Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 13, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | SSB Bancorp, Inc. | |
Entity Central Index Key | 0001716188 | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | true | |
Amendment Description | The purpose of this amendment on Form 10-Q/A to the Quarterly Report on Form 10-Q of SSB Bancorp, Inc. (the "Company") for the period ended September 30, 2018 is to restate the Company's consolidated financial statements for the three- and nine-month periods ended September 30, 2018, and as of September 30, 2018, and related disclosures. Additional information about the decision to restate these financial statements can be found in our Current Report on Form 8-K, filed with the SEC on August 13, 2019. This Form 10-Q/A does not modify or update other disclosures presented in the original report on Form 10-Q, except as required to reflect the effects of the restatement. The Form 10-Q/A does not reflect events occurring after the filing of the Form 10-Q or modify or update those disclosures, including the exhibits to the Form 10-Q affected by subsequent events. Information not affected by the restatement is unchanged and reflects the disclosures made at the time of the original filing of the Form 10-Q on November 13, 2018. Accordingly, this Form 10-Q/A should be read in conjunction with the Company's filings made with the Securities and Exchange Commission subsequent to the filing of the original Form 10-Q, including any amendments to those filings. The following items have been amended as a result of the restatement: Part I - Item 1 - Financial Statements Part I - Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Description of Restatement During the 4th quarter of 2018, the Company identified and corrected an error related to its accounting treatment of accrued interest on investor sold loans and loan participations affecting the 2nd and 3rd quarters of 2018. Prior period accrued interest receivable accounts were overstated for the three- and six-month periods ended June 30, 2018, and at June 30, 2018, as well as the three- and nine- months ended September 30, 2018, and at September 30, 2018. The Company was able to identify the sources of the issues and it resulted in the Company correcting interest income and the provision for income taxes for the 2nd and 3rd quarters of 2018. On the corresponding balance sheet, the Company's accrued interest receivable was overstated and income taxes receivable was understated. The net effect was an overstatement of total assets and total liabilities and stockholders' equity at June 30, 2018 and September 30, 2018. As a result of the above items, the cumulative effect of the restatement through the third quarter of 2018 was a decrease in accrued interest receivable of $335,000, an increase in tax receivable of $83,000, and a decrease in retained earnings of $252,000. Consequently, for the three-month period ended September 30, 2018, the restatement shows a decrease in interest income on loans of $134,000, a decrease in the provision for income taxes of $40,000, and a decrease in net income of $95,000. For the nine-month period ending September 30, 2018, the restatement shows a decrease in interest income on loans of $335,000, a decrease in the provision for income taxes of $83,000, and a decrease in net income of $252,000. | |
Current Fiscal Year End Date | --12-31 | |
Entity's Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,248,250 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 2,312,211 | $ 2,558,134 |
Interest-bearing deposits with other financial institutions | 3,563,205 | 13,919,932 |
Cash and cash equivalents | 5,875,416 | 16,478,066 |
Certificates of deposit | 846,000 | 943,000 |
Securities available for sale | 8,922,885 | 2,616,350 |
Securities held to maturity (fair value of $8,095, and $9,494, respectively) | 7,109 | 9,797 |
Loans | 157,715,438 | 141,615,982 |
Allowance for loan losses | (1,101,600) | (1,041,445) |
Net loans | 156,613,838 | 140,574,537 |
Accrued interest receivable | 557,291 | 476,417 |
Federal Home Loan Bank stock, at cost | 2,614,900 | 2,162,600 |
Premises and equipment, net | 4,371,213 | 4,358,006 |
Bank-owned life insurance | 2,411,888 | 2,358,519 |
Deferred tax asset, net | 320,101 | 328,169 |
Prepaid reorganization and stock issuance costs | 837,944 | |
Other assets | 976,873 | 762,086 |
TOTAL ASSETS | 183,517,514 | 171,905,491 |
Deposits: | ||
Noninterest-bearing demand | 491,252 | 440,871 |
Interest-bearing demand | 14,098,425 | 23,167,923 |
Money market | 15,113,363 | 14,597,811 |
Savings | 13,752,379 | 12,524,304 |
Time | 87,910,953 | 81,699,115 |
Total deposits | 131,366,372 | 132,430,024 |
Federal Home Loan Bank advances | 31,374,500 | 26,416,200 |
Advances by borrowers for taxes and insurance | 317,744 | 688,451 |
Accrued interest payable | 245,098 | 206,597 |
Other liabilities | 114,918 | 52,621 |
TOTAL LIABILITIES | 163,418,632 | 159,793,893 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock: $0.01 par value per share: 5,000,000 shares authorized and no shares issued or outstanding | ||
Common Stock: 20,000,000 shares authorized and 2,248,250 shares issued and outstanding at $0.01 par value | 22,483 | |
Paid-in capital | 8,693,940 | |
Retained earnings | 12,333,474 | 12,135,085 |
Unearned Employee Stock Ownership Plan (ESOP) | (848,261) | |
Accumulated other comprehensive loss | (102,754) | (23,487) |
TOTAL NET STOCKHOLDERS' EQUITY | 20,098,882 | 12,111,598 |
TOTAL LIABILITIES AND STOCKHOLERS' EQUITY | $ 183,517,514 | $ 171,905,491 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Fair value of held-to-maturity securities | $ 8,095 | $ 9,494 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,248,250 | 2,248,250 |
Common stock, shares outstanding | 2,248,250 | 2,248,250 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Net
Consolidated Statements of Net 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 | $ 1,683,360 | $ 1,525,013 | $ 4,771,307 | $ 4,554,854 |
Interest-bearing deposits with other financial institutions | 25,985 | 17,738 | 59,892 | 35,193 |
Certificates of deposit | 3,801 | 4,780 | 11,295 | 18,799 |
Investment securities: | ||||
Taxable | 66,977 | 27,578 | 153,804 | 77,084 |
Exempt from federal income tax | 8,202 | 8,652 | 25,081 | 28,081 |
Total interest income | 1,788,325 | 1,583,761 | 5,021,379 | 4,714,011 |
INTEREST EXPENSE | ||||
Deposits | 578,042 | 444,654 | 1,551,743 | 1,281,868 |
Federal Home Loan Bank advances | 177,220 | 140,062 | 486,861 | 400,191 |
Total interest expense | 755,262 | 584,716 | 2,038,604 | 1,682,059 |
NET INTEREST INCOME | 1,033,063 | 999,045 | 2,982,775 | 3,031,952 |
Provision for loan losses | 50,000 | 61,050 | 115,000 | 181,043 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 983,063 | 937,995 | 2,867,775 | 2,850,909 |
NONINTEREST INCOME | ||||
Securities gains, net | 350 | |||
Provision for loss on loans held for sale | ||||
Gain on sale of loans | 62,873 | 82,552 | 157,552 | 272,259 |
Loan servicing fees | 35,047 | 27,802 | 103,876 | 67,057 |
Earnings on bank-owned life insurance | 18,110 | 12,338 | 53,368 | 36,273 |
Other | 18,632 | 7,266 | 46,327 | 18,307 |
Total noninterest income | 134,662 | 129,958 | 361,123 | 394,246 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 458,104 | 433,990 | 1,285,699 | 1,144,645 |
Occupancy | 93,123 | 67,082 | 280,232 | 187,631 |
Professional fees | 144,514 | 152,307 | 557,113 | 272,901 |
Federal deposit insurance | 41,000 | 25,500 | 129,500 | 87,500 |
Data processing | 93,487 | 71,980 | 243,573 | 209,710 |
Director fees | 41,153 | 20,938 | 111,441 | 58,478 |
Contributions and donations | 23,027 | 12,980 | 55,877 | 40,381 |
Other | 110,114 | 99,542 | 347,937 | 267,476 |
Total noninterest expense | 1,004,522 | 884,319 | 3,011,372 | 2,268,722 |
Income before income taxes | 113,203 | 183,634 | 217,526 | 976,433 |
Provision for income taxes | 18,369 | 60,760 | 19,137 | 346,867 |
NET INCOME | $ 94,834 | $ 122,874 | $ 198,389 | $ 629,566 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.04 | |||
Diluted | $ 0.04 | |||
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 2,162,873 | |||
Diluted | 2,162,873 | |||
DIVIDENDS DECLARED PER COMMON SHARE | ||||
COMPREHENSIVE INCOME | $ 38,803 | $ 123,526 | $ 119,122 | $ 664,999 |
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 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 94,834 | $ 122,874 | $ 198,389 | $ 629,566 |
Other comprehensive income (loss): | ||||
Net change in unrealized gain (loss) on available-for-sale securities | (70,926) | 988 | (100,739) | 53,686 |
Income tax effect | 14,895 | (336) | 21,472 | (18,022) |
Reclassification adjustment for net securities (gains) losses recognized in income | (350) | |||
Income tax effect included in provision for income taxes | 119 | |||
Other comprehensive income (loss), net of tax | (56,031) | 652 | (79,267) | 35,433 |
Total comprehensive income | $ 38,803 | $ 123,526 | $ 119,122 | $ 664,999 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Unearned Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2016 | $ 11,542,127 | $ (47,388) | $ 11,494,739 | |||
Reclassification of certain income tax effects from accumulated other comprehensive loss | 3,860 | (3,860) | ||||
Net income | 589,098 | 589,098 | ||||
Other comprehensive income | 27,761 | 27,761 | ||||
Net proceeds from stock offering (2,248,250 shares issued) | ||||||
Purchase of ESOP shares (88,131 shares purchased) | ||||||
Amortization of ESOP | ||||||
Balance at Dec. 31, 2017 | 12,135,085 | (23,487) | 12,111,598 | |||
Reclassification of certain income tax effects from accumulated other comprehensive loss | ||||||
Net income | 198,389 | 198,389 | ||||
Other comprehensive income | (79,267) | (79,267) | ||||
Net proceeds from stock offering (2,248,250 shares issued) | 22,483 | 8,696,044 | 8,718,527 | |||
Purchase of ESOP shares (88,131 shares purchased) | (881,310) | (881,310) | ||||
Amortization of ESOP | (2,104) | 33,049 | 30,945 | |||
Balance at Sep. 30, 2018 | $ 22,483 | $ 8,693,940 | $ 12,333,474 | $ (848,261) | $ (102,754) | $ 20,098,882 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2018shares | |
Statement of Stockholders' Equity [Abstract] | |
Number of common stock share issued | 2,248,250 |
Number of ESOP share issued | 88,131 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||||
Net income | $ 94,834 | $ 122,874 | $ 198,389 | $ 629,566 | $ 589,098 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | 50,000 | 61,050 | 115,000 | 181,043 | |
Provision for loss on loans held for sale | |||||
Depreciation | 115,201 | 36,488 | |||
Net amortization of investment securities | |||||
Amortization (accretion) of security premiums and discounts | 5,699 | (8,584) | |||
Origination of loans held for sale | (8,134,750) | (10,549,730) | |||
Proceeds from sale of loans | 8,292,303 | 10,821,989 | |||
Gain on sale of loans | (157,553) | (272,259) | |||
Deferred income tax provision (benefit) | (14,646) | 39,232 | |||
Investment securities gains, net | (350) | ||||
(Increase) decrease in accrued interest receivable | (80,874) | 45,709 | |||
Increase (decrease) in accrued interest payable | 38,501 | 15,230 | |||
Amortization of ESOP | 30,945 | ||||
Increase in bank owned life insurance | (53,369) | (36,273) | |||
Other, net | 729,640 | 94,979 | |||
Net cash provided by (used in) operating activities | 1,084,486 | 997,040 | |||
INVESTING ACTIVITIES | |||||
Purchase of certificates of deposit | (248,000) | ||||
Redemption of certificates of deposit | 345,000 | 250,000 | |||
Investment securities available for sale: | |||||
Purchases | (6,651,661) | ||||
Proceeds from sales | 313,643 | ||||
Proceeds from principal repayments, calls, and maturities | 238,688 | 215,862 | |||
Investment securities held to maturity: | |||||
Proceeds from principal repayments, calls, and maturities | 2,688 | 3,398 | |||
Redemption of Federal Home Loan Bank stock | 174,400 | 741,300 | |||
Purchase of Federal Home Loan Bank stock | (626,700) | (1,412,300) | |||
Purchases of loans | (9,104,155) | ||||
Increase in loans receivable, net | (16,154,301) | (12,214,538) | |||
Proceeds from sale of portfolio loans | 6,934,868 | ||||
Proceeds from sale of other real estate owned | |||||
Purchases of premises and equipment | (128,408) | (2,670,421) | |||
Net cash (used for) provided by investing activities | (23,048,294) | (16,942,343) | |||
FINANCING ACTIVITIES | |||||
(Decrease) increase in deposits, net | (1,063,652) | 9,549,204 | |||
Decrease in advances by borrowers for taxes and insurance | (370,707) | (571,503) | |||
Net proceeds from stock offering | 8,718,527 | ||||
Purchase of ESOP shares | (881,310) | ||||
Repayment of Federal Home Loan Bank advance | (9,291,700) | (2,000,000) | |||
Proceeds from Federal Home Loan Bank advances | 14,250,000 | 9,291,700 | |||
Increase in prepaid reorganization and stock issuance costs | (837,944) | ||||
Net cash provided by (used in) financing activities | 11,361,158 | 15,431,457 | |||
Increase (decrease) in cash and cash equivalents | (10,602,650) | (513,846) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 16,478,066 | 6,831,479 | 6,831,479 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 5,875,416 | $ 6,317,633 | 5,875,416 | 6,317,633 | $ 16,478,066 |
Cash paid during the year for: | |||||
Interest | 2,000,103 | 1,666,827 | |||
Income taxes | $ 101,562 | $ 462,019 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION SSB Bancorp, Inc. SSB Bancorp, Inc. (the “Company”) was incorporated on August 17, 2017 to serve as the subsidiary stock holding company for SSB Bank upon the reorganization of SSB Bank into a mutual holding company structure (the “Reorganization”). The Reorganization was completed effective January 24, 2018, with SSB Bank becoming the wholly-owned subsidiary of SSB Bancorp, Inc., and SSB Bancorp, Inc. becoming the majority-owned subsidiary of SSB Bancorp, MHC. In connection with the Reorganization, the Company sold 1,011,712 shares of common stock at an offering price of $10 per share. The Company’s stock began being quoted for listing on the OTC Bulletin Board on January 25, 2018, under the symbol “SSBP”. Also, in connection with the Reorganization, the Bank established an employee stock ownership plan (the “ESOP”), which purchased 88,131 shares of the Company’s common stock at a price of $10 per share. In the Reorganization, the Company also issued 1,236,538 shares of its common stock to SSB Bancorp, MHC. SSB Bank SSB Bank (the “Bank”) provides a variety of financial services to individuals and corporate customers through its offices in Pittsburgh, Pennsylvania. The Bank’s primary deposit products are passbook savings accounts, money market accounts, and certificates of deposit. Its primary lending products are commercial mortgage loan and single-family residential loans. The Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities. The interim financial statements at September 30, 2018, and for the three and nine months ended September 30, 2018 and 2017, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the accompanying interim financial statements. The results of operations for the three or nine months ended September 30, 2018, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2018, or any other period. The financial statements at December 31, 2017, are audited. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Balance Sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, refer to the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The consolidated financial statements include the accounts of SSB Bancorp, Inc. and SSB Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. Financial information for the periods before the Reorganization on January 24, 2018 is that of SSB Bank only. |
Recent Accounting Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | 2. RECENT ACCOUNTING STANDARDS On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies and define an “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company has elected to take advantage of the benefits of extended transition periods. Accordingly, the Company’s consolidated financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the following recent accounting standards reflect those that relate to non-issuer companies. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers , Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings , Revenue from Contracts with Customers (Topic 606); , Leases (Topic 842); , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). In February 2018, the FASB issued Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | 3. SECURITIES AVAILABLE FOR SALE The amortized cost, gross unrealized gains and losses, and fair values of securities available for sale are as follows: September 30, 2018 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 4,021,797 $ 279 $ (46,885 ) $ 3,975,191 Obligations of state and political subdivisions 1,540,374 171 (52,406 ) 1,488,139 Corporate bonds 3,298,437 - (31,514 ) 3,266,923 U.S. treasury securities 192,746 29 (143 ) 192,632 Total $ 9,053,354 $ 479 $ (130,948 ) $ 8,922,885 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 524,873 $ - $ (5,615 ) $ 519,258 Obligations of state and political subdivisions 1,626,608 852 (27,582 ) 1,599,878 Corporate bonds 300,952 1,399 (453 ) 301,898 U.S. treasury securities 193,647 1,669 - 195,316 Total $ 2,646,080 $ 3,920 $ (33,650 ) $ 2,616,350 The amortized cost and fair value of investment securities available for sale by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging from less than 1 year to 25 years. Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. September 30, 2018 (unaudited) Amortized Fair Cost Value Due within one year or less $ 392,831 $ 392,013 Due after one year through five years 2,687,988 2,657,569 Due after five years through ten years 2,021,327 1,968,980 Due after ten years 3,951,208 3,904,323 Total $ 9,053,354 $ 8,922,885 For the three months ended September 30, 2018 and 2017, there were no sales of investment securities available for sale. For the nine months ended September 30, 2018, there were no sales of investment securities available for sale. For the nine months ended September 30, 2017, there were 2 municipal bonds sold with a total amortized cost of $315,811 and an associated gain on sale of $350. The proceeds of the sale were $313,643. |
Securities Held to Maturity
Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2018 | |
Discount For Evaluation [Member] | |
Securities Held to Maturity | 4. SECURITIES HELD TO MATURITY The amortized cost, gross unrealized gains and losses, and fair values of securities held to maturity are as follows: September 30, 2018 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 7,109 $ 87 $ - $ 7,196 Total $ 7,109 $ 87 $ - $ 7,196 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 9,797 $ - $ (303 ) $ 9,494 Total $ 9,797 $ - $ (303 ) $ 9,494 The amortized cost and fair value of mortgage-backed securities by contractual maturity are shown below. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging up to 10 years. Due to expected repayment terms being less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. September 30, 2018 (unaudited) Amortized Fair Cost Value Due within one year or less $ 30 $ 30 Due after one year through five years 5,545 5,585 Due after five years through ten years 1,534 1,581 Total $ 7,109 $ 7,196 |
Unrealized Losses On Securities
Unrealized Losses On Securities | 9 Months Ended |
Sep. 30, 2018 | |
Unrealized Losses On Securities | |
Unrealized Losses On Securities | 5. UNREALIZED LOSSES ON SECURITIES The following tables show the Bank’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: September 30, 2018 (unaudited) Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. treasury securities $ 159,530 $ (143 ) $ - $ - $ 159,530 $ (143 ) Mortgage-backed securities in government-sponsored entities 3,548,709 (33,886 ) 355,614 (12,999 ) 3,904,323 (46,885 ) Obligations of state and political subdivisions 1,046,166 (17,428 ) 393,718 (34,978 ) 1,439,884 (52,406 ) Corporate bonds 3,266,923 (31,514 ) - - 3,266,923 (31,514 ) Total $ 8,021,328 $ (82,971 ) $ 749,332 $ (47,977 ) $ 8,770,660 $ (130,948 ) December 31, 2017 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities in government-sponsored entities $ 519,258 $ (5,615 ) $ 9,494 $ (303 ) $ 528,752 $ (5,918 ) Obligations of state and political subdivisions 1,044,275 (7,238 ) 405,521 (20,344 ) 1,449,796 (27,582 ) Corporate bonds 199,898 (453 ) - - 199,898 (453 ) Total $ 1,763,431 $ (13,306 ) $ 415,015 $ (20,647 ) $ 2,178,446 $ (33,953 ) Management reviews the Bank’s investment positions monthly. There were 24 investments that were temporarily impaired as of September 30, 2018, with aggregate depreciation of less than 2 percent of the Bank’s amortized cost basis. There were 20 investments that were temporarily impaired as of December 31, 2017, with aggregate depreciation of less than 2 percent from the Bank’s amortized cost basis. Management has asserted that at September 30, 2018 and December 31, 2017, the declines outlined in the above table represent temporary declines and the Bank does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Bank has concluded that any impairment of its investment securities portfolio outlined in the above table is not other than temporary and the declines are the result of interest rate changes, sector credit rating changes, or company-specific rating changes that are not expected to result in the non-collection of principal and interest during the period. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans | 6. LOANS The Bank’s loan portfolio summarized by category is as follows: September 30, December 31, 2018 2017 (unaudited) Mortgage loans: One-to-four family $ 75,617,401 $ 75,858,226 Commercial 58,702,797 50,122,058 134,320,198 125,980,284 Commercial and industrial 18,118,214 11,455,554 Consumer 5,177,999 4,014,258 157,616,411 141,450,096 Third-party loan acquisition and other net origination costs 304,708 385,883 Discount on loans previously held for sale (205,681 ) (219,997 ) Allowance for loan losses (1,101,600 ) (1,041,445 ) Total $ 156,613,838 $ 140,574,537 The Bank’s primary business activity is with customers located in Pittsburgh and surrounding communities. The Bank’s loan portfolio consists predominantly of one-to-four family mortgage and commercial mortgage loans. These loans are typically secured by first-lien positions on the respective real estate properties and are subject to the Bank’s underwriting policies. During the normal course of business, the Bank may sell a portion of a loan as a participation loan in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. The Bank had transferred $7,606,923 and $8,129,670 in participation loans as of September 30, 2018 and December 31, 2017, respectively, to other financial institutions. As of September 30, 2018, and December 31, 2017, all these loans were being serviced by the Bank. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 7. ALLOWANCE FOR LOAN LOSSES The allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the three and nine months ended September 30, 2018 (unaudited) and 2017 (unaudited), respectively: Mortgage Commercial Consumer Three months ended One-to-Four Mortgage and and September 30, 2018: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 471,438 $ 437,619 $ 134,880 $ 46,079 $ 1,090,016 Charge-offs - - (9,270 ) (29,146 ) (38,416 ) Recoveries - - - - - Provision (credit) (33,194 ) (46,940 ) 104,987 25,147 50,000 Ending balance $ 438,244 $ 390,679 $ 230,597 $ 42,080 $ 1,101,600 Mortgage Commercial Consumer Three months ended One-to-Four Mortgage and and September 30, 2017: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 488,009 $ 324,941 $ 70,466 $ 57,316 $ 940,732 Charge-offs - - - - - Recoveries - - - - - Provision (credit) 2,495 12,352 15,186 31,017 61,050 Ending balance $ 490,504 $ 337,293 $ 85,652 $ 88,333 $ 1,001,782 Mortgage Commercial Consumer Nine months ended One-to-Four Mortgage and and September 30, 2018: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 513,846 $ 383,535 $ 80,854 $ 63,210 $ 1,041,445 Charge-offs (16,429 ) - (9,270 ) (29,146 ) (54,845 ) Recoveries - - - - - Provision (credit) (59,173 ) 7,144 159,013 8,016 115,000 Ending balance $ 438,244 $ 390,679 $ 230,597 $ 42,080 $ 1,101,600 Mortgage Commercial Consumer Nine months ended One-to-Four Mortgage and and September 30, 2017: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 498,410 $ 228,763 $ 59,439 $ 34,127 $ 820,739 Charge-offs - - - - - Recoveries - - - - - Provision (credit) (7,906 ) 108,530 26,213 54,206 181,043 Ending balance $ 490,504 $ 337,293 $ 85,652 $ 88,333 $ 1,001,782 The following tables summarize the loan portfolio and allowance for loan losses by the primary segments of the loan portfolio as of September 30, 2018 (unaudited), and December 31, 2017. Mortgage One-to-Four Family Mortgage Commercial Commercial Consumer Total September 30, 2018 Allowance for loan losses: Loans deemed impaired 33,422 - - - 33,422 Loans not deemed impaired 404,822 390,679 230,597 42,080 1,068,178 Ending Balance 438,244 390,679 230,597 42,080 1,101,600 September 30, 2018 Loans: Loans deemed impaired 2,492,049 1,779,350 155,660 11,747 4,438,806 Loans not deemed impaired 73,125,352 56,923,447 17,962,554 5,166,252 153,177,605 Ending Balance 75,617,401 58,702,797 18,118,214 5,177,999 157,616,411 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer Total December 31, 2017 Allowance for loan losses: Loans deemed impaired 23,870 - - - 23,870 Loans not deemed impaired 489,976 383,535 80,854 63,210 1,017,575 Ending Balance 513,846 383,535 80,854 63,210 1,041,445 December 31, 2017 Loans: Loans deemed impaired 2,508,658 1,122,740 8,251 29,245 3,668,894 Loans not deemed impaired 73,349,568 48,999,318 11,447,303 3,985,013 137,781,202 Ending Balance 75,858,226 50,122,058 11,455,554 4,014,258 141,450,096 The following tables present impaired loans by class as of September 30, 2018 (unaudited), and December 31, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary. September 30, 2018 December 31, 2017 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 2,137,668 $ 2,137,668 $ - $ 2,356,007 $ 2,356,007 $ - Commercial $ 1,779,350 $ 1,779,350 - 1,122,740 1,122,740 - Commercial and Industrial $ 155,660 $ 155,660 - 8,251 8,251 - Consumer and HELOC $ 11,747 $ 11,747 - 29,245 29,245 - With an allowance recorded: Mortgage loans: One-to-four family 354,381 354,381 33,422 152,651 152,651 23,870 Commercial - - - - - - Commercial and Industrial - - - - - - Consumer and HELOC - - - - - - Total mortgage loans: One-to-four family 2,492,049 2,492,049 33,422 2,508,658 2,508,658 23,870 Commercial 1,779,350 1,779,350 - 1,122,740 1,122,740 - Commercial and Industrial 155,660 155,660 - 8,251 8,251 - Consumer and HELOC 11,747 11,747 - 29,245 29,245 - Total $ 4,438,806 $ 4,438,806 $ 33,422 $ 3,668,894 $ 3,668,894 $ 23,870 The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended Three Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 2,051,434 $ 8,881 $ 1,832,617 $ 52,335 Commercial 1,555,260 5,125 200,988 803 Commercial and industrial 142,033 - - - Consumer and HELOC 23,461 298 - - With an allowance recorded: Mortgage loans: One-to-four family 355,222 1,902 138,910 2,273 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - 16,699 - Total mortgage loans: One-to-four family 2,406,656 10,783 1,971,527 54,608 Commercial 1,555,260 5,125 200,988 803 Commercial and industrial 142,033 - - - Consumer and HELOC 23,461 298 16,699 - Total $ 4,127,410 $ 16,206 $ 2,189,214 $ 55,411 Nine Months Ended Nine Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 1,961,587 $ 9,313 $ 1,788,550 $ 76,546 Commercial 1,262,149 6,669 202,584 96,606 Commercial and industrial 105,142 - - - Consumer and HELOC 38,063 505 - - With an allowance recorded: Mortgage loans: One-to-four family 374,613 7,622 141,029 6,254 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - 5,566 - Total mortgage loans: One-to-four family 2,336,200 16,935 1,929,579 82,800 Commercial 1,262,149 6,669 202,584 96,606 Commercial and industrial 105,142 - - - Consumer and HELOC 38,063 505 5,566 - Total $ 3,741,554 $ 24,109 $ 2,137,729 $ 179,406 Aging Analysis of Past-Due Loans by Class Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories at the dates indicated: September 30, 2018 (unaudited) 30-59 Days 60-89 Days 90 Days Total Past Total Loans 90 Days or Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 223,534 294,661 1,636,601 2,154,796 $ 73,462,605 $ 75,617,401 $ - Commercial 794,525 - 1,054,164 1,848,689 56,854,108 58,702,797 - Commercial and industrial - - 155,660 155,660 17,962,554 18,118,214 - Consumer and HELOC 10,547 - 1,200 11,747 5,166,252 5,177,999 - Total $ 1,028,606 $ 294,661 $ 2,847,625 $ 4,170,892 $ 153,445,519 $ 157,616,411 $ - December 31, 2017 30-59 Days 60-89 Days 90 Days Total Past Total Loans 90 Days or Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 982,168 $ 399,992 $ 1,900,116 $ 3,282,276 $ 72,575,950 $ 75,858,226 $ - Commercial 656,640 - 1,122,740 1,779,380 48,342,678 50,122,058 - Commercial and industrial 301,783 - 8,251 310,034 11,145,519 11,455,554 - Consumer and HELOC 662 14,386 29,245 44,293 3,969,965 4,014,258 - Total $ 1,941,253 $ 414,378 $ 3,060,352 $ 5,415,983 $ 136,034,112 $ 141,450,096 $ - The following table presents the loans on nonaccrual status, by class: September 30, December 31, 2018 2017 (unaudited) Mortgage loans: One-to-four family $ 2,210,273 $ 2,108,086 Commercial 1,102,106 1,122,740 Commercial and industrial 155,660 8,251 Consumer and HELOC 11,747 29,245 Total $ 3,479,786 $ 3,268,322 Credit Quality Information The Bank 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 Bank analyzes commercial loans individually by classifying the loans as to their credit risk. The Bank uses a nine-grade internal loan rating system for commercial mortgage loans and commercial and industrial loans as follows: ● Loans rated 1, 2, 3, 4, and 5: ● Loans rated 6: ● Loans rated 7: ● Loans rated 8: ● Loans rated 9: Credit Quality Information The risk category of loans by class is as follows: September 30, 2018 (unaudited) December 31, 2017 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 56,971,390 $ 13,980,085 $ 48,764,928 $ 11,434,756 Loans rated 6 - 3,982,469 234,390 20,798 Loans rated 7 1,731,407 155,660 1,122,740 - Ending balance $ 58,702,797 $ 18,118,214 $ 50,122,058 $ 11,455,554 There were no loans classified as doubtful or loss at September 30, 2018, or December 31, 2017. For one-to-four family mortgage and consumer and HELOC loans, the Bank evaluates credit quality based on whether the loan is considered to be performing or nonperforming. Loans are generally considered to be nonperforming when they are placed on nonaccrual or become 90 days past due. The following table presents the balances of loans by class based on payment performance: September 30, 2018 (unaudited) December 31, 2017 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 73,541,731 $ 5,166,252 $ 73,750,140 $ 3,985,013 Nonperforming 2,075,670 11,747 2,108,086 29,245 Total $ 75,617,401 $ 5,177,999 $ 75,858,226 $ 4,014,258 Troubled Debt Restructurings There was one loan modified as a troubled debt restructuring during the three months ended September 30, 2018 (unaudited). The loan was a one-to-four family mortgage and had a pre- and post-modification balance of $146,053. The concession granted by the Bank was an extension of the maturity date. There were no additional loans modified as troubled debt restructurings in the nine months ended September 30, 2018. During the nine months ended September 30, 2017, the Bank modified three loans as troubled debt restructurings. The loans were all one-to-four family mortgages and had a pre- and post-modification aggregate balance of $207,967. The concession granted by the Bank was an extension of the maturity date for all three of the loans noted. As of September 30, 2018, and December 31, 2017, the Bank allocated $7,266 and $23,870, respectively, within the allowance for loan losses related to all loans modified as troubled debt restructurings. The Bank did not have any loans modified as a troubled debt restructuring in the preceding 12 months that subsequently defaulted in the current reporting period. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2018 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Employee Stock Ownership Plan | 8. EMPLOYEE STOCK OWNERSHIP PLAN The Bank established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the Reorganization effective on January 24, 2018. Eligible employees become 20% vested in their accounts after two years of service, 40% after three years of service, 60% after four years of service, 80% after five years of service and 100% after six years of service, or earlier, upon death, disability or attainment of normal retirement age. The ESOP purchased 88,131 shares of Company common stock, which was funded by a loan from the Company. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as a contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Company to the ESOP and earnings thereon. Compensation expense is equal to the fair value of the shares committed to be released and unallocated ESOP shares are excluded from outstanding shares for purposes of computing earnings per share. During the three months ended September 30, 2018, the Company recognized $10,322 in compensation expense and during the nine months ended September 30, 2018, the Company recognized $30,945 in compensation expense. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2018 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | 9. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measure of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The regulations require a minimum ratio of common equity Tier 1 capital to risk-weighted assets of 4.5%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6%, a minimum total capital ratio of 8%, and a minimum leverage ratio of 4% for all banking organizations. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer and certain deductions from and adjustments to regulatory capital and risk-weighted assets are being phased in over several years. The required minimum conservation buffer was 1.875% as of January 1, 2018 and will increase to 2.5% on January 1, 2019. Management believes that the Bank’s capital levels will remain characterized as “well-capitalized” throughout the phase-in periods. As of September 30, 2018, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum capital ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed the Bank’s category. Management believes that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and ratios are also presented in the table below. September 30, December 31, 2018 2017 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 20,201,636 14.16 % $ 12,135,085 9.47 % For capital adequacy purposes 6,419,565 4.50 % 5,718,465 4.50 % To be well capitalized 9,272,705 6.50 % 8,325,005 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 20,201,636 14.16 % $ 12,135,085 9.47 % For capital adequacy purposes 8,559,420 6.00 % 7,684,620 6.00 % To be well capitalized 11,412,560 8.00 % 10,246,160 8.00 % Total capital (to risk-weighted assets) Actual $ 21,303,236 14.93 % $ 13,176,530 10.29 % For capital adequacy purposes 11,412,560 8.00 % 10,246,160 8.00 % To be well capitalized 14,265,700 10.00 % 12,807,700 10.00 % Tier 1 capital (to average assets) Actual $ 20,201,636 11.71 % $ 12,135,085 7.85 % For capital adequacy purposes 6,903,532 4.00 % 6,186,160 4.00 % To be well capitalized 8,629,416 5.00 % 7,732,700 5.00 % |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 10. COMMITMENTS In the normal course of business, the Bank makes various commitments that are not reflected in the Bank’s financial statements. The Bank offers such products to enable its customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. The Bank minimizes its exposure to credit loss under these commitments by subjecting them to credit approval and review procedures and collateral requirements as deemed necessary. Off-balance sheet commitments consist of the following: September 30, 2018 (unaudited) Commitments to extend credit $ 1,804,500 Construction unadvanced funds 3,835,392 Unused lines of credit 7,401,838 $ 13,041,730 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the loan agreement. These commitments consisted primarily of mortgage loan commitments. The Bank uses the same credit policies in making loan commitments and conditional obligations as it does for on-balance sheet instruments. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as deemed necessary, is based upon management’s credit evaluation in compliance with the Bank’s lending policy guidelines. In August 2017, the Bank entered into employment agreements with three executives that provide for a base salary and certain other benefits. The initial terms of the agreements are for three years with annual renewals thereafter. In the event of the executive’s termination without cause, as defined, the executive will receive a lump-sum cash payment equal to the amount remaining under the contract. Additional benefits are payable upon a change in control, as defined. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. FAIR VALUE MEASUREMENTS The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad pricing levels are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data, when available. Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. At September 30, 2018 and December 31, 2017, fair value measurements were obtained from a third-party pricing service and not adjusted by management. Transfers are recognized at the end of the reporting period, as applicable. The following tables present the assets reported on the balance sheets at their fair value by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2018 (unaudited) Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 3,975,191 $ - $ 3,975,191 Obligations of state and political subdivisions - 1,488,139 - 1,488,139 Corporate bonds - 3,266,923 - 3,266,923 U.S. treasury securities 192,632 - - 192,632 Mortgage servicing rights - - 240,747 240,747 Impaired loans with reserve - - 320,959 320,959 December 31, 2017 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 519,258 $ - $ 519,258 Obligations of state and political subdivisions - 1,599,878 - 1,599,878 Corporate bonds - 301,898 - 301,898 U.S. treasury securities 195,316 - - 195,316 Mortgage servicing rights - - 231,977 231,977 Impaired loans with reserve - - 112,139 112,139 September 30, 2018 (unaudited) Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 59,932 $ 59,932 December 31, 2017 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 59,932 $ 59,932 Other Real Estate Owned Other real estate owned is measured at fair value, less estimated cost to sell at the date of foreclosure, which establishes a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management. The assets are carried at fair value, less estimated cost to sell. Income and expense from operations and changes in valuation allowance are included in other noninterest expense. Level III Inputs The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques: Fair Value at Range September 30, Valuation Techniques Valuation (Weighted (unaudited) Other real estate owned $ 59,932 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 320,959 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 240,747 Discounted cash flows Loan prepayment speeds 10.44 % (10.44 )% Fair Value at Range December 31, Valuation Techniques Valuation (Weighted Other real estate owned $ 59,932 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 112,139 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 231,977 Discounted cash flows Loan prepayment speeds 8.67 % (8.67 )% The estimated fair values of the Company’s financial instruments are as follows: September 30, 2018 (unaudited) Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 5,875,416 $ 5,875,416 $ 5,875,416 $ - $ - Certificates of deposit 846,000 835,649 - 835,649 - Investment securities: Available for sale 8,922,885 8,922,885 192,632 8,730,253 - Held to maturity 7,109 7,196 - 7,196 - Loans, net 156,613,838 156,639,838 - - 156,639,838 Accrued interest receivable 557,291 557,291 - 557,291 - FHLB Stock 2,614,900 2,614,900 - - 2,614,900 Financial liabilities: Deposits 131,366,372 129,695,372 43,455,419 - 86,239,953 FHLB advances 31,374,500 30,933,500 - 30,933,500 - Accrued interest payable 245,098 245,098 - 245,098 - December 31, 2017 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 16,478,066 $ 16,478,066 $ 16,478,066 $ - $ - Certificates of deposit 943,000 946,497 - 946,497 - Investment securities: Available for sale 2,616,350 2,616,350 195,316 2,421,034 - Held to maturity 9,797 9,494 - 9,494 - Loans, net 140,574,537 139,784,862 - - 139,784,862 Accrued interest receivable 476,417 476,417 - 476,417 - FHLB Stock 2,162,600 2,162,600 - - 2,162,600 Financial liabilities: Deposits 132,430,024 132,189,024 50,730,909 - 81,458,115 FHLB advances 26,416,200 25,602,500 - 25,602,500 - Accrued interest payable 206,597 206,597 - 206,597 - Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the estimated fair value would be calculated based upon the market price per trading unit of the instrument. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | 12. FAIR VALUE OF FINANCIAL INSTRUMENTS If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors as determined through various option pricing formulas or simulation modeling. Since many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have a significant impact on the resulting estimated fair values. Since certain assets, such as deferred tax assets and premises and equipment, are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Bank. Cash and Cash Equivalents, Accrued Interest Receivable, FHLB Stock, and Accrued Interest Payable The fair value is equal to the current carrying value. Certificates of Deposit The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Securities Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. Loans, Net The fair value is estimated by discounting future cash flows using current market inputs at which loans with similar terms and qualities would be made to borrowers of similar credit quality. Certain collateral dependent impaired loans have been adjusted to fair value based on the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, along with management’s assumptions in various factors, such as selling costs and discounts for time since last appraised. FHLB Advances The fair value of FHLB advances is based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Deposits The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Demand, savings, and money market deposit accounts are valued at the amount payable on demand as of the period end. Commitments These financial instruments are generally not subject to sale, and estimated fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, are not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 10. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Three months ended September 30, 2018 2017 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (46,722 ) $ (12,607 ) Other comprehensive income (loss) on securities before reclassification, net of tax (56,031 ) 652 Amounts reclassified from accumulated other comprehensive income (loss), net of tax - - Net other comprehensive income (loss) (56,031 ) 652 Accumulated other comprehensive income (loss), end of period $ (102,753 ) $ (11,955 ) Net Unrealized Gain (Loss) on Securities Nine months ended September 30, 2018 2017 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (23,487 ) $ (47,388 ) Other comprehensive income (loss) on securities before reclassification, net of tax (79,267 ) 35,664 Amounts reclassified from accumulated other comprehensive income (loss), net of tax - (231 ) Net other comprehensive income (loss) (79,267 ) 35,433 Accumulated other comprehensive income (loss), end of period $ (102,754 ) $ (11,955 ) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
EARNINGS PER COMMON SHARE | |
Earnings Per Share | 14. EARNINGS PER SHARE Earnings per common share for the three months ended September 30, 2018 are represented in the following table. Earnings per common share for the nine months ended September 30, 2018 is not presented as the Company’s initial public offering was completed on January 24, 2018; therefore, per share results would not be meaningful. Three months ended September 30, 2018 (unaudited) Net Income $ 94,834 Shares outstanding for basic EPS: Average shares outstanding 2,248,250 Less: Average unearned ESOP shares 85,377 2,162,873 Additional dilutive shares - Shares outstanding for basic and diluted EPS 2,162,873 Basic and diluted income per share $ 0.04 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair values of securities available for sale are as follows: September 30, 2018 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 4,021,797 $ 279 $ (46,885 ) $ 3,975,191 Obligations of state and political subdivisions 1,540,374 171 (52,406 ) 1,488,139 Corporate bonds 3,298,437 - (31,514 ) 3,266,923 U.S. treasury securities 192,746 29 (143 ) 192,632 Total $ 9,053,354 $ 479 $ (130,948 ) $ 8,922,885 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 524,873 $ - $ (5,615 ) $ 519,258 Obligations of state and political subdivisions 1,626,608 852 (27,582 ) 1,599,878 Corporate bonds 300,952 1,399 (453 ) 301,898 U.S. treasury securities 193,647 1,669 - 195,316 Total $ 2,646,080 $ 3,920 $ (33,650 ) $ 2,616,350 |
Schedule of Contractual Maturities | September 30, 2018 (unaudited) Amortized Fair Cost Value Due within one year or less $ 392,831 $ 392,013 Due after one year through five years 2,687,988 2,657,569 Due after five years through ten years 2,021,327 1,968,980 Due after ten years 3,951,208 3,904,323 Total $ 9,053,354 $ 8,922,885 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discount For Evaluation [Member] | |
Schedule of Securities Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair values of securities held to maturity are as follows: September 30, 2018 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 7,109 $ 87 $ - $ 7,196 Total $ 7,109 $ 87 $ - $ 7,196 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 9,797 $ - $ (303 ) $ 9,494 Total $ 9,797 $ - $ (303 ) $ 9,494 |
Schedule of Contractual Maturities | September 30, 2018 (unaudited) Amortized Fair Cost Value Due within one year or less $ 30 $ 30 Due after one year through five years 5,545 5,585 Due after five years through ten years 1,534 1,581 Total $ 7,109 $ 7,196 |
Unrealized Losses On Securiti_2
Unrealized Losses On Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Unrealized Losses On Securities | |
Schedule of Unrealized Loss on Securities | The following tables show the Bank’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: September 30, 2018 (unaudited) Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. treasury securities $ 159,530 $ (143 ) $ - $ - $ 159,530 $ (143 ) Mortgage-backed securities in government-sponsored entities 3,548,709 (33,886 ) 355,614 (12,999 ) 3,904,323 (46,885 ) Obligations of state and political subdivisions 1,046,166 (17,428 ) 393,718 (34,978 ) 1,439,884 (52,406 ) Corporate bonds 3,266,923 (31,514 ) - - 3,266,923 (31,514 ) Total $ 8,021,328 $ (82,971 ) $ 749,332 $ (47,977 ) $ 8,770,660 $ (130,948 ) December 31, 2017 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities in government-sponsored entities $ 519,258 $ (5,615 ) $ 9,494 $ (303 ) $ 528,752 $ (5,918 ) Obligations of state and political subdivisions 1,044,275 (7,238 ) 405,521 (20,344 ) 1,449,796 (27,582 ) Corporate bonds 199,898 (453 ) - - 199,898 (453 ) Total $ 1,763,431 $ (13,306 ) $ 415,015 $ (20,647 ) $ 2,178,446 $ (33,953 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Category | The Bank’s loan portfolio summarized by category is as follows: September 30, December 31, 2018 2017 (unaudited) Mortgage loans: One-to-four family $ 75,617,401 $ 75,858,226 Commercial 58,702,797 50,122,058 134,320,198 125,980,284 Commercial and industrial 18,118,214 11,455,554 Consumer 5,177,999 4,014,258 157,616,411 141,450,096 Third-party loan acquisition and other net origination costs 304,708 385,883 Discount on loans previously held for sale (205,681 ) (219,997 ) Allowance for loan losses (1,101,600 ) (1,041,445 ) Total $ 156,613,838 $ 140,574,537 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Changes in the Allowance for Loan Losses and the Recorded Investment in Loans | The allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the three and nine months ended September 30, 2018 (unaudited) and 2017 (unaudited), respectively: Mortgage Commercial Consumer Three months ended One-to-Four Mortgage and and September 30, 2018: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 471,438 $ 437,619 $ 134,880 $ 46,079 $ 1,090,016 Charge-offs - - (9,270 ) (29,146 ) (38,416 ) Recoveries - - - - - Provision (credit) (33,194 ) (46,940 ) 104,987 25,147 50,000 Ending balance $ 438,244 $ 390,679 $ 230,597 $ 42,080 $ 1,101,600 Mortgage Commercial Consumer Three months ended One-to-Four Mortgage and and September 30, 2017: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 488,009 $ 324,941 $ 70,466 $ 57,316 $ 940,732 Charge-offs - - - - - Recoveries - - - - - Provision (credit) 2,495 12,352 15,186 31,017 61,050 Ending balance $ 490,504 $ 337,293 $ 85,652 $ 88,333 $ 1,001,782 Mortgage Commercial Consumer Nine months ended One-to-Four Mortgage and and September 30, 2018: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 513,846 $ 383,535 $ 80,854 $ 63,210 $ 1,041,445 Charge-offs (16,429 ) - (9,270 ) (29,146 ) (54,845 ) Recoveries - - - - - Provision (credit) (59,173 ) 7,144 159,013 8,016 115,000 Ending balance $ 438,244 $ 390,679 $ 230,597 $ 42,080 $ 1,101,600 Mortgage Commercial Consumer Nine months ended One-to-Four Mortgage and and September 30, 2017: Family Commercial Industrial HELOC Total Allowance for loan losses: Beginning balance $ 498,410 $ 228,763 $ 59,439 $ 34,127 $ 820,739 Charge-offs - - - - - Recoveries - - - - - Provision (credit) (7,906 ) 108,530 26,213 54,206 181,043 Ending balance $ 490,504 $ 337,293 $ 85,652 $ 88,333 $ 1,001,782 |
Schedule of Primary Segments of the Loan Portfolio | The following tables summarize the loan portfolio and allowance for loan losses by the primary segments of the loan portfolio as of September 30, 2018 (unaudited), and December 31, 2017. Mortgage One-to-Four Family Mortgage Commercial Commercial Consumer Total September 30, 2018 Allowance for loan losses: Loans deemed impaired 33,422 - - - 33,422 Loans not deemed impaired 404,822 390,679 230,597 42,080 1,068,178 Ending Balance 438,244 390,679 230,597 42,080 1,101,600 September 30, 2018 Loans: Loans deemed impaired 2,492,049 1,779,350 155,660 11,747 4,438,806 Loans not deemed impaired 73,125,352 56,923,447 17,962,554 5,166,252 153,177,605 Ending Balance 75,617,401 58,702,797 18,118,214 5,177,999 157,616,411 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer Total December 31, 2017 Allowance for loan losses: Loans deemed impaired 23,870 - - - 23,870 Loans not deemed impaired 489,976 383,535 80,854 63,210 1,017,575 Ending Balance 513,846 383,535 80,854 63,210 1,041,445 December 31, 2017 Loans: Loans deemed impaired 2,508,658 1,122,740 8,251 29,245 3,668,894 Loans not deemed impaired 73,349,568 48,999,318 11,447,303 3,985,013 137,781,202 Ending Balance 75,858,226 50,122,058 11,455,554 4,014,258 141,450,096 |
Schedule of Impaired Loans by Class | The following tables present impaired loans by class as of September 30, 2018 (unaudited), and December 31, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary. September 30, 2018 December 31, 2017 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 2,137,668 $ 2,137,668 $ - $ 2,356,007 $ 2,356,007 $ - Commercial $ 1,779,350 $ 1,779,350 - 1,122,740 1,122,740 - Commercial and Industrial $ 155,660 $ 155,660 - 8,251 8,251 - Consumer and HELOC $ 11,747 $ 11,747 - 29,245 29,245 - With an allowance recorded: Mortgage loans: One-to-four family 354,381 354,381 33,422 152,651 152,651 23,870 Commercial - - - - - - Commercial and Industrial - - - - - - Consumer and HELOC - - - - - - Total mortgage loans: One-to-four family 2,492,049 2,492,049 33,422 2,508,658 2,508,658 23,870 Commercial 1,779,350 1,779,350 - 1,122,740 1,122,740 - Commercial and Industrial 155,660 155,660 - 8,251 8,251 - Consumer and HELOC 11,747 11,747 - 29,245 29,245 - Total $ 4,438,806 $ 4,438,806 $ 33,422 $ 3,668,894 $ 3,668,894 $ 23,870 |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended Three Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 2,051,434 $ 8,881 $ 1,832,617 $ 52,335 Commercial 1,555,260 5,125 200,988 803 Commercial and industrial 142,033 - - - Consumer and HELOC 23,461 298 - - With an allowance recorded: Mortgage loans: One-to-four family 355,222 1,902 138,910 2,273 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - 16,699 - Total mortgage loans: One-to-four family 2,406,656 10,783 1,971,527 54,608 Commercial 1,555,260 5,125 200,988 803 Commercial and industrial 142,033 - - - Consumer and HELOC 23,461 298 16,699 - Total $ 4,127,410 $ 16,206 $ 2,189,214 $ 55,411 Nine Months Ended Nine Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 1,961,587 $ 9,313 $ 1,788,550 $ 76,546 Commercial 1,262,149 6,669 202,584 96,606 Commercial and industrial 105,142 - - - Consumer and HELOC 38,063 505 - - With an allowance recorded: Mortgage loans: One-to-four family 374,613 7,622 141,029 6,254 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - 5,566 - Total mortgage loans: One-to-four family 2,336,200 16,935 1,929,579 82,800 Commercial 1,262,149 6,669 202,584 96,606 Commercial and industrial 105,142 - - - Consumer and HELOC 38,063 505 5,566 - Total $ 3,741,554 $ 24,109 $ 2,137,729 $ 179,406 |
Schedule of Classes of the Loan Portfolio by Aging | The following tables present the classes of the loan portfolio summarized by the aging categories at the dates indicated: September 30, 2018 (unaudited) 30-59 Days 60-89 Days 90 Days Total Past Total Loans 90 Days or Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 223,534 294,661 1,636,601 2,154,796 $ 73,462,605 $ 75,617,401 $ - Commercial 794,525 - 1,054,164 1,848,689 56,854,108 58,702,797 - Commercial and industrial - - 155,660 155,660 17,962,554 18,118,214 - Consumer and HELOC 10,547 - 1,200 11,747 5,166,252 5,177,999 - Total $ 1,028,606 $ 294,661 $ 2,847,625 $ 4,170,892 $ 153,445,519 $ 157,616,411 $ - December 31, 2017 30-59 Days 60-89 Days 90 Days Total Past Total Loans 90 Days or Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 982,168 $ 399,992 $ 1,900,116 $ 3,282,276 $ 72,575,950 $ 75,858,226 $ - Commercial 656,640 - 1,122,740 1,779,380 48,342,678 50,122,058 - Commercial and industrial 301,783 - 8,251 310,034 11,145,519 11,455,554 - Consumer and HELOC 662 14,386 29,245 44,293 3,969,965 4,014,258 - Total $ 1,941,253 $ 414,378 $ 3,060,352 $ 5,415,983 $ 136,034,112 $ 141,450,096 $ - |
Schedule of Loans on Nonaccrual Status | The following table presents the loans on nonaccrual status, by class: September 30, December 31, 2018 2017 (unaudited) Mortgage loans: One-to-four family $ 2,210,273 $ 2,108,086 Commercial 1,102,106 1,122,740 Commercial and industrial 155,660 8,251 Consumer and HELOC 11,747 29,245 Total $ 3,479,786 $ 3,268,322 |
Schedule of Risk Category of Loans | The risk category of loans by class is as follows: September 30, 2018 (unaudited) December 31, 2017 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 56,971,390 $ 13,980,085 $ 48,764,928 $ 11,434,756 Loans rated 6 - 3,982,469 234,390 20,798 Loans rated 7 1,731,407 155,660 1,122,740 - Ending balance $ 58,702,797 $ 18,118,214 $ 50,122,058 $ 11,455,554 |
Schedule of Balances of Loans by Class Based on Payment Performance | The following table presents the balances of loans by class based on payment performance: September 30, 2018 (unaudited) December 31, 2017 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 73,541,731 $ 5,166,252 $ 73,750,140 $ 3,985,013 Nonperforming 2,075,670 11,747 2,108,086 29,245 Total $ 75,617,401 $ 5,177,999 $ 75,858,226 $ 4,014,258 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are also presented in the table below. September 30, December 31, 2018 2017 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 20,201,636 14.16 % $ 12,135,085 9.47 % For capital adequacy purposes 6,419,565 4.50 % 5,718,465 4.50 % To be well capitalized 9,272,705 6.50 % 8,325,005 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 20,201,636 14.16 % $ 12,135,085 9.47 % For capital adequacy purposes 8,559,420 6.00 % 7,684,620 6.00 % To be well capitalized 11,412,560 8.00 % 10,246,160 8.00 % Total capital (to risk-weighted assets) Actual $ 21,303,236 14.93 % $ 13,176,530 10.29 % For capital adequacy purposes 11,412,560 8.00 % 10,246,160 8.00 % To be well capitalized 14,265,700 10.00 % 12,807,700 10.00 % Tier 1 capital (to average assets) Actual $ 20,201,636 11.71 % $ 12,135,085 7.85 % For capital adequacy purposes 6,903,532 4.00 % 6,186,160 4.00 % To be well capitalized 8,629,416 5.00 % 7,732,700 5.00 % |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-Balance Sheet Commitments | Off-balance sheet commitments consist of the following: September 30, 2018 (unaudited) Commitments to extend credit $ 1,804,500 Construction unadvanced funds 3,835,392 Unused lines of credit 7,401,838 $ 13,041,730 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Reported On the Balance Sheets Fair Value On Recurring Basis | September 30, 2018 (unaudited) Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 3,975,191 $ - $ 3,975,191 Obligations of state and political subdivisions - 1,488,139 - 1,488,139 Corporate bonds - 3,266,923 - 3,266,923 U.S. treasury securities 192,632 - - 192,632 Mortgage servicing rights - - 240,747 240,747 Impaired loans with reserve - - 320,959 320,959 December 31, 2017 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 519,258 $ - $ 519,258 Obligations of state and political subdivisions - 1,599,878 - 1,599,878 Corporate bonds - 301,898 - 301,898 U.S. treasury securities 195,316 - - 195,316 Mortgage servicing rights - - 231,977 231,977 Impaired loans with reserve - - 112,139 112,139 |
Schedule of Assets Reported On the Balance Sheets Fair Value On Nonrecurring Basis | September 30, 2018 (unaudited) Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 59,932 $ 59,932 December 31, 2017 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 59,932 $ 59,932 |
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement Process | The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques: Fair Value at Range September 30, Valuation Techniques Valuation (Weighted (unaudited) Other real estate owned $ 59,932 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 320,959 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 240,747 Discounted cash flows Loan prepayment speeds 10.44 % (10.44 )% Fair Value at Range December 31, Valuation Techniques Valuation (Weighted Other real estate owned $ 59,932 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 112,139 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 231,977 Discounted cash flows Loan prepayment speeds 8.67 % (8.67 )% |
Schedule of Estimated Fair Values of the Bank's Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows: September 30, 2018 (unaudited) Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 5,875,416 $ 5,875,416 $ 5,875,416 $ - $ - Certificates of deposit 846,000 835,649 - 835,649 - Investment securities: Available for sale 8,922,885 8,922,885 192,632 8,730,253 - Held to maturity 7,109 7,196 - 7,196 - Loans, net 156,613,838 156,639,838 - - 156,639,838 Accrued interest receivable 557,291 557,291 - 557,291 - FHLB Stock 2,614,900 2,614,900 - - 2,614,900 Financial liabilities: Deposits 131,366,372 129,695,372 43,455,419 - 86,239,953 FHLB advances 31,374,500 30,933,500 - 30,933,500 - Accrued interest payable 245,098 245,098 - 245,098 - December 31, 2017 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 16,478,066 $ 16,478,066 $ 16,478,066 $ - $ - Certificates of deposit 943,000 946,497 - 946,497 - Investment securities: Available for sale 2,616,350 2,616,350 195,316 2,421,034 - Held to maturity 9,797 9,494 - 9,494 - Loans, net 140,574,537 139,784,862 - - 139,784,862 Accrued interest receivable 476,417 476,417 - 476,417 - FHLB Stock 2,162,600 2,162,600 - - 2,162,600 Financial liabilities: Deposits 132,430,024 132,189,024 50,730,909 - 81,458,115 FHLB advances 26,416,200 25,602,500 - 25,602,500 - Accrued interest payable 206,597 206,597 - 206,597 - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Three months ended September 30, 2018 2017 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (46,722 ) $ (12,607 ) Other comprehensive income (loss) on securities before reclassification, net of tax (56,031 ) 652 Amounts reclassified from accumulated other comprehensive income (loss), net of tax - - Net other comprehensive income (loss) (56,031 ) 652 Accumulated other comprehensive income (loss), end of period $ (102,753 ) $ (11,955 ) Net Unrealized Gain (Loss) on Securities Nine months ended September 30, 2018 2017 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (23,487 ) $ (47,388 ) Other comprehensive income (loss) on securities before reclassification, net of tax (79,267 ) 35,664 Amounts reclassified from accumulated other comprehensive income (loss), net of tax - (231 ) Net other comprehensive income (loss) (79,267 ) 35,433 Accumulated other comprehensive income (loss), end of period $ (102,754 ) $ (11,955 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
EARNINGS PER COMMON SHARE | |
Schedule of Computation of Earnings Per Share | Earnings per common share for the nine months ended September 30, 2018 is not presented as the Company’s initial public offering was completed on January 24, 2018; therefore, per share results would not be meaningful. Three months ended September 30, 2018 (unaudited) Net Income $ 94,834 Shares outstanding for basic EPS: Average shares outstanding 2,248,250 Less: Average unearned ESOP shares 85,377 2,162,873 Additional dilutive shares - Shares outstanding for basic and diluted EPS 2,162,873 Basic and diluted income per share $ 0.04 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details Narrative) - $ / shares | Jan. 24, 2018 | Jan. 24, 2018 | Sep. 30, 2018 |
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Number of common stock share issued | 2,248,250 | ||
Number of shares purchase for employee stock ownership program | 88,131 | ||
Plan Of Mutual Holding Company Reorganization And Minority Stock Issuance [Member] | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Number of common stock share issued | 1,011,712 | ||
Stock price per share | $ 10 | $ 10 | |
Plan Of Mutual Holding Company Reorganization And Minority Stock Issuance [Member] | Employee Stock Option [Member] | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Stock price per share | $ 10 | $ 10 | |
Number of shares purchase for employee stock ownership program | 88,131 | ||
Plan Of Mutual Holding Company Reorganization And Minority Stock Issuance [Member] | Subsidiaries [Member] | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Number of common stock share issued | 1,236,538 |
Recent Accounting Standards (De
Recent Accounting Standards (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of reclassification for Bank | ||
Tax Year 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Statutory federal income tax rate | 34.00% | |
Tax Year 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Statutory federal income tax rate | 21.00% | |
Retained Earnings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of reclassification for Bank | $ 3,860 | |
AOCI Attributable to Parent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of reclassification for Bank | $ (3,860) |
Securities Available for Sale_2
Securities Available for Sale (Details Narrative) | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)Integer | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities Available For Sale Number Of Positions | Integer | 2 | |
Available-for-sale Securities, Amortized Cost Basis | $ 315,811 | |
Associated gain on sale of securities available for sale | 350 | |
Proceeds from sale of securities | $ 313,643 | |
Minimum [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 1 year | |
Maximum [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 25 years |
Securities Available for Sale -
Securities Available for Sale - Schedule of Securities Available for Sale (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,053,354 | $ 2,646,080 |
Gross Unrealized Gains | 479 | 3,920 |
Gross Unrealized Losses | (130,948) | (33,650) |
Available for sale | 8,922,885 | 2,616,350 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,021,797 | 524,873 |
Gross Unrealized Gains | 279 | |
Gross Unrealized Losses | (46,885) | (5,615) |
Available for sale | 3,975,191 | 519,258 |
Obligations of State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,540,374 | 1,626,608 |
Gross Unrealized Gains | 171 | 852 |
Gross Unrealized Losses | (52,406) | (27,582) |
Available for sale | 1,488,139 | 1,599,878 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,298,437 | 300,952 |
Gross Unrealized Gains | 1,399 | |
Gross Unrealized Losses | (31,514) | (453) |
Available for sale | 3,266,923 | 301,898 |
U.S. Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 192,746 | 193,647 |
Gross Unrealized Gains | 29 | 1,669 |
Gross Unrealized Losses | (143) | |
Available for sale | $ 192,632 | $ 195,316 |
Securities Available for Sale_3
Securities Available for Sale - Schedule of Contractual Maturities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost: Due within one year or less | $ 392,831 | |
Amortized Cost: Due after one year through five years | 2,687,988 | |
Amortized Cost: Due after five years through ten years | 2,021,327 | |
Amortized Cost: Due after ten years | 3,951,208 | |
Amortized Cost: Total | 9,053,354 | $ 2,646,080 |
Fair Value: Due within one year or less | 392,013 | |
Fair Value: Due after one year through five years | 2,657,569 | |
Fair Value: Due after five years through ten years | 1,968,980 | |
Fair Value: Due after ten years | 3,904,323 | |
Fair Value: Total | $ 8,922,885 | $ 2,616,350 |
Securities Held to Maturity (De
Securities Held to Maturity (Detail Narrative) | 9 Months Ended |
Sep. 30, 2018 | |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | Maximum [Member] | |
Contractual maturities range in years | 10 years |
Securities Held to Maturity - S
Securities Held to Maturity - Schedule of Securities Held to Maturity (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 7,109 | $ 9,797 |
Gross Unrealized Gains | 87 | |
Gross Unrealized Losses | (303) | |
Fair Value | 8,095 | 9,494 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,109 | 9,797 |
Gross Unrealized Gains | 87 | |
Gross Unrealized Losses | (303) | |
Fair Value | $ 7,196 | $ 9,494 |
Securities Held to Maturity -_2
Securities Held to Maturity - Schedule of Contractual Maturities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 7,109 | $ 9,797 |
Fair Value | 8,095 | 9,494 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, due within one year or less | 30 | |
Amortized cost, due after one year through five years | 5,545 | |
Amortized cost, due after five years through ten years | 1,534 | |
Amortized cost | 7,109 | 9,797 |
Fair Value, due within one year or less | 30 | |
Fair Value, due after one year through five years | 5,585 | |
Fair Value, due after five years through ten years | 1,581 | |
Fair Value | $ 7,196 | $ 9,494 |
Unrealized Losses On Securiti_3
Unrealized Losses On Securities (Details Narrative) - Integer | Sep. 30, 2018 | Dec. 31, 2017 |
Number of temporarily impaired investments securities | 24 | 20 |
Maximum [Member] | ||
Threshold limit of aggregate depreciation | 2.00% | 2.00% |
Unrealized Losses On Securiti_4
Unrealized Losses On Securities - Schedule of Unrealized Loss on Securities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 8,021,328 | $ 1,763,431 |
Less Than Twelve Months, Gross Unrealized Losses | (82,971) | (13,306) |
Twelve Months or Greater, Fair Value | 749,332 | 415,015 |
Twelve Months or Greater, Gross Unrealized Losses | (47,977) | (20,647) |
Total, Fair Value | 8,770,660 | 2,178,446 |
Total, Gross Unrealized Losses | (130,948) | (33,953) |
U.S. Treasury Securities [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 159,530 | |
Less Than Twelve Months, Gross Unrealized Losses | (143) | |
Twelve Months or Greater, Fair Value | ||
Twelve Months or Greater, Gross Unrealized Losses | ||
Total, Fair Value | 159,530 | |
Total, Gross Unrealized Losses | (143) | |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,548,709 | 519,258 |
Less Than Twelve Months, Gross Unrealized Losses | (33,886) | (5,615) |
Twelve Months or Greater, Fair Value | 355,614 | 9,494 |
Twelve Months or Greater, Gross Unrealized Losses | 12,999 | (303) |
Total, Fair Value | 3,904,323 | 528,752 |
Total, Gross Unrealized Losses | (46,885) | (5,918) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,046,166 | 1,044,275 |
Less Than Twelve Months, Gross Unrealized Losses | (17,428) | (7,238) |
Twelve Months or Greater, Fair Value | 393,718 | 405,521 |
Twelve Months or Greater, Gross Unrealized Losses | (34,978) | (20,344) |
Total, Fair Value | 1,439,884 | 1,449,796 |
Total, Gross Unrealized Losses | (52,406) | (27,582) |
Corporate Bonds [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,266,923 | 199,898 |
Less Than Twelve Months, Gross Unrealized Losses | (31,514) | (453) |
Twelve Months or Greater, Fair Value | ||
Twelve Months or Greater, Gross Unrealized Losses | ||
Total, Fair Value | 3,266,923 | 199,898 |
Total, Gross Unrealized Losses | $ (31,514) | $ (453) |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Bank transfer of loans | $ 7,606,923 | $ 8,129,670 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Category (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | $ 157,616,411 | $ 141,450,096 | ||||
Third-party loan acquisition and other net origination costs | 304,708 | 385,883 | ||||
Discount on loans previously held for sale | (205,681) | (219,997) | ||||
Allowance for loan losses | (1,101,600) | $ (1,090,016) | (1,041,445) | $ (1,001,782) | $ (940,732) | $ (820,739) |
Total | 156,613,838 | 140,574,537 | ||||
Mortgage Loans One-to-Four Family [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | 75,617,401 | 75,858,226 | ||||
Mortgage Loans Commercial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | 58,702,797 | 50,122,058 | ||||
Mortgage Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | 134,320,198 | 125,980,284 | ||||
Commercial and Industrial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | 18,118,214 | 11,455,554 | ||||
Allowance for loan losses | (230,597) | $ (134,880) | (80,854) | $ (85,652) | $ (70,466) | $ (59,439) |
Consumer [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, Gross | $ 5,177,999 | $ 4,014,258 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)Integer | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)Integer | Dec. 31, 2017USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment of all loans modified as troubled debt restructurings | $ 7,266 | $ 7,266 | $ 23,870 | |
Mortgage One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans | Integer | 1 | 3 | ||
Pre and post modification aggregate balance | $ 146,053 | 146,053 | $ 207,967 | |
Troubled debt restructurings modification balance |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Changes in the Allowance for Loan Losses and the Recorded Investment in Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses Beginning balance | $ 1,090,016 | $ 940,732 | $ 1,041,445 | $ 820,739 |
Allowance for loan losses Charge-offs | (38,416) | (54,845) | ||
Allowance for loan losses Recoveries | ||||
Allowance for loan losses Provision (credit) | 50,000 | 61,050 | 115,000 | 181,043 |
Allowance for loan losses Ending balance | 1,101,600 | 1,001,782 | 1,101,600 | 1,001,782 |
Mortgage One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses Beginning balance | 471,438 | 488,009 | 513,846 | 498,410 |
Allowance for loan losses Charge-offs | (16,429) | |||
Allowance for loan losses Recoveries | ||||
Allowance for loan losses Provision (credit) | (33,194) | 2,495 | (59,173) | (7,906) |
Allowance for loan losses Ending balance | 438,244 | 490,504 | 438,244 | 490,504 |
Mortgage Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses Beginning balance | 437,619 | 324,941 | 383,535 | 228,763 |
Allowance for loan losses Charge-offs | ||||
Allowance for loan losses Recoveries | ||||
Allowance for loan losses Provision (credit) | (46,940) | 12,352 | 7,144 | 108,530 |
Allowance for loan losses Ending balance | 390,679 | 337,293 | 390,679 | 337,293 |
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses Beginning balance | 134,880 | 70,466 | 80,854 | 59,439 |
Allowance for loan losses Charge-offs | (9,270) | (9,270) | ||
Allowance for loan losses Recoveries | ||||
Allowance for loan losses Provision (credit) | 104,987 | 15,186 | 159,013 | 26,213 |
Allowance for loan losses Ending balance | 230,597 | 85,652 | 230,597 | 85,652 |
Consumer and HELOC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses Beginning balance | 46,079 | 57,316 | 63,210 | 34,127 |
Allowance for loan losses Charge-offs | (29,146) | (29,146) | ||
Allowance for loan losses Recoveries | ||||
Allowance for loan losses Provision (credit) | 25,147 | 31,017 | 8,016 | 54,206 |
Allowance for loan losses Ending balance | $ 42,080 | $ 88,333 | $ 42,080 | $ 88,333 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of Primary Segments of the Loan Portfolio (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | $ 1,101,600 | $ 1,090,016 | $ 1,041,445 | $ 1,001,782 | $ 940,732 | $ 820,739 |
Loans | 157,616,411 | 141,450,096 | ||||
Loans Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 33,422 | 23,870 | ||||
Loans | 4,438,806 | 3,668,894 | ||||
Loans Not Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 1,068,178 | 1,017,575 | ||||
Loans | 153,177,605 | 137,781,202 | ||||
Mortgage One-to-Four Family [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 438,244 | 471,438 | 513,846 | 490,504 | 488,009 | 498,410 |
Loans | 75,617,401 | 75,858,226 | ||||
Mortgage One-to-Four Family [Member] | Loans Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 33,422 | 23,870 | ||||
Loans | 2,492,049 | 2,508,658 | ||||
Mortgage One-to-Four Family [Member] | Loans Not Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 404,822 | 489,976 | ||||
Loans | 73,125,352 | 73,349,568 | ||||
Mortgage Commercial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 390,679 | 437,619 | 383,535 | 337,293 | 324,941 | 228,763 |
Loans | 58,702,797 | 50,122,058 | ||||
Mortgage Commercial [Member] | Loans Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | ||||||
Loans | 1,779,350 | 1,122,740 | ||||
Mortgage Commercial [Member] | Loans Not Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 390,679 | 383,535 | ||||
Loans | 56,923,447 | 48,999,318 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 230,597 | 134,880 | 80,854 | 85,652 | 70,466 | 59,439 |
Loans | 18,118,214 | 11,455,554 | ||||
Commercial and Industrial [Member] | Loans Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | ||||||
Loans | 155,660 | 8,251 | ||||
Commercial and Industrial [Member] | Loans Not Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 230,597 | 80,854 | ||||
Loans | 17,962,554 | 11,447,303 | ||||
Consumer and HELOC [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 42,080 | $ 46,079 | 63,210 | $ 88,333 | $ 57,316 | $ 34,127 |
Loans | 5,177,999 | 4,014,258 | ||||
Consumer and HELOC [Member] | Loans Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | ||||||
Loans | 11,747 | 29,245 | ||||
Consumer and HELOC [Member] | Loans Not Deemed Impaired [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses | 42,080 | 63,210 | ||||
Loans | $ 5,166,252 | $ 3,985,013 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of Impaired Loans by Class (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 4,438,806 | $ 3,668,894 |
Unpaid Principal Balance | 4,438,806 | 3,668,894 |
Related Allowance | 33,422 | 23,870 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 2,137,668 | 2,356,007 |
With no allowance recorded: Unpaid Principal Balance | 2,137,668 | 2,356,007 |
With an allowance recorded: Recorded Investment | 354,381 | 152,651 |
With an allowance recorded: Unpaid Principal Balance | 354,381 | 152,651 |
With an allowance recorded: Related Allowance | 33,422 | 23,870 |
Recorded Investment | 2,492,049 | 2,508,658 |
Unpaid Principal Balance | 2,492,049 | 2,508,658 |
Related Allowance | 33,422 | 23,870 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 1,779,350 | 1,122,740 |
With no allowance recorded: Unpaid Principal Balance | 1,779,350 | 1,122,740 |
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 1,779,350 | 1,122,740 |
Unpaid Principal Balance | 1,779,350 | 1,122,740 |
Related Allowance | ||
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 155,660 | 8,251 |
With no allowance recorded: Unpaid Principal Balance | 155,660 | 8,251 |
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 155,660 | 8,251 |
Unpaid Principal Balance | 155,660 | 8,251 |
Related Allowance | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 11,747 | 29,245 |
With no allowance recorded: Unpaid Principal Balance | 11,747 | 29,245 |
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 11,747 | 29,245 |
Unpaid Principal Balance | 11,747 | 29,245 |
Related Allowance |
Allowance for Loan Losses - S_4
Allowance for Loan Losses - Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 4,127,410 | $ 2,189,214 | $ 3,741,554 | $ 2,137,729 |
Interest Income Recognized | 16,206 | 55,411 | 24,109 | 179,406 |
Mortgage Loans One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no allowance recorded: Average Recorded Investment | 2,051,434 | 1,832,617 | 1,961,587 | 1,788,550 |
With no allowance recorded: Interest Income Recognized | 8,881 | 52,335 | 9,313 | 76,546 |
With an allowance recorded: Average Recorded Investment | 355,222 | 138,910 | 374,613 | 141,029 |
With an allowance recorded: Interest Income Recognized | 1,902 | 2,273 | 7,622 | 6,254 |
Average Recorded Investment | 2,406,656 | 1,971,527 | 2,336,200 | 1,929,579 |
Interest Income Recognized | 10,783 | 54,608 | 16,935 | 82,800 |
Mortgage Loans Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no allowance recorded: Average Recorded Investment | 1,555,260 | 200,988 | 1,262,149 | 202,584 |
With no allowance recorded: Interest Income Recognized | 5,125 | 803 | 6,669 | 96,606 |
With an allowance recorded: Average Recorded Investment | ||||
With an allowance recorded: Interest Income Recognized | ||||
Average Recorded Investment | 1,555,260 | 200,988 | 1,262,149 | 202,584 |
Interest Income Recognized | 5,125 | 803 | 6,669 | 96,606 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no allowance recorded: Average Recorded Investment | 142,033 | 105,142 | ||
With no allowance recorded: Interest Income Recognized | ||||
With an allowance recorded: Average Recorded Investment | ||||
With an allowance recorded: Interest Income Recognized | ||||
Average Recorded Investment | 142,033 | 105,142 | ||
Interest Income Recognized | ||||
Consumer and HELOC [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no allowance recorded: Average Recorded Investment | 23,461 | 38,063 | ||
With no allowance recorded: Interest Income Recognized | 298 | 505 | ||
With an allowance recorded: Average Recorded Investment | 16,699 | 5,566 | ||
With an allowance recorded: Interest Income Recognized | ||||
Average Recorded Investment | 23,461 | 16,699 | 38,063 | 5,566 |
Interest Income Recognized | $ 298 | $ 505 |
Allowance for Loan Losses - S_5
Allowance for Loan Losses - Schedule of Classes of the Loan Portfolio by Aging (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 4,170,892 | $ 5,415,983 |
Current | 153,445,519 | 136,034,112 |
Total Loans Receivable | 157,616,411 | 141,450,096 |
90 Days or Greater Still Accruing | ||
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,154,796 | 3,282,276 |
Current | 73,462,605 | 72,575,950 |
Total Loans Receivable | 75,617,401 | 75,858,226 |
90 Days or Greater Still Accruing | ||
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,848,689 | 1,779,380 |
Current | 56,854,108 | 48,342,678 |
Total Loans Receivable | 58,702,797 | 50,122,058 |
90 Days or Greater Still Accruing | ||
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 155,660 | 310,034 |
Current | 17,962,554 | 11,145,519 |
Total Loans Receivable | 18,118,214 | 11,455,554 |
90 Days or Greater Still Accruing | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 11,747 | 44,293 |
Current | 5,166,252 | 3,969,965 |
Total Loans Receivable | 5,177,999 | 4,014,258 |
90 Days or Greater Still Accruing | ||
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,028,606 | 1,941,253 |
30 to 59 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 223,534 | 982,168 |
30 to 59 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 794,525 | 656,640 |
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 301,783 | |
30 to 59 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 10,547 | 662 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 294,661 | 414,378 |
60 to 89 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 294,661 | 399,992 |
60 to 89 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
60 to 89 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 14,386 | |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,847,625 | 3,060,352 |
90 Days or Greater Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,636,601 | 1,900,116 |
90 Days or Greater Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,054,164 | 1,122,740 |
90 Days or Greater Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 155,660 | 8,251 |
90 Days or Greater Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 1,200 | $ 29,245 |
Allowance for Loan Losses - S_6
Allowance for Loan Losses - Schedule of Loans on Nonaccrual Status (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 3,479,786 | $ 3,268,322 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 2,210,273 | 2,108,086 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 1,102,106 | 1,122,740 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 155,660 | 8,251 |
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 11,747 | $ 29,245 |
Allowance for Loan Losses - S_7
Allowance for Loan Losses - Schedule of Risk Category of Loans (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 157,616,411 | $ 141,450,096 |
Mortgage Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 58,702,797 | 50,122,058 |
Mortgage Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 56,971,390 | 48,764,928 |
Mortgage Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 234,390 | |
Mortgage Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,731,407 | 1,122,740 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 18,118,214 | 11,455,554 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 13,980,085 | 11,434,756 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 3,982,469 | 20,798 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 155,660 |
Allowance for Loan Losses - S_8
Allowance for Loan Losses - Schedule of Balances of Loans by Class Based on Payment Performance (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 157,616,411 | $ 141,450,096 |
Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 75,617,401 | 75,858,226 |
Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,177,999 | 4,014,258 |
Performing Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 73,541,731 | 73,750,140 |
Performing Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,166,252 | 3,985,013 |
Nonperforming Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,075,670 | 2,108,086 |
Nonperforming Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 11,747 | $ 29,245 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares purchase for employee stock ownership program | 88,131 | |
ESOP compensation expense | $ 10,322 | $ 30,945 |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 20.00% | |
Vesting period | 2 years | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 40.00% | |
Vesting period | 3 years | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 60.00% | |
Vesting period | 4 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 80.00% | |
Vesting period | 5 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 100.00% | |
Vesting period | 6 years |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details Narrative) | Sep. 30, 2018 | Dec. 31, 2017 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Percentage of Tier 1 capital greater than risk weighted assets | 2.50% | |
Minimum percentage of capital conservation buffer as of January 1, 2018 | 1.875% | |
Percentage of capital conservation buffer on January 1, 2019 | 2.50% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Schedule of Bank's Actual Capital Amounts and Ratios (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | $ 20,201,636 | $ 12,135,085 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.16% | 9.47% |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 6,419,565 | $ 5,718,465 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 4.50% | 4.50% |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 9,272,705 | $ 8,325,005 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 20,201,636 | $ 12,135,085 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.16% | 9.47% |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 8,559,420 | $ 7,684,620 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 6.00% | 6.00% |
Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 11,412,560 | $ 10,246,160 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Actual Amount | $ 21,303,236 | $ 13,176,530 |
Total capital (to risk-weighted assets), Actual Ratio | 14.93% | 10.29% |
Total capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 11,412,560 | $ 10,246,160 |
Total capital (to risk-weighted assets), For capital adequacy purposes Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), To be well capitalized Amount | $ 14,265,700 | $ 12,807,700 |
Total capital (to risk-weighted assets), To be well capitalized Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual Amount | $ 20,201,636 | $ 12,135,085 |
Tier 1 capital (to average assets), Actual Ratio | 11.71% | 7.85% |
Tier 1 capital (to average assets), For capital adequacy purposes Amount | $ 6,903,532 | $ 6,186,160 |
Tier 1 capital (to average assets), For capital adequacy purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), To be well capitalized Amount | $ 8,629,416 | $ 7,732,700 |
Tier 1 capital (to average assets), To be well capitalized Ratio | 5.00% | 5.00% |
Commitments - Schedule of Off-B
Commitments - Schedule of Off-Balance Sheet Commitments (Details) | Sep. 30, 2018USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | $ 13,041,730 |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | 1,804,500 |
Construction Unadvanced Funds [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | 3,835,392 |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | $ 7,401,838 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Reported On the Balance Sheets Fair Value On Recurring Basis (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 8,922,885 | $ 2,616,350 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,975,191 | 519,258 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,488,139 | 1,599,878 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,266,923 | 301,898 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,632 | 195,316 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,632 | 195,316 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,730,253 | 2,421,034 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,975,191 | 519,258 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,488,139 | 1,599,878 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,266,923 | 301,898 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,632 | 195,316 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 240,747 | 231,977 |
Fair Value, Measurements, Recurring [Member] | Impaired Loans With Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 320,959 | 112,139 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,632 | 195,316 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Impaired Loans With Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,975,191 | 519,258 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,488,139 | 1,599,878 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,266,923 | 301,898 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Impaired Loans With Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 240,747 | 231,977 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans With Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 320,959 | $ 112,139 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets Reported On the Balance Sheets Fair Value On Nonrecurring Basis (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 59,932 | $ 59,932 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 59,932 | 59,932 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 59,932 | $ 59,932 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement Process (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, Fair Value | $ 59,932 | $ 59,932 |
Impaired loans with reserve, Fair Value | 320,959 | 112,139 |
Mortgage servicing rights, Fair Value | $ 240,747 | $ 231,977 |
Weighted Average One [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Three [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Five [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Seven [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Valuation Unobservable Inputs Selling Costs [Member] | Weighted Average Two [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Valuation Unobservable Inputs Selling Costs [Member] | Weighted Average Six [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Valuation Technique Discounted Cash Flows [Member] | Weighted Average Four [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Valuation Technique Discounted Cash Flows [Member] | Weighted Average Eight [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.44% | 8.67% |
Valuation Unobservable Inputs Discount for Evaluation [Member] | Weighted Average Four [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | Weighted Average Eight [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.44%) | (8.67%) |
Weighted Average [Member] | Valuation Technique Appraised Collateral Values [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average [Member] | Valuation Unobservable Inputs Discount For Time Since Appraisal [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Estimated Fair Values of the Bank's Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Certificates of deposit | $ 846,000 | $ 943,000 |
Investment securities: Available for sale | 8,922,885 | 2,616,350 |
Investment securities: Held to maturity | 8,095 | 9,494 |
Investment securities: Accrued interest receivable | 557,291 | 476,417 |
Financial liabilities: Accrued interest payable | 245,098 | 206,597 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 5,875,416 | 16,478,066 |
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | 192,632 | 195,316 |
Investment securities: Held to maturity | ||
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | 43,455,419 | 50,730,909 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | 835,649 | 946,497 |
Investment securities: Available for sale | 8,730,253 | 2,421,034 |
Investment securities: Held to maturity | 7,196 | 9,494 |
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | 557,291 | 476,417 |
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | ||
Financial liabilities: FHLB advances | 30,933,500 | 25,602,500 |
Financial liabilities: Accrued interest payable | 245,098 | 206,597 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | ||
Investment securities: Held to maturity | ||
Investment securities: Loans, net | 156,639,838 | 139,784,862 |
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | 2,614,900 | 2,162,600 |
Financial liabilities: Deposits | 86,239,953 | 81,458,115 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 5,875,416 | 16,478,066 |
Financial assets: Certificates of deposit | 846,000 | 943,000 |
Investment securities: Available for sale | 8,922,885 | 2,616,350 |
Investment securities: Held to maturity | 7,109 | 9,797 |
Investment securities: Loans, net | 156,613,838 | 140,574,537 |
Investment securities: Accrued interest receivable | 557,291 | 476,417 |
Investment securities: FHLB stock | 2,614,900 | 2,162,600 |
Financial liabilities: Deposits | 131,366,372 | 132,430,024 |
Financial liabilities: FHLB advances | 31,374,500 | 26,416,200 |
Financial liabilities: Accrued interest payable | 245,098 | 206,597 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 5,875,416 | 16,478,066 |
Financial assets: Certificates of deposit | 835,649 | 946,497 |
Investment securities: Available for sale | 8,922,885 | 2,616,350 |
Investment securities: Held to maturity | 7,196 | 9,494 |
Investment securities: Loans, net | 156,639,838 | 139,784,862 |
Investment securities: Accrued interest receivable | 557,291 | 476,417 |
Investment securities: FHLB stock | 2,614,900 | 2,162,600 |
Financial liabilities: Deposits | 129,695,372 | 132,189,024 |
Financial liabilities: FHLB advances | 30,933,500 | 25,602,500 |
Financial liabilities: Accrued interest payable | $ 245,098 | $ 206,597 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), beginning of period | $ (23,487) | ||||
Net other comprehensive income (loss) | $ (56,031) | $ 652 | (79,267) | $ 35,433 | $ 27,761 |
Accumulated other comprehensive income (loss), end of period | (102,754) | (102,754) | (23,487) | ||
Net Unrealized Gain (Loss) on Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), beginning of period | (46,722) | (12,607) | (23,487) | (47,388) | (47,388) |
Other comprehensive income (loss) on securities before reclassification, net of tax | (56,031) | 652 | (79,267) | 35,664 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (231) | ||||
Net other comprehensive income (loss) | (56,031) | 652 | (79,267) | 35,433 | |
Accumulated other comprehensive income (loss), end of period | $ (102,753) | $ (11,955) | $ (102,753) | $ (11,955) | $ (23,487) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
EARNINGS PER COMMON SHARE | |||||
Net Income | $ 94,834 | $ 122,874 | $ 198,389 | $ 629,566 | $ 589,098 |
Average shares outstanding | 2,248,250 | ||||
Less: Average unearned ESOP shares | 85,377 | ||||
Total shares outstanding for basic EPS: | 2,162,873 | ||||
Additional dilutive shares | |||||
Shares outstanding for basic and diluted EPS | 2,162,873 | ||||
Basic and diluted income per share | $ 0.04 |