retained earnings | 17,770,596 | 18,938,633 |
Unallocated ESOP shares | (1,366,815) | (1,398,600) |
Unearned management recognition plan shares | (66,982) | (30,944) |
Accumulated other comprehensive income | 126,910 | 324,553 |
Total stockholders' equity | 48,757,928 | 50,710,875 |
Total liabilities and stockholders' equity | $ 307,074,872 | $ 300,531,696 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 3,357,596 | $ 2,937,632 |
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) | 3,119,598 | 3,159,494 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 2,909,081 | $ 2,860,592 |
Securities: | ||
Residential mortgage-backed and related securities | 67,230 | 82,461 |
State and municipal securities | 95,944 | 97,411 |
Dividends on non-marketable equity securities | 6,590 | 6,434 |
Interest-bearing deposits | 40,148 | 45,378 |
Total interest and dividend income | 3,118,993 | 3,092,276 |
Interest expense: | ||
Deposits | 730,819 | 608,390 |
Borrowings | 61,896 | 72,701 |
Total interest expense | 792,715 | 681,091 |
Net interest income | 2,326,278 | 2,411,185 |
Provision for loan losses | 450,000 | 130,000 |
Net interest income after provision for loan losses | 1,876,278 | 2,281,185 |
Other income: | ||
Gain on sale of loans | 107,067 | 84,957 |
Gain on sale of securities, net | 857 | |
Loan origination and servicing income | 114,958 | 154,283 |
Origination of mortgage servicing rights, net of amortization | (10,443) | (9,690) |
Increase in cash surrender value of life insurance | 12,698 | 11,934 |
Gain/(Loss) on sale of repossessed assets, net | 16,031 | (748) |
Total other income | 385,682 | 378,364 |
Other expenses: | ||
Salaries and employee benefits | 1,264,646 | 1,098,588 |
Directors fees | 43,000 | 43,000 |
Occupancy | 178,525 | 170,950 |
Deposit insurance premium | 17,100 | |
Legal and professional services | 104,622 | 95,535 |
Data processing | 223,273 | 186,588 |
Loan expense | 134,350 | 164,412 |
Valuation adjustments and expenses on foreclosed real estate | 559 | 5,584 |
Other | 211,665 | 282,887 |
Total other expenses | 2,160,640 | 2,064,614 |
Income before income tax expense | 101,320 | 594,935 |
Income tax expense | 15,364 | 194,865 |
Net income | $ 85,956 | $ 400,070 |
Basic earnings per share (in dollars per share) | $ 0.029 | $ 0.13 |
Diluted earnings per share (in dollars per share) | 0.029 | 0.13 |
Dividends per share (in dollars per share) | $ 0.418 | $ 0.06 |
Bank Servicing [Member] | ||
Other income: | ||
Revenue from contract with customer | $ 106,840 | $ 115,866 |
Product and Service, Other [Member] | ||
Other income: | ||
Revenue from contract with customer | $ 37,673 | $ 21,762 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 85,956 | $ 400,070 |
Other comprehensive (loss) income, before tax: | ||
Unrealized holding (losses) gains arising during the period | (276,443) | 167,621 |
Other comprehensive income (loss) , before tax | (276,443) | 167,621 |
Income tax benefit related to items of other comprehensive income (loss) | (78,800) | (22,994) |
Other comprehensive (loss) income, net of tax | (197,643) | 190,615 |
Comprehensive (loss) income | $ (111,687) | $ 590,685 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | RRP Stock Options [Member]Common Stock [Member] | RRP Stock Options [Member]Additional Paid-in Capital [Member] | RRP Stock Options [Member]Retained Earnings [Member] | RRP Stock Options [Member]Unallocated ESOP Shares [Member] | RRP Stock Options [Member]Unallocated MRP Shares [Member] | RRP Stock Options [Member]AOCI Attributable to Parent [Member] | RRP Stock Options [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated ESOP Shares [Member] | Unallocated MRP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 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 (loss) | 190,615 | 190,615 | ||||||||||||
Allocation of ESOP | 19,595 | 44,504 | 64,099 | |||||||||||
Compensation expense on MRP awards amortized | 3,363 | 3,363 | ||||||||||||
RRP options exercised | $ 25 | $ 8,900 | $ 8,925 | |||||||||||
Cash dividends paid | (201,110) | (201,110) | ||||||||||||
Repurchase shares | (249) | (347,331) | (347,580) | |||||||||||
Balance at Mar. 31, 2019 | 33,365 | 35,260,770 | 19,058,192 | (1,532,112) | (36,998) | 159,531 | 52,942,747 | |||||||
Balance at Dec. 31, 2019 | 31,594 | 32,845,639 | 18,938,633 | (1,398,600) | (30,944) | 324,553 | 50,710,875 | |||||||
Net income | 85,956 | 85,956 | ||||||||||||
Other comprehensive income (loss) | (197,643) | (197,643) | ||||||||||||
Allocation of ESOP | 8,528 | 31,785 | 40,313 | |||||||||||
Compensation expense on MRP awards amortized | 2,663 | 2,663 | ||||||||||||
RRP options exercised | $ 38 | $ 13,351 | $ 13,389 | |||||||||||
Cash dividends paid | (1,253,993) | (1,253,993) | ||||||||||||
Repurchase shares | (472) | (643,160) | (643,632) | |||||||||||
MRP awards granted | 30 | 38,671 | (38,701) | |||||||||||
Balance at Mar. 31, 2020 | $ 31,190 | $ 32,263,029 | $ 17,770,596 | $ (1,366,815) | $ (66,982) | $ 126,910 | $ 48,757,928 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unallocated ESOP Shares [Member] | ||
Allocation of ESOP shares (in shares) | 3,179 | 4,694 |
Retained Earnings [Member] | ||
Cash dividends paid, per share (in dollars per share) | $ 0.418 | $ 0.06 |
Common Stock [Member] | ||
Shares repurchased (in shares) | 47,249 | 24,963 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 85,956 | $ 400,070 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 70,704 | 72,630 |
Provision for loan losses | 450,000 | 130,000 |
Provision for deferred income taxes | 15,345 | 73,647 |
Net amortization of premiums and discounts on securities | 29,843 | 37,107 |
Origination of mortgage loans held for sale | (4,102,640) | (2,596,655) |
Proceeds from sale of mortgage loans held for sale | 5,435,233 | 2,431,107 |
Gain on sale of loans, net | (107,067) | (84,957) |
Origination of mortgage servicing rights, net of amortization | 10,443 | 9,690 |
Gain on sale of securities, net | (857) | |
Loss on sale of repossessed assets, net | 16,031 | |
MRP compensation expense | 2,633 | 3,363 |
ESOP compensation expense | 40,313 | 64,099 |
Amortization of core deposit intangible | 9,500 | 14,500 |
Amortization of fair value adjustments on acquired: | ||
Loans | 4,325 | 4,538 |
Federal Home Loan Bank Advances | 1,093 | 1,093 |
Increase in cash surrender value of life insurance | (12,698) | (11,934) |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | 58,109 | (16,463) |
(Increase) decrease in other assets | (891,078) | 167,016 |
Increase in accrued interest payable and other liabilities | (2,120,096) | 256,109 |
Net cash (used in) provided by operating activities | (1,004,908) | 954,960 |
Cash Flows from Investing Activities | ||
Purchases | (167,148) | |
Sales, calls, maturities and paydowns | 1,478,665 | 1,194,282 |
Net increase in loans | (3,030,244) | (251,876) |
Net decrease in time deposits | 738,000 | |
Net decrease in federal funds sold | 2,158,000 | 1,254,000 |
Proceeds from sale of repossessed assets | 42,105 | 114,444 |
Purchase of premises and equipment | (2,653) | (147,502) |
Net cash used in investing activities | 1,216,725 | 2,163,348 |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 6,115,127 | (2,206,372) |
Proceeds from Federal Home Loan Bank advances | 4,500,000 | |
Principal reduction of Federal Home Loan Bank advances | (1,500,000) | |
Proceeds from stock options exercised | 13,388 | 8,925 |
Shares repurchased and cancelled | (643,602) | (347,580) |
Dividends paid | (1,253,993) | (201,110) |
Net cash provided by (used in) financing activities | 8,730,920 | (4,246,137) |
Net increase (decrease) in cash and cash equivalents | 8,942,737 | (1,127,829) |
Cash and cash equivalents: | ||
Beginning of period | 6,038,411 | 8,430,458 |
End of period | 14,981,148 | 7,302,629 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes paid, net of refunds received | 300 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Real estate acquired through or in lieu of foreclosure | 196,000 | |
Other assets acquired in settlement of loans | 27,500 | 54,500 |
Interest Paid to Depositors [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 649,133 | 597,245 |
Interest Paid on Borrowings [Member] | ||
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 61,896 | $ 73,348 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
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. The Company is positioned to execute its mission as an essential community resource during these challenging times. The coronavirus disease 2019 19” not 19, 19 March 31, 2020. 19 may Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10 no March 31, 2020 The COVID- 19 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019, 10 December 31, 2019 March 30, 2020. not |
Note 3 - Use of Estimates
Note 3 - Use of Estimates | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, no 10 March 30, 2020. |
Note 4 - Critical Accounting Po
Note 4 - Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4 We consider accounting policies involving significant judgments and assumptions by management that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. We consider the allowance for loan losses to be our critical accounting policy. Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 20 20 201 9 Net income available to common stockholders $ 85,956 $ 400,070 Basic potential common shares: Weighted average shares outstanding 3,141,912 3,346,185 Weighted average unvested MRP share (2,445 ) (3,060 ) Weighted average unallocated ESOP shares (138,801 ) (157,022 ) Basic weighted average shares outstanding 3,000,666 3,186,103 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 103 Weighted average RRP options outstanding 5,391 5,541 Dilutive weighted average shares outstanding 3,006,057 3,191,747 Basic earnings per share $ 0.029 $ 0.130 Diluted earnings per share $ 0.029 $ 0.130 |
Note 6 - Employee Stock Ownersh
Note 6 - Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [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: March 31, December 31, 2020 2019 Shares allocated 145,009 141,831 Shares withdrawn from the plan (28,365 ) (28,365 ) Unallocated shares 136,682 139,860 Total ESOP shares 253,326 253,326 Fair value of unallocated shares $ 1,498,029 $ 1,934,264 |
Note 7 - Investment Securities
Note 7 - Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 20 20 : Securities Available for Sale State and municipal securities $ 12,623,899 $ 68,477 $ 49,417 $ 12,642,959 Residential mortgage-backed securities 10,097,405 178,860 20,411 $ 10,255,854 $ 22,721,304 $ 247,337 $ 69,828 $ 22,898,813 December 31, 201 9 : Securities Available for Sale State and municipal securities $ 13,126,074 $ 339,243 $ - $ 13,465,317 Residential mortgage-backed securities 10,935,731 144,845 30,136 11,050,442 $ 24,061,805 $ 484,088 $ 30,136 $ 24,515,759 The amortized cost and fair value at March 31, 2020, may may not Securities Available for Sale Amortized Fair Cost Value Due in three months or less $ - $ - Due after three months through one year 2,436,843 2,434,230 Due after one year through five years 3,455,503 3,477,066 Due after five years through ten years 3,845,134 3,842,314 Due after ten years 2,886,419 2,889,349 Residential mortgage-backed securities 10,097,405 10,255,854 $ 22,721,304 $ 22,898,813 The following table reflects securities with gross unrealized losses for less than 12 12 March 31, 2020 December 31, 2019: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 20 20 Securities Available for Sale State and municipal securities $ 4,593,310 $ 49,417 $ - $ - $ 4,593,310 $ 49,417 Residential mortgage-backed securities 790,156 3,017 1,976,472 17,394 2,766,628 20,411 $ 5,383,466 $ 52,434 $ 1,976,472 $ 17,394 $ 7,359,938 $ 69,828 December 31, 201 9 Securities Available for Sale Residential mortgage-backed securities 1,912,778 6,049 2,943,044 24,087 4,855,822 30,136 $ 1,912,778 $ 6,049 $ 2,943,044 $ 24,087 $ 4,855,822 $ 30,136 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 not not At March 31, 2020, 31 0.98% not March 31, 2020 ● 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 $0.3 three March 31, 2020 no three March 31, 2019. three March 31, 2020 $873. $16 three March 31, 2020. |
Note 8 - Loans and Allowance fo
Note 8 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 8 OANS AND ALLOWANCE FOR LOAN LOSSES The components of loans, net of deferred loan costs (fees), are as follows: March 31, December 31, 2020 2019 Mortgage loans: One-to-four family residential loans $ 155,788,454 $ 155,143,081 Multi-family residential loans 6,932,652 5,861,428 Total mortgage loans 162,721,106 161,004,509 Other loans: Non-residential real estate loans 30,440,187 30,679,614 Commercial loans 28,950,668 23,915,335 Consumer direct 18,461,591 20,562,789 Purchased auto 13,108,277 14,551,199 Total other loans 90,960,723 89,708,937 Gross loans 253,681,829 250,713,446 Less: Allowance for loan losses (3,357,596 ) (2,937,632 ) Loans, net $ 250,324,233 $ 247,775,814 During the three March 31, 2020 2019, no Net (charge-offs) / recoveries, segregated by class of loans, for the periods indicated were as follows: Three Months Ended March 31, 2020 2019 One-to-four family $ 2,601 $ (109,876 ) Multi-family 3,972 3,971 Consumer direct 566 353 Purchased auto (37,175 ) (23,821 ) Net (charge-offs)/recoveries $ (30,036 ) $ (129,373 ) The following table presents the activity in the allowance for loan losses by portfolio segment for the three March 31, 2020 2019: One-to- four Multi- Non- Consumer Purchased March 31, 20 20 family family residential Commercial direct auto Total Balance at beginning of period $ 2,121,082 $ 24,333 $ 207,410 $ 198,565 $ 191,821 $ 194,421 $ 2,937,632 Provision charged to income 228,857 14,698 42,108 85,768 19,679 58,890 450,000 Loans charged off - - - - - (40,694 ) (40,694 ) Recoveries of loans previously charged off 2,601 3,972 - - 566 3,519 10,658 Balance at end of period $ 2,352,540 $ 43,003 $ 249,518 $ 284,333 $ 212,066 $ 216,136 $ 3,357,596 One-to- four Multi- Non- Consumer Purchased March 31, 201 9 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 71,605 (3,835 ) (25,809 ) 10,492 41,985 35,562 130,000 Loans charged off (236,220 ) - - - - (34,520 ) (270,740 ) Recoveries of loans previously charged off 126,344 3,971 - - 353 10,699 141,367 Balance at end of period $ 1,723,465 $ 26,698 $ 317,854 $ 145,657 $ 125,285 $ 289,406 $ 2,628,365 The following table presents the recorded investment in loans and the related allowances allocated by portfolio segment and based on impairment method as of March 31, 2020 December 31, 2019: One-to- four Multi- Non- Consumer Purchased March 31, 20 20 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 2,016,080 $ - $ 335,441 $ - $ 18,732 $ 37,964 $ 2,408,217 Loans acquired with deteriorated credit quality 159,989 - - - - - 159,989 Loans collectively evaluated for Impairment 153,612,385 6,932,652 30,104,746 28,950,668 18,442,859 13,070,313 251,113,623 Balance at end of period $ 155,788,454 $ 6,932,652 $ 30,440,187 $ 28,950,668 $ 18,461,591 $ 13,108,277 $ 253,681,829 Period-end amount allocated to: Loans individually evaluated for Impairment $ 85,776 $ - $ - $ - $ 3,968 $ 18,982 $ 108,726 Loans acquired with deteriorated credit quality 68,744 - - - - - 68,744 Loans collectively evaluated for Impairment 2,198,020 43,003 249,518 284,333 208,098 197,154 3,180,126 Balance at end of period $ 2,352,540 $ 43,003 $ 249,518 $ 284,333 $ 212,066 $ 216,136 $ 3,357,596 One-to- four Multi- Non- Consumer Purchased December 31, 201 9 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 1,724,694 $ - $ 343,720 $ - $ - $ 19,190 $ 2,087,604 Loans acquired with deteriorated credit quality 164,758 - - - - - 164,758 Loans collectively evaluated for Impairment 153,253,629 5,861,428 30,335,894 23,915,335 20,562,789 14,532,009 248,461,084 Balance at end of period $ 155,143,081 $ 5,861,428 $ 30,679,614 $ 23,915,335 $ 20,562,789 $ 14,551,199 $ 250,713,446 Period-end amount allocated to: Loans individually evaluated for Impairment $ 90,359 $ - $ - $ - $ - $ 9,595 $ 99,954 Loans acquired with deteriorated credit quality 100,172 - - - - - 100,172 Loans collectively evaluated for Impairment 1,930,551 24,333 207,410 198,565 191,821 184,826 2,737,506 Balance at end of period $ 2,121,082 $ 24,333 $ 207,410 $ 198,565 $ 191,821 $ 194,421 $ 2,937,632 The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The following table presents loans individually evaluated for impairment, by class of loans, as of March 31, 2020 December 31, 2019: March 31, 20 20 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 2,176,069 $ 1,700,599 $ 475,470 $ 2,176,069 $ 154,520 $ 2,153,496 Multi-family - - - - - - Non-residential 335,441 335,441 - 335,441 - 338,039 Commercial - - - - - - Consumer direct 18,732 - 18,732 18,732 3,968 6,244 Purchased auto 37,964 - 37,964 37,964 18,982 12,655 $ 2,568,206 $ 2,036,040 $ 532,166 $ 2,568,206 $ 177,470 $ 2,510,434 December 31, 2019 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 $ 1,889,452 $ 1,357,280 $ 532,172 $ 1,889,452 $ 190,531 $ 1,298,425 Multi-family - - - - - - Non-residential 343,720 343,720 - 343,720 - 377,632 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 19,190 - 19,190 19,190 9,595 5,736 $ 2,252,362 $ 1,701,000 $ 551,362 $ 2,252,362 $ 200,126 $ 1,681,793 For the three March 31, 2020 2019, no At March 31, 2020 35 $2.6 30 $2.3 December 31, 2019. five $405,000 $30,000 $108,000. 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. Section 4013 19. may 4013 not 4013, may 19 not 310 40. 19 not 310 40, Impaired loans at March 31, 2020 $58,000 $60,000 December 31, 2019. $2,000. not, six There were no three March 31, 2020 2019. There were no twelve March 31, 2020 2019 60 three March 31, 2020 2019. All TDRs are evaluated for possible impairment and any impairment identified is recognized through the allowance. Additionally, the qualitative factors are updated quarterly for trends in economic and non-performing factors, including collateral securing TDRs. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 March 31, 2020 December 31, 2019: March 31, 20 20 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 2,176,069 $ - Multi-family - - Non-residential 335,441 - Commercial - - Consumer direct 18,732 - Purchased auto 37,964 - $ 2,568,206 $ - December 31, 201 9 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,889,452 $ - Multi-family - - Non-residential 343,720 - Commercial - - Consumer direct - - Purchased auto 19,190 - $ 2,252,362 $ - The following table presents the aging of the recorded investment in loans, by class of loans, as of March 31, 2020 December 31, 2019: March 31, 20 20 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 $ 3,358,841 $ 1,032,608 $ 904,345 $ 5,295,794 $ 150,492,660 $ 155,788,454 Multi-family - - - - 6,932,652 6,932,652 Non-residential 104,716 265,360 64,116 434,192 30,005,995 30,440,187 Commercial 53,429 - - 53,429 28,897,239 28,950,668 Consumer direct 51,950 - - 51,950 18,409,641 18,461,591 Purchased auto - - 37,964 37,964 13,070,313 13,108,277 $ 3,568,936 $ 1,297,968 $ 1,006,425 $ 5,873,329 $ 247,808,500 $ 253,681,829 December 31, 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 $ 2,635,464 $ 607,023 $ 986,029 $ 4,228,516 $ 150,914,565 $ 155,143,081 Multi-family 104,716 - - 104,716 5,756,712 5,861,428 Non-residential 272,138 64,116 - 336,254 30,343,360 30,679,614 Commercial 368,448 52,629 - 421,077 23,494,258 23,915,335 Consumer direct 29,243 - - 29,243 20,533,546 20,562,789 Purchased auto 64,489 21,673 19,190 105,352 14,445,847 14,551,199 $ 3,474,498 $ 745,441 $ 1,005,219 $ 5,225,158 $ 245,488,288 $ 250,713,446 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. For commercial and non-residential real estate loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial and non-residential real estate loan is assigned a risk rating upon origination. The risk rating is reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. For residential real estate loans, multi-family, consumer direct and purchased auto loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated regularly by the Company’s loan system for real estate loans, multi-family and consumer direct loans. The Company receives monthly reports on the delinquency status of the purchased auto loan portfolio from the servicing company. Generally, when residential real estate loans, multi-family and consumer direct loans become over 90 6 12 The Company uses the following definitions for risk ratings: ● Pass – loans classified as pass are of a higher quality and do not ● Special Mention – loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may ● Substandard – loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not ● Doubtful – loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. ● Not not At March 31, 2020 December 31, 2019, March 31, 20 20 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 24,285,097 $ 40,026 $ 2,016,080 $ - $ 129,447,251 $ 155,788,454 Multi-family - - - - 6,932,652 6,932,652 Non-residential 30,047,568 57,178 335,441 - - 30,440,187 Commercial 28,950,688 - - - - 28,950,688 Consumer direct - - 18,732 - 18,442,859 18,461,591 Purchased auto - - 37,964 - 13,070,313 13,108,277 Total $ 83,283,333 $ 97,204 $ 2,408,217 $ - $ 167,893,075 $ 253,681,829 December 31, 201 9 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 29,089,454 $ 40,429 $ 1,889,452 $ - $ 124,123,746 $ 155,143,081 Multi-family - - - - 5,861,428 5,861,428 Non-residential 30,335,894 - 343,720 - - 30,679,614 Commercial 23,915,335 - - - - 23,915,335 Consumer direct - - - - 20,562,789 20,562,789 Purchased auto - - 19,190 - 14,532,009 14,551,199 Total $ 83,340,683 $ 40,429 $ 2,252,362 $ - $ 165,079,972 $ 250,713,446 At March 31, 2020 December 31, 2019, $0 $819,871 $607,268 March 31, 2020 December 31, 2019, |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 – STOCK COMPENSATION Total stock-based compensation expense was $2,663 $3,363 three March 31, 2020 2019, 718, Compensation-Stock Compensation , three March 31, 2020 2019, not |
Note 10 - Recent Accounting Dev
Note 10 - Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 1 0 – RECENT ACCOUNTING DEVELOPMENTS 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, October 16, 2019, December 12, 2022 2016 13, In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2 December 15, 2019, not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 2017 08 December 15, 2018, not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 may one January 1, 2020. March 12, 2020 December 31, 2022. not |
Note 11 - Borrowings
Note 11 - Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 – BORROWINGS A summary of outstanding advances from the Federal Home Loan Bank of Chicago is as follows: March 31, December 31, 20 20 201 9 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 69,123 68,030 Matures 03/21/2023 at 3.15%, fixed 500,000 500,000 Matures 09/21/2023 at 3.18%, fixed 500,000 500,000 Matures 08/28/2024 at 1.59%, fixed 1,500,000 1,500,000 Matures 03/31/2025 at 1.19%, fixed 2,000,000 - Matures 08/28/2029 at 1.93%, fixed 1,500,000 1,500,000 Matures 10/23/2029 at 1.96%, fixed 1,000,000 1,000,000 Matures 01/28/2030 at 2.06%, fixed 1,500,000 - Matures 02/25/2029 at 1.81%, fixed 1,000,000 - $ 13,569,123 $ 9,068,030 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement and Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 2 – FAIR VALUE MEASUREMENT AND DISCLOSURE FASB ASC Topic 820, not 1 3 three 820 Basis of Fair Value Measurement: • Level 1 • Level 2 1 not • Level 3 no Following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities Available for Sale Securities classified as available for sale are recorded at fair value on a recurring basis using pricing obtained from an independent pricing service. Where quoted market prices are available in an active market, securities are classified within Level 1. no 1. not may 2. 2 1 2 not 3. no 3. Foreclosed Assets Foreclosed assets, consisting of foreclosed real estate and repossessed assets, are adjusted to fair value less estimated costs to sell upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of cost or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as non-recurring Level 2. not no 3. Impaired Loans Impaired loans are evaluated and adjusted to the lower of carrying value or fair value less estimated costs to sell at the time the loan is identified as impaired. Impaired loans are carried at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. not no 3. The Company did not 1 2 three March 31, 2020 December 31, 2019. The tables below present the recorded amounts of assets measured at fair value on a recurring basis at March 31, 2020 December 31, 2019. Total March 31, 20 20 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 12,642,959 $ - $ 12,642,959 Residential mortgage-backed securities available for sale - 10,255,854 - 10,255,854 $ - $ 22,898,813 $ - $ 22,898,813 December 31, 201 9 Level 1 Level 2 Level 3 Total Fair Value State and municipal securities available for sale $ - $ 13,465,317 $ - $ 13,465,317 Residential mortgage-backed securities available for sale - 11,050,442 - 11,050,442 $ - $ 24,515,759 $ - $ 24,515,759 The tables below present the recorded amounts of assets measured at fair value on a non-recurring basis at March 31, 2020 December 31, 2019. Total March 31, 20 20 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 15,963 $ 15,963 Impaired loans, net - - 354,696 354,696 Total December 31, 201 9 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 12,926 $ 12,926 Impaired loans, net - - 351,236 351,236 The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 20 20 Foreclosed assets $ 15,963 Appraisal of collateral Appraisal adjustments (35)% to (68)% Impaired loans, net $ 264,080 Appraisal of collateral Appraisal adjustments (16)% to (100.0)% Impaired loans, net $ 90,616 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 201 9 Foreclosed assets $ 12,926 Appraisal of collateral Appraisal adjustments (50)% to (76)% Impaired loans, net $ 287,815 Appraisal of collateral Appraisal adjustments (46.67)% Impaired loans, net $ 63,421 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% In accordance with accounting pronouncements, the carrying value and estimated fair value of the Company’s financial instruments as of March 31, 2020 December 31, 2019, Fair Value Measurements at Carrying March 31, 2020 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 14,981,148 $ 14,981,148 $ - $ - $ 14,981,148 Time deposits 745,500 745,500 - - 745,500 Federal funds sold 2,027,000 2,027,000 - - 2,027,000 Securities 22,898,813 - 22,898,813 - 22,898,813 Net loans 250,324,233 - - 250,467,566 250,467,566 Accrued interest receivable 816,995 816,995 - - 816,995 Mortgage servicing rights 524,203 - - 524,203 524,203 Financial Liabilities: Non-interest bearing deposits 17,366,843 17,366,843 - - 17,366,843 Interest bearing deposits 225,061,788 - - 229,410,384 229,410,384 Accrued interest payable 89,832 89,832 - - 89,832 FHLB advances 13,569,123 - 14,096,051 - 14,096,051 Carrying December 31, 2019 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 6,038,411 $ 6,038,411 $ - $ - $ 6,038,411 Time deposits 1,483,500 1,483,500 - - 1,483,500 Federal funds sold 4,185,000 4,185,000 - - 4,185,000 Securities 24,515,759 - 24,515,759 - 24,515,759 Net loans 247,775,814 - - 248,373,122 248,373,122 Loans held for sale 1,225,526 - 1,225,526 - 1,225,526 Accrued interest receivable 875,104 875,104 - - 875,104 Mortgage servicing rights 534,646 - - 534,646 534,646 Financial Liabilities: Non-interest bearing deposits 13,664,986 13,664,986 - - 13,664,986 Interest bearing deposits 222,648,518 - - 226,125,337 226,125,337 Accrued interest payable 8,146 8,146 - - 8,146 FHLB advances 9,068,030 - 9,158,597 - 9,158,597 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 March 31, 2020 December 31, 2019, In addition, other assets and liabilities of the Bank that are not not not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 20 20 201 9 Net income available to common stockholders $ 85,956 $ 400,070 Basic potential common shares: Weighted average shares outstanding 3,141,912 3,346,185 Weighted average unvested MRP share (2,445 ) (3,060 ) Weighted average unallocated ESOP shares (138,801 ) (157,022 ) Basic weighted average shares outstanding 3,000,666 3,186,103 Dilutive potential common shares: Weighted average unrecognized compensation on MRP shares - 103 Weighted average RRP options outstanding 5,391 5,541 Dilutive weighted average shares outstanding 3,006,057 3,191,747 Basic earnings per share $ 0.029 $ 0.130 Diluted earnings per share $ 0.029 $ 0.130 |
Note 6 - Employee Stock Owner_2
Note 6 - Employee Stock Ownership Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | March 31, December 31, 2020 2019 Shares allocated 145,009 141,831 Shares withdrawn from the plan (28,365 ) (28,365 ) Unallocated shares 136,682 139,860 Total ESOP shares 253,326 253,326 Fair value of unallocated shares $ 1,498,029 $ 1,934,264 |
Note 7 - Investment Securities
Note 7 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 20 20 : Securities Available for Sale State and municipal securities $ 12,623,899 $ 68,477 $ 49,417 $ 12,642,959 Residential mortgage-backed securities 10,097,405 178,860 20,411 $ 10,255,854 $ 22,721,304 $ 247,337 $ 69,828 $ 22,898,813 December 31, 201 9 : Securities Available for Sale State and municipal securities $ 13,126,074 $ 339,243 $ - $ 13,465,317 Residential mortgage-backed securities 10,935,731 144,845 30,136 11,050,442 $ 24,061,805 $ 484,088 $ 30,136 $ 24,515,759 |
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 2,436,843 2,434,230 Due after one year through five years 3,455,503 3,477,066 Due after five years through ten years 3,845,134 3,842,314 Due after ten years 2,886,419 2,889,349 Residential mortgage-backed securities 10,097,405 10,255,854 $ 22,721,304 $ 22,898,813 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 20 20 Securities Available for Sale State and municipal securities $ 4,593,310 $ 49,417 $ - $ - $ 4,593,310 $ 49,417 Residential mortgage-backed securities 790,156 3,017 1,976,472 17,394 2,766,628 20,411 $ 5,383,466 $ 52,434 $ 1,976,472 $ 17,394 $ 7,359,938 $ 69,828 December 31, 201 9 Securities Available for Sale Residential mortgage-backed securities 1,912,778 6,049 2,943,044 24,087 4,855,822 30,136 $ 1,912,778 $ 6,049 $ 2,943,044 $ 24,087 $ 4,855,822 $ 30,136 |
Note 8 - Loans and Allowance _2
Note 8 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2020 2019 Mortgage loans: One-to-four family residential loans $ 155,788,454 $ 155,143,081 Multi-family residential loans 6,932,652 5,861,428 Total mortgage loans 162,721,106 161,004,509 Other loans: Non-residential real estate loans 30,440,187 30,679,614 Commercial loans 28,950,668 23,915,335 Consumer direct 18,461,591 20,562,789 Purchased auto 13,108,277 14,551,199 Total other loans 90,960,723 89,708,937 Gross loans 253,681,829 250,713,446 Less: Allowance for loan losses (3,357,596 ) (2,937,632 ) Loans, net $ 250,324,233 $ 247,775,814 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2020 2019 One-to-four family $ 2,601 $ (109,876 ) Multi-family 3,972 3,971 Consumer direct 566 353 Purchased auto (37,175 ) (23,821 ) Net (charge-offs)/recoveries $ (30,036 ) $ (129,373 ) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | One-to- four Multi- Non- Consumer Purchased March 31, 20 20 family family residential Commercial direct auto Total Balance at beginning of period $ 2,121,082 $ 24,333 $ 207,410 $ 198,565 $ 191,821 $ 194,421 $ 2,937,632 Provision charged to income 228,857 14,698 42,108 85,768 19,679 58,890 450,000 Loans charged off - - - - - (40,694 ) (40,694 ) Recoveries of loans previously charged off 2,601 3,972 - - 566 3,519 10,658 Balance at end of period $ 2,352,540 $ 43,003 $ 249,518 $ 284,333 $ 212,066 $ 216,136 $ 3,357,596 One-to- four Multi- Non- Consumer Purchased March 31, 201 9 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 71,605 (3,835 ) (25,809 ) 10,492 41,985 35,562 130,000 Loans charged off (236,220 ) - - - - (34,520 ) (270,740 ) Recoveries of loans previously charged off 126,344 3,971 - - 353 10,699 141,367 Balance at end of period $ 1,723,465 $ 26,698 $ 317,854 $ 145,657 $ 125,285 $ 289,406 $ 2,628,365 One-to- four Multi- Non- Consumer Purchased March 31, 20 20 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 2,016,080 $ - $ 335,441 $ - $ 18,732 $ 37,964 $ 2,408,217 Loans acquired with deteriorated credit quality 159,989 - - - - - 159,989 Loans collectively evaluated for Impairment 153,612,385 6,932,652 30,104,746 28,950,668 18,442,859 13,070,313 251,113,623 Balance at end of period $ 155,788,454 $ 6,932,652 $ 30,440,187 $ 28,950,668 $ 18,461,591 $ 13,108,277 $ 253,681,829 Period-end amount allocated to: Loans individually evaluated for Impairment $ 85,776 $ - $ - $ - $ 3,968 $ 18,982 $ 108,726 Loans acquired with deteriorated credit quality 68,744 - - - - - 68,744 Loans collectively evaluated for Impairment 2,198,020 43,003 249,518 284,333 208,098 197,154 3,180,126 Balance at end of period $ 2,352,540 $ 43,003 $ 249,518 $ 284,333 $ 212,066 $ 216,136 $ 3,357,596 One-to- four Multi- Non- Consumer Purchased December 31, 201 9 family family residential Commercial direct auto Total Loans individually evaluated for Impairment $ 1,724,694 $ - $ 343,720 $ - $ - $ 19,190 $ 2,087,604 Loans acquired with deteriorated credit quality 164,758 - - - - - 164,758 Loans collectively evaluated for Impairment 153,253,629 5,861,428 30,335,894 23,915,335 20,562,789 14,532,009 248,461,084 Balance at end of period $ 155,143,081 $ 5,861,428 $ 30,679,614 $ 23,915,335 $ 20,562,789 $ 14,551,199 $ 250,713,446 Period-end amount allocated to: Loans individually evaluated for Impairment $ 90,359 $ - $ - $ - $ - $ 9,595 $ 99,954 Loans acquired with deteriorated credit quality 100,172 - - - - - 100,172 Loans collectively evaluated for Impairment 1,930,551 24,333 207,410 198,565 191,821 184,826 2,737,506 Balance at end of period $ 2,121,082 $ 24,333 $ 207,410 $ 198,565 $ 191,821 $ 194,421 $ 2,937,632 |
Impaired Financing Receivables [Table Text Block] | March 31, 20 20 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment One-to-four family $ 2,176,069 $ 1,700,599 $ 475,470 $ 2,176,069 $ 154,520 $ 2,153,496 Multi-family - - - - - - Non-residential 335,441 335,441 - 335,441 - 338,039 Commercial - - - - - - Consumer direct 18,732 - 18,732 18,732 3,968 6,244 Purchased auto 37,964 - 37,964 37,964 18,982 12,655 $ 2,568,206 $ 2,036,040 $ 532,166 $ 2,568,206 $ 177,470 $ 2,510,434 December 31, 2019 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 $ 1,889,452 $ 1,357,280 $ 532,172 $ 1,889,452 $ 190,531 $ 1,298,425 Multi-family - - - - - - Non-residential 343,720 343,720 - 343,720 - 377,632 Commercial - - - - - - Consumer direct - - - - - - Purchased auto 19,190 - 19,190 19,190 9,595 5,736 $ 2,252,362 $ 1,701,000 $ 551,362 $ 2,252,362 $ 200,126 $ 1,681,793 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 20 20 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 2,176,069 $ - Multi-family - - Non-residential 335,441 - Commercial - - Consumer direct 18,732 - Purchased auto 37,964 - $ 2,568,206 $ - December 31, 201 9 Nonaccrual Loans Past Due Over 90 Days Still Accruing One-to-four family $ 1,889,452 $ - Multi-family - - Non-residential 343,720 - Commercial - - Consumer direct - - Purchased auto 19,190 - $ 2,252,362 $ - |
Financing Receivable, Past Due [Table Text Block] | March 31, 20 20 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 $ 3,358,841 $ 1,032,608 $ 904,345 $ 5,295,794 $ 150,492,660 $ 155,788,454 Multi-family - - - - 6,932,652 6,932,652 Non-residential 104,716 265,360 64,116 434,192 30,005,995 30,440,187 Commercial 53,429 - - 53,429 28,897,239 28,950,668 Consumer direct 51,950 - - 51,950 18,409,641 18,461,591 Purchased auto - - 37,964 37,964 13,070,313 13,108,277 $ 3,568,936 $ 1,297,968 $ 1,006,425 $ 5,873,329 $ 247,808,500 $ 253,681,829 December 31, 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 $ 2,635,464 $ 607,023 $ 986,029 $ 4,228,516 $ 150,914,565 $ 155,143,081 Multi-family 104,716 - - 104,716 5,756,712 5,861,428 Non-residential 272,138 64,116 - 336,254 30,343,360 30,679,614 Commercial 368,448 52,629 - 421,077 23,494,258 23,915,335 Consumer direct 29,243 - - 29,243 20,533,546 20,562,789 Purchased auto 64,489 21,673 19,190 105,352 14,445,847 14,551,199 $ 3,474,498 $ 745,441 $ 1,005,219 $ 5,225,158 $ 245,488,288 $ 250,713,446 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 20 20 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 24,285,097 $ 40,026 $ 2,016,080 $ - $ 129,447,251 $ 155,788,454 Multi-family - - - - 6,932,652 6,932,652 Non-residential 30,047,568 57,178 335,441 - - 30,440,187 Commercial 28,950,688 - - - - 28,950,688 Consumer direct - - 18,732 - 18,442,859 18,461,591 Purchased auto - - 37,964 - 13,070,313 13,108,277 Total $ 83,283,333 $ 97,204 $ 2,408,217 $ - $ 167,893,075 $ 253,681,829 December 31, 201 9 Pass Special Mention Substandard Doubtful Not rated Total Loans One-to-four family $ 29,089,454 $ 40,429 $ 1,889,452 $ - $ 124,123,746 $ 155,143,081 Multi-family - - - - 5,861,428 5,861,428 Non-residential 30,335,894 - 343,720 - - 30,679,614 Commercial 23,915,335 - - - - 23,915,335 Consumer direct - - - - 20,562,789 20,562,789 Purchased auto - - 19,190 - 14,532,009 14,551,199 Total $ 83,340,683 $ 40,429 $ 2,252,362 $ - $ 165,079,972 $ 250,713,446 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 20 20 201 9 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 69,123 68,030 Matures 03/21/2023 at 3.15%, fixed 500,000 500,000 Matures 09/21/2023 at 3.18%, fixed 500,000 500,000 Matures 08/28/2024 at 1.59%, fixed 1,500,000 1,500,000 Matures 03/31/2025 at 1.19%, fixed 2,000,000 - Matures 08/28/2029 at 1.93%, fixed 1,500,000 1,500,000 Matures 10/23/2029 at 1.96%, fixed 1,000,000 1,000,000 Matures 01/28/2030 at 2.06%, fixed 1,500,000 - Matures 02/25/2029 at 1.81%, fixed 1,000,000 - $ 13,569,123 $ 9,068,030 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurement and Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total March 31, 20 20 Level 1 Level 2 Level 3 Fair Value State and municipal securities available for sale $ - $ 12,642,959 $ - $ 12,642,959 Residential mortgage-backed securities available for sale - 10,255,854 - 10,255,854 $ - $ 22,898,813 $ - $ 22,898,813 December 31, 201 9 Level 1 Level 2 Level 3 Total Fair Value State and municipal securities available for sale $ - $ 13,465,317 $ - $ 13,465,317 Residential mortgage-backed securities available for sale - 11,050,442 - 11,050,442 $ - $ 24,515,759 $ - $ 24,515,759 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Total March 31, 20 20 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 15,963 $ 15,963 Impaired loans, net - - 354,696 354,696 Total December 31, 201 9 Level 1 Level 2 Level 3 Fair Value Foreclosed assets $ - $ - $ 12,926 $ 12,926 Impaired loans, net - - 351,236 351,236 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 20 20 Foreclosed assets $ 15,963 Appraisal of collateral Appraisal adjustments (35)% to (68)% Impaired loans, net $ 264,080 Appraisal of collateral Appraisal adjustments (16)% to (100.0)% Impaired loans, net $ 90,616 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% December 31, 201 9 Foreclosed assets $ 12,926 Appraisal of collateral Appraisal adjustments (50)% to (76)% Impaired loans, net $ 287,815 Appraisal of collateral Appraisal adjustments (46.67)% Impaired loans, net $ 63,421 Discounted Future Cash Flows Payment Stream N/A Discount Rate 10% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Carrying March 31, 2020 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 14,981,148 $ 14,981,148 $ - $ - $ 14,981,148 Time deposits 745,500 745,500 - - 745,500 Federal funds sold 2,027,000 2,027,000 - - 2,027,000 Securities 22,898,813 - 22,898,813 - 22,898,813 Net loans 250,324,233 - - 250,467,566 250,467,566 Accrued interest receivable 816,995 816,995 - - 816,995 Mortgage servicing rights 524,203 - - 524,203 524,203 Financial Liabilities: Non-interest bearing deposits 17,366,843 17,366,843 - - 17,366,843 Interest bearing deposits 225,061,788 - - 229,410,384 229,410,384 Accrued interest payable 89,832 89,832 - - 89,832 FHLB advances 13,569,123 - 14,096,051 - 14,096,051 Carrying December 31, 2019 using: Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 6,038,411 $ 6,038,411 $ - $ - $ 6,038,411 Time deposits 1,483,500 1,483,500 - - 1,483,500 Federal funds sold 4,185,000 4,185,000 - - 4,185,000 Securities 24,515,759 - 24,515,759 - 24,515,759 Net loans 247,775,814 - - 248,373,122 248,373,122 Loans held for sale 1,225,526 - 1,225,526 - 1,225,526 Accrued interest receivable 875,104 875,104 - - 875,104 Mortgage servicing rights 534,646 - - 534,646 534,646 Financial Liabilities: Non-interest bearing deposits 13,664,986 13,664,986 - - 13,664,986 Interest bearing deposits 222,648,518 - - 226,125,337 226,125,337 Accrued interest payable 8,146 8,146 - - 8,146 FHLB advances 9,068,030 - 9,158,597 - 9,158,597 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income available to common stockholders | $ 85,956 | $ 400,070 |
Basic potential common shares: | ||
Weighted average shares outstanding (in shares) | 3,141,912 | 3,346,185 |
Weighted average unvested MRP share (in shares) | (2,445) | (3,060) |
Weighted average unallocated ESOP shares (in shares) | (138,801) | (157,022) |
Basic weighted average shares outstanding (in shares) | 3,000,666 | 3,186,103 |
Dilutive potential common shares: | ||
Dilutive weighted average shares outstanding (in shares) | 3,006,057 | 3,191,747 |
Basic earnings per share (in dollars per share) | $ 0.029 | $ 0.13 |
Diluted earnings per share (in dollars per share) | $ 0.029 | $ 0.13 |
MRP Stock Awards [Member] | ||
Dilutive potential common shares: | ||
Weighted average dilutive shares (in shares) | 103 | |
Recognition and Retention Plan [Member] | ||
Dilutive potential common shares: | ||
Weighted average dilutive shares (in shares) | 5,391 | 5,541 |
Note 6 - Employee Stock Owner_3
Note 6 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | 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 (in shares) | 253,326 | 253,326 | 190,716 | 76,314 |
Sale of Stock, Price Per Share (in dollars 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 ($) | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 11, 2016 | Jul. 08, 2005 |
Shares allocated (in shares) | 145,009 | 141,831 | ||
Shares withdrawn from the plan (in shares) | (28,365) | (28,365) | ||
Unallocated shares (in shares) | 136,682 | 139,860 | ||
Total ESOP shares (in shares) | 253,326 | 253,326 | 190,716 | 76,314 |
Fair value of unallocated shares | $ 1,498,029 | $ 1,934,264 |
Note 7 - Investment Securitie_2
Note 7 - Investment Securities (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 31 | |
Aggregate Percentage Loss On Securities With Unrealized Loss Position | 0.98% | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Proceeds from Sale of Debt Securities, Available-for-sale | 300,000 | $ 0 |
Debt Securities, Realized Gain (Loss), Total | 873 | |
Debt Securities, Gain (Loss), Tax | $ 16 |
Note 7 - Investment Securitie_3
Note 7 - Investment Securities - Amortized Cost and Fair Values of Securities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 22,721,304 | $ 24,061,805 |
Securities available for sale, gross unrealized gains | 247,337 | 484,088 |
Securities available for sale, gross unrealized losses | 69,828 | 30,136 |
Securities available for sale | 22,898,813 | 24,515,759 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 12,623,899 | 13,126,074 |
Securities available for sale, gross unrealized gains | 68,477 | 339,243 |
Securities available for sale, gross unrealized losses | 49,417 | |
Securities available for sale | 12,642,959 | 13,465,317 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 10,097,405 | 10,935,731 |
Securities available for sale, gross unrealized gains | 178,860 | 144,845 |
Securities available for sale, gross unrealized losses | 20,411 | 30,136 |
Securities available for sale | $ 10,255,854 | $ 11,050,442 |
Note 7 - Investment Securitie_4
Note 7 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 2,436,843 | |
Securities available for sale, due after three months through one year, fair value | 2,434,230 | |
Securities available for sale, due after one year through five years, amortized cost | 3,455,503 | |
Securities available for sale, due after one year through five years, fair value | 3,477,066 | |
Securities available for sale, due after five years through ten years, amortized cost | 3,845,134 | |
Securities available for sale, due after five years through ten years, fair value | 3,842,314 | |
Securities available for sale, due after ten years, amortized cost | 2,886,419 | |
Securities available for sale, due after ten years, fair value | 2,889,349 | |
Residential mortgage-backed securities, amortized cost | 10,097,405 | |
Residential mortgage-backed securities, fair value | 10,255,854 | |
Securities available for sale, amortized cost | 22,721,304 | $ 24,061,805 |
Securities available for sale, fair value | $ 22,898,813 | $ 24,515,759 |
Note 7 - Investment Securitie_5
Note 7 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, less than 12 months, fair value | $ 5,383,466 | $ 1,912,778 |
Securities available for sale, less than 12 months, unrealized losses | 52,434 | 6,049 |
Securities available for sale, 12 months or more, fair value | 1,976,472 | 2,943,044 |
Securities available for sale, 12 months or more, unrealized losses | 17,394 | 24,087 |
Securities available for sale, fair value | 7,359,938 | 4,855,822 |
Securities available for sale, unrealized losses | 69,828 | 30,136 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 4,593,310 | |
Securities available for sale, less than 12 months, unrealized losses | 49,417 | |
Securities available for sale, 12 months or more, fair value | ||
Securities available for sale, 12 months or more, unrealized losses | ||
Securities available for sale, fair value | 4,593,310 | |
Securities available for sale, unrealized losses | 49,417 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 790,156 | 1,912,778 |
Securities available for sale, less than 12 months, unrealized losses | 3,017 | 6,049 |
Securities available for sale, 12 months or more, fair value | 1,976,472 | 2,943,044 |
Securities available for sale, 12 months or more, unrealized losses | 17,394 | 24,087 |
Securities available for sale, fair value | 2,766,628 | 4,855,822 |
Securities available for sale, unrealized losses | $ 20,411 | $ 30,136 |
Note 8 - Loans and Allowance _3
Note 8 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Payments to Acquire Loans Receivable | $ 0 | $ 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 0 | $ 0 | |
Number of Impaired Loans | 35 | 30 | |
Impaired Financing Receivable, Recorded Investment, Total | $ 2,568,206 | $ 2,252,362 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 819,871 | $ 607,268 | |
Residential Portfolio Segment [Member] | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | |
Written Down and Moved to OREO [Member] | |||
Number of Impaired Loans | 5 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 405,000 | ||
Impaired Loans Paid Off [Member] | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 30,000 | ||
Written Down [Member] | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 108,000 | ||
Troubled Debt Restructurings [Member] | |||
Impaired Financing Receivable, Recorded Investment, Total | 58,000 | $ 60,000 | |
Proceeds from Impaired Loans, Principal Payment | $ 2,000 |
Note 8 - Loans and Allowance _4
Note 8 - Loans and Allowance for Loan Losses - Components of Loans, Net of Deferred Loan Costs (Fees) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Gross loans | $ 253,681,829 | $ 250,713,446 | ||
Less: Allowance for loan losses | (3,357,596) | (2,937,632) | $ (2,628,365) | $ (2,627,738) |
Loans, net | 250,324,233 | 247,775,814 | ||
Residential Portfolio Segment [Member] | ||||
Gross loans | 162,721,106 | 161,004,509 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Gross loans | 155,788,454 | 155,143,081 | ||
Less: Allowance for loan losses | (2,352,540) | (2,121,082) | (1,723,465) | (1,761,736) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Gross loans | 6,932,652 | 5,861,428 | ||
Less: Allowance for loan losses | (43,003) | (24,333) | (26,698) | (26,562) |
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Gross loans | 30,440,187 | 30,679,614 | ||
Less: Allowance for loan losses | (249,518) | (207,410) | (317,854) | (343,663) |
Commercial Portfolio Segment [Member] | ||||
Gross loans | 28,950,668 | 23,915,335 | ||
Less: Allowance for loan losses | (284,333) | (198,565) | (145,657) | (135,165) |
Consumer Portfolio Segment [Member] | ||||
Gross loans | 18,461,591 | 20,562,789 | ||
Less: Allowance for loan losses | (212,066) | (191,821) | (125,285) | (82,947) |
Purchased Auto Loans [Member] | ||||
Gross loans | 13,108,277 | 14,551,199 | ||
Less: Allowance for loan losses | (216,136) | (194,421) | $ (289,406) | $ (277,665) |
Non-mortgage Loans [Member] | ||||
Gross loans | $ 90,960,723 | $ 89,708,937 |
Note 8 - Loans and Allowance _5
Note 8 - Loans and Allowance for Loan Losses - Net (Charge-offs) Recoveries (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (charge-offs)/recoveries | $ (30,036) | $ (129,373) |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Net (charge-offs)/recoveries | 2,601 | (109,876) |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Net (charge-offs)/recoveries | 3,972 | 3,971 |
Consumer Portfolio Segment [Member] | ||
Net (charge-offs)/recoveries | 566 | 353 |
Purchased Auto Loans [Member] | ||
Net (charge-offs)/recoveries | $ (37,175) | $ (23,821) |
Note 8 - Loans and Allowance _6
Note 8 - Loans and Allowance for Loan Losses - Recorded Investment in Loans and the Related Allowances (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 2,937,632 | $ 2,627,738 | ||
Provision for loan losses | 450,000 | 130,000 | ||
Loans charged off | (40,694) | (270,740) | ||
Recoveries of loans previously charged off | 10,658 | 141,367 | ||
Balance | 3,357,596 | 2,628,365 | ||
Loans individually evaluated for Impairment | $ 2,408,217 | $ 2,087,604 | ||
Gross loans | 253,681,829 | 250,713,446 | ||
Loans collectively evaluated for Impairment | 251,113,623 | 248,461,084 | ||
Loans individually evaluated for Impairment | 108,726 | 99,954 | ||
Allowance for loan losses | 2,937,632 | 2,628,365 | 3,357,596 | 2,937,632 |
Loans collectively evaluated for Impairment | 3,180,126 | 2,737,506 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 100,172 | |||
Balance | 68,744 | |||
Gross loans | 159,989 | 164,758 | ||
Allowance for loan losses | 100,172 | 68,744 | 100,172 | |
Residential Portfolio Segment [Member] | ||||
Gross loans | 162,721,106 | 161,004,509 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||||
Balance | 2,121,082 | 1,761,736 | ||
Provision for loan losses | 228,857 | 71,605 | ||
Loans charged off | (236,220) | |||
Recoveries of loans previously charged off | 2,601 | 126,344 | ||
Balance | 2,352,540 | 1,723,465 | ||
Loans individually evaluated for Impairment | 2,016,080 | 1,724,694 | ||
Gross loans | 155,788,454 | 155,143,081 | ||
Loans collectively evaluated for Impairment | 153,612,385 | 153,253,629 | ||
Loans individually evaluated for Impairment | 85,776 | 90,359 | ||
Allowance for loan losses | 2,352,540 | 1,723,465 | 2,352,540 | 2,121,082 |
Loans collectively evaluated for Impairment | 2,198,020 | 1,930,551 | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 100,172 | |||
Balance | 68,744 | |||
Gross loans | 159,989 | 164,758 | ||
Allowance for loan losses | 100,172 | 68,744 | 100,172 | |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||||
Balance | 24,333 | 26,562 | ||
Provision for loan losses | 14,698 | (3,835) | ||
Loans charged off | ||||
Recoveries of loans previously charged off | 3,972 | 3,971 | ||
Balance | 43,003 | 26,698 | ||
Loans individually evaluated for Impairment | ||||
Gross loans | 6,932,652 | 5,861,428 | ||
Loans collectively evaluated for Impairment | 6,932,652 | 5,861,428 | ||
Loans individually evaluated for Impairment | ||||
Allowance for loan losses | 43,003 | 26,698 | 43,003 | 24,333 |
Loans collectively evaluated for Impairment | 43,003 | 24,333 | ||
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Gross loans | ||||
Allowance for loan losses | ||||
Nonresidential Real Estate Portfolio Segment [Member] | ||||
Balance | 207,410 | 343,663 | ||
Provision for loan losses | 42,108 | (25,809) | ||
Loans charged off | ||||
Recoveries of loans previously charged off | ||||
Balance | 249,518 | 317,854 | ||
Loans individually evaluated for Impairment | 335,441 | 343,720 | ||
Gross loans | 30,440,187 | 30,679,614 | ||
Loans collectively evaluated for Impairment | 30,104,746 | 30,335,894 | ||
Loans individually evaluated for Impairment | ||||
Allowance for loan losses | 249,518 | 317,854 | 249,518 | 207,410 |
Loans collectively evaluated for Impairment | 249,518 | 207,410 | ||
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Gross loans | ||||
Allowance for loan losses | ||||
Commercial Portfolio Segment [Member] | ||||
Balance | 198,565 | 135,165 | ||
Provision for loan losses | 85,768 | 10,492 | ||
Loans charged off | ||||
Recoveries of loans previously charged off | ||||
Balance | 284,333 | 145,657 | ||
Loans individually evaluated for Impairment | ||||
Gross loans | 28,950,668 | 23,915,335 | ||
Loans collectively evaluated for Impairment | 28,950,668 | 23,915,335 | ||
Loans individually evaluated for Impairment | ||||
Allowance for loan losses | 284,333 | 145,657 | 284,333 | 198,565 |
Loans collectively evaluated for Impairment | 284,333 | 198,565 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Gross loans | ||||
Allowance for loan losses | ||||
Consumer Portfolio Segment [Member] | ||||
Balance | 191,821 | 82,947 | ||
Provision for loan losses | 19,679 | 41,985 | ||
Loans charged off | ||||
Recoveries of loans previously charged off | 566 | 353 | ||
Balance | 212,066 | 125,285 | ||
Loans individually evaluated for Impairment | 18,732 | |||
Gross loans | 18,461,591 | 20,562,789 | ||
Loans collectively evaluated for Impairment | 18,442,859 | 20,562,789 | ||
Loans individually evaluated for Impairment | 3,968 | |||
Allowance for loan losses | 212,066 | 125,285 | 212,066 | 191,821 |
Loans collectively evaluated for Impairment | 208,098 | 191,821 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Gross loans | ||||
Allowance for loan losses | ||||
Purchased Auto Loans [Member] | ||||
Balance | 194,421 | 277,665 | ||
Provision for loan losses | 58,890 | 35,562 | ||
Loans charged off | (40,694) | (34,520) | ||
Recoveries of loans previously charged off | 3,519 | 10,699 | ||
Balance | 216,136 | 289,406 | ||
Loans individually evaluated for Impairment | 37,964 | 19,190 | ||
Gross loans | 13,108,277 | 14,551,199 | ||
Loans collectively evaluated for Impairment | 13,070,313 | 14,532,009 | ||
Loans individually evaluated for Impairment | 18,982 | 9,595 | ||
Allowance for loan losses | 216,136 | $ 289,406 | 216,136 | 194,421 |
Loans collectively evaluated for Impairment | 197,154 | 184,826 | ||
Purchased Auto Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | ||||
Balance | ||||
Gross loans | ||||
Allowance for loan losses |
Note 8 - Loans and Allowance _7
Note 8 - Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Unpaid Contractual Principal Balance | $ 2,568,206 | $ 2,252,362 |
Recorded Investment With No Allowance | 2,036,040 | 1,701,000 |
Recorded Investment With Allowance | 532,166 | 551,362 |
Impaired Financing Receivable, Recorded Investment, Total | 2,568,206 | 2,252,362 |
Related Allowance | 177,470 | 200,126 |
Average Recorded Investment | 2,510,434 | 1,681,793 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Unpaid Contractual Principal Balance | 2,176,069 | 1,889,452 |
Recorded Investment With No Allowance | 1,700,599 | 1,357,280 |
Recorded Investment With Allowance | 475,470 | 532,172 |
Impaired Financing Receivable, Recorded Investment, Total | 2,176,069 | 1,889,452 |
Related Allowance | 154,520 | 190,531 |
Average Recorded Investment | 2,153,496 | 1,298,425 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Impaired Financing Receivable, Recorded Investment, Total | ||
Related Allowance | ||
Average Recorded Investment | ||
Nonresidential Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 335,441 | 343,720 |
Recorded Investment With No Allowance | 335,441 | 343,720 |
Recorded Investment With Allowance | ||
Impaired Financing Receivable, Recorded Investment, Total | 335,441 | 343,720 |
Related Allowance | ||
Average Recorded Investment | 338,039 | 377,632 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | ||
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | ||
Impaired Financing Receivable, Recorded Investment, Total | ||
Related Allowance | ||
Average Recorded Investment | ||
Consumer Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 18,732 | |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 18,732 | |
Impaired Financing Receivable, Recorded Investment, Total | 18,732 | |
Related Allowance | 3,968 | |
Average Recorded Investment | 6,244 | |
Purchased Auto Loans [Member] | ||
Unpaid Contractual Principal Balance | 37,964 | 19,190 |
Recorded Investment With No Allowance | ||
Recorded Investment With Allowance | 37,964 | 19,190 |
Impaired Financing Receivable, Recorded Investment, Total | 37,964 | 19,190 |
Related Allowance | 18,982 | 9,595 |
Average Recorded Investment | $ 12,655 | $ 5,736 |
Note 8 - Loans and Allowance _8
Note 8 - Loans and Allowance for Loan Losses - Nonaccrual Loans and Loans Past Due Over 90 Days (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Nonaccrual Loans | $ 2,568,206 | $ 2,252,362 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Nonaccrual Loans | 2,176,069 | 1,889,452 |
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 | 335,441 | 343,720 |
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 | 18,732 | |
Loans Past Due Over 90 Days Still Accruing | ||
Purchased Auto Loans [Member] | ||
Nonaccrual Loans | 37,964 | 19,190 |
Loans Past Due Over 90 Days Still Accruing |
Note 8 - Loans and Allowance _9
Note 8 - Loans and Allowance for Loan Losses - Aging of the Recorded Investment in Loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Loans past due | $ 5,873,329 | $ 5,225,158 |
Loans, current | 247,808,500 | 245,488,288 |
Total loans | 253,681,829 | 250,713,446 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,568,936 | 3,474,498 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 1,297,968 | 745,441 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 1,006,425 | 1,005,219 |
Residential Portfolio Segment [Member] | ||
Total loans | 162,721,106 | 161,004,509 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Loans past due | 5,295,794 | 4,228,516 |
Loans, current | 150,492,660 | 150,914,565 |
Total loans | 155,788,454 | 155,143,081 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,358,841 | 2,635,464 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 1,032,608 | 607,023 |
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 | 904,345 | 986,029 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Loans past due | 104,716 | |
Loans, current | 6,932,652 | 5,756,712 |
Total loans | 6,932,652 | 5,861,428 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 104,716 | |
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 | 434,192 | 336,254 |
Loans, current | 30,005,995 | 30,343,360 |
Total loans | 30,440,187 | 30,679,614 |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 104,716 | 272,138 |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 265,360 | 64,116 |
Nonresidential Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 64,116 | |
Commercial Portfolio Segment [Member] | ||
Loans past due | 53,429 | 421,077 |
Loans, current | 28,897,239 | 23,494,258 |
Total loans | 28,950,668 | 23,915,335 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 53,429 | 368,448 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 52,629 | |
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 | 51,950 | 29,243 |
Loans, current | 18,409,641 | 20,533,546 |
Total loans | 18,461,591 | 20,562,789 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 51,950 | 29,243 |
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 | 37,964 | 105,352 |
Loans, current | 13,070,313 | 14,445,847 |
Total loans | 13,108,277 | 14,551,199 |
Purchased Auto Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 64,489 | |
Purchased Auto Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 21,673 | |
Purchased Auto Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 37,964 | $ 19,190 |
Note 8 - Loans and Allowance_10
Note 8 - Loans and Allowance for Loan Losses - Loans by Risk Category (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Gross loans | $ 253,681,829 | $ 250,713,446 |
Pass [Member] | ||
Gross loans | 83,283,333 | 83,340,683 |
Special Mention [Member] | ||
Gross loans | 97,204 | 40,429 |
Substandard [Member] | ||
Gross loans | 2,408,217 | 2,252,362 |
Doubtful [Member] | ||
Gross loans | ||
Not Rated [Member] | ||
Gross loans | 167,893,075 | 165,079,972 |
Residential Portfolio Segment [Member] | ||
Gross loans | 162,721,106 | 161,004,509 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | ||
Gross loans | 155,788,454 | 155,143,081 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Pass [Member] | ||
Gross loans | 24,285,097 | 29,089,454 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Special Mention [Member] | ||
Gross loans | 40,026 | 40,429 |
Residential Portfolio Segment [Member] | One- to Four-family Loan [Member] | Substandard [Member] | ||
Gross loans | 2,016,080 | 1,889,452 |
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 | 129,447,251 | 124,123,746 |
Residential Portfolio Segment [Member] | Multi-family Loans [Member] | ||
Gross loans | 6,932,652 | 5,861,428 |
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 | 6,932,652 | 5,861,428 |
Nonresidential Real Estate Portfolio Segment [Member] | ||
Gross loans | 30,440,187 | 30,679,614 |
Nonresidential Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 30,047,568 | 30,335,894 |
Nonresidential Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 57,178 | |
Nonresidential Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 335,441 | 343,720 |
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 | 28,950,668 | 23,915,335 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 28,950,688 | 23,915,335 |
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 | 18,461,591 | 20,562,789 |
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 | 18,732 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | ||
Consumer Portfolio Segment [Member] | Not Rated [Member] | ||
Gross loans | 18,442,859 | 20,562,789 |
Purchased Auto Loans [Member] | ||
Gross loans | 13,108,277 | 14,551,199 |
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 | 37,964 | 19,190 |
Purchased Auto Loans [Member] | Doubtful [Member] | ||
Gross loans | ||
Purchased Auto Loans [Member] | Not Rated [Member] | ||
Gross loans | $ 13,070,313 | $ 14,532,009 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 2,663 | $ 3,363 |
Management Recognition Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 |
Note 11 - Borrowings - Outstand
Note 11 - Borrowings - Outstanding Advances (Details) - Federal Home Loan Bank of Chicago [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Advances from FHLB | $ 13,569,123 | $ 9,068,030 |
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 | 69,123 | 68,030 |
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 |
Matures 08/28/2024 at 1.59% [Member] | ||
Advances from FHLB | 1,500,000 | 1,500,000 |
Matures 03/31/2025 at 1.19% [Member] | ||
Advances from FHLB | 2,000,000 | |
Matures 08/28/2029 at 1.93% [Member] | ||
Advances from FHLB | 1,500,000 | 1,500,000 |
Matures 10/23/2029 at 1.96% [Member] | ||
Advances from FHLB | 1,000,000 | 1,000,000 |
Matures 01/28/2030 at 2.06% [Member] | ||
Advances from FHLB | 1,500,000 | |
Matures 02/25/2029 at 1.81% [Member] | ||
Advances from FHLB | $ 1,000,000 |
Note 11 - Borrowings - Outsta_2
Note 11 - Borrowings - Outstanding Advances (Details) (Parentheticals) - Federal Home Loan Bank of Chicago [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Matures 03/22/2021 at 3.03% [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] | ||
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] | ||
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] | ||
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% |
Matures 08/28/2024 at 1.59% [Member] | ||
Maturity date on fixed rate advance | Aug. 28, 2024 | Aug. 28, 2024 |
Interest rate, fixed | 1.59% | 1.59% |
Matures 03/31/2025 at 1.19% [Member] | ||
Maturity date on fixed rate advance | Aug. 28, 2029 | Aug. 28, 2029 |
Interest rate, fixed | 1.19% | 1.93% |
Matures 08/28/2029 at 1.93% [Member] | ||
Maturity date on fixed rate advance | Oct. 23, 2029 | Oct. 23, 2029 |
Interest rate, fixed | 1.93% | 1.96% |
Matures 10/23/2029 at 1.96% [Member] | ||
Maturity date on fixed rate advance | Oct. 23, 2029 | |
Interest rate, fixed | 1.96% | |
Matures 01/28/2030 at 2.06% [Member] | ||
Maturity date on fixed rate advance | Jan. 28, 2030 | |
Interest rate, fixed | 2.06% | |
Matures 02/25/2029 at 1.81% [Member] | ||
Maturity date on fixed rate advance | Feb. 25, 2029 | |
Interest rate, fixed | 1.81% |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurement and Disclosure (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Total | $ 22,898,813 | $ 24,515,759 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 22,898,813 | $ 24,515,759 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 22,898,813 | 24,515,759 |
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 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 22,898,813 | 24,515,759 |
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 | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 12,642,959 | 13,465,317 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 12,642,959 | 13,465,317 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 12,642,959 | 13,465,317 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | ||
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale | 10,255,854 | 11,050,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 10,255,854 | 11,050,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 10,255,854 | 11,050,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Foreclosed assets | $ 15,963 | $ 12,926 |
Impaired loans, net | 354,696 | 351,236 |
Fair Value, Inputs, Level 1 [Member] | ||
Foreclosed assets | ||
Impaired loans, net | ||
Fair Value, Inputs, Level 2 [Member] | ||
Foreclosed assets | ||
Impaired loans, net | ||
Fair Value, Inputs, Level 3 [Member] | ||
Foreclosed assets | 15,963 | 12,926 |
Impaired loans, net | $ 354,696 | $ 351,236 |
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] $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Measurement Input, Discount Rate [Member] | ||
Impaired loans, net range | 10 | 10 |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | ||
Foreclosed assets | $ 15,963 | $ 12,926 |
Impaired loans, net | $ 264,080 | $ 287,815 |
Impaired loans, net range | (46.67) | |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Minimum [Member] | ||
Foreclosed assets range | (35) | (50) |
Impaired loans, net range | (16) | |
Valuation, Market Approach [Member] | Measurement Input, Appraised Value [Member] | Maximum [Member] | ||
Foreclosed assets range | (68) | (76) |
Impaired loans, net range | (100) | |
Valuation, Income Approach [Member] | Payment Stream [Member] | ||
Impaired loans, net | $ 90,616 | $ 63,421 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurement and Disclosure - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 14,981,148 | $ 6,038,411 |
Time deposits | 745,500 | 1,483,500 |
Federal funds sold | 2,027,000 | 4,185,000 |
Securities | 22,898,813 | 24,515,759 |
Net loans | 250,324,233 | 247,775,814 |
Accrued interest receivable | 816,995 | 875,104 |
Mortgage servicing rights | 524,203 | 534,646 |
Accrued interest payable | 89,832 | 8,146 |
FHLB advances | 13,569,123 | 9,068,030 |
Loans held for sale | 1,225,526 | |
Reported Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 17,366,843 | 13,664,986 |
Reported Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 225,061,788 | 222,648,518 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 14,981,148 | 6,038,411 |
Time deposits | 745,500 | 1,483,500 |
Federal funds sold | 2,027,000 | 4,185,000 |
Securities | 22,898,813 | 24,515,759 |
Net loans | 250,467,566 | 248,373,122 |
Accrued interest receivable | 816,995 | 875,104 |
Mortgage servicing rights | 524,203 | 534,646 |
Accrued interest payable | 89,832 | 8,146 |
FHLB advances | 14,096,051 | 9,158,597 |
Loans held for sale | 1,225,526 | |
Estimate of Fair Value Measurement [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 17,366,843 | 13,664,986 |
Estimate of Fair Value Measurement [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | 229,410,384 | 226,125,337 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 14,981,148 | 6,038,411 |
Time deposits | 745,500 | 1,483,500 |
Federal funds sold | 2,027,000 | 4,185,000 |
Securities | ||
Net loans | ||
Accrued interest receivable | 816,995 | 875,104 |
Mortgage servicing rights | ||
Accrued interest payable | 89,832 | 8,146 |
FHLB advances | ||
Loans held for sale | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | 17,366,843 | 13,664,986 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | 22,898,813 | 24,515,759 |
Net loans | ||
Accrued interest receivable | ||
Mortgage servicing rights | ||
Accrued interest payable | ||
FHLB advances | 14,096,051 | 9,158,597 |
Loans held for sale | 1,225,526 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Time deposits | ||
Federal funds sold | ||
Securities | ||
Net loans | 250,467,566 | 248,373,122 |
Accrued interest receivable | ||
Mortgage servicing rights | 524,203 | 534,646 |
Accrued interest payable | ||
FHLB advances | ||
Loans held for sale | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Non-Interest Bearing Deposits [Member] | ||
Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Bearing Deposits, Liabilities [Member] | ||
Deposits | $ 229,410,384 | $ 226,125,337 |