Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Security Federal Corporation | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 818677 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 2,945,474 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash And Cash Equivalents | $8,461,858 | $10,192,702 |
Certificates Of Deposit With Other Banks | 2,095,000 | 2,095,000 |
Investment And Mortgage-Backed Securities: | ||
Available For Sale: (Amortized Cost Of $432,951,620 And $430,241,854 At March 31, 2014 And December 31, 2013, Respectively) | 434,502,629 | 429,700,540 |
Total Investments And Mortgage-Backed Securities | 434,503,000 | |
Loans Receivable, Net: | ||
Held For Sale | 1,878,844 | 1,864,999 |
Held For Investment: (Net Of Allowance Of $9,845,755 and $10,241,970 At March 31, 2014 And December 31, 2013, Respectively) | 330,179,583 | 338,009,496 |
Total Loans Receivable, Net | 332,058,427 | 339,874,495 |
Accrued Interest Receivable: | ||
Loans | 1,029,658 | 971,569 |
Mortgage-Backed Securities | 675,945 | 682,585 |
Investment Securities | 1,331,054 | 1,408,924 |
Total Accrued Interest Receivable | 3,036,657 | 3,063,078 |
Premises And Equipment, Net | 18,608,102 | 18,233,226 |
Federal Home Loan Bank (FHLB) Stock, At Cost | 2,196,100 | 3,144,600 |
Repossessed Assets Acquired In Settlement Of Loans | 6,486,850 | 3,229,710 |
Bank Owned Life Insurance | 11,237,044 | 11,150,045 |
Goodwill | 1,199,754 | 1,199,754 |
Other Assets | 3,250,342 | 3,480,676 |
Total Assets | 823,132,763 | 825,363,826 |
Liabilities: | ||
Deposit Accounts | 672,441,557 | 660,115,164 |
Advances From FHLB | 34,200,000 | 52,900,000 |
Other Borrowings | 10,340,157 | 8,523,348 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Advance Payments By Borrowers For Taxes And Insurance | 414,167 | 266,352 |
Senior Convertible Debentures | 6,084,000 | 6,084,000 |
Other Liabilities | 5,621,054 | 4,884,577 |
Total Liabilities | 734,255,935 | 737,928,441 |
Shareholders' Equity: | ||
Serial Preferred Stock, $.01 Par Value; Authorized 200,000 Shares; Issued And Outstanding, 22,000 Shares At March 31, 2014 And December 31, 2013, Respectively | 22,000,000 | 22,000,000 |
Common Stock, $.01 Par Value; Authorized 5,000,000 Shares; Issued 3,144,934 Shares At March 31, 2014 And At December 31, 2013, Respectively | 31,464 | 31,449 |
Additional Paid-In Capital | 12,019,325 | 11,990,813 |
Treasury Stock, At Cost (200,933 Shares At March 31, 2014 And December 31, 2013, Respectively) | -4,330,712 | -4,330,712 |
Nonvested Restricted Stock | -25,358 | 0 |
Accumulated Other Comprehensive Income | 5,755,660 | 5,476,375 |
Retained Earnings | 53,426,449 | 52,267,460 |
Total Shareholders' Equity | 88,876,828 | 87,435,385 |
Total Liabilities And Shareholders' Equity | $823,132,763 | $825,363,826 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $425,229,107 | $420,876,924 |
Fair Value of Investment And Mortgage-Backed Securities Held To Maturity | 0 | 0 |
Allowance For Loan Losses | $7,918,917 | $8,357,496 |
Serial Preferred Stock Par Value Per Share | $0.01 | $0.01 |
Serial Preferred Stock Shares Authorized | 200,000 | 200,000 |
Serial Preferred Stock Shares Issued | 22,000 | 22,000 |
Serial Preferred Stock Shares Outstanding | 22,000 | 22,000 |
Common Stock Par Value Per Share | $0.01 | $0.01 |
Common Stock Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock Shares Issued | 3,146,407 | 3,144,934 |
Common Stock, Shares, Outstanding | 2,945,474 | 2,944,001 |
Treasury Stock Shares Held | 200,933 | 200,933 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest Income: | ||
Loans | $4,537,195 | $4,863,488 |
Mortgage-Backed Securities | 1,424,353 | 1,389,118 |
Investment Securities | 985,106 | 937,301 |
Other | 2,550 | 3,568 |
Total Interest Income | 6,949,204 | 7,193,475 |
Interest Expense: | ||
NOW And Money Market Accounts | 118,429 | 180,759 |
Statement Savings Accounts | 7,120 | 6,127 |
Certificate Accounts | 479,159 | 508,795 |
FHLB Advances And Other Borrowed Money | 421,755 | 707,715 |
Senior Convertible Debentures | 121,680 | 121,680 |
Junior Subordinated Debentures | 25,078 | 25,015 |
Total Interest Expense | 1,173,221 | 1,550,091 |
Net Interest Income | 5,775,983 | 5,643,384 |
Provision For Loan Losses | 100,000 | 100,000 |
Net Interest Income After Provision For Loan Losses | 5,675,983 | 5,543,384 |
Non-Interest Income: | ||
Gain On Sale Of Investment Securities | 1,486,939 | 84,356 |
Gain On Sale Of Loans | 154,019 | 128,242 |
Service Fees On Deposit Accounts | 257,516 | 276,485 |
Commissions From Insurance Agency | 130,112 | 91,634 |
Trust Income | 148,800 | 105,000 |
Bank Owned Life Insurance Income | 87,000 | 205,827 |
Check Card Fee Income | 231,301 | 210,695 |
Grant Income | 0 | 281,960 |
Other | 155,320 | 152,200 |
Total Non-Interest Income | 2,651,007 | 1,536,399 |
Non-Interest Expense: | ||
Compensation And Employee Benefits | 2,987,031 | 2,847,002 |
Occupancy | 490,658 | 500,916 |
Advertising | 96,161 | 100,396 |
Depreciation And Maintenance Of Equipment | 417,245 | 417,506 |
Federal Deposit Insurance Corporation (FDIC) Insurance Premiums | 160,221 | 185,457 |
Amortization Of Intangibles | 0 | 11,970 |
Net Cost Of Operation Of Other Real Estate Owned | 196,624 | 269,096 |
Prepayment Penalties on FHLB Advances | 787,851 | 0 |
Other | 1,118,804 | 994,336 |
Total General And Administrative Expenses | 6,254,595 | 5,326,679 |
Income Before Income Taxes | 2,072,395 | 1,753,104 |
Provision For Income Taxes | 567,768 | 450,584 |
Net Income | 1,504,627 | 1,302,520 |
Preferred Stock Dividends | 110,000 | 110,000 |
Net Income Available To Common Shareholders | $1,394,627 | $1,192,520 |
Net Income Per Common Share (Basic) | $0.47 | $0.41 |
Net Income Per Common Share (Diluted) | $0.45 | $0.39 |
Cash Dividend Per Share On Common Stock | $0.08 | $0.08 |
Weighted Average Shares Outstanding (Basic) | 2,944,001 | 2,944,001 |
Weighted Average Shares Outstanding (Diluted) | 3,248,230 | 3,248,201 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $1,504,627 | $1,302,520 |
Unrealized Gains On Securities: | ||
Unrealized Holding Gains On Securities Available For Sale, Net Of Taxes Of $735,658 And $1,068,967 At March 31, 2015 And 2014, Respectively | 1,201,187 | 1,747,218 |
Reclassification Adjustment For Gains Included In Net Income, Net Of Taxes Of $565,037 And $32,055 At March 31, 2015 And 2014, Respectively | -921,902 | -52,301 |
Other Comprehensive Income | 279,285 | 1,694,917 |
Comprehensive Income | $1,783,912 | $2,997,437 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $735,658 | $1,068,967 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | $565,037 | $32,055 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings |
Balance at at Dec. 31, 2013 | $77,990,080 | $22,000,000 | $31,449 | $11,978,137 | ($4,330,712) | $472,406 | $47,838,800 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 1,302,520 | 1,302,520 | |||||
Other Comprehensive Income, Net Of Tax: | 1,694,917 | 1,694,917 | |||||
Stock Compensation Expense | 3,169 | 3,169 | |||||
Cash Dividends On Preferred | -110,000 | -110,000 | |||||
Cash Dividends On Common | -235,520 | -235,520 | |||||
Balance at at Mar. 31, 2014 | 80,645,166 | 22,000,000 | 31,449 | 11,981,306 | -4,330,712 | 2,167,323 | 48,795,800 |
Balance at at Dec. 31, 2014 | 87,435,385 | 22,000,000 | 31,449 | 11,990,813 | -4,330,712 | 5,476,375 | 52,267,460 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 1,504,627 | 1,504,627 | |||||
Other Comprehensive Income, Net Of Tax: | 279,285 | 279,285 | |||||
Common Stock, Value, Issued | 15 | ||||||
Nonvested Restricted Stock | -25,358 | ||||||
Additional Paid in Capital, Common Stock | -25,358 | ||||||
Adjustments to Additional Paid in Capital, Other | 25,343 | ||||||
Stock Compensation Expense | 3,169 | 3,169 | |||||
Cash Dividends On Preferred | -110,000 | -110,000 | |||||
Cash Dividends On Common | -235,638 | -235,638 | |||||
Balance at at Mar. 31, 2015 | $88,876,828 | $22,000,000 | $31,464 | $12,019,325 | ($4,330,712) | $5,755,660 | $53,426,449 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $1,504,627 | $1,302,520 |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | ||
Depreciation Expense | 309,913 | 298,464 |
Amortization Of Intangible Assets | 0 | 11,970 |
Stock Option Compensation Expense | 3,169 | 3,169 |
Discount Accretion And Premium Amortization | 1,252,401 | 1,564,137 |
Provisions For Losses On Loans | 100,000 | 100,000 |
Income From Bank Owned Life Insurance | -87,000 | -205,827 |
Gain On Sales Of Loans | -154,019 | -128,242 |
Gain On Sales Of Mortgage-Backed Securities | -358,141 | -254,538 |
(Gain) Loss On Sales Of Investment Securities | -1,128,798 | 170,182 |
Gain On Sale Of Other Real Estate Owned | -57,040 | -41,845 |
Write Down On Other Real Estate Owned | 124,400 | 205,000 |
Amortization Of Deferred Fees On Loans | 4,737 | 6,583 |
Proceeds From Sale Of Loans Held For Sale | 5,860,686 | 3,808,798 |
Origination Of Loans Held For Sale | -5,720,512 | -5,356,132 |
(Increase) Decrease In Accrued Interest Receivable: | ||
Loans | -58,089 | 50,450 |
Mortgage-Backed Securities | 6,640 | -1,003 |
Investment Securities | 77,870 | 122,005 |
Increase In Advance Payments By Borrowers | 147,815 | 90,699 |
Other, Net | 796,189 | 131,449 |
Net Cash Provided By Operating Activities | 2,624,848 | 1,877,839 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase Of Mortgage-Backed Securities Available For Sale | -15,625,415 | -25,481,066 |
Principal Repayments On Mortgage-Backed Securities Available For Sale | 7,421,481 | 7,413,707 |
Purchase Of Investment Securities Available For Sale | -41,533,216 | -5,971,321 |
Maturities Of Investment Securities Available For Sale | 9,257,293 | 5,914,950 |
Proceeds From Sale of Investment Securities Available For Sale | 29,095,492 | 5,132,069 |
Proceeds From Sale of Mortgage-Backed Securities Available For Sale | 7,266,721 | 8,802,113 |
Purchase Of FHLB Stock | -868,800 | -2,021,200 |
Redemption Of FHLB Stock | 1,817,300 | 2,885,800 |
Proceeds from Life Insurance Policies | 0 | 484,415 |
Increase (Decrease) In Loans Receivable | -4,137,337 | -4,611,602 |
Proceeds From Sale Of Repossessed Assets | 263,340 | 155,945 |
Purchase And Improvement Of Premises And Equipment | -684,789 | -140,046 |
Net Cash Provided By Investing Activities | 546,744 | 1,786,968 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase In Deposit Accounts | 12,326,393 | 8,386,773 |
Proceeds From FHLB Advances | 86,670,000 | 46,630,000 |
Repayment Of FHLB Advances | -105,370,000 | -59,084,335 |
Increase in Other Borrowings, Net | 1,816,809 | 1,263,649 |
Dividends To Preferred Stock Shareholders | -110,000 | -110,000 |
Dividends To Common Stock Shareholders | -235,638 | -235,520 |
Net Cash Used By Financing Activities | -4,902,436 | -3,149,433 |
Net Increase (Decrease) In Cash And Cash Equivalents | -1,730,844 | 515,374 |
Cash And Cash Equivalents At Beginning Of Period | 10,192,702 | |
Cash And Cash Equivalents At End Of Period | 8,461,858 | 8,145,145 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 1,201,870 | 1,497,977 |
Income Taxes | 10,388 | 24,100 |
Supplemental Schedule Of Non Cash Transactions: | ||
Transfers From Loans Receivable To Other Real Estate Owned | $3,587,840 | $892,760 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America; therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation’s (the “Company”) 2014 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 10-K”) when reviewing interim financial statements. |
Principles_of_Consolidation
Principles of Consolidation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Insurance, Inc. (“SFINS”) and Security Financial Services Corporation (“SFSC”). SFINS was formed during fiscal 2002 and began operating during the December 2001 quarter and is an insurance agency offering auto, business, and home insurance. SFINS has a wholly owned subsidiary, Collier Jennings Financial Corporation, which has as subsidiaries Security Federal Auto Insurance, The Auto Insurance Store Inc., and Security Federal Premium Pay Plans Inc. Security Federal Premium Pay Plans Inc. has one wholly owned premium finance subsidiary and also has an ownership interest in four other premium finance subsidiaries. SFSC was formed in 1975 and is currently inactive. | |
The Company has a wholly owned subsidiary, Security Federal Statutory Trust (the “Trust”), which issued and sold fixed and floating rate capital securities of the Trust. However, under current accounting guidance, the Trust is not consolidated in the Company’s financial statements. The Bank is primarily engaged in the business of accepting savings and demand deposits and originating mortgage loans and other loans to individuals and small businesses for various personal and commercial purposes. |
Critical_Accounting_Policies
Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Critical Accounting Policies |
The Company has adopted various accounting policies, which govern the application of accounting principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to the audited consolidated financial statements at December 31, 2014 included in our 2014 Annual Report to Shareholders. Certain accounting policies involve significant judgments and assumptions by management, which have a material impact on the carrying value of certain assets and liabilities, and, as such, have a greater possibility of producing results that could be materially different than originally reported. We consider these accounting policies to be critical accounting policies. The judgments and assumptions we use are based on historical experience and other factors, which we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results could differ from these judgments and estimates which could have a material impact on our carrying values of assets and liabilities and our results of operations. | |
The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. | |
While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulators, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, and may be subject to adjustments based upon the information | |
3. Critical Accounting Policies, Continued | |
that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectibility of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. | |
The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the Consolidated Financial Statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
Earnings Per Share [Text Block] | The following table is a summary of the Company's basic and diluted earnings per share for the periods indicated. | |||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Income | Shares | Per Share Amounts | Income | Shares | Per Share Amounts | |||||||||||||||||
Basic EPS | $1,394,627 | 2,944,001 | $0.47 | $1,192,520 | 2,944,001 | $0.41 | ||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||
Senior Convertible Debentures | 75,442 | 304,200 | -0.02 | 75,422 | 304,200 | -0.02 | ||||||||||||||||
Unvested Restricted Stock | — | 29 | — | — | — | — | ||||||||||||||||
Diluted EPS | $1,470,069 | 3,248,230 | $0.45 | $1,267,942 | 3,248,201 | $0.39 | ||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||||
Accounting guidance specifies computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted earnings per share by application of the treasury stock method. | ||||||||||||||||||||||
Net income available to common shareholders represents consolidated net income adjusted for preferred dividends declared, accretions of discounts and amortization of premiums on preferred stock issuances and cumulative dividends related to the current dividend period that have not been declared as of period end. | ||||||||||||||||||||||
The following table provides a reconciliation of net income to net income available to common shareholders for the periods presented: | ||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Earnings Available To Common Shareholders: | ||||||||||||||||||||||
Net Income | $1,504,627 | $1,302,520 | ||||||||||||||||||||
Preferred Stock Dividends | 110,000 | 110,000 | ||||||||||||||||||||
Net Income Available To Common Shareholders | $1,394,627 | $1,192,520 | ||||||||||||||||||||
4. Earnings Per Common Share, Continued | ||||||||||||||||||||||
The following table is a summary of the Company's basic and diluted earnings per share for the periods indicated. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Employee Benefit Plans | Stock-Based Compensation | |||||||||
Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. Options are granted at exercise prices not less than the fair value of the Company’s common stock on the date of the grant. The following is a summary of the activity under the Company’s stock option plans for the periods presented: | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||
Balance, Beginning of Period | 47,500 | $22.41 | 61,500 | $22.49 | ||||||
Options Granted | — | — | — | — | ||||||
Options Exercised | — | — | — | — | ||||||
Options Forfeited | (18,000 | ) | 20.55 | (11,000 | ) | 22.44 | ||||
Balance, End Of Period | 29,500 | $23.55 | 50,500 | $22.49 | ||||||
Options Exercisable | 18,900 | $23.58 | 34,100 | $22.02 | ||||||
Options Available For Grant | 50,000 | 50,000 | ||||||||
5. Stock-Based Compensation, Continued | ||||||||||
At March 31, 2015, the Company had the following options outstanding: | ||||||||||
Grant Date | Outstanding Options | Option Price | Expiration Date | |||||||
1/1/06 | 3,500 | $23.91 | 1/1/16 | |||||||
8/24/06 | 3,500 | $23.03 | 8/24/16 | |||||||
5/24/07 | 2,000 | $24.34 | 5/24/17 | |||||||
7/9/07 | 1,000 | $24.61 | 7/9/17 | |||||||
10/1/07 | 2,000 | $24.28 | 10/1/17 | |||||||
1/1/08 | 13,000 | $23.49 | 1/1/18 | |||||||
5/19/08 | 2,500 | $22.91 | 5/19/18 | |||||||
7/1/08 | 2,000 | $22.91 | 7/1/18 | |||||||
None of the options outstanding at March 31, 2015 or 2014 had an exercise price below the average market price during the three month periods ended March 31, 2015 or 2014. Therefore these options were not deemed to be dilutive to earnings per share in those periods. |
Stock_Warrants
Stock Warrants | 3 Months Ended |
Mar. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Stock Warrants | . |
Investment_and_MortgageBacked_
Investment and Mortgage-Backed Securities, Available for Sale | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment and Mortgage-Backed Securities, Available for Sale | Investment and Mortgage-Backed Securities, Available For Sale | |||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities available for sale at the dates indicated are as follows: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair value | |||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
FHLB Securities | $ | 6,330,671 | $ | 55,934 | $ | 84,474 | $ | 6,302,131 | ||||||||||||||||
Federal Farm Credit Bank ("FFCB") Securities | 2,000,000 | — | 14,978 | 1,985,022 | ||||||||||||||||||||
Federal National Mortgage Association ("FNMA") Bonds | 997,009 | 15,425 | — | 1,012,434 | ||||||||||||||||||||
Small Business Administration (“SBA”) Bonds | 118,078,000 | 1,843,851 | 217,508 | 119,704,343 | ||||||||||||||||||||
Tax Exempt Municipal Bonds | 62,911,065 | 2,061,707 | 374,396 | 64,598,376 | ||||||||||||||||||||
Mortgage-Backed Securities | 234,661,924 | 6,300,652 | 373,067 | 240,589,509 | ||||||||||||||||||||
Equity Securities | 250,438 | 60,376 | — | 310,814 | ||||||||||||||||||||
$ | 425,229,107 | $ | 10,337,945 | $ | 1,064,423 | $ | 434,502,629 | |||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair value | |||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
FHLB Securities | $ | 13,317,462 | $ | 83,691 | $ | 154,492 | $ | 13,246,661 | ||||||||||||||||
FFCB Securities | 5,750,000 | — | 82,006 | 5,667,994 | ||||||||||||||||||||
FNMA Bonds | 996,822 | 7,559 | — | 1,004,381 | ||||||||||||||||||||
SBA Bonds | 106,637,400 | 1,796,943 | 307,649 | 108,126,694 | ||||||||||||||||||||
Tax Exempt Municipal Bonds | 59,960,960 | 2,579,543 | 45,080 | 62,495,423 | ||||||||||||||||||||
Mortgage-Backed Securities | 233,963,842 | 5,704,855 | 815,984 | 238,852,713 | ||||||||||||||||||||
Equity Securities | 250,438 | 56,236 | — | 306,674 | ||||||||||||||||||||
$ | 420,876,924 | $ | 10,228,827 | $ | 1,405,211 | $ | 429,700,540 | |||||||||||||||||
FHLB securities, FFCB securities and FNMA and FHLMC mortgage-backed securities are issued by government-sponsored enterprises (“GSEs”). GSEs are not backed by the full faith and credit of the United States government. SBA bonds are backed by the full faith and credit of the United States government. Included in the tables above and below in mortgage-backed securities are Government National Mortgage Association ("GNMA") mortgage-backed securities, which are also backed by the full faith and credit of the United States government. At March 31, 2015 the Bank held an amortized cost and fair value of $160.6 million and $164.7 million, respectively, in GNMA mortgage-backed securities included in mortgage-backed securities in the table above compared to an amortized cost and fair value of $156.8 million and $160.6 million, respectively, at December 31, 2014. All mortgage-backed securities above are either GSEs or GNMA mortgage-backed securities. The Company has not invested in any private label mortgage-backed securities. | ||||||||||||||||||||||||
6. Investment and Mortgage-Backed Securities, Available For Sale, Continued | ||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities available for sale at March 31, 2015 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Investment Securities | Amortized Cost | Fair Value | ||||||||||||||||||||||
Less Than One Year | $ | 839,750 | $ | 847,389 | ||||||||||||||||||||
One – Five Years | 13,008,988 | 13,299,185 | ||||||||||||||||||||||
Over Five – Ten Years | 62,234,587 | 63,331,124 | ||||||||||||||||||||||
More Than Ten Years | 114,483,858 | 116,435,422 | ||||||||||||||||||||||
Mortgage-Backed Securities | 234,661,924 | 240,589,509 | ||||||||||||||||||||||
$ | 425,229,107 | $ | 434,502,629 | |||||||||||||||||||||
At March 31, 2015 the amortized cost and fair value of investment and mortgage-backed securities available for sale pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $119.6 million and $123.8 million, respectively, compared to an amortized cost and fair value of $120.7 million and $124.4 million, respectively at December 31, 2014. | ||||||||||||||||||||||||
The Bank received $36.4 million and $13.9 million, respectively, in gross proceeds from sales of available for sale securities during the three months ended March 31, 2015 and 2014. As a result, the Bank recognized gross gains of $1.5 million and $309,000, respectively, and gross losses of $47,000 and $224,000, respectively, for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated. | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
FHLB Securities | $ | — | $ | — | $ | 3,915,526 | $ | 84,474 | $ | 3,915,526 | $ | 84,474 | ||||||||||||
FFCB Securities | 1,985,022 | 14,978 | — | — | 1,985,022 | 14,978 | ||||||||||||||||||
SBA Bonds | 19,333,124 | 153,338 | 6,635,687 | 64,170 | 25,968,811 | 217,508 | ||||||||||||||||||
Tax Exempt Municipal Bond | 16,235,174 | 366,102 | 799,429 | 8,294 | 17,034,603 | 374,396 | ||||||||||||||||||
Mortgage-Backed Securities | 16,387,777 | 55,636 | 13,180,113 | 317,431 | 29,567,890 | 373,067 | ||||||||||||||||||
$ | 53,941,097 | $ | 590,054 | $ | 24,530,755 | $ | 474,369 | $ | 78,471,852 | $ | 1,064,423 | |||||||||||||
6. Investment and Mortgage-Backed Securities, Available For Sale, Continued | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
FHLB Securities | $ | 994,818 | $ | 5,182 | $ | 3,850,690 | $ | 149,310 | $ | 4,845,508 | $ | 154,492 | ||||||||||||
FFCB Securities | — | — | 5,667,994 | 82,006 | 5,667,994 | 82,006 | ||||||||||||||||||
SBA Bonds | 27,859,461 | 223,070 | 4,920,631 | 84,579 | 32,780,092 | 307,649 | ||||||||||||||||||
Tax Exempt Municipal Bond | 3,605,319 | 16,039 | 1,710,586 | 29,041 | 5,315,905 | 45,080 | ||||||||||||||||||
Mortgage-Backed Securities | 34,840,832 | 208,242 | 30,899,075 | 607,742 | 65,739,907 | 815,984 | ||||||||||||||||||
$ | 67,300,430 | $ | 452,533 | $ | 47,048,976 | $ | 952,678 | $ | 114,349,406 | $ | 1,405,211 | |||||||||||||
Securities classified as available for sale are recorded at fair market value. At March 31, 2015 and December 31, 2014, 44.6% and 67.8% of the unrealized losses, representing 13 and 24 individual securities, respectively, consisted of securities in a continuous loss position for 12 months or more. The Company has the ability and intent to hold these securities until such time as the value recovers or the securities mature. The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”). | ||||||||||||||||||||||||
Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospects of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. | ||||||||||||||||||||||||
If the review determines that there is OTTI, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or we may recognize a portion in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. There was no OTTI recognized during the three months ended March 31, 2015. |
Loans_Receivable_Net
Loans Receivable, Net | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | |||||||||||||||||||||||||||||
Financing Receivables [Text Block] | Loans Receivable, Net | ||||||||||||||||||||||||||||
Loans receivable, net, consisted of the following as of the dates shown: | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Residential Real Estate Loans | $ | 76,077,084 | $ | 77,282,817 | |||||||||||||||||||||||||
Consumer Loans | 50,385,443 | 50,391,224 | |||||||||||||||||||||||||||
Commercial Business | 8,902,887 | 10,564,467 | |||||||||||||||||||||||||||
Commercial Real Estate | 204,646,950 | 209,530,209 | |||||||||||||||||||||||||||
Total Loans Held For Investment | 340,012,364 | 347,768,717 | |||||||||||||||||||||||||||
Loans Held For Sale | 1,878,844 | 1,864,999 | |||||||||||||||||||||||||||
Total Loans Receivable, Gross | 341,891,208 | 349,633,716 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Allowance For Loan Losses | 7,918,917 | 8,357,496 | |||||||||||||||||||||||||||
Loans In Process | 1,879,523 | 1,379,114 | |||||||||||||||||||||||||||
Deferred Loan Fees (Costs) | 34,341 | 22,611 | |||||||||||||||||||||||||||
9,832,781 | 9,759,221 | ||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 332,058,427 | $ | 339,874,495 | |||||||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Balance At Beginning Of Period | $ | 8,357,496 | $ | 10,241,970 | |||||||||||||||||||||||||
Provision For Loan Losses | 100,000 | 100,000 | |||||||||||||||||||||||||||
Charge Offs | (619,014 | ) | (777,575 | ) | |||||||||||||||||||||||||
Recoveries | 80,435 | 281,360 | |||||||||||||||||||||||||||
Total Allowance For Loan Losses | $ | 7,918,917 | $ | 9,845,755 | |||||||||||||||||||||||||
The Company uses a risk based approach based on the following credit quality measures when analyzing the loan portfolio: pass, caution, special mention, and substandard. These indicators are used to rate the credit quality of loans for the purposes of determining the Company’s allowance for loan losses. Pass loans are loans that are performing and are deemed adequately protected by the net worth of the borrower or the underlying collateral value. These loans are considered to have the least amount of risk in terms of determining the allowance for loan losses. Loans that are graded as substandard are considered to have the most risk. These loans typically have an identified weakness or weaknesses and are inadequately protected by the net worth of the borrower or collateral value. All loans 90 days or more past due are automatically classified in this category. The caution and special mention categories fall in between the pass and substandard grades and consist of loans that do not currently expose the Company to sufficient risk to warrant adverse classification but possess weaknesses. | |||||||||||||||||||||||||||||
The following tables list the loan grades used by the Company as credit quality indicators and the balance for each loan category at the dates presented, excluding loans held for sale. | |||||||||||||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
Credit Quality Measures | |||||||||||||||||||||||||||||
31-Mar-15 | Special | ||||||||||||||||||||||||||||
Pass | Caution | Mention | Substandard | Total Loans | |||||||||||||||||||||||||
Residential Real Estate | $ | 67,580,371 | $ | 914,752 | $ | 1,422,850 | $ | 6,159,111 | $ | 76,077,084 | |||||||||||||||||||
Consumer | 47,467,158 | 1,547,751 | 175,250 | 1,195,284 | 50,385,443 | ||||||||||||||||||||||||
Commercial Business | 7,809,979 | 346,482 | 303,389 | 443,037 | 8,902,887 | ||||||||||||||||||||||||
Commercial Real Estate | 123,958,229 | 31,959,619 | 36,466,884 | 12,262,218 | 204,646,950 | ||||||||||||||||||||||||
Total | $ | 246,815,737 | $ | 34,768,604 | $ | 38,368,373 | $ | 20,059,650 | $ | 340,012,364 | |||||||||||||||||||
Credit Quality Measures | |||||||||||||||||||||||||||||
31-Dec-14 | Special | ||||||||||||||||||||||||||||
Pass | Caution | Mention | Substandard | Total Loans | |||||||||||||||||||||||||
Residential Real Estate | $ | 69,163,911 | $ | 956,976 | $ | 639,638 | $ | 6,522,292 | $ | 77,282,817 | |||||||||||||||||||
Consumer | 48,283,560 | 1,046,624 | 128,033 | 933,007 | 50,391,224 | ||||||||||||||||||||||||
Commercial Business | 9,691,685 | 340,706 | 202,895 | 329,181 | 10,564,467 | ||||||||||||||||||||||||
Commercial Real Estate | 125,339,273 | 32,549,335 | 35,169,358 | 16,472,243 | 209,530,209 | ||||||||||||||||||||||||
Total | $ | 252,478,429 | $ | 34,893,641 | $ | 36,139,924 | $ | 24,256,723 | $ | 347,768,717 | |||||||||||||||||||
The following table presents an age analysis of past due balances by loan category at March 31, 2015: | |||||||||||||||||||||||||||||
90 Days or | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | More Past | Total Past | Total Loans | |||||||||||||||||||||||||
Past Due | Past Due | Due | Due | Current | Receivable | ||||||||||||||||||||||||
Residential | $ | 773,271 | $ | 739,422 | $ | 2,925,155 | $ | 4,437,848 | $ | 71,639,236 | $ | 76,077,084 | |||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Consumer | 1,090,070 | 214,442 | 632,978 | 1,937,490 | 48,447,953 | 50,385,443 | |||||||||||||||||||||||
Commercial | 108,752 | 115,982 | 288,281 | 513,015 | 8,389,872 | 8,902,887 | |||||||||||||||||||||||
Business | |||||||||||||||||||||||||||||
Commercial | 9,402,639 | 1,328,852 | 5,119,394 | 15,850,885 | 188,796,065 | 204,646,950 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Total | $ | 11,374,732 | $ | 2,398,698 | $ | 8,965,808 | $ | 22,739,238 | $ | 317,273,126 | $ | 340,012,364 | |||||||||||||||||
The following table presents an age analysis of past due balances by loan category at December 31, 2014: | |||||||||||||||||||||||||||||
90 Days or | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | More Past | Total Past | Total Loans | |||||||||||||||||||||||||
Past Due | Past Due | Due | Due | Current | Receivable | ||||||||||||||||||||||||
Residential | $ | — | $ | 1,087,299 | $ | 3,061,339 | $ | 4,148,638 | $ | 73,134,179 | $ | 77,282,817 | |||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Consumer | 1,868,787 | 91,223 | 573,644 | 2,533,654 | 47,857,570 | 50,391,224 | |||||||||||||||||||||||
Commercial | 162,481 | 99,784 | 246,977 | 509,242 | 10,055,225 | 10,564,467 | |||||||||||||||||||||||
Business | |||||||||||||||||||||||||||||
Commercial | 4,544,813 | 1,094,701 | 9,859,689 | 15,499,203 | 194,031,006 | 209,530,209 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Total | $ | 6,576,081 | $ | 2,373,007 | $ | 13,741,649 | $ | 22,690,737 | $ | 325,077,980 | $ | 347,768,717 | |||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the Company did not have any loans that were 90 days or more past due and still accruing interest. Our strategy is to work with our borrowers to reach acceptable payment plans while protecting our interests in the existing collateral. In the event an acceptable arrangement cannot be reached, we may have to acquire these properties through foreclosure or other means and subsequently sell, develop, or liquidate them. | |||||||||||||||||||||||||||||
The following table shows non-accrual loans by loan category at March 31, 2015 compared to December 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | $ | % | ||||||||||||||||||||||||||
Amount | Percent (1) | Amount | Percent (1) | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||||
Non-accrual Loans: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,925,155 | 0.87 | % | $ | 3,061,339 | 0.9 | % | $ | (136,184 | ) | (4.4 | )% | ||||||||||||||||
Commercial Business | 288,281 | 0.09 | 246,977 | 0.1 | 41,304 | 16.7 | |||||||||||||||||||||||
Commercial Real Estate | 5,119,394 | 1.51 | 9,859,689 | 2.8 | (4,740,295 | ) | (48.1 | ) | |||||||||||||||||||||
Consumer | 632,978 | 0.19 | 573,644 | 0.2 | 59,334 | 10.3 | |||||||||||||||||||||||
Total Non-accrual Loans | $ | 8,965,808 | 2.66 | % | $ | 13,741,649 | 4 | % | $ | (4,775,841 | ) | (34.8 | )% | ||||||||||||||||
(1) PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. | |||||||||||||||||||||||||||||
The following tables show the activity in the allowance for loan losses by loan category for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Residential | Commercial | Commercial | |||||||||||||||||||||||||||
Real Estate | Consumer | Business | Real Estate | Total | |||||||||||||||||||||||||
Beginning Balance | $ | 1,392,065 | $ | 886,716 | $ | 159,353 | $ | 5,919,362 | $ | 8,357,496 | |||||||||||||||||||
Provision | 7,370 | 330,931 | 345,077 | (583,378 | ) | 100,000 | |||||||||||||||||||||||
Charge-Offs | (45,000 | ) | (120,618 | ) | (10,947 | ) | (442,449 | ) | (619,014 | ) | |||||||||||||||||||
Recoveries | — | 44,768 | 3,320 | 32,347 | 80,435 | ||||||||||||||||||||||||
Ending Balance | $ | 1,354,435 | $ | 1,141,797 | $ | 496,803 | $ | 4,925,882 | $ | 7,918,917 | |||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Commercial | Commercial | |||||||||||||||||||||||||||
Real Estate | Consumer | Business | Real Estate | Total | |||||||||||||||||||||||||
Beginning Balance | $ | 1,706,643 | $ | 847,777 | $ | 426,658 | $ | 7,260,892 | $ | 10,241,970 | |||||||||||||||||||
Provision | 43,506 | 127,341 | (74,961 | ) | 4,114 | 100,000 | |||||||||||||||||||||||
Charge-Offs | (82,472 | ) | (194,449 | ) | — | (500,654 | ) | (777,575 | ) | ||||||||||||||||||||
Recoveries | 479 | 23,199 | 17,684 | 239,998 | 281,360 | ||||||||||||||||||||||||
Ending Balance | $ | 1,668,156 | $ | 803,868 | $ | 369,381 | $ | 7,004,350 | $ | 9,845,755 | |||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
The following tables present information related to impaired loans evaluated individually and collectively for impairment in the allowance for loan losses: | |||||||||||||||||||||||||||||
Allowance For Loan Losses | |||||||||||||||||||||||||||||
31-Mar-15 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | — | $ | 1,354,435 | $ | 1,354,435 | |||||||||||||||||||||||
Consumer | 248,189 | 893,608 | 1,141,797 | ||||||||||||||||||||||||||
Commercial Business | — | 496,803 | 496,803 | ||||||||||||||||||||||||||
Commercial Real Estate | 125,300 | 4,800,582 | 4,925,882 | ||||||||||||||||||||||||||
Total | $ | 373,489 | $ | 7,545,428 | $ | 7,918,917 | |||||||||||||||||||||||
Allowance For Loan Losses | |||||||||||||||||||||||||||||
31-Dec-14 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | — | $ | 1,392,065 | $ | 1,392,065 | |||||||||||||||||||||||
Consumer | 2,600 | 884,116 | 886,716 | ||||||||||||||||||||||||||
Commercial Business | — | 159,353 | 159,353 | ||||||||||||||||||||||||||
Commercial Real Estate | 472,400 | 5,446,962 | 5,919,362 | ||||||||||||||||||||||||||
Total | $ | 475,000 | $ | 7,882,496 | $ | 8,357,496 | |||||||||||||||||||||||
The following tables present information related to impaired loans evaluated individually and collectively for impairment in loans receivable for the periods indicated: | |||||||||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||
31-Mar-15 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | 2,687,102 | $ | 73,389,982 | $ | 76,077,084 | |||||||||||||||||||||||
Consumer | 461,863 | 49,923,580 | 50,385,443 | ||||||||||||||||||||||||||
Commercial Business | 232,601 | 8,670,286 | 8,902,887 | ||||||||||||||||||||||||||
Commercial Real Estate | 12,316,635 | 192,330,315 | 204,646,950 | ||||||||||||||||||||||||||
Total | $ | 15,698,201 | $ | 324,314,163 | $ | 340,012,364 | |||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||
31-Dec-14 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | 2,519,814 | $ | 74,763,003 | $ | 77,282,817 | |||||||||||||||||||||||
Consumer | 218,232 | 50,172,992 | 50,391,224 | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 10,328,437 | 10,564,467 | ||||||||||||||||||||||||||
Commercial Real Estate | 17,273,879 | 192,256,330 | 209,530,209 | ||||||||||||||||||||||||||
Total | $ | 20,247,955 | $ | 327,520,762 | $ | 347,768,717 | |||||||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired management measures impairment and records the loan at fair value. Fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sale, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, the Company reviews the most recent appraisal and if it is over 24 months old will request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, management may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. The average balance of impaired loans was $18.0 million for three months ended March 31, 2015 compared to $30.2 million for the three months ended March 31, 2014. | |||||||||||||||||||||||||||||
The following tables are a summary of information related to impaired loans as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
At | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
31-Mar-15 | 2015 | 2014 | |||||||||||||||||||||||||||
Impaired Loans | Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||||||||
Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,687,102 | $ | 2,810,291 | $ | — | $ | 2,924,360 | $ | 828 | $ | 4,494,249 | $ | 12,942 | |||||||||||||||
Consumer | 150,869 | 158,369 | — | 152,271 | 272 | 259,796 | 88 | ||||||||||||||||||||||
Commercial Business | 232,601 | 432,601 | — | 235,173 | — | 465,402 | — | ||||||||||||||||||||||
Commercial Real Estate | 11,181,568 | 15,430,504 | — | 13,217,496 | 75,944 | 19,096,530 | 157,070 | ||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | — | — | — | — | — | 989,513 | — | ||||||||||||||||||||||
Consumer | 310,994 | 310,994 | 248,189 | 312,418 | 1,200 | 68,474 | 1,247 | ||||||||||||||||||||||
Commercial Business | — | — | — | — | — | 32,638 | — | ||||||||||||||||||||||
Commercial Real Estate | 1,135,067 | 1,141,867 | 125,300 | 1,140,637 | 17,128 | 4,751,376 | 47,794 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Residential Real Estate | 2,687,102 | 2,810,291 | — | 2,924,360 | 828 | 5,483,762 | 12,942 | ||||||||||||||||||||||
Consumer | 461,863 | 469,363 | 248,189 | 464,689 | 1,472 | 328,270 | 1,335 | ||||||||||||||||||||||
Commercial Business | 232,601 | 432,601 | — | 235,173 | — | 498,040 | — | ||||||||||||||||||||||
Commercial Real Estate | 12,316,635 | 16,572,371 | 125,300 | 14,358,133 | 93,072 | 23,847,906 | 204,864 | ||||||||||||||||||||||
Total | $ | 15,698,201 | $ | 20,284,626 | $ | 373,489 | $ | 17,982,355 | $ | 95,372 | $ | 30,157,978 | $ | 219,141 | |||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired Loans | Recorded | Unpaid | |||||||||||||||||||||||||||
Investment | Principal | Related | |||||||||||||||||||||||||||
Balance | Allowance | ||||||||||||||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||||||||
Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,519,814 | $ | 2,618,003 | $ | — | |||||||||||||||||||||||
Consumer Loans | 152,029 | 159,529 | — | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 436,030 | — | ||||||||||||||||||||||||||
Commercial Real Estate | 13,721,964 | 18,088,149 | — | ||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Consumer Loans | 66,203 | 66,203 | 2,600 | ||||||||||||||||||||||||||
Commercial Real Estate | 3,551,915 | 3,582,465 | 472,400 | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Residential Real Estate | 2,519,814 | 2,618,003 | — | ||||||||||||||||||||||||||
Consumer Loans | 218,232 | 225,732 | 2,600 | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 436,030 | — | ||||||||||||||||||||||||||
Commercial Real Estate | 17,273,879 | 21,670,614 | 472,400 | ||||||||||||||||||||||||||
Total | $ | 20,247,955 | $ | 24,950,379 | $ | 475,000 | |||||||||||||||||||||||
In the course of resolving delinquent loans, the Bank may choose to restructure the contractual terms of certain loans. A troubled debt restructuring ("TDR") is a restructuring in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a borrower that it would not otherwise consider (Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 310-40). The concessions granted on TDRs generally include terms to reduce the interest rate, extend the term of the debt obligation, or modify the payment structure on the debt obligation. The Bank grants such concessions to reassess the borrower’s financial status and develop a plan for repayment. TDRs included in impaired loans at March 31, 2015 and December 31, 2014 were $8.9 million and $9.6 million, respectively. | |||||||||||||||||||||||||||||
Loans on nonaccrual status at the date of modification are initially classified as nonaccrual TDRs. Loans on accruing status at the date of concession are initially classified as accruing TDRs if the note is reasonably assured of repayment and performance is expected in accordance with its modified terms. Such loans may be designated as nonaccrual loans subsequent to the concession date if reasonable doubt exists as to the collection of interest or principal under the restructuring agreement. Nonaccrual TDRs are returned to accruing status when there is economic substance to the restructuring, there is documented credit evaluation of the borrower's financial condition, the remaining balance is reasonably assured of repayment in accordance with its modified terms, and the borrower has demonstrated sustained repayment performance in accordance with the modified terms for a reasonable period of time (generally a minimum of six months). | |||||||||||||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
The following table is a summary of loans restructured as TDRs during the periods indicated: | |||||||||||||||||||||||||||||
For the three months Ended March 31, 2015 | For the three months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Number of | Outstanding | Outstanding | Number of | Outstanding | Outstanding | ||||||||||||||||||||||||
Contracts | Recorded | Recorded | Contracts | Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||
Residential Real Estate | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||
Consumer Loans | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial Business | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial Real Estate | 3 | 840,292 | 840,292 | — | — | — | |||||||||||||||||||||||
Total | 3 | $ | 840,292 | $ | 840,292 | — | $ | — | $ | — | |||||||||||||||||||
During the three months ended March 31, 2015, the Bank modified three commercial real estate loans that were considered to be TDRs. The Bank lowered the interest rate on one loan to enable the customer to begin making monthly principal and interest payments and changed the monthly payment to interest only for an agreed upon period for the other two loans. | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, there were no loans in default that had been restructured within the last twelve months. During the three months ended March 31, 2014, two loans totaling $293,000 that had been previously restructured within the last twelve months defaulted. The Bank considers any loan 30 days or more past due to be in default. | |||||||||||||||||||||||||||||
Our policy with respect to accrual of interest on loans restructured as a TDR follows relevant supervisory guidance. That is, if a borrower has demonstrated performance under the previous loan terms and shows capacity to perform under the restructured loan terms, continued accrual of interest at the restructured interest rate is likely. If a borrower was materially delinquent on payments prior to the restructuring but shows capacity to meet the restructured loan terms, the loan will likely continue as nonaccrual going forward. Lastly, if the borrower does not perform under the restructured terms, the loan is placed on nonaccrual status. | |||||||||||||||||||||||||||||
We closely monitor these loans and will cease accruing interest on them if management believes that the borrowers may not continue performing based on the restructured note terms. If, after previously being classified as a TDR, a loan is restructured a second time, then that loan is automatically placed on nonaccrual status. Our policy with respect to nonperforming loans requires the borrower to make a minimum of six consecutive payments in accordance with the loan terms before that loan can be placed back on accrual status. In addition to this payment history, the borrower must demonstrate an ability to continue making payments on the loan prior to restoration of accrual status. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory Matters | Regulatory Matters | ||||||||||||||||||||
The Federal Reserve and bank regulatory agencies require bank holding companies and financial institutions to maintain capital at adequate levels based on a percentage of assets and off-balance sheet exposures, adjusted for various risk weights. | |||||||||||||||||||||
In July 2013, the federal bank regulatory agencies issued final rules to revise their risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Basel Ill"). On January 1, 2015, the Basel III rules became effective and include transition provisions which implement certain portions of the rules through January 1, 2019. | |||||||||||||||||||||
As a result beginning January 1, 2015, FDIC regulations require insured state-chartered banks, such as the Bank, to maintain (i) a minimum ratio of Tier 1 capital to average total assets, after certain adjustments, of 4.00%, (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of 6.00%, (iii) a minimum ratio of total-capital to risk-weighted assets of 8.00% and (iv) a minimum ratio of common equity Tier 1 capital ("CETI") to risk-weighted assets of 4.50%. The CETI ratio is a new regulatory capital ratio required beginning for the quarter ended March 31, 2015. A “well-capitalized” institution must generally maintain capital ratios 200 bps higher than the minimum guidelines. Failure to meet the minimum regulatory capital requirements can lead to certain mandatory and discretionary actions by federal banking regulators that could have a material adverse effect on an institution's financial position. | |||||||||||||||||||||
The Federal Reserve requires Security Federal Corporation to maintain capital adequacy that generally parallels the FDIC requirements. At March 31, 2015, Security Federal Corporation and Security Federal Bank each exceeded all applicable capital requirements. The Company and the Bank’s regulatory capital amounts and ratios are as follows as of the dates indicated: | |||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||
Under Prompt Corrective | |||||||||||||||||||||
Actual | For Capital Adequacy | Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
SECURITY FEDERAL CORP. | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 86,920 | 23 | % | $ | 22,700 | 6 | % | N/A | N/A | |||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 91,688 | 24.2 | % | 30,267 | 8 | % | N/A | N/A | |||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Common Equity Tier 1 Capital (To Risk Weighted Assets) | 59,920 | 15.8 | % | 17,025 | 4.5 | % | N/A | N/A | |||||||||||||
Tier 1 Leverage (Core) Capital | 86,920 | 10.7 | % | 32,481 | 4 | % | N/A | N/A | |||||||||||||
(To Adjusted Tangible Assets) | |||||||||||||||||||||
SECURITY FEDERAL BANK | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 87,322 | 23.1 | % | $ | 22,682 | 6 | % | $ | 30,243 | 8 | % | |||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 92,086 | 24.4 | % | 30,243 | 8 | % | 37,803 | 10 | % | ||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Common Equity Tier 1 Capital (To Risk Weighted Assets) | 87,322 | 23.1 | % | 17,012 | 4.5 | % | 24,572 | 6.5 | % | ||||||||||||
Tier 1 Leverage (Core) Capital | 87,322 | 10.8 | % | 32,471 | 4 | % | 40,589 | 5 | % | ||||||||||||
(To Adjusted Tangible Assets) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
SECURITY FEDERAL CORP. | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 77,746 | 20.6 | % | $ | 15,073 | 4 | % | |||||||||||||
(To Risk Weighted Assets) | N/A | N/A | |||||||||||||||||||
Total Risk-Based Capital | 89,915 | 23.9 | % | 30,147 | 8 | % | |||||||||||||||
(To Risk Weighted Assets) | N/A | N/A | |||||||||||||||||||
Tier 1 Leverage (Core) Capital | 77,746 | 9.5 | % | 32,778 | 4 | % | |||||||||||||||
(To Adjusted Tangible Assets) | N/A | N/A | |||||||||||||||||||
SECURITY FEDERAL BANK | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 87,222 | 23.2 | % | $ | 15,062 | 4 | % | $ | 22,593 | 6 | % | |||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 91,973 | 24.4 | % | 30,123 | 8 | % | 37,654 | 10 | % | ||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Tier 1 Leverage (Core) Capital | 87,222 | 10.6 | % | 32,792 | 4 | % | 40,991 | 5 | % | ||||||||||||
(To Adjusted Tangible Assets) |
Carrying_Amounts_and_Fair_Valu
Carrying Amounts and Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Carrying Amounts and Fair Value of Financial Instruments | Carrying Amounts and Fair Value of Financial Instruments | |||||||||||||||||||
The Company has adopted accounting guidance which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value under generally accepted accounting principles. This guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. | ||||||||||||||||||||
Accounting guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | ||||||||||||||||||||
Level 1 | Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries and money market funds. | |||||||||||||||||||
Level 2 | Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts. | |||||||||||||||||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||
The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. | ||||||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||||||
Investment securities available for sale are recorded at fair value on a recurring basis. At March 31, 2015, the Company’s investment portfolio was comprised of government and agency bonds, mortgage-backed securities issued by government agencies or GSEs, municipal securities, and two equity investments. The portfolio did not contain any private label mortgage-backed securities. Fair value measurement is based upon prices obtained from third party pricing services who use independent pricing models which rely on a variety of factors including reported trades, broker/dealer quotes, benchmark yields, economic and industry events and other relevant market information. These securities are classified as Level 2. | ||||||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||||||
The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with institutional investors, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. | ||||||||||||||||||||
The Company usually delivers to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2. | ||||||||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
The Company does not record loans held for investment at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established as necessary. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment. | ||||||||||||||||||||
Fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, the Company reviews the most recent appraisal and if it is over 24 months old will request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, management may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of the Company’s primary market area, management would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where management is familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, management may perform an internal analysis whereby the previous appraisal value would be reviewed and adjusted for current conditions including recent sales of similar properties in the area and any other relevant economic trends. These valuations are reviewed at a minimum on a quarterly basis. | ||||||||||||||||||||
Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At March 31, 2015, most of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. The Company records impaired loans as nonrecurring Level 3. As of March 31, 2015 and December 31, 2014, the recorded investment in impaired loans was $15.7 million and $20.2 million, respectively. | ||||||||||||||||||||
Foreclosed Assets | ||||||||||||||||||||
Foreclosed assets are adjusted to fair value upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as nonrecurring Level 3. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the asset as nonrecurring Level 3. Assets measured at fair value on a recurring basis are as follows as of March 31, 2015: | ||||||||||||||||||||
Quoted Market Price | Significant Other | Significant | ||||||||||||||||||
In Active Markets | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
FHLB Securities | $ | — | $ | 6,302,131 | $ | — | ||||||||||||||
FFCB Securities | — | 1,985,022 | — | |||||||||||||||||
FNMA Bonds | — | 1,012,434 | — | |||||||||||||||||
SBA Bonds | — | 119,704,343 | — | |||||||||||||||||
Tax Exempt Municipal Bonds | — | 64,598,376 | — | |||||||||||||||||
Mortgage-Backed Securities | — | 240,589,509 | — | |||||||||||||||||
Equity Securities | — | 310,814 | — | |||||||||||||||||
Total | $ | — | $ | 434,502,629 | $ | — | ||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
Assets measured at fair value on a recurring basis are as follows as of December 31, 2014: | ||||||||||||||||||||
Quoted Market Price | Significant Other | Significant | ||||||||||||||||||
In Active Markets | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
FHLB Securities | $ | — | $ | 13,246,661 | $ | — | ||||||||||||||
FFCB Securities | — | 5,667,994 | — | |||||||||||||||||
FNMA Bonds | — | 1,004,381 | — | |||||||||||||||||
SBA Bonds | — | 108,126,694 | — | |||||||||||||||||
Tax Exempt Municipal Bonds | — | 62,495,423 | — | |||||||||||||||||
Mortgage-Backed Securities | — | 238,852,713 | — | |||||||||||||||||
Equity Securities | — | 306,674 | — | |||||||||||||||||
Total | $ | — | $ | 429,700,540 | $ | — | ||||||||||||||
There were no liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. The table below presents assets measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Balance At March 31, 2015 | ||||||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Mortgage Loans Held For Sale | $ | — | $ | 1,878,844 | $ | — | $ | 1,878,844 | ||||||||||||
Collateral Dependent Impaired Loans (1) | — | — | 15,324,712 | 15,324,712 | ||||||||||||||||
Foreclosed Assets | — | — | 6,486,850 | 6,486,850 | ||||||||||||||||
Total | $ | — | $ | 1,878,844 | $ | 21,811,562 | $ | 23,690,406 | ||||||||||||
(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $373,489 | ||||||||||||||||||||
Assets: | Balance At | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | 31-Dec-14 | |||||||||||||||||
Mortgage Loans Held For Sale | $ | — | $ | 1,864,999 | $ | — | $ | 1,864,999 | ||||||||||||
Collateral Dependent Impaired Loans (1) | — | — | 19,772,955 | 19,772,955 | ||||||||||||||||
Foreclosed Assets | — | — | 3,229,710 | 3,229,710 | ||||||||||||||||
Total | $ | — | $ | 1,864,999 | $ | 23,002,665 | $ | 24,867,664 | ||||||||||||
(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $475,000 | ||||||||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||||||||
Fair Value | Significant | |||||||||||||||||||
March 31, | Valuation | Unobservable | ||||||||||||||||||
2015 | Technique | Inputs | Range | |||||||||||||||||
Collateral Dependent Impaired Loans | $ | 15,324,712 | Appraised Value | Discount Rates/ Discounts to Appraised Values | 0% - 70% | |||||||||||||||
Foreclosed Assets | 6,486,850 | Appraised Value/Comparable Sales | Discount Rates/ Discounts to Appraised Values | |||||||||||||||||
12% - 79% | ||||||||||||||||||||
For assets and liabilities that are not presented on the balance sheet at fair value, the following methods are used to determine the fair value: | ||||||||||||||||||||
Cash and cash equivalents—The carrying amount of these financial instruments approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. | ||||||||||||||||||||
Certificates of deposit with other banks—Fair value is based on market prices for similar assets. | ||||||||||||||||||||
Investment securities held to maturity—Securities held to maturity are valued at quoted market prices or dealer quotes. | ||||||||||||||||||||
Loans Receivable, Net—The fair value of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. As discount rates are based on current loan rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. | ||||||||||||||||||||
FHLB Stock—The fair value approximates the carrying value. | ||||||||||||||||||||
Deposits—The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. | ||||||||||||||||||||
FHLB Advances—Fair value is estimated based on discounted cash flows using current market rates for advances with similar terms. | ||||||||||||||||||||
Other Borrowed Money—The carrying value of these short term borrowings approximates fair value. | ||||||||||||||||||||
Senior Convertible Debentures— The fair value is estimated by discounting the future cash flows using the current rates at which similar debenture offerings with similar terms and maturities would be issued by similar institutions. As discount rates are based on current debenture rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. | ||||||||||||||||||||
Junior Subordinated Debentures—The carrying value of junior subordinated debentures approximates fair value. | ||||||||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
The following tables are a summary of the carrying value and estimated fair value of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 presented in accordance with the applicable accounting guidance. | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In Thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash And Cash Equivalents | $ | 8,462 | $ | 8,462 | $ | 8,462 | $ | — | $ | — | ||||||||||
Certificates Of Deposits With Other Banks | 2,095 | 2,095 | — | 2,095 | — | |||||||||||||||
Investment And Mortgage-Backed Securities | 434,503 | 434,503 | — | 434,503 | — | |||||||||||||||
Loans Receivable, Net | 332,058 | 332,120 | — | — | 332,120 | |||||||||||||||
FHLB Stock | 2,196 | 2,196 | 2,196 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Checking, Savings, And Money Market | $ | 415,778 | $ | 415,778 | $ | 415,778 | $ | — | $ | — | ||||||||||
Accounts | ||||||||||||||||||||
Certificate Accounts | 256,663 | 256,845 | — | 256,845 | — | |||||||||||||||
Advances From FHLB | 34,200 | 35,978 | — | 35,978 | — | |||||||||||||||
Other Borrowed Money | 10,340 | 10,340 | 10,340 | — | — | |||||||||||||||
Senior Convertible Debentures | 6,084 | 6,084 | — | 6,084 | — | |||||||||||||||
Junior Subordinated Debentures | 5,155 | 5,155 | — | 5,155 | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In Thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash And Cash Equivalents | $ | 10,193 | $ | 10,193 | $ | 10,193 | $ | — | $ | — | ||||||||||
Certificates Of Deposits With Other Banks | 2,095 | 2,095 | — | 2,095 | — | |||||||||||||||
Investment And Mortgage-Backed Securities | 429,701 | 429,701 | — | 429,701 | — | |||||||||||||||
Loans Receivable, Net | 339,874 | 340,368 | — | — | 340,368 | |||||||||||||||
FHLB Stock | 3,145 | 3,145 | 3,145 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Checking, Savings, And Money Market | $ | 406,864 | $ | 406,864 | $ | 406,864 | $ | — | $ | — | ||||||||||
Accounts | ||||||||||||||||||||
Certificate Accounts | 253,251 | 253,300 | — | 253,300 | — | |||||||||||||||
Advances From FHLB | 52,900 | 55,646 | — | 55,646 | — | |||||||||||||||
Other Borrowed Money | 8,523 | 8,523 | 8,523 | — | — | |||||||||||||||
Senior Convertible Debentures | 6,084 | 6,084 | — | 6,084 | — | |||||||||||||||
Junior Subordinated Debentures | 5,155 | 5,155 | — | 5,155 | — | |||||||||||||||
At March 31, 2015, the Bank had $46.1 million of off-balance sheet financial commitments. These commitments are to originate loans and unused consumer lines of credit and credit card lines. Because these obligations are based on current market rates, if funded, the original principal is considered to be a reasonable estimate of fair value. | ||||||||||||||||||||
Fair value estimates are made on a specific date, based on relevant market data and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the Bank’s entire holdings of a particular financial instrument. | ||||||||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
Because no active market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, current interest rates and prepayment trends, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in any of these assumptions used in calculating fair value would also significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Bank has significant assets and liabilities that are not considered financial assets or liabilities including deposit franchise values, loan servicing portfolios, deferred tax liabilities, and premises and equipment. | ||||||||||||||||||||
In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The Company has used management’s best estimate of fair value on the above assumptions. Thus, the fair values presented may not be the amounts, which could be realized, in an immediate sale or settlement of the instrument. In addition, any income taxes or other expenses that would be incurred in an actual sale or settlement are not taken into consideration in the fair value presented. |
Accounting_and_Reporting_Chang
Accounting and Reporting Changes | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes | Accounting and Reporting Changes |
The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: | |
In January 2014, the FASB amended the Investments-Equity Method and Joint Ventures topic of the ASC to address accounting for investments in qualified affordable housing projects. If certain conditions are met, the amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects by amortizing the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizing the net investment performance in the income statement as a component of income tax expense (benefit). If those conditions are not met, the investment should be accounted for as an equity method investment or a cost method investment in accordance with existing accounting guidance. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014 and should be applied retrospectively for all periods presented. Early adoption is permitted. The amendments did not have a material effect of the Company's financial statements. | |
In January 2014, the FASB amended the Receivables topic of the ASC. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to other real estate owned (OREO). In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments will be effective for the Company for annual periods, and interim periods within those annual period beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. The Company will apply the amendments prospectively. The Company does not expect these amendments to have a material effect on its consolidated financial statements. | |
In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 31, 2017. The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its consolidated financial statements. | |
In June 2014, the FASB issued guidance which makes limited amendments to the guidance on accounting for certain repurchase agreements. The new guidance (1) requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically, repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for | |
10. Accounting and Reporting Changes, Continued | |
as secured borrowings. The amendments will be effective for the Company for the first interim or annual period beginning after December 15, 2014. The Company will apply the guidance by making a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company does not expect these amendments to have a material effect on its consolidated financial statements. | |
In June 2014, the FASB issued guidance which clarifies that performance targets associated with stock compensation should be treated as a performance condition and should not be reflected in the grant date fair value of the stock award. The amendments will be effective for the Company for fiscal years that begin after December 15, 2015. The Company will apply the guidance to all stock awards granted or modified after the amendments are effective. The Company does not expect these amendments to have a material effect on its consolidated financial statements. | |
In January 2015, the FASB issued guidance that eliminated the concept of extraordinary items from U.S. GAAP. Existing U.S. GAAP required that an entity separately classify, present, and disclose extraordinary events and transactions. The amendments will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, however, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect these amendments to have a material effect on its consolidated financial statements. | |
In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect these amendments to have a material effect on its financial statements. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. | |
Management has reviewed all events occurring through the date the consolidated financial statements were available to be issued and no other subsequent events occurred requiring accrual or disclosure. |
Critical_Accounting_Policies_P
Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Allowance for Loan Losses | The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. |
While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulators, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, and may be subject to adjustments based upon the information | |
3. Critical Accounting Policies, Continued | |
that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectibility of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. | |
Income Taxes | The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the Consolidated Financial Statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation of net income to net income available to common shareholders | The following table provides a reconciliation of net income to net income available to common shareholders for the periods presented: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Earnings Available To Common Shareholders: | ||||||||
Net Income | $1,504,627 | $1,302,520 | ||||||
Preferred Stock Dividends | 110,000 | 110,000 | ||||||
Net Income Available To Common Shareholders | $1,394,627 | $1,192,520 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Activity under stock option plans | The following is a summary of the activity under the Company’s stock option plans for the periods presented: | |||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||
Balance, Beginning of Period | 47,500 | $22.41 | 61,500 | $22.49 | ||||||
Options Granted | — | — | — | — | ||||||
Options Exercised | — | — | — | — | ||||||
Options Forfeited | (18,000 | ) | 20.55 | (11,000 | ) | 22.44 | ||||
Balance, End Of Period | 29,500 | $23.55 | 50,500 | $22.49 | ||||||
Options Exercisable | 18,900 | $23.58 | 34,100 | $22.02 | ||||||
Options Available For Grant | 50,000 | 50,000 | ||||||||
Options outstanding | At March 31, 2015, the Company had the following options outstanding: | |||||||||
Grant Date | Outstanding Options | Option Price | Expiration Date | |||||||
1/1/06 | 3,500 | $23.91 | 1/1/16 | |||||||
8/24/06 | 3,500 | $23.03 | 8/24/16 | |||||||
5/24/07 | 2,000 | $24.34 | 5/24/17 | |||||||
7/9/07 | 1,000 | $24.61 | 7/9/17 | |||||||
10/1/07 | 2,000 | $24.28 | 10/1/17 | |||||||
1/1/08 | 13,000 | $23.49 | 1/1/18 | |||||||
5/19/08 | 2,500 | $22.91 | 5/19/18 | |||||||
7/1/08 | 2,000 | $22.91 | 7/1/18 |
Investment_and_MortgageBacked_1
Investment and Mortgage-Backed Securities, Available for Sale (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Available for Sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities available for sale at the dates indicated are as follows: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair value | |||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
FHLB Securities | $ | 6,330,671 | $ | 55,934 | $ | 84,474 | $ | 6,302,131 | ||||||||||||||||
Federal Farm Credit Bank ("FFCB") Securities | 2,000,000 | — | 14,978 | 1,985,022 | ||||||||||||||||||||
Federal National Mortgage Association ("FNMA") Bonds | 997,009 | 15,425 | — | 1,012,434 | ||||||||||||||||||||
Small Business Administration (“SBA”) Bonds | 118,078,000 | 1,843,851 | 217,508 | 119,704,343 | ||||||||||||||||||||
Tax Exempt Municipal Bonds | 62,911,065 | 2,061,707 | 374,396 | 64,598,376 | ||||||||||||||||||||
Mortgage-Backed Securities | 234,661,924 | 6,300,652 | 373,067 | 240,589,509 | ||||||||||||||||||||
Equity Securities | 250,438 | 60,376 | — | 310,814 | ||||||||||||||||||||
$ | 425,229,107 | $ | 10,337,945 | $ | 1,064,423 | $ | 434,502,629 | |||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair value | |||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
FHLB Securities | $ | 13,317,462 | $ | 83,691 | $ | 154,492 | $ | 13,246,661 | ||||||||||||||||
FFCB Securities | 5,750,000 | — | 82,006 | 5,667,994 | ||||||||||||||||||||
FNMA Bonds | 996,822 | 7,559 | — | 1,004,381 | ||||||||||||||||||||
SBA Bonds | 106,637,400 | 1,796,943 | 307,649 | 108,126,694 | ||||||||||||||||||||
Tax Exempt Municipal Bonds | 59,960,960 | 2,579,543 | 45,080 | 62,495,423 | ||||||||||||||||||||
Mortgage-Backed Securities | 233,963,842 | 5,704,855 | 815,984 | 238,852,713 | ||||||||||||||||||||
Equity Securities | 250,438 | 56,236 | — | 306,674 | ||||||||||||||||||||
$ | 420,876,924 | $ | 10,228,827 | $ | 1,405,211 | $ | 429,700,540 | |||||||||||||||||
Schedule of Available For Sale Securities, Contractual Maturities | ||||||||||||||||||||||||
Investment Securities | Amortized Cost | Fair Value | ||||||||||||||||||||||
Less Than One Year | $ | 839,750 | $ | 847,389 | ||||||||||||||||||||
One – Five Years | 13,008,988 | 13,299,185 | ||||||||||||||||||||||
Over Five – Ten Years | 62,234,587 | 63,331,124 | ||||||||||||||||||||||
More Than Ten Years | 114,483,858 | 116,435,422 | ||||||||||||||||||||||
Mortgage-Backed Securities | 234,661,924 | 240,589,509 | ||||||||||||||||||||||
$ | 425,229,107 | $ | 434,502,629 | |||||||||||||||||||||
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses | The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated. | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
FHLB Securities | $ | — | $ | — | $ | 3,915,526 | $ | 84,474 | $ | 3,915,526 | $ | 84,474 | ||||||||||||
FFCB Securities | 1,985,022 | 14,978 | — | — | 1,985,022 | 14,978 | ||||||||||||||||||
SBA Bonds | 19,333,124 | 153,338 | 6,635,687 | 64,170 | 25,968,811 | 217,508 | ||||||||||||||||||
Tax Exempt Municipal Bond | 16,235,174 | 366,102 | 799,429 | 8,294 | 17,034,603 | 374,396 | ||||||||||||||||||
Mortgage-Backed Securities | 16,387,777 | 55,636 | 13,180,113 | 317,431 | 29,567,890 | 373,067 | ||||||||||||||||||
$ | 53,941,097 | $ | 590,054 | $ | 24,530,755 | $ | 474,369 | $ | 78,471,852 | $ | 1,064,423 | |||||||||||||
6. Investment and Mortgage-Backed Securities, Available For Sale, Continued | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
FHLB Securities | $ | 994,818 | $ | 5,182 | $ | 3,850,690 | $ | 149,310 | $ | 4,845,508 | $ | 154,492 | ||||||||||||
FFCB Securities | — | — | 5,667,994 | 82,006 | 5,667,994 | 82,006 | ||||||||||||||||||
SBA Bonds | 27,859,461 | 223,070 | 4,920,631 | 84,579 | 32,780,092 | 307,649 | ||||||||||||||||||
Tax Exempt Municipal Bond | 3,605,319 | 16,039 | 1,710,586 | 29,041 | 5,315,905 | 45,080 | ||||||||||||||||||
Mortgage-Backed Securities | 34,840,832 | 208,242 | 30,899,075 | 607,742 | 65,739,907 | 815,984 | ||||||||||||||||||
$ | 67,300,430 | $ | 452,533 | $ | 47,048,976 | $ | 952,678 | $ | 114,349,406 | $ | 1,405,211 | |||||||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | |||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table shows non-accrual loans by loan category at March 31, 2015 compared to December 31, 2014: | ||||||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | $ | % | ||||||||||||||||||||||||||
Amount | Percent (1) | Amount | Percent (1) | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||||
Non-accrual Loans: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,925,155 | 0.87 | % | $ | 3,061,339 | 0.9 | % | $ | (136,184 | ) | (4.4 | )% | ||||||||||||||||
Commercial Business | 288,281 | 0.09 | 246,977 | 0.1 | 41,304 | 16.7 | |||||||||||||||||||||||
Commercial Real Estate | 5,119,394 | 1.51 | 9,859,689 | 2.8 | (4,740,295 | ) | (48.1 | ) | |||||||||||||||||||||
Consumer | 632,978 | 0.19 | 573,644 | 0.2 | 59,334 | 10.3 | |||||||||||||||||||||||
Total Non-accrual Loans | $ | 8,965,808 | 2.66 | % | $ | 13,741,649 | 4 | % | $ | (4,775,841 | ) | (34.8 | )% | ||||||||||||||||
(1) PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. | |||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables are a summary of information related to impaired loans as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||
At | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
31-Mar-15 | 2015 | 2014 | |||||||||||||||||||||||||||
Impaired Loans | Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||||||||
Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,687,102 | $ | 2,810,291 | $ | — | $ | 2,924,360 | $ | 828 | $ | 4,494,249 | $ | 12,942 | |||||||||||||||
Consumer | 150,869 | 158,369 | — | 152,271 | 272 | 259,796 | 88 | ||||||||||||||||||||||
Commercial Business | 232,601 | 432,601 | — | 235,173 | — | 465,402 | — | ||||||||||||||||||||||
Commercial Real Estate | 11,181,568 | 15,430,504 | — | 13,217,496 | 75,944 | 19,096,530 | 157,070 | ||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | — | — | — | — | — | 989,513 | — | ||||||||||||||||||||||
Consumer | 310,994 | 310,994 | 248,189 | 312,418 | 1,200 | 68,474 | 1,247 | ||||||||||||||||||||||
Commercial Business | — | — | — | — | — | 32,638 | — | ||||||||||||||||||||||
Commercial Real Estate | 1,135,067 | 1,141,867 | 125,300 | 1,140,637 | 17,128 | 4,751,376 | 47,794 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Residential Real Estate | 2,687,102 | 2,810,291 | — | 2,924,360 | 828 | 5,483,762 | 12,942 | ||||||||||||||||||||||
Consumer | 461,863 | 469,363 | 248,189 | 464,689 | 1,472 | 328,270 | 1,335 | ||||||||||||||||||||||
Commercial Business | 232,601 | 432,601 | — | 235,173 | — | 498,040 | — | ||||||||||||||||||||||
Commercial Real Estate | 12,316,635 | 16,572,371 | 125,300 | 14,358,133 | 93,072 | 23,847,906 | 204,864 | ||||||||||||||||||||||
Total | $ | 15,698,201 | $ | 20,284,626 | $ | 373,489 | $ | 17,982,355 | $ | 95,372 | $ | 30,157,978 | $ | 219,141 | |||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired Loans | Recorded | Unpaid | |||||||||||||||||||||||||||
Investment | Principal | Related | |||||||||||||||||||||||||||
Balance | Allowance | ||||||||||||||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||||||||
Recorded: | |||||||||||||||||||||||||||||
Residential Real Estate | $ | 2,519,814 | $ | 2,618,003 | $ | — | |||||||||||||||||||||||
Consumer Loans | 152,029 | 159,529 | — | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 436,030 | — | ||||||||||||||||||||||||||
Commercial Real Estate | 13,721,964 | 18,088,149 | — | ||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Consumer Loans | 66,203 | 66,203 | 2,600 | ||||||||||||||||||||||||||
Commercial Real Estate | 3,551,915 | 3,582,465 | 472,400 | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Residential Real Estate | 2,519,814 | 2,618,003 | — | ||||||||||||||||||||||||||
Consumer Loans | 218,232 | 225,732 | 2,600 | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 436,030 | — | ||||||||||||||||||||||||||
Commercial Real Estate | 17,273,879 | 21,670,614 | 472,400 | ||||||||||||||||||||||||||
Total | $ | 20,247,955 | $ | 24,950,379 | $ | 475,000 | |||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table is a summary of loans restructured as TDRs during the periods indicated: | ||||||||||||||||||||||||||||
For the three months Ended March 31, 2015 | For the three months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Number of | Outstanding | Outstanding | Number of | Outstanding | Outstanding | ||||||||||||||||||||||||
Contracts | Recorded | Recorded | Contracts | Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||
Residential Real Estate | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||
Consumer Loans | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial Business | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial Real Estate | 3 | 840,292 | 840,292 | — | — | — | |||||||||||||||||||||||
Total | 3 | $ | 840,292 | $ | 840,292 | — | $ | — | $ | — | |||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following tables show the activity in the allowance for loan losses by loan category for the periods indicated: | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Residential | Commercial | Commercial | |||||||||||||||||||||||||||
Real Estate | Consumer | Business | Real Estate | Total | |||||||||||||||||||||||||
Beginning Balance | $ | 1,392,065 | $ | 886,716 | $ | 159,353 | $ | 5,919,362 | $ | 8,357,496 | |||||||||||||||||||
Provision | 7,370 | 330,931 | 345,077 | (583,378 | ) | 100,000 | |||||||||||||||||||||||
Charge-Offs | (45,000 | ) | (120,618 | ) | (10,947 | ) | (442,449 | ) | (619,014 | ) | |||||||||||||||||||
Recoveries | — | 44,768 | 3,320 | 32,347 | 80,435 | ||||||||||||||||||||||||
Ending Balance | $ | 1,354,435 | $ | 1,141,797 | $ | 496,803 | $ | 4,925,882 | $ | 7,918,917 | |||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Commercial | Commercial | |||||||||||||||||||||||||||
Real Estate | Consumer | Business | Real Estate | Total | |||||||||||||||||||||||||
Beginning Balance | $ | 1,706,643 | $ | 847,777 | $ | 426,658 | $ | 7,260,892 | $ | 10,241,970 | |||||||||||||||||||
Provision | 43,506 | 127,341 | (74,961 | ) | 4,114 | 100,000 | |||||||||||||||||||||||
Charge-Offs | (82,472 | ) | (194,449 | ) | — | (500,654 | ) | (777,575 | ) | ||||||||||||||||||||
Recoveries | 479 | 23,199 | 17,684 | 239,998 | 281,360 | ||||||||||||||||||||||||
Ending Balance | $ | 1,668,156 | $ | 803,868 | $ | 369,381 | $ | 7,004,350 | $ | 9,845,755 | |||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable, net, consisted of the following as of the dates shown: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Residential Real Estate Loans | $ | 76,077,084 | $ | 77,282,817 | |||||||||||||||||||||||||
Consumer Loans | 50,385,443 | 50,391,224 | |||||||||||||||||||||||||||
Commercial Business | 8,902,887 | 10,564,467 | |||||||||||||||||||||||||||
Commercial Real Estate | 204,646,950 | 209,530,209 | |||||||||||||||||||||||||||
Total Loans Held For Investment | 340,012,364 | 347,768,717 | |||||||||||||||||||||||||||
Loans Held For Sale | 1,878,844 | 1,864,999 | |||||||||||||||||||||||||||
Total Loans Receivable, Gross | 341,891,208 | 349,633,716 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Allowance For Loan Losses | 7,918,917 | 8,357,496 | |||||||||||||||||||||||||||
Loans In Process | 1,879,523 | 1,379,114 | |||||||||||||||||||||||||||
Deferred Loan Fees (Costs) | 34,341 | 22,611 | |||||||||||||||||||||||||||
9,832,781 | 9,759,221 | ||||||||||||||||||||||||||||
Total Loans Receivable, Net | $ | 332,058,427 | $ | 339,874,495 | |||||||||||||||||||||||||
Schedule of Allowance for Loan Losses | Changes in the allowance for loan losses for the three months ended March 31, 2015 and 2014 are summarized as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Balance At Beginning Of Period | $ | 8,357,496 | $ | 10,241,970 | |||||||||||||||||||||||||
Provision For Loan Losses | 100,000 | 100,000 | |||||||||||||||||||||||||||
Charge Offs | (619,014 | ) | (777,575 | ) | |||||||||||||||||||||||||
Recoveries | 80,435 | 281,360 | |||||||||||||||||||||||||||
Total Allowance For Loan Losses | $ | 7,918,917 | $ | 9,845,755 | |||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables list the loan grades used by the Company as credit quality indicators and the balance for each loan category at the dates presented, excluding loans held for sale. | ||||||||||||||||||||||||||||
7. Loans Receivable, Net, Continued | |||||||||||||||||||||||||||||
Credit Quality Measures | |||||||||||||||||||||||||||||
31-Mar-15 | Special | ||||||||||||||||||||||||||||
Pass | Caution | Mention | Substandard | Total Loans | |||||||||||||||||||||||||
Residential Real Estate | $ | 67,580,371 | $ | 914,752 | $ | 1,422,850 | $ | 6,159,111 | $ | 76,077,084 | |||||||||||||||||||
Consumer | 47,467,158 | 1,547,751 | 175,250 | 1,195,284 | 50,385,443 | ||||||||||||||||||||||||
Commercial Business | 7,809,979 | 346,482 | 303,389 | 443,037 | 8,902,887 | ||||||||||||||||||||||||
Commercial Real Estate | 123,958,229 | 31,959,619 | 36,466,884 | 12,262,218 | 204,646,950 | ||||||||||||||||||||||||
Total | $ | 246,815,737 | $ | 34,768,604 | $ | 38,368,373 | $ | 20,059,650 | $ | 340,012,364 | |||||||||||||||||||
Credit Quality Measures | |||||||||||||||||||||||||||||
31-Dec-14 | Special | ||||||||||||||||||||||||||||
Pass | Caution | Mention | Substandard | Total Loans | |||||||||||||||||||||||||
Residential Real Estate | $ | 69,163,911 | $ | 956,976 | $ | 639,638 | $ | 6,522,292 | $ | 77,282,817 | |||||||||||||||||||
Consumer | 48,283,560 | 1,046,624 | 128,033 | 933,007 | 50,391,224 | ||||||||||||||||||||||||
Commercial Business | 9,691,685 | 340,706 | 202,895 | 329,181 | 10,564,467 | ||||||||||||||||||||||||
Commercial Real Estate | 125,339,273 | 32,549,335 | 35,169,358 | 16,472,243 | 209,530,209 | ||||||||||||||||||||||||
Total | $ | 252,478,429 | $ | 34,893,641 | $ | 36,139,924 | $ | 24,256,723 | $ | 347,768,717 | |||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following table presents an age analysis of past due balances by loan category at March 31, 2015: | ||||||||||||||||||||||||||||
90 Days or | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | More Past | Total Past | Total Loans | |||||||||||||||||||||||||
Past Due | Past Due | Due | Due | Current | Receivable | ||||||||||||||||||||||||
Residential | $ | 773,271 | $ | 739,422 | $ | 2,925,155 | $ | 4,437,848 | $ | 71,639,236 | $ | 76,077,084 | |||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Consumer | 1,090,070 | 214,442 | 632,978 | 1,937,490 | 48,447,953 | 50,385,443 | |||||||||||||||||||||||
Commercial | 108,752 | 115,982 | 288,281 | 513,015 | 8,389,872 | 8,902,887 | |||||||||||||||||||||||
Business | |||||||||||||||||||||||||||||
Commercial | 9,402,639 | 1,328,852 | 5,119,394 | 15,850,885 | 188,796,065 | 204,646,950 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Total | $ | 11,374,732 | $ | 2,398,698 | $ | 8,965,808 | $ | 22,739,238 | $ | 317,273,126 | $ | 340,012,364 | |||||||||||||||||
The following table presents an age analysis of past due balances by loan category at December 31, 2014: | |||||||||||||||||||||||||||||
90 Days or | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | More Past | Total Past | Total Loans | |||||||||||||||||||||||||
Past Due | Past Due | Due | Due | Current | Receivable | ||||||||||||||||||||||||
Residential | $ | — | $ | 1,087,299 | $ | 3,061,339 | $ | 4,148,638 | $ | 73,134,179 | $ | 77,282,817 | |||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Consumer | 1,868,787 | 91,223 | 573,644 | 2,533,654 | 47,857,570 | 50,391,224 | |||||||||||||||||||||||
Commercial | 162,481 | 99,784 | 246,977 | 509,242 | 10,055,225 | 10,564,467 | |||||||||||||||||||||||
Business | |||||||||||||||||||||||||||||
Commercial | 4,544,813 | 1,094,701 | 9,859,689 | 15,499,203 | 194,031,006 | 209,530,209 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Total | $ | 6,576,081 | $ | 2,373,007 | $ | 13,741,649 | $ | 22,690,737 | $ | 325,077,980 | $ | 347,768,717 | |||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | he following tables present information related to impaired loans evaluated individually and collectively for impairment in loans receivable for the periods indicated: | ||||||||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||
31-Mar-15 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | 2,687,102 | $ | 73,389,982 | $ | 76,077,084 | |||||||||||||||||||||||
Consumer | 461,863 | 49,923,580 | 50,385,443 | ||||||||||||||||||||||||||
Commercial Business | 232,601 | 8,670,286 | 8,902,887 | ||||||||||||||||||||||||||
Commercial Real Estate | 12,316,635 | 192,330,315 | 204,646,950 | ||||||||||||||||||||||||||
Total | $ | 15,698,201 | $ | 324,314,163 | $ | 340,012,364 | |||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||
31-Dec-14 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | 2,519,814 | $ | 74,763,003 | $ | 77,282,817 | |||||||||||||||||||||||
Consumer | 218,232 | 50,172,992 | 50,391,224 | ||||||||||||||||||||||||||
Commercial Business | 236,030 | 10,328,437 | 10,564,467 | ||||||||||||||||||||||||||
Commercial Real Estate | 17,273,879 | 192,256,330 | 209,530,209 | ||||||||||||||||||||||||||
Total | $ | 20,247,955 | $ | 327,520,762 | $ | 347,768,717 | |||||||||||||||||||||||
The following tables present information related to impaired loans evaluated individually and collectively for impairment in the allowance for loan losses: | |||||||||||||||||||||||||||||
Allowance For Loan Losses | |||||||||||||||||||||||||||||
31-Mar-15 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | — | $ | 1,354,435 | $ | 1,354,435 | |||||||||||||||||||||||
Consumer | 248,189 | 893,608 | 1,141,797 | ||||||||||||||||||||||||||
Commercial Business | — | 496,803 | 496,803 | ||||||||||||||||||||||||||
Commercial Real Estate | 125,300 | 4,800,582 | 4,925,882 | ||||||||||||||||||||||||||
Total | $ | 373,489 | $ | 7,545,428 | $ | 7,918,917 | |||||||||||||||||||||||
Allowance For Loan Losses | |||||||||||||||||||||||||||||
31-Dec-14 | Individually Evaluated For | Collectively Evaluated For | |||||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||||||
Residential Real Estate | $ | — | $ | 1,392,065 | $ | 1,392,065 | |||||||||||||||||||||||
Consumer | 2,600 | 884,116 | 886,716 | ||||||||||||||||||||||||||
Commercial Business | — | 159,353 | 159,353 | ||||||||||||||||||||||||||
Commercial Real Estate | 472,400 | 5,446,962 | 5,919,362 | ||||||||||||||||||||||||||
Total | $ | 475,000 | $ | 7,882,496 | $ | 8,357,496 | |||||||||||||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory capital amounts and ratios | In July 2013, the federal bank regulatory agencies issued final rules to revise their risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Basel Ill"). On January 1, 2015, the Basel III rules became effective and include transition provisions which implement certain portions of the rules through January 1, 2019. | ||||||||||||||||||||
As a result beginning January 1, 2015, FDIC regulations require insured state-chartered banks, such as the Bank, to maintain (i) a minimum ratio of Tier 1 capital to average total assets, after certain adjustments, of 4.00%, (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of 6.00%, (iii) a minimum ratio of total-capital to risk-weighted assets of 8.00% and (iv) a minimum ratio of common equity Tier 1 capital ("CETI") to risk-weighted assets of 4.50%. The CETI ratio is a new regulatory capital ratio required beginning for the quarter ended March 31, 2015. A “well-capitalized” institution must generally maintain capital ratios 200 bps higher than the minimum guidelines. Failure to meet the minimum regulatory capital requirements can lead to certain mandatory and discretionary actions by federal banking regulators that could have a material adverse effect on an institution's financial position. | |||||||||||||||||||||
The Federal Reserve requires Security Federal Corporation to maintain capital adequacy that generally parallels the FDIC requirements. At March 31, 2015, Security Federal Corporation and Security Federal Bank each exceeded all applicable capital requirements. The Company and the Bank’s regulatory capital amounts and ratios are as follows as of the dates indicated: | |||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||
Under Prompt Corrective | |||||||||||||||||||||
Actual | For Capital Adequacy | Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
SECURITY FEDERAL CORP. | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 86,920 | 23 | % | $ | 22,700 | 6 | % | N/A | N/A | |||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 91,688 | 24.2 | % | 30,267 | 8 | % | N/A | N/A | |||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Common Equity Tier 1 Capital (To Risk Weighted Assets) | 59,920 | 15.8 | % | 17,025 | 4.5 | % | N/A | N/A | |||||||||||||
Tier 1 Leverage (Core) Capital | 86,920 | 10.7 | % | 32,481 | 4 | % | N/A | N/A | |||||||||||||
(To Adjusted Tangible Assets) | |||||||||||||||||||||
SECURITY FEDERAL BANK | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 87,322 | 23.1 | % | $ | 22,682 | 6 | % | $ | 30,243 | 8 | % | |||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 92,086 | 24.4 | % | 30,243 | 8 | % | 37,803 | 10 | % | ||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Common Equity Tier 1 Capital (To Risk Weighted Assets) | 87,322 | 23.1 | % | 17,012 | 4.5 | % | 24,572 | 6.5 | % | ||||||||||||
Tier 1 Leverage (Core) Capital | 87,322 | 10.8 | % | 32,471 | 4 | % | 40,589 | 5 | % | ||||||||||||
(To Adjusted Tangible Assets) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
SECURITY FEDERAL CORP. | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 77,746 | 20.6 | % | $ | 15,073 | 4 | % | |||||||||||||
(To Risk Weighted Assets) | N/A | N/A | |||||||||||||||||||
Total Risk-Based Capital | 89,915 | 23.9 | % | 30,147 | 8 | % | |||||||||||||||
(To Risk Weighted Assets) | N/A | N/A | |||||||||||||||||||
Tier 1 Leverage (Core) Capital | 77,746 | 9.5 | % | 32,778 | 4 | % | |||||||||||||||
(To Adjusted Tangible Assets) | N/A | N/A | |||||||||||||||||||
SECURITY FEDERAL BANK | |||||||||||||||||||||
Tier 1 Risk-Based Core Capital | $ | 87,222 | 23.2 | % | $ | 15,062 | 4 | % | $ | 22,593 | 6 | % | |||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Total Risk-Based Capital | 91,973 | 24.4 | % | 30,123 | 8 | % | 37,654 | 10 | % | ||||||||||||
(To Risk Weighted Assets) | |||||||||||||||||||||
Tier 1 Leverage (Core) Capital | 87,222 | 10.6 | % | 32,792 | 4 | % | 40,991 | 5 | % | ||||||||||||
(To Adjusted Tangible Assets) |
Carrying_Amounts_and_Fair_Valu1
Carrying Amounts and Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair value measurements, recurring basis | Assets measured at fair value on a recurring basis are as follows as of March 31, 2015: | |||||||||||||||||||
Quoted Market Price | Significant Other | Significant | ||||||||||||||||||
In Active Markets | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
FHLB Securities | $ | — | $ | 6,302,131 | $ | — | ||||||||||||||
FFCB Securities | — | 1,985,022 | — | |||||||||||||||||
FNMA Bonds | — | 1,012,434 | — | |||||||||||||||||
SBA Bonds | — | 119,704,343 | — | |||||||||||||||||
Tax Exempt Municipal Bonds | — | 64,598,376 | — | |||||||||||||||||
Mortgage-Backed Securities | — | 240,589,509 | — | |||||||||||||||||
Equity Securities | — | 310,814 | — | |||||||||||||||||
Total | $ | — | $ | 434,502,629 | $ | — | ||||||||||||||
9. Carrying Amounts and Fair Value of Financial Instruments, Continued | ||||||||||||||||||||
Assets measured at fair value on a recurring basis are as follows as of December 31, 2014: | ||||||||||||||||||||
Quoted Market Price | Significant Other | Significant | ||||||||||||||||||
In Active Markets | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
FHLB Securities | $ | — | $ | 13,246,661 | $ | — | ||||||||||||||
FFCB Securities | — | 5,667,994 | — | |||||||||||||||||
FNMA Bonds | — | 1,004,381 | — | |||||||||||||||||
SBA Bonds | — | 108,126,694 | — | |||||||||||||||||
Tax Exempt Municipal Bonds | — | 62,495,423 | — | |||||||||||||||||
Mortgage-Backed Securities | — | 238,852,713 | — | |||||||||||||||||
Equity Securities | — | 306,674 | — | |||||||||||||||||
Total | $ | — | $ | 429,700,540 | $ | — | ||||||||||||||
Fair value measurements, nonrecurring basis | The table below presents assets measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Balance At March 31, 2015 | ||||||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Mortgage Loans Held For Sale | $ | — | $ | 1,878,844 | $ | — | $ | 1,878,844 | ||||||||||||
Collateral Dependent Impaired Loans (1) | — | — | 15,324,712 | 15,324,712 | ||||||||||||||||
Foreclosed Assets | — | — | 6,486,850 | 6,486,850 | ||||||||||||||||
Total | $ | — | $ | 1,878,844 | $ | 21,811,562 | $ | 23,690,406 | ||||||||||||
(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $373,489 | ||||||||||||||||||||
Assets: | Balance At | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | 31-Dec-14 | |||||||||||||||||
Mortgage Loans Held For Sale | $ | — | $ | 1,864,999 | $ | — | $ | 1,864,999 | ||||||||||||
Collateral Dependent Impaired Loans (1) | — | — | 19,772,955 | 19,772,955 | ||||||||||||||||
Foreclosed Assets | — | — | 3,229,710 | 3,229,710 | ||||||||||||||||
Total | $ | — | $ | 1,864,999 | $ | 23,002,665 | $ | 24,867,664 | ||||||||||||
(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $475,000 | ||||||||||||||||||||
Significant unobservable inputs used in the fair value measurements | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||
Fair Value | Significant | |||||||||||||||||||
March 31, | Valuation | Unobservable | ||||||||||||||||||
2015 | Technique | Inputs | Range | |||||||||||||||||
Collateral Dependent Impaired Loans | $ | 15,324,712 | Appraised Value | Discount Rates/ Discounts to Appraised Values | 0% - 70% | |||||||||||||||
Foreclosed Assets | 6,486,850 | Appraised Value/Comparable Sales | Discount Rates/ Discounts to Appraised Values | |||||||||||||||||
12% - 79% | ||||||||||||||||||||
Summary of the carrying value and estimated fair value of financial instruments | The following tables are a summary of the carrying value and estimated fair value of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 presented in accordance with the applicable accounting guidance. | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In Thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash And Cash Equivalents | $ | 8,462 | $ | 8,462 | $ | 8,462 | $ | — | $ | — | ||||||||||
Certificates Of Deposits With Other Banks | 2,095 | 2,095 | — | 2,095 | — | |||||||||||||||
Investment And Mortgage-Backed Securities | 434,503 | 434,503 | — | 434,503 | — | |||||||||||||||
Loans Receivable, Net | 332,058 | 332,120 | — | — | 332,120 | |||||||||||||||
FHLB Stock | 2,196 | 2,196 | 2,196 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Checking, Savings, And Money Market | $ | 415,778 | $ | 415,778 | $ | 415,778 | $ | — | $ | — | ||||||||||
Accounts | ||||||||||||||||||||
Certificate Accounts | 256,663 | 256,845 | — | 256,845 | — | |||||||||||||||
Advances From FHLB | 34,200 | 35,978 | — | 35,978 | — | |||||||||||||||
Other Borrowed Money | 10,340 | 10,340 | 10,340 | — | — | |||||||||||||||
Senior Convertible Debentures | 6,084 | 6,084 | — | 6,084 | — | |||||||||||||||
Junior Subordinated Debentures | 5,155 | 5,155 | — | 5,155 | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In Thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash And Cash Equivalents | $ | 10,193 | $ | 10,193 | $ | 10,193 | $ | — | $ | — | ||||||||||
Certificates Of Deposits With Other Banks | 2,095 | 2,095 | — | 2,095 | — | |||||||||||||||
Investment And Mortgage-Backed Securities | 429,701 | 429,701 | — | 429,701 | — | |||||||||||||||
Loans Receivable, Net | 339,874 | 340,368 | — | — | 340,368 | |||||||||||||||
FHLB Stock | 3,145 | 3,145 | 3,145 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Checking, Savings, And Money Market | $ | 406,864 | $ | 406,864 | $ | 406,864 | $ | — | $ | — | ||||||||||
Accounts | ||||||||||||||||||||
Certificate Accounts | 253,251 | 253,300 | — | 253,300 | — | |||||||||||||||
Advances From FHLB | 52,900 | 55,646 | — | 55,646 | — | |||||||||||||||
Other Borrowed Money | 8,523 | 8,523 | 8,523 | — | — | |||||||||||||||
Senior Convertible Debentures | 6,084 | 6,084 | — | 6,084 | — | |||||||||||||||
Junior Subordinated Debentures | 5,155 | 5,155 | — | 5,155 | — | |||||||||||||||
Earnings_Per_Common_Share_Reco
Earnings Per Common Share (Reconciliation of Net Income to Net Income Available to Common Shareholders) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Available To Common Shareholders | ||
Net Income | $1,504,627 | $1,302,520 |
Preferred Stock Dividends | 110,000 | 110,000 |
Income | $1,394,627 | $1,192,520 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Earnings_Per_Common_Share_Dilu
Earnings Per Common Share Diluted EPS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $1,394,627 | $1,192,520 |
Weighted Average Shares Outstanding (Basic) | 2,944,001 | 2,944,001 |
Net Income Per Common Share (Basic) | $0.47 | $0.41 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 75,442 | 75,422 |
Weighted Average Shares Outstanding, Senior Convertible Debentures | 304,200 | 304,200 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | -0.02 | -0.02 |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | 0 | 0 |
Weighted Average Number of Shares, Restricted Stock | 29 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $1,470,069 | $1,267,942 |
Weighted Average Shares Outstanding (Diluted) | 3,248,230 | 3,248,201 |
Net Income Per Common Share (Diluted) | $0.45 | $0.39 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Plans) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Balance, Beginning of Period, Shares | 47,500 | 61,500 |
Options Granted, Shares | 0 | 0 |
Options Exercised, Shares | 0 | 0 |
Options Forfeited, Shares | -18,000 | -11,000 |
Balance, End of Period, Shares | 29,500 | 50,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balance, Beginning of Period, Weighted Avg. Exercise Price | $22.41 | $22.49 |
Options Granted, Weighted Avg. Exercise Price | $0 | |
Options Exercised, Weighted Avg. Exercise Price | $0 | |
Options Forfeited, Weighted Avg. Exercise Price | $20.55 | $22.44 |
Balance, End of Period, Weighted Avg. Exercise Price | $23.55 | $22.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options Exercisable, Shares | 18,900 | 34,100 |
Options Available For Grant | 50,000 | 50,000 |
StockBased_Compensation_Option
Stock-Based Compensation (Options Outstanding) (Details) (USD $) | Mar. 31, 2015 |
$23.91 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 3,500 |
Option Price | $23.91 |
$23.03 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 3,500 |
Option Price | $23.03 |
$24.34 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 2,000 |
Option Price | $24.34 |
$24.61 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 1,000 |
Option Price | $24.61 |
$24.28 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 2,000 |
Option Price | $24.28 |
$23.49 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 13,000 |
Option Price | $23.49 |
$22.91 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 2,500 |
Option Price | $22.91 |
$22.91 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options | 2,000 |
Option Price | $22.91 |
Investment_and_MortgageBacked_2
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Available for Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $425,229,107 | $420,876,924 |
Available-for-sale Securities, Gross Unrealized Gains | 10,337,945 | 10,228,827 |
Available-for-sale Securities, Gross Unrealized Losses | 1,064,423 | 1,405,211 |
Available-for-sale Securities, Fair Value Disclosure | 434,502,629 | 429,700,540 |
FHLB Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 6,330,671 | 13,317,462 |
Available-for-sale Securities, Gross Unrealized Gains | 55,934 | 83,691 |
Available-for-sale Securities, Gross Unrealized Losses | 84,474 | 154,492 |
Available-for-sale Securities, Fair Value Disclosure | 13,246,661 | |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 2,000,000 | 5,750,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 14,978 | 82,006 |
Available-for-sale Securities, Fair Value Disclosure | 1,985,022 | 5,667,994 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 997,009 | 996,822 |
Available-for-sale Securities, Gross Unrealized Gains | 15,425 | 7,559 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 1,012,434 | 1,004,381 |
SBA Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 118,078,000 | 106,637,400 |
Available-for-sale Securities, Gross Unrealized Gains | 1,843,851 | 1,796,943 |
Available-for-sale Securities, Gross Unrealized Losses | 217,508 | 307,649 |
Available-for-sale Securities, Fair Value Disclosure | 108,126,694 | |
Tax Exempt Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 62,911,065 | 59,960,960 |
Available-for-sale Securities, Gross Unrealized Gains | 2,061,707 | 2,579,543 |
Available-for-sale Securities, Gross Unrealized Losses | 374,396 | 45,080 |
Available-for-sale Securities, Fair Value Disclosure | 62,495,423 | |
Mortgage-Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 234,661,924 | 233,963,842 |
Available-for-sale Securities, Gross Unrealized Gains | 6,300,652 | 5,704,855 |
Available-for-sale Securities, Gross Unrealized Losses | 373,067 | 815,984 |
Available-for-sale Securities, Fair Value Disclosure | 238,852,713 | |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 250,438 | 250,438 |
Available-for-sale Securities, Gross Unrealized Gains | 60,376 | 56,236 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | $306,674 |
Investment_and_MortgageBacked_3
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Held to Maturity Securities, Contractual Maturities) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Realized Losses | $47,000 | $224,000 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Amortized Cost | 839,750 | |
One b Five Years, Amortized Cost | 13,008,988 | |
Five b Ten Years, Amortized Cost | 62,234,587 | |
After Ten Years, Amortized Cost | 114,483,858 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 425,229,107 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Fair Value | 847,389 | |
One b Five Years, Fair Value | 13,299,185 | |
Five b Ten Years, Fair Value | 63,331,124 | |
After Ten Years, Fair Value | 116,435,422 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $434,502,629 |
Investment_and_MortgageBacked_4
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale, Percent of Unrealized Losses for Securities in a Continuous Loss Position, 12 Months or Longer | 44.60% | 67.80% |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $53,941,097 | $67,300,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 24,530,755 | 47,048,976 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 78,471,852 | 114,349,406 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 590,054 | 452,533 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 474,369 | 952,678 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 1,064,423 | 1,405,211 |
FHLB Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 994,818 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,915,526 | 3,850,690 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,915,526 | 4,845,508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 0 | 5,182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 84,474 | 149,310 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 84,474 | 154,492 |
Federal Farm Credit Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,985,022 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 5,667,994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,985,022 | 5,667,994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 14,978 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 82,006 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 14,978 | 82,006 |
SBA Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,333,124 | 27,859,461 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,635,687 | 4,920,631 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,968,811 | 32,780,092 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 153,338 | 223,070 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 64,170 | 84,579 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 217,508 | 307,649 |
Tax Exempt Municipal Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 16,235,174 | 3,605,319 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 799,429 | 1,710,586 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,034,603 | 5,315,905 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 366,102 | 16,039 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 8,294 | 29,041 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 374,396 | 45,080 |
Mortgage-Backed Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 16,387,777 | 34,840,832 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,180,113 | 30,899,075 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 29,567,890 | 65,739,907 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 55,636 | 208,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 317,431 | 607,742 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | $373,067 | $815,984 |
Investment_and_MortgageBacked_5
Investment and Mortgage-Backed Securities, Available for Sale (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
security | security | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $425,229,107 | $420,876,924 | |
Available-for-sale Securities, Fair Value Disclosure | 434,502,629 | 429,700,540 | |
Available For Sale Securities Pledged as Collateral, Amortized Cost Basis | 119,600,000 | 120,700,000 | |
Available-for-sale Securities Pledged as Collateral, Fair Value | 123,800,000 | 124,400,000 | |
Proceeds From Sale of Available For Sale Securities Including Mortgage Backed Securities | 36,400,000 | 13,900,000 | |
Percent of unrealized losses for securities in a continuous loss position for 12 months or more | 44.60% | 67.80% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 13 | 24 | |
Available-for-sale Securities, Gross Realized Losses | 47,000 | 224,000 | |
GNMA Mortgage-Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 160,600,000 | 156,800,000 | |
Available-for-sale Securities, Fair Value Disclosure | 164,700,000 | 160,600,000 | |
Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | $1,533,817 | $309,000 |
Investment_and_MortgageBacked_6
Investment and Mortgage-Backed Securities, Held to Maturity (Schedule of investment and mortgage-backed securities held to maturity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities, Gross Realized Losses | $47,000 | $224,000 |
Loans_Receivable_Net_Schedule_
Loans Receivable, Net (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $340,012,364 | $347,768,717 |
Loans Held For Sale | 1,878,844 | 1,864,999 |
Total Loans Receivable, Gross | 341,891,208 | 349,633,716 |
Allowance For Loan Losses | 7,918,917 | 8,357,496 |
Loans and Leases Receivable, Loans in Process | 1,879,523 | 1,379,114 |
Loans and Leases Receivable, Deferred Income | 34,341 | 22,611 |
Loans Receivable, Allowance, Loans in Process, and Deferred Loan Fees | 9,832,781 | 9,759,221 |
Total Loans Receivable, Net | 332,058,427 | 339,874,495 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 76,077,084 | 77,282,817 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 50,385,443 | 50,391,224 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 8,902,887 | 10,564,467 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $204,646,950 | $209,530,209 |
Loans_Receivable_Net_Schedule_1
Loans Receivable, Net (Schedule of Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance At Beginning of Period | $8,357,496 | $10,241,970 |
Provision for Loan Losses | 100,000 | 100,000 |
Charge Offs | 619,014 | 777,575 |
Recoveries | 80,435 | 281,360 |
Balance At End of Period | $7,918,917 | $9,845,755 |
Loans_Receivable_Net_Financing
Loans Receivable, Net (Financing Receivable Credit Quality Indicators) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | $340,012,364 | $347,768,717 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 76,077,084 | 77,282,817 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 50,385,443 | 50,391,224 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 8,902,887 | 10,564,467 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 204,646,950 | 209,530,209 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 20,059,650 | 24,256,723 |
Substandard [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 6,159,111 | 6,522,292 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,195,284 | 933,007 |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 443,037 | 329,181 |
Substandard [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 12,262,218 | 16,472,243 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 38,368,373 | 36,139,924 |
Special Mention [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,422,850 | 639,638 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 175,250 | 128,033 |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 303,389 | 202,895 |
Special Mention [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 36,466,884 | 35,169,358 |
Caution [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 34,768,604 | 34,893,641 |
Caution [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 914,752 | 956,976 |
Caution [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,547,751 | 1,046,624 |
Caution [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 346,482 | 340,706 |
Caution [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 31,959,619 | 32,549,335 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 246,815,737 | 252,478,429 |
Pass [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 67,580,371 | 69,163,911 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 47,467,158 | 48,283,560 |
Pass [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 7,809,979 | 9,691,685 |
Pass [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | $123,958,229 | $125,339,273 |
Loans_Receivable_Net_Past_Due_
Loans Receivable, Net (Past Due Financing Receivables) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $22,739,238 | $22,690,737 |
Financing Receivable, Recorded Investment, Current | 317,273,126 | 325,077,980 |
Financing Receivable, Gross | 340,012,364 | 347,768,717 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,437,848 | 4,148,638 |
Financing Receivable, Recorded Investment, Current | 71,639,236 | 73,134,179 |
Financing Receivable, Gross | 76,077,084 | 77,282,817 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,937,490 | 2,533,654 |
Financing Receivable, Recorded Investment, Current | 48,447,953 | 47,857,570 |
Financing Receivable, Gross | 50,385,443 | 50,391,224 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 513,015 | 509,242 |
Financing Receivable, Recorded Investment, Current | 8,389,872 | 10,055,225 |
Financing Receivable, Gross | 8,902,887 | 10,564,467 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 15,850,885 | 15,499,203 |
Financing Receivable, Recorded Investment, Current | 188,796,065 | 194,031,006 |
Financing Receivable, Gross | 204,646,950 | 209,530,209 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 11,374,732 | 6,576,081 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 773,271 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,090,070 | 1,868,787 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 108,752 | 162,481 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 9,402,639 | 4,544,813 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,398,698 | 2,373,007 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 739,422 | 1,087,299 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 214,442 | 91,223 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 115,982 | 99,784 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,328,852 | 1,094,701 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 8,965,808 | 13,741,649 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,925,155 | 3,061,339 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 632,978 | 573,644 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 288,281 | 246,977 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $5,119,394 | $9,859,689 |
Loans_Receivable_Net_Schedule_2
Loans Receivable, Net (Schedule of non-accrual loans by category) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $8,965,808 | $13,741,649 | ||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | 2.70% | [1] | 4.00% | [1] |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | -4,775,841 | |||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | -34.80% | |||
Financing Receivable, Recorded Investment, Past Due | 22,739,238 | 22,690,737 | ||
Residential Real Estate 1 [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,061,339 | |||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | 0.90% | [1] | 0.90% | [1] |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | -136,184 | |||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | -4.40% | |||
Financing Receivable, Recorded Investment, Past Due | 4,437,848 | 4,148,638 | ||
Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 246,977 | |||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | 0.10% | [1] | 0.10% | [1] |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | 41,304 | |||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 16.70% | |||
Financing Receivable, Recorded Investment, Past Due | 513,015 | 509,242 | ||
Commercial Real Estate 1 [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,859,689 | |||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | 1.50% | [1] | 2.80% | [1] |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | -4,740,295 | |||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | -48.10% | |||
Financing Receivable, Recorded Investment, Past Due | 15,850,885 | 15,499,203 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 573,644 | |||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | 0.20% | [1] | 0.20% | [1] |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | 59,334 | |||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 10.30% | |||
Financing Receivable, Recorded Investment, Past Due | $1,937,490 | $2,533,654 | ||
[1] | PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. |
Loans_Receivable_Net_Schedule_3
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $373,489 | $475,000 | |
Balance At Beginning of Period | 8,357,496 | 10,241,970 | |
Provision for Loan Losses | 100,000 | 100,000 | |
Charge Offs | 619,014 | 777,575 | |
Recoveries | 80,435 | 281,360 | |
Balance At End of Period | 7,918,917 | 9,845,755 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,545,428 | 7,882,496 | |
Financing Receivable, Allowance for Credit Losses | 7,918,917 | 8,357,496 | |
Commercial Real Estate 1 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 125,300 | 472,400 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,800,582 | 5,446,962 | |
Financing Receivable, Allowance for Credit Losses | 4,925,882 | 5,919,362 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 496,803 | 159,353 | |
Financing Receivable, Allowance for Credit Losses | 496,803 | 159,353 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 248,189 | 2,600 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 893,608 | 884,116 | |
Financing Receivable, Allowance for Credit Losses | 1,141,797 | 886,716 | |
Residential Real Estate 1 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,354,435 | 1,392,065 | |
Financing Receivable, Allowance for Credit Losses | 1,354,435 | 1,392,065 | |
Residential Real Estate 1 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance At Beginning of Period | 1,392,065 | 1,706,643 | |
Provision for Loan Losses | 7,370 | 43,506 | |
Charge Offs | 45,000 | 82,472 | |
Recoveries | 0 | 479 | |
Balance At End of Period | 1,354,435 | 1,668,156 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance At Beginning of Period | 886,716 | 847,777 | |
Provision for Loan Losses | 330,931 | 127,341 | |
Charge Offs | 120,618 | 194,449 | |
Recoveries | 44,768 | 23,199 | |
Balance At End of Period | 1,141,797 | 803,868 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance At Beginning of Period | 159,353 | 426,658 | |
Provision for Loan Losses | 345,077 | -74,961 | |
Charge Offs | 10,947 | 0 | |
Recoveries | 3,320 | 17,684 | |
Balance At End of Period | 496,803 | 369,381 | |
Commercial Real Estate 1 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance At Beginning of Period | 5,919,362 | 7,260,892 | |
Provision for Loan Losses | -583,378 | 4,114 | |
Charge Offs | 442,449 | 500,654 | |
Recoveries | 32,347 | 239,998 | |
Balance At End of Period | $4,925,882 | $7,004,350 |
Loans_Receivable_Net_Schedule_4
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $373,489 | $475,000 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,545,428 | 7,882,496 |
Financing Receivable, Allowance for Credit Losses | 7,918,917 | 8,357,496 |
Financing Receivable, Individually Evaluated for Impairment | 15,698,201 | 20,247,955 |
Financing Receivable, Collectively Evaluated for Impairment | 324,314,163 | 327,520,762 |
Financing Receivable, Gross | 340,012,364 | 347,768,717 |
Loans and Leases Receivable, Valuation Period for New Appraisal | 24 months | |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,354,435 | 1,392,065 |
Financing Receivable, Allowance for Credit Losses | 1,354,435 | 1,392,065 |
Financing Receivable, Individually Evaluated for Impairment | 2,687,102 | 2,519,814 |
Financing Receivable, Collectively Evaluated for Impairment | 73,389,982 | 74,763,003 |
Financing Receivable, Gross | 76,077,084 | 77,282,817 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 248,189 | 2,600 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 893,608 | 884,116 |
Financing Receivable, Allowance for Credit Losses | 1,141,797 | 886,716 |
Financing Receivable, Individually Evaluated for Impairment | 461,863 | 218,232 |
Financing Receivable, Collectively Evaluated for Impairment | 49,923,580 | 50,172,992 |
Financing Receivable, Gross | 50,385,443 | 50,391,224 |
Commercial Business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 496,803 | 159,353 |
Financing Receivable, Allowance for Credit Losses | 496,803 | 159,353 |
Financing Receivable, Individually Evaluated for Impairment | 232,601 | 236,030 |
Financing Receivable, Collectively Evaluated for Impairment | 8,670,286 | 10,328,437 |
Financing Receivable, Gross | 8,902,887 | 10,564,467 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 125,300 | 472,400 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,800,582 | 5,446,962 |
Financing Receivable, Allowance for Credit Losses | 4,925,882 | 5,919,362 |
Financing Receivable, Individually Evaluated for Impairment | 12,316,635 | 17,273,879 |
Financing Receivable, Collectively Evaluated for Impairment | 192,330,315 | 192,256,330 |
Financing Receivable, Gross | $204,646,950 | $209,530,209 |
Loans_Receivable_Net_Impaired_
Loans Receivable, Net (Impaired Financing Receivables) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, related allowance | $475,000 | ||
Impaired financing receivable, recorded investment | 15,698,201 | 20,247,955 | |
Impaired Financing Receivable, Unpaid Principal Balance | 20,284,626 | 24,950,379 | |
Impaired Financing Receivable, Average Recorded Investment | 17,982,355 | 30,157,978 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 95,372 | 219,141 | |
Residential Real Estate 1 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,687,102 | 2,519,814 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,810,291 | 2,618,003 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,924,360 | 4,494,249 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 828 | 12,942 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired financing receivable, related allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 989,513 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | |
Impaired financing receivable, recorded investment | 2,687,102 | 2,519,814 | |
Impaired Financing Receivable, Unpaid Principal Balance | 2,810,291 | 2,618,003 | |
Impaired Financing Receivable, Average Recorded Investment | 2,924,360 | 5,483,762 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 828 | 12,942 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 150,869 | 152,029 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 158,369 | 159,529 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 152,271 | 259,796 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 272 | 88 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 310,994 | 66,203 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 310,994 | 66,203 | |
Impaired financing receivable, related allowance | 248,189 | 2,600 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 312,418 | 68,474 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1,200 | 1,247 | |
Impaired financing receivable, recorded investment | 461,863 | 218,232 | |
Impaired Financing Receivable, Unpaid Principal Balance | 469,363 | 225,732 | |
Impaired Financing Receivable, Average Recorded Investment | 464,689 | 328,270 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,472 | 1,335 | |
Commercial Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 232,601 | 236,030 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 432,601 | 436,030 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 235,173 | 465,402 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired financing receivable, related allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 32,638 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | |
Impaired financing receivable, recorded investment | 232,601 | 236,030 | |
Impaired Financing Receivable, Unpaid Principal Balance | 432,601 | 436,030 | |
Impaired Financing Receivable, Average Recorded Investment | 235,173 | 498,040 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | |
Commercial Real Estate 1 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,181,568 | 13,721,964 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 15,430,504 | 18,088,149 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 13,217,496 | 19,096,530 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 75,944 | 157,070 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,135,067 | 3,551,915 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,141,867 | 3,582,465 | |
Impaired financing receivable, related allowance | 125,300 | 472,400 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,140,637 | 4,751,376 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 17,128 | 47,794 | |
Impaired financing receivable, recorded investment | 12,316,635 | 17,273,879 | |
Impaired Financing Receivable, Unpaid Principal Balance | 16,572,371 | 21,670,614 | |
Impaired Financing Receivable, Average Recorded Investment | 14,358,133 | 23,847,906 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 93,072 | 204,864 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, related allowance | $373,489 | $475,000 |
Loans_Receivable_Net_Summary_o
Loans Receivable, Net (Summary of loans restructured as Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Restructured, Number of Contracts | 3 | 0 |
Financing Receivable, Pre Modification Recorded Investment | $840,292 | $0 |
Financing Receivable, Post Modification Recorded Investment | 840,292 | 0 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Restructured, Number of Contracts | 0 | 0 |
Financing Receivable, Pre Modification Recorded Investment | 0 | 0 |
Financing Receivable, Post Modification Recorded Investment | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Restructured, Number of Contracts | 0 | 0 |
Financing Receivable, Pre Modification Recorded Investment | 0 | 0 |
Financing Receivable, Post Modification Recorded Investment | 0 | 0 |
Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Restructured, Number of Contracts | 0 | 0 |
Financing Receivable, Pre Modification Recorded Investment | 0 | 0 |
Financing Receivable, Post Modification Recorded Investment | 0 | 0 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Restructured, Number of Contracts | 3 | 0 |
Financing Receivable, Pre Modification Recorded Investment | 840,292 | 0 |
Financing Receivable, Post Modification Recorded Investment | $840,292 | $0 |
Loans_Receivable_Net_Narrative
Loans Receivable, Net (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
loan | payments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming Loans, Accrual Status, Minimum Consecutive Payments | 90 | 6 | |
TDRs included in impaired loans | $8,900,000 | $8,900,000 | $9,600,000 |
Financing Receivable, Modifications, Subsequent Default, Aggregate Number of Contracts | 2 | 2 | |
Impaired Financing Receivables, Loans Defaulted | 293,000 | ||
Days Past Due to Be Considered In Default | 30 | 30 | |
Review period to request a new third party appraisal | 24 months | 24 months | |
Impaired Financing Receivable, Recorded Investment | $15,698,201 | $15,698,201 | $20,247,955 |
Regulatory_Matters_Regulatory_
Regulatory Matters (Regulatory capital amounts and ratios) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | ||
Actual, Amount | $86,920 | $77,746 |
Actual, Ratio | 23.00% | 20.60% |
For Capital Adequacy, Amount | 22,700 | 15,073 |
For Capital Adequacy, Ratio | 6.00% | 4.00% |
Total Risk-Based Capital (To Risk Weighted Assets) | ||
Actual, Amount | 91,688 | 89,915 |
Actual, Ratio | 24.20% | 23.90% |
For Capital Adequacy, Amount | 30,267 | 30,147 |
For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | ||
Actual, Amount | 86,920 | 77,746 |
Actual, Ratio | 10.70% | 9.50% |
For Capital Adequacy, Amount | 32,481 | 32,778 |
For Capital Adequacy, Ratio | 4.00% | 4.00% |
Security Federal Bank [Member] | ||
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | ||
Actual, Amount | 87,322 | 87,222 |
Actual, Ratio | 23.10% | 23.20% |
For Capital Adequacy, Amount | 22,682 | 15,062 |
For Capital Adequacy, Ratio | 6.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 30,243 | 22,593 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Total Risk-Based Capital (To Risk Weighted Assets) | ||
Actual, Amount | 92,086 | 91,973 |
Actual, Ratio | 24.40% | 24.40% |
For Capital Adequacy, Amount | 30,243 | 30,123 |
For Capital Adequacy, Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 37,803 | 37,654 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | ||
Actual, Amount | 87,322 | 87,222 |
Actual, Ratio | 10.80% | 10.60% |
For Capital Adequacy, Amount | 32,471 | 32,792 |
For Capital Adequacy, Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $40,589 | $40,991 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Carrying_Amounts_and_Fair_Valu2
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, recurring basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Liabilities, Fair Value Disclosure, Recurring | $0 | $0 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 434,502,629 | 429,700,540 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 434,502,629 | 429,700,540 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Federal Farm Credit Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Federal Farm Credit Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 13,246,661 | |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
SBA Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
SBA Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 108,126,694 | |
SBA Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 62,495,423 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 238,852,713 | |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Equity Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Equity Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 306,674 | |
Equity Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 164,700,000 | 160,600,000 |
Federal Farm Credit Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,985,022 | 5,667,994 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 306,674 | |
Equity Securities | Equity Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 310,814 | |
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 238,852,713 | |
Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 240,589,509 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 62,495,423 | |
US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 64,598,376 | |
SBA Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 108,126,694 | |
SBA Bonds | SBA Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 119,704,343 | |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 13,246,661 | |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $6,302,131 |
Carrying_Amounts_and_Fair_Valu3
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, nonrecurring basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Real Estate Owned | $6,486,850 | $3,229,710 | ||
Held For Sale | 1,878,844 | 1,864,999 | ||
Impaired financing receivable, related allowance | 475,000 | |||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 23,690,406 | 24,867,664 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 1,878,844 | 1,864,999 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 21,811,562 | 23,002,665 | ||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 1,878,844 | 1,864,999 | ||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 1,864,999 | |||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 15,324,712 | [1] | 19,772,955 | [2] |
Impaired financing receivable, related allowance | 373,489 | 475,000 | ||
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | [1] | 0 | [2] |
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | [1] | 0 | [2] |
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 15,324,712 | [1] | 19,772,955 | [2] |
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 6,486,850 | 3,229,710 | ||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 3,229,710 | |||
Other Real Estate Owned | $6,486,850 | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJiYzJjYTc2ZDI4OTRiMzc5NTQ5Y2U3YjU3MTFhYmQ1fFRleHRTZWxlY3Rpb246NTUzNjVGQzYzNUY4N0FGQjREMzA3NTQ3NDQwN0FFQ0EM} | |||
[2] | IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $475,000 |
Carrying_Amounts_and_Fair_Valu4
Carrying Amounts and Fair Value of Financial Instruments (Significant unobservable inputs used in the fair value measurements) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Other Real Estate Owned | $6,486,850 | $3,229,710 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 23,690,406 | 24,867,664 | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 15,324,712 | [1] | 19,772,955 | [2] |
Fair Value Measurements, Valuation Techniques | Appraised Value | |||
Significant Unobservable Inputs | Discount Rates/ Discounts to Appraised Values | |||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 6,486,850 | 3,229,710 | ||
Fair Value Measurements, Valuation Techniques | Appraised Value/Comparable Sales | |||
Significant Unobservable Inputs | Discount Rates/ Discounts to Appraised Values | |||
Minimum | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 0.00% | |||
Minimum | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 12.00% | |||
Maximum | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 70.00% | |||
Maximum | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 79.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 21,811,562 | 23,002,665 | ||
Fair Value, Inputs, Level 3 | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 15,324,712 | [1] | 19,772,955 | [2] |
Fair Value, Inputs, Level 3 | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 3,229,710 | |||
Other Real Estate Owned | $6,486,850 | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJiYzJjYTc2ZDI4OTRiMzc5NTQ5Y2U3YjU3MTFhYmQ1fFRleHRTZWxlY3Rpb246NTUzNjVGQzYzNUY4N0FGQjREMzA3NTQ3NDQwN0FFQ0EM} | |||
[2] | IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $475,000 |
Carrying_Amounts_and_Fair_Valu5
Carrying Amounts and Fair Value of Financial Instruments (Summary of the carrying value and estimated fair value of financial instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2011 |
Financial Assets: | ||||
Cash And Cash Equivalents | $8,462,000 | $10,193,000 | ||
Cash And Cash Equivalents | 8,461,858 | 10,192,702 | 8,145,145 | 7,629,771 |
Certificates of Deposits With Other Banks | 2,095,000 | 2,095,000 | ||
Investment And Mortgage-Backed Securities, Carrying Value Disclosure | 429,701,000 | |||
Investments | 434,503,000 | |||
Certificates Of Deposit With Other Banks | 2,095,000 | 2,095,000 | ||
Investment And Mortgage-Backed Securities | 434,503,000 | 429,701,000 | ||
Loans Receivable, Net | 332,058,427 | 339,874,495 | ||
Loans Receivable, Net | 332,120,000 | 340,368,000 | ||
Investment in Federal Home Loan Bank Stock, Carrying Value | 3,145,000 | |||
FHLB Stock | 2,196,000 | 3,145,000 | ||
Federal Home Loan Bank (FHLB) Stock, At Cost | 2,196,100 | 3,144,600 | ||
Certificate Accounts, Fair Value Disclosure | 256,845,000 | 253,300,000 | ||
FHLB Advances, Carrying Value | 52,900,000 | |||
Checking, Savings, And Money Market Accounts, Carrying Value Disclosure | 406,864,000 | |||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 415,778,000 | 406,864,000 | ||
Advances From FHLB | 34,200,000 | 52,900,000 | ||
Advances From FHLB | 35,978,000 | 55,646,000 | ||
Other Borrowed Money | 10,340,000 | 8,523,000 | ||
Other Borrowings | 10,340,157 | 8,523,348 | ||
Senior Convertible Debentures | 6,084,000 | 6,084,000 | ||
Junior Subordinated Debentures | 5,155,000 | 5,155,000 | ||
Junior Subordinated Debentures | 5,155,000 | 5,155,000 | ||
Senior Convertible Debentures | 6,084,000 | 6,084,000 | ||
Certificate Accounts, Carrying Value | 256,663,000 | 253,251,000 | ||
Fair Value, Inputs, Level 1 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 10,193,000 | |||
Cash And Cash Equivalents | 8,462,000 | |||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 3,145,000 | |||
Federal Home Loan Bank (FHLB) Stock, At Cost | 2,196,000 | |||
Certificate Accounts, Fair Value Disclosure | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 415,778,000 | 406,864,000 | ||
Advances From FHLB | 0 | 0 | ||
Other Borrowed Money | 8,523,000 | |||
Other Borrowings | 10,340,000 | |||
Senior Convertible Debentures | 0 | 0 | ||
Junior Subordinated Debentures | 0 | 0 | ||
Fair Value, Inputs, Level 2 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 2,095,000 | |||
Certificates Of Deposit With Other Banks | 2,095,000 | |||
Investment And Mortgage-Backed Securities | 434,503,000 | 429,701,000 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 0 | 0 | ||
Certificate Accounts, Fair Value Disclosure | 256,845,000 | 253,300,000 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Advances From FHLB | 35,978,000 | 55,646,000 | ||
Other Borrowed Money | 0 | 0 | ||
Senior Convertible Debentures | 6,084,000 | |||
Junior Subordinated Debentures | 6,084,000 | |||
Junior Subordinated Debentures | 5,155,000 | |||
Senior Convertible Debentures | 5,155,000 | |||
Fair Value, Inputs, Level 3 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 332,120,000 | 340,368,000 | ||
FHLB Stock | 0 | 0 | ||
Certificate Accounts, Fair Value Disclosure | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Advances From FHLB | 0 | 0 | ||
Other Borrowed Money | 0 | 0 | ||
Senior Convertible Debentures | 0 | 0 | ||
Junior Subordinated Debentures | $0 | $0 |
Carrying_Amounts_and_Fair_Valu6
Carrying Amounts and Fair Value of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
investment | ||
Fair Value Disclosures [Abstract] | ||
Number of equity investments | 2 | |
Investor funding period | 30 days | |
Review period to request a new third party appraisal | 24 months | |
Impaired financing receivable, recorded investment | $15,698,201 | $20,247,955 |
Fair value disclosure, off-balance sheet risks, amount, liability | $46,100,000 |