Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Farmers & Merchants Bancshares, Inc. | |
Entity Central Index Key | 1,698,022 | |
Trading Symbol | fmfg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 1,675,200 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 9,773,804 | $ 6,235,186 |
Federal funds sold and other interest-bearing deposits | 2,844,890 | 1,002,199 |
Cash and cash equivalents | 12,618,694 | 7,237,385 |
Certificates of deposit in other bank | 342,000 | 100,000 |
Securities available for sale | 23,409,440 | 27,929,510 |
Securities held to maturity | 18,119,599 | 18,204,182 |
Equity security at fair value | 496,916 | 503,881 |
Federal Home Loan Bank stock, at cost | 575,800 | 1,063,600 |
Mortgage loans held for sale | 150,000 | 327,700 |
Loans, less allowance for loan losses of $2,672,584 and $2,458,911 | 341,327,272 | 332,533,706 |
Premises and equipment | 5,137,072 | 5,206,271 |
Accrued interest receivable | 968,951 | 1,020,256 |
Deferred income taxes | 1,145,214 | 998,032 |
Other real estate owned | 210,150 | 265,500 |
Bank owned life insurance | 7,012,864 | 6,891,590 |
Other assets | 670,392 | 622,856 |
412,184,364 | 402,904,469 | |
Deposits | ||
Noninterest-bearing | 59,561,564 | 64,403,133 |
Interest-bearing | 289,952,691 | 255,393,291 |
Total deposits | 349,514,255 | 319,796,424 |
Securities sold under repurchase agreements | 12,163,423 | 21,768,507 |
Federal Home Loan Bank of Atlanta advances | 3,000,000 | 17,000,000 |
Accrued interest payable | 296,868 | 180,620 |
Other liabilities | 2,672,864 | 2,359,986 |
367,647,410 | 361,105,537 | |
Stockholders' equity | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,675,200 shares in 2018 and 1,667,813 shares in 2017 | 16,752 | 16,678 |
Additional paid-in capital | 27,086,751 | 26,869,796 |
Retained earnings | 18,204,888 | 15,306,625 |
Accumulated other comprehensive income | (771,437) | (394,167) |
44,536,954 | 41,798,932 | |
$ 412,184,364 | $ 402,904,469 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance for loan losses | $ 2,672,584 | $ 2,458,911 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, share issued (in shares) | 1,675,200 | 1,667,813 |
Common stock, share outstanding (in shares) | 1,675,200 | 1,667,813 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income | ||||
Loans, including fees | $ 4,189,626 | $ 3,863,788 | $ 12,171,765 | $ 11,245,018 |
Investment securities - taxable | 145,791 | 189,096 | 450,649 | 558,648 |
Investment securities - tax exempt | 142,493 | 152,519 | 428,055 | 454,626 |
Federal funds sold and other interest earning assets | 47,280 | 26,614 | 117,973 | 72,097 |
Total interest income | 4,525,190 | 4,232,017 | 13,168,442 | 12,330,389 |
Interest expense | ||||
Deposits | 604,697 | 357,200 | 1,543,023 | 1,000,884 |
Securities sold under repurchase agreements | 42,841 | 37,208 | 112,242 | 121,495 |
Federal Home Loan Bank advances and other borrowings | 16,480 | 48,397 | 125,427 | 118,757 |
Total interest expense | 664,018 | 442,805 | 1,780,692 | 1,241,136 |
Net interest income | 3,861,172 | 3,789,212 | 11,387,750 | 11,089,253 |
Provision for loan losses | (100,000) | 225,000 | 25,000 | 350,000 |
Net interest income after provision for loan losses | 3,961,172 | 3,564,212 | 11,362,750 | 10,739,253 |
Noninterest income | ||||
Mortgage banking income | 105,144 | 76,916 | 219,805 | 185,649 |
Bank owned life insurance income | 40,880 | 43,096 | 121,274 | 129,340 |
Net unrealized (loss) gain on equity securities | (3,869) | (15,348) | ||
Gain (loss) on sale and write down of other real estate owned | (55,350) | (55,350) | ||
Gain on sale of SBA loans | 3,317 | 63,825 | 217,563 | |
Total noninterest income | 272,421 | 312,992 | 904,032 | 1,137,774 |
Noninterest expense | ||||
Salaries | 1,344,759 | 1,278,741 | 3,892,971 | 3,670,613 |
Employee benefits | 328,258 | 317,231 | 1,018,280 | 996,398 |
Occupancy | 168,759 | 152,157 | 535,448 | 503,578 |
Furniture and equipment | 148,945 | 156,700 | 475,953 | 491,356 |
Other | 606,346 | 594,879 | 1,932,585 | 1,916,018 |
Total noninterest expense | 2,597,067 | 2,499,708 | 7,855,237 | 7,577,963 |
Income before income taxes | 1,636,526 | 1,377,496 | 4,411,545 | 4,299,064 |
Income taxes | 327,838 | 363,040 | 835,674 | 1,166,162 |
Net income | $ 1,308,688 | $ 1,014,456 | $ 3,575,871 | $ 3,132,902 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.78 | $ 0.61 | $ 2.14 | $ 1.89 |
Deposit Account [Member] | ||||
Noninterest income | ||||
Noninterest revenue | $ 160,665 | $ 172,107 | $ 496,393 | $ 525,107 |
Financial Service, Other [Member] | ||||
Noninterest income | ||||
Noninterest revenue | $ 21,634 | $ 20,873 | $ 73,433 | $ 80,115 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 1,308,688 | $ 1,014,456 | $ 3,575,871 | $ 3,132,902 |
Securities available for sale | ||||
Net unrealized gain (loss) arising during the period | (115,428) | (13,552) | (534,867) | 169,317 |
Reclassification adjustment for realized gains and losses included in net income | ||||
Total unrealized gain (loss) on investment securities available for sale | (115,428) | (13,552) | (534,867) | 169,317 |
Income tax expense (benefit) relating to investment securities available for sale | (31,762) | (5,346) | (147,181) | 66,787 |
Total other comprehensive income (loss) | (83,666) | (8,206) | (387,686) | 102,530 |
Total comprehensive income | $ 1,225,022 | $ 1,006,250 | $ 3,188,185 | $ 3,235,432 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited Except for Year-end Amounts) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 1,656,390 | ||||
Balance at Dec. 31, 2016 | $ 16,564 | $ 26,562,919 | $ 12,713,099 | $ (280,305) | $ 39,012,277 |
Net income | 3,132,902 | 3,132,902 | |||
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit) | 102,530 | 102,530 | |||
Cash dividends | (612,864) | (612,864) | |||
Dividends reinvested (in shares) | 4,310 | ||||
Dividends reinvested | $ 43 | 112,760 | 112,803 | ||
Balance (in shares) at Sep. 30, 2017 | 1,660,700 | ||||
Balance at Sep. 30, 2017 | $ 16,607 | 26,675,679 | 15,233,137 | (177,775) | 41,747,648 |
Balance (in shares) at Dec. 31, 2017 | 1,667,813 | ||||
Balance at Dec. 31, 2017 | $ 16,678 | 26,869,796 | 15,306,625 | (394,167) | 41,798,932 |
Net income | 3,575,871 | 3,575,871 | |||
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit) | (387,686) | (387,686) | |||
Cash dividends | (667,192) | (667,192) | |||
Dividends reinvested (in shares) | 7,337 | ||||
Dividends reinvested | $ 73 | 215,406 | 215,479 | ||
Reclassification due to adoption of ASU No. 2016-01 | (10,416) | 10,416 | |||
Shares issued (in shares) | 50 | ||||
Shares issued | $ 1 | 1,549 | 1,550 | ||
Balance (in shares) at Sep. 30, 2018 | 1,675,200 | ||||
Balance at Sep. 30, 2018 | $ 16,752 | $ 27,086,751 | $ 18,204,888 | $ (771,437) | $ 44,536,954 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited Except for Year-end Amounts) (Parentheticals) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Unrealized gain (loss) on securities available for sale, tax expense (benefit) | $ (147,181) | $ 66,787 |
Cash dividends (in dollars per share) | $ 0.40 | $ 0.37 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Interest received | $ 13,200,699 | $ 12,459,877 |
Fees and commissions received | 789,631 | 790,871 |
Interest paid | (1,664,444) | (1,193,825) |
Proceeds from sale of mortgage loans held for sale | 10,513,771 | 8,540,009 |
Origination of mortgage loans held for sale | (10,336,071) | (8,489,409) |
Cash paid to suppliers and employees | (7,490,137) | (4,933,897) |
Income taxes paid, net of refunds received | (588,898) | (1,166,162) |
4,424,551 | 6,007,464 | |
Cash flows from investing activities | ||
Available for sale | 3,867,038 | 5,441,743 |
Held to maturity | 165,000 | 1,054,308 |
Available for sale | (1,132,225) | |
Held to maturity | (63,242) | (1,805,923) |
Purchase of certificate of deposit | (242,000) | |
Loans made to customers, net of principal collected | (9,473,587) | (27,550,876) |
Proceeds from sale of loans | 729,511 | 2,752,563 |
(Purchase) redemption of stock in FHLB of Atlanta | 487,800 | (242,800) |
Purchases of premises, equipment and software | (176,346) | (51,313) |
(4,705,826) | (21,534,523) | |
Cash flows from financing activities | ||
Noninterest-bearing deposits | (4,841,569) | (3,148,915) |
Interest-bearing deposits | 34,559,400 | 14,503,517 |
Securities sold under repurchase agreements | (9,605,084) | (3,663,750) |
Federal Home Loan Bank of Atlanta advances | (14,000,000) | 7,000,000 |
Dividends paid, net of reinvestments | (451,713) | (500,061) |
Common stock issued | 1,550 | |
5,662,584 | 14,190,791 | |
Net increase (decrease) in cash and cash equivalents | 5,381,309 | (1,336,268) |
Cash and cash equivalents at beginning of period | 7,237,385 | 13,312,915 |
Cash and cash equivalents at end of period | 12,618,694 | 11,976,647 |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | 3,575,871 | 3,132,902 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 289,097 | 320,966 |
Provision for loan losses | 25,000 | 350,000 |
Write down of other real estate owned | 55,350 | |
Mutual fund dividend reinvested | (8,383) | (7,845) |
Mutual fund unrealized loss included in net income | 15,348 | |
Gain on sale of loans | (63,825) | (217,563) |
Decrease (increase) in mortgage loans held for sale | 177,700 | 50,600 |
Amortization of premiums and accretion of discounts, net | 100,989 | 79,969 |
Increase (decrease) in | ||
Deferred loan fees | (10,665) | 103,405 |
Accrued interest payable | 116,248 | 47,311 |
Other liabilities | 312,878 | 651,010 |
Decrease (increase) in | ||
Accrued interest receivable | 51,305 | 33,928 |
Bank owned life insurance cash surrender value | (121,274) | (129,340) |
Other assets | (91,088) | 1,592,121 |
$ 4,424,551 | $ 6,007,464 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Principles of consolidation The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB- 4 one 100% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10 8 03 X. not three nine September 30, 2018 not may December 31, 2018 December 31, 2017, 10 Recent Accounting Pronouncements In January 2016, 2016 01, 825 10 2016 01, December 15, 2017, not 2016 01, January 1, 2018, $10,416 December 31, 2017. In February 2016, No. 2016 02, 841 2016 02 606, December 15, 2018, not may not 2016 02’s $1,500,000. In June 2016, 2016 13, December 15, 2019, In March 2017, 2017 08, 310 20 2017 08 not 2017 08 December 15, 2018 not |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Investments in debt securities are summarized as follows: Amortized Unrealized Unrealized Fair September 30, 2018 cost gains losses value Available for sale State and municipal $ 1,507,082 $ 15,605 $ 12,208 $ 1,510,479 SBA pools 2,876,626 - 65,100 2,811,526 Mortgage-backed securities 20,090,040 - 1,002,605 19,087,435 $ 24,473,748 $ 15,605 $ 1,079,913 $ 23,409,440 Held to maturity State and municipal $ 18,119,599 $ 86,106 $ 371,925 $ 17,833,780 Amortized Unrealized Unrealized Fair December 31, 2017 cost gains losses value Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,458,951 $ 47,356 $ 576,797 $ 27,929,510 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2018 cost value cost value Within one year $ - $ - $ 1,014,723 $ 1,015,798 Over one to five years 261,200 248,992 591,356 599,648 Over five to ten years 870,575 884,072 1,857,648 1,864,639 Over ten years 375,307 377,415 14,655,872 14,353,695 1,507,082 1,510,479 18,119,599 17,833,780 Mortgage-backed securities and SBA pools, due in monthly installments 22,966,666 21,898,961 - - $ 24,473,748 $ 23,409,440 $ 18,119,599 $ 17,833,780 December 31, 2017 Within one year $ - $ - $ 165,677 $ 168,260 Over one to five years - - 780,336 794,512 Over five to ten years 1,133,940 1,150,564 1,792,019 1,831,833 Over ten years 376,908 388,643 15,466,150 15,513,022 1,510,848 1,539,207 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,458,951 $ 27,929,510 $ 18,204,182 $ 18,307,627 Securities with a carrying value of $16,624,704 $31,982,381 September 30, 2018 December 31, 2017, The following table sets forth the Company’s gross unrealized losses on a continuous basis for investments in debt securities, by category and length of time, at September 30, 2018 December 31, 2017. September 30, 2018 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 6,087,478 $ 133,243 $ 2,848,929 $ 250,890 $ 8,936,407 $ 384,133 SBA pools 459,312 7,292 2,328,482 57,808 2,787,794 65,100 Mortgage-backed securities 1,745,320 70,100 17,342,115 932,505 19,087,435 1,002,605 Total $ 8,292,110 $ 210,635 $ 22,519,526 $ 1,241,203 $ 30,811,636 $ 1,451,838 December 31, 2017 Less than 12 months 12 months or more Total Description of investments Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses State and municipal $ 812,630 $ 1,519 $ 3,444,443 $ 130,520 $ 4,257,073 $ 132,039 SBA pools 551,780 1,903 2,109,832 11,097 2,661,612 13,000 Mortgage-backed securities 2,871,597 41,413 19,571,511 512,249 22,443,108 553,662 Total $ 4,236,007 $ 44,835 $ 25,125,786 $ 653,866 $ 29,361,793 $ 698,701 Management has the ability and intent to hold securities classified as held to maturity until they mature, at which time the Company should receive full value for the securities. As of September 30, 2018 December 31, 2017, not September 30, 2018 December 31, 2017, none |
Note 4 - Loans
Note 4 - Loans | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Major categories of loans are as follows: September 30, December 31, 2018 2017 Real estate: Commercial $ 238,570,003 $ 234,026,574 Construction and land development 23,971,982 18,160,366 Residential 60,315,509 59,241,416 Commercial 21,238,222 23,613,543 Consumer 467,592 554,017 344,563,308 335,595,916 Less: Allowance for loan losses 2,672,584 2,458,911 Deferred origination fees net of costs 563,452 603,299 $ 341,327,272 $ 332,533,706 Non-accrual loans, segregated by class of loans, were as follows: September 30, December 31, 2018 2017 Commercial real estate $ 1,678,811 $ 2,245,743 At September 30, 2018, two one $1,678,811 $35,467 2018 $210,686 fourth fourth 2018. At December 31, 2017, one $2,245,743. $82,070 2017 $127,213 $275,000 December 31, 2017. three June 30, 2018. $151,000 three June 30, 2018 $46,660 three September 30, 2018. An age analysis of past due loans, segregated by type of loan, is as follows: 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing September 30, 2018 Real estate: Commercial $ - $ - $ 1,678,811 $ 1,678,811 $ 236,891,192 $ 238,570,003 $ - Construction and land development - - - - 23,971,982 23,971,982 - Residential 11,625 - 44,254 55,879 60,259,630 60,315,509 44,254 Commercial - - - - 21,238,222 21,238,222 - Consumer - - - - 467,592 467,592 - Total $ 11,625 $ - $ 1,723,065 $ 1,734,690 $ 342,828,618 $ 344,563,308 $ 44,254 December 31, 2017 Real estate: Commercial $ - $ - $ 2,245,743 $ 2,245,743 $ 231,780,831 $ 234,026,574 $ - Construction and land development - - - - 18,160,366 18,160,366 - Residential - - 146,459 146,459 59,094,957 59,241,416 146,459 Commercial - - - - 23,613,543 23,613,543 - Consumer - - - - 554,017 554,017 - Total $ - $ - $ 2,392,202 $ 2,392,202 $ 333,203,714 $ 335,595,916 $ 146,459 Impaired loans, segregated by class of loans, are set forth in the following table: Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized September 30, 2018 Real estate: Commercial real estate $ 3,825,462 $ 2,146,651 $ 1,678,811 $ 3,825,462 $ 210,686 $ 4,504,322 $ 86,727 Residential real estate 44,254 44,254 - 44,254 - 22,127 1,724 $ 3,869,716 $ 2,190,905 $ 1,678,811 $ 3,869,716 $ 210,686 $ 4,526,449 $ 88,451 December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 2,591,591 $ 268,652 Impaired loans also include certain loans that have been modified in troubled debt restructurings (“TDRs”) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may six At September 30, 2018, one $2,146,651 At December 31, 2017, three $2,937,439 $774,274 2017 June 30, 2018. no three As part of our portfolio risk management, the Company assigns a risk grade to each loan. The factors used to determine the grade are the payment history of the loan and the borrower, the value of the collateral and net worth of the guarantor, and cash flow projections of the borrower. Excellent, Above Average, Average and Acceptable grades are assigned to loans with limited or no A description of the general characteristics of loans characterized as watch list or classified is as follows: Pass/Watch Loans graded as Pass/Watch are secured by generally acceptable assets which reflect above-average risk. The loans warrant closer scrutiny by management than is routine, due to circumstances affecting the borrower, the borrower’s industry, or the overall economic environment. Borrowers may Special Mention A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may not not Borrowers may may may Substandard A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans 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 Borrowers may Doubtful A doubtful loan has all the weaknesses inherent as a substandard loan 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. Loans by credit grade, segregated by loan type, are as follows: September 30, 2018 Excellent Above average Average Acceptable Pass watch Special mention Substandard Doubtful Total Real estate: Commercial $ - $ 4,310,627 $ 106,444,516 $ 101,482,395 $ 16,831,595 $ - $ 9,500,870 $ - $ 238,570,003 Construction and land development - 515,505 7,120,165 11,844,437 4,491,875 - - - 23,971,982 Residential 32,508 1,293,553 30,008,724 24,152,626 2,014,939 - 2,813,159 - 60,315,509 Commercial 404,743 26,140 9,714,023 9,213,255 1,880,061 - - - 21,238,222 Consumer - 88,048 290,655 66,739 - - 1,740 20,410 467,592 $ 437,251 $ 6,233,873 $ 153,578,083 $ 146,759,452 $ 25,218,470 $ - $ 12,315,769 $ 20,410 $ 344,563,308 December 31, 2017 Excellent Above average Average Acceptable Pass watch Special mention Substandard Doubtful Total Real estate: Commercial $ - $ 6,115,925 $ 127,639,361 $ 79,619,726 $ 9,041,882 $ 5,391,589 $ 3,972,348 $ 2,245,743 $ 234,026,574 Construction and land development - 173,633 9,288,372 4,978,964 3,719,397 - - - 18,160,366 Residential 53,948 1,260,128 35,254,016 18,659,174 3,363,570 - 650,580 - 59,241,416 Commercial 1,581,878 121,919 16,225,350 5,545,562 138,834 - - - 23,613,543 Consumer 5,210 96,484 351,093 70,171 - - 2,640 28,419 554,017 $ 1,641,036 $ 7,768,089 $ 188,758,192 $ 108,873,597 $ 16,263,683 $ 5,391,589 $ 4,625,568 $ 2,274,162 $ 335,595,916 The Company’s allowance for loan losses is based on management’s evaluation of the risks inherent in the Company’s loan portfolio and the general economy. The allowance for loan may The following table details activity in the allowance for loan losses by portfolio for the nine September 30, 2018 2017, December 31, 2017. one not Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated September 30, Beginning for loan Charge Ending for impairment: for impairment: 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ (252,948 ) $ - $ 202,660 $ 1,817,109 $ 210,686 $ 1,606,423 $ 3,825,462 $ 234,744,541 Construction and land development 223,274 99,933 (22,116 ) 1,462 302,553 - 302,553 - 23,971,982 Residential 247,953 143,681 - - 391,634 - 391,634 44,254 60,271,255 Commercial 87,353 1,539 - 6,667 95,559 - 95,559 - 21,238,222 Consumer 7,027 (1,523 ) - - 5,504 - 5,504 - 467,592 Unallocated 25,907 34,318 - - 60,225 - 60,225 - - $ 2,458,911 $ 25,000 $ (22,116 ) $ 210,789 $ 2,672,584 $ 210,686 $ 2,461,898 $ 3,869,716 $ 340,693,592 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated September 30, Beginning for loan Charge Ending for impairment: for impairment: 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 367,069 $ - $ 3,280 $ 2,088,098 $ 535,425 $ 1,552,673 $ 5,467,307 $ 223,963,470 Construction and land development 204,860 70,910 - - 275,770 84,024 191,746 228,487 15,826,463 Residential 247,437 (6,779 ) - 148 240,806 - 240,806 - 58,240,824 Commercial 125,260 (48,493 ) - - 76,767 - 76,767 135,971 18,728,030 Consumer 8,826 (1,653 ) - - 7,173 - 7,173 - 555,671 Unallocated 58,954 (31,054 ) - - 27,900 - 27,900 - - $ 2,363,086 $ 350,000 $ - $ 3,428 $ 2,716,514 $ 619,449 $ 2,097,065 $ 5,831,765 $ 317,314,458 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated December 31, Beginning for loan Charge Ending for impairment: for impairment: 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 419,868 $ (275,000 ) $ 4,780 $ 1,867,397 $ 127,213 $ 1,740,184 $ 5,183,182 $ 228,843,392 Construction and land development 204,860 65,850 (47,436 ) - 223,274 - 223,274 - 18,160,366 Residential 247,437 368 - 148 247,953 - 247,953 - 59,241,416 Commercial 125,260 (41,240 ) - 3,333 87,353 - 87,353 - 23,613,543 Consumer 8,826 (1,799 ) - - 7,027 - 7,027 - 554,017 Unallocated 58,954 (33,047 ) - - 25,907 - 25,907 - - $ 2,363,086 $ 410,000 $ (322,436 ) $ 8,261 $ 2,458,911 $ 127,213 $ 2,331,698 $ 5,183,182 $ 330,412,734 |
Note 5 - Capital Standards
Note 5 - Capital Standards | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 5. Capital Standards The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 1 1 1 In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 1 Under the revised prompt corrective action requirements, as of January 1, 2015, 1 6.5%; 1 8%; 10%; 1 5%. The implementation of the capital conservation buffer began on January 1, 2016, 0.625% four January 1, 2.5% January 1, 2019 not September 30, 2018, The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 The following table presents actual and required capital ratios as of September 30, 2018 December 31, 2017, September 30, 2018 December 31, 2017 Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized September 30, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 46,543 13.01 % $ 35,325 9.88 % $ 35,772 10.00 % Tier 1 capital (to risk-weighted assets) 43,870 12.26 % 28,170 7.88 % 28,618 8.00 % Common equity tier 1 (to risk- weighted assets) 43,870 12.26 % 22,805 6.38 % 23,252 6.50 % Tier 1 leverage (to average assets) 43,870 10.56 % 16,615 4.00 % 20,769 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,039 12.54 % $ 32,477 9.25 % $ 35,110 10.00 % Tier 1 capital (to risk-weighted assets) 41,580 11.84 % 25,455 7.25 % 28,088 8.00 % Common equity tier 1 (to risk- weighted assets) 41,580 11.84 % 20,188 5.75 % 22,822 6.50 % Tier 1 leverage (to average assets) 41,580 10.31 % 16,135 4.00 % 20,169 5.00 % Capital ratios of the Company are substantially the same as the Bank’s. As of September 30, 2018, no The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action. |
Note 6 - Fair Value
Note 6 - Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Value Accounting standards define fair value as the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants. The price in the principal market used to measure the fair value of the asset or liability is not The standards require the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. The standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: ● Level 2: 1 not ● Level 3: The Company uses the following methods and significant assumptions to estimate the fair values of the following assets: ● Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices from a nationally recognized securities pricing agent. If quoted market prices are not ● Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1. ● Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not 3. third 10% ● Impaired loans: Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs and reserves that are based on the impaired loan’s observable market price or current appraised value of the collateral. Since the market for impaired loans is not 3. third 10% The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2018 December 31, 2017, Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2018 Recurring Available for sale securities State and municipal $ - $ 1,510,479 $ - $ 1,510,479 SBA pools - 2,811,526 - 2,811,526 Mortgage-backed securities - 19,087,435 - 19,087,435 $ - $ 23,409,440 $ - $ 23,409,440 Equity security at fair value Mutual fund $ 496,916 $ - $ - $ 496,916 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,659,030 3,659,030 December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ - $ 27,929,510 $ - $ 27,929,510 Equity security at fair value Mutual fund $ 503,881 $ - $ - $ 503,881 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 The estimated fair value of financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: September 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 12,618,694 $ 12,618,694 $ 7,237,385 $ 7,237,385 Level 2 inputs Securities held to maturity 18,119,599 17,833,780 18,204,182 18,307,627 Mortgage loans held for sale 150,000 152,015 327,700 332,558 Federal Home Loan Bank stock 575,800 575,800 1,063,600 1,063,600 Level 3 inputs Loans, net 341,327,272 336,778,883 332,533,706 332,689,848 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 59,561,564 $ 59,561,564 $ 64,403,133 $ 64,403,133 Securities sold under repurchase agreements 12,163,423 12,163,423 21,768,507 21,768,507 Level 2 inputs Interest-bearing deposits 289,952,691 276,632,691 255,393,291 244,403,281 Federal Home Loan Bank advances 3,000,000 2,961,000 17,000,000 16,957,000 The fair value of mortgage loans held for sale is determined by the expected sales price. Beginning in the first 2018, 2016 01, first 2018. 3 December 31, 2017 September 30, 2018 December 31, 2017 not The fair values of noninterest and interest-bearing checking, savings, and money market deposit accounts are equal to their carrying amounts. The fair values of fixed-maturity time deposits are estimated based on interest rates currently offered for deposits of similar remaining maturities. The fair value of credit commitments are considered to be the same as the contractual amounts, and are not |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic earnings per share is determined by dividing net income available to stockholders by the weighted-average number of shares of common stock outstanding during the period and does not nine three September 30, 2018 2017. no September 30, 2018 2017. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Net income $ 1,308,688 $ 1,014,456 $ 3,575,871 $ 3,132,902 Weighted average shares outstanding 1,675,200 1,659,295 1,670,344 1,657,369 Earnings per share - basic and diluted $ 0.78 $ 0.61 $ 2.14 $ 1.89 |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. The Company has a profit sharing plan qualifying under Section 401 21 six 4% may 100% $45,130 $133,118 three nine September 30, 2018, $41,013 $120,759 three nine September 30, 2017, The Company has entered into agreements with 12 $1,418 $4,255 three nine September 30, 2018, $1,307 $3,921 three nine September 30, 2017, In 2010 2015, three $60,457 $180,457 three nine September 30, 2018, $63,600 $190,800 three nine September 30, 2017, Retirement plan expenses are included in employee benefits on the consolidated statements of income. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. No |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, 2016 01, 825 10 2016 01, December 15, 2017, not 2016 01, January 1, 2018, $ 10,416 December 31, 2017. In February 2016, No. 2016 02, 841 2016 02 606, December 15, 2018, not may not 2016 02’s $1,500,000. In June 2016, 2016 13, December 15, 2019, In March 2017, 2017 08, 310 20 2017 08 not 2017 08 December 15, 2018 not |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair September 30, 2018 cost gains losses value Available for sale State and municipal $ 1,507,082 $ 15,605 $ 12,208 $ 1,510,479 SBA pools 2,876,626 - 65,100 2,811,526 Mortgage-backed securities 20,090,040 - 1,002,605 19,087,435 $ 24,473,748 $ 15,605 $ 1,079,913 $ 23,409,440 Held to maturity State and municipal $ 18,119,599 $ 86,106 $ 371,925 $ 17,833,780 Amortized Unrealized Unrealized Fair December 31, 2017 cost gains losses value Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,458,951 $ 47,356 $ 576,797 $ 27,929,510 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2018 cost value cost value Within one year $ - $ - $ 1,014,723 $ 1,015,798 Over one to five years 261,200 248,992 591,356 599,648 Over five to ten years 870,575 884,072 1,857,648 1,864,639 Over ten years 375,307 377,415 14,655,872 14,353,695 1,507,082 1,510,479 18,119,599 17,833,780 Mortgage-backed securities and SBA pools, due in monthly installments 22,966,666 21,898,961 - - $ 24,473,748 $ 23,409,440 $ 18,119,599 $ 17,833,780 December 31, 2017 Within one year $ - $ - $ 165,677 $ 168,260 Over one to five years - - 780,336 794,512 Over five to ten years 1,133,940 1,150,564 1,792,019 1,831,833 Over ten years 376,908 388,643 15,466,150 15,513,022 1,510,848 1,539,207 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,458,951 $ 27,929,510 $ 18,204,182 $ 18,307,627 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2018 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 6,087,478 $ 133,243 $ 2,848,929 $ 250,890 $ 8,936,407 $ 384,133 SBA pools 459,312 7,292 2,328,482 57,808 2,787,794 65,100 Mortgage-backed securities 1,745,320 70,100 17,342,115 932,505 19,087,435 1,002,605 Total $ 8,292,110 $ 210,635 $ 22,519,526 $ 1,241,203 $ 30,811,636 $ 1,451,838 December 31, 2017 Less than 12 months 12 months or more Total Description of investments Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses State and municipal $ 812,630 $ 1,519 $ 3,444,443 $ 130,520 $ 4,257,073 $ 132,039 SBA pools 551,780 1,903 2,109,832 11,097 2,661,612 13,000 Mortgage-backed securities 2,871,597 41,413 19,571,511 512,249 22,443,108 553,662 Total $ 4,236,007 $ 44,835 $ 25,125,786 $ 653,866 $ 29,361,793 $ 698,701 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2018 2017 Real estate: Commercial $ 238,570,003 $ 234,026,574 Construction and land development 23,971,982 18,160,366 Residential 60,315,509 59,241,416 Commercial 21,238,222 23,613,543 Consumer 467,592 554,017 344,563,308 335,595,916 Less: Allowance for loan losses 2,672,584 2,458,911 Deferred origination fees net of costs 563,452 603,299 $ 341,327,272 $ 332,533,706 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | September 30, December 31, 2018 2017 Commercial real estate $ 1,678,811 $ 2,245,743 |
Past Due Financing Receivables [Table Text Block] | 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing September 30, 2018 Real estate: Commercial $ - $ - $ 1,678,811 $ 1,678,811 $ 236,891,192 $ 238,570,003 $ - Construction and land development - - - - 23,971,982 23,971,982 - Residential 11,625 - 44,254 55,879 60,259,630 60,315,509 44,254 Commercial - - - - 21,238,222 21,238,222 - Consumer - - - - 467,592 467,592 - Total $ 11,625 $ - $ 1,723,065 $ 1,734,690 $ 342,828,618 $ 344,563,308 $ 44,254 December 31, 2017 Real estate: Commercial $ - $ - $ 2,245,743 $ 2,245,743 $ 231,780,831 $ 234,026,574 $ - Construction and land development - - - - 18,160,366 18,160,366 - Residential - - 146,459 146,459 59,094,957 59,241,416 146,459 Commercial - - - - 23,613,543 23,613,543 - Consumer - - - - 554,017 554,017 - Total $ - $ - $ 2,392,202 $ 2,392,202 $ 333,203,714 $ 335,595,916 $ 146,459 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized September 30, 2018 Real estate: Commercial real estate $ 3,825,462 $ 2,146,651 $ 1,678,811 $ 3,825,462 $ 210,686 $ 4,504,322 $ 86,727 Residential real estate 44,254 44,254 - 44,254 - 22,127 1,724 $ 3,869,716 $ 2,190,905 $ 1,678,811 $ 3,869,716 $ 210,686 $ 4,526,449 $ 88,451 December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 2,591,591 $ 268,652 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2018 Excellent Above average Average Acceptable Pass watch Special mention Substandard Doubtful Total Real estate: Commercial $ - $ 4,310,627 $ 106,444,516 $ 101,482,395 $ 16,831,595 $ - $ 9,500,870 $ - $ 238,570,003 Construction and land development - 515,505 7,120,165 11,844,437 4,491,875 - - - 23,971,982 Residential 32,508 1,293,553 30,008,724 24,152,626 2,014,939 - 2,813,159 - 60,315,509 Commercial 404,743 26,140 9,714,023 9,213,255 1,880,061 - - - 21,238,222 Consumer - 88,048 290,655 66,739 - - 1,740 20,410 467,592 $ 437,251 $ 6,233,873 $ 153,578,083 $ 146,759,452 $ 25,218,470 $ - $ 12,315,769 $ 20,410 $ 344,563,308 December 31, 2017 Excellent Above average Average Acceptable Pass watch Special mention Substandard Doubtful Total Real estate: Commercial $ - $ 6,115,925 $ 127,639,361 $ 79,619,726 $ 9,041,882 $ 5,391,589 $ 3,972,348 $ 2,245,743 $ 234,026,574 Construction and land development - 173,633 9,288,372 4,978,964 3,719,397 - - - 18,160,366 Residential 53,948 1,260,128 35,254,016 18,659,174 3,363,570 - 650,580 - 59,241,416 Commercial 1,581,878 121,919 16,225,350 5,545,562 138,834 - - - 23,613,543 Consumer 5,210 96,484 351,093 70,171 - - 2,640 28,419 554,017 $ 1,641,036 $ 7,768,089 $ 188,758,192 $ 108,873,597 $ 16,263,683 $ 5,391,589 $ 4,625,568 $ 2,274,162 $ 335,595,916 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated September 30, Beginning for loan Charge Ending for impairment: for impairment: 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ (252,948 ) $ - $ 202,660 $ 1,817,109 $ 210,686 $ 1,606,423 $ 3,825,462 $ 234,744,541 Construction and land development 223,274 99,933 (22,116 ) 1,462 302,553 - 302,553 - 23,971,982 Residential 247,953 143,681 - - 391,634 - 391,634 44,254 60,271,255 Commercial 87,353 1,539 - 6,667 95,559 - 95,559 - 21,238,222 Consumer 7,027 (1,523 ) - - 5,504 - 5,504 - 467,592 Unallocated 25,907 34,318 - - 60,225 - 60,225 - - $ 2,458,911 $ 25,000 $ (22,116 ) $ 210,789 $ 2,672,584 $ 210,686 $ 2,461,898 $ 3,869,716 $ 340,693,592 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated September 30, Beginning for loan Charge Ending for impairment: for impairment: 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 367,069 $ - $ 3,280 $ 2,088,098 $ 535,425 $ 1,552,673 $ 5,467,307 $ 223,963,470 Construction and land development 204,860 70,910 - - 275,770 84,024 191,746 228,487 15,826,463 Residential 247,437 (6,779 ) - 148 240,806 - 240,806 - 58,240,824 Commercial 125,260 (48,493 ) - - 76,767 - 76,767 135,971 18,728,030 Consumer 8,826 (1,653 ) - - 7,173 - 7,173 - 555,671 Unallocated 58,954 (31,054 ) - - 27,900 - 27,900 - - $ 2,363,086 $ 350,000 $ - $ 3,428 $ 2,716,514 $ 619,449 $ 2,097,065 $ 5,831,765 $ 317,314,458 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated December 31, Beginning for loan Charge Ending for impairment: for impairment: 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 419,868 $ (275,000 ) $ 4,780 $ 1,867,397 $ 127,213 $ 1,740,184 $ 5,183,182 $ 228,843,392 Construction and land development 204,860 65,850 (47,436 ) - 223,274 - 223,274 - 18,160,366 Residential 247,437 368 - 148 247,953 - 247,953 - 59,241,416 Commercial 125,260 (41,240 ) - 3,333 87,353 - 87,353 - 23,613,543 Consumer 8,826 (1,799 ) - - 7,027 - 7,027 - 554,017 Unallocated 58,954 (33,047 ) - - 25,907 - 25,907 - - $ 2,363,086 $ 410,000 $ (322,436 ) $ 8,261 $ 2,458,911 $ 127,213 $ 2,331,698 $ 5,183,182 $ 330,412,734 |
Note 5 - Capital Standards (Tab
Note 5 - Capital Standards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized September 30, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 46,543 13.01 % $ 35,325 9.88 % $ 35,772 10.00 % Tier 1 capital (to risk-weighted assets) 43,870 12.26 % 28,170 7.88 % 28,618 8.00 % Common equity tier 1 (to risk- weighted assets) 43,870 12.26 % 22,805 6.38 % 23,252 6.50 % Tier 1 leverage (to average assets) 43,870 10.56 % 16,615 4.00 % 20,769 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,039 12.54 % $ 32,477 9.25 % $ 35,110 10.00 % Tier 1 capital (to risk-weighted assets) 41,580 11.84 % 25,455 7.25 % 28,088 8.00 % Common equity tier 1 (to risk- weighted assets) 41,580 11.84 % 20,188 5.75 % 22,822 6.50 % Tier 1 leverage (to average assets) 41,580 10.31 % 16,135 4.00 % 20,169 5.00 % |
Note 6 - Fair Value (Tables)
Note 6 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2018 Recurring Available for sale securities State and municipal $ - $ 1,510,479 $ - $ 1,510,479 SBA pools - 2,811,526 - 2,811,526 Mortgage-backed securities - 19,087,435 - 19,087,435 $ - $ 23,409,440 $ - $ 23,409,440 Equity security at fair value Mutual fund $ 496,916 $ - $ - $ 496,916 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,659,030 3,659,030 December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ - $ 27,929,510 $ - $ 27,929,510 Equity security at fair value Mutual fund $ 503,881 $ - $ - $ 503,881 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 12,618,694 $ 12,618,694 $ 7,237,385 $ 7,237,385 Level 2 inputs Securities held to maturity 18,119,599 17,833,780 18,204,182 18,307,627 Mortgage loans held for sale 150,000 152,015 327,700 332,558 Federal Home Loan Bank stock 575,800 575,800 1,063,600 1,063,600 Level 3 inputs Loans, net 341,327,272 336,778,883 332,533,706 332,689,848 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 59,561,564 $ 59,561,564 $ 64,403,133 $ 64,403,133 Securities sold under repurchase agreements 12,163,423 12,163,423 21,768,507 21,768,507 Level 2 inputs Interest-bearing deposits 289,952,691 276,632,691 255,393,291 244,403,281 Federal Home Loan Bank advances 3,000,000 2,961,000 17,000,000 16,957,000 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Net income $ 1,308,688 $ 1,014,456 $ 3,575,871 $ 3,132,902 Weighted average shares outstanding 1,675,200 1,659,295 1,670,344 1,657,369 Earnings per share - basic and diluted $ 0.78 $ 0.61 $ 2.14 $ 1.89 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
First Community Bankers Insurance Co., LLC [Member] | |
Percentage of Ownership | 100.00% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Jan. 01, 2019 | |
Reclassification due to adoption of ASU No. 2016-01 | ||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,500,000 | |
Retained Earnings [Member] | ||
Reclassification due to adoption of ASU No. 2016-01 | (10,416) | |
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | ||
Reclassification due to adoption of ASU No. 2016-01 | (10,416) | |
AOCI Attributable to Parent [Member] | ||
Reclassification due to adoption of ASU No. 2016-01 | 10,416 | |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||
Reclassification due to adoption of ASU No. 2016-01 | $ 10,416 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 16,624,704 | $ 31,982,381 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized cost, available for sale | $ 24,473,748 | $ 28,458,951 |
Unrealized gains, available for sale | 15,605 | 47,356 |
Unrealized losses, available for sale | 1,079,913 | 576,797 |
Fair value, available for sale | 23,409,440 | 27,929,510 |
Amortized cost, held to maturity | 18,119,599 | 18,204,182 |
Fair value, held to maturity | 17,833,780 | 18,307,627 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, available for sale | 1,507,082 | 1,510,848 |
Unrealized gains, available for sale | 15,605 | 38,494 |
Unrealized losses, available for sale | 12,208 | 10,135 |
Fair value, available for sale | 1,510,479 | 1,539,207 |
Amortized cost, held to maturity | 18,119,599 | 18,204,182 |
Unrealized gains, held to maturity | 86,106 | 225,349 |
Unrealized losses, held to maturity | 371,925 | 121,904 |
Fair value, held to maturity | 17,833,780 | 18,307,627 |
SBA Pools [Member] | ||
Amortized cost, available for sale | 2,876,626 | 3,212,771 |
Unrealized gains, available for sale | 75 | |
Unrealized losses, available for sale | 65,100 | 13,000 |
Fair value, available for sale | 2,811,526 | 3,199,846 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost, available for sale | 20,090,040 | 23,735,332 |
Unrealized gains, available for sale | 8,787 | |
Unrealized losses, available for sale | 1,002,605 | 553,662 |
Fair value, available for sale | $ 19,087,435 | $ 23,190,457 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Available for sale, within one year, amortized cost | ||
Available for sale, within one year, fair value | ||
Held to maturity, within one year, amortized cost | 1,014,723 | 165,677 |
Held to maturity, within one year, fair value | 1,015,798 | 168,260 |
Available for sale, over one to five years, amortized cost | 261,200 | |
Available for sale, over one to five years, fair value | 248,992 | |
Held to maturity, over one to five years, amortized cost | 591,356 | 780,336 |
Held to maturity, over one to five years, fair value | 599,648 | 794,512 |
Available for sale, over five to ten years, amortized cost | 870,575 | 1,133,940 |
Available for sale, over five to ten years, fair value | 884,072 | 1,150,564 |
Held to maturity, over five to ten years, amortized cost | 1,857,648 | 1,792,019 |
Held to maturity, over five to ten years, fair value | 1,864,639 | 1,831,833 |
Available for sale, over ten years, amortized cost | 375,307 | 376,908 |
Available for sale, over ten years, fair value | 377,415 | 388,643 |
Held to maturity, over ten years, amortized cost | 14,655,872 | 15,466,150 |
Held to maturity, over ten years, fair value | 14,353,695 | 15,513,022 |
Available for sale, single maturity date, amortized cost | 1,507,082 | 1,510,848 |
Available for sale, single maturity date, fari value | 1,510,479 | 1,539,207 |
Held to maturity, single maturity date, amortized cost | 18,119,599 | 18,204,182 |
Held to maturity, single maturity date, fair value | 17,833,780 | 18,307,627 |
Available for sale, mortgage-backed securities and SBA pools, due in monthly installments, amortized cost | 22,966,666 | 26,948,103 |
Available for sale, mortgage-backed securities and SBA pools, due in monthly installments, fair value | 21,898,961 | 26,390,303 |
Held ot maturity, mortgage-backed securities and SBA pools, due in monthly installments, amortized cost | ||
Held ot maturity, mortgage-backed securities and SBA pools, due in monthly installments, fair value | ||
Available for sale, amortized cost | 24,473,748 | 28,458,951 |
Available for sale, fair value | 23,409,440 | 27,929,510 |
Held to maturity, amortized cost | 18,119,599 | 18,204,182 |
Held to maturity, fair value | $ 17,833,780 | $ 18,307,627 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investments in Debt Securities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Less than 12 months Fair Value | $ 8,292,110 | $ 4,236,007 |
Less than 12 months Unrealized Loss | 210,635 | 44,835 |
12 months or more Fair Value | 22,519,526 | 25,125,786 |
12 months or more Unrealized Loss | 1,241,203 | 653,866 |
Total Fair Value | 30,811,636 | 29,361,793 |
Total Unrealized Loss | 1,451,838 | 698,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair Value | 6,087,478 | 812,630 |
Less than 12 months Unrealized Loss | 133,243 | 1,519 |
12 months or more Fair Value | 2,848,929 | 3,444,443 |
12 months or more Unrealized Loss | 250,890 | 130,520 |
Total Fair Value | 8,936,407 | 4,257,073 |
Total Unrealized Loss | 384,133 | 132,039 |
SBA Pools [Member] | ||
Less than 12 months Fair Value | 459,312 | 551,780 |
Less than 12 months Unrealized Loss | 7,292 | 1,903 |
12 months or more Fair Value | 2,328,482 | 2,109,832 |
12 months or more Unrealized Loss | 57,808 | 11,097 |
Total Fair Value | 2,787,794 | 2,661,612 |
Total Unrealized Loss | 65,100 | 13,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months Fair Value | 1,745,320 | 2,871,597 |
Less than 12 months Unrealized Loss | 70,100 | 41,413 |
12 months or more Fair Value | 17,342,115 | 19,571,511 |
12 months or more Unrealized Loss | 932,505 | 512,249 |
Total Fair Value | 19,087,435 | 22,443,108 |
Total Unrealized Loss | $ 1,002,605 | $ 553,662 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Impaired Financing Receivable, Related Allowance | $ 210,686 | $ 210,686 | |||
Financing Receivable, Allowance for Credit Losses, Recovery | 210,789 | $ 3,428 | $ 8,261 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 2,190,905 | $ 2,190,905 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Number of Loans, Nonaccrual Status | 2 | 2 | 1 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,678,811 | $ 1,678,811 | $ 2,245,743 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 35,467 | 82,070 | |||
Impaired Financing Receivable, Related Allowance | 210,686 | 210,686 | 127,213 | ||
Allowance for Loan and Lease Losses Write-offs, Net, Total | 275,000 | ||||
Financing Receivable, Allowance for Credit Losses, Recovery | $ 46,660 | $ 151,000 | $ 202,660 | $ 3,280 | $ 4,780 |
Number of Loans Classified as TDR | 1 | 1 | 3 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 2,146,651 | $ 2,146,651 | $ 2,937,439 | ||
Financing Receivable, Modifications, Recorded Investment | $ 774,274 | ||||
Financing Receivable, Modifications, Number of Contracts | 2 |
Note 4 - Loans - Major Categori
Note 4 - Loans - Major Categories of Loans (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Loans | $ 344,563,308 | $ 335,595,916 |
Allowance for loan losses | 2,672,584 | 2,458,911 |
Deferred origination fees net of costs | 563,452 | 603,299 |
341,327,272 | 332,533,706 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 238,570,003 | 234,026,574 |
Construction and Land Development [Member] | ||
Loans | 23,971,982 | 18,160,366 |
Residential Portfolio Segment [Member] | ||
Loans | 60,315,509 | 59,241,416 |
Commercial Portfolio Segment [Member] | ||
Loans | 21,238,222 | 23,613,543 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 467,592 | $ 554,017 |
Note 4 - Loans - Non-accrual Lo
Note 4 - Loans - Non-accrual Loans (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | $ 1,678,811 | $ 2,245,743 |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Loans, past due | $ 1,734,690 | $ 2,392,202 |
Loans, current | 342,828,618 | 333,203,714 |
Loans | 344,563,308 | 335,595,916 |
Loans, 90 days past due and still accruing | 44,254 | 146,459 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 11,625 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,723,065 | 2,392,202 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, past due | 1,678,811 | 2,245,743 |
Loans, current | 236,891,192 | 231,780,831 |
Loans | 238,570,003 | 234,026,574 |
Loans, 90 days past due and still accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,678,811 | 2,245,743 |
Construction and Land Development [Member] | ||
Loans, past due | ||
Loans, current | 23,971,982 | 18,160,366 |
Loans | 23,971,982 | 18,160,366 |
Loans, 90 days past due and still accruing | ||
Construction and Land Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Construction and Land Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Construction and Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | ||
Loans, past due | 55,879 | 146,459 |
Loans, current | 60,259,630 | 59,094,957 |
Loans | 60,315,509 | 59,241,416 |
Loans, 90 days past due and still accruing | 44,254 | 146,459 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 11,625 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 44,254 | 146,459 |
Commercial Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 21,238,222 | 23,613,543 |
Loans | 21,238,222 | 23,613,543 |
Loans, 90 days past due and still accruing | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 467,592 | 554,017 |
Loans | 467,592 | 554,017 |
Loans, 90 days past due and still accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Unpaid Contractual Principal Balance | $ 3,869,716 | |
Recorded Investment With No Allowance | 2,190,905 | |
Recorded Investment With Allowance | 1,678,811 | |
Total Recorded Investment | 3,869,716 | |
Related Allowance | 210,686 | |
Average Recorded Investment | 4,526,449 | |
Interest Recognized | 88,451 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 3,825,462 | $ 5,458,182 |
Recorded Investment With No Allowance | 2,146,651 | 2,937,439 |
Recorded Investment With Allowance | 1,678,811 | 2,245,743 |
Total Recorded Investment | 3,825,462 | 5,183,182 |
Related Allowance | 210,686 | 127,213 |
Average Recorded Investment | 4,504,322 | 2,591,591 |
Interest Recognized | 86,727 | $ 268,652 |
Residential Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 44,254 | |
Recorded Investment With No Allowance | 44,254 | |
Recorded Investment With Allowance | ||
Total Recorded Investment | 44,254 | |
Related Allowance | ||
Average Recorded Investment | 22,127 | |
Interest Recognized | $ 1,724 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Grade (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Loans | $ 344,563,308 | $ 335,595,916 |
Excellent [Member] | ||
Loans | 437,251 | 1,641,036 |
Above Average [Member] | ||
Loans | 6,233,873 | 7,768,089 |
Average [Member] | ||
Loans | 153,578,083 | 188,758,192 |
Acceptable [Member] | ||
Loans | 146,759,452 | 108,873,597 |
Pass [Member] | ||
Loans | 25,218,470 | 16,263,683 |
Special Mention [Member] | ||
Loans | 5,391,589 | |
Substandard [Member] | ||
Loans | 12,315,769 | 4,625,568 |
Doubtful [Member] | ||
Loans | 20,410 | 2,274,162 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 238,570,003 | 234,026,574 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | ||
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 4,310,627 | 6,115,925 |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 106,444,516 | 127,639,361 |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 101,482,395 | 79,619,726 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 16,831,595 | 9,041,882 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 5,391,589 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 9,500,870 | 3,972,348 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 2,245,743 | |
Construction and Land Development [Member] | ||
Loans | 23,971,982 | 18,160,366 |
Construction and Land Development [Member] | Excellent [Member] | ||
Loans | ||
Construction and Land Development [Member] | Above Average [Member] | ||
Loans | 515,505 | 173,633 |
Construction and Land Development [Member] | Average [Member] | ||
Loans | 7,120,165 | 9,288,372 |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 11,844,437 | 4,978,964 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans | 4,491,875 | 3,719,397 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans | ||
Construction and Land Development [Member] | Substandard [Member] | ||
Loans | ||
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans | ||
Residential Portfolio Segment [Member] | ||
Loans | 60,315,509 | 59,241,416 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 32,508 | 53,948 |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 1,293,553 | 1,260,128 |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 30,008,724 | 35,254,016 |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 24,152,626 | 18,659,174 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 2,014,939 | 3,363,570 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,813,159 | 650,580 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | 21,238,222 | 23,613,543 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 404,743 | 1,581,878 |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 26,140 | 121,919 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 9,714,023 | 16,225,350 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 9,213,255 | 5,545,562 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,880,061 | 138,834 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 467,592 | 554,017 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 5,210 | |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 88,048 | 96,484 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 290,655 | 351,093 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 66,739 | 70,171 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 1,740 | 2,640 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 20,410 | $ 28,419 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Beginning balance | $ 2,458,911 | $ 2,363,086 | $ 2,363,086 | ||
Provision for loan losses | 25,000 | 350,000 | 410,000 | ||
Charge offs | (22,116) | (322,436) | |||
Recoveries | 210,789 | 3,428 | 8,261 | ||
Ending balance | $ 2,672,584 | 2,672,584 | 2,716,514 | 2,458,911 | |
Allowance for loan losses, individually | 210,686 | 210,686 | 619,449 | 127,213 | |
Allowance for loan losses, collectively | 2,461,898 | 2,461,898 | 2,097,065 | 2,331,698 | |
Outstanding loan, individually | 3,869,716 | 3,869,716 | 5,831,765 | 5,183,182 | |
Outstanding loan, collectively | 340,693,592 | 340,693,592 | 317,314,458 | 330,412,734 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 1,867,397 | 1,717,749 | 1,717,749 | ||
Provision for loan losses | (252,948) | 367,069 | 419,868 | ||
Charge offs | (275,000) | ||||
Recoveries | 46,660 | $ 151,000 | 202,660 | 3,280 | 4,780 |
Ending balance | 1,817,109 | 1,817,109 | 2,088,098 | 1,867,397 | |
Allowance for loan losses, individually | 210,686 | 210,686 | 535,425 | 127,213 | |
Allowance for loan losses, collectively | 1,606,423 | 1,606,423 | 1,552,673 | 1,740,184 | |
Outstanding loan, individually | 3,825,462 | 3,825,462 | 5,467,307 | 5,183,182 | |
Outstanding loan, collectively | 234,744,541 | 234,744,541 | 223,963,470 | 228,843,392 | |
Construction and Land Development [Member] | |||||
Beginning balance | 223,274 | 204,860 | 204,860 | ||
Provision for loan losses | 99,933 | 70,910 | 65,850 | ||
Charge offs | (22,116) | (47,436) | |||
Recoveries | 1,462 | ||||
Ending balance | 302,553 | 302,553 | 275,770 | 223,274 | |
Allowance for loan losses, individually | 84,024 | ||||
Allowance for loan losses, collectively | 302,553 | 302,553 | 191,746 | 223,274 | |
Outstanding loan, individually | 228,487 | ||||
Outstanding loan, collectively | 23,971,982 | 23,971,982 | 15,826,463 | 18,160,366 | |
Residential Portfolio Segment [Member] | |||||
Beginning balance | 247,953 | 247,437 | 247,437 | ||
Provision for loan losses | 143,681 | (6,779) | 368 | ||
Charge offs | |||||
Recoveries | 148 | 148 | |||
Ending balance | 391,634 | 391,634 | 240,806 | 247,953 | |
Allowance for loan losses, individually | |||||
Allowance for loan losses, collectively | 391,634 | 391,634 | 240,806 | 247,953 | |
Outstanding loan, individually | 44,254 | 44,254 | |||
Outstanding loan, collectively | 60,271,255 | 60,271,255 | 58,240,824 | 59,241,416 | |
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 87,353 | 125,260 | 125,260 | ||
Provision for loan losses | 1,539 | (48,493) | (41,240) | ||
Charge offs | |||||
Recoveries | 6,667 | 3,333 | |||
Ending balance | 95,559 | 95,559 | 76,767 | 87,353 | |
Allowance for loan losses, individually | |||||
Allowance for loan losses, collectively | 95,559 | 95,559 | 76,767 | 87,353 | |
Outstanding loan, individually | 135,971 | ||||
Outstanding loan, collectively | 21,238,222 | 21,238,222 | 18,728,030 | 23,613,543 | |
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 7,027 | 8,826 | 8,826 | ||
Provision for loan losses | (1,523) | (1,653) | (1,799) | ||
Charge offs | |||||
Recoveries | |||||
Ending balance | 5,504 | 5,504 | 7,173 | 7,027 | |
Allowance for loan losses, individually | |||||
Allowance for loan losses, collectively | 5,504 | 5,504 | 7,173 | 7,027 | |
Outstanding loan, individually | |||||
Outstanding loan, collectively | 467,592 | 467,592 | 555,671 | 554,017 | |
Unallocated Financing Receivables [Member] | |||||
Beginning balance | 25,907 | 58,954 | 58,954 | ||
Provision for loan losses | 34,318 | (31,054) | (33,047) | ||
Charge offs | |||||
Recoveries | |||||
Ending balance | 60,225 | 60,225 | 27,900 | 25,907 | |
Allowance for loan losses, individually | |||||
Allowance for loan losses, collectively | 60,225 | 60,225 | 27,900 | 25,907 | |
Outstanding loan, individually | |||||
Outstanding loan, collectively |
Note 5 - Capital Standards (Det
Note 5 - Capital Standards (Details Textual) | Sep. 30, 2018 | Dec. 31, 2017 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 5 - Capital Standards - Ca
Note 5 - Capital Standards - Capital Requirements (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Capital | $ 46,543 | $ 44,039 |
Capital to Risk Weighted Assets | 13.01% | 12.54% |
Capital Required for Capital Adequacy | $ 35,325 | $ 32,477 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 9.88% | 9.25% |
Capital Required to be Well Capitalized | $ 35,772 | $ 35,110 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 43,870 | $ 41,580 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.26% | 11.84% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 28,170 | $ 25,455 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.88% | 7.25% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 28,618 | $ 28,088 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 43,870 | $ 41,580 |
Common Equity Tier One Capital Ratio | 12.26% | 11.84% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 22,805 | $ 20,188 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 6.38% | 5.75% |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 23,252 | $ 22,822 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Leverage Capital | $ 43,870 | $ 41,580 |
Tier One Leverage Capital to Average Assets | 10.56% | 10.31% |
Tier One Leverage Capital Required for Capital Adequacy | $ 16,615 | $ 16,135 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 20,769 | $ 20,169 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 6 - Fair Value - Summarize
Note 6 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair value, available for sale | $ 23,409,440 | $ 27,929,510 |
Mutual fund | 496,916 | 503,881 |
Other real estate owned | 210,150 | 265,500 |
Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 23,409,440 | 27,929,510 |
Mutual fund | 496,916 | 503,881 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | 210,150 | |
Impaired loans | 3,659,030 | 5,055,969 |
Other real estate owned | 265,500 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Mutual fund | 496,916 | 503,881 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 23,409,440 | 27,929,510 |
Mutual fund | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Mutual fund | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | 210,150 | |
Impaired loans | 3,659,030 | 5,055,969 |
Other real estate owned | 265,500 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 1,510,479 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 1,510,479 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 1,510,479 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
SBA Pools [Member] | ||
Fair value, available for sale | 2,811,526 | 3,199,846 |
SBA Pools [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 2,811,526 | 3,199,846 |
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 2,811,526 | 3,199,846 |
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Fair value, available for sale | 19,087,435 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 19,087,435 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 19,087,435 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale |
Note 6 - Fair Value - Estimated
Note 6 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities held to maturity | $ 17,833,780 | $ 18,307,627 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 12,618,694 | 7,237,385 |
Noninterest-bearing deposits | 59,561,564 | 64,403,133 |
Securities sold under repurchase agreements | 12,163,423 | 21,768,507 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities held to maturity | 18,119,599 | 18,204,182 |
Mortgage loans held for sale | 150,000 | 327,700 |
Federal Home Loan Bank stock | 575,800 | 1,063,600 |
Interest-bearing deposits | 289,952,691 | 255,393,291 |
Federal Home Loan Bank advances | 3,000,000 | 17,000,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 341,327,272 | 332,533,706 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 12,618,694 | 7,237,385 |
Noninterest-bearing deposits | 59,561,564 | 64,403,133 |
Securities sold under repurchase agreements | 12,163,423 | 21,768,507 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities held to maturity | 17,833,780 | 18,307,627 |
Mortgage loans held for sale | 152,015 | 332,558 |
Federal Home Loan Bank stock | 575,800 | 1,063,600 |
Interest-bearing deposits | 276,632,691 | 244,403,281 |
Federal Home Loan Bank advances | 2,961,000 | 16,957,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | $ 336,778,883 | $ 332,689,848 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 1,308,688 | $ 1,014,456 | $ 3,575,871 | $ 3,132,902 |
Weighted average shares outstanding (in shares) | 1,675,200 | 1,659,295 | 1,670,344 | 1,657,369 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.78 | $ 0.61 | $ 2.14 | $ 1.89 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Postretirement Life Insurance [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 1,418 | $ 1,307 | $ 4,255 | $ 3,921 |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 60,457 | 63,600 | $ 180,457 | 190,800 |
Profit Sharing Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 45,130 | $ 41,013 | $ 133,118 | $ 120,759 |