Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | GLEN BURNIE BANCORP | ||
Entity Central Index Key | 890066 | ||
Trading Symbol | glbz | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 2,764,458 | ||
Entity Public Float | $27,030,067 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||
Cash and due from banks | $7,101,352 | $9,214,503 | $9,332,087 |
Interest-bearing deposits in other financial institutions | 2,154,817 | 1,636,194 | 6,627,394 |
Federal funds sold | 4,024,065 | 102,772 | 2,669,101 |
Cash and cash equivalents | 13,280,234 | 10,953,469 | 18,628,582 |
Investment securities available for sale, at fair value | 87,993,145 | 74,313,682 | 100,490,267 |
Federal Home Loan Bank stock, at cost | 1,327,800 | 1,452,900 | 1,448,000 |
Maryland Financial Bank stock | 30,000 | 30,000 | 30,000 |
Ground rents, at cost | 169,200 | 169,200 | 175,200 |
Loans, less allowance for credit losses 2014 $3,117,870; 2013 $2,972,019; 2012 $3,307,920; | 273,986,237 | 270,684,120 | 249,631,525 |
Premises and equipment, at cost, less accumulated depreciation | 3,671,295 | 3,696,772 | 3,873,002 |
Accrued interest receivable on loans and investment securities | 1,274,137 | 1,509,238 | 1,450,321 |
Deferred income tax benefits | 3,045,235 | 3,604,461 | 1,235,255 |
Other real estate owned | 45,175 | 1,170,773 | 478,190 |
Cash value of life insurance | 9,138,658 | 8,914,817 | 8,680,519 |
Other assets | 668,392 | 694,142 | 1,317,408 |
Total assets | 394,629,508 | 377,193,574 | 387,438,269 |
Deposits: | |||
Noninterest-bearing | 88,562,924 | 86,747,525 | 84,288,485 |
Interest-bearing | 250,314,368 | 237,055,831 | 248,000,401 |
Total deposits | 338,877,292 | 323,803,356 | 332,288,886 |
Long-term borrowings | 20,000,000 | 20,000,000 | 20,000,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable on deposits | 39,823 | 28,523 | 28,365 |
Other liabilities | 1,605,770 | 1,503,797 | 1,533,353 |
Total liabilities | 360,798,981 | 345,610,413 | 353,850,604 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding 2014 2,760,964 shares; 2013 2,747,370; 2012 2,736,978 shares; | 2,760,964 | 2,747,370 | 2,736,978 |
Surplus | 9,854,119 | 9,713,335 | 9,604,906 |
Retained earnings | 21,112,714 | 20,300,531 | 18,783,164 |
Accumulated other comprehensive (loss) income, net of tax | 102,730 | -1,178,075 | 2,462,617 |
Total stockholders' equity | 33,830,527 | 31,583,161 | 33,587,665 |
Total liabilities and stockholders' equity | $394,629,508 | $377,193,574 | $387,438,269 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | |||
Loans, allowance for credit losses (in dollars) | $3,117,870 | $2,972,019 | $3,307,920 |
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Common stock, issued | 2,760,964 | 2,747,370 | 2,736,978 |
Common stock, outstanding | 2,760,964 | 2,747,370 | 2,736,978 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income on: | |||
Loans, including fees | $12,318,461 | $12,673,230 | $13,123,595 |
U.S. Treasury securities | 27,763 | ||
U.S. Government agency securities | 722,587 | 871,287 | 894,024 |
State and municipal securities | 1,357,355 | 1,656,670 | 1,705,789 |
Corporate trust preferred securities | 21,414 | 33,428 | 57,660 |
Federal funds sold | 10,714 | 3,027 | 4,438 |
Other | 61,443 | 44,223 | 31,724 |
Total interest income | 14,519,737 | 15,281,865 | 15,817,230 |
Interest expense on: | |||
Deposits | 1,893,314 | 2,014,327 | 2,610,906 |
Short-term borrowings | 134 | 7,004 | 1,962 |
Long-term borrowings | 640,474 | 640,474 | 642,228 |
Total interest expense | 2,533,922 | 2,661,805 | 3,255,096 |
Net interest income | 11,985,815 | 12,620,060 | 12,562,134 |
Provision for credit losses | 1,020,876 | 260,000 | 250,000 |
Net interest income after provision for credit losses | 10,964,939 | 12,360,060 | 12,312,134 |
Other income: | |||
Service charges on deposit accounts | 463,734 | 595,729 | 575,049 |
Other fees and commissions | 826,945 | 825,859 | 837,065 |
Gains on investment securities, net | 1,155,978 | 345,331 | 162,594 |
Income on life insurance | 223,841 | 234,297 | 247,364 |
Total other income | 2,670,498 | 2,001,216 | 1,822,072 |
Other expenses: | |||
Salaries and wages | 4,998,402 | 4,963,600 | 4,996,518 |
Employee benefits | 1,633,443 | 1,788,995 | 1,815,599 |
Occupancy | 806,916 | 785,850 | 804,012 |
Furniture and equipment | 925,207 | 842,099 | 792,725 |
Other expenses | 3,048,291 | 2,717,119 | 2,386,465 |
Total impairment losses on investment securities | 124,984 | ||
Portion of impairment losses recognized in other comprehensive income (before taxes) | -109,403 | ||
Net impairment loss on investment securities | 15,581 | ||
Total other expenses | 11,412,259 | 11,113,244 | 10,795,319 |
Income before income taxes | 2,223,178 | 3,248,032 | 3,338,887 |
Federal and state income taxes | 308,652 | 633,855 | 673,807 |
Net income | $1,914,526 | $2,614,177 | $2,665,080 |
Basic and diluted earnings per share of common stock (in dollars per share) | $0.69 | $0.95 | $0.98 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $1,914,526 | $2,614,177 | $2,665,080 |
Other comprehensive income (loss), net of tax | |||
Unrealized holding gains (losses) arising during the period (net of deferred taxes (benefits) 2014 $1,305,107; 2013 ($2,167,273); 2012 $472,938); | 1,976,117 | -3,281,559 | 716,095 |
Reclassification adjustment for impairment loss included in net income (net of deferred tax benefits 2014 $0; 2013 $6,197; 2012 $0); | 9,384 | ||
Reclassification adjustment for gains included in net income (net of deferred taxes 2014 $459,212; 2013 $243,383; 2012 $65,653); | -695,312 | -368,517 | -99,408 |
Total other comprehensive income (loss) | 1,280,805 | -3,640,692 | 616,687 |
Comprehensive income (loss) | $3,195,331 | ($1,026,515) | $3,281,767 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Unrealized holding gains (losses) arising during the period, deferred taxes (benefits) | $1,305,107 | ($2,167,273) | $472,938 |
Reclassification adjustment for impairment loss included in net income, deferred tax benefits | 0 | 6,197 | 0 |
Reclassification adjustment for gains included in net income, deferred taxes | $459,212 | $243,383 | $65,653 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total |
Balances at Dec. 31, 2011 | $2,717,909 | $9,437,605 | $17,209,386 | $1,845,930 | $31,210,830 |
Balances (in shares) at Dec. 31, 2011 | 2,717,909 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,665,080 | 2,665,080 | |||
Cash dividends, $.40 per share | -1,091,302 | -1,091,302 | |||
Dividends reinvested under dividend reinvestment plan | 19,069 | 167,301 | 186,370 | ||
Dividends reinvested under dividend reinvestment plan (in shares) | 19,069 | ||||
Other comprehensive income (loss), net of tax | 616,687 | 616,687 | |||
Balances at Dec. 31, 2012 | 2,736,978 | 9,604,906 | 18,783,164 | 2,462,617 | 33,587,665 |
Balances (in shares) at Dec. 31, 2012 | 2,736,978 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,614,177 | 2,614,177 | |||
Cash dividends, $.40 per share | -1,096,810 | -1,096,810 | |||
Dividends reinvested under dividend reinvestment plan | 10,392 | 108,429 | 118,821 | ||
Dividends reinvested under dividend reinvestment plan (in shares) | 10,392 | ||||
Other comprehensive income (loss), net of tax | -3,640,692 | -3,640,692 | |||
Balances at Dec. 31, 2013 | 2,747,370 | 9,713,335 | 20,300,531 | -1,178,075 | 31,583,161 |
Balances (in shares) at Dec. 31, 2013 | 2,747,370 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,914,526 | 1,914,526 | |||
Cash dividends, $.40 per share | -1,102,343 | -1,102,343 | |||
Dividends reinvested under dividend reinvestment plan | 13,594 | 140,784 | 154,378 | ||
Dividends reinvested under dividend reinvestment plan (in shares) | 13,594 | ||||
Other comprehensive income (loss), net of tax | 1,280,805 | 1,280,805 | |||
Balances at Dec. 31, 2014 | $2,760,964 | $9,854,119 | $21,112,714 | $102,730 | $33,830,527 |
Balances (in shares) at Dec. 31, 2014 | 2,760,964 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Stockholders' Equity [Abstract] | |||
Cash dividends, per share | $0.40 | $0.40 | $0.40 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $1,914,526 | $2,614,177 | $2,665,080 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation, amortization, and accretion | 812,331 | 1,187,689 | 1,716,701 |
Provision for credit losses | 1,020,876 | 260,000 | 250,000 |
Deferred income tax benefits, net | -286,670 | 35,252 | 38,359 |
Gains on disposals of assets, net | -1,213,844 | -321,443 | -161,999 |
Provision on losses of other real estate owned | 91,448 | 5,695 | |
Impairment losses on investment securities | 15,581 | ||
Income on investment in life insurance | -223,841 | -234,298 | -247,364 |
Changes in assets and liabilities: | |||
Decrease (increase) in accrued interest receivable | 235,101 | -58,917 | 91,198 |
Decrease (increase) in other assets | 56,011 | 637,425 | -246,288 |
Increase (decrease) in accrued interest payable | 11,300 | 158 | -19,736 |
Increase (decrease) in other liabilities | 101,973 | -29,556 | 3,222 |
Net cash provided by operating activities | 2,519,211 | 4,111,763 | 4,089,173 |
Cash flows from investing activities: | |||
Maturities of available for sale mortgage-backed securities | 9,109,664 | 15,171,085 | 18,762,583 |
Proceeds from sales of available for sale debt securities | 30,269,965 | 25,626,845 | 18,656,622 |
Purchases of available for sale mortgage-backed securities | -28,703,606 | -16,920,333 | -26,023,938 |
Purchases of other available for sale investment securities | -21,464,085 | -4,185,719 | -9,097,291 |
Purchase of FHLB stock | 125,100 | -4,900 | 72,400 |
Increase in loans, net | -4,368,168 | -22,295,595 | -17,401,804 |
Proceeds from sales of other real estate | 1,153,883 | 273,121 | 887,042 |
Purchases of premises and equipment | -442,529 | -262,598 | -182,548 |
Net cash used by investing activities | -14,319,776 | -2,598,094 | -14,326,934 |
Cash flows from financing activities: | |||
Increase in noninterest-bearing deposits, NOW accounts, money market accounts, and savings accounts, net | 1,815,399 | 2,459,040 | 10,949,022 |
Increase (decrease) in time deposits, net | 13,258,537 | -10,944,570 | 9,395,203 |
Decrease in short-term borrowings | -254,749 | ||
Cash dividends paid | -1,100,984 | -822,073 | -1,363,093 |
Common stock dividends reinvested | 154,378 | 118,821 | 186,370 |
Net cash provided (used) by financing activities | 14,127,330 | -9,188,782 | 18,912,753 |
Increase (decrease) in cash and cash equivalents | 2,326,765 | -7,675,113 | 8,674,992 |
Cash and cash equivalents, beginning of year | 10,953,469 | 18,628,582 | 9,953,590 |
Cash and cash equivalents, end of year | 13,280,234 | 10,953,469 | 18,628,582 |
Supplementary Cash Flow Information: | |||
Interest paid | 2,522,622 | 2,661,647 | 3,274,832 |
Income taxes paid | 300,000 | 525,000 | 925,000 |
Total decrease (increase) in unrealized depreciation on available for sale securities | 2,126,700 | -6,045,150 | 1,023,972 |
Supplementary Noncash Investing Activities: | |||
Loans converted to other real estate | $45,175 | $983,000 | $254,536 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies |
The Bank of Glen Burnie (the “Bank”) provides financial services to individuals and corporate customers located in Anne Arundel County and surrounding areas of Central Maryland, and is subject to competition from other financial institutions. The Bank is also subject to the regulations of certain Federal and State of Maryland (the “State”) agencies and undergoes periodic examinations by those regulatory authorities. The accounting and financial reporting policies of the Bank conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the banking industry. | |
Significant accounting policies not disclosed elsewhere in the consolidated financial statements are as follows: | |
Principles of Consolidation: | |
The consolidated financial statements include the accounts of Glen Burnie Bancorp and its subsidiaries, The Bank of Glen Burnie and GBB Properties, Inc., a company engaged in the acquisition and disposition of other real estate. Intercompany balances and transactions have been eliminated. The Parent Only financial statements (see Note 19) of the Company account for the subsidiaries using the equity method of accounting. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States. Voting interest entities are entities, in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIE’s) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interest, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. | |
Accounting Standards Codification: | |
The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) became effective for interim and annual periods ending after September 15, 2009. At that date, the ASC became FASB’s officially recognized source of authoritative U.S. generally accepted accounting principles (“GAAP”) applicable to all public and non-public non-governmental entities, superseding existing FASB, American Institute of Certified Public Accountants (“AICPA”), Emerging Issues Task Force (“EITF”) and related literatures. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. The switch to ASC affects the way companies refer to U.S. GAAP in financial statements and accounting policies. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. | |
Use of Estimates: | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted within the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Securities Held to Maturity: | |
Bonds, notes, and debentures for which the Bank has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the effective interest rate method over the period to maturity. Securities transferred into held to maturity from the available for sale portfolio are recorded at fair value at time of transfer with unrealized gains or losses reflected in equity and amortized over the remaining life of the security. | |
Securities Available for Sale: | |
Marketable debt securities not classified as held to maturity are classified as available for sale. Securities available for sale may be sold in response to changes in interest rates, loan demand, changes in prepayment risk, and other factors. Changes in unrealized appreciation (depreciation) on securities available for sale are reported in other comprehensive income, net of tax. Realized gains (losses) on securities available for sale are included in other income (expense) and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. The gains and losses on securities sold are determined by the specific identification method. Premiums and discounts are recognized in interest income using the effective interest rate method over the period to maturity. Additionally, declines in the fair value of individual investment securities below their cost that are other than temporary are reflected as realized losses in the consolidated statements of income. | |
Other Securities: | |
Federal Home Loan Bank (“FHLB”) and Maryland Financial Bank (“MFB”) stocks are equity interests that do not necessarily have readily determinable fair values for purposes of the ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities, because their ownership is restricted and they lack a market. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLB or another member institution. | |
Loans and Allowance for Credit Losses: | |
Loans are generally carried at the amount of unpaid principal, adjusted for deferred loan fees, which are amortized over the term of the loan using the effective interest rate method. Interest on loans is accrued based on the principal amounts outstanding. It is the Bank’s policy to discontinue the accrual of interest when a loan is specifically determined to be impaired or when principal or interest is delinquent for ninety days or more. When a loan is placed on nonaccrual status all interest previously accrued but not collected is reversed against current period interest income. Interest income generally is not recognized on specific impaired loans unless the likelihood of further loss is remote. Cash collections on such loans are applied as reductions of the loan principal balance and no interest income is recognized on those loans until the principal balance has been collected. Interest income on other nonaccrual loans is recognized only to the extent of interest payments received. The carrying value of impaired loans is based on the present value of the loan’s expected future cash flows or, alternatively, the observable market price of the loan or the fair value of the collateral. | |
The allowance for loan losses is maintained at a level believed adequate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of individual problem loans and actual loss experience, current economic events in specific industries and geographical areas, including unemployment levels, and other pertinent factors, including regulatory guidance and general economic conditions. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. A provision for loan losses is charged to operations based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more often if deemed necessary. | |
The allowance for loan losses typically consists of an allocated component and an unallocated component. The components of the allowance for loan losses represent an estimation done pursuant to either ASC Topic 450, Accounting for Contingencies, or ASC Topic 310, Accounting by Creditors for Impairment of a Loan. The allocated component of the allowance for loan losses reflects expected losses resulting from an analysis developed through specific credit allocations for individual loans and historical loss experience for each loan category. The specific credit allocations are based on regular analysis of all loans over a fixed-dollar amount where the internal credit rating is at or below a predetermined classification. The historical loan loss element is determined statistically using a loss migration analysis that examines loss experience over a current three year period and the related internal gradings of loans charged off. The loss migration analysis is performed quarterly and loss factors are updated regularly based on actual experience. The allocated component of the allowance for loan losses also includes consideration of concentrations and changes in portfolio mix and volume. | |
Any unallocated portion of the allowance reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet manifested themselves in loss allocation factors. In addition, the unallocated allowance includes a component that explicitly accounts for the inherent imprecision in loan loss migration models. The historical losses used in the migration analysis may not be representative of actual unrealized losses inherent in the portfolio. | |
Reserve for Unfunded Commitments: | |
The reserve for unfunded commitments is established through a provision for unfunded commitments charged to other expenses. The reserve is calculated by utilizing the same methodology and factors as the allowance for credit losses. The reserve, based on evaluations of the collectibiltiy of loans and prior loan loss experience, is an amount that management believes will be adequate to absorb possible losses on unfunded commitments (off-balance sheet financial instruments) that may become uncollectible in the future. | |
Troubled Debt Restructurings: | |
In situations where, for economic or legal reasons related to a borrower’s financial difficulties, management may grant a concession for other than insignificant period of time to the borrower that would not otherwise be considered, the related loan is classified as a troubled debt restructuring. Management strives to identify borrowers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. | |
Other Real Estate Owned (“OREO”): | |
OREO comprises properties acquired in partial or total satisfaction of problem loans. The properties are recorded at the lower of cost or fair value (appraised value) at the date acquired. Losses arising at the time of acquisition of such properties are charged against the allowance for credit losses. Subsequent write-downs that may be required and expenses of operation are included in other income or expenses. Gains and losses realized from the sale of OREO are included in other income or expenses. Loans converted to OREO through foreclosure proceedings totaled $45,175, $983,000, and $254,536 for the years ended December 31, 2014, 2013, and 2012, respectively. The Bank financed no sales of OREO for 2014, 2013, or 2012, respectively. | |
Bank Premises and Equipment: | |
Bank premises and equipment are stated at cost less accumulated depreciation. The provision for depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of the terms of the leases or their estimated useful lives. Expenditures for improvements that extend the life of an asset are capitalized and depreciated over the asset’s remaining useful life. Gains or losses realized on the disposition of premises and equipment are reflected in the consolidated statements of income. Expenditures for repairs and maintenance are charged to other expenses as incurred. Computer software is recorded at cost and amortized over three to five years. | |
Long-Lived Assets: | |
The carrying value of long-lived assets and certain identifiable intangibles, including goodwill, is reviewed by the Bank for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, as prescribed in ASC Topic 360, Accounting for the Impairment or Disposal of Long-Lived Asset. As of December 31, 2014, 2013, and 2012, certain loans existed which management considered impaired (See Note 4). During the year ended December 31, 2013, management deemed certain investment securities were impaired and recorded an impairment loss on these securities (See Note 3). | |
Income Taxes: | |
The provision for Federal and state income taxes is based upon the results of operations, adjusted for tax-exempt income. Deferred income taxes are provided by applying enacted statutory tax rates to temporary differences between financial and taxable bases. | |
Temporary differences which give rise to deferred tax benefits relate principally to accrued deferred compensation, accumulated impairment losses on investment securities, allowance for credit losses, non-accrual interest, unused alternative minimum tax credits, net unrealized depreciation on investment securities available for sale, accumulated depreciation, OREO, and reserve for unfunded commitments. | |
Temporary differences which give rise to deferred tax liabilities relate principally to accumulated securities discount accretion and net unrealized appreciation on investment securities available for sale. | |
Credit Risk: | |
The Bank has unsecured deposits and Federal funds sold with several other financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation (“FDIC”). | |
Cash and Cash Equivalents: | |
The Bank has included cash and due from banks, interest-bearing deposits in other financial institutions, and Federal funds sold as cash and cash equivalents for the purpose of reporting cash flows. | |
Accounting for Stock Options: | |
The Company follows ASC Topic 718, Share-Based Payments, for accounting and reporting for stock-based compensation plans. ASC Topic 718 defines a fair value at grant date based method of accounting for measuring compensation expense for stock-based plans to be recognized in the statement of income. | |
Earnings per share: | |
Basic earnings per common share are determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share are calculated including the average dilutive common stock equivalents outstanding during the period. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. | |
Financial Statement Presentation: | |
Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Note 2. Restrictions on Cash and Due from Banks |
The Federal Reserve requires the Bank to maintain noninterest-bearing cash reserves against certain categories of average deposit liabilities. Such reserves averaged approximately $4,985,000, $5,387,000, and $4,713,000 during the years ended December 31, 2014, 2013, and 2012, respectively. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | Note 3. Investment Securities | ||||||||||||||||||||||||
Investment securities are summarized as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Treasury | $ | 7,946,530 | $ | 5,843 | $ | 23,883 | $ | 7,928,490 | |||||||||||||||||
U.S. Government agencies | 28,360 | 295,584 | - | 323,944 | |||||||||||||||||||||
State and municipal | 32,771,006 | 813,974 | 75,534 | 33,509,446 | |||||||||||||||||||||
Corporate trust preferred | 247,150 | - | 83,695 | 163,455 | |||||||||||||||||||||
Mortgage-backed | 46,831,094 | 95,832 | 859,116 | 46,067,810 | |||||||||||||||||||||
$ | 87,824,140 | $ | 1,211,233 | $ | 1,042,228 | $ | 87,993,145 | ||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government agencies | $ | 28,360 | $ | 575,000 | $ | - | $ | 603,360 | |||||||||||||||||
State and municipal | 32,395,630 | 360,384 | 1,746,943 | 31,009,071 | |||||||||||||||||||||
Corporate trust preferred | 333,395 | - | 109,403 | 223,992 | |||||||||||||||||||||
Mortgage-backed | 43,512,419 | 688,095 | 1,723,255 | 42,477,259 | |||||||||||||||||||||
$ | 76,269,804 | $ | 1,623,479 | $ | 3,579,601 | $ | 74,313,682 | ||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government agencies | $ | 28,360 | $ | - | $ | 320 | $ | 28,040 | |||||||||||||||||
State and municipal | 38,528,451 | 2,623,768 | 14,797 | 41,137,422 | |||||||||||||||||||||
Corporate trust preferred | 349,646 | - | 65,116 | 284,530 | |||||||||||||||||||||
Mortgage-backed | 57,494,784 | 1,597,567 | 52,076 | 59,040,275 | |||||||||||||||||||||
$ | 96,401,241 | $ | 4,221,335 | $ | 132,309 | $ | 100,490,267 | ||||||||||||||||||
The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2014 are as follows: | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Treasury | $ | 5,946,025 | $ | 23,883 | $ | - | $ | - | $ | 5,946,025 | $ | 23,883 | |||||||||||||
State and Municipal | 2,613,263 | 30,438 | 1,261,322 | 45,096 | 3,874,585 | 75,534 | |||||||||||||||||||
Corporate trust preferred | - | - | 163,455 | 83,695 | 163,455 | 83,695 | |||||||||||||||||||
Mortgaged-backed | 21,210,373 | 144,533 | 18,303,420 | 714,583 | 39,513,793 | 859,116 | |||||||||||||||||||
$ | 29,769,661 | $ | 198,854 | $ | 19,728,197 | $ | 843,374 | $ | 49,497,858 | $ | 1,042,228 | ||||||||||||||
At December 31, 2014, the Company owned one pooled trust preferred security issued by Regional Diversified Funding, Senior notes with a Fitch credit rating of C, which is included in the securities described above. The market for these securities at December 31, 2014 was not active and markets for similar securities were also not active. As a result, the Company had cash flow testing performed as of December 31, 2014 by an unrelated third party in order to measure the possible extent of other-than-temporary-impairment (“OTTI”). This testing assumed future defaults on the currently performing financial institutions of 150 basis points applied annually with a 0% recovery on both current and future defaulting financial institutions. As a result of this testing, no write-downs were required in 2014 and 2012. A write-down of $15,581 was taken on this security during 2013. | |||||||||||||||||||||||||
The market values for these securities (and any securities other than those issued or guaranteed by the U.S. Treasury) are very depressed relative to historical levels. Therefore, a low market price for a particular security may only provide evidence of stress in the credit markets overall rather than being an indicator of credit problems with a particular issuer. | |||||||||||||||||||||||||
Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
As of December 31, 2014, management had the ability and intent to hold the securities classified as available for sale for a period of time sufficient for a recovery of cost. On December 31, 2014, the Bank held 27 investment securities having continuous unrealized loss positions for more than 12 months. Except as noted above, management has determined that all unrealized losses are either due to increases in market interest rates over the yields available at the time the underlying securities were purchased, current call features that are nearing, and the effect the sub-prime market has had on all mortgaged-backed securities. The Bank has no mortgaged-backed securities collateralized by sub-prime mortgages. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the remaining securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2014, management believes the impairments detailed in the table above are temporary and no additional impairment loss is required to be realized in the Company’s consolidated income statement. | |||||||||||||||||||||||||
A rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities for which a portion of an other-then-temporary loss is recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Estimated credit losses, beginning of year | $ | 3,262,496 | $ | 3,246,915 | $ | 3,246,915 | |||||||||||||||||||
Credit losses - no previous OTTI recognized | - | - | - | ||||||||||||||||||||||
Credit losses - previous OTTI recognized | - | 15,581 | - | ||||||||||||||||||||||
Estimated credit losses, end of year | $ | 3,262,496 | $ | 3,262,496 | $ | 3,246,915 | |||||||||||||||||||
Contractual maturities of investment securities at December 31, 2014, 2013, and 2012 are shown below. Actual maturities may differ from contractual maturities because debtors may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities have no stated maturity and primarily reflect investments in various Pass-through and Participation Certificates issued by the Federal National Mortgage Association and the Government National Mortgage Association. Repayment of mortgage-backed securities is affected by the contractual repayment terms of the underlying mortgages collateralizing these obligations and the current level of interest rates. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-14 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 61,064 | $ | 61,780 | |||||||||||||||||||||
Due over one to five years | 5,938,706 | 5,923,560 | |||||||||||||||||||||||
Due over five to ten years | 2,007,824 | 2,004,890 | |||||||||||||||||||||||
Due over ten years | 32,957,092 | 33,611,161 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 46,859,454 | 46,391,754 | |||||||||||||||||||||||
$ | 87,824,140 | $ | 87,993,145 | ||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-13 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | - | $ | - | |||||||||||||||||||||
Due over one to five years | - | - | |||||||||||||||||||||||
Due over five to ten years | - | - | |||||||||||||||||||||||
Due over ten years | 32,729,025 | 31,233,063 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 43,540,779 | 43,080,619 | |||||||||||||||||||||||
$ | 76,269,804 | $ | 74,313,682 | ||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-12 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 125,021 | $ | 125,745 | |||||||||||||||||||||
Due over one to five years | - | - | |||||||||||||||||||||||
Due over five to ten years | 400,000 | 415,028 | |||||||||||||||||||||||
Due over ten years | 38,353,076 | 40,881,179 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 57,523,144 | 59,068,315 | |||||||||||||||||||||||
$ | 96,401,241 | $ | 100,490,267 | ||||||||||||||||||||||
Proceeds from sales of available for sale securities prior to maturity totaled $30,269,965, $25,626,845, and $18,656,622 for the years ended December 31, 2014, 2013, and 2012, respectively. The Bank realized gains of $1,210,332 and losses of $54,354 on those sales for 2014. The Bank realized gains of $664,269 and losses of $318,938 on those sales for 2013. The Bank realized gains of $282,069 and losses of $119,475 on those sales for 2012. Realized gains and losses were calculated based on the amortized cost of the securities at the date of trade. Income tax expense relating to net gains on sales of investment securities totaled $455,976, $136,216, and $64,135 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
The Bank has no derivative financial instruments required to be disclosed under ASC Topic 815, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments. |
Loans_and_Allowance
Loans and Allowance | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||
Loans and Allowance | Note 4. Loans and Allowance | ||||||||||||||||||||||||
Major categories of loans are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||
Residential | $ | 120,933,420 | $ | 123,645,939 | $ | 107,728,972 | |||||||||||||||||||
Commercial | 62,601,469 | 67,195,806 | 71,381,029 | ||||||||||||||||||||||
Construction and land development | 7,073,720 | 6,582,553 | 3,915,299 | ||||||||||||||||||||||
Demand and time | 3,518,752 | 4,172,747 | 4,901,107 | ||||||||||||||||||||||
Installment | 84,103,142 | 73,230,433 | 66,096,285 | ||||||||||||||||||||||
278,230,503 | 274,827,478 | 254,022,692 | |||||||||||||||||||||||
Unearned income on loans | (1,126,396 | ) | (1,171,339 | ) | (1,083,247 | ) | |||||||||||||||||||
277,104,107 | 273,656,139 | 252,939,445 | |||||||||||||||||||||||
Allowance for credit losses | (3,117,870 | ) | (2,972,019 | ) | (3,307,920 | ) | |||||||||||||||||||
$ | 273,986,237 | $ | 270,684,120 | $ | 249,631,525 | ||||||||||||||||||||
The Bank has an automotive indirect lending program where vehicle collateralized loans made by dealers to consumers are acquired by the Bank. The Bank’s installment loan portfolio included approximately $67,551,000, $55,400,000, and $47,427,000 of such loans at December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
The Bank makes loans to customers located primarily in Anne Arundel County and surrounding areas of Central Maryland. Although the loan portfolio is diversified, its performance will be influenced by the economy of the region. | |||||||||||||||||||||||||
Executive officers, directors, and their affiliated interests enter into loan transactions with the Bank in the ordinary course of business. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with unrelated borrowers. They do not involve more than normal risk of collectibility or present other unfavorable terms. At December 31, 2014, 2013, and 2012, the amounts of such loans outstanding totaled $556,188, $1,078,577, and $354,257 respectively. During 2014, loan additions and repayments/transfers totaled $126,500 and $648,889, respectively. | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Bank has segmented the loan portfolio into the following classifications: | |||||||||||||||||||||||||
● | Commercial and Industrial; | ||||||||||||||||||||||||
● | Commercial Real Estate; | ||||||||||||||||||||||||
● | Consumer and Indirect; | ||||||||||||||||||||||||
● | Residential Real Estate. | ||||||||||||||||||||||||
Each of these segments are reviewed and analyzed quarterly using the average historical charge-offs over a current three year period for their respective segments as well as the following qualitative factors: | |||||||||||||||||||||||||
● | Changes in the levels and trends in delinquencies, nonaccruals, classified assets and troubled debt restructurings | ||||||||||||||||||||||||
● | Changes in the nature and volume of the portfolio | ||||||||||||||||||||||||
● | Effects of any changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices | ||||||||||||||||||||||||
● | Changes in the experience, ability, and depth of management and staff | ||||||||||||||||||||||||
● | Changes in national and local economic conditions and developments, including the condition of various market segments | ||||||||||||||||||||||||
● | Changes in the concentration of credits within each pool | ||||||||||||||||||||||||
● | Changes in the quality of the Bank’s loan review system and the degree of oversight by the Board | ||||||||||||||||||||||||
● | Changes in external factors such as competition and the legal environment including Regulation B (Equal Opportunity Credit) | ||||||||||||||||||||||||
● | Changes in the underlying collateral for collateral dependent loans | ||||||||||||||||||||||||
The above factors result in a FAS 5, as codified in FASB ASC 450-10-20, calculated reserve for environmental factors. | |||||||||||||||||||||||||
All credit exposures graded above a rating of “4” with outstanding balances (see ratings on page 21) are to be reviewed no less than quarterly for the purpose of determining if a specific allocation is needed for that credit. The determination for a specific reserve is evaluated relative to the general reserve factor for assets of the same type and grade. If a specific reserve is appropriate and exceeds the general reserve factor, a specific reserve is to be established. Otherwise, the asset is included in the portfolio of assets that comprise the base upon which the general reserve is calculated. The establishment of a specific reserve does not necessarily mean that the credit with the specific reserve will definitely incur loss at the reserve level. It is only an estimation of potential loss based upon anticipated events. A specific reserve will not be established unless loss elements can be determined and quantified based on known facts. The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio as of December 31, 2014. | |||||||||||||||||||||||||
The following table presents the total allowance by loan segment: | |||||||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2014 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 412,909 | $ | 898,362 | $ | 1,187,604 | $ | 593,463 | $ | (120,319 | ) | $ | 2,972,019 | ||||||||||||
Provision for credit losses | (4,580 | ) | (448,027 | ) | 601,522 | 805,261 | 66,700 | 1,020,876 | |||||||||||||||||
Recoveries | 6,440 | 128,068 | 331,108 | 5,714 | - | 471,330 | |||||||||||||||||||
Loans charged off | (29,138 | ) | (243,394 | ) | (839,012 | ) | (234,811 | ) | - | (1,346,355 | ) | ||||||||||||||
Balance, end of year | $ | 385,631 | $ | 335,009 | $ | 1,281,222 | $ | 1,169,627 | $ | (53,619 | ) | $ | 3,117,870 | ||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 252,500 | $ | 148,791 | $ | 186,226 | $ | 682,642 | $ | - | $ | 1,270,159 | |||||||||||||
Related loan balance | 252,500 | 2,155,816 | 1,106,217 | 2,931,143 | - | 6,445,676 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 133,131 | $ | 186,218 | $ | 1,094,996 | $ | 486,985 | $ | (53,619 | ) | $ | 1,847,711 | ||||||||||||
Related loan balance | 3,266,252 | 63,486,816 | 82,996,925 | 122,034,834 | - | 271,784,827 | |||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2013 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 541,916 | $ | 1,183,240 | $ | 1,057,531 | $ | 392,506 | $ | 132,727 | $ | 3,307,920 | |||||||||||||
Provision for credit losses | 46,303 | (374,067 | ) | 468,559 | 372,251 | (253,046 | ) | 260,000 | |||||||||||||||||
Recoveries | 26,804 | 89,189 | 313,795 | 7,714 | - | 437,502 | |||||||||||||||||||
Loans charged off | (202,114 | ) | - | (652,281 | ) | (179,008 | ) | - | (1,033,403 | ) | |||||||||||||||
Balance, end of year | $ | 412,909 | $ | 898,362 | $ | 1,187,604 | $ | 593,463 | $ | (120,319 | ) | $ | 2,972,019 | ||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 278,786 | $ | 550,794 | $ | 178,657 | $ | 155,330 | $ | - | $ | 1,163,567 | |||||||||||||
Related loan balance | 278,786 | 3,364,193 | 636,174 | 1,629,643 | - | 5,908,796 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 134,123 | $ | 347,568 | $ | 1,008,947 | $ | 438,133 | $ | (120,319 | ) | $ | 1,808,452 | ||||||||||||
Related loan balance | 3,893,961 | 65,414,415 | 72,594,259 | 127,016,047 | - | 268,918,682 | |||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2012 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 557,169 | $ | 2,012,962 | $ | 888,614 | $ | 595,812 | $ | (123,633 | ) | $ | 3,930,924 | ||||||||||||
Provision for credit losses | 29,282 | (919,161 | ) | 357,622 | 525,897 | 256,360 | 250,000 | ||||||||||||||||||
Recoveries | 10,558 | 89,439 | 286,564 | 5,714 | - | 392,275 | |||||||||||||||||||
Loans charged off | (55,093 | ) | - | (475,269 | ) | (734,917 | ) | - | (1,265,279 | ) | |||||||||||||||
Balance, end of year | $ | 541,916 | $ | 1,183,240 | $ | 1,057,531 | $ | 392,506 | $ | 132,727 | $ | 3,307,920 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 451,126 | $ | 807,735 | $ | 20,000 | $ | 35,916 | $ | - | $ | 1,314,777 | |||||||||||||
Related loan balance | 796,511 | 4,980,503 | 76,251 | 1,545,028 | - | 7,398,293 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 90,790 | $ | 375,505 | $ | 1,037,531 | $ | 356,590 | $ | 132,727 | $ | 1,993,143 | |||||||||||||
Related loan balance | 4,104,596 | 67,898,601 | 66,020,034 | 108,601,168 | - | 246,624,399 | |||||||||||||||||||
As of December 31, 2014 and 2013, the allowance for loan losses included an unallocated shortfall of $53,619 and $120,319, respectively. The 2014 and 2013 shortfall is well within the internal Bank policy of 5% tolerance for actual to required reserves. As of December 31, 2012 the allowance for loan losses included an unallocated excess amount of $132,727. Management is comfortable with these amounts as they feel the amounts are adequate to absorb inherent potential losses in the loan portfolio. | |||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||
The following table represents credit exposures by creditworthiness category for the year ending December 31, 2014. The use of creditworthiness categories to grade loans permits management to estimate a portion of credit risk. The Bank’s internal creditworthiness is based on experience with similarly graded credits. Loans that trend upward toward higher credit grades typically have less credit risk and loans that migrate downward typically have more credit risk. | |||||||||||||||||||||||||
The Bank’s internal risk ratings are as follows: | |||||||||||||||||||||||||
1 | Superior – minimal risk. (normally supported by pledged deposits, United States government securities, etc.) | ||||||||||||||||||||||||
2 | Above Average – low risk. (all of the risks associated with this credit based on each of the bank’s creditworthiness criteria are minimal) | ||||||||||||||||||||||||
3 | Average – moderately low risk. (most of the risks associated with this credit based on each of the bank’s creditworthiness criteria are minimal) | ||||||||||||||||||||||||
4 | Acceptable – moderate risk. (the weighted overall risk associated with this credit based on each of the bank’s creditworthiness criteria is acceptable) | ||||||||||||||||||||||||
5 | Other Assets Especially Mentioned – moderately high risk. (possesses deficiencies which corrective action by the bank would remedy; potential watch list) | ||||||||||||||||||||||||
6 | Substandard – (the bank is inadequately protected and there exists the distinct possibility of sustaining some loss if not corrected) | ||||||||||||||||||||||||
7 | Doubtful – (weaknesses make collection or liquidation in full, based on currently existing facts, improbable) | ||||||||||||||||||||||||
8 | Loss – (of little value; not warranted as a bankable asset) | ||||||||||||||||||||||||
Loans rated 1-4 are considered “Pass” for purposes of the risk rating chart below. | |||||||||||||||||||||||||
The Bank contracts with an independent 3rd party loan review firm that reviews and validates the credit risk program on a quarterly basis. Results of these reviews are presented to the Audit Committee for approval and then to management for implementation. The loan review process compliments and reinforces the risk identification and assessment decisions made by the lenders and credit personnel as well as the Bank’s policies and procedures. | |||||||||||||||||||||||||
Risk ratings of loans by categories of loans are as follows: | |||||||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2014 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 3,177,639 | $ | 58,837,254 | $ | 80,501,928 | $ | 121,244,374 | $ | 263,761,195 | |||||||||||||||
Special mention | 88,613 | 4,649,562 | 2,555,654 | 832,546 | 8,126,375 | ||||||||||||||||||||
Substandard | 252,500 | 2,155,816 | 882,600 | 2,726,156 | 6,017,072 | ||||||||||||||||||||
Doubtful | - | - | 162,960 | - | 162,960 | ||||||||||||||||||||
Loss | - | - | - | 162,901 | 162,901 | ||||||||||||||||||||
$ | 3,518,752 | $ | 65,642,632 | $ | 84,103,142 | $ | 124,965,977 | $ | 278,230,503 | ||||||||||||||||
Non-accrual | - | 1,097,112 | 515,352 | 1,165,440 | 2,777,904 | ||||||||||||||||||||
Troubled debt restructures | 252,500 | - | - | - | 252,500 | ||||||||||||||||||||
Number of TDRs accounts | 1 | - | - | - | 1 | ||||||||||||||||||||
Non-performing TDRs | - | - | - | - | - | ||||||||||||||||||||
Number of TDR accounts | - | - | - | - | - | ||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2013 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 3,594,809 | $ | 59,914,422 | $ | 71,554,400 | $ | 126,774,441 | $ | 261,838,072 | |||||||||||||||
Special mention | 299,152 | 5,499,993 | 1,102,091 | 1,312,103 | 8,213,339 | ||||||||||||||||||||
Substandard | 278,786 | 3,364,193 | 508,243 | 559,146 | 4,710,368 | ||||||||||||||||||||
Doubtful | - | - | 65,699 | - | 65,699 | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 4,172,747 | $ | 68,778,608 | $ | 73,230,433 | $ | 128,645,690 | $ | 274,827,478 | ||||||||||||||||
Non-accrual | 14,286 | 1,237,647 | 338,212 | 1,123,248 | 2,713,393 | ||||||||||||||||||||
Troubled debt restructures | - | - | - | - | - | ||||||||||||||||||||
Number of TDRs contracts | - | - | - | - | - | ||||||||||||||||||||
Non-performing TDRs | - | - | - | - | - | ||||||||||||||||||||
Number of TDR accounts | - | - | - | - | - | ||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2012 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 4,296,139 | $ | 63,297,427 | $ | 64,160,355 | $ | 107,943,667 | $ | 239,697,588 | |||||||||||||||
Special mention | 183,507 | 5,970,942 | 1,485,366 | 1,189,613 | 8,829,428 | ||||||||||||||||||||
Substandard | 421,461 | 3,610,735 | 360,672 | 1,012,916 | 5,405,784 | ||||||||||||||||||||
Doubtful | - | - | 89,892 | - | 89,892 | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 4,901,107 | $ | 72,879,104 | $ | 66,096,285 | $ | 110,146,196 | $ | 254,022,692 | ||||||||||||||||
Non-accrual | 17,286 | 2,645,320 | 237,193 | 1,108,866 | 4,008,665 | ||||||||||||||||||||
Troubled debt restructures | - | 1,369,768 | - | 832,500 | 2,202,268 | ||||||||||||||||||||
Number of TDRs accounts | - | 1 | - | 1 | 2 | ||||||||||||||||||||
Non-performing TDRs | - | 1,369,768 | - | 832,500 | 2,202,268 | ||||||||||||||||||||
Number of TDR accounts | - | 1 | - | 1 | 2 | ||||||||||||||||||||
At December 31, 2014, the recorded investment in TDR’s reflected one loan in the amount of $252,500 which is performing under the terms of the modified agreement. The TDR from 2012 that had a balance of $832,500 was brought into OREO in 2013 and later sold in 2014. The remaining TDR from 2012 in the amount of $1,369,768 was paid off in 2013. | |||||||||||||||||||||||||
The Bank has no commitments to loan additional funds to the borrowers of restructured, impaired, or non-accrual loans. | |||||||||||||||||||||||||
Current, past due, and nonaccrual loans by categories of loans are as follows: | |||||||||||||||||||||||||
90 Days or | |||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2014 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 3,518,752 | $ | - | $ | - | $ | - | $ | 3,518,752 | |||||||||||||||
Commercial real estate | 64,545,207 | 313 | - | 1,097,112 | 65,642,632 | ||||||||||||||||||||
Consumer and indirect | 81,315,689 | 2,272,101 | - | 515,352 | 84,103,142 | ||||||||||||||||||||
Residential real estate | 123,284,983 | 318,782 | 196,772 | 1,165,440 | 124,965,977 | ||||||||||||||||||||
$ | 272,664,631 | $ | 2,591,196 | $ | 196,772 | $ | 2,777,904 | $ | 278,230,503 | ||||||||||||||||
90 Days or | |||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2013 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 4,158,461 | $ | - | $ | - | $ | 14,286 | $ | 4,172,747 | |||||||||||||||
Commercial real estate | 66,191,062 | 173,000 | 1,176,899 | 1,237,647 | 68,778,608 | ||||||||||||||||||||
Consumer and indirect | 71,755,109 | 1,137,112 | - | 338,212 | 73,230,433 | ||||||||||||||||||||
Residential real estate | 126,934,475 | 157,123 | 430,844 | 1,123,248 | 128,645,690 | ||||||||||||||||||||
$ | 269,039,107 | $ | 1,467,235 | $ | 1,607,743 | $ | 2,713,393 | $ | 274,827,478 | ||||||||||||||||
90 Days or | |||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2012 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 4,678,297 | $ | 205,524 | $ | - | $ | 17,286 | $ | 4,901,107 | |||||||||||||||
Commercial real estate | 68,879,791 | - | 1,353,993 | 2,645,320 | 72,879,104 | ||||||||||||||||||||
Consumer and indirect | 64,427,468 | 1,431,624 | - | 237,193 | 66,096,285 | ||||||||||||||||||||
Residential real estate | 108,545,538 | 233,045 | 258,747 | 1,108,866 | 110,146,196 | ||||||||||||||||||||
$ | 246,531,094 | $ | 1,870,193 | $ | 1,612,740 | $ | 4,008,665 | $ | 254,022,692 | ||||||||||||||||
Loans on which the accrual of interest has been discontinued totaled $2,777,904, $2,713,393, and $4,008,665 at December 31, 2014, 2013, and 2012, respectively. Interest that would have been accrued under the terms of these loans totaled $255,682, $180,770, and $273,974 for the years ended December 31, 2014, 2013, and 2012, respectively. Loans past due 90 days or more and still accruing interest totaled $196,772, $1,607,743, and $1,612,740 at December 31, 2014, 2013 and 2012, respectively. Management believes these particular loans are well secured and in the process of full collection of all amounts owed. | |||||||||||||||||||||||||
Non-accrual loans with specific reserves at December 31, 2014 are comprised of: | |||||||||||||||||||||||||
Commercial Real Estate – Two loans to two borrowers in the amount of $1,094,708 secured by commercial and/or residential properties with specific reserves of $148,791 established for the loans. | |||||||||||||||||||||||||
Residential Real Estate – Three loans to three borrowers in the amount of $622,584 secured by residential properties with specific reserves of $193,605 established for the loans. | |||||||||||||||||||||||||
Consumer and Indirect Loans – Four loans to four borrowers in the amount of $538,248 with $166,226 of specific reserves established for the loans. | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases management used the current fair value of the collateral, less selling cost when foreclosure is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. | |||||||||||||||||||||||||
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. | |||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances for impaired financing receivables with the associated allowance amount, if applicable. Management determined the specific reserve in the allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. | |||||||||||||||||||||||||
Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. | |||||||||||||||||||||||||
Unpaid | Interest | Average | |||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2014 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 2,726,247 | $ | 2,726,247 | $ | 177,707 | $ | 682,642 | $ | 2,747,299 | |||||||||||||||
Commercial | 1,094,708 | 1,094,708 | 783 | 148,791 | 1,162,367 | ||||||||||||||||||||
Consumer | 611,728 | 611,728 | 30,903 | 186,226 | 622,854 | ||||||||||||||||||||
Installment | - | - | - | - | - | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 252,500 | 252,500 | 11,027 | 252,500 | 258,577 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 4,685,183 | $ | 4,685,183 | $ | 220,420 | $ | 1,270,159 | $ | 4,791,097 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 204,896 | $ | 266,091 | $ | 2,641 | n/a | $ | 340,435 | ||||||||||||||||
Commercial | 1,061,108 | 1,061,108 | 48,548 | n/a | 1,089,641 | ||||||||||||||||||||
Consumer | 60,656 | 60,656 | - | n/a | - | ||||||||||||||||||||
Installment | 433,833 | 433,833 | - | n/a | - | ||||||||||||||||||||
Home Equity | - | - | - | n/a | - | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 1,760,493 | $ | 1,821,688 | $ | 51,189 | - | $ | 1,430,076 | ||||||||||||||||
Unpaid | Interest | Average | |||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2013 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 559,146 | $ | 559,146 | $ | 15,768 | $ | 155,330 | $ | 563,961 | |||||||||||||||
Commercial | 2,187,294 | 2,187,294 | 55,535 | 550,794 | 2,271,949 | ||||||||||||||||||||
Consumer | 393,740 | 393,740 | 20,767 | 178,657 | 394,356 | ||||||||||||||||||||
Installment | - | - | - | - | - | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 278,786 | 278,786 | 11,541 | 278,786 | 286,433 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 3,418,966 | $ | 3,418,966 | $ | 103,611 | $ | 1,163,567 | $ | 3,516,699 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 1,070,497 | $ | 1,070,497 | $ | 39,257 | n/a | $ | 1,071,479 | ||||||||||||||||
Commercial | 1,176,899 | 1,176,899 | 46,583 | n/a | 1,231,505 | ||||||||||||||||||||
Consumer | 10,602 | 10,602 | - | n/a | - | ||||||||||||||||||||
Installment | 180,204 | 180,204 | - | n/a | - | ||||||||||||||||||||
Home Equity | 51,628 | 51,628 | - | n/a | 50,999 | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 2,489,830 | $ | 2,489,830 | $ | 85,840 | - | $ | 2,353,983 | ||||||||||||||||
Unpaid | Interest | Average | |||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2012 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 180,416 | $ | 180,416 | $ | 11,838 | $ | 35,916 | $ | 182,019 | |||||||||||||||
Commercial | 3,610,735 | 4,210,735 | 99,079 | 807,735 | 3,642,095 | ||||||||||||||||||||
Consumer | 75,513 | 75,513 | 7,759 | 20,000 | 76,098 | ||||||||||||||||||||
Installment | 147,301 | 147,301 | 7,806 | 29,666 | 147,574 | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 421,460 | 421,460 | 20,463 | 421,460 | 432,174 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 4,435,425 | $ | 5,035,425 | $ | 146,945 | $ | 1,314,777 | $ | 4,479,960 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 1,364,612 | $ | 1,812,535 | $ | 75,050 | n/a | $ | 1,794,861 | ||||||||||||||||
Commercial | 1,369,768 | 1,369,768 | - | n/a | 2,440,982 | ||||||||||||||||||||
Consumer | 738 | - | - | n/a | - | ||||||||||||||||||||
Installment | 227,750 | - | - | n/a | - | ||||||||||||||||||||
Home Equity | - | - | - | n/a | - | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 2,962,868 | $ | 3,182,303 | $ | 75,050 | - | $ | 4,235,843 | ||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Premises and Equipment | Note 5. Premises and Equipment | |||||||||||||||
A summary of premises and equipment is as follows: | ||||||||||||||||
Useful | ||||||||||||||||
lives | 2014 | 2013 | 2012 | |||||||||||||
Land | $ | 684,977 | $ | 684,977 | $ | 684,977 | ||||||||||
Buildings | 5-50 years | 6,221,980 | 6,142,509 | 6,083,675 | ||||||||||||
Equipment and fixtures | 5-30 years | 5,400,514 | 5,187,984 | 5,126,477 | ||||||||||||
Construction in progress | 53,197 | 61,155 | 4,150 | |||||||||||||
12,360,668 | 12,076,625 | 11,899,279 | ||||||||||||||
Accumulated depreciation | (8,689,373 | ) | (8,379,853 | ) | (8,026,277 | ) | ||||||||||
$ | 3,671,295 | $ | 3,696,772 | $ | 3,873,002 | |||||||||||
Depreciation expense totaled $399,083, $392,146, and $409,032 for the years ended December 31, 2014, 2013, and 2012, respectively. Amortization of software totaled $21,970, $26,236, and $42,791 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||
The Bank leases its Severna Park and Linthicum branches. Minimum lease obligations under the Severna Park branch are $30,000 per year through September 2012 and $33,000 through September 2015. Minimum lease obligations under the Linthicum branch are $120,952 per year through December 2024, adjusted annually on a pre-determined basis. The Bank is also required to pay all maintenance costs under all these leasing arrangements. Rent expense totaled $150,145, $137,232, and $141,170 for the years ended December 31, 2014, 2013, and 2012, respectively. |
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Short-Term Debt [Abstract] | |||||||||||||
Short-term Borrowings | Note 6. Short-term Borrowings | ||||||||||||
Short-term borrowings are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Notes payable - U.S. Treasury | $ | - | $ | - | $ | 254,749 | |||||||
$ | - | $ | - | $ | 254,749 | ||||||||
Notes payable to the U.S. Treasury represented Federal treasury tax and loan deposits accepted by the Bank from its customers to be remitted on demand to the Federal Reserve Bank. The Bank paid interest on these balances at or below the Federal funds rate. | |||||||||||||
The Bank owned 13,278 shares of common stock of the FHLB at December 31, 2014. The Bank is required to maintain an investment of 0.2% of total assets, adjusted annually, plus 4.5% of total advances, adjusted for advances and repayments. The credit available under this facility is determined at 20% of the Bank’s total assets, or approximately $69,169,000 at December 31, 2014. Long-term advances totaled $20,000,000 under this credit arrangement at December 31, 2014 (see Note 7). This credit facility is secured by a floating lien on the Bank’s residential mortgage loan portfolio. Average short-term borrowings under this facility approximated $24,658, $1,838,000, and $399,000 for 2014, 2013, and 2012, respectively. | |||||||||||||
The Bank also had available unsecured federal funds lines of credit from three financial institutions for $3,000,000, $5,000,000, and $8,000,000. No balances were outstanding on these lines of credit on December 31, 2014 |
Longterm_Borrowings
Long-term Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Long-term Borrowings | Note 7. Long-term Borrowings | ||||||||||||
Long-term borrowings are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal Home Loan Bank of Atlanta, convertible advances | $ | 20,000,000 | $ | 20,000,000 | $ | 20,000,000 | |||||||
The Federal Home Loan Bank of Atlanta, convertible advances total includes the following: | |||||||||||||
A $10,000,000 convertible advance issued in 2007, which has a final maturity of November, 1, 2017, but is callable monthly. This advance has a 3.28% interest rate, with interest payable monthly. The proceeds of the convertible advance were used to fund loans and purchase investment securities. | |||||||||||||
A $5,000,000 convertible advance issued in 2008, which has a final maturity of July 23, 2018, but is callable quarterly starting July 23, 2009. This advance has a 2.73% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans. | |||||||||||||
A $5,000,000 convertible advance issued in 2008, which has a final maturity of August 22, 2018, but is callable quarterly starting August 22, 2011. This advance has a 3.34% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans. | |||||||||||||
At December 31, 2014, the scheduled maturities of long-term borrowings are approximately as follows: | |||||||||||||
2014 | |||||||||||||
2017 | $ | 10,000,000 | |||||||||||
2018 | 10,000,000 | ||||||||||||
$ | 20,000,000 |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Deposits [Abstract] | |||||||||||||
Deposits | Note 8. Deposits | ||||||||||||
Major classifications of interest-bearing deposits are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
NOW and SuperNOW | $ | 26,990,274 | $ | 27,991,553 | $ | 31,699,734 | |||||||
Money Market | 20,465,436 | 19,219,579 | 20,734,875 | ||||||||||
Savings | 74,973,038 | 71,278,801 | 68,516,141 | ||||||||||
Certificates of Deposit, $100,000 or more | 36,118,031 | 28,916,597 | 28,213,893 | ||||||||||
Other time deposits | 91,767,589 | 89,649,301 | 98,835,758 | ||||||||||
$ | 250,314,368 | $ | 237,055,831 | $ | 248,000,401 | ||||||||
Interest expense on deposits is as follows: | |||||||||||||
2014 | 2013 | 2013 | |||||||||||
NOW and SuperNOW | $ | 11,608 | $ | 11,300 | $ | 15,754 | |||||||
Money Market | 9,965 | 10,618 | 25,914 | ||||||||||
Savings | 37,537 | 55,591 | 106,424 | ||||||||||
Certificates of Deposit, $100,000 or more | 523,472 | 373,880 | 459,130 | ||||||||||
Other time deposits | 1,310,732 | 1,562,938 | 2,003,684 | ||||||||||
$ | 1,893,314 | $ | 2,014,327 | $ | 2,610,906 | ||||||||
At December 31, 2014, the scheduled maturities of time deposits are approximately as follows: | |||||||||||||
2014 | |||||||||||||
2015 | $ | 46,167,000 | |||||||||||
2016 | 22,907,000 | ||||||||||||
2017 | 7,022,000 | ||||||||||||
2018 | 17,514,000 | ||||||||||||
2019 | 26,052,000 | ||||||||||||
2020 and thereafter | 8,224,000 | ||||||||||||
$ | 127,886,000 | ||||||||||||
Deposit balances of executive officers and directors and their affiliated interests totaled approximately $2,331,000, $2,147,000, and $2,188,000 at December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
The Bank had no brokered deposits at December 31, 2014, 2013, and 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 9. Income Taxes | ||||||||||||
The components of income tax expense for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 408,056 | $ | 400,931 | $ | 448,832 | |||||||
State | 187,266 | 197,671 | 186,616 | ||||||||||
Total current | 595,322 | 598,602 | 635,448 | ||||||||||
Deferred income (benefits) taxes: | |||||||||||||
Federal | (253,848 | ) | (9,542 | ) | (5,130 | ) | |||||||
State | (32,822 | ) | 44,795 | 43,489 | |||||||||
Total deferred (benefits) taxes | (286,670 | ) | 35,252 | 38,359 | |||||||||
Income tax expense | $ | 308,652 | $ | 633,855 | $ | 673,807 | |||||||
A reconciliation of income tax expense computed at the statutory rate of 34% to the actual income tax expense for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income before income tax expense (benefit) | $ | 2,223,178 | $ | 3,248,032 | $ | 3,338,887 | |||||||
Taxes computed at Federal income tax rate | $ | 755,881 | $ | 1,104,331 | $ | 1,135,222 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Tax-exempt income | (531,764 | ) | (630,710 | ) | (644,546 | ) | |||||||
State income taxes, net of Federal income tax benefit | 101,933 | 160,027 | 151,869 | ||||||||||
Other | (17,398 | ) | 207 | 31,262 | |||||||||
Income tax expense | $ | 308,652 | $ | 633,855 | $ | 673,807 | |||||||
The components of the net deferred income tax benefits as of December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred income tax benefits: | |||||||||||||
Accrued deferred compensation | $ | 142,308 | $ | 129,101 | $ | 120,695 | |||||||
Impairment loss on investment securities | 1,305,584 | 1,218,497 | 1,212,351 | ||||||||||
Allowance for credit losses | 364,697 | 458,303 | 816,722 | ||||||||||
Nonaccrual interest | 445,173 | 339,765 | 283,045 | ||||||||||
Alternative minimum tax credits | 615,186 | 485,444 | 306,523 | ||||||||||
Accumulated depreciation | 72,354 | 60,627 | 75,650 | ||||||||||
Other real estate owned | 14,940 | 14,940 | - | ||||||||||
Reserve for unfunded commitments | 78,890 | 78,890 | 78,890 | ||||||||||
Other temporary differences | 2,116 | 1,332 | - | ||||||||||
Accumulated securities premium accretion | 71,834 | 39,514 | - | ||||||||||
Net unrealized depreciation on investment securities available for sale | - | 778,048 | - | ||||||||||
Total deferred income tax benefits | 3,113,082 | 3,604,461 | 2,893,876 | ||||||||||
Deferred income tax liabilities: | |||||||||||||
Accumulated securities discount accretion | - | - | 32,209 | ||||||||||
Net unrealized appreciation on investment securities available for sale | 67,847 | - | 1,626,412 | ||||||||||
Total deferred income tax liabilities | 67,847 | - | 1,658,621 | ||||||||||
Net deferred income tax benefits | $ | 3,045,235 | $ | 3,604,461 | $ | 1,235,255 | |||||||
Management has determined that no valuation allowance is required as it believes it is more likely than not that all of the deferred tax assets will be fully realizable in the future. At December 31, 2014, 2013, and 2012, management believes there are no uncertain tax positions under ASC Topic 740 Income Taxes (formerly FIN 48, Accounting for Uncertainty in Income Taxes). | |||||||||||||
The Company’s federal income tax returns for 2013, 2012, and 2011 are subject to examinations by the IRS generally for three years after they were filed. In addition, the Company’s state tax returns for the same years are subject to examination by state tax authorities for similar time periods. The 2014 income tax return will be filed in 2015. |
Pension_and_Profit_Sharing_Pla
Pension and Profit Sharing Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Profit Sharing Plans | Note 10. Pension and Profit Sharing Plans |
The Bank has a money purchase pension plan, which provides for annual employer contributions based on employee compensation, and covers substantially all employees. Annual contributions, included in employee benefit expense, totaled $229,500, $260,400, and $241,035 for the years ended December 31, 2014, 2013 and 2012, respectively. The Bank is also making additional contributions under this plan for the benefit of certain employees, whose retirement funds were negatively affected by the termination of a prior defined benefit pension plan. These additional contributions, also included in employee benefit expense, totaled $8,098, $8,159, and $8,159 for the years ended December 31, 2014, 2013, and 2012, respectively. | |
The Bank also has a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code that is funded through a profit sharing agreement and voluntary employee contributions. | |
The plan provides for discretionary employer matching contributions to be determined annually by the Board of Directors. The plan covers substantially all employees. The Bank’s contributions to the plan, included in employee benefit expense, totaled $228,516, $304,558, and $317,108 for the years ended December 31, 2014, 2013, and 2012, respectively. |
Other_Benefit_Plans
Other Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Investments, All Other Investments [Abstract] | |
Other Benefit Plans | Note 11. Other Benefit Plans |
The Bank has life insurance contracts on several officers and is the sole owner and beneficiary of the policies. Cash value totaled $9,138,658, $8,914,817, and $8,680,519 at December 31, 2014, 2013, and 2012, respectively. Income on their insurance investment totaled $223,841, $234,297, and $247,364 for 2014, 2013, and 2012, respectively. | |
The Bank has an unfunded grantor trust, as part of a change in control severance plan, covering substantially all employees. Participants in the plan are entitled to cash severance benefits upon termination of employment, for any reason other than just cause, should a “change in control” of the Company occur. |
Other_Operating_Expenses
Other Operating Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Operating Expenses [Abstract] | |||||||||||||
Other Operating Expenses | Note 12. Other Operating Expenses | ||||||||||||
Other operating expenses include the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Professional services | $ | 677,308 | $ | 635,502 | $ | 531,112 | |||||||
Stationery, printing and supplies | 185,963 | 201,883 | 178,932 | ||||||||||
Postage and delivery | 164,814 | 139,096 | 150,374 | ||||||||||
FDIC assessment | 279,584 | 234,203 | 39,622 | ||||||||||
Directors fees and expenses | 239,769 | 226,881 | 194,700 | ||||||||||
Marketing | 239,437 | 207,527 | 253,177 | ||||||||||
Data processing | 25,404 | 34,909 | 46,939 | ||||||||||
Correspondent bank services | 45,362 | 55,444 | 43,466 | ||||||||||
Telephone | 223,071 | 255,955 | 218,414 | ||||||||||
Liability insurance | 73,925 | 71,722 | 72,578 | ||||||||||
Losses (gains) and expenses on OREO | 62,493 | 73,698 | 68,499 | ||||||||||
Other ATM expense | 125,845 | 117,617 | 134,510 | ||||||||||
Other | 705,316 | 462,682 | 454,142 | ||||||||||
$ | 3,048,291 | $ | 2,717,119 | $ | 2,386,465 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | Note 13. Commitments and Contingencies | ||||||||||||
Financial instruments: | |||||||||||||
The Bank is a party to financial instruments in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated financial statements. | |||||||||||||
Outstanding loan commitments, unused lines of credit and letters of credit are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Loan commitments: | |||||||||||||
Construction and land development | $ | - | $ | 1,561,000 | $ | 822,000 | |||||||
Other mortgage loans | 1,666,000 | 2,817,000 | 6,225,000 | ||||||||||
$ | 1,666,000 | $ | 4,378,000 | $ | 7,047,000 | ||||||||
Unused lines of credit: | |||||||||||||
Home-equity lines | $ | 3,825,462 | $ | 11,067,236 | $ | 9,882,497 | |||||||
Commercial lines | 15,156,201 | 7,726,424 | 8,615,844 | ||||||||||
Secured consumer line | 50,000 | 24,043 | 3,002 | ||||||||||
Unsecured consumer lines | 674,429 | 673,123 | 687,173 | ||||||||||
$ | 19,706,092 | $ | 19,490,826 | $ | 19,188,516 | ||||||||
Letters of credit: | $ | 57,580 | $ | 32,000 | $ | 32,000 | |||||||
Loan commitments and lines of credit are agreements to lend to customers as long as there is no violation of any conditions of the contracts. Loan commitments generally have interest rates fixed at current market amounts, fixed expiration dates, and may require payment of a fee. Lines of credit generally have variable interest rates. Many of the loan commitments and lines of credit are expected to expire without being drawn upon; accordingly, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral or other security obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include deposits held in financial institutions, U.S. Treasury securities, other marketable securities, accounts receivable, inventory, property and equipment, personal residences, income-producing commercial properties, and land under development. Personal guarantees are also obtained to provide added security for certain commitments. | |||||||||||||
Letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to guarantee the installation of real property improvements and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral and obtains personal guarantees supporting those commitments for which collateral or other securities is deemed necessary. | |||||||||||||
The Bank’s exposure to credit loss in the event of nonperformance by the customer is the contractual amount of the commitment. Loan commitments, lines of credit, and letters of credit are made on the same terms, including collateral, as outstanding loans. As of December 31, 2014, the Bank has accrued $200,000 as a reserve for losses on unfunded commitments related to these financial instruments with off balance sheet risk, which is included in other liabilities. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity | Note 14. Stockholders’ Equity | ||||||||||||||||||||||||
Restrictions on dividends: | |||||||||||||||||||||||||
Banking regulations limit the amount of dividends that may be paid without prior approval of the Bank’s regulatory agencies. Regulatory approval is required to pay dividends that exceed the Bank’s net profits for the current year plus its retained net profits for the preceding two years. | |||||||||||||||||||||||||
Retained earnings from which dividends may not be paid without prior approval totaled approximately $17,171,000, $15,293,000, and $14,312,000 at December 31, 2014, 2013, and 2012, respectively, based on the earnings restrictions and minimum capital ratio requirements noted below. | |||||||||||||||||||||||||
Employee stock purchase benefit plans: | |||||||||||||||||||||||||
The Company has a stock-based compensation plan, which is described below. There were no options issued during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
Employees who have completed one year of service are eligible to participate in the employee stock purchase plan. The number of shares of common stock granted under options will bear a uniform relationship to compensation. The plan allows employees to buy stock under options granted at 85% of the fair market value of the stock on the date of grant. Options are vested when granted and will expire no later than 27 months from the grant date or upon termination of employment. Activity under this plan is as follows: | |||||||||||||||||||||||||
At December 31, 2014, shares of common stock reserved for issuance under the plan totaled 48,011. | |||||||||||||||||||||||||
The Board of Directors may suspend or discontinue the plan at its discretion. | |||||||||||||||||||||||||
Dividend reinvestment and stock purchase plan: | |||||||||||||||||||||||||
The Company’s dividend reinvestment and stock purchase plan allows all participating stockholders the opportunity to receive additional shares of common stock in lieu of cash dividends at 95% of the fair market value on the dividend payment date. | |||||||||||||||||||||||||
During 2014, 2013, and 2012, shares of common stock purchased under the plan totaled 13,594, 10,392, and 19,069 respectively. At December 31, 2014, shares of common stock reserved for issuance under the plan totaled 197,524. | |||||||||||||||||||||||||
The Board of Directors may suspend or discontinue the plan at its discretion. | |||||||||||||||||||||||||
Stockholder purchase plan: | |||||||||||||||||||||||||
The Company’s stockholder purchase plan allows participating stockholders an option to purchase newly issued shares of common stock. The Board of Directors shall determine the number of shares that may be purchased pursuant to options. Options granted will expire no later than three months from the grant date. Each option will entitle the stockholder to purchase one share of common stock, and will be granted in proportion to stockholder share holdings. At the discretion of the Board of Directors, stockholders may be given the opportunity to purchase unsubscribed shares. | |||||||||||||||||||||||||
There was no activity under this plan for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||
At December 31, 2014, shares of common stock reserved for issuance under the plan totaled 313,919. | |||||||||||||||||||||||||
The Board of Directors may suspend or discontinue the plan at its discretion. | |||||||||||||||||||||||||
Under all three plans, options granted, exercised, and expired, shares issued and reserved, and grant prices have been restated for the effects of any stock dividends or stock splits. | |||||||||||||||||||||||||
Regulatory capital requirements: | |||||||||||||||||||||||||
The Company and Bank are subject to various regulatory capital requirements administered by Federal and State banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. The Company and Bank must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting principles. The Company’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (as defined in the regulations) of total and Tier I capital to risk-weighted assets and of Tier I capital to average assets. Management believes, as of December 31, 2014, 2013, and 2012, that both the Company and Bank meet all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
The Bank has been notified by its regulator that, as of its most recent regulatory examination, it is regarded as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios. There have been no conditions or events since that notification that management believes have changed the Bank’s category. | |||||||||||||||||||||||||
A comparison of capital as of December 31, 2014, 2013, and 2012 with minimum requirements is approximately as follows: | |||||||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 36,959,000 | 14.3 | % | $ | 20,645,810 | 8 | % | N/A | ||||||||||||||||
Bank | 36,655,000 | 14.3 | % | 20,477,654 | 8 | % | $ | 25,597,067 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 33,728,000 | 13.1 | % | $ | 10,322,265 | 4 | % | N/A | ||||||||||||||||
Bank | 33,454,000 | 13.1 | % | 10,238,409 | 4 | % | 15,357,613 | 6 | % | ||||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 33,728,000 | 8.5 | % | $ | 15,834,742 | 4 | % | N/A | ||||||||||||||||
Bank | 33,454,000 | 8.4 | % | 16,006,699 | 4 | % | 20,008,373 | 5 | % | ||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 35,933,000 | 14.1 | % | $ | 20,329,844 | 8 | % | N/A | ||||||||||||||||
Bank | 35,624,000 | 14.1 | % | 20,183,569 | 8 | % | $ | 25,229,462 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 32,761,000 | 12.9 | % | $ | 10,166,330 | 4 | % | N/A | ||||||||||||||||
Bank | 32,470,000 | 12.9 | % | 10,091,686 | 4 | % | $ | 15,137,529 | 6 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 32,761,000 | 8.7 | % | $ | 15,079,862 | 4 | % | N/A | ||||||||||||||||
Bank | 32,470,000 | 8.6 | % | 15,119,907 | 4 | % | $ | 18,899,884 | 5 | % | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 34,165,000 | 14.1 | % | $ | 19,425,729 | 8 | % | N/A | ||||||||||||||||
Bank | 33,807,000 | 14 | % | 19,290,728 | 8 | % | $ | 24,113,409 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 31,124,000 | 12.8 | % | $ | 9,711,076 | 4 | % | N/A | ||||||||||||||||
Bank | 30,787,000 | 12.8 | % | 9,643,540 | 4 | % | $ | 14,465,309 | 6 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 31,124,000 | 8.3 | % | $ | 15,072,155 | 4 | % | N/A | ||||||||||||||||
Bank | 30,787,000 | 8.1 | % | 15,297,888 | 4 | % | $ | 19,122,360 | 5 | % | |||||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Common Share | Note 15. Earnings Per Common Share | ||||||||||||
Earnings per common share are calculated as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Weighted average common shares outstanding | 2,755,671 | 2,742,003 | 2,728,072 | ||||||||||
Basic net income per share | $ | 0.69 | $ | 0.95 | $ | 0.98 | |||||||
Diluted earnings per share calculations were not required for 2014, 2013, and 2012 as there were no options outstanding at December 31, 2014, 2013, and 2012. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||
Fair Values of Financial Instruments | Note 16. Fair Values of Financial Instruments | ||||||||||||||||||||||||
ASC Topic 825, Disclosure about Fair Value of Financial Instruments, requires the disclosure of the estimated fair values of financial instruments. Quoted market prices, where available, are shown as estimates of fair values. Because no quoted market prices are available or a significant part of the Company’s financial instruments, the fair values of such instruments have been derived based on the amount and timing of future cash flows and estimated discount rates. | |||||||||||||||||||||||||
Present value techniques used in estimating the fair value of the Company’s financial instruments are significantly affected by the assumptions used. Fair values derived from using present value techniques are not substantiated by comparisons to independent markets, and in many cases, could not be realized in immediate settlement of the instruments. | |||||||||||||||||||||||||
ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | |||||||||||||||||||||||||
The following table shows the estimated fair value and the related carrying values of the Company’s financial instruments as December 31, 2014, 2013, and 2012. Items that are not financial instruments are not included. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and due from banks | $ | 7,101,352 | $ | 7,101,352 | $ | 9,214,503 | $ | 9,214,503 | $ | 9,332,087 | $ | 9,332,087 | |||||||||||||
Interest-bearing deposits in other financial institutions | 2,154,817 | 2,154,817 | 1,636,194 | 1,636,194 | 6,627,394 | 6,627,394 | |||||||||||||||||||
Federal funds sold | 4,024,065 | 4,024,065 | 102,772 | 102,772 | 2,669,101 | 2,669,101 | |||||||||||||||||||
Investment securities available for sale | 87,993,145 | 87,993,145 | 74,313,682 | 74,313,682 | 100,490,267 | 100,490,267 | |||||||||||||||||||
Federal Home Loan Bank Stock | 1,327,800 | 1,327,800 | 1,452,900 | 1,452,900 | 1,448,000 | 1,448,000 | |||||||||||||||||||
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||||||
Ground rents | 169,200 | 169,200 | 169,200 | 169,200 | 175,200 | 175,200 | |||||||||||||||||||
Loans, less allowance for credit losses | 273,986,237 | 268,536,000 | 270,684,120 | 270,684,120 | 249,631,525 | 251,419,000 | |||||||||||||||||||
Accrued interest receivable | 1,274,137 | 1,274,137 | 1,509,238 | 1,509,238 | 1,450,321 | 1,450,321 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 338,877,292 | 310,239,000 | 323,803,356 | 291,046,000 | 332,288,886 | 314,680,000 | |||||||||||||||||||
Long-term borrowings | 20,000,000 | 20,951,000 | 20,000,000 | 21,032,000 | 20,000,000 | 21,899,000 | |||||||||||||||||||
Dividends payable | 276,096 | 276,096 | 274,737 | 274,737 | - | - | |||||||||||||||||||
Accrued interest payable | 39,823 | 39,823 | 28,523 | 28,523 | 28,365 | 28,365 | |||||||||||||||||||
Unrecognized financial instruments: | |||||||||||||||||||||||||
Commitments to extend credit | 21,372,092 | 21,372,092 | 23,868,826 | 23,868,826 | 26,235,516 | 26,235,516 | |||||||||||||||||||
Standby letters of credit | 57,580 | 57,580 | 32,000 | 32,000 | 32,000 | 32,000 | |||||||||||||||||||
For purposes of the disclosures of estimated fair value, the following assumptions were used. | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
The estimated fair value for loans is determined by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
Fair values for investment securities are based on quoted market prices, where applicable. When quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. | |||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
The estimated fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings, NOW accounts and money market accounts, is equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The fair value of certificates of deposit is based on the rates currently offered for deposits of similar maturities. The fair value estimates do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. | |||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||
The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed rate borrowings is estimated by discounting future cash flows using current interest rates currently offered for similar financial instruments over the same maturities. | |||||||||||||||||||||||||
Other assets and liabilities: | |||||||||||||||||||||||||
The estimated fair values for cash and due from banks, interest-bearing deposits in other financial institutions, Federal funds sold, accrued interest receivable and payable, and short-term borrowings are considered to approximate cost because of their short-term nature. | |||||||||||||||||||||||||
Other assets and liabilities of the Bank that are not defined as financial instruments are not included in the above disclosures, such as property and equipment. In addition, non-financial instruments typically not recognized in the financial statements nevertheless may have value but are not included in the above disclosures. These include, among other items, the estimated earnings power of core deposit accounts, the trained work force, customer goodwill, and similar items. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 17. Fair Value Measurements | ||||||||||||||||
The Company follows ASC Topic 820, Fair Value Measurements which provides a framework for measuring and disclosing fair value under generally accepted accounting principles. ASC Topic 820 requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis or on a nonrecurring basis. | |||||||||||||||||
ASC Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
Level 2 – Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) | |||||||||||||||||
Level 3 – Significant unobservable inputs (including the Bank’s own assumptions in determining the fair value of assets or liabilities) | |||||||||||||||||
In determining the appropriate levels, the Company performs a detailed analysis of assets and liabilities that are subject to ASC Topic 820. The Bank’s securities available-for-sale are the only assets or liabilities subject to fair value measurements on a recurring basis. The Bank may also be required, | |||||||||||||||||
from time to time, to measure certain other financial and non-financial assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. At December 31, 2014 these non-recurring assets consisted of 28 loans classified as both nonaccrual (11) and accruing loans (17) and a homogeneous pool of indirect and consumer loans considered to be impaired, which are valued under Level 3 inputs and one property classified as OREO valued under Level 2 inputs. | |||||||||||||||||
Fair value measurements on a recurring and non-recurring basis at December 31, 2014 are as follows: | |||||||||||||||||
Fair | |||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Value | |||||||||||||
Recurring: | |||||||||||||||||
Securities available for sale | $ | 573,600 | $ | 73,515,807 | $ | 224,275 | $ | 74,313,682 | |||||||||
Non-recurring: | |||||||||||||||||
Maryland Financial Bank stock | - | - | 30,000 | 30,000 | |||||||||||||
Impaired loans | - | - | 4,745,229 | 4,745,229 | |||||||||||||
OREO | - | 1,170,773 | - | 1,170,773 | |||||||||||||
$ | 573,600 | $ | 74,686,580 | $ | 4,999,504 | $ | 80,259,684 | ||||||||||
Activity: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Purchases of securities | - | 50,167,691 | - | 50,167,691 | |||||||||||||
Sales, calls, and maturities of securities | - | (38,223,651 | ) | - | (38,223,651 | ) | |||||||||||
Net amortization/accretion of premium/discount | - | (391,144 | ) | (134 | ) | (391,278 | ) | ||||||||||
Increase (decrease) in market value | 216,944 | 1,746,303 | 163,454 | 2,126,701 | |||||||||||||
OTTI on investments | - | - | - | - | |||||||||||||
Transfer to level 1 | - | - | - | - | |||||||||||||
Transfer to level 2 | - | - | - | - | |||||||||||||
Maryland Financial Bank stock | |||||||||||||||||
OTTI on stock | - | - | - | - | |||||||||||||
Impaired loans: | |||||||||||||||||
New impaired loans | - | - | 5,897,664 | 5,897,664 | |||||||||||||
Payments and other loan reductions | - | - | (5,874,910 | ) | (5,874,910 | ) | |||||||||||
Change in total provision | - | - | 452,709 | 452,709 | |||||||||||||
Loans converted to OREO | - | - | (45,175 | ) | (45,175 | ) | |||||||||||
OREO: | |||||||||||||||||
OREO converted from loans | - | 45,175 | - | 45,175 | |||||||||||||
Sales of OREO | - | (1,153,883 | ) | - | (1,153,883 | ) | |||||||||||
Write-down of OREO | - | (16,448 | ) | (16,448 | ) | ||||||||||||
Loss on disposal of OREO | - | (442 | ) | (442 | ) | ||||||||||||
31-Dec-14 | |||||||||||||||||
Recurring: | |||||||||||||||||
Securities available for sale | 790,544 | 86,815,006 | 387,595 | 87,993,145 | |||||||||||||
Non-recurring: | |||||||||||||||||
Maryland Financial Bank stock | - | - | 30,000 | 30,000 | |||||||||||||
Impaired loans | - | - | 5,175,517 | 5,175,517 | |||||||||||||
OREO | - | 45,175 | - | 45,175 | |||||||||||||
$ | - | $ | 86,860,181 | $ | 5,593,112 | $ | 93,243,837 | ||||||||||
Securities available-for-sale are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. | |||||||||||||||||
Measured on a Non-Recurring Basis: | |||||||||||||||||
Financial Assets and Liabilities | |||||||||||||||||
The Bank is predominantly a cash flow lender with real estate serving as collateral on a majority of loans. Loans which are deemed to be impaired and foreclosed real estate assets are primarily valued on a nonrecurring basis at the fair values of the underlying real estate collateral. The Bank determines such fair values from independent appraisals. Based on these appraisals, management has applied a specific valuation allowance allocation of $1,270,159 to the impaired loans, which management considers to be level 3 inputs. In addition, the Maryland Financial Bank stock was written down to a value of $30,000 due to the price of a new stock offering, which was discounted to par, which management considered level 3 inputs. | |||||||||||||||||
Non-Financial Assets and Non-Financial Liabilities | |||||||||||||||||
Application of ASC Topic 820 to non-financial assets and non-financial liabilities became effective January 1, 2009. The Corporation has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities typically measured at fair value on a non-recurring basis include foreclosed assets (upon initial recognition or subsequent impairment), non-financial assets and non-financial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. | |||||||||||||||||
Foreclosed real estate were adjusted to their fair values, resulting in an impairment charge, which was included in earnings for the year. Foreclosed real estate, which are considered to be non-financial assets, have been valued using a market approach. The values were determined using market prices of similar current real estate assets in the same geographical area, which the Bank considers to be level 2 inputs. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 18. Recently Issued Accounting Pronouncements |
The FASB has issued several exposure drafts which, if adopted, would significantly alter the Company’s (and all other financial institutions’) method of accounting for, and reporting, its financial assets and some liabilities from a historical cost method to a fair value method of accounting as well as the reported amount of net interest income. Also, the FASB has issued an exposure draft regarding a change in the accounting for leases. Under this exposure draft, the total amount of “lease rights” and total amount of future payments required under all leases would be reflected on the balance sheets of all entities as assets and debt. If the changes under discussion in either of these exposure drafts are adopted, the financial statements of the Company could be materially impacted as to the amounts of recorded assets, liabilities, capital, net interest income, interest expense, depreciation expense, rent expense and net income. The Company has not determined the extent of the possible changes at this time. The exposure drafts are in different stages of review, approval and possible adoption. | |
In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The main objective of the ASU is to conform the requirements for measuring fair value and the disclosure information under U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for the disclosure about fair value measurements. Other amendments clarify existing requirements and change particular principles or requirements for measuring fair value or disclosing information about fair value measurements. The ASU is effective for the first interim or annual period beginning on or after December 15, 2011, early application for public entities is not permitted. The Company will review the requirements of ASU No. 2011-04 and comply with its requirements. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |
In December 2011, the FASB issued ASU 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate-a Scope Clarification. The amendments in this Update affect entities that cease to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. Under the amendments in this Update, when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt, the reporting entity should apply the guidance in Subtopic 360-20 to determine whether it should derecognize the in substance real estate. Generally, a reporting entity would not satisfy the requirements to derecognize the in substance real estate before the legal transfer of the real estate to the lender and the extinguishment of the related nonrecourse indebtedness. That is, even if the reporting entity ceases to have a controlling financial interest under Subtopic 810-10, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The amendments in this Update should be applied on a prospective basis to deconsolidation events occurring after the effective date. Prior periods should not be adjusted even if the reporting entity has continuing involvement with previously derecognized in substance real estate entities. For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. Early adoption is permitted. This ASU did not have a significant impact on the Company’s financial statements. | |
ASU 2011-11, “Balance Sheet (Topic 210) – “Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 amends Topic 210, “Balance Sheet,” to require an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement. ASU 2011-11 is effective for annual and interim periods beginning on January 1, 2013, and did not have a significant impact on the Company’s financial statements. | |
ASU 2012-02 “Intangibles – Goodwill and Other (Topic 350) – Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 give entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. ASU 2012-02 is effective for the Corporation beginning January 1, 2013 (early adoption permitted) and did not have a significant impact on the Corporation’s financial statements. | |
ASU 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 became effective for the Company on January 1, 2013 and did not have a significant impact on the Company’s financial statements. | |
ASU 2013-08, “Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 clarifies the characteristics of investment companies and sets forth a new approach for determining whether a company is an investment company. The fundamental characteristics of an investment company include (i) the company obtains funds from investors and provides the investors with investment management services; (ii) the company commits to its investors that its business purpose and only substantive activities are investing the funds for returns solely from capital appreciation, investment income, or both; and (iii) the company or its affiliates do not obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests or that are other than capital appreciation or investment income. ASU 2013-08 also sets forth the scope, measurement and disclosure requirements for investment companies. ASU 2013-08 is effective for the Corporation on January 1, 2014 and is not expected to have any impact on the Company’s financial statements. | |
ASU 2013-10, “Derivatives and Hedging (Topic 815) – Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU 2013-10 permits the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”). ASU 2013-10 became effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013 and did not have a significant impact on the Company’s financial statements. | |
ASU 2013-12, “Definition of a Public Business Entity - An Addition to the Master Glossary.” ASU 2013-12 amends the Master Glossary of the FASB Accounting Standards Codification to include one definition of public business entity for future use in U.S. GAAP and identifies the types of business entities that are excluded from the scope of the Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. ASU 2013-12 did not have a significant impact on the Company’s financial statements. | |
ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for the Corporation on January 1, 2017. The Corporation is still evaluating the potential impact on the Corporation’s financial statements. | |
ASU 2014-11, “Transfers and Servicing (Topic 860).” ASU 2014-11 requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, ASU 2014-11 requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. ASU 2014-11 requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, ASU 2014-11 requires disclosures related to collateral, remaining contractual tenor and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. ASU 2014-11 is effective for the Corporation on January 1, 2015 and is not expected to have a significant impact on the Corporation’s financial statements. | |
ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for the Corporation beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Corporation’s financial statements. |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Financial Information | Note 19. Parent Company Financial Information | ||||||||||||
The Balance Sheets, Statements of Income, and Statements of Cash Flows for Glen Burnie Bancorp (Parent Only) are presented below: | |||||||||||||
Balance Sheets | |||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||
Assets | |||||||||||||
Cash | $ | 283,796 | $ | 296,245 | $ | 75,902 | |||||||
Investment in The Bank of Glen Burnie | 33,557,329 | 31,292,459 | 33,250,639 | ||||||||||
Investment in GBB Properties, Inc. | 254,870 | 255,170 | 255,470 | ||||||||||
Due from subsidiaries | 2,095 | 2,067 | 1,362 | ||||||||||
Other assets | 8,533 | 11,957 | 4,292 | ||||||||||
Total assets | $ | 34,106,623 | $ | 31,857,898 | $ | 33,587,665 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Dividends payable | 276,096 | $ | 274,737 | $ | - | ||||||||
Total liabilities | 276,096 | 274,737 | - | ||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 2,760,964 | 2,747,370 | 2,736,978 | ||||||||||
Surplus | 9,854,119 | 9,713,335 | 9,604,906 | ||||||||||
Retained earnings | 21,112,714 | 20,300,531 | 18,783,164 | ||||||||||
Accumulated other comprehensive income (loss), net of benefits | 102,730 | (1,178,075 | ) | 2,462,617 | |||||||||
Total stockholders’ equity | 33,830,527 | 31,583,161 | 33,587,665 | ||||||||||
Total liabilities and stockholders’ equity | $ | 34,106,623 | $ | 31,857,898 | $ | 33,587,665 | |||||||
Statements of Income | |||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Dividends and distributions from subsidiaries | $ | 980,000 | $ | 980,000 | $ | 980,000 | |||||||
Other expenses | (77,375 | ) | (76,005 | ) | (65,446 | ) | |||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 902,625 | 903,995 | 914,554 | ||||||||||
Income tax benefit | 28,136 | 27,970 | 24,084 | ||||||||||
Change in undistributed equity of subsidiaries | 983,765 | 1,682,212 | 1,726,442 | ||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Statements of Cash Flows | |||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Decrease (increase) in other assets | 3,424 | (7,665 | ) | - | |||||||||
(Increase) in due from subsidiaries | (28 | ) | (705 | ) | (335 | ) | |||||||
Change in undistributed equity of subsidiaries | (983,765 | ) | (1,682,212 | ) | (1,726,441 | ) | |||||||
Net cash provided by operating activities | 934,157 | 923,595 | 938,304 | ||||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from dividend reinvestment plan | 154,378 | 118,821 | 186,369 | ||||||||||
Dividends paid | (1,100,984 | ) | (822,073 | ) | (1,363,093 | ) | |||||||
Net cash used in financing activities | (946,606 | ) | (703,252 | ) | (1,176,724 | ) | |||||||
(Decrease) increase in cash | (12,449 | ) | 220,343 | (238,420 | ) | ||||||||
Cash, beginning of year | 296,245 | 75,902 | 314,322 | ||||||||||
Cash, end of year | $ | 283,796 | $ | 296,245 | $ | 75,902 |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations (Unaudited) | Note 20. Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following is a summary of consolidated unaudited quarterly results of operations: | |||||||||||||||||
2014 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 3,627 | $ | 3,658 | $ | 3,560 | $ | 3,675 | |||||||||
Interest expense | 652 | 666 | 628 | 588 | |||||||||||||
Net interest income | 2,975 | 2,992 | 2,932 | 3,087 | |||||||||||||
Provision for credit losses | 746 | 125 | 112 | 38 | |||||||||||||
Net securities gains | 575 | 361 | 141 | 79 | |||||||||||||
Income before income taxes | 521 | 637 | 498 | 567 | |||||||||||||
Net income | 480 | 526 | 435 | 473 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.17 | $ | 0.19 | $ | 0.16 | $ | 0.17 | |||||||||
2013 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 4,004 | $ | 3,940 | $ | 3,708 | $ | 3,630 | |||||||||
Interest expense | 571 | 675 | 699 | 717 | |||||||||||||
Net interest income | 3,433 | 3,265 | 3,009 | 2,913 | |||||||||||||
Provision for credit losses | 260 | - | - | - | |||||||||||||
Net securities gains | 71 | 150 | 122 | 2 | |||||||||||||
Income before income taxes | 814 | 1,039 | 788 | 607 | |||||||||||||
Net income | 650 | 795 | 640 | 529 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.23 | $ | 0.29 | $ | 0.24 | $ | 0.19 | |||||||||
2012 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 3,828 | $ | 4,005 | $ | 3,928 | $ | 4,056 | |||||||||
Interest expense | 767 | 810 | 830 | 848 | |||||||||||||
Net interest income | 3,061 | 3,195 | 3,098 | 3,208 | |||||||||||||
Provision for credit losses | 100 | 150 | - | - | |||||||||||||
Net securities gains | 45 | 62 | 33 | 23 | |||||||||||||
Income before income taxes | 761 | 833 | 805 | 940 | |||||||||||||
Net income | 609 | 670 | 656 | 730 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.23 | $ | 0.24 | $ | 0.24 | $ | 0.27 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
The consolidated financial statements include the accounts of Glen Burnie Bancorp and its subsidiaries, The Bank of Glen Burnie and GBB Properties, Inc., a company engaged in the acquisition and disposition of other real estate. Intercompany balances and transactions have been eliminated. The Parent Only financial statements (see Note 19) of the Company account for the subsidiaries using the equity method of accounting. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States. Voting interest entities are entities, in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIE’s) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interest, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. | |
Accounting Standards Codification | Accounting Standards Codification: |
The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) became effective for interim and annual periods ending after September 15, 2009. At that date, the ASC became FASB’s officially recognized source of authoritative U.S. generally accepted accounting principles (“GAAP”) applicable to all public and non-public non-governmental entities, superseding existing FASB, American Institute of Certified Public Accountants (“AICPA”), Emerging Issues Task Force (“EITF”) and related literatures. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. The switch to ASC affects the way companies refer to U.S. GAAP in financial statements and accounting policies. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. | |
Use of Estimates | Use of Estimates: |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted within the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Securities Held to Maturity | Securities Held to Maturity: |
Bonds, notes, and debentures for which the Bank has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the effective interest rate method over the period to maturity. Securities transferred into held to maturity from the available for sale portfolio are recorded at fair value at time of transfer with unrealized gains or losses reflected in equity and amortized over the remaining life of the security. | |
Securities Available for Sale | Securities Available for Sale: |
Marketable debt securities not classified as held to maturity are classified as available for sale. Securities available for sale may be sold in response to changes in interest rates, loan demand, changes in prepayment risk, and other factors. Changes in unrealized appreciation (depreciation) on securities available for sale are reported in other comprehensive income, net of tax. Realized gains (losses) on securities available for sale are included in other income (expense) and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. The gains and losses on securities sold are determined by the specific identification method. Premiums and discounts are recognized in interest income using the effective interest rate method over the period to maturity. Additionally, declines in the fair value of individual investment securities below their cost that are other than temporary are reflected as realized losses in the consolidated statements of income. | |
Other Securities | Other Securities: |
Federal Home Loan Bank (“FHLB”) and Maryland Financial Bank (“MFB”) stocks are equity interests that do not necessarily have readily determinable fair values for purposes of the ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities, because their ownership is restricted and they lack a market. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLB or another member institution. | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses: |
Loans are generally carried at the amount of unpaid principal, adjusted for deferred loan fees, which are amortized over the term of the loan using the effective interest rate method. Interest on loans is accrued based on the principal amounts outstanding. It is the Bank’s policy to discontinue the accrual of interest when a loan is specifically determined to be impaired or when principal or interest is delinquent for ninety days or more. When a loan is placed on nonaccrual status all interest previously accrued but not collected is reversed against current period interest income. Interest income generally is not recognized on specific impaired loans unless the likelihood of further loss is remote. Cash collections on such loans are applied as reductions of the loan principal balance and no interest income is recognized on those loans until the principal balance has been collected. Interest income on other nonaccrual loans is recognized only to the extent of interest payments received. The carrying value of impaired loans is based on the present value of the loan’s expected future cash flows or, alternatively, the observable market price of the loan or the fair value of the collateral. | |
The allowance for loan losses is maintained at a level believed adequate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of individual problem loans and actual loss experience, current economic events in specific industries and geographical areas, including unemployment levels, and other pertinent factors, including regulatory guidance and general economic conditions. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. A provision for loan losses is charged to operations based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more often if deemed necessary. | |
The allowance for loan losses typically consists of an allocated component and an unallocated component. The components of the allowance for loan losses represent an estimation done pursuant to either ASC Topic 450, Accounting for Contingencies, or ASC Topic 310, Accounting by Creditors for Impairment of a Loan. The allocated component of the allowance for loan losses reflects expected losses resulting from an analysis developed through specific credit allocations for individual loans and historical loss experience for each loan category. The specific credit allocations are based on regular analysis of all loans over a fixed-dollar amount where the internal credit rating is at or below a predetermined classification. The historical loan loss element is determined statistically using a loss migration analysis that examines loss experience over a current three year period and the related internal gradings of loans charged off. The loss migration analysis is performed quarterly and loss factors are updated regularly based on actual experience. The allocated component of the allowance for loan losses also includes consideration of concentrations and changes in portfolio mix and volume. | |
Any unallocated portion of the allowance reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet manifested themselves in loss allocation factors. In addition, the unallocated allowance includes a component that explicitly accounts for the inherent imprecision in loan loss migration models. The historical losses used in the migration analysis may not be representative of actual unrealized losses inherent in the portfolio. | |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments: |
The reserve for unfunded commitments is established through a provision for unfunded commitments charged to other expenses. The reserve is calculated by utilizing the same methodology and factors as the allowance for credit losses. The reserve, based on evaluations of the collectibiltiy of loans and prior loan loss experience, is an amount that management believes will be adequate to absorb possible losses on unfunded commitments (off-balance sheet financial instruments) that may become uncollectible in the future. | |
Troubled Debt Restructurings | Troubled Debt Restructurings: |
In situations where, for economic or legal reasons related to a borrower’s financial difficulties, management may grant a concession for other than insignificant period of time to the borrower that would not otherwise be considered, the related loan is classified as a troubled debt restructuring. Management strives to identify borrowers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. | |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”): |
OREO comprises properties acquired in partial or total satisfaction of problem loans. The properties are recorded at the lower of cost or fair value (appraised value) at the date acquired. Losses arising at the time of acquisition of such properties are charged against the allowance for credit losses. Subsequent write-downs that may be required and expenses of operation are included in other income or expenses. Gains and losses realized from the sale of OREO are included in other income or expenses. Loans converted to OREO through foreclosure proceedings totaled $45,175, $983,000, and $254,536 for the years ended December 31, 2014, 2013, and 2012, respectively. The Bank financed no sales of OREO for 2014, 2013, or 2012, respectively. | |
Bank Premises and Equipment | Bank Premises and Equipment: |
Bank premises and equipment are stated at cost less accumulated depreciation. The provision for depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of the terms of the leases or their estimated useful lives. Expenditures for improvements that extend the life of an asset are capitalized and depreciated over the asset’s remaining useful life. Gains or losses realized on the disposition of premises and equipment are reflected in the consolidated statements of income. Expenditures for repairs and maintenance are charged to other expenses as incurred. Computer software is recorded at cost and amortized over three to five years. | |
Long-Lived Assets | Long-Lived Assets: |
The carrying value of long-lived assets and certain identifiable intangibles, including goodwill, is reviewed by the Bank for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, as prescribed in ASC Topic 360, Accounting for the Impairment or Disposal of Long-Lived Asset. As of December 31, 2014, 2013, and 2012, certain loans existed which management considered impaired (See Note 4). During the year ended December 31, 2013, management deemed certain investment securities were impaired and recorded an impairment loss on these securities (See Note 3). | |
Income Taxes | Income Taxes: |
The provision for Federal and state income taxes is based upon the results of operations, adjusted for tax-exempt income. Deferred income taxes are provided by applying enacted statutory tax rates to temporary differences between financial and taxable bases. | |
Temporary differences which give rise to deferred tax benefits relate principally to accrued deferred compensation, accumulated impairment losses on investment securities, allowance for credit losses, non-accrual interest, unused alternative minimum tax credits, net unrealized depreciation on investment securities available for sale, accumulated depreciation, OREO, and reserve for unfunded commitments. | |
Temporary differences which give rise to deferred tax liabilities relate principally to accumulated securities discount accretion and net unrealized appreciation on investment securities available for sale. | |
Credit Risk | Credit Risk: |
The Bank has unsecured deposits and Federal funds sold with several other financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation (“FDIC”). | |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
The Bank has included cash and due from banks, interest-bearing deposits in other financial institutions, and Federal funds sold as cash and cash equivalents for the purpose of reporting cash flows. | |
Accounting for Stock Options | Accounting for Stock Options: |
The Company follows ASC Topic 718, Share-Based Payments, for accounting and reporting for stock-based compensation plans. ASC Topic 718 defines a fair value at grant date based method of accounting for measuring compensation expense for stock-based plans to be recognized in the statement of income. | |
Earnings per share | Earnings per share: |
Basic earnings per common share are determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share are calculated including the average dilutive common stock equivalents outstanding during the period. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. | |
Financial Statement Presentation | Financial Statement Presentation: |
Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of summary of investment securities | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Treasury | $ | 7,946,530 | $ | 5,843 | $ | 23,883 | $ | 7,928,490 | |||||||||||||||||
U.S. Government agencies | 28,360 | 295,584 | - | 323,944 | |||||||||||||||||||||
State and municipal | 32,771,006 | 813,974 | 75,534 | 33,509,446 | |||||||||||||||||||||
Corporate trust preferred | 247,150 | - | 83,695 | 163,455 | |||||||||||||||||||||
Mortgage-backed | 46,831,094 | 95,832 | 859,116 | 46,067,810 | |||||||||||||||||||||
$ | 87,824,140 | $ | 1,211,233 | $ | 1,042,228 | $ | 87,993,145 | ||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government agencies | $ | 28,360 | $ | 575,000 | $ | - | $ | 603,360 | |||||||||||||||||
State and municipal | 32,395,630 | 360,384 | 1,746,943 | 31,009,071 | |||||||||||||||||||||
Corporate trust preferred | 333,395 | - | 109,403 | 223,992 | |||||||||||||||||||||
Mortgage-backed | 43,512,419 | 688,095 | 1,723,255 | 42,477,259 | |||||||||||||||||||||
$ | 76,269,804 | $ | 1,623,479 | $ | 3,579,601 | $ | 74,313,682 | ||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government agencies | $ | 28,360 | $ | - | $ | 320 | $ | 28,040 | |||||||||||||||||
State and municipal | 38,528,451 | 2,623,768 | 14,797 | 41,137,422 | |||||||||||||||||||||
Corporate trust preferred | 349,646 | - | 65,116 | 284,530 | |||||||||||||||||||||
Mortgage-backed | 57,494,784 | 1,597,567 | 52,076 | 59,040,275 | |||||||||||||||||||||
$ | 96,401,241 | $ | 4,221,335 | $ | 132,309 | $ | 100,490,267 | ||||||||||||||||||
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Treasury | $ | 5,946,025 | $ | 23,883 | $ | - | $ | - | $ | 5,946,025 | $ | 23,883 | |||||||||||||
State and Municipal | 2,613,263 | 30,438 | 1,261,322 | 45,096 | 3,874,585 | 75,534 | |||||||||||||||||||
Corporate trust preferred | - | - | 163,455 | 83,695 | 163,455 | 83,695 | |||||||||||||||||||
Mortgaged-backed | 21,210,373 | 144,533 | 18,303,420 | 714,583 | 39,513,793 | 859,116 | |||||||||||||||||||
$ | 29,769,661 | $ | 198,854 | $ | 19,728,197 | $ | 843,374 | $ | 49,497,858 | $ | 1,042,228 | ||||||||||||||
Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Estimated credit losses, beginning of year | $ | 3,262,496 | $ | 3,246,915 | $ | 3,246,915 | |||||||||||||||||||
Credit losses - no previous OTTI recognized | - | - | - | ||||||||||||||||||||||
Credit losses - previous OTTI recognized | - | 15,581 | - | ||||||||||||||||||||||
Estimated credit losses, end of year | $ | 3,262,496 | $ | 3,262,496 | $ | 3,246,915 | |||||||||||||||||||
Schedule of contractual maturities of investment securities | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-14 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 61,064 | $ | 61,780 | |||||||||||||||||||||
Due over one to five years | 5,938,706 | 5,923,560 | |||||||||||||||||||||||
Due over five to ten years | 2,007,824 | 2,004,890 | |||||||||||||||||||||||
Due over ten years | 32,957,092 | 33,611,161 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 46,859,454 | 46,391,754 | |||||||||||||||||||||||
$ | 87,824,140 | $ | 87,993,145 | ||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-13 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | - | $ | - | |||||||||||||||||||||
Due over one to five years | - | - | |||||||||||||||||||||||
Due over five to ten years | - | - | |||||||||||||||||||||||
Due over ten years | 32,729,025 | 31,233,063 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 43,540,779 | 43,080,619 | |||||||||||||||||||||||
$ | 76,269,804 | $ | 74,313,682 | ||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
31-Dec-12 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 125,021 | $ | 125,745 | |||||||||||||||||||||
Due over one to five years | - | - | |||||||||||||||||||||||
Due over five to ten years | 400,000 | 415,028 | |||||||||||||||||||||||
Due over ten years | 38,353,076 | 40,881,179 | |||||||||||||||||||||||
Mortgage-backed, due in monthly installments | 57,523,144 | 59,068,315 | |||||||||||||||||||||||
$ | 96,401,241 | $ | 100,490,267 |
Loans_and_Allowance_Tables
Loans and Allowance (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Schedule of major categories of loans | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||
Residential | $ | 120,933,420 | $ | 123,645,939 | $ | 107,728,972 | |||||||||||||||||||
Commercial | 62,601,469 | 67,195,806 | 71,381,029 | ||||||||||||||||||||||
Construction and land development | 7,073,720 | 6,582,553 | 3,915,299 | ||||||||||||||||||||||
Demand and time | 3,518,752 | 4,172,747 | 4,901,107 | ||||||||||||||||||||||
Installment | 84,103,142 | 73,230,433 | 66,096,285 | ||||||||||||||||||||||
278,230,503 | 274,827,478 | 254,022,692 | |||||||||||||||||||||||
Unearned income on loans | (1,126,396 | ) | (1,171,339 | ) | (1,083,247 | ) | |||||||||||||||||||
277,104,107 | 273,656,139 | 252,939,445 | |||||||||||||||||||||||
Allowance for credit losses | (3,117,870 | ) | (2,972,019 | ) | (3,307,920 | ) | |||||||||||||||||||
$ | 273,986,237 | $ | 270,684,120 | $ | 249,631,525 | ||||||||||||||||||||
Schedule of total allowance by loan segment | Commercial | Consumer | |||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2014 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 412,909 | $ | 898,362 | $ | 1,187,604 | $ | 593,463 | $ | (120,319 | ) | $ | 2,972,019 | ||||||||||||
Provision for credit losses | (4,580 | ) | (448,027 | ) | 601,522 | 805,261 | 66,700 | 1,020,876 | |||||||||||||||||
Recoveries | 6,440 | 128,068 | 331,108 | 5,714 | - | 471,330 | |||||||||||||||||||
Loans charged off | (29,138 | ) | (243,394 | ) | (839,012 | ) | (234,811 | ) | - | (1,346,355 | ) | ||||||||||||||
Balance, end of year | $ | 385,631 | $ | 335,009 | $ | 1,281,222 | $ | 1,169,627 | $ | (53,619 | ) | $ | 3,117,870 | ||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 252,500 | $ | 148,791 | $ | 186,226 | $ | 682,642 | $ | - | $ | 1,270,159 | |||||||||||||
Related loan balance | 252,500 | 2,155,816 | 1,106,217 | 2,931,143 | - | 6,445,676 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 133,131 | $ | 186,218 | $ | 1,094,996 | $ | 486,985 | $ | (53,619 | ) | $ | 1,847,711 | ||||||||||||
Related loan balance | 3,266,252 | 63,486,816 | 82,996,925 | 122,034,834 | - | 271,784,827 | |||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2013 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 541,916 | $ | 1,183,240 | $ | 1,057,531 | $ | 392,506 | $ | 132,727 | $ | 3,307,920 | |||||||||||||
Provision for credit losses | 46,303 | (374,067 | ) | 468,559 | 372,251 | (253,046 | ) | 260,000 | |||||||||||||||||
Recoveries | 26,804 | 89,189 | 313,795 | 7,714 | - | 437,502 | |||||||||||||||||||
Loans charged off | (202,114 | ) | - | (652,281 | ) | (179,008 | ) | - | (1,033,403 | ) | |||||||||||||||
Balance, end of year | $ | 412,909 | $ | 898,362 | $ | 1,187,604 | $ | 593,463 | $ | (120,319 | ) | $ | 2,972,019 | ||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 278,786 | $ | 550,794 | $ | 178,657 | $ | 155,330 | $ | - | $ | 1,163,567 | |||||||||||||
Related loan balance | 278,786 | 3,364,193 | 636,174 | 1,629,643 | - | 5,908,796 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 134,123 | $ | 347,568 | $ | 1,008,947 | $ | 438,133 | $ | (120,319 | ) | $ | 1,808,452 | ||||||||||||
Related loan balance | 3,893,961 | 65,414,415 | 72,594,259 | 127,016,047 | - | 268,918,682 | |||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2012 | Industrial | Real Estate | Indirect | Real Estate | Unallocated | Total | |||||||||||||||||||
Balance, beginning of year | $ | 557,169 | $ | 2,012,962 | $ | 888,614 | $ | 595,812 | $ | (123,633 | ) | $ | 3,930,924 | ||||||||||||
Provision for credit losses | 29,282 | (919,161 | ) | 357,622 | 525,897 | 256,360 | 250,000 | ||||||||||||||||||
Recoveries | 10,558 | 89,439 | 286,564 | 5,714 | - | 392,275 | |||||||||||||||||||
Loans charged off | (55,093 | ) | - | (475,269 | ) | (734,917 | ) | - | (1,265,279 | ) | |||||||||||||||
Balance, end of year | $ | 541,916 | $ | 1,183,240 | $ | 1,057,531 | $ | 392,506 | $ | 132,727 | $ | 3,307,920 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 451,126 | $ | 807,735 | $ | 20,000 | $ | 35,916 | $ | - | $ | 1,314,777 | |||||||||||||
Related loan balance | 796,511 | 4,980,503 | 76,251 | 1,545,028 | - | 7,398,293 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||
Balance in allowance | $ | 90,790 | $ | 375,505 | $ | 1,037,531 | $ | 356,590 | $ | 132,727 | $ | 1,993,143 | |||||||||||||
Related loan balance | 4,104,596 | 67,898,601 | 66,020,034 | 108,601,168 | - | 246,624,399 | |||||||||||||||||||
Schedule of risk ratings of loans by categories of loans | |||||||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2014 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 3,177,639 | $ | 58,837,254 | $ | 80,501,928 | $ | 121,244,374 | $ | 263,761,195 | |||||||||||||||
Special mention | 88,613 | 4,649,562 | 2,555,654 | 832,546 | 8,126,375 | ||||||||||||||||||||
Substandard | 252,500 | 2,155,816 | 882,600 | 2,726,156 | 6,017,072 | ||||||||||||||||||||
Doubtful | - | - | 162,960 | - | 162,960 | ||||||||||||||||||||
Loss | - | - | - | 162,901 | 162,901 | ||||||||||||||||||||
$ | 3,518,752 | $ | 65,642,632 | $ | 84,103,142 | $ | 124,965,977 | $ | 278,230,503 | ||||||||||||||||
Non-accrual | - | 1,097,112 | 515,352 | 1,165,440 | 2,777,904 | ||||||||||||||||||||
Troubled debt restructures | 252,500 | - | - | - | 252,500 | ||||||||||||||||||||
Number of TDRs accounts | 1 | - | - | - | 1 | ||||||||||||||||||||
Non-performing TDRs | - | - | - | - | - | ||||||||||||||||||||
Number of TDR accounts | - | - | - | - | - | ||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2013 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 3,594,809 | $ | 59,914,422 | $ | 71,554,400 | $ | 126,774,441 | $ | 261,838,072 | |||||||||||||||
Special mention | 299,152 | 5,499,993 | 1,102,091 | 1,312,103 | 8,213,339 | ||||||||||||||||||||
Substandard | 278,786 | 3,364,193 | 508,243 | 559,146 | 4,710,368 | ||||||||||||||||||||
Doubtful | - | - | 65,699 | - | 65,699 | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 4,172,747 | $ | 68,778,608 | $ | 73,230,433 | $ | 128,645,690 | $ | 274,827,478 | ||||||||||||||||
Non-accrual | 14,286 | 1,237,647 | 338,212 | 1,123,248 | 2,713,393 | ||||||||||||||||||||
Troubled debt restructures | - | - | - | - | - | ||||||||||||||||||||
Number of TDRs contracts | - | - | - | - | - | ||||||||||||||||||||
Non-performing TDRs | - | - | - | - | - | ||||||||||||||||||||
Number of TDR accounts | - | - | - | - | - | ||||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||||||||
and | Commercial | and | Residential | ||||||||||||||||||||||
2012 | Industrial | Real Estate | Indirect | Real Estate | Total | ||||||||||||||||||||
Pass | $ | 4,296,139 | $ | 63,297,427 | $ | 64,160,355 | $ | 107,943,667 | $ | 239,697,588 | |||||||||||||||
Special mention | 183,507 | 5,970,942 | 1,485,366 | 1,189,613 | 8,829,428 | ||||||||||||||||||||
Substandard | 421,461 | 3,610,735 | 360,672 | 1,012,916 | 5,405,784 | ||||||||||||||||||||
Doubtful | - | - | 89,892 | - | 89,892 | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 4,901,107 | $ | 72,879,104 | $ | 66,096,285 | $ | 110,146,196 | $ | 254,022,692 | ||||||||||||||||
Non-accrual | 17,286 | 2,645,320 | 237,193 | 1,108,866 | 4,008,665 | ||||||||||||||||||||
Troubled debt restructures | - | 1,369,768 | - | 832,500 | 2,202,268 | ||||||||||||||||||||
Number of TDRs accounts | - | 1 | - | 1 | 2 | ||||||||||||||||||||
Non-performing TDRs | - | 1,369,768 | - | 832,500 | 2,202,268 | ||||||||||||||||||||
Number of TDR accounts | - | 1 | - | 1 | 2 | ||||||||||||||||||||
Schedule of current, past due, and nonaccrual loans by categories of loans | 90 Days or | ||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2014 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 3,518,752 | $ | - | $ | - | $ | - | $ | 3,518,752 | |||||||||||||||
Commercial real estate | 64,545,207 | 313 | - | 1,097,112 | 65,642,632 | ||||||||||||||||||||
Consumer and indirect | 81,315,689 | 2,272,101 | - | 515,352 | 84,103,142 | ||||||||||||||||||||
Residential real estate | 123,284,983 | 318,782 | 196,772 | 1,165,440 | 124,965,977 | ||||||||||||||||||||
$ | 272,664,631 | $ | 2,591,196 | $ | 196,772 | $ | 2,777,904 | $ | 278,230,503 | ||||||||||||||||
90 Days or | |||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2013 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 4,158,461 | $ | - | $ | - | $ | 14,286 | $ | 4,172,747 | |||||||||||||||
Commercial real estate | 66,191,062 | 173,000 | 1,176,899 | 1,237,647 | 68,778,608 | ||||||||||||||||||||
Consumer and indirect | 71,755,109 | 1,137,112 | - | 338,212 | 73,230,433 | ||||||||||||||||||||
Residential real estate | 126,934,475 | 157,123 | 430,844 | 1,123,248 | 128,645,690 | ||||||||||||||||||||
$ | 269,039,107 | $ | 1,467,235 | $ | 1,607,743 | $ | 2,713,393 | $ | 274,827,478 | ||||||||||||||||
90 Days or | |||||||||||||||||||||||||
30-89 Days | More and | ||||||||||||||||||||||||
2012 | Current | Past Due | Still Accruing | Nonaccrual | Total | ||||||||||||||||||||
Commercial and industrial | $ | 4,678,297 | $ | 205,524 | $ | - | $ | 17,286 | $ | 4,901,107 | |||||||||||||||
Commercial real estate | 68,879,791 | - | 1,353,993 | 2,645,320 | 72,879,104 | ||||||||||||||||||||
Consumer and indirect | 64,427,468 | 1,431,624 | - | 237,193 | 66,096,285 | ||||||||||||||||||||
Residential real estate | 108,545,538 | 233,045 | 258,747 | 1,108,866 | 110,146,196 | ||||||||||||||||||||
$ | 246,531,094 | $ | 1,870,193 | $ | 1,612,740 | $ | 4,008,665 | $ | 254,022,692 | ||||||||||||||||
Schedule of impaired financing receivables | Unpaid | Interest | Average | ||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2014 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 2,726,247 | $ | 2,726,247 | $ | 177,707 | $ | 682,642 | $ | 2,747,299 | |||||||||||||||
Commercial | 1,094,708 | 1,094,708 | 783 | 148,791 | 1,162,367 | ||||||||||||||||||||
Consumer | 611,728 | 611,728 | 30,903 | 186,226 | 622,854 | ||||||||||||||||||||
Installment | - | - | - | - | - | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 252,500 | 252,500 | 11,027 | 252,500 | 258,577 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 4,685,183 | $ | 4,685,183 | $ | 220,420 | $ | 1,270,159 | $ | 4,791,097 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 204,896 | $ | 266,091 | $ | 2,641 | n/a | $ | 340,435 | ||||||||||||||||
Commercial | 1,061,108 | 1,061,108 | 48,548 | n/a | 1,089,641 | ||||||||||||||||||||
Consumer | 60,656 | 60,656 | - | n/a | - | ||||||||||||||||||||
Installment | 433,833 | 433,833 | - | n/a | - | ||||||||||||||||||||
Home Equity | - | - | - | n/a | - | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 1,760,493 | $ | 1,821,688 | $ | 51,189 | - | $ | 1,430,076 | ||||||||||||||||
Unpaid | Interest | Average | |||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2013 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 559,146 | $ | 559,146 | $ | 15,768 | $ | 155,330 | $ | 563,961 | |||||||||||||||
Commercial | 2,187,294 | 2,187,294 | 55,535 | 550,794 | 2,271,949 | ||||||||||||||||||||
Consumer | 393,740 | 393,740 | 20,767 | 178,657 | 394,356 | ||||||||||||||||||||
Installment | - | - | - | - | - | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 278,786 | 278,786 | 11,541 | 278,786 | 286,433 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 3,418,966 | $ | 3,418,966 | $ | 103,611 | $ | 1,163,567 | $ | 3,516,699 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 1,070,497 | $ | 1,070,497 | $ | 39,257 | n/a | $ | 1,071,479 | ||||||||||||||||
Commercial | 1,176,899 | 1,176,899 | 46,583 | n/a | 1,231,505 | ||||||||||||||||||||
Consumer | 10,602 | 10,602 | - | n/a | - | ||||||||||||||||||||
Installment | 180,204 | 180,204 | - | n/a | - | ||||||||||||||||||||
Home Equity | 51,628 | 51,628 | - | n/a | 50,999 | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 2,489,830 | $ | 2,489,830 | $ | 85,840 | - | $ | 2,353,983 | ||||||||||||||||
Unpaid | Interest | Average | |||||||||||||||||||||||
Recorded | Principal | Income | Specific | Recorded | |||||||||||||||||||||
2012 | Investment | Balance | Recognized | Reserve | Investment | ||||||||||||||||||||
Impaired loans with specific reserves: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 180,416 | $ | 180,416 | $ | 11,838 | $ | 35,916 | $ | 182,019 | |||||||||||||||
Commercial | 3,610,735 | 4,210,735 | 99,079 | 807,735 | 3,642,095 | ||||||||||||||||||||
Consumer | 75,513 | 75,513 | 7,759 | 20,000 | 76,098 | ||||||||||||||||||||
Installment | 147,301 | 147,301 | 7,806 | 29,666 | 147,574 | ||||||||||||||||||||
Home Equity | - | - | - | - | - | ||||||||||||||||||||
Commercial | 421,460 | 421,460 | 20,463 | 421,460 | 432,174 | ||||||||||||||||||||
Total impaired loans with specific reserves | $ | 4,435,425 | $ | 5,035,425 | $ | 146,945 | $ | 1,314,777 | $ | 4,479,960 | |||||||||||||||
Impaired loans with no specific reserve: | |||||||||||||||||||||||||
Real-estate - mortgage: | |||||||||||||||||||||||||
Residential | $ | 1,364,612 | $ | 1,812,535 | $ | 75,050 | n/a | $ | 1,794,861 | ||||||||||||||||
Commercial | 1,369,768 | 1,369,768 | - | n/a | 2,440,982 | ||||||||||||||||||||
Consumer | 738 | - | - | n/a | - | ||||||||||||||||||||
Installment | 227,750 | - | - | n/a | - | ||||||||||||||||||||
Home Equity | - | - | - | n/a | - | ||||||||||||||||||||
Commercial | - | - | - | n/a | - | ||||||||||||||||||||
Total impaired loans with no specific reserve | $ | 2,962,868 | $ | 3,182,303 | $ | 75,050 | - | $ | 4,235,843 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Schedule of summary of premises and equipment | Useful | |||||||||||||||
lives | 2014 | 2013 | 2012 | |||||||||||||
Land | $ | 684,977 | $ | 684,977 | $ | 684,977 | ||||||||||
Buildings | 5-50 years | 6,221,980 | 6,142,509 | 6,083,675 | ||||||||||||
Equipment and fixtures | 5-30 years | 5,400,514 | 5,187,984 | 5,126,477 | ||||||||||||
Construction in progress | 53,197 | 61,155 | 4,150 | |||||||||||||
12,360,668 | 12,076,625 | 11,899,279 | ||||||||||||||
Accumulated depreciation | (8,689,373 | ) | (8,379,853 | ) | (8,026,277 | ) | ||||||||||
$ | 3,671,295 | $ | 3,696,772 | $ | 3,873,002 |
Shortterm_Borrowings_Tables
Short-term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Short-Term Debt [Abstract] | |||||||||||||
Schedule of short-term borrowings | 2014 | 2013 | 2012 | ||||||||||
Notes payable - U.S. Treasury | $ | - | $ | - | $ | 254,749 | |||||||
$ | - | $ | - | $ | 254,749 |
Longterm_Borrowings_Tables
Long-term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of long-term borrowings | 2014 | 2013 | 2012 | ||||||||||
Federal Home Loan Bank of Atlanta, convertible advances | $ | 20,000,000 | $ | 20,000,000 | $ | 20,000,000 | |||||||
Schedule of maturities of long-term borrowings | |||||||||||||
2014 | |||||||||||||
2017 | $ | 10,000,000 | |||||||||||
2018 | 10,000,000 | ||||||||||||
$ | 20,000,000 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Deposits [Abstract] | |||||||||||||
Schedule of major classifications of interest-bearing deposits | 2014 | 2013 | 2012 | ||||||||||
NOW and SuperNOW | $ | 26,990,274 | $ | 27,991,553 | $ | 31,699,734 | |||||||
Money Market | 20,465,436 | 19,219,579 | 20,734,875 | ||||||||||
Savings | 74,973,038 | 71,278,801 | 68,516,141 | ||||||||||
Certificates of Deposit, $100,000 or more | 36,118,031 | 28,916,597 | 28,213,893 | ||||||||||
Other time deposits | 91,767,589 | 89,649,301 | 98,835,758 | ||||||||||
$ | 250,314,368 | $ | 237,055,831 | $ | 248,000,401 | ||||||||
Schedule of interest expense on deposit | 2014 | 2013 | 2013 | ||||||||||
NOW and SuperNOW | $ | 11,608 | $ | 11,300 | $ | 15,754 | |||||||
Money Market | 9,965 | 10,618 | 25,914 | ||||||||||
Savings | 37,537 | 55,591 | 106,424 | ||||||||||
Certificates of Deposit, $100,000 or more | 523,472 | 373,880 | 459,130 | ||||||||||
Other time deposits | 1,310,732 | 1,562,938 | 2,003,684 | ||||||||||
$ | 1,893,314 | $ | 2,014,327 | $ | 2,610,906 | ||||||||
Schedule of scheduled maturities of time deposits | 2014 | ||||||||||||
2015 | $ | 46,167,000 | |||||||||||
2016 | 22,907,000 | ||||||||||||
2017 | 7,022,000 | ||||||||||||
2018 | 17,514,000 | ||||||||||||
2019 | 26,052,000 | ||||||||||||
2020 and thereafter | 8,224,000 | ||||||||||||
$ | 127,886,000 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of components of income tax expense | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 408,056 | $ | 400,931 | $ | 448,832 | |||||||
State | 187,266 | 197,671 | 186,616 | ||||||||||
Total current | 595,322 | 598,602 | 635,448 | ||||||||||
Deferred income (benefits) taxes: | |||||||||||||
Federal | (253,848 | ) | (9,542 | ) | (5,130 | ) | |||||||
State | (32,822 | ) | 44,795 | 43,489 | |||||||||
Total deferred (benefits) taxes | (286,670 | ) | 35,252 | 38,359 | |||||||||
Income tax expense | $ | 308,652 | $ | 633,855 | $ | 673,807 | |||||||
Schedule of reconciliation of income tax expense | 2014 | 2013 | 2012 | ||||||||||
Income before income tax expense (benefit) | $ | 2,223,178 | $ | 3,248,032 | $ | 3,338,887 | |||||||
Taxes computed at Federal income tax rate | $ | 755,881 | $ | 1,104,331 | $ | 1,135,222 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Tax-exempt income | (531,764 | ) | (630,710 | ) | (644,546 | ) | |||||||
State income taxes, net of Federal income tax benefit | 101,933 | 160,027 | 151,869 | ||||||||||
Other | (17,398 | ) | 207 | 31,262 | |||||||||
Income tax expense | $ | 308,652 | $ | 633,855 | $ | 673,807 | |||||||
Schedule of components of the net deferred income tax benefits | 2014 | 2013 | 2012 | ||||||||||
Deferred income tax benefits: | |||||||||||||
Accrued deferred compensation | $ | 142,308 | $ | 129,101 | $ | 120,695 | |||||||
Impairment loss on investment securities | 1,305,584 | 1,218,497 | 1,212,351 | ||||||||||
Allowance for credit losses | 364,697 | 458,303 | 816,722 | ||||||||||
Nonaccrual interest | 445,173 | 339,765 | 283,045 | ||||||||||
Alternative minimum tax credits | 615,186 | 485,444 | 306,523 | ||||||||||
Accumulated depreciation | 72,354 | 60,627 | 75,650 | ||||||||||
Other real estate owned | 14,940 | 14,940 | - | ||||||||||
Reserve for unfunded commitments | 78,890 | 78,890 | 78,890 | ||||||||||
Other temporary differences | 2,116 | 1,332 | - | ||||||||||
Accumulated securities premium accretion | 71,834 | 39,514 | - | ||||||||||
Net unrealized depreciation on investment securities available for sale | - | 778,048 | - | ||||||||||
Total deferred income tax benefits | 3,113,082 | 3,604,461 | 2,893,876 | ||||||||||
Deferred income tax liabilities: | |||||||||||||
Accumulated securities discount accretion | - | - | 32,209 | ||||||||||
Net unrealized appreciation on investment securities available for sale | 67,847 | - | 1,626,412 | ||||||||||
Total deferred income tax liabilities | 67,847 | - | 1,658,621 | ||||||||||
Net deferred income tax benefits | $ | 3,045,235 | $ | 3,604,461 | $ | 1,235,255 |
Other_Operating_Expenses_Table
Other Operating Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Operating Expenses [Abstract] | |||||||||||||
Schedule of other operating expenses | 2014 | 2013 | 2012 | ||||||||||
Professional services | $ | 677,308 | $ | 635,502 | $ | 531,112 | |||||||
Stationery, printing and supplies | 185,963 | 201,883 | 178,932 | ||||||||||
Postage and delivery | 164,814 | 139,096 | 150,374 | ||||||||||
FDIC assessment | 279,584 | 234,203 | 39,622 | ||||||||||
Directors fees and expenses | 239,769 | 226,881 | 194,700 | ||||||||||
Marketing | 239,437 | 207,527 | 253,177 | ||||||||||
Data processing | 25,404 | 34,909 | 46,939 | ||||||||||
Correspondent bank services | 45,362 | 55,444 | 43,466 | ||||||||||
Telephone | 223,071 | 255,955 | 218,414 | ||||||||||
Liability insurance | 73,925 | 71,722 | 72,578 | ||||||||||
Losses (gains) and expenses on OREO | 62,493 | 73,698 | 68,499 | ||||||||||
Other ATM expense | 125,845 | 117,617 | 134,510 | ||||||||||
Other | 705,316 | 462,682 | 454,142 | ||||||||||
$ | 3,048,291 | $ | 2,717,119 | $ | 2,386,465 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of outstanding loan commitments, unused lines of credit and letters of credit | 2014 | 2013 | 2012 | ||||||||||
Loan commitments: | |||||||||||||
Construction and land development | $ | - | $ | 1,561,000 | $ | 822,000 | |||||||
Other mortgage loans | 1,666,000 | 2,817,000 | 6,225,000 | ||||||||||
$ | 1,666,000 | $ | 4,378,000 | $ | 7,047,000 | ||||||||
Unused lines of credit: | |||||||||||||
Home-equity lines | $ | 3,825,462 | $ | 11,067,236 | $ | 9,882,497 | |||||||
Commercial lines | 15,156,201 | 7,726,424 | 8,615,844 | ||||||||||
Secured consumer line | 50,000 | 24,043 | 3,002 | ||||||||||
Unsecured consumer lines | 674,429 | 673,123 | 687,173 | ||||||||||
$ | 19,706,092 | $ | 19,490,826 | $ | 19,188,516 | ||||||||
Letters of credit: | $ | 57,580 | $ | 32,000 | $ | 32,000 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Schedule of comparison of capital with minimum requirements | To Be Well Capitalized | ||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 36,959,000 | 14.3 | % | $ | 20,645,810 | 8 | % | N/A | ||||||||||||||||
Bank | 36,655,000 | 14.3 | % | 20,477,654 | 8 | % | $ | 25,597,067 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 33,728,000 | 13.1 | % | $ | 10,322,265 | 4 | % | N/A | ||||||||||||||||
Bank | 33,454,000 | 13.1 | % | 10,238,409 | 4 | % | 15,357,613 | 6 | % | ||||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 33,728,000 | 8.5 | % | $ | 15,834,742 | 4 | % | N/A | ||||||||||||||||
Bank | 33,454,000 | 8.4 | % | 16,006,699 | 4 | % | 20,008,373 | 5 | % | ||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 35,933,000 | 14.1 | % | $ | 20,329,844 | 8 | % | N/A | ||||||||||||||||
Bank | 35,624,000 | 14.1 | % | 20,183,569 | 8 | % | $ | 25,229,462 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 32,761,000 | 12.9 | % | $ | 10,166,330 | 4 | % | N/A | ||||||||||||||||
Bank | 32,470,000 | 12.9 | % | 10,091,686 | 4 | % | $ | 15,137,529 | 6 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 32,761,000 | 8.7 | % | $ | 15,079,862 | 4 | % | N/A | ||||||||||||||||
Bank | 32,470,000 | 8.6 | % | 15,119,907 | 4 | % | $ | 18,899,884 | 5 | % | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 34,165,000 | 14.1 | % | $ | 19,425,729 | 8 | % | N/A | ||||||||||||||||
Bank | 33,807,000 | 14 | % | 19,290,728 | 8 | % | $ | 24,113,409 | 10 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Company | $ | 31,124,000 | 12.8 | % | $ | 9,711,076 | 4 | % | N/A | ||||||||||||||||
Bank | 30,787,000 | 12.8 | % | 9,643,540 | 4 | % | $ | 14,465,309 | 6 | % | |||||||||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||||||
Company | $ | 31,124,000 | 8.3 | % | $ | 15,072,155 | 4 | % | N/A | ||||||||||||||||
Bank | 30,787,000 | 8.1 | % | 15,297,888 | 4 | % | $ | 19,122,360 | 5 | % |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of earnings per common share | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Weighted average common shares outstanding | 2,755,671 | 2,742,003 | 2,728,072 | ||||||||||
Basic net income per share | $ | 0.69 | $ | 0.95 | $ | 0.98 | |||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Values Of Financial Instruments [Abstract] | |||||||||||||||||||||||||
Schedule of estimated fair value and carrying values of financial instruments | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and due from banks | $ | 7,101,352 | $ | 7,101,352 | $ | 9,214,503 | $ | 9,214,503 | $ | 9,332,087 | $ | 9,332,087 | |||||||||||||
Interest-bearing deposits in other financial institutions | 2,154,817 | 2,154,817 | 1,636,194 | 1,636,194 | 6,627,394 | 6,627,394 | |||||||||||||||||||
Federal funds sold | 4,024,065 | 4,024,065 | 102,772 | 102,772 | 2,669,101 | 2,669,101 | |||||||||||||||||||
Investment securities available for sale | 87,993,145 | 87,993,145 | 74,313,682 | 74,313,682 | 100,490,267 | 100,490,267 | |||||||||||||||||||
Federal Home Loan Bank Stock | 1,327,800 | 1,327,800 | 1,452,900 | 1,452,900 | 1,448,000 | 1,448,000 | |||||||||||||||||||
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||||||
Ground rents | 169,200 | 169,200 | 169,200 | 169,200 | 175,200 | 175,200 | |||||||||||||||||||
Loans, less allowance for credit losses | 273,986,237 | 268,536,000 | 270,684,120 | 270,684,120 | 249,631,525 | 251,419,000 | |||||||||||||||||||
Accrued interest receivable | 1,274,137 | 1,274,137 | 1,509,238 | 1,509,238 | 1,450,321 | 1,450,321 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 338,877,292 | 310,239,000 | 323,803,356 | 291,046,000 | 332,288,886 | 314,680,000 | |||||||||||||||||||
Long-term borrowings | 20,000,000 | 20,951,000 | 20,000,000 | 21,032,000 | 20,000,000 | 21,899,000 | |||||||||||||||||||
Dividends payable | 276,096 | 276,096 | 274,737 | 274,737 | - | - | |||||||||||||||||||
Accrued interest payable | 39,823 | 39,823 | 28,523 | 28,523 | 28,365 | 28,365 | |||||||||||||||||||
Unrecognized financial instruments: | |||||||||||||||||||||||||
Commitments to extend credit | 21,372,092 | 21,372,092 | 23,868,826 | 23,868,826 | 26,235,516 | 26,235,516 | |||||||||||||||||||
Standby letters of credit | 57,580 | 57,580 | 32,000 | 32,000 | 32,000 | 32,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of fair value measurements on a recurring and non-recurring basis | |||||||||||||||||
Fair | |||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Value | |||||||||||||
Recurring: | |||||||||||||||||
Securities available for sale | $ | 573,600 | $ | 73,515,807 | $ | 224,275 | $ | 74,313,682 | |||||||||
Non-recurring: | |||||||||||||||||
Maryland Financial Bank stock | - | - | 30,000 | 30,000 | |||||||||||||
Impaired loans | - | - | 4,745,229 | 4,745,229 | |||||||||||||
OREO | - | 1,170,773 | - | 1,170,773 | |||||||||||||
$ | 573,600 | $ | 74,686,580 | $ | 4,999,504 | $ | 80,259,684 | ||||||||||
Activity: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Purchases of securities | - | 50,167,691 | - | 50,167,691 | |||||||||||||
Sales, calls, and maturities of securities | - | (38,223,651 | ) | - | (38,223,651 | ) | |||||||||||
Net amortization/accretion of premium/discount | - | (391,144 | ) | (134 | ) | (391,278 | ) | ||||||||||
Increase (decrease) in market value | 216,944 | 1,746,303 | 163,454 | 2,126,701 | |||||||||||||
OTTI on investments | - | - | - | - | |||||||||||||
Transfer to level 1 | - | - | - | - | |||||||||||||
Transfer to level 2 | - | - | - | - | |||||||||||||
Maryland Financial Bank stock | |||||||||||||||||
OTTI on stock | - | - | - | - | |||||||||||||
Impaired loans: | |||||||||||||||||
New impaired loans | - | - | 5,897,664 | 5,897,664 | |||||||||||||
Payments and other loan reductions | - | - | (5,874,910 | ) | (5,874,910 | ) | |||||||||||
Change in total provision | - | - | 452,709 | 452,709 | |||||||||||||
Loans converted to OREO | - | - | (45,175 | ) | (45,175 | ) | |||||||||||
OREO: | |||||||||||||||||
OREO converted from loans | - | 45,175 | - | 45,175 | |||||||||||||
Sales of OREO | - | (1,153,883 | ) | - | (1,153,883 | ) | |||||||||||
Write-down of OREO | - | (16,448 | ) | (16,448 | ) | ||||||||||||
Loss on disposal of OREO | - | (442 | ) | (442 | ) | ||||||||||||
31-Dec-14 | |||||||||||||||||
Recurring: | |||||||||||||||||
Securities available for sale | 790,544 | 86,815,006 | 387,595 | 87,993,145 | |||||||||||||
Non-recurring: | |||||||||||||||||
Maryland Financial Bank stock | - | - | 30,000 | 30,000 | |||||||||||||
Impaired loans | - | - | 5,175,517 | 5,175,517 | |||||||||||||
OREO | - | 45,175 | - | 45,175 | |||||||||||||
$ | - | $ | 86,860,181 | $ | 5,593,112 | $ | 93,243,837 |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||||||||||||
Schedule of balance sheets | |||||||||||||
Balance Sheets | |||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||
Assets | |||||||||||||
Cash | $ | 283,796 | $ | 296,245 | $ | 75,902 | |||||||
Investment in The Bank of Glen Burnie | 33,557,329 | 31,292,459 | 33,250,639 | ||||||||||
Investment in GBB Properties, Inc. | 254,870 | 255,170 | 255,470 | ||||||||||
Due from subsidiaries | 2,095 | 2,067 | 1,362 | ||||||||||
Other assets | 8,533 | 11,957 | 4,292 | ||||||||||
Total assets | $ | 34,106,623 | $ | 31,857,898 | $ | 33,587,665 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Dividends payable | 276,096 | $ | 274,737 | $ | - | ||||||||
Total liabilities | 276,096 | 274,737 | - | ||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 2,760,964 | 2,747,370 | 2,736,978 | ||||||||||
Surplus | 9,854,119 | 9,713,335 | 9,604,906 | ||||||||||
Retained earnings | 21,112,714 | 20,300,531 | 18,783,164 | ||||||||||
Accumulated other comprehensive income (loss), net of benefits | 102,730 | (1,178,075 | ) | 2,462,617 | |||||||||
Total stockholders’ equity | 33,830,527 | 31,583,161 | 33,587,665 | ||||||||||
Total liabilities and stockholders’ equity | $ | 34,106,623 | $ | 31,857,898 | $ | 33,587,665 | |||||||
Schedule of income statement | |||||||||||||
Statements of Income | |||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Dividends and distributions from subsidiaries | $ | 980,000 | $ | 980,000 | $ | 980,000 | |||||||
Other expenses | (77,375 | ) | (76,005 | ) | (65,446 | ) | |||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 902,625 | 903,995 | 914,554 | ||||||||||
Income tax benefit | 28,136 | 27,970 | 24,084 | ||||||||||
Change in undistributed equity of subsidiaries | 983,765 | 1,682,212 | 1,726,442 | ||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Schedule of statement cash flows | |||||||||||||
Statements of Cash Flows | |||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 1,914,526 | $ | 2,614,177 | $ | 2,665,080 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Decrease (increase) in other assets | 3,424 | (7,665 | ) | - | |||||||||
(Increase) in due from subsidiaries | (28 | ) | (705 | ) | (335 | ) | |||||||
Change in undistributed equity of subsidiaries | (983,765 | ) | (1,682,212 | ) | (1,726,441 | ) | |||||||
Net cash provided by operating activities | 934,157 | 923,595 | 938,304 | ||||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from dividend reinvestment plan | 154,378 | 118,821 | 186,369 | ||||||||||
Dividends paid | (1,100,984 | ) | (822,073 | ) | (1,363,093 | ) | |||||||
Net cash used in financing activities | (946,606 | ) | (703,252 | ) | (1,176,724 | ) | |||||||
(Decrease) increase in cash | (12,449 | ) | 220,343 | (238,420 | ) | ||||||||
Cash, beginning of year | 296,245 | 75,902 | 314,322 | ||||||||||
Cash, end of year | $ | 283,796 | $ | 296,245 | $ | 75,902 |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of summary of consolidated unaudited quarterly results of operations | |||||||||||||||||
2014 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 3,627 | $ | 3,658 | $ | 3,560 | $ | 3,675 | |||||||||
Interest expense | 652 | 666 | 628 | 588 | |||||||||||||
Net interest income | 2,975 | 2,992 | 2,932 | 3,087 | |||||||||||||
Provision for credit losses | 746 | 125 | 112 | 38 | |||||||||||||
Net securities gains | 575 | 361 | 141 | 79 | |||||||||||||
Income before income taxes | 521 | 637 | 498 | 567 | |||||||||||||
Net income | 480 | 526 | 435 | 473 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.17 | $ | 0.19 | $ | 0.16 | $ | 0.17 | |||||||||
2013 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 4,004 | $ | 3,940 | $ | 3,708 | $ | 3,630 | |||||||||
Interest expense | 571 | 675 | 699 | 717 | |||||||||||||
Net interest income | 3,433 | 3,265 | 3,009 | 2,913 | |||||||||||||
Provision for credit losses | 260 | - | - | - | |||||||||||||
Net securities gains | 71 | 150 | 122 | 2 | |||||||||||||
Income before income taxes | 814 | 1,039 | 788 | 607 | |||||||||||||
Net income | 650 | 795 | 640 | 529 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.23 | $ | 0.29 | $ | 0.24 | $ | 0.19 | |||||||||
2012 | |||||||||||||||||
(Dollars in thousands, | Three months ended, | ||||||||||||||||
except per share amounts) | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Interest income | $ | 3,828 | $ | 4,005 | $ | 3,928 | $ | 4,056 | |||||||||
Interest expense | 767 | 810 | 830 | 848 | |||||||||||||
Net interest income | 3,061 | 3,195 | 3,098 | 3,208 | |||||||||||||
Provision for credit losses | 100 | 150 | - | - | |||||||||||||
Net securities gains | 45 | 62 | 33 | 23 | |||||||||||||
Income before income taxes | 761 | 833 | 805 | 940 | |||||||||||||
Net income | 609 | 670 | 656 | 730 | |||||||||||||
Net income per share (basic and diluted) | $ | 0.23 | $ | 0.24 | $ | 0.24 | $ | 0.27 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
FHLB stock sold back at par value | $100 | ||
Loans converted to OREO through foreclosure proceedings | $45,175 | $983,000 | $254,536 |
Computer software | Minimum | |||
Accounting Policies [Line Items] | |||
Intangible assets amortization period | 3 years | ||
Computer software | Maximum | |||
Accounting Policies [Line Items] | |||
Intangible assets amortization period | 5 years |
Recovered_Sheet1
Restrictions on Cash and Due From Banks - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Abstract] | |||
Deposit liabilities reserves average | $4,985,000 | $5,387,000 | $4,713,000 |
Investment_Securities_Detail
Investment Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $87,824,140 | $76,269,804 | $96,401,241 |
Gross Unrealized Gains | 1,211,233 | 1,623,479 | 4,221,335 |
Gross Unrealized Losses | 1,042,228 | 3,579,601 | 132,309 |
Fair Value | 87,993,145 | 74,313,682 | 100,490,267 |
U.S. Treasury | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,946,530 | ||
Gross Unrealized Gains | 5,843 | ||
Gross Unrealized Losses | 23,883 | ||
Fair Value | 7,928,490 | ||
U.S. Government agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 28,360 | 28,360 | 28,360 |
Gross Unrealized Gains | 295,584 | 575,000 | |
Gross Unrealized Losses | 320 | ||
Fair Value | 323,944 | 603,360 | 28,040 |
State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 32,771,006 | 32,395,630 | 38,528,451 |
Gross Unrealized Gains | 813,974 | 360,384 | 2,623,768 |
Gross Unrealized Losses | 75,534 | 1,746,943 | 14,797 |
Fair Value | 33,509,446 | 31,009,071 | 41,137,422 |
Corporate trust preferred | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 247,150 | 333,395 | 349,646 |
Gross Unrealized Gains | |||
Gross Unrealized Losses | 83,695 | 109,403 | 65,116 |
Fair Value | 163,455 | 223,992 | 284,530 |
Mortgage-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 46,831,094 | 43,512,419 | 57,494,784 |
Gross Unrealized Gains | 95,832 | 688,095 | 1,597,567 |
Gross Unrealized Losses | 859,116 | 1,723,255 | 52,076 |
Fair Value | $46,067,810 | $42,477,259 | $59,040,275 |
Investment_Securities_Gross_Un
Investment Securities - Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | $29,769,661 |
Less than 12 months Unrealized Loss | 198,854 |
12 months or more Fair Value | 19,728,197 |
12 months or more Unrealized Loss | 843,374 |
Total Fair Value | 49,497,858 |
Total Unrealized Loss | 1,042,228 |
U.S. Treasury | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 5,946,025 |
Less than 12 months Unrealized Loss | 23,883 |
12 months or more Fair Value | |
12 months or more Unrealized Loss | |
Total Fair Value | 5,946,025 |
Total Unrealized Loss | 23,883 |
State and Municipal | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 2,613,263 |
Less than 12 months Unrealized Loss | 30,438 |
12 months or more Fair Value | 1,261,322 |
12 months or more Unrealized Loss | 45,096 |
Total Fair Value | 3,874,585 |
Total Unrealized Loss | 75,534 |
Corporate trust preferred | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | |
Less than 12 months Unrealized Loss | |
12 months or more Fair Value | 163,455 |
12 months or more Unrealized Loss | 83,695 |
Total Fair Value | 163,455 |
Total Unrealized Loss | 83,695 |
Mortgaged-backed | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 21,210,373 |
Less than 12 months Unrealized Loss | 144,533 |
12 months or more Fair Value | 18,303,420 |
12 months or more Unrealized Loss | 714,583 |
Total Fair Value | 39,513,793 |
Total Unrealized Loss | $859,116 |
Investment_Securities_Rollforw
Investment Securities - Rollforward of Cumulative Other Than Temporary Credit Losses Recognized in Earnings for Debt Securities (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments, Debt and Equity Securities [Abstract] | |||
Estimated credit losses, beginning of year | $3,262,496 | $3,246,915 | $3,246,915 |
Credit losses - no previous OTTI recognized | |||
Credit losses - previous OTTI recognized | 15,581 | ||
Estimated credit losses, end of year | $3,262,496 | $3,262,496 | $3,246,915 |
Investment_Securities_Contract
Investment Securities - Contractual Maturities of Investment Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Available for Sale Amortized Cost | |||
Due within one year | $61,064 | $125,021 | |
Due over one to five years | 5,938,706 | ||
Due over five to ten years | 2,007,824 | 400,000 | |
Due over ten years | 32,957,092 | 32,729,025 | 38,353,076 |
Mortgage-backed, due in monthly installments | 46,859,454 | 43,540,779 | 57,523,144 |
Available-for-sale Securities, Amortized Cost | 87,824,140 | 76,269,804 | 96,401,241 |
Available for Sale Fair Value | |||
Due within one year | 61,780 | 125,745 | |
Due over one to five years | 5,923,560 | ||
Due over five to ten years | 2,004,890 | 415,028 | |
Due over ten years | 33,611,161 | 31,233,063 | 40,881,179 |
Mortgage-backed, due in monthly installments | 46,391,754 | 43,080,619 | 59,068,315 |
Available-for-sale Securities, Fair Value | $87,993,145 | $74,313,682 | $100,490,267 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of available for sale securities | $30,269,965 | $25,626,845 | $18,656,622 |
Realized gain on sale | 1,210,332 | 664,269 | 282,069 |
Realized loss on sale | 54,354 | 318,938 | 119,475 |
Income tax expense relating to net gains on sales of investment securities | 455,976 | 136,216 | 64,135 |
Schedule of Available-for-sale Securities [Line Items] | |||
Write-down of investment | 15,581 | ||
Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 27 | ||
Corporate Trust Preferred | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Write-down of investment | $15,581 | ||
Assumed future inputs net default basis points rate | This testing assumed future defaults on the currently performing financial institutions of 150 basis points applied annually with a 0% recovery on both current and future defaulting financial institutions. |
Loans_and_Allowance_Major_Cate
Loans and Allowance - Major Categories of Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses | ($3,117,870) | ($2,972,019) | ($3,307,920) |
Loans and leases receivable, total | 273,986,237 | 270,684,120 | 249,631,525 |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 278,230,503 | 274,827,478 | 254,022,692 |
Unearned income on loans | -1,126,396 | -1,171,339 | -1,083,247 |
Loans and leases receivable, net of deferred income | 277,104,107 | 273,656,139 | 252,939,445 |
Allowance for credit losses | -3,117,870 | -2,972,019 | -3,307,920 |
Loans and leases receivable, total | 273,986,237 | 270,684,120 | 249,631,525 |
Loans Receivable | Mortgage Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 120,933,420 | 123,645,939 | 107,728,972 |
Loans Receivable | Mortgage Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 62,601,469 | 67,195,806 | 71,381,029 |
Loans Receivable | Mortgage Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 7,073,720 | 6,582,553 | 3,915,299 |
Loans Receivable | Demand and time | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 3,518,752 | 4,172,747 | 4,901,107 |
Loans Receivable | Installment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $84,103,142 | $73,230,433 | $66,096,285 |
Loans_and_Allowance_Total_Allo
Loans and Allowance - Total Allowance by Loan Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Provision for credit losses | $746 | $125 | $112 | $38 | $260 | $100 | $150 | $1,020,876 | $260,000 | $250,000 | |||||
Individually evaluated for impairment, Balance in allowance | 1,270,159 | 1,270,159 | |||||||||||||
Loans Receivable | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | 2,972,019 | 3,307,920 | 3,930,924 | 2,972,019 | 3,307,920 | 3,930,924 | |||||||||
Provision for credit losses | 1,020,876 | 260,000 | 250,000 | ||||||||||||
Recoveries | 471,330 | 437,502 | 392,275 | ||||||||||||
Loans charged off | -1,346,355 | -1,033,403 | -1,265,279 | ||||||||||||
Balance, end of year | 3,117,870 | 2,972,019 | 3,307,920 | 3,117,870 | 2,972,019 | 3,307,920 | |||||||||
Individually evaluated for impairment, Balance in allowance | 1,270,159 | 1,163,567 | 1,314,777 | 1,270,159 | 1,163,567 | 1,314,777 | |||||||||
Individually evaluated for impairment, Related loan balance | 6,445,676 | 5,908,796 | 7,398,293 | 6,445,676 | 5,908,796 | 7,398,293 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 1,847,711 | 1,808,452 | 1,993,143 | 1,847,711 | 1,808,452 | 1,993,143 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 271,784,827 | 268,918,682 | 246,624,399 | 271,784,827 | 268,918,682 | 246,624,399 | |||||||||
Loans Receivable | Commercial and Industrial | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | 412,909 | 541,916 | 557,169 | 412,909 | 541,916 | 557,169 | |||||||||
Provision for credit losses | -4,580 | 46,303 | 29,282 | ||||||||||||
Recoveries | 6,440 | 26,804 | 10,558 | ||||||||||||
Loans charged off | -29,138 | -202,114 | -55,093 | ||||||||||||
Balance, end of year | 385,631 | 412,909 | 541,916 | 385,631 | 412,909 | 541,916 | |||||||||
Individually evaluated for impairment, Balance in allowance | 252,500 | 278,786 | 451,126 | 252,500 | 278,786 | 451,126 | |||||||||
Individually evaluated for impairment, Related loan balance | 252,500 | 278,786 | 796,511 | 252,500 | 278,786 | 796,511 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 133,131 | 134,123 | 90,790 | 133,131 | 134,123 | 90,790 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 3,266,252 | 3,893,961 | 4,104,596 | 3,266,252 | 3,893,961 | 4,104,596 | |||||||||
Loans Receivable | Commercial Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | 898,362 | 1,183,240 | 2,012,962 | 898,362 | 1,183,240 | 2,012,962 | |||||||||
Provision for credit losses | -448,027 | -374,067 | -919,161 | ||||||||||||
Recoveries | 128,068 | 89,189 | 89,439 | ||||||||||||
Loans charged off | -243,394 | ||||||||||||||
Balance, end of year | 335,009 | 898,362 | 1,183,240 | 335,009 | 898,362 | 1,183,240 | |||||||||
Individually evaluated for impairment, Balance in allowance | 148,791 | 550,794 | 807,735 | 148,791 | 550,794 | 807,735 | |||||||||
Individually evaluated for impairment, Related loan balance | 2,155,816 | 3,364,193 | 4,980,503 | 2,155,816 | 3,364,193 | 4,980,503 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 186,218 | 347,568 | 375,505 | 186,218 | 347,568 | 375,505 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 63,486,816 | 65,414,415 | 67,898,601 | 63,486,816 | 65,414,415 | 67,898,601 | |||||||||
Loans Receivable | Consumer and Indirect | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | 1,187,604 | 1,057,531 | 888,614 | 1,187,604 | 1,057,531 | 888,614 | |||||||||
Provision for credit losses | 601,522 | 468,559 | 357,622 | ||||||||||||
Recoveries | 331,108 | 313,795 | 286,564 | ||||||||||||
Loans charged off | -839,012 | -652,281 | -475,269 | ||||||||||||
Balance, end of year | 1,281,222 | 1,187,604 | 1,057,531 | 1,281,222 | 1,187,604 | 1,057,531 | |||||||||
Individually evaluated for impairment, Balance in allowance | 186,226 | 178,657 | 20,000 | 186,226 | 178,657 | 20,000 | |||||||||
Individually evaluated for impairment, Related loan balance | 1,106,217 | 636,174 | 76,251 | 1,106,217 | 636,174 | 76,251 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 1,094,996 | 1,008,947 | 1,037,531 | 1,094,996 | 1,008,947 | 1,037,531 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 82,996,925 | 72,594,259 | 66,020,034 | 82,996,925 | 72,594,259 | 66,020,034 | |||||||||
Loans Receivable | Residential Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | 593,463 | 392,506 | 595,812 | 593,463 | 392,506 | 595,812 | |||||||||
Provision for credit losses | 805,261 | 372,251 | 525,897 | ||||||||||||
Recoveries | 5,714 | 7,714 | 5,714 | ||||||||||||
Loans charged off | -234,811 | -179,008 | -734,917 | ||||||||||||
Balance, end of year | 1,169,627 | 593,463 | 392,506 | 1,169,627 | 593,463 | 392,506 | |||||||||
Individually evaluated for impairment, Balance in allowance | 682,642 | 155,330 | 35,916 | 682,642 | 155,330 | 35,916 | |||||||||
Individually evaluated for impairment, Related loan balance | 2,931,143 | 1,629,643 | 1,545,028 | 2,931,143 | 1,629,643 | 1,545,028 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 486,985 | 438,133 | 356,590 | 486,985 | 438,133 | 356,590 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 122,034,834 | 127,016,047 | 108,601,168 | 122,034,834 | 127,016,047 | 108,601,168 | |||||||||
Loans Receivable | Unallocated | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Balance, beginning of year | -120,319 | 132,727 | -123,633 | -120,319 | 132,727 | -123,633 | |||||||||
Provision for credit losses | 66,700 | -253,046 | 256,360 | ||||||||||||
Recoveries | |||||||||||||||
Loans charged off | |||||||||||||||
Balance, end of year | -53,619 | -120,319 | 132,727 | -53,619 | -120,319 | 132,727 | |||||||||
Individually evaluated for impairment, Balance in allowance | |||||||||||||||
Individually evaluated for impairment, Related loan balance | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | -53,619 | -120,319 | 132,727 | -53,619 | -120,319 | 132,727 | |||||||||
Collectively evaluated for impairment, Balance in allowance |
Loans_and_Allowance_Risk_Ratin
Loans and Allowance - Risk Ratings of Loans by Categories of Loans (Detail) (Loans Receivable, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loan | Loan | Loan | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | $278,230,503 | $274,827,478 | $254,022,692 |
Non-accrual | 2,777,904 | 2,713,393 | 4,008,665 |
Troubled debt restructures | 252,500 | 2,202,268 | |
Number of TDRs accounts | 1 | 2 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 263,761,195 | 261,838,072 | 239,697,588 |
Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 8,126,375 | 8,213,339 | 8,829,428 |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 6,017,072 | 4,710,368 | 5,405,784 |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 162,960 | 65,699 | 89,892 |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 162,901 | ||
Non-performing TDRs | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Troubled debt restructures | 2,202,268 | ||
Number of TDRs accounts | 2 | ||
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 3,518,752 | 4,172,747 | 4,901,107 |
Non-accrual | 14,286 | 17,286 | |
Troubled debt restructures | 252,500 | ||
Number of TDRs accounts | 1 | ||
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 3,177,639 | 3,594,809 | 4,296,139 |
Commercial and Industrial | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 88,613 | 299,152 | 183,507 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 252,500 | 278,786 | 421,461 |
Commercial and Industrial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Commercial and Industrial | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Commercial and Industrial | Non-performing TDRs | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Troubled debt restructures | |||
Number of TDRs accounts | |||
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 65,642,632 | 68,778,608 | 72,879,104 |
Non-accrual | 1,097,112 | 1,237,647 | 2,645,320 |
Troubled debt restructures | 1,369,768 | ||
Number of TDRs accounts | 1 | ||
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 58,837,254 | 59,914,422 | 63,297,427 |
Commercial Real Estate | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 4,649,562 | 5,499,993 | 5,970,942 |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 2,155,816 | 3,364,193 | 3,610,735 |
Commercial Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Commercial Real Estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Commercial Real Estate | Non-performing TDRs | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Troubled debt restructures | 1,369,768 | ||
Number of TDRs accounts | 1 | ||
Consumer and Indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 84,103,142 | 73,230,433 | 66,096,285 |
Non-accrual | 515,352 | 338,212 | 237,193 |
Troubled debt restructures | |||
Number of TDRs accounts | |||
Consumer and Indirect | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 80,501,928 | 71,554,400 | 64,160,355 |
Consumer and Indirect | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 2,555,654 | 1,102,091 | 1,485,366 |
Consumer and Indirect | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 882,600 | 508,243 | 360,672 |
Consumer and Indirect | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 162,960 | 65,699 | 89,892 |
Consumer and Indirect | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Consumer and Indirect | Non-performing TDRs | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Troubled debt restructures | |||
Number of TDRs accounts | |||
Residential Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 124,965,977 | 128,645,690 | 110,146,196 |
Non-accrual | 1,165,440 | 1,123,248 | 1,108,866 |
Troubled debt restructures | 832,500 | ||
Number of TDRs accounts | 1 | ||
Residential Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 121,244,374 | 126,774,441 | 107,943,667 |
Residential Real Estate | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 832,546 | 1,312,103 | 1,189,613 |
Residential Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 2,726,156 | 559,146 | 1,012,916 |
Residential Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | |||
Residential Real Estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 162,901 | ||
Residential Real Estate | Non-performing TDRs | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Troubled debt restructures | $832,500 | ||
Number of TDRs accounts | 1 |
Loans_and_Allowance_Past_Due_F
Loans and Allowance - Past Due Financing Receivables (Detail) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $272,664,631 | $269,039,107 | $246,531,094 |
30-89 Days Past Due | 2,591,196 | 1,467,235 | 1,870,193 |
90 Days or More and Still Accruing | 196,772 | 1,607,743 | 1,612,740 |
Non-accrual | 2,777,904 | 2,713,393 | 4,008,665 |
Total | 278,230,503 | 274,827,478 | 254,022,692 |
Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,518,752 | 4,158,461 | 4,678,297 |
30-89 Days Past Due | 205,524 | ||
90 Days or More and Still Accruing | |||
Non-accrual | 14,286 | 17,286 | |
Total | 3,518,752 | 4,172,747 | 4,901,107 |
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 64,545,207 | 66,191,062 | 68,879,791 |
30-89 Days Past Due | 313 | 173,000 | |
90 Days or More and Still Accruing | 1,176,899 | 1,353,993 | |
Non-accrual | 1,097,112 | 1,237,647 | 2,645,320 |
Total | 65,642,632 | 68,778,608 | 72,879,104 |
Consumer and indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 81,315,689 | 71,755,109 | 64,427,468 |
30-89 Days Past Due | 2,272,101 | 1,137,112 | 1,431,624 |
90 Days or More and Still Accruing | |||
Non-accrual | 515,352 | 338,212 | 237,193 |
Total | 84,103,142 | 73,230,433 | 66,096,285 |
Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 123,284,983 | 126,934,475 | 108,545,538 |
30-89 Days Past Due | 318,782 | 157,123 | 233,045 |
90 Days or More and Still Accruing | 196,772 | 430,844 | 258,747 |
Non-accrual | 1,165,440 | 1,123,248 | 1,108,866 |
Total | $124,965,977 | $128,645,690 | $110,146,196 |
Loans_and_Allowance_Impaired_F
Loans and Allowance - Impaired Financing Receivables (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | |||
Specific Reserve with specific reserves | $1,270,159 | ||
Loans Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 4,685,183 | 3,418,966 | 4,435,425 |
Unpaid Principal Balance with specific reserves | 4,685,183 | 3,418,966 | 5,035,425 |
Interest Income Recognized with specific reserves | 220,420 | 103,611 | 146,945 |
Specific Reserve with specific reserves | 1,270,159 | 1,163,567 | 1,314,777 |
Average Recorded Investment with specific reserves | 4,791,097 | 3,516,699 | 4,479,960 |
Recorded Investment with no specific reserve | 1,760,493 | 2,489,830 | 2,962,868 |
Unpaid Principal Balance with no specific reserve | 1,821,688 | 2,489,830 | 3,182,303 |
Interest Income Recognized with no specific reserve | 51,189 | 85,840 | 75,050 |
Average Recorded Investment with no specific reserve | 1,430,076 | 2,353,983 | 4,235,843 |
Loans Receivable | Real-estate - mortgage Residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 2,726,247 | 559,146 | 180,416 |
Unpaid Principal Balance with specific reserves | 2,726,247 | 559,146 | 180,416 |
Interest Income Recognized with specific reserves | 177,707 | 15,768 | 11,838 |
Specific Reserve with specific reserves | 682,642 | 155,330 | 35,916 |
Average Recorded Investment with specific reserves | 2,747,299 | 563,961 | 182,019 |
Recorded Investment with no specific reserve | 204,896 | 1,070,497 | 1,364,612 |
Unpaid Principal Balance with no specific reserve | 266,091 | 1,070,497 | 1,812,535 |
Interest Income Recognized with no specific reserve | 2,641 | 39,257 | 75,050 |
Average Recorded Investment with no specific reserve | 340,435 | 1,071,479 | 1,794,861 |
Loans Receivable | Real-estate - mortgage Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 1,094,708 | 2,187,294 | 3,610,735 |
Unpaid Principal Balance with specific reserves | 1,094,708 | 2,187,294 | 4,210,735 |
Interest Income Recognized with specific reserves | 783 | 55,535 | 99,079 |
Specific Reserve with specific reserves | 148,791 | 550,794 | 807,735 |
Average Recorded Investment with specific reserves | 1,162,367 | 2,271,949 | 3,642,095 |
Recorded Investment with no specific reserve | 1,061,108 | 1,176,899 | 1,369,768 |
Unpaid Principal Balance with no specific reserve | 1,061,108 | 1,176,899 | 1,369,768 |
Interest Income Recognized with no specific reserve | 48,548 | 46,583 | |
Average Recorded Investment with no specific reserve | 1,089,641 | 1,231,505 | 2,440,982 |
Loans Receivable | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 611,728 | 393,740 | 75,513 |
Unpaid Principal Balance with specific reserves | 611,728 | 393,740 | 75,513 |
Interest Income Recognized with specific reserves | 30,903 | 20,767 | 7,759 |
Specific Reserve with specific reserves | 186,226 | 178,657 | 20,000 |
Average Recorded Investment with specific reserves | 622,854 | 394,356 | 76,098 |
Recorded Investment with no specific reserve | 60,656 | 10,602 | 738 |
Unpaid Principal Balance with no specific reserve | 60,656 | 10,602 | |
Interest Income Recognized with no specific reserve | |||
Average Recorded Investment with no specific reserve | |||
Loans Receivable | Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 147,301 | ||
Unpaid Principal Balance with specific reserves | 147,301 | ||
Interest Income Recognized with specific reserves | 7,806 | ||
Specific Reserve with specific reserves | 29,666 | ||
Average Recorded Investment with specific reserves | 147,574 | ||
Recorded Investment with no specific reserve | 433,833 | 180,204 | 227,750 |
Unpaid Principal Balance with no specific reserve | 433,833 | 180,204 | |
Interest Income Recognized with no specific reserve | |||
Average Recorded Investment with no specific reserve | |||
Loans Receivable | Home Equity | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | |||
Unpaid Principal Balance with specific reserves | |||
Interest Income Recognized with specific reserves | |||
Specific Reserve with specific reserves | |||
Average Recorded Investment with specific reserves | |||
Recorded Investment with no specific reserve | 51,628 | ||
Unpaid Principal Balance with no specific reserve | 51,628 | ||
Interest Income Recognized with no specific reserve | |||
Average Recorded Investment with no specific reserve | 50,999 | ||
Loans Receivable | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 252,500 | 278,786 | 421,460 |
Unpaid Principal Balance with specific reserves | 252,500 | 278,786 | 421,460 |
Interest Income Recognized with specific reserves | 11,027 | 11,541 | 20,463 |
Specific Reserve with specific reserves | 252,500 | 278,786 | 421,460 |
Average Recorded Investment with specific reserves | 258,577 | 286,433 | 432,174 |
Recorded Investment with no specific reserve | |||
Unpaid Principal Balance with no specific reserve | |||
Interest Income Recognized with no specific reserve | |||
Average Recorded Investment with no specific reserve |
Loans_And_Allowance_Additional
Loans And Allowance - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Tolerance for actual to required reserves, percentage | 5.00% | |||
Amount of commercial real estate loan and receivable, outstanding | $1,094,708 | |||
Amount of commercial real estate loan and receivable, specific reserves | 148,791 | |||
Number of loan commercial real estate | 2 | |||
Number of commercial real estate loans borrowers | 2 | |||
Amount of residential real estate loan and receivable, outstanding | 622,584 | |||
Amount of residential real estate loan and receivable, specific reserves | 193,605 | |||
Number of loan residential real estate | 3 | |||
Number of residential real estate loans borrowers | 3 | |||
Amount of consumer and indirect loans, outstanding | 538,248 | |||
Amount of consumer and indirect loans, specific reserves | 166,226 | |||
Number of loan consumer and indirect loans | 4 | |||
Number of consumer and indirect loans borrowers | 4 | |||
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 278,230,503 | 274,827,478 | 254,022,692 | |
Unallocated shortfall or excess in allowance for loan losses | 3,117,870 | 2,972,019 | 3,307,920 | 3,930,924 |
Amount of recorded investment in new troubled debt restructurings, totaled | 252,500 | 2,202,268 | ||
Amount of loans on which the accrual of interest has been discontinued, totaled | 2,777,904 | 2,713,393 | 4,008,665 | |
Amount of interest that would have been accrued from non performing financial receivable, totaled | 255,682 | 180,770 | 273,974 | |
Amount of loans past due 90 days or more and still accruing interest, totaled | 196,772 | 1,607,743 | 1,612,740 | |
Loans Receivable | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | 2,202,268 | |||
Loans Receivable | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 3,518,752 | 4,172,747 | 4,901,107 | |
Unallocated shortfall or excess in allowance for loan losses | 385,631 | 412,909 | 541,916 | 557,169 |
Amount of recorded investment in new troubled debt restructurings, totaled | 252,500 | |||
Loans Receivable | Commercial and Industrial | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Loans Receivable | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 124,965,977 | 128,645,690 | 110,146,196 | |
Unallocated shortfall or excess in allowance for loan losses | 1,169,627 | 593,463 | 392,506 | 595,812 |
Amount of recorded investment in new troubled debt restructurings, totaled | 832,500 | |||
Loans Receivable | Residential Real Estate | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | 832,500 | |||
Loans Receivable | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 65,642,632 | 68,778,608 | 72,879,104 | |
Unallocated shortfall or excess in allowance for loan losses | 335,009 | 898,362 | 1,183,240 | 2,012,962 |
Amount of recorded investment in new troubled debt restructurings, totaled | 1,369,768 | |||
Loans Receivable | Commercial Real Estate | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | 1,369,768 | |||
Loans Receivable | Unallocated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unallocated shortfall or excess in allowance for loan losses | -53,619 | -120,319 | 132,727 | -123,633 |
Loans Receivable | Executive Officers Directors and Their Affiliated Interests | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of loans outstanding, totaled | 556,188 | 1,078,577 | 354,257 | |
Amount of loans additions, totaled | 126,500 | |||
Amount of loans repayments, totaled | 648,889 | |||
Installment | Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 84,103,142 | 73,230,433 | 66,096,285 | |
Collateralized Auto Loans | Installment | Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $67,551,000 | $55,400,000 | $47,427,000 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Land | 684,977 | $684,977 | $684,977 |
Buildings | 6,221,980 | 6,142,509 | 6,083,675 |
Equipment and fixtures | 5,400,514 | 5,187,984 | 5,126,477 |
Construction in progress | 53,197 | 61,155 | 4,150 |
Property plant and equipment gross | 12,360,668 | 12,076,625 | 11,899,279 |
Accumulated depreciation | -8,689,373 | -8,379,853 | -8,026,277 |
Property plant and equipment net | 3,671,295 | $3,696,772 | $3,873,002 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 5 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 50 years | ||
Equipment and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 5 years | ||
Equipment and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 30 years |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $399,083 | $392,146 | $409,032 |
Amortization of software and intangible assets | 21,970 | 26,236 | 42,791 |
Rent expense | 150,145 | 137,232 | 141,170 |
Severna Park | |||
Property, Plant and Equipment [Line Items] | |||
Minimum lease obligations through September 2012 | 30,000 | ||
Minimum lease obligations through September 2015 | 33,000 | ||
Linthicum Branches | |||
Property, Plant and Equipment [Line Items] | |||
Minimum lease obligation through December 2024 | $120,952 |
Shortterm_Borrowings_Summary_o
Short-term Borrowings - Summary of short-term borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-Term Debt [Abstract] | |||
Notes payable - U.S. Treasury | $254,749 | ||
Short-term borrowings | $254,749 |
Short_Term_Borrowings_Addition
Short Term Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial_Institution | |||
Short-term Debt [Line Items] | |||
Federal home loan bank shares owned | 13,278 | ||
Percentage of investment to be maintained on total assets | 0.20% | ||
Additional percentage of investment to be maintained on total advances | 4.50% | ||
Percentage of credit available on total assets | 20.00% | ||
Amount of credit available on total assets | $69,169,000 | ||
Long-term federal home loan bank advances | 20,000,000 | ||
Average short-term borrowings | 24,658 | 1,838,000 | 399,000 |
Number of financial institution lending credit facility | 3 | ||
Federal Funds | Financial Bank One | |||
Short-term Debt [Line Items] | |||
Line of credit, amount available for borrowing | 3,000,000 | ||
Federal Funds | Financial Bank Two | |||
Short-term Debt [Line Items] | |||
Line of credit, amount available for borrowing | 5,000,000 | ||
Federal Funds | Financial bank three | |||
Short-term Debt [Line Items] | |||
Line of credit, amount available for borrowing | $8,000,000 |
Longterm_Borrowings_Summary_of
Long-term Borrowings - Summary of long-term borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal Home Loan Bank of Atlanta, convertible advances | $20,000,000 | ||
Federal Home Loan Bank of Atlanta | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal Home Loan Bank of Atlanta, convertible advances | $20,000,000 | $20,000,000 | $20,000,000 |
Recovered_Sheet2
Long-Term Borrowings - Summary of long-term Borrowings (Detail 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instruments [Abstract] | |||
2017 | $10,000,000 | ||
2018 | 10,000,000 | ||
Long-term borrowings | $20,000,000 | $20,000,000 | $20,000,000 |
Longterm_Borrowings_Additional
Long-term Borrowings - Additional Information (Detail) (Federal Home Loan Bank of Atlanta, USD $) | 12 Months Ended | |
Dec. 31, 2007 | Dec. 31, 2008 | |
Convertible advances maturing on November, 1, 2017 | ||
Debt Instrument [Line Items] | ||
Convertible debt | $10,000,000 | |
Debt instrument, maturity date | 1-Nov-17 | |
Debt instrument, interest rate, stated percentage | 3.28% | |
Convertible advances maturing on July 23, 2018 | ||
Debt Instrument [Line Items] | ||
Convertible debt | 5,000,000 | |
Debt instrument, maturity date | 23-Jul-18 | |
Debt instrument callable quarterly date | 23-Jul-09 | |
Debt instrument, interest rate, stated percentage | 2.73% | |
Convertible advances maturing on August 22, 2018 | ||
Debt Instrument [Line Items] | ||
Convertible debt | $5,000,000 | |
Debt instrument, maturity date | 22-Aug-18 | |
Debt instrument callable quarterly date | 22-Aug-11 | |
Debt instrument, interest rate, stated percentage | 3.34% |
Deposits_Summary_of_major_clas
Deposits - Summary of major classifications of Interest-bearing deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
NOW and SuperNOW | $26,990,274 | $27,991,553 | $31,699,734 |
Money Market | 20,465,436 | 19,219,579 | 20,734,875 |
Savings | 74,973,038 | 71,278,801 | 68,516,141 |
Certificates of Deposit, $100,000 or more | 36,118,031 | 28,916,597 | 28,213,893 |
Other time deposits | 91,767,589 | 89,649,301 | 98,835,758 |
Interest-bearing deposits | $250,314,368 | $237,055,831 | $248,000,401 |
Deposits_Summary_of_interest_e
Deposits - Summary of interest expense on deposits (Detail 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deposits [Abstract] | |||
NOW and SuperNOW | $11,608 | $11,300 | $15,754 |
Money Market | 9,965 | 10,618 | 25,914 |
Savings | 37,537 | 55,591 | 106,424 |
Certificates of Deposit, $100,000 or more | 523,472 | 373,880 | 459,130 |
Other time deposits | 1,310,732 | 1,562,938 | 2,003,684 |
Interest expense | $1,893,314 | $2,014,327 | $2,610,906 |
Deposits_Summary_of_maturities
Deposits -Summary of maturities of time deposits (Detail 2) (USD $) | Dec. 31, 2014 |
Deposits [Abstract] | |
2015 | $46,167,000 |
2016 | 22,907,000 |
2017 | 7,022,000 |
2018 | 17,514,000 |
2019 | 26,052,000 |
2020 and thereafter | 8,224,000 |
Time Deposits | $127,886,000 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
Deposit balances of executive officers and directors and their affiliated interests | $2,331,000 | $2,147,000 | $2,188,000 |
Income_Taxes_Summary_of_compon
Income Taxes - Summary of components of income tax expense (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | |||
Federal | $408,056 | $400,931 | $448,832 |
State | 187,266 | 197,671 | 186,616 |
Total current | 595,322 | 598,602 | 635,448 |
Deferred income (benefits) taxes: | |||
Federal | -253,848 | -9,542 | -5,130 |
State | -32,822 | 44,795 | 43,489 |
Total deferred (benefits) taxes | -286,670 | 35,252 | 38,359 |
Income tax expense | $308,652 | $633,855 | $673,807 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax expense computed at satutory rate (Detail 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Income before income tax expense (benefit) | $521 | $637 | $498 | $567 | $814 | $1,039 | $788 | $607 | $761 | $833 | $805 | $940 | $2,223,178 | $3,248,032 | $3,338,887 |
Taxes computed at Federal income tax rate | 755,881 | 1,104,331 | 1,135,222 | ||||||||||||
Increase (decrease) resulting from: | |||||||||||||||
Tax-exempt income | -531,764 | -630,710 | -644,546 | ||||||||||||
State income taxes, net of Federal income tax benefit | 101,933 | 160,027 | 151,869 | ||||||||||||
Other | -17,398 | 207 | 31,262 | ||||||||||||
Income tax expense | $308,652 | $633,855 | $673,807 |
Income_Taxes_Components_of_net
Income Taxes - Components of net deferred income tax benefits (Detail 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred income tax benefits: | |||
Accrued deferred compensation | $142,308 | $129,101 | $120,695 |
Impairment loss on investment securities | 1,305,584 | 1,218,497 | 1,212,351 |
Allowance for credit losses | 364,697 | 458,303 | 816,722 |
Nonaccrual interest | 445,173 | 339,765 | 283,045 |
Alternative minimum tax credits | 615,186 | 485,444 | 306,523 |
Accumulated depreciation | 72,354 | 60,627 | 75,650 |
Other real estate owned | 14,940 | 14,940 | |
Reserve for unfunded commitments | 78,890 | 78,890 | 78,890 |
Other temporary differences | 2,116 | 1,332 | |
Accumulated securities premium accretion | 71,834 | 39,514 | |
Net unrealized depreciation on investment securities available for sale | 778,048 | ||
Total deferred income tax benefits | 3,113,082 | 3,604,461 | 2,893,876 |
Deferred income tax liabilities: | |||
Accumulated securities discount accretion | 32,209 | ||
Net unrealized appreciation on investment securities available for sale | 67,847 | 1,626,412 | |
Total deferred income tax liabilities | 67,847 | 1,658,621 | |
Net deferred income tax benefits | $3,045,235 | $3,604,461 | $1,235,255 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Statutory rate | 34.00% |
Pension_and_Profit_Sharing_Pla1
Pension and Profit Sharing Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Annual contributions, included in employee benefit expense | $229,500 | $260,400 | $241,035 |
Amount of additional contributions under this plan for benefit of certain employees | 8,098 | 8,159 | 8,159 |
Amount of discretionary employer matching contributions to plan | $228,516 | $304,558 | $317,108 |
Other_Benefit_Plans_Additional
Other Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments, All Other Investments [Abstract] | |||
Cash value of life insurance contract | $9,138,658 | $8,914,817 | $8,680,519 |
Income on their insurance investment total | $223,841 | $234,297 | $247,364 |
Other_Operating_Expenses_Detai
Other Operating Expenses (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Operating Expenses [Abstract] | |||
Professional services | $677,308 | $635,502 | $531,112 |
Stationery, printing and supplies | 185,963 | 201,883 | 178,932 |
Postage and delivery | 164,814 | 139,096 | 150,374 |
FDIC assessment | 279,584 | 234,203 | 39,622 |
Directors fees and expenses | 239,769 | 226,881 | 194,700 |
Marketing | 239,437 | 207,527 | 253,177 |
Data processing | 25,404 | 34,909 | 46,939 |
Correspondent bank services | 45,362 | 55,444 | 43,466 |
Telephone | 223,071 | 255,955 | 218,414 |
Liability insurance | 73,925 | 71,722 | 72,578 |
Losses (gains) and expenses on OREO | 62,493 | 73,698 | 68,499 |
Other ATM expense | 125,845 | 117,617 | 134,510 |
Other | 705,316 | 462,682 | 454,142 |
Other operating expenses | $3,048,291 | $2,717,119 | $2,386,465 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of outstanding loan commitments, unused lines of credit and letters of credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loan commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | $1,666,000 | $4,378,000 | $7,047,000 |
Construction and land development | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 1,561,000 | 822,000 | |
Other mortgage loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 1,666,000 | 2,817,000 | 6,225,000 |
Unused lines of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 19,706,092 | 19,490,826 | 19,188,516 |
Home-equity lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 3,825,462 | 11,067,236 | 9,882,497 |
Commercial lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 15,156,201 | 7,726,424 | 8,615,844 |
Secured consumer line | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 50,000 | 24,043 | 3,002 |
Unsecured consumer lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 674,429 | 673,123 | 687,173 |
Letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | $57,580 | $32,000 | $32,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Provision for financial receivable unfunded credit losses | $200,000 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of capital comparison with minimum requirements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Company | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $36,959,000 | $35,933,000 | $34,165,000 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | 14.10% | 14.10% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 20,645,810 | 20,329,844 | 19,425,729 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | |||
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | |||
Tier I Capital (to Risk Weighted Assets) Actual Amount | 33,728,000 | 32,761,000 | 31,124,000 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 13.10% | 12.90% | 12.80% |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 10,322,265 | 10,166,330 | 9,711,076 |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | |||
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | |||
Tier I Capital (to Average Assets) Actual Amount | 33,728,000 | 32,761,000 | 31,124,000 |
Tier I Capital (to Average Assets) Actual Ratio | 8.50% | 8.70% | 8.30% |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | 15,834,742 | 15,079,862 | 15,072,155 |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | |||
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | |||
Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | 36,655,000 | 35,933,000 | 33,807,000 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | 14.10% | 14.00% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 20,477,654 | 20,183,569 | 19,290,728 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 25,597,067 | 25,229,462 | 24,113,409 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) Actual Amount | 33,454,000 | 32,470,000 | 30,787,000 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 13.10% | 12.90% | 12.80% |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 10,238,409 | 10,091,686 | 9,643,540 |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 15,357,613 | 15,137,529 | 14,465,309 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | 33,454,000 | 32,470,000 | 30,787,000 |
Tier I Capital (to Average Assets) Actual Ratio | 8.40% | 8.60% | 8.10% |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | 16,006,699 | 15,119,907 | 15,297,888 |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $20,008,373 | $18,899,884 | $19,122,360 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | 5.00% |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders Equity [Line Items] | |||
Retained earnings from which dividends may not be paid without prior approval, total | 17,171,000 | 15,293,000 | 14,312,000 |
Employee stock purchase benefit plans | |||
Stockholders Equity [Line Items] | |||
Employee eligibility period | 1 year | ||
Employees to buy stock under options granted | 85.00% | ||
Options are vested when granted and will expire no later than | 27 months | ||
Common stock, capital shares reserved for future issuance | 48,011 | ||
Dividend reinvestment and stock purchase plan | |||
Stockholders Equity [Line Items] | |||
Shares of common stock purchased | 13,594 | 10,392 | 19,069 |
Common stock, capital shares reserved for future issuance | 197,524 | ||
Stockholder purchase plan | |||
Stockholders Equity [Line Items] | |||
Common stock, capital shares reserved for future issuance | 313,919 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic: | |||||||||||||||
Net income | $480 | $526 | $435 | $473 | $650 | $795 | $640 | $529 | $609 | $670 | $656 | $730 | $1,914,526 | $2,614,177 | $2,665,080 |
Weighted average common shares outstanding (in shares) | 2,755,671 | 2,742,003 | 2,728,072 | ||||||||||||
Basic net income per share (in dollars per share) | $0.69 | $0.95 | $0.98 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets - Carrying Amount | |||
Cash and due from banks | $7,101,352 | $9,214,503 | $9,332,087 |
Interest-bearing deposits in other financial institutions | 2,154,817 | 1,636,194 | 6,627,394 |
Federal funds sold | 4,024,065 | 102,772 | 2,669,101 |
Investment securities available for sale | 87,993,145 | 74,313,682 | 100,490,267 |
Federal Home Loan Bank Stock | 1,327,800 | 1,452,900 | 1,448,000 |
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 |
Ground rents | 169,200 | 169,200 | 175,200 |
Loans, less allowance for credit losses | 273,986,237 | 270,684,120 | 249,631,525 |
Accrued interest receivable | 1,274,137 | 1,509,238 | 1,450,321 |
Financial liabilities - Carrying Amount | |||
Deposits | 338,877,292 | 323,803,356 | 332,288,886 |
Long-term borrowings | 20,000,000 | 20,000,000 | 20,000,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable | 39,823 | 28,523 | 28,365 |
Unrecognized financial instruments: | |||
Commitments to extend credit | 21,372,092 | 23,868,826 | 26,235,516 |
Standby letters of credit | 57,580 | 32,000 | 32,000 |
Financial assets - Fair Value | |||
Cash and due from banks | 7,101,352 | 9,214,503 | 9,332,087 |
Interest-bearing deposits in other financial institutions | 2,154,817 | 1,636,194 | 6,627,394 |
Federal funds sold | 4,024,065 | 102,772 | 2,669,101 |
Investment securities available for sale | 87,993,145 | 74,313,682 | 100,490,267 |
Federal Home Loan Bank Stock | 1,327,800 | 1,452,900 | 1,448,000 |
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 |
Ground rents | 169,200 | 169,200 | 175,200 |
Loans, less allowance for credit losses | 268,536,000 | 270,684,120 | 251,419,000 |
Accrued interest receivable | 1,274,137 | 1,509,238 | 1,450,321 |
Financial liabilities - Fair Value | |||
Deposits | 310,239,000 | 291,046,000 | 314,680,000 |
Long-term borrowings | 20,951,000 | 21,032,000 | 21,899,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable | 39,823 | 28,523 | 28,365 |
Unrecognized financial instruments: | |||
Commitments to extend credit | 21,372,092 | 23,868,826 | 26,235,516 |
Standby letters of credit | $57,580 | $32,000 | $32,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of fair value measurements on recurring and non-recurring Basis (Detail 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Recurring: | |||
Securities available for sale | $74,313,682 | $87,993,145 | $100,490,267 |
Non-recurring: | |||
Maryland Financial Bank stock | 30,000 | 30,000 | 30,000 |
Securities available for sale: | |||
OTTI on investments | 15,581 | ||
Fair Value, Inputs, Level 1 | |||
Securities available for sale: | |||
Purchases of securities | |||
Sales, calls, and maturities of securities | |||
Net amortization/accretion of premium/discount | |||
Increase (decrease) in market value | 216,944 | ||
OTTI on investments | |||
Transfer to level 1 | |||
Transfer to level 2 | |||
Maryland Financial Bank stock OTTI on stock | |||
Impaired loans: | |||
Payments and other loan reductions | |||
Change in total provision | |||
Loans converted to OREO | |||
OREO: | |||
OREO converted from loans | |||
Sales of OREO | |||
Write-down of OREO | |||
Loss on disposal of OREO | |||
Fair Value, Inputs, Level 2 | |||
Securities available for sale: | |||
Purchases of securities | 50,167,691 | ||
Sales, calls, and maturities of securities | -38,223,651 | ||
Net amortization/accretion of premium/discount | -391,144 | ||
Increase (decrease) in market value | 1,746,303 | ||
OTTI on investments | |||
Transfer to level 1 | |||
Transfer to level 2 | |||
Maryland Financial Bank stock OTTI on stock | |||
Impaired loans: | |||
Payments and other loan reductions | |||
Change in total provision | |||
Loans converted to OREO | |||
OREO: | |||
OREO converted from loans | 45,175 | ||
Sales of OREO | -1,153,883 | ||
Write-down of OREO | -16,448 | ||
Loss on disposal of OREO | -442 | ||
Fair Value, Inputs, Level 3 | |||
Securities available for sale: | |||
Purchases of securities | |||
Sales, calls, and maturities of securities | |||
Net amortization/accretion of premium/discount | -134 | ||
Increase (decrease) in market value | 163,454 | ||
OTTI on investments | |||
Transfer to level 1 | |||
Transfer to level 2 | |||
Maryland Financial Bank stock OTTI on stock | |||
Impaired loans: | |||
Payments and other loan reductions | -5,874,910 | ||
Change in total provision | 452,709 | ||
Loans converted to OREO | -45,175 | ||
OREO: | |||
OREO converted from loans | |||
Sales of OREO | |||
Write-down of OREO | |||
Loss on disposal of OREO | |||
Fair Value | |||
Securities available for sale: | |||
Purchases of securities | 50,167,691 | ||
Sales, calls, and maturities of securities | -38,223,651 | ||
Net amortization/accretion of premium/discount | -391,278 | ||
Increase (decrease) in market value | 2,126,701 | ||
OTTI on investments | |||
Transfer to level 1 | |||
Transfer to level 2 | |||
Maryland Financial Bank stock OTTI on stock | |||
Impaired loans: | |||
New impaired loans | 5,897,664 | ||
Payments and other loan reductions | -5,874,910 | ||
Change in total provision | 452,709 | ||
Loans converted to OREO | -45,175 | ||
OREO: | |||
OREO converted from loans | 45,175 | ||
Sales of OREO | -1,153,883 | ||
Write-down of OREO | -16,448 | ||
Loss on disposal of OREO | -442 | ||
Recurring | Fair Value, Inputs, Level 1 | |||
Recurring: | |||
Securities available for sale | 573,600 | 790,544 | |
Recurring | Fair Value, Inputs, Level 2 | |||
Recurring: | |||
Securities available for sale | 73,515,807 | 86,815,006 | |
Recurring | Fair Value, Inputs, Level 3 | |||
Recurring: | |||
Securities available for sale | 224,275 | 387,595 | |
Recurring | Fair Value | |||
Recurring: | |||
Securities available for sale | 74,313,682 | 87,993,145 | |
Nonrecurring | Fair Value, Inputs, Level 1 | |||
Non-recurring: | |||
Maryland Financial Bank stock | |||
Impaired loans | |||
OREO | |||
Assets, fair value disclosure | 573,600 | ||
Nonrecurring | Fair Value, Inputs, Level 2 | |||
Non-recurring: | |||
Maryland Financial Bank stock | |||
Impaired loans | |||
OREO | 1,170,773 | 45,175 | |
Assets, fair value disclosure | 74,686,580 | 86,860,181 | |
Nonrecurring | Fair Value, Inputs, Level 3 | |||
Non-recurring: | |||
Maryland Financial Bank stock | 30,000 | 30,000 | |
Impaired loans | 4,745,229 | 5,175,517 | |
OREO | |||
Assets, fair value disclosure | 4,999,504 | 5,593,112 | |
Nonrecurring | Fair Value | |||
Non-recurring: | |||
Maryland Financial Bank stock | 30,000 | 30,000 | |
Impaired loans | 4,745,229 | 5,175,517 | |
OREO | 1,170,773 | 45,175 | |
Assets, fair value disclosure | $80,259,684 | $93,243,837 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Property | |
Loan | |
Fair Value Disclosures [Abstract] | |
Number of loans consisted under non-recurring assets | 28 |
Number of impaired loans classified as nonaccrual loans | 11 |
Number of impaired loans classified as accruing loans | 17 |
Number of properties classified as OREO | 1 |
Valuation allowance allocation to the impaired loans | $1,270,159 |
Maryland financial bank stock written down | $30,000 |
Condensed_Balance_Sheet_Detail
Condensed Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ||||
Other assets | $668,392 | $694,142 | $1,317,408 | |
Total assets | 394,629,508 | 377,193,574 | 387,438,269 | |
Liabilities and Stockholders' Equity | ||||
Dividends payable | 276,096 | 274,737 | ||
Total liabilities | 360,798,981 | 345,610,413 | 353,850,604 | |
Stockholders' equity: | ||||
Common stock | 2,760,964 | 2,747,370 | 2,736,978 | |
Surplus | 9,854,119 | 9,713,335 | 9,604,906 | |
Retained earnings | 21,112,714 | 20,300,531 | 18,783,164 | |
Accumulated other comprehensive income (loss), net of benefits | 102,730 | -1,178,075 | 2,462,617 | |
Total stockholders' equity | 33,830,527 | 31,583,161 | 33,587,665 | 31,210,830 |
Total liabilities and stockholders' equity | 394,629,508 | 377,193,574 | 387,438,269 | |
Parent Company | ||||
Assets | ||||
Cash | 283,796 | 296,245 | 75,902 | |
Due from subsidiaries | 2,095 | 2,067 | 1,362 | |
Other assets | 8,533 | 11,957 | 4,292 | |
Total assets | 34,106,623 | 31,857,898 | 33,587,665 | |
Liabilities and Stockholders' Equity | ||||
Dividends payable | 276,096 | 274,737 | ||
Total liabilities | 276,096 | 274,737 | ||
Stockholders' equity: | ||||
Common stock | 2,760,964 | 2,747,370 | 2,736,978 | |
Surplus | 9,854,119 | 9,713,335 | 9,604,906 | |
Retained earnings | 21,112,714 | 20,300,531 | 18,783,164 | |
Accumulated other comprehensive income (loss), net of benefits | 102,730 | -1,178,075 | 2,462,617 | |
Total stockholders' equity | 33,830,527 | 31,583,161 | 33,587,665 | |
Total liabilities and stockholders' equity | 34,106,623 | 31,857,898 | 33,587,665 | |
Parent Company | Bank Of Glen Burnie | ||||
Assets | ||||
Investment | 33,557,329 | 31,292,459 | 33,250,639 | |
Parent Company | GBB Properties, Inc. | ||||
Assets | ||||
Investment | $254,870 | $255,170 | $255,470 |
Condensed_Income_Statement_Det
Condensed Income Statement (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Other expenses | ($11,412,259) | ($11,113,244) | ($10,795,319) | ||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 521 | 637 | 498 | 567 | 814 | 1,039 | 788 | 607 | 761 | 833 | 805 | 940 | 2,223,178 | 3,248,032 | 3,338,887 |
Income tax benefit | 308,652 | 633,855 | 673,807 | ||||||||||||
Net income | 480 | 526 | 435 | 473 | 650 | 795 | 640 | 529 | 609 | 670 | 656 | 730 | 1,914,526 | 2,614,177 | 2,665,080 |
Parent Company | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Dividends and distributions from subsidiaries | 980,000 | 980,000 | 980,000 | ||||||||||||
Other expenses | -77,375 | -76,005 | -65,446 | ||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 902,625 | 903,995 | 914,554 | ||||||||||||
Income tax benefit | 28,136 | 27,970 | 24,084 | ||||||||||||
Change in undistributed equity of subsidiaries | 983,765 | 1,682,212 | 1,726,441 | ||||||||||||
Net income | $1,914,526 | $2,614,177 | $2,665,080 |
Condensed_Cash_Flow_Statement_
Condensed Cash Flow Statement (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $1,914,526 | $2,614,177 | $2,665,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in other assets | -56,011 | -637,425 | 246,288 |
Net cash provided by operating activities | 2,519,211 | 4,111,763 | 4,089,173 |
Cash flows from financing activities: | |||
Dividends paid | -1,100,984 | -822,073 | -1,363,093 |
Net cash used in financing activities | 14,127,330 | -9,188,782 | 18,912,753 |
(Decrease) increase in cash | 2,326,765 | -7,675,113 | 8,674,992 |
Cash and cash equivalents, beginning of year | 10,953,469 | 18,628,582 | 9,953,590 |
Cash and cash equivalents, end of year | 13,280,234 | 10,953,469 | 18,628,582 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 1,914,526 | 2,614,177 | 2,665,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in other assets | 3,424 | -7,665 | |
(Increase) in due from subsidiaries | -28 | -705 | -335 |
Change in undistributed equity of subsidiaries | -983,765 | -1,682,212 | -1,726,441 |
Net cash provided by operating activities | 934,157 | 923,595 | 938,304 |
Cash flows from financing activities: | |||
Proceeds from dividend reinvestment plan | 154,378 | 118,821 | 186,369 |
Dividends paid | -1,100,984 | -822,073 | -1,363,093 |
Net cash used in financing activities | -946,606 | -703,252 | -1,176,724 |
(Decrease) increase in cash | -12,449 | 220,343 | -238,420 |
Cash and cash equivalents, beginning of year | 296,245 | 75,902 | 314,322 |
Cash and cash equivalents, end of year | $283,796 | $296,245 | $75,902 |
Summary_of_Consolidated_Unaudi
Summary of Consolidated Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $3,627 | $3,658 | $3,560 | $3,675 | $4,004 | $3,940 | $3,708 | $3,630 | $3,828 | $4,005 | $3,928 | $4,056 | $14,519,737 | $15,281,865 | $15,817,230 |
Interest expense | 652 | 666 | 628 | 588 | 571 | 675 | 699 | 717 | 767 | 810 | 830 | 848 | 2,533,922 | 2,661,805 | 3,255,096 |
Net interest income | 2,975 | 2,992 | 2,932 | 3,087 | 3,433 | 3,265 | 3,009 | 2,913 | 3,061 | 3,195 | 3,098 | 3,208 | 11,985,815 | 12,620,060 | 12,562,134 |
Provision for credit losses | 746 | 125 | 112 | 38 | 260 | 100 | 150 | 1,020,876 | 260,000 | 250,000 | |||||
Net securities gains | 575 | 361 | 141 | 79 | 71 | 150 | 122 | 2 | 45 | 62 | 33 | 23 | 1,155,978 | 345,331 | 162,594 |
Income before income taxes | 521 | 637 | 498 | 567 | 814 | 1,039 | 788 | 607 | 761 | 833 | 805 | 940 | 2,223,178 | 3,248,032 | 3,338,887 |
Net income | $480 | $526 | $435 | $473 | $650 | $795 | $640 | $529 | $609 | $670 | $656 | $730 | $1,914,526 | $2,614,177 | $2,665,080 |
Net income per share (basic and diluted) (in dollars per share) | $0.17 | $0.19 | $0.16 | $0.17 | $0.23 | $0.29 | $0.24 | $0.19 | $0.23 | $0.24 | $0.24 | $0.27 | $0.69 | $0.95 | $0.98 |