Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 04, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | GLEN BURNIE BANCORP | ||
Entity Central Index Key | 890,066 | ||
Trading Symbol | glbz | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 2,776,566 | ||
Entity Public Float | $ 26,611,474 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash and due from banks | $ 7,493,524 | $ 7,101,352 | $ 9,214,503 |
Interest-bearing deposits in other financial institutions | 2,308,117 | 2,154,817 | 1,636,194 |
Federal funds sold | 2,569,767 | 4,024,065 | 102,772 |
Cash and cash equivalents | 12,371,408 | 13,280,234 | 10,953,469 |
Investment securities available for sale, at fair value | 98,790,010 | 87,993,145 | 74,313,682 |
Federal Home Loan Bank stock, at cost | 1,203,100 | 1,327,800 | 1,452,900 |
Maryland Financial Bank stock | 30,000 | 30,000 | 30,000 |
Ground rents, at cost | 163,638 | 169,200 | 169,200 |
Loans, less allowance for credit losses 2015 $3,150,251; 2014 $3,117,870; 2013 $2,972,019; | 259,636,706 | 273,986,237 | 270,684,120 |
Premises and equipment, at cost, less accumulated depreciation | 3,368,865 | 3,671,295 | 3,696,772 |
Accrued interest receivable on loans and investment securities | 1,121,405 | 1,274,137 | 1,509,238 |
Deferred income tax benefits | 2,684,611 | 3,045,235 | 3,604,461 |
Other real estate owned | 74,400 | 45,175 | 1,170,773 |
Cash value of life insurance | 9,357,712 | 9,138,658 | 8,914,817 |
Other assets | 1,778,336 | 668,392 | 694,142 |
Total assets | 390,580,191 | 394,629,508 | 377,193,574 |
Deposits: | |||
Noninterest-bearing | 93,584,864 | 88,562,924 | 86,747,525 |
Interest-bearing | 241,606,666 | 250,314,368 | 237,055,831 |
Total deposits | 335,191,530 | 338,877,292 | 323,803,356 |
Long-term borrowings | 20,000,000 | 20,000,000 | 20,000,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable on deposits | 39,855 | 39,823 | 28,523 |
Other liabilities | 1,172,993 | 1,605,770 | 1,503,797 |
Total liabilities | $ 356,404,378 | $ 360,798,981 | $ 345,610,413 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding 2015 2,773,361 shares; 2014 2,760,964; 2013 2,747,370 shares; | $ 2,773,361 | $ 2,760,964 | $ 2,747,370 |
Surplus | 9,986,064 | 9,854,119 | 9,713,335 |
Retained earnings | 21,718,122 | 21,112,714 | 20,300,531 |
Accumulated other comprehensive (loss) income, net of tax | (301,734) | 102,730 | (1,178,075) |
Total stockholders' equity | 34,175,813 | 33,830,527 | 31,583,161 |
Total liabilities and stockholders' equity | $ 390,580,191 | $ 394,629,508 | $ 377,193,574 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | |||
Loans, allowance for credit losses (in dollars) | $ 3,150,251 | $ 3,117,870 | $ 2,972,019 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Common stock, shares issued | 2,773,361 | 2,760,964 | 2,747,370 |
Common stock, shares outstanding | 2,773,361 | 2,760,964 | 2,747,370 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income on: | |||
Loans, including fees | $ 11,577,254 | $ 12,318,461 | $ 12,673,230 |
U.S. Treasury securities | 79,623 | 27,763 | |
U.S. Government agency securities | 744,813 | 722,587 | 871,287 |
State and municipal securities | 1,080,824 | 1,357,355 | 1,656,670 |
Corporate trust preferred securities | 37,906 | 21,414 | 33,428 |
Federal funds sold | 10,132 | 10,714 | 3,027 |
Other | 75,097 | 61,443 | 44,223 |
Total interest income | 13,605,649 | 14,519,737 | 15,281,865 |
Interest expense on: | |||
Deposits | 1,750,074 | 1,893,314 | 2,014,327 |
Short-term borrowings | 138 | 134 | 7,004 |
Long-term borrowings | 640,473 | 640,474 | 640,474 |
Total interest expense | 2,390,685 | 2,533,922 | 2,661,805 |
Net interest income | 11,214,964 | 11,985,815 | 12,620,060 |
Provision for credit losses | 1,695,000 | 1,020,876 | 260,000 |
Net interest income after provision for credit losses | 9,519,964 | 10,964,939 | 12,360,060 |
Other income: | |||
Service charges on deposit accounts | 443,247 | 463,734 | 595,729 |
Other fees and commissions | 1,308,106 | 826,945 | 825,859 |
Gains on investment securities, net | 1,037,663 | 1,155,978 | 345,331 |
Income on life insurance | 219,054 | 223,841 | 234,297 |
Total other income | 3,008,070 | 2,670,498 | 2,001,216 |
Other expenses: | |||
Salaries and wages | 4,926,255 | 4,998,402 | 4,963,600 |
Employee benefits | 1,565,384 | 1,633,443 | 1,788,995 |
Occupancy | 778,275 | 806,916 | 785,850 |
Furniture and equipment | 932,281 | 925,207 | 842,099 |
Other expenses | 2,728,302 | 3,048,291 | 2,717,119 |
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 | 10,930,497 | 11,412,259 | 11,113,244 |
Income before income taxes | 1,597,537 | 2,223,178 | 3,248,032 |
Federal and state income taxes | 244,921 | 308,652 | 633,855 |
Net income | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Basic and diluted earnings per share of common stock | $ 0.49 | $ 0.69 | $ 0.95 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Other comprehensive income (loss), net of tax | |||
Unrealized holding gains (losses) arising during the period (net of deferred taxes (benefits) 2015 $145,606; 2014 $1,305,107; 2013 ($2,167,273)); | 220,469 | 1,976,117 | (3,281,559) |
Reclassification adjustment for impairment loss included in net income (net of deferred tax benefits 2015 $0; 2014 $0; 2013 $6,197); | 9,384 | ||
Reclassification adjustment for gains included in net income (net of deferred taxes 2015 $412,730; 2014 $459,212; 2013 $243,383); | (624,933) | (695,312) | (368,517) |
Total other comprehensive (loss) income | (404,464) | 1,280,805 | (3,640,692) |
Comprehensive income (loss) | $ 948,152 | $ 3,195,331 | $ (1,026,515) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Unrealized holding gains (losses) arising during the period, deferred taxes (benefits) | $ 145,606 | $ 1,305,107 | $ (2,167,273) |
Reclassification adjustment for impairment loss included in net income, deferred tax benefits | 0 | 0 | 6,197 |
Reclassification adjustment for gains included in net income, deferred taxes | $ 412,730 | $ 459,212 | $ 243,383 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total |
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, $.40 and $.27 per share for December 31, 2013, 2014 and 2015 respectively | (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 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, $.40 and $.27 per share for December 31, 2013, 2014 and 2015 respectively | (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 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,352,616 | 1,352,616 | |||
Cash dividends, $.40, $.40 and $.27 per share for December 31, 2013, 2014 and 2015 respectively | (747,208) | (747,208) | |||
Dividends reinvested under dividend reinvestment plan | $ 12,397 | 131,945 | 144,342 | ||
Dividends reinvested under dividend reinvestment plan (in shares) | 12,397 | ||||
Other comprehensive loss, net of tax | (404,464) | (404,464) | |||
Balances at Dec. 31, 2015 | $ 2,773,361 | $ 9,986,064 | $ 21,718,122 | $ (301,734) | $ 34,175,813 |
Balances (In shares) at Dec. 31, 2015 | 2,773,361 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders' Equity [Abstract] | |||
Cash dividends, per share | $ 0.27 | $ 0.40 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation, amortization, and accretion | 1,139,547 | 812,331 | 1,187,689 |
Provision for credit losses | 1,695,000 | 1,020,876 | 260,000 |
Deferred income tax benefits, net | 627,749 | (286,670) | 35,252 |
Gains on disposals of assets, net | (1,073,286) | (1,213,844) | (321,443) |
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 | (219,054) | (223,841) | (234,298) |
Changes in assets and liabilities: | |||
Decrease in ground rents | 5,562 | ||
Decrease (increase) in accrued interest receivable | 152,732 | 235,101 | (58,917) |
(Increase) decrease in other assets | (1,109,944) | 56,011 | 637,425 |
Increase (decrease) in accrued interest payable | 32 | 11,300 | 158 |
(Decrease) increase in other liabilities | (432,777) | 101,973 | (29,556) |
Net cash provided by operating activities | 2,138,177 | 2,519,211 | 4,111,763 |
Cash flows from investing activities: | |||
Maturities and principal paydowns of available for sale mortgage-backed securities | 15,088,957 | 9,109,664 | 15,171,085 |
Proceeds from sales of available for sale debt securities | 27,030,183 | 30,269,965 | 25,626,845 |
Purchases of available for sale mortgage-backed securities | (38,206,832) | (28,703,606) | (16,920,333) |
Purchases of other available for sale investment securities | (15,089,446) | (21,464,085) | (4,185,719) |
Purchase (redemption) of FHLB stock | 124,700 | 125,100 | (4,900) |
Decrease (increase) in loans, net | 12,580,131 | (4,368,168) | (22,295,595) |
Proceeds from sales of other real estate | 80,420 | 1,153,883 | 273,121 |
Purchases of premises and equipment | (90,392) | (442,529) | (262,598) |
Net cash provided (used) by investing activities | 1,517,721 | (14,319,776) | (2,598,094) |
Cash flows from financing activities: | |||
Increase in noninterest-bearing deposits, NOW accounts, money market accounts, and savings accounts, net | 5,021,940 | 1,815,399 | 2,459,040 |
(Decrease) increase in time deposits, net | (8,707,702) | 13,258,537 | (10,944,570) |
Cash dividends paid | (1,023,304) | (1,100,984) | (822,073) |
Common stock dividends reinvested | 144,342 | 154,378 | 118,821 |
Net cash (used) provided by financing activities | (4,564,724) | 14,127,330 | (9,188,782) |
(Decrease) increase in cash and cash equivalents | (908,826) | 2,326,765 | (7,675,113) |
Cash and cash equivalents, beginning of year | 13,280,234 | 10,953,469 | 18,628,582 |
Cash and cash equivalents, end of year | 12,371,408 | 13,280,234 | 10,953,469 |
Supplementary Cash Flow Information: | |||
Interest paid | 2,390,653 | 2,522,622 | 2,661,647 |
Income taxes paid | 625,000 | 300,000 | 525,000 |
Total decrease (increase) in unrealized depreciation on available for sale securities | (670,016) | 2,126,700 | (6,045,150) |
Supplementary Noncash Investing Activities: | |||
Loans converted to other real estate | $ 74,400 | $ 45,175 | $ 983,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 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 four 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 less the estimated cost to sell) 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 $74,400, 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 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 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 fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash and Investments [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 $4,469,000 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities Investment securities are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale: U.S. Treasury $ 2,995,525 $ 122 $ 4,162 $ 2,991,485 State and municipal 29,635,572 397,568 37,041 29,996,099 Mortgage-backed 66,659,924 21,182 878,680 65,802,426 $ 99,291,021 $ 418,872 $ 919,883 $ 98,790,010 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2014 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 December 31, 2013 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 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, 2015 are as follows: Securities available for sale: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 2,492,190 $ 4,162 $ - $ - $ 2,492,190 $ 4,162 State and Municipal 3,616,349 25,197 810,953 11,844 4,427,302 37,041 Mortgaged-backed 39,761,158 376,176 16,961,097 502,504 56,722,255 878,680 $ 45,869,697 $ 405,535 $ 17,772,050 $ 514,348 $ 63,641,747 $ 919,883 At December 31, 2015, the Company did not have any securities that had impairment charges. During the year ending December 31, 2015, the Company sold the Regional Diversified Funding, Senior notes and the FNMA/FHLMC Preferred stocks, which had previous impairment charges. As a result of this testing, no write-downs were required in 2015 and 2014. 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, 2015, 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, 2015, 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, 2015, 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: 2015 2014 2013 Estimated credit losses, beginning of year $ 3,262,496 $ 3,262,496 $ 3,246,915 Sales of securities with previous OTTI recognized (3,262,496 ) - - 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 Contractual maturities of investment securities at December 31, 2015, 2014, and 2013 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 December 31, 2015 Cost Value Due within one year $ - $ - Due over one to five years 2,995,525 2,991,485 Due over five to ten years - - Due over ten years 29,635,572 29,996,099 Mortgage-backed, due in monthly installments 66,659,924 65,802,426 $ 99,291,021 $ 98,790,010 Available for Sale Amortized Fair December 31, 2014 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 December 31, 2013 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 Proceeds from sales of available for sale securities prior to maturity totaled $27,030,183, $1,038,084 $421 $409,306, 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, 2015 | |
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: 2015 2014 2013 Mortgage: Residential $ 116,027,206 $ 120,933,420 $ 123,645,939 Commercial 62,469,425 62,601,469 67,195,806 Construction and land development 5,518,588 7,073,720 6,582,553 Demand and time 4,539,701 3,518,752 4,172,747 Installment 75,302,771 84,103,142 73,230,433 263,857,691 278,230,503 274,827,478 Unearned income on loans (1,070,734 ) (1,126,396 ) (1,171,339 ) 262,786,957 277,104,107 273,656,139 Allowance for credit losses (3,150,251 ) (3,117,870 ) (2,972,019 ) $ 259,636,706 $ 273,986,237 $ 270,684,120 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 $60,607,000 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, 2015, 2014, and 2013, the amounts of such loans outstanding totaled $787,894, 569,000 $337,294 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 four year period for their respective segments as well as the following qualitative factors: · Changes in asset quality including past due (30-89 days) loans, nonaccrual loans, classified assets, watch list loans all in relation to total loans. Also policy exception in relationship to loan volume. · Changes in the rate and direction of the loan volume of the portfolio · Concentration of credit including the percentage, changes, and relative to goals. · Changes in macro economic factors including the rates and direction of unemployment, median income and population. · Changes in internal factors including external loan review required reserve changes, internal review penetration, internal required reserve changes and weighted required reserve trends. · Changes in the charge offs / recoveries adjusting with rate and direction. 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, 2015. The following table presents the total allowance by loan segment: Commercial Consumer and Commercial and Residential 2015 Industrial Real Estate Indirect Real Estate Unallocated Total Balance, beginning of year $ 385,631 $ 335,009 $ 1,281,222 $ 1,169,627 $ (53,619 ) $ 3,117,870 Provision for credit losses (78,901 ) (23,814 ) 296,437 1,299,194 202,084 1,695,000 Recoveries 1,400 13,468 486,776 10,473 - 512,117 Loans charged off (2,807 ) (63,000 ) (1,260,533 ) (848,396 ) - (2,174,736 ) Balance, end of year $ 305,323 $ 261,663 $ 803,902 $ 1,630,898 $ 148,465 $ 3,150,251 Individually evaluated for impairment: Balance in allowance $ 240,500 $ 100,745 $ 65,353 $ 697,088 $ - $ 1,103,686 Related loan balance 240,500 1,143,317 950,722 2,792,239 - 5,126,778 Collectively evaluated for impairment: Balance in allowance $ 64,823 $ 160,918 $ 738,549 $ 933,810 $ 148,465 $ 2,046,565 Related loan balance 4,299,201 63,128,304 74,352,049 116,951,359 - 258,730,913 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 As of December 31, 2015, the allowance for loan losses included an overage of $148,465 Credit Quality Information The following table represents credit exposures by creditworthiness category for the year ending December 31, 2015. 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 3 rd Risk ratings of loans by categories of loans are as follows: Commercial Consumer and Commercial and Residential 2015 Industrial Real Estate Indirect Real Estate Total Pass $ 3,878,588 $ 58,706,189 $ 72,975,858 $ 116,596,449 $ 252,157,084 Special mention 168,113 4,422,115 1,652,579 539,483 6,782,290 Substandard 493,000 1,143,317 509,211 2,075,950 4,221,478 Doubtful - - 165,123 531,716 696,839 Loss - - - - - $ 4,539,701 $ 64,271,621 $ 75,302,771 $ 119,743,598 $ 263,857,691 Non-accrual - - 596,329 3,183,420 3,779,749 Troubled debt restructures 240,500 - - 49,868 290,368 Number of TDRs accounts 1 - - 1 2 Non-performing TDRs - - - - - Number of TDR accounts - - - - - 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 - - - - - At December 31, 2015, the recorded investment in TDR’s reflected one loan in the amount of $240,500 $49,868 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 2015 Current Past Due Still Accruing Nonaccrual Total Commercial and industrial $ 4,539,701 $ - $ - $ - $ 4,539,701 Commercial real estate 64,270,345 1,276 - - 64,271,621 Consumer and indirect 73,568,010 1,122,155 16,277 596,329 75,302,771 Residential real estate 115,715,127 806,566 38,485 3,183,420 119,743,598 $ 258,093,183 $ 1,929,997 $ 54,762 $ 3,779,749 $ 263,857,691 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 Loans on which the accrual of interest has been discontinued totaled $3,779,749, $239,038, $54,762, Non-accrual loans with specific reserves at December 31, 2015 are comprised of: Commercial Real Estate Residential Real Estate Consumer and Indirect 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. 2015 Recorded Investment Unpaid Principal Balance Interest Income Recognized Specific Reserve Average Recorded Investment Impaired loans with specific reserves: Real-estate - mortgage: Residential $ 1,809,429 $ 1,809,429 $ 56,804 $ 697,088 $ 1,820,233 Commercial 300,112 300,112 - 100,745 314,929 Consumer 145,874 145,874 - 65,353 170,499 Installment - - - - - Home Equity - - - - - Commercial 240,500 240,500 10,517 240,500 246,571 Total impaired loans with specific reserves $ 2,495,915 $ 2,495,915 $ 67,321 $ 1,103,686 $ 2,552,232 Impaired loans with no specific reserve: Real-estate - mortgage: Residential $ 982,810 $ 1,115,579 $ 14,664 n/a $ 1,170,747 Commercial 843,205 843,205 37,786 n/a 876,376 Consumer 364,695 449,370 1,696 n/a 452,682 Installment 440,153 440,153 - n/a - Home Equity - - - n/a - Commercial - - - n/a - Total impaired loans with no specific reserve $ 2,630,863 $ 2,848,307 $ 54,146 - $ 2,499,805 2014 Recorded Unpaid Interest Specific Average 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 2013 Recorded Unpaid Interest Specific Average 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment A summary of premises and equipment is as follows: Useful lives 2015 2014 2013 Land $ 684,977 $ 684,977 $ 684,977 Buildings 5-50 years 6,283,741 6,221,980 6,142,509 Equipment and fixtures 5-30 years 5,365,211 5,400,514 5,187,984 Construction in progress 500 53,197 61,155 12,334,429 12,360,668 12,076,625 Accumulated depreciation (8,965,564 ) (8,689,373 ) (8,379,853 ) $ 3,368,865 $ 3,671,295 $ 3,696,772 Depreciation expense totaled $393,200, $59,506, The Bank leases its Severna Park and Linthicum branches . $153,659, |
Federal Home Loan Bank and Shor
Federal Home Loan Bank and Short-term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank And Short Term Borrowings [Abstract] | |
Federal Home Loan Bank and Short-term Borrowings | Note 6. Federal Home Loan Bank and Short-term Borrowings The Bank owned 12,031 shares of common stock of the FHLB at December 31, 2015. 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 $71,817,000 at December 31, 2015. Long-term advances totaled $20,000,000 $21,918, 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, 2015. |
Long-term Borrowings
Long-term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | Note 7. Long-term Borrowings Long-term borrowings are as follows: 2015 2014 2013 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, 2015, the scheduled maturities of long-term borrowings are as follows: 2015 2017 $ 10,000,000 2018 10,000,000 $ 20,000,000 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits Major classifications of interest-bearing deposits are as follows: 2015 2014 2013 NOW and SuperNOW $ 27,502,016 $ 26,990,274 $ 27,991,553 Money Market 19,079,536 20,465,436 19,219,579 Savings 78,107,913 74,973,038 71,278,801 Certificates of Deposit, $100,000 or more 34,239,331 36,118,031 28,916,597 Other time deposits 82,677,870 91,767,589 89,649,301 $ 241,606,666 $ 250,314,368 $ 237,055,831 Interest expense on deposits is as follows: 2015 2014 2013 NOW and SuperNOW $ 9,711 $ 11,608 $ 11,300 Money Market 12,763 9,965 10,618 Savings 39,936 37,537 55,591 Certificates of Deposit, $100,000 or more 522,637 523,472 373,880 Other time deposits 1,165,027 1,310,732 1,562,938 $ 1,750,074 $ 1,893,314 $ 2,014,327 At December 31, 2015, the scheduled maturities of time deposits are approximately as follows: 2015 2016 $ 44,839,000 2017 11,863,000 2018 17,966,000 2019 25,562,000 2020 15,303,000 2021 and thereafter 1,384,000 $ 116,917,000 Deposit balances of executive officers and directors and their affiliated interests totaled approximately $1,971,000, The Bank had no brokered deposits at December 31, 2015, 2014, and 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The components of income tax expense for the years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Current: Federal $ (322,723 ) $ 408,056 $ 400,931 State (60,104 ) 187,266 197,671 Total current (382,827 ) 595,322 598,602 Deferred income (benefits) taxes: Federal 352,543 (253,848 ) (9,542 ) State 275,205 (32,822 ) 44,795 Total deferred (benefits) taxes 627,748 (286,670 ) 35,252 Income tax expense $ 244,921 $ 308,652 $ 633,855 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, 2015, 2014, and 2013 is as follows: 2015 2014 2013 Income before income tax expense (benefit) $ 1,597,537 $ 2,223,178 $ 3,248,032 Taxes computed at Federal income tax rate $ 543,163 $ 755,881 $ 1,104,331 Increase (decrease) resulting from: Tax-exempt income (441,890 ) (531,764 ) (630,710 ) State income taxes, net of Federal income tax benefit 141,966 101,933 160,027 Other 1,682 (17,398 ) 207 Income tax expense $ 244,921 $ 308,652 $ 633,855 The components of the net deferred income tax benefits as of December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Deferred income tax benefits: Accrued deferred compensation $ 153,256 $ 142,308 $ 129,101 Impairment loss on investment securities - 1,305,584 1,218,497 Allowance for credit losses 362,732 364,697 458,303 Nonaccrual interest 445,173 445,173 339,765 Alternative minimum tax credits 929,264 615,186 485,444 Net operating loss carryforward credits 373,986 - - Accumulated depreciation 61,019 72,354 60,627 Other real estate owned 14,940 14,940 14,940 Reserve for unfunded commitments 4,641 78,890 78,890 Other temporary differences 2,116 2,116 1,332 Accumulated securities premium accretion 138,207 71,834 39,514 Net unrealized depreciation on investment securities available for sale 199,277 - 778,048 Total deferred income tax benefits 2,684,611 3,113,082 3,604,461 Deferred income tax liabilities: Accumulated securities discount accretion - - - Net unrealized appreciation on investment securities available for sale - 67,847 - Total deferred income tax liabilities - 67,847 - Net deferred income tax benefits $ 2,684,611 $ 3,045,235 $ 3,604,461 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, 2015, 2014, and 2013, 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 2014, 2013, and 2012 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 2015 income tax return will be filed in 2016. |
Pension and Profit Sharing Plan
Pension and Profit Sharing Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 $225,179, $1,014, 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 $191,391, |
Other Benefit Plans
Other Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 $9,357,712, $219,054, 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, 2015 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | Note 12. Other Operating Expenses Other operating expenses include the following: 2015 2014 2013 Professional services $ 712,851 $ 677,308 $ 635,502 Stationery, printing and supplies 172,709 185,963 201,883 Postage and delivery 138,691 164,814 139,096 FDIC assessment 305,972 279,584 234,203 Directors fees and expenses 223,542 239,769 226,881 Marketing 142,224 239,437 207,527 Data processing 76,895 25,404 34,909 Correspondent bank services 51,308 45,362 55,444 Telephone 229,257 223,071 255,955 Liability insurance 74,508 73,925 71,722 Losses (gains) and expenses on OREO 29,536 62,493 73,698 Other ATM expense 121,487 125,845 117,617 Other 449,322 705,316 462,682 $ 2,728,302 $ 3,048,291 $ 2,717,119 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 Loan commitments: Construction and land development $ - $ - $ 1,561,000 Other mortgage loans 970,000 1,666,000 2,817,000 $ 970,000 $ 1,666,000 $ 4,378,000 Unused lines of credit: Home-equity lines $ 2,558,091 $ 3,825,462 $ 11,067,236 Commercial lines 17,195,796 15,156,201 7,726,424 Secured consumer line 27,500 50,000 24,043 Unsecured consumer lines 634,122 674,429 673,123 $ 20,415,509 $ 19,706,092 $ 19,490,826 Letters of credit: $ 47,580 $ 57,580 $ 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, 2015, the Bank has accrued $11,767 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 $18,752,000 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, 2015, 2014, and 2013. 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, 2015, 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 2015, 2014, and 2013, shares of common stock purchased under the plan 12,397, 185,127 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, 2015, 2014, and 2013. At December 31, 2015, 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. The Common Equity Tier 1 (beginning in 2015), Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. Risk-weighted assets are calculated based on regulatory requirements and include total assets, with certain exclusions, allocated by risk weight category, and certain off-balance-sheet items, among other things. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. When fully phased in on January 1, 2019, the Basel III Capital Rules will require the Bank and Bancorp to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 7.0% upon full implementation), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets. The implementation of the capital conservation buffer will begin on January 1, 2016 at the 0.625% level and be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Bank or Bancorp. The capital conservation buffer is designed to absorb losses during periods of economic stress and, as detailed above, effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer and, if applicable, the countercyclical capital buffer) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The following table presents actual and required capital ratios as of December 31, 2015 for the Bank and Bancorp under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2015 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Management believes that as of December 31, 2015, the Bancorp and the Bank are “well capitalized” based on the ratios presented below. Minimum Capital Minimum Capital To Be Well Capitalized Required - Basel III Required - Basel III Fully Under Prompt Corrective Actual Phased-In Schedule Phased-In Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total Capital (to Risk Weighted Assets) Company $ 37,506,000 15.5 % $ 19,382,946 8.0 % $ 25,440,116 10.5 % N/A Bank 37,213,000 15.4 % 19,369,161 8.0 % 25,422,023 10.5 % $ 24,211,451 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 34,477,000 14.2 % $ 14,537,034 6.0 % $ 20,594,132 8.5 % N/A Bank 34,185,000 14.1 % 14,526,204 6.0 % 20,578,789 8.5 % 19,368,272 8.0 % Tier I Capital (to Average Assets) Company $ 34,477,000 8.8 % $ 15,724,971 4.0 % $ 15,724,971 4.0 % N/A Bank 34,185,000 8.7 % 15,717,241 4.0 % 15,717,241 4.0 % 19,646,552 5.0 % Common Equity Tier I Capital (to Risk Weighted Assets) Company $ 34,477,000 14.2 % $ 10,902,776 4.5 % $ 16,959,874 7.0 % N/A Bank 34,185,000 14.1 % 10,894,653 4.5 % 16,947,238 7.0 % 15,736,721 6.5 % To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014 Total Capital (to Risk Weighted Assets) Company $ 36,959,000 14.3 % $ 20,645,810 8.0 % N/A Bank 36,655,000 14.3 % 20,477,654 8.0 % $ 25,597,067 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 33,728,000 13.1 % $ 10,322,265 4.0 % N/A Bank 33,454,000 13.1 % 10,238,409 4.0 % 15,357,613 6.0 % Tier I Capital (to Average Assets) Company $ 33,728,000 8.5 % $ 15,834,742 4.0 % N/A Bank 33,454,000 8.4 % 16,006,699 4.0 % 20,008,373 5.0 % As of December 31, 2013 Total Capital (to Risk Weighted Assets) Company $ 35,933,000 14.1 % $ 20,329,844 8.0 % N/A Bank 35,624,000 14.1 % 20,183,569 8.0 % $ 25,229,462 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 32,761,000 12.9 % $ 10,166,330 4.0 % N/A Bank 32,470,000 12.9 % 10,091,686 4.0 % $ 15,137,529 6.0 % Tier I Capital (to Average Assets) Company $ 32,761,000 8.7 % $ 15,079,862 4.0 % N/A Bank 32,470,000 8.6 % 15,119,907 4.0 % $ 18,899,884 5.0 % |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 15. Earnings Per Common Share Earnings per common share are calculated as follows: 2015 2014 2013 Basic: Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 Weighted average common shares outstanding 2,768,966 2,755,671 2,742,003 Basic net income per share $ 0.49 $ 0.69 $ 0.95 Diluted earnings per share calculations were not required for 2015, 2014, and 2013 as there were no options outstanding at December 31, 2015, 2014, and 2013. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 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, 2015, 2014, and 2013. Items that are not financial instruments are not included. 2015 2014 2013 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Financial assets: Cash and due from banks $ 7,493,524 $ 7,493,524 $ 7,101,352 $ 7,101,352 $ 9,214,503 $ 9,214,503 Interest-bearing deposits in other financial institutions 2,308,117 2,308,117 2,154,817 2,154,817 1,636,194 1,636,194 Federal funds sold 2,569,767 2,569,767 4,024,065 4,024,065 102,772 102,772 Investment securities available for sale 98,790,010 98,790,010 87,993,145 87,993,145 74,313,682 74,313,682 Federal Home Loan Bank Stock 1,203,100 1,203,100 1,327,800 1,327,800 1,452,900 1,452,900 Maryland Financial Bank Stock 30,000 30,000 30,000 30,000 30,000 30,000 Ground rents 163,638 163,638 169,200 169,200 169,200 169,200 Loans, less allowance for credit losses 259,636,706 252,239,000 273,986,237 268,536,000 270,684,120 270,684,120 Accrued interest receivable 1,121,405 1,121,405 1,274,137 1,274,137 1,509,238 1,509,238 Cash value of life insurance 9,357,712 9,357,712 9,138,658 9,138,658 8,914,817 8,914,817 Financial liabilities: Deposits 335,191,530 307,924,000 338,877,292 310,239,000 323,803,356 291,046,000 Long-term borrowings 20,000,000 20,688,000 20,000,000 20,951,000 20,000,000 21,032,000 Dividends payable - - 276,096 276,096 274,737 274,737 Accrued interest payable 39,855 39,855 39,823 39,823 28,523 28,523 Unrecognized financial instruments: Commitments to extend credit 21,385,509 21,385,509 21,372,092 21,372,092 23,868,826 23,868,826 Standby letters of credit 47,580 47,580 57,580 57,580 32,000 32,000 The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments. Carrying Fair December 31, 2015 Amount Value Level 1 Level 2 Level 3 Financial instruments - Assets Cash and cash equivalents $ 12,371,408 $ 12,371,408 $ - $ 12,371,408 $ - Loans receivable, net 259,636,706 252,239,000 - - 252,239,000 Cash value of life insurance 9,357,712 9,357,712 - 9,357,712 - Financial instruments - Liabilities Deposits 335,191,530 307,924,000 192,746,000 115,178,000 - Long-term debt 20,000,000 20,688,000 - 20,688,000 - 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, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 17. Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurements 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, 2015 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 two properties classified as OREO valued under Level 2 inputs. Fair value measurements on a recurring and non-recurring basis at December 31, 2015 are as follows: Fair Level 1 Level 2 Level 3 Value December 31, 2015 Recurring: Securities available for sale U.S. Treasury $ - $ 2,991,485 $ - $ 2,991,485 State and Municipal - 29,996,099 - 29,996,099 Mortgaged-backed - 65,802,426 - 65,802,426 Non-recurring: Maryland Financial Bank stock - - 30,000 30,000 Impaired loans - - 4,023,092 4,023,092 OREO 74,400 - 74,400 $ - $ 98,864,410 $ 4,053,092 $ 102,917,502 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 $1,103,686 to the impaired loans, which management considers to be 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 Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 will be effective for us on January 1, 2016, though early adoption is permitted. ASU 2015-03 is not expected to have a significant impact on our financial statements. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-09, “Financial Services-Insurance: Disclosures About Short-Duration Contracts.” ASU 2015-14, “Revenue from Contracts with Customers—Deferral of the Effective Date.” ASU 2015-14 defers the effective date of ASU 2014-09 “Revenue from Contracts with Customers which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition” by one year. ASU 2014-09 is based on the principle that revenue is recognized 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. ASU 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. Under ASU 2015-14, ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, and interim periods within those years. The Company is currently evaluating the effects of ASU 2014-09 on its financial statements and disclosures, if any. ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether or not the line of credit is funded. ASU 2015-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the effects of ASU 2015-15 on its financial statements and disclosures, if any. ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 simplifies the accounting for measurement-period adjustments in a business combination by requiring the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined, thereby eliminating the requirement to retrospectively account for those adjustments. The acquirer is also required to record in the reporting period in which the adjustments are determined the effect on earnings of changes in depreciation, amortization, and other items resulting from the change to the provisional amounts. ASU 2015-16 is effective for annual periods beginning after December 31, 2015, with early application permitted, and shall apply to adjustments to provisional amounts that occur after the effective date. ASU 2015-16 is not expected to have any significant impact on our financial statements. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Assets Cash $ 184,366 $ 283,796 $ 296,245 Investment in The Bank of Glen Burnie 33,882,666 33,557,329 31,292,459 Investment in GBB Properties, Inc. 104,570 254,870 255,170 Due from subsidiaries 6,211 2,095 2,067 Other assets 8,000 8,533 11,957 Total assets $ 34,185,813 $ 34,106,623 $ 31,857,898 Liabilities and Stockholders’ Equity Other liabilities $ 10,000 $ - $ - Dividends payable - 276,096 274,737 Total liabilities 10,000 276,096 274,737 Stockholders’ equity: Common stock 2,773,361 2,760,964 2,747,370 Surplus 9,986,064 9,854,119 9,713,335 Retained earnings 21,718,122 21,112,714 20,300,531 Accumulated other comprehensive income (loss), net of benefits (301,734 ) 102,730 (1,178,075 ) Total stockholders’ equity 34,175,813 33,830,527 31,583,161 Total liabilities and stockholders’ equity $ 34,185,813 $ 34,106,623 $ 31,857,898 Statements of Income Years Ended December 31, 2015 2014 2013 Dividends and distributions from subsidiaries $ 678,000 $ 980,000 $ 980,000 Other expenses (86,843 ) (77,375 ) (76,005 ) Income before income tax benefit and equity in undistributed net income of subsidiaries 591,157 902,625 903,995 Income tax benefit 31,958 28,136 27,970 Change in undistributed equity of subsidiaries 729,501 983,765 1,682,212 Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 Statements of Cash Flows Years Ended December 31, 2015 2014 2013 Cash flows from operating activities: Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 Adjustments to reconcile net income to net cash provided by operating activities: Decrease (increase) in other assets 533 3,424 (7,665 ) Increase in other liabilities 10,000 - - (Increase) in due from subsidiaries (4,116 ) (28 ) (705 ) Distribution from Investment in GBB 150,000 - - Change in undistributed equity of subsidiaries (729,501 ) (983,765 ) (1,682,212 ) Net cash provided by operating activities 779,532 934,157 923,595 Cash flows from financing activities: Proceeds from dividend reinvestment plan 144,342 154,378 118,821 Dividends paid (1,023,304 ) (1,100,984 ) (822,073 ) Net cash used in financing activities (878,962 ) (946,606 ) (703,252 ) (Decrease) increase in cash (99,430 ) (12,449 ) 220,343 Cash, beginning of year 283,796 296,245 75,902 Cash, end of year $ 184,366 $ 283,796 $ 296,245 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 (Dollars in thousands, Three months ended, except per share amounts) December 31 September 30 June 30 March 31 Interest income $ 3,356 $ 3,396 $ 3,374 $ 3,480 Interest expense 576 588 607 620 Net interest income 2,780 2,808 2,767 2,860 Provision for credit losses 410 985 150 150 Net securities gains 369 200 270 199 Income before income taxes 552 (169 ) 786 429 Net income 447 8 518 380 Net income per share (basic and diluted) $ 0.16 $ - $ 0.19 $ 0.14 2014 (Dollars in thousands, Three months ended, except per share amounts) December 31 September 30 June 30 March 31 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) December 31 September 30 June 30 March 31 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 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
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 four 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 less the estimated cost to sell) 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 $74,400, |
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 |
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 |
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, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of summary of investment securities | Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale: U.S. Treasury $ 2,995,525 $ 122 $ 4,162 $ 2,991,485 State and municipal 29,635,572 397,568 37,041 29,996,099 Mortgage-backed 66,659,924 21,182 878,680 65,802,426 $ 99,291,021 $ 418,872 $ 919,883 $ 98,790,010 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2014 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 December 31, 2013 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 |
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 $ 2,492,190 $ 4,162 $ - $ - $ 2,492,190 $ 4,162 State and Municipal 3,616,349 25,197 810,953 11,844 4,427,302 37,041 Mortgaged-backed 39,761,158 376,176 16,961,097 502,504 56,722,255 878,680 $ 45,869,697 $ 405,535 $ 17,772,050 $ 514,348 $ 63,641,747 $ 919,883 |
Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt and equity securities | 2015 2014 2013 Estimated credit losses, beginning of year $ 3,262,496 $ 3,262,496 $ 3,246,915 Sales of securities with previous OTTI recognized (3,262,496 ) - - 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 |
Schedule of contractual maturities of investment securities | Available for Sale Amortized Fair December 31, 2015 Cost Value Due within one year $ - $ - Due over one to five years 2,995,525 2,991,485 Due over five to ten years - - Due over ten years 29,635,572 29,996,099 Mortgage-backed, due in monthly installments 66,659,924 65,802,426 $ 99,291,021 $ 98,790,010 Available for Sale Amortized Fair December 31, 2014 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 December 31, 2013 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 |
Loans and Allowance (Tables)
Loans and Allowance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of major categories of loans | 2015 2014 2013 Mortgage: Residential $ 116,027,206 $ 120,933,420 $ 123,645,939 Commercial 62,469,425 62,601,469 67,195,806 Construction and land development 5,518,588 7,073,720 6,582,553 Demand and time 4,539,701 3,518,752 4,172,747 Installment 75,302,771 84,103,142 73,230,433 263,857,691 278,230,503 274,827,478 Unearned income on loans (1,070,734 ) (1,126,396 ) (1,171,339 ) 262,786,957 277,104,107 273,656,139 Allowance for credit losses (3,150,251 ) (3,117,870 ) (2,972,019 ) $ 259,636,706 $ 273,986,237 $ 270,684,120 |
Schedule of total allowance by loan segment | Commercial Consumer and Commercial and Residential 2015 Industrial Real Estate Indirect Real Estate Unallocated Total Balance, beginning of year $ 385,631 $ 335,009 $ 1,281,222 $ 1,169,627 $ (53,619 ) $ 3,117,870 Provision for credit losses (78,901 ) (23,814 ) 296,437 1,299,194 202,084 1,695,000 Recoveries 1,400 13,468 486,776 10,473 - 512,117 Loans charged off (2,807 ) (63,000 ) (1,260,533 ) (848,396 ) - (2,174,736 ) Balance, end of year $ 305,323 $ 261,663 $ 803,902 $ 1,630,898 $ 148,465 $ 3,150,251 Individually evaluated for impairment: Balance in allowance $ 240,500 $ 100,745 $ 65,353 $ 697,088 $ - $ 1,103,686 Related loan balance 240,500 1,143,317 950,722 2,792,239 - 5,126,778 Collectively evaluated for impairment: Balance in allowance $ 64,823 $ 160,918 $ 738,549 $ 933,810 $ 148,465 $ 2,046,565 Related loan balance 4,299,201 63,128,304 74,352,049 116,951,359 - 258,730,913 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 |
Schedule of risk ratings of loans by categories of loans | Commercial Consumer and Commercial and Residential 2015 Industrial Real Estate Indirect Real Estate Total Pass $ 3,878,588 $ 58,706,189 $ 72,975,858 $ 116,596,449 $ 252,157,084 Special mention 168,113 4,422,115 1,652,579 539,483 6,782,290 Substandard 493,000 1,143,317 509,211 2,075,950 4,221,478 Doubtful - - 165,123 531,716 696,839 Loss - - - - - $ 4,539,701 $ 64,271,621 $ 75,302,771 $ 119,743,598 $ 263,857,691 Non-accrual - - 596,329 3,183,420 3,779,749 Troubled debt restructures 240,500 - - 49,868 290,368 Number of TDRs accounts 1 - - 1 2 Non-performing TDRs - - - - - Number of TDR accounts - - - - - 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 - - - - - |
Schedule of current, past due, and nonaccrual loans by categories of loans | 90 Days or 30-89 Days More and 2015 Current Past Due Still Accruing Nonaccrual Total Commercial and industrial $ 4,539,701 $ - $ - $ - $ 4,539,701 Commercial real estate 64,270,345 1,276 - - 64,271,621 Consumer and indirect 73,568,010 1,122,155 16,277 596,329 75,302,771 Residential real estate 115,715,127 806,566 38,485 3,183,420 119,743,598 $ 258,093,183 $ 1,929,997 $ 54,762 $ 3,779,749 $ 263,857,691 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 |
Schedule of impaired financing receivables | 2015 Recorded Investment Unpaid Principal Balance Interest Income Recognized Specific Reserve Average Recorded Investment Impaired loans with specific reserves: Real-estate - mortgage: Residential $ 1,809,429 $ 1,809,429 $ 56,804 $ 697,088 $ 1,820,233 Commercial 300,112 300,112 - 100,745 314,929 Consumer 145,874 145,874 - 65,353 170,499 Installment - - - - - Home Equity - - - - - Commercial 240,500 240,500 10,517 240,500 246,571 Total impaired loans with specific reserves $ 2,495,915 $ 2,495,915 $ 67,321 $ 1,103,686 $ 2,552,232 Impaired loans with no specific reserve: Real-estate - mortgage: Residential $ 982,810 $ 1,115,579 $ 14,664 n/a $ 1,170,747 Commercial 843,205 843,205 37,786 n/a 876,376 Consumer 364,695 449,370 1,696 n/a 452,682 Installment 440,153 440,153 - n/a - Home Equity - - - n/a - Commercial - - - n/a - Total impaired loans with no specific reserve $ 2,630,863 $ 2,848,307 $ 54,146 - $ 2,499,805 2014 Recorded Unpaid Interest Specific Average 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 2013 Recorded Unpaid Interest Specific Average 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of summary of premises and equipment | Useful lives 2015 2014 2013 Land $ 684,977 $ 684,977 $ 684,977 Buildings 5-50 years 6,283,741 6,221,980 6,142,509 Equipment and fixtures 5-30 years 5,365,211 5,400,514 5,187,984 Construction in progress 500 53,197 61,155 12,334,429 12,360,668 12,076,625 Accumulated depreciation (8,965,564 ) (8,689,373 ) (8,379,853 ) $ 3,368,865 $ 3,671,295 $ 3,696,772 |
Long-term Borrowings (Tables)
Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowings | 2015 2014 2013 Federal Home Loan Bank of Atlanta, convertible advances $ 20,000,000 $ 20,000,000 $ 20,000,000 |
Schedule of maturities of long-term borrowings | 2015 2017 $ 10,000,000 2018 10,000,000 $ 20,000,000 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule of major classifications of interest-bearing deposits | 2015 2014 2013 NOW and SuperNOW $ 27,502,016 $ 26,990,274 $ 27,991,553 Money Market 19,079,536 20,465,436 19,219,579 Savings 78,107,913 74,973,038 71,278,801 Certificates of Deposit, $100,000 or more 34,239,331 36,118,031 28,916,597 Other time deposits 82,677,870 91,767,589 89,649,301 $ 241,606,666 $ 250,314,368 $ 237,055,831 |
Schedule of interest expense on deposit | 2015 2014 2013 NOW and SuperNOW $ 9,711 $ 11,608 $ 11,300 Money Market 12,763 9,965 10,618 Savings 39,936 37,537 55,591 Certificates of Deposit, $100,000 or more 522,637 523,472 373,880 Other time deposits 1,165,027 1,310,732 1,562,938 $ 1,750,074 $ 1,893,314 $ 2,014,327 |
Schedule of scheduled maturities of time deposits | 2015 2016 $ 44,839,000 2017 11,863,000 2018 17,966,000 2019 25,562,000 2020 15,303,000 2021 and thereafter 1,384,000 $ 116,917,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense | 2015 2014 2013 Current: Federal $ (322,723 ) $ 408,056 $ 400,931 State (60,104 ) 187,266 197,671 Total current (382,827 ) 595,322 598,602 Deferred income (benefits) taxes: Federal 352,543 (253,848 ) (9,542 ) State 275,205 (32,822 ) 44,795 Total deferred (benefits) taxes 627,748 (286,670 ) 35,252 Income tax expense $ 244,921 $ 308,652 $ 633,855 |
Schedule of reconciliation of income tax expense | 2015 2014 2013 Income before income tax expense (benefit) $ 1,597,537 $ 2,223,178 $ 3,248,032 Taxes computed at Federal income tax rate $ 543,163 $ 755,881 $ 1,104,331 Increase (decrease) resulting from: Tax-exempt income (441,890 ) (531,764 ) (630,710 ) State income taxes, net of Federal income tax benefit 141,966 101,933 160,027 Other 1,682 (17,398 ) 207 Income tax expense $ 244,921 $ 308,652 $ 633,855 |
Schedule of components of the net deferred income tax benefits | 2015 2014 2013 Deferred income tax benefits: Accrued deferred compensation $ 153,256 $ 142,308 $ 129,101 Impairment loss on investment securities - 1,305,584 1,218,497 Allowance for credit losses 362,732 364,697 458,303 Nonaccrual interest 445,173 445,173 339,765 Alternative minimum tax credits 929,264 615,186 485,444 Net operating loss carryforward credits 373,986 - - Accumulated depreciation 61,019 72,354 60,627 Other real estate owned 14,940 14,940 14,940 Reserve for unfunded commitments 4,641 78,890 78,890 Other temporary differences 2,116 2,116 1,332 Accumulated securities premium accretion 138,207 71,834 39,514 Net unrealized depreciation on investment securities available for sale 199,277 - 778,048 Total deferred income tax benefits 2,684,611 3,113,082 3,604,461 Deferred income tax liabilities: Accumulated securities discount accretion - - - Net unrealized appreciation on investment securities available for sale - 67,847 - Total deferred income tax liabilities - 67,847 - Net deferred income tax benefits $ 2,684,611 $ 3,045,235 $ 3,604,461 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Operating Expenses [Abstract] | |
Schedule of other operating expenses | 2015 2014 2013 Professional services $ 712,851 $ 677,308 $ 635,502 Stationery, printing and supplies 172,709 185,963 201,883 Postage and delivery 138,691 164,814 139,096 FDIC assessment 305,972 279,584 234,203 Directors fees and expenses 223,542 239,769 226,881 Marketing 142,224 239,437 207,527 Data processing 76,895 25,404 34,909 Correspondent bank services 51,308 45,362 55,444 Telephone 229,257 223,071 255,955 Liability insurance 74,508 73,925 71,722 Losses (gains) and expenses on OREO 29,536 62,493 73,698 Other ATM expense 121,487 125,845 117,617 Other 449,322 705,316 462,682 $ 2,728,302 $ 3,048,291 $ 2,717,119 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of outstanding loan commitments, unused lines of credit and letters of credit | 2015 2014 2013 Loan commitments: Construction and land development $ - $ - $ 1,561,000 Other mortgage loans 970,000 1,666,000 2,817,000 $ 970,000 $ 1,666,000 $ 4,378,000 Unused lines of credit: Home-equity lines $ 2,558,091 $ 3,825,462 $ 11,067,236 Commercial lines 17,195,796 15,156,201 7,726,424 Secured consumer line 27,500 50,000 24,043 Unsecured consumer lines 634,122 674,429 673,123 $ 20,415,509 $ 19,706,092 $ 19,490,826 Letters of credit: $ 47,580 $ 57,580 $ 32,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of comparison of capital with minimum requirements | Minimum Capital Minimum Capital To Be Well Capitalized Required - Basel III Required - Basel III Fully Under Prompt Corrective Actual Phased-In Schedule Phased-In Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total Capital (to Risk Weighted Assets) Company $ 37,506,000 15.5 % $ 19,382,946 8.0 % $ 25,440,116 10.5 % N/A Bank 37,213,000 15.4 % 19,369,161 8.0 % 25,422,023 10.5 % $ 24,211,451 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 34,477,000 14.2 % $ 14,537,034 6.0 % $ 20,594,132 8.5 % N/A Bank 34,185,000 14.1 % 14,526,204 6.0 % 20,578,789 8.5 % 19,368,272 8.0 % Tier I Capital (to Average Assets) Company $ 34,477,000 8.8 % $ 15,724,971 4.0 % $ 15,724,971 4.0 % N/A Bank 34,185,000 8.7 % 15,717,241 4.0 % 15,717,241 4.0 % 19,646,552 5.0 % Common Equity Tier I Capital (to Risk Weighted Assets) Company $ 34,477,000 14.2 % $ 10,902,776 4.5 % $ 16,959,874 7.0 % N/A Bank 34,185,000 14.1 % 10,894,653 4.5 % 16,947,238 7.0 % 15,736,721 6.5 % To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014 Total Capital (to Risk Weighted Assets) Company $ 36,959,000 14.3 % $ 20,645,810 8.0 % N/A Bank 36,655,000 14.3 % 20,477,654 8.0 % $ 25,597,067 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 33,728,000 13.1 % $ 10,322,265 4.0 % N/A Bank 33,454,000 13.1 % 10,238,409 4.0 % 15,357,613 6.0 % Tier I Capital (to Average Assets) Company $ 33,728,000 8.5 % $ 15,834,742 4.0 % N/A Bank 33,454,000 8.4 % 16,006,699 4.0 % 20,008,373 5.0 % As of December 31, 2013 Total Capital (to Risk Weighted Assets) Company $ 35,933,000 14.1 % $ 20,329,844 8.0 % N/A Bank 35,624,000 14.1 % 20,183,569 8.0 % $ 25,229,462 10.0 % Tier I Capital (to Risk Weighted Assets) Company $ 32,761,000 12.9 % $ 10,166,330 4.0 % N/A Bank 32,470,000 12.9 % 10,091,686 4.0 % $ 15,137,529 6.0 % Tier I Capital (to Average Assets) Company $ 32,761,000 8.7 % $ 15,079,862 4.0 % N/A Bank 32,470,000 8.6 % 15,119,907 4.0 % $ 18,899,884 5.0 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per common share | 2015 2014 2013 Basic: Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 Weighted average common shares outstanding 2,768,966 2,755,671 2,742,003 Basic net income per share $ 0.49 $ 0.69 $ 0.95 |
Fair Values of Financial Inst41
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Values Of Financial Instruments [Abstract] | |
Schedule of estimated fair value and carrying values of financial instruments | 2015 2014 2013 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Financial assets: Cash and due from banks $ 7,493,524 $ 7,493,524 $ 7,101,352 $ 7,101,352 $ 9,214,503 $ 9,214,503 Interest-bearing deposits in other financial institutions 2,308,117 2,308,117 2,154,817 2,154,817 1,636,194 1,636,194 Federal funds sold 2,569,767 2,569,767 4,024,065 4,024,065 102,772 102,772 Investment securities available for sale 98,790,010 98,790,010 87,993,145 87,993,145 74,313,682 74,313,682 Federal Home Loan Bank Stock 1,203,100 1,203,100 1,327,800 1,327,800 1,452,900 1,452,900 Maryland Financial Bank Stock 30,000 30,000 30,000 30,000 30,000 30,000 Ground rents 163,638 163,638 169,200 169,200 169,200 169,200 Loans, less allowance for credit losses 259,636,706 252,239,000 273,986,237 268,536,000 270,684,120 270,684,120 Accrued interest receivable 1,121,405 1,121,405 1,274,137 1,274,137 1,509,238 1,509,238 Cash value of life insurance 9,357,712 9,357,712 9,138,658 9,138,658 8,914,817 8,914,817 Financial liabilities: Deposits 335,191,530 307,924,000 338,877,292 310,239,000 323,803,356 291,046,000 Long-term borrowings 20,000,000 20,688,000 20,000,000 20,951,000 20,000,000 21,032,000 Dividends payable - - 276,096 276,096 274,737 274,737 Accrued interest payable 39,855 39,855 39,823 39,823 28,523 28,523 Unrecognized financial instruments: Commitments to extend credit 21,385,509 21,385,509 21,372,092 21,372,092 23,868,826 23,868,826 Standby letters of credit 47,580 47,580 57,580 57,580 32,000 32,000 |
Schedule of fair value hierarchy of financial instruments | Carrying Fair December 31, 2015 Amount Value Level 1 Level 2 Level 3 Financial instruments - Assets Cash and cash equivalents $ 12,371,408 $ 12,371,408 $ - $ 12,371,408 $ - Loans receivable, net 259,636,706 252,239,000 - - 252,239,000 Cash value of life insurance 9,357,712 9,357,712 - 9,357,712 - Financial instruments - Liabilities Deposits 335,191,530 307,924,000 192,746,000 115,178,000 - Long-term debt 20,000,000 20,688,000 - 20,688,000 - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements on a recurring and non-recurring basis | Fair Level 1 Level 2 Level 3 Value December 31, 2015 Recurring: Securities available for sale U.S. Treasury $ - $ 2,991,485 $ - $ 2,991,485 State and Municipal - 29,996,099 - 29,996,099 Mortgaged-backed - 65,802,426 - 65,802,426 Non-recurring: Maryland Financial Bank stock - - 30,000 30,000 Impaired loans - - 4,023,092 4,023,092 OREO 74,400 - 74,400 $ - $ 98,864,410 $ 4,053,092 $ 102,917,502 |
Parent Company Financial Info43
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Schedule of balance sheets | Balance Sheets December 31, 2015 2014 2013 Assets Cash $ 184,366 $ 283,796 $ 296,245 Investment in The Bank of Glen Burnie 33,882,666 33,557,329 31,292,459 Investment in GBB Properties, Inc. 104,570 254,870 255,170 Due from subsidiaries 6,211 2,095 2,067 Other assets 8,000 8,533 11,957 Total assets $ 34,185,813 $ 34,106,623 $ 31,857,898 Liabilities and Stockholders’ Equity Other liabilities $ 10,000 $ - $ - Dividends payable - 276,096 274,737 Total liabilities 10,000 276,096 274,737 Stockholders’ equity: Common stock 2,773,361 2,760,964 2,747,370 Surplus 9,986,064 9,854,119 9,713,335 Retained earnings 21,718,122 21,112,714 20,300,531 Accumulated other comprehensive income (loss), net of benefits (301,734 ) 102,730 (1,178,075 ) Total stockholders’ equity 34,175,813 33,830,527 31,583,161 Total liabilities and stockholders’ equity $ 34,185,813 $ 34,106,623 $ 31,857,898 |
Schedule of income statement | Statements of Income Years Ended December 31, 2015 2014 2013 Dividends and distributions from subsidiaries $ 678,000 $ 980,000 $ 980,000 Other expenses (86,843 ) (77,375 ) (76,005 ) Income before income tax benefit and equity in undistributed net income of subsidiaries 591,157 902,625 903,995 Income tax benefit 31,958 28,136 27,970 Change in undistributed equity of subsidiaries 729,501 983,765 1,682,212 Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 |
Schedule of statement cash flows | Statements of Cash Flows Years Ended December 31, 2015 2014 2013 Cash flows from operating activities: Net income $ 1,352,616 $ 1,914,526 $ 2,614,177 Adjustments to reconcile net income to net cash provided by operating activities: Decrease (increase) in other assets 533 3,424 (7,665 ) Increase in other liabilities 10,000 - - (Increase) in due from subsidiaries (4,116 ) (28 ) (705 ) Distribution from Investment in GBB 150,000 - - Change in undistributed equity of subsidiaries (729,501 ) (983,765 ) (1,682,212 ) Net cash provided by operating activities 779,532 934,157 923,595 Cash flows from financing activities: Proceeds from dividend reinvestment plan 144,342 154,378 118,821 Dividends paid (1,023,304 ) (1,100,984 ) (822,073 ) Net cash used in financing activities (878,962 ) (946,606 ) (703,252 ) (Decrease) increase in cash (99,430 ) (12,449 ) 220,343 Cash, beginning of year 283,796 296,245 75,902 Cash, end of year $ 184,366 $ 283,796 $ 296,245 |
Quarterly Results of Operatio44
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of summary of consolidated unaudited quarterly results of operations | 2015 (Dollars in thousands, Three months ended, except per share amounts) December 31 September 30 June 30 March 31 Interest income $ 3,356 $ 3,396 $ 3,374 $ 3,480 Interest expense 576 588 607 620 Net interest income 2,780 2,808 2,767 2,860 Provision for credit losses 410 985 150 150 Net securities gains 369 200 270 199 Income before income taxes 552 (169 ) 786 429 Net income 447 8 518 380 Net income per share (basic and diluted) $ 0.16 $ - $ 0.19 $ 0.14 2014 (Dollars in thousands, Three months ended, except per share amounts) December 31 September 30 June 30 March 31 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) December 31 September 30 June 30 March 31 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 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Detail Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
FHLB stock sold back at par value | $ 100 | ||
Loans converted to OREO through foreclosure proceedings | $ 74,400 | $ 45,175 | $ 983,000 |
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 |
Restrictions on Cash and Due 46
Restrictions on Cash and Due From Banks (Detail Textuals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Abstract] | |||
Deposit liabilities reserves average | $ 4,469,000 | $ 4,985,000 | $ 5,387,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 99,291,021 | $ 87,824,140 | $ 76,269,804 |
Gross Unrealized Gains | 418,872 | 1,211,233 | 1,623,479 |
Gross Unrealized Losses | 919,883 | 1,042,228 | 3,579,601 |
Fair Value | 98,790,010 | 87,993,145 | $ 74,313,682 |
U.S. Treasury | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,995,525 | 7,946,530 | |
Gross Unrealized Gains | 122 | 5,843 | |
Gross Unrealized Losses | 4,162 | 23,883 | |
Fair Value | $ 2,991,485 | 7,928,490 | |
U.S. Government agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 28,360 | $ 28,360 | |
Gross Unrealized Gains | $ 295,584 | $ 575,000 | |
Gross Unrealized Losses | |||
Fair Value | $ 323,944 | $ 603,360 | |
State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 29,635,572 | 32,771,006 | 32,395,630 |
Gross Unrealized Gains | 397,568 | 813,974 | 360,384 |
Gross Unrealized Losses | 37,041 | 75,534 | 1,746,943 |
Fair Value | $ 29,996,099 | 33,509,446 | 31,009,071 |
Corporate trust preferred | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 247,150 | $ 333,395 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | $ 83,695 | $ 109,403 | |
Fair Value | 163,455 | 223,992 | |
Mortgage-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 66,659,924 | 46,831,094 | 43,512,419 |
Gross Unrealized Gains | 21,182 | 95,832 | 688,095 |
Gross Unrealized Losses | 878,680 | 859,116 | 1,723,255 |
Fair Value | $ 65,802,426 | $ 46,067,810 | $ 42,477,259 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | $ 45,869,697 |
Less than 12 months Unrealized Loss | 405,535 |
12 months or more Fair Value | 17,772,050 |
12 months or more Unrealized Loss | 514,348 |
Total Fair Value | 63,641,747 |
Total unrealized loss | 919,883 |
U.S. Treasury | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 2,492,190 |
Less than 12 months Unrealized Loss | $ 4,162 |
12 months or more Fair Value | |
12 months or more Unrealized Loss | |
Total Fair Value | $ 2,492,190 |
Total unrealized loss | 4,162 |
State and Municipal | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 3,616,349 |
Less than 12 months Unrealized Loss | 25,197 |
12 months or more Fair Value | 810,953 |
12 months or more Unrealized Loss | 11,844 |
Total Fair Value | 4,427,302 |
Total unrealized loss | 37,041 |
Mortgaged-backed | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 39,761,158 |
Less than 12 months Unrealized Loss | 376,176 |
12 months or more Fair Value | 16,961,097 |
12 months or more Unrealized Loss | 502,504 |
Total Fair Value | 56,722,255 |
Total unrealized loss | $ 878,680 |
Investment Securities - Rollfor
Investment Securities - Rollforward of Cumulative Other Than Temporary Credit Losses Recognized in Earnings for Debt Securities (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Estimated credit losses, beginning of year | $ 3,262,496 | $ 3,262,496 | $ 3,262,496 |
Sales of securities with previous OTTI recognized | $ (3,262,496) | ||
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 |
Investment Securities - Contrac
Investment Securities - Contractual Maturities of Investment Securities (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Available for Sale Amortized Cost | |||
Due within one year | $ 61,064 | ||
Due over one to five years | $ 2,995,525 | 5,938,706 | |
Due over five to ten years | 2,007,824 | ||
Due over ten years | 29,635,572 | 32,957,092 | $ 32,729,025 |
Mortgage-backed, due in monthly installments | 66,659,924 | 46,859,454 | 43,540,779 |
Amortized Cost | 99,291,021 | 87,824,140 | 76,269,804 |
Available for Sale Fair Value | |||
Due within one year | 61,780 | ||
Due over one to five years | 2,991,485 | 5,923,560 | |
Due over five to ten years | 2,004,890 | ||
Due over ten years | 29,996,099 | 33,611,161 | 31,233,063 |
Mortgage-backed, due in monthly installments | 65,802,426 | 46,391,754 | 43,080,619 |
Available-for-sale Securities, Fair Value | $ 98,790,010 | $ 87,993,145 | $ 74,313,682 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Write-down of investment | $ 15,581 | ||
Proceeds from sales of available for sale securities | $ 27,030,183 | $ 30,269,965 | 25,626,845 |
Realized gain on sale | 1,038,084 | 1,210,332 | 664,269 |
Realized loss on sale | 421 | 54,354 | 318,938 |
Income tax expense relating to net gains on sales of investment securities | $ 409,306 | $ 455,976 | $ 136,216 |
Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | Security | 27 |
Loans and Allowance - Major Cat
Loans and Allowance - Major Categories of Loans (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses | $ (3,150,251) | $ (3,117,870) | $ (2,972,019) |
Loans and leases receivable, total | 259,636,706 | 273,986,237 | 270,684,120 |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 263,857,691 | 278,230,503 | 274,827,478 |
Unearned income on loans | (1,070,734) | (1,126,396) | (1,171,339) |
Loans and leases receivable, net of deferred income | 262,786,957 | 277,104,107 | 273,656,139 |
Allowance for credit losses | (3,150,251) | (3,117,870) | (2,972,019) |
Loans and leases receivable, total | 259,636,706 | 273,986,237 | 270,684,120 |
Loans Receivable | Mortgage Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 116,027,206 | 120,933,420 | 123,645,939 |
Loans Receivable | Mortgage Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 62,469,425 | 62,601,469 | 67,195,806 |
Loans Receivable | Mortgage Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 5,518,588 | 7,073,720 | 6,582,553 |
Loans Receivable | Demand and time | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 4,539,701 | 3,518,752 | 4,172,747 |
Loans Receivable | Installment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 75,302,771 | $ 84,103,142 | $ 73,230,433 |
Loans and Allowance - Total All
Loans and Allowance - Total Allowance by Loan Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Provision for credit losses | $ 410 | $ 985 | $ 150 | $ 150 | $ 746 | $ 125 | $ 112 | $ 38 | $ 260 | $ 1,695,000 | $ 1,020,876 | $ 260,000 | |||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 1,103,686 | 1,103,686 | |||||||||||||
Loans Receivable | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | 3,117,870 | 2,972,019 | $ 3,307,920 | 3,117,870 | 2,972,019 | 3,307,920 | |||||||||
Provision for credit losses | 1,695,000 | 1,020,876 | 260,000 | ||||||||||||
Recoveries | 512,117 | 471,330 | 437,502 | ||||||||||||
Loans charged off | (2,174,736) | (1,346,355) | (1,033,403) | ||||||||||||
Balance, end of year | 3,150,251 | 3,117,870 | 2,972,019 | 3,150,251 | 3,117,870 | 2,972,019 | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 1,103,686 | 1,270,159 | 1,163,567 | 1,103,686 | 1,270,159 | 1,163,567 | |||||||||
Individually evaluated for impairment, Related loan balance | 5,126,778 | 6,445,676 | 5,908,796 | 5,126,778 | 6,445,676 | 5,908,796 | |||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | 2,046,565 | 1,847,711 | 1,808,452 | 2,046,565 | 1,847,711 | 1,808,452 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 258,730,913 | 271,784,827 | 268,918,682 | 258,730,913 | 271,784,827 | 268,918,682 | |||||||||
Loans Receivable | Commercial and Industrial | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | 385,631 | 412,909 | 541,916 | 385,631 | 412,909 | 541,916 | |||||||||
Provision for credit losses | (78,901) | (4,580) | 46,303 | ||||||||||||
Recoveries | 1,400 | 6,440 | 26,804 | ||||||||||||
Loans charged off | (2,807) | (29,138) | (202,114) | ||||||||||||
Balance, end of year | 305,323 | 385,631 | 412,909 | 305,323 | 385,631 | 412,909 | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 240,500 | 252,500 | 278,786 | 240,500 | 252,500 | 278,786 | |||||||||
Individually evaluated for impairment, Related loan balance | 240,500 | 252,500 | 278,786 | 240,500 | 252,500 | 278,786 | |||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | 64,823 | 133,131 | 134,123 | 64,823 | 133,131 | 134,123 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 4,299,201 | 3,266,252 | 3,893,961 | 4,299,201 | 3,266,252 | 3,893,961 | |||||||||
Loans Receivable | Commercial Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | 335,009 | 898,362 | 1,183,240 | 335,009 | 898,362 | 1,183,240 | |||||||||
Provision for credit losses | (23,814) | (448,027) | (374,067) | ||||||||||||
Recoveries | 13,468 | 128,068 | $ 89,189 | ||||||||||||
Loans charged off | (63,000) | (243,394) | |||||||||||||
Balance, end of year | 261,663 | 335,009 | 898,362 | 261,663 | 335,009 | $ 898,362 | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 100,745 | 148,791 | 550,794 | 100,745 | 148,791 | 550,794 | |||||||||
Individually evaluated for impairment, Related loan balance | 1,143,317 | 2,155,816 | 3,364,193 | 1,143,317 | 2,155,816 | 3,364,193 | |||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | 160,918 | 186,218 | 347,568 | 160,918 | 186,218 | 347,568 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 63,128,304 | 63,486,816 | 65,414,415 | 63,128,304 | 63,486,816 | 65,414,415 | |||||||||
Loans Receivable | Consumer and Indirect | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | 1,281,222 | 1,187,604 | 1,057,531 | 1,281,222 | 1,187,604 | 1,057,531 | |||||||||
Provision for credit losses | 296,437 | 601,522 | 468,559 | ||||||||||||
Recoveries | 486,776 | 331,108 | 313,795 | ||||||||||||
Loans charged off | (1,260,533) | (839,012) | (652,281) | ||||||||||||
Balance, end of year | 803,902 | 1,281,222 | 1,187,604 | 803,902 | 1,281,222 | 1,187,604 | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 65,353 | 186,226 | 178,657 | 65,353 | 186,226 | 178,657 | |||||||||
Individually evaluated for impairment, Related loan balance | 950,722 | 1,106,217 | 636,174 | 950,722 | 1,106,217 | 636,174 | |||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | 738,549 | 1,094,996 | 1,008,947 | 738,549 | 1,094,996 | 1,008,947 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 74,352,049 | 82,996,925 | 72,594,259 | 74,352,049 | 82,996,925 | 72,594,259 | |||||||||
Loans Receivable | Residential Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | 1,169,627 | 593,463 | 392,506 | 1,169,627 | 593,463 | 392,506 | |||||||||
Provision for credit losses | 1,299,194 | 805,261 | 372,251 | ||||||||||||
Recoveries | 10,473 | 5,714 | 7,714 | ||||||||||||
Loans charged off | (848,396) | (234,811) | (179,008) | ||||||||||||
Balance, end of year | 1,630,898 | 1,169,627 | 593,463 | 1,630,898 | 1,169,627 | 593,463 | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | 697,088 | 682,642 | 155,330 | 697,088 | 682,642 | 155,330 | |||||||||
Individually evaluated for impairment, Related loan balance | 2,792,239 | 2,931,143 | 1,629,643 | 2,792,239 | 2,931,143 | 1,629,643 | |||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | 933,810 | 486,985 | 438,133 | 933,810 | 486,985 | 438,133 | |||||||||
Collectively evaluated for impairment, Balance in allowance | 116,951,359 | 122,034,834 | 127,016,047 | 116,951,359 | 122,034,834 | 127,016,047 | |||||||||
Loans Receivable | Unallocated | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Balance, beginning of year | $ (53,619) | $ (120,319) | $ 132,727 | (53,619) | (120,319) | 132,727 | |||||||||
Provision for credit losses | $ 202,084 | $ 66,700 | $ (253,046) | ||||||||||||
Recoveries | |||||||||||||||
Loans charged off | |||||||||||||||
Balance, end of year | $ 148,465 | $ (53,619) | $ (120,319) | $ 148,465 | $ (53,619) | $ (120,319) | |||||||||
Individually evaluated for impairment: | |||||||||||||||
Individually evaluated for impairment, Balance in allowance | |||||||||||||||
Individually evaluated for impairment, Related loan balance | |||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||
Collectively evaluated for impairment, Balance in allowance | $ 148,465 | $ (53,619) | $ (120,319) | $ 148,465 | $ (53,619) | $ (120,319) | |||||||||
Collectively evaluated for impairment, Balance in allowance |
Loans and Allowance - Risk Rati
Loans and Allowance - Risk Ratings of Loans by Categories of Loans (Details) - Loans Receivable | 12 Months Ended | |||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | Dec. 31, 2012USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 263,857,691 | $ 278,230,503 | $ 274,827,478 | |
Non-accrual | 3,779,749 | 2,777,904 | $ 2,713,393 | |
Troubled debt restructures | $ 290,368 | $ 252,500 | ||
Number of TDRs accounts | Contract | 2 | 1 | ||
Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 252,157,084 | $ 263,761,195 | $ 261,838,072 | |
Special mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 6,782,290 | 8,126,375 | 8,213,339 | |
Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 4,221,478 | 6,017,072 | 4,710,368 | |
Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 696,839 | 162,960 | $ 65,699 | |
Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 162,901 | |||
Non-performing TDRs | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Troubled debt restructures | ||||
Number of TDRs accounts | Contract | ||||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 4,539,701 | $ 3,518,752 | $ 4,172,747 | |
Non-accrual | $ 14,286 | |||
Troubled debt restructures | $ 240,500 | $ 252,500 | ||
Number of TDRs accounts | Contract | 1 | 1 | ||
Commercial and Industrial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 3,878,588 | $ 3,177,639 | $ 3,594,809 | |
Commercial and Industrial | Special mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 168,113 | 88,613 | 299,152 | |
Commercial and Industrial | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 493,000 | $ 252,500 | $ 278,786 | |
Commercial and Industrial | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | ||||
Commercial and Industrial | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | ||||
Commercial and Industrial | Non-performing TDRs | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Troubled debt restructures | ||||
Number of TDRs accounts | Contract | ||||
Commercial Real Estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 64,271,621 | $ 65,642,632 | $ 68,778,608 | |
Non-accrual | $ 1,097,112 | $ 1,237,647 | ||
Troubled debt restructures | ||||
Number of TDRs accounts | Contract | ||||
Commercial Real Estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 58,706,189 | $ 58,837,254 | $ 59,914,422 | |
Commercial Real Estate | Special mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 4,422,115 | 4,649,562 | 5,499,993 | |
Commercial Real Estate | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 1,143,317 | $ 2,155,816 | $ 3,364,193 | |
Commercial Real Estate | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | ||||
Commercial Real Estate | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | ||||
Commercial Real Estate | Non-performing TDRs | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Troubled debt restructures | $ 1,369,768 | |||
Number of TDRs accounts | Contract | ||||
Consumer and Indirect | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 75,302,771 | $ 84,103,142 | $ 73,230,433 | |
Non-accrual | $ 596,329 | $ 515,352 | $ 338,212 | |
Troubled debt restructures | ||||
Number of TDRs accounts | Contract | ||||
Consumer and Indirect | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 72,975,858 | $ 80,501,928 | $ 71,554,400 | |
Consumer and Indirect | Special mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 1,652,579 | 2,555,654 | 1,102,091 | |
Consumer and Indirect | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 509,211 | 882,600 | 508,243 | |
Consumer and Indirect | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 165,123 | $ 162,960 | $ 65,699 | |
Consumer and Indirect | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | ||||
Consumer and Indirect | Non-performing TDRs | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Troubled debt restructures | ||||
Number of TDRs accounts | Contract | ||||
Residential Real Estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 119,743,598 | $ 124,965,977 | $ 128,645,690 | |
Non-accrual | 3,183,420 | $ 1,165,440 | $ 1,123,248 | |
Troubled debt restructures | $ 49,868 | |||
Number of TDRs accounts | Contract | 1 | |||
Residential Real Estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 116,596,449 | $ 121,244,374 | $ 126,774,441 | |
Residential Real Estate | Special mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 539,483 | 832,546 | 1,312,103 | |
Residential Real Estate | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | 2,075,950 | $ 2,726,156 | $ 559,146 | |
Residential Real Estate | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 531,716 | |||
Residential Real Estate | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total | $ 162,901 | |||
Residential Real Estate | Non-performing TDRs | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Troubled debt restructures | $ 832,500 | |||
Number of TDRs accounts | Contract |
Loans and Allowance - Past Due
Loans and Allowance - Past Due Financing Receivables (Details) - Loans Receivable - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 258,093,183 | $ 272,664,631 | $ 269,039,107 |
Non-accrual | 3,779,749 | 2,777,904 | 2,713,393 |
Total | 263,857,691 | 278,230,503 | 274,827,478 |
30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,929,997 | 2,591,196 | 1,467,235 |
90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 54,762 | 196,772 | 1,607,743 |
Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 4,539,701 | $ 3,518,752 | 4,158,461 |
Non-accrual | 14,286 | ||
Total | $ 4,539,701 | $ 3,518,752 | $ 4,172,747 |
Commercial and industrial | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | |||
Commercial and industrial | 90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | |||
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 64,270,345 | $ 64,545,207 | $ 66,191,062 |
Non-accrual | 1,097,112 | 1,237,647 | |
Total | $ 64,271,621 | 65,642,632 | 68,778,608 |
Commercial real estate | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 1,276 | $ 313 | 173,000 |
Commercial real estate | 90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,176,899 | ||
Consumer and indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 73,568,010 | $ 81,315,689 | 71,755,109 |
Non-accrual | 596,329 | 515,352 | 338,212 |
Total | 75,302,771 | 84,103,142 | 73,230,433 |
Consumer and indirect | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,122,155 | $ 2,272,101 | $ 1,137,112 |
Consumer and indirect | 90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 16,277 | ||
Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 115,715,127 | $ 123,284,983 | $ 126,934,475 |
Non-accrual | 3,183,420 | 1,165,440 | 1,123,248 |
Total | 119,743,598 | 124,965,977 | 128,645,690 |
Residential real estate | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 806,566 | 318,782 | 157,123 |
Residential real estate | 90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 38,485 | $ 196,772 | $ 430,844 |
Loans and Allowance - Impaired
Loans and Allowance - Impaired Financing Receivables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Specific Reserve with specific reserves | $ 1,103,686 | ||
Loans Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 2,495,915 | $ 4,685,183 | $ 3,418,966 |
Unpaid Principal Balance with specific reserves | 2,495,915 | 4,685,183 | 3,418,966 |
Interest Income Recognized with specific reserves | 67,321 | 220,420 | 103,611 |
Specific Reserve with specific reserves | 1,103,686 | 1,270,159 | 1,163,567 |
Average Recorded Investment with specific reserves | 2,552,232 | 4,791,097 | 3,516,699 |
Recorded Investment with no specific reserve | 2,630,863 | 1,760,493 | 2,489,830 |
Unpaid Principal Balance with no specific reserve | 2,848,307 | 1,821,688 | 2,489,830 |
Interest Income Recognized with no specific reserve | 54,146 | 51,189 | 85,840 |
Average Recorded Investment with no specific reserve | 2,499,805 | 1,430,076 | 2,353,983 |
Loans Receivable | Real-estate - mortgage Residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 1,809,429 | 2,726,247 | 559,146 |
Unpaid Principal Balance with specific reserves | 1,809,429 | 2,726,247 | 559,146 |
Interest Income Recognized with specific reserves | 56,804 | 177,707 | 15,768 |
Specific Reserve with specific reserves | 697,088 | 682,642 | 155,330 |
Average Recorded Investment with specific reserves | 1,820,233 | 2,747,299 | 563,961 |
Recorded Investment with no specific reserve | 982,810 | 204,896 | 1,070,497 |
Unpaid Principal Balance with no specific reserve | 1,115,579 | 266,091 | 1,070,497 |
Interest Income Recognized with no specific reserve | 14,664 | 2,641 | 39,257 |
Average Recorded Investment with no specific reserve | 1,170,747 | 340,435 | 1,071,479 |
Loans Receivable | Real-estate - mortgage Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 300,112 | 1,094,708 | 2,187,294 |
Unpaid Principal Balance with specific reserves | $ 300,112 | 1,094,708 | 2,187,294 |
Interest Income Recognized with specific reserves | 783 | 55,535 | |
Specific Reserve with specific reserves | $ 100,745 | 148,791 | 550,794 |
Average Recorded Investment with specific reserves | 314,929 | 1,162,367 | 2,271,949 |
Recorded Investment with no specific reserve | 843,205 | 1,061,108 | 1,176,899 |
Unpaid Principal Balance with no specific reserve | 843,205 | 1,061,108 | 1,176,899 |
Interest Income Recognized with no specific reserve | 37,786 | 48,548 | 46,583 |
Average Recorded Investment with no specific reserve | 876,376 | 1,089,641 | 1,231,505 |
Loans Receivable | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment with specific reserves | 145,874 | 611,728 | 393,740 |
Unpaid Principal Balance with specific reserves | $ 145,874 | 611,728 | 393,740 |
Interest Income Recognized with specific reserves | 30,903 | 20,767 | |
Specific Reserve with specific reserves | $ 65,353 | 186,226 | 178,657 |
Average Recorded Investment with specific reserves | 170,499 | 622,854 | 394,356 |
Recorded Investment with no specific reserve | 364,695 | 60,656 | 10,602 |
Unpaid Principal Balance with no specific reserve | 449,370 | $ 60,656 | $ 10,602 |
Interest Income Recognized with no specific reserve | 1,696 | ||
Average Recorded Investment with no specific reserve | $ 452,682 | ||
Loans Receivable | Installment | |||
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 | $ 440,153 | $ 433,833 | $ 180,204 |
Unpaid Principal Balance with no specific reserve | $ 440,153 | $ 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 | $ 240,500 | $ 252,500 | 278,786 |
Unpaid Principal Balance with specific reserves | 240,500 | 252,500 | 278,786 |
Interest Income Recognized with specific reserves | 10,517 | 11,027 | 11,541 |
Specific Reserve with specific reserves | 240,500 | 252,500 | 278,786 |
Average Recorded Investment with specific reserves | $ 246,571 | $ 258,577 | $ 286,433 |
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 (Detail Tex
Loans And Allowance (Detail Textuals) - Loans Receivable | 12 Months Ended | |||
Dec. 31, 2015USD ($)ContractBorrowerLoan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 263,857,691 | $ 278,230,503 | $ 274,827,478 | |
Allowance for loan losses | 3,150,251 | 3,117,870 | $ 2,972,019 | $ 3,307,920 |
Amount of recorded investment in new troubled debt restructurings, totaled | 290,368 | 252,500 | ||
Amount of loans on which the accrual of interest has been discontinued, totaled | 3,779,749 | 2,777,904 | $ 2,713,393 | |
Amount of interest that would have been accrued from non performing financial receivable, totaled | 239,038 | 255,682 | 180,770 | |
Amount of loans past due 90 days or more and still accruing interest, totaled | $ 54,762 | $ 196,772 | $ 1,607,743 | |
Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 4,539,701 | $ 3,518,752 | $ 4,172,747 | |
Allowance for loan losses | 305,323 | 385,631 | $ 412,909 | 541,916 |
Amount of recorded investment in new troubled debt restructurings, totaled | $ 240,500 | $ 252,500 | ||
Commercial and Industrial | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 119,743,598 | $ 124,965,977 | $ 128,645,690 | |
Allowance for loan losses | 1,630,898 | $ 1,169,627 | $ 593,463 | 392,506 |
Amount of recorded investment in new troubled debt restructurings, totaled | 49,868 | |||
Amount of residential real estate loan and receivable, outstanding | 1,714,716 | |||
Amount of residential real estate loan and receivable, specific reserves | $ 668,721 | |||
Number of loan residential real estate | Contract | 11 | |||
Number of residential real estate loans borrowers | Borrower | 5 | |||
Residential Real Estate | Borrowers | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of residential real estate loan and receivable, outstanding | $ 1,664,848 | |||
Amount of residential real estate loan and receivable, specific reserves | $ 656,947 | |||
Number of loan residential real estate | Contract | 10 | |||
Number of residential real estate loans borrowers | Borrower | 4 | |||
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 | |||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 64,271,621 | $ 65,642,632 | $ 68,778,608 | |
Allowance for loan losses | $ 261,663 | $ 335,009 | $ 898,362 | 1,183,240 |
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Amount of commercial real estate loan and receivable, outstanding | $ 300,112 | |||
Amount of commercial real estate loan and receivable, specific reserves | $ 100,745 | |||
Number of loan commercial real estate | Contract | 1 | |||
Number of commercial real estate loans borrowers | Borrower | 1 | |||
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 | |||
Consumer and Indirect | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 75,302,771 | $ 84,103,142 | $ 73,230,433 | |
Allowance for loan losses | $ 803,902 | $ 1,281,222 | $ 1,187,604 | 1,057,531 |
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Amount of consumer and indirect loans, outstanding | $ 145,874 | |||
Amount of consumer and indirect loans, specific reserves | $ 65,353 | |||
Number of loan consumer and indirect loans | Loan | 2 | |||
Number of consumer and indirect loans borrowers | Borrower | 2 | |||
Consumer and Indirect | Non-performing TDRs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of recorded investment in new troubled debt restructurings, totaled | ||||
Unallocated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 148,465 | $ (53,619) | $ (120,319) | $ 132,727 |
Tolerance for actual to required reserves, percentage | 5.00% | |||
Executive Officers Directors and Their Affiliated Interests | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of loans outstanding, totaled | $ 787,894 | 556,188 | 1,078,577 | |
Amount of loans additions, totaled | 569,000 | |||
Amount of loans repayments, totaled | 337,294 | |||
Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 75,302,771 | 84,103,142 | 73,230,433 | |
Collateralized Auto Loans | Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 60,607,000 | $ 67,551,000 | $ 55,400,000 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 684,977 | $ 684,977 | $ 684,977 |
Buildings | 6,283,741 | 6,221,980 | 6,142,509 |
Equipment and fixtures | 5,365,211 | 5,400,514 | 5,187,984 |
Construction in progress | 500 | 53,197 | 61,155 |
Property plant and equipment gross | 12,334,429 | 12,360,668 | 12,076,625 |
Accumulated depreciation | (8,965,564) | (8,689,373) | (8,379,853) |
Property plant and equipment net | $ 3,368,865 | $ 3,671,295 | $ 3,696,772 |
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 (Detail
Premises and Equipment (Detail Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 393,200 | $ 399,083 | $ 392,146 |
Amortization of software and intangible assets | 59,506 | 21,970 | 26,236 |
Rent expense | 153,659 | $ 150,145 | $ 137,232 |
Severna Park | |||
Property, Plant and Equipment [Line Items] | |||
Minimum lease obligations through September 2016 | 33,000 | ||
Linthicum branch | |||
Property, Plant and Equipment [Line Items] | |||
Minimum lease obligations through September 2024 | $ 120,952 |
Federal Home Loan Bank and Sh60
Federal Home Loan Bank and Short-term Borrowings (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Financial_Instituteshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Short-term Debt [Line Items] | |||
Federal home loan bank shares owned | shares | 12,031 | ||
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 | $ 71,817,000 | ||
Long-term federal home loan bank advances | 20,000,000 | ||
Average short-term borrowings | $ 21,918 | $ 24,658 | $ 1,838,000 |
Number of financial institution lending credit facility | Financial_Institute | 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 |
Long-term Borrowings - Summary
Long-term Borrowings - Summary of long-term borrowings (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
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 |
Long-Term Borrowings - Summar62
Long-Term Borrowings - Summary of long-term Borrowings (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instruments [Abstract] | |||
2,017 | $ 10,000,000 | ||
2,018 | 10,000,000 | ||
Long-term borrowings | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 |
Long-term Borrowings (Detail Te
Long-term Borrowings (Detail Textuals) - Federal Home Loan Bank of Atlanta - USD ($) | 12 Months Ended | |
Dec. 31, 2008 | Dec. 31, 2007 | |
Convertible advances maturing on November, 1, 2017 | ||
Debt Instrument [Line Items] | ||
Convertible debt | $ 10,000,000 | |
Debt instrument, maturity date | Nov. 1, 2017 | |
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 | Jul. 23, 2018 | |
Debt instrument callable quarterly date | Jul. 23, 2009 | |
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 | Aug. 22, 2018 | |
Debt instrument callable quarterly date | Aug. 22, 2011 | |
Debt instrument, interest rate, stated percentage | 3.34% |
Deposits - Summary of major cla
Deposits - Summary of major classifications of Interest-bearing deposits (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | |||
NOW and SuperNOW | $ 27,502,016 | $ 26,990,274 | $ 27,991,553 |
Money Market | 19,079,536 | 20,465,436 | 19,219,579 |
Savings | 78,107,913 | 74,973,038 | 71,278,801 |
Certificates of Deposit, $100,000 or more | 34,239,331 | 36,118,031 | 28,916,597 |
Other time deposits | 82,677,870 | 91,767,589 | 89,649,301 |
Interest-bearing deposits | $ 241,606,666 | $ 250,314,368 | $ 237,055,831 |
Deposits - Summary of interest
Deposits - Summary of interest expense on deposits (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Abstract] | |||
NOW and SuperNOW | $ 9,711 | $ 11,608 | $ 11,300 |
Money Market | 12,763 | 9,965 | 10,618 |
Savings | 39,936 | 37,537 | 55,591 |
Certificates of Deposit, $100,000 or more | 522,637 | 523,472 | 373,880 |
Other time deposits | 1,165,027 | 1,310,732 | 1,562,938 |
Interest expense | $ 1,750,074 | $ 1,893,314 | $ 2,014,327 |
Deposits -Summary of maturities
Deposits -Summary of maturities of time deposits (Details 2) | Dec. 31, 2015USD ($) |
Deposits [Abstract] | |
2,016 | $ 44,839,000 |
2,017 | 11,863,000 |
2,018 | 17,966,000 |
2,019 | 25,562,000 |
2,020 | 15,303,000 |
2021 and thereafter | 1,384,000 |
Time Deposits | $ 116,917,000 |
Deposits (Detail Textuals)
Deposits (Detail Textuals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | |||
Deposit balances of executive officers and directors and their affiliated interests | $ 1,971,000 | $ 2,331,000 | $ 2,147,000 |
Income Taxes - Summary of compo
Income Taxes - Summary of components of income tax expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ (322,723) | $ 408,056 | $ 400,931 |
State | (60,104) | 187,266 | 197,671 |
Total current | (382,827) | 595,322 | 598,602 |
Deferred income (benefits) taxes: | |||
Federal | 352,543 | (253,848) | (9,542) |
State | 275,205 | (32,822) | 44,795 |
Total deferred (benefits) taxes | 627,749 | (286,670) | 35,252 |
Income tax expense | $ 244,921 | $ 308,652 | $ 633,855 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax expense computed at satutory rate (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Income before income tax expense (benefit) | $ 552 | $ (169) | $ 786 | $ 429 | $ 521 | $ 637 | $ 498 | $ 567 | $ 814 | $ 1,039 | $ 788 | $ 607 | $ 1,597,537 | $ 2,223,178 | $ 3,248,032 |
Taxes computed at Federal income tax rate | 543,163 | 755,881 | 1,104,331 | ||||||||||||
Increase (decrease) resulting from: | |||||||||||||||
Tax-exempt income | (441,890) | (531,764) | (630,710) | ||||||||||||
State income taxes, net of Federal income tax benefit | 141,966 | 101,933 | 160,027 | ||||||||||||
Other | 1,682 | (17,398) | 207 | ||||||||||||
Income tax expense | $ 244,921 | $ 308,652 | $ 633,855 |
Income Taxes - Components of ne
Income Taxes - Components of net deferred income tax benefits (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred income tax benefits: | |||
Accrued deferred compensation | $ 153,256 | $ 142,308 | $ 129,101 |
Impairment loss on investment securities | 1,305,584 | 1,218,497 | |
Allowance for credit losses | 362,732 | 364,697 | 458,303 |
Nonaccrual interest | 445,173 | 445,173 | 339,765 |
Alternative minimum tax credits | 929,264 | 615,186 | 485,444 |
Net operating loss carryforward credits | 373,986 | ||
Accumulated depreciation | 61,019 | 72,354 | 60,627 |
Other real estate owned | 14,940 | 14,940 | 14,940 |
Reserve for unfunded commitments | 4,641 | 78,890 | 78,890 |
Other temporary differences | 2,116 | 2,116 | 1,332 |
Accumulated securities premium accretion | 138,207 | 71,834 | 39,514 |
Net unrealized depreciation on investment securities available for sale | 199,277 | 778,048 | |
Total deferred income tax benefits | $ 2,684,611 | $ 3,113,082 | $ 3,604,461 |
Deferred income tax liabilities: | |||
Accumulated securities discount accretion | |||
Net unrealized appreciation on investment securities available for sale | $ 67,847 | ||
Total deferred income tax liabilities | 67,847 | ||
Net deferred income tax benefits | $ 2,684,611 | $ 3,045,235 | $ 3,604,461 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Reconciliation of income tax expense computed at statutory rate | 34.00% | 34.00% | 34.00% |
Pension and Profit Sharing Pl72
Pension and Profit Sharing Plans (Detail Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Annual contributions, included in employee benefit expense | $ 225,179 | $ 229,500 | $ 260,400 |
Amount of additional contributions under this plan for benefit of certain employees | 1,014 | 8,159 | 8,159 |
Amount of discretionary employer matching contributions to plan | $ 191,391 | $ 228,516 | $ 304,558 |
Other Benefit Plans (Detail Tex
Other Benefit Plans (Detail Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, All Other Investments [Abstract] | |||
Cash value of life insurance contract | $ 9,357,712 | $ 9,138,658 | $ 8,914,817 |
Income on their insurance investment total | $ 219,054 | $ 223,841 | $ 234,297 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Operating Expenses [Abstract] | |||
Professional services | $ 712,851 | $ 677,308 | $ 635,502 |
Stationery, printing and supplies | 172,709 | 185,963 | 201,883 |
Postage and delivery | 138,691 | 164,814 | 139,096 |
FDIC assessment | 305,972 | 279,584 | 234,203 |
Directors fees and expenses | 223,542 | 239,769 | 226,881 |
Marketing | 142,224 | 239,437 | 207,527 |
Data processing | 76,895 | 25,404 | 34,909 |
Correspondent bank services | 51,308 | 45,362 | 55,444 |
Telephone | 229,257 | 223,071 | 255,955 |
Liability insurance | 74,508 | 73,925 | 71,722 |
Losses (gains) and expenses on OREO | 29,536 | 62,493 | 73,698 |
Other ATM expense | 121,487 | 125,845 | 117,617 |
Other | 449,322 | 705,316 | 462,682 |
Other operating expenses | $ 2,728,302 | $ 3,048,291 | $ 2,717,119 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of outstanding loan commitments, unused lines of credit and letters of credit (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loan commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | $ 970,000 | $ 1,666,000 | $ 4,378,000 |
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 | ||
Other mortgage loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | $ 970,000 | $ 1,666,000 | 2,817,000 |
Unused lines of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 20,415,509 | 19,706,092 | 19,490,826 |
Home-equity lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 2,558,091 | 3,825,462 | 11,067,236 |
Commercial lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 17,195,796 | 15,156,201 | 7,726,424 |
Secured consumer line | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 27,500 | 50,000 | 24,043 |
Unsecured consumer lines | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | 634,122 | 674,429 | 673,123 |
Letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Fair value disclosure, off-balance sheet risks, face amount, liability | $ 47,580 | $ 57,580 | $ 32,000 |
Commitments and Contingencies76
Commitments and Contingencies (Detail Textuals) | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Provision for financial receivable unfunded credit losses | $ 11,767 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of capital comparison with minimum requirements (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Company | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 37,506,000 | $ 36,959,000 | $ 35,933,000 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.50% | 14.30% | 14.10% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 20,645,810 | $ 20,329,844 | |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | |
Tier I Capital (to Risk Weighted Assets) Actual Amount | $ 34,477,000 | $ 33,728,000 | $ 32,761,000 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.20% | 13.10% | 12.90% |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 10,322,265 | $ 10,166,330 | |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
Tier I Capital (to Average Assets) Actual Amount | $ 34,477,000 | $ 33,728,000 | $ 32,761,000 |
Tier I Capital (to Average Assets) Actual Ratio | 8.80% | 8.50% | 8.70% |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 15,834,742 | $ 15,079,862 | |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
Common Equity Tier I Capital (to Risk Weighted Assets) Actual Amount | $ 34,477,000 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.20% | ||
Company | Minimum Capital Required - Basel III Phased-In Schedule | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 19,382,946 | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 14,537,034 | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 15,724,971 | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Amount | $ 10,902,776 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Ratio | 4.50% | ||
Company | Minimum Capital Required - Basel III Fully Phased-In Schedule | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 25,440,116 | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 10.50% | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 20,594,132 | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.50% | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 15,724,971 | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Amount | $ 16,959,874 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Ratio | 7.00% | ||
Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 37,213,000 | $ 36,655,000 | $ 35,624,000 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.40% | 14.30% | 14.10% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 20,477,654 | $ 20,183,569 | |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 24,211,451 | $ 25,597,067 | $ 25,229,462 |
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 | $ 34,185,000 | $ 33,454,000 | $ 32,470,000 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.10% | 13.10% | 12.90% |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 10,238,409 | $ 10,091,686 | |
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 19,368,272 | $ 15,357,613 | $ 15,137,529 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | $ 34,185,000 | $ 33,454,000 | $ 32,470,000 |
Tier I Capital (to Average Assets) Actual Ratio | 8.70% | 8.40% | 8.60% |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 16,006,699 | $ 15,119,907 | |
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 19,646,552 | $ 20,008,373 | $ 18,899,884 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | 5.00% |
Common Equity Tier I Capital (to Risk Weighted Assets) Actual Amount | $ 34,185,000 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.10% | ||
Common Equity Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Actual Amount | $ 15,736,721 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Actual Ratio | 6.50% | ||
Bank | Minimum Capital Required - Basel III Phased-In Schedule | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 19,369,161 | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 14,526,204 | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 15,717,241 | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Amount | $ 10,894,653 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Ratio | 4.50% | ||
Bank | Minimum Capital Required - Basel III Fully Phased-In Schedule | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 25,422,023 | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 10.50% | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 20,578,789 | ||
Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.50% | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 15,717,241 | ||
Tier I Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Amount | $ 16,947,238 | ||
Common Equity Tier I Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Actual Ratio | 7.00% |
Stockholders' Equity (Detail Te
Stockholders' Equity (Detail Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders Equity [Line Items] | |||
Retained earnings from which dividends may not be paid without prior approval, total | $ 18,752,000 | $ 17,171,000 | $ 15,293,000 |
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] | |||
Employees to buy stock under options granted | 95.00% | ||
Shares of common stock purchased | 12,397 | 13,594 | 10,392 |
Common stock, capital shares reserved for future issuance | 185,127 | ||
Stockholder purchase plan | |||
Stockholders Equity [Line Items] | |||
Options are vested when granted and will expire no later than | 3 months | ||
Common stock, capital shares reserved for future issuance | 313,919 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic: | |||||||||||||||
Net income | $ 447 | $ 8 | $ 518 | $ 380 | $ 480 | $ 526 | $ 435 | $ 473 | $ 650 | $ 795 | $ 640 | $ 529 | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Weighted average common shares outstanding (in shares) | 2,768,966 | 2,755,671 | 2,742,003 | ||||||||||||
Basic net income per share (in dollars per share) | $ 0.49 | $ 0.69 | $ 0.95 |
Fair Values of Financial Inst80
Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets - Carrying Amount | |||
Cash and due from banks | $ 7,493,524 | $ 7,101,352 | $ 9,214,503 |
Interest-bearing deposits in other financial institutions | 2,308,117 | 2,154,817 | 1,636,194 |
Federal funds sold | 2,569,767 | 4,024,065 | 102,772 |
Investment securities available for sale | 98,790,010 | 87,993,145 | 74,313,682 |
Federal Home Loan Bank Stock | 1,203,100 | 1,327,800 | 1,452,900 |
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 |
Ground rents | 163,638 | 169,200 | 169,200 |
Loans, less allowance for credit losses | 259,636,706 | 273,986,237 | 270,684,120 |
Accrued interest receivable | 1,121,405 | 1,274,137 | 1,509,238 |
Cash value of life insurance | 9,357,712 | 9,138,658 | 8,914,817 |
Financial liabilities - Carrying Amount | |||
Deposits | 335,191,530 | 338,877,292 | 323,803,356 |
Long-term borrowings | 20,000,000 | 20,000,000 | 20,000,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable | 39,855 | 39,823 | 28,523 |
Unrecognized financial instruments: | |||
Commitments to extend credit | 21,385,509 | 21,372,092 | 23,868,826 |
Standby letters of credit | 47,580 | 57,580 | 32,000 |
Financial assets - Fair Value | |||
Cash and due from banks | 7,493,524 | 7,101,352 | 9,214,503 |
Interest-bearing deposits in other financial institutions | 2,308,117 | 2,154,817 | 1,636,194 |
Federal funds sold | 2,569,767 | 4,024,065 | 102,772 |
Investment securities available for sale | 98,790,010 | 87,993,145 | 74,313,682 |
Federal Home Loan Bank Stock | 1,203,100 | 1,327,800 | 1,452,900 |
Maryland Financial Bank Stock | 30,000 | 30,000 | 30,000 |
Ground rents | 163,638 | 169,200 | 169,200 |
Loans, less allowance for credit losses | 252,239,000 | 268,536,000 | 270,684,120 |
Accrued interest receivable | 1,121,405 | 1,274,137 | 1,509,238 |
Cash value of life insurance | 9,357,712 | 9,138,658 | 8,914,817 |
Financial liabilities - Fair Value | |||
Deposits | 307,924,000 | 310,239,000 | 291,046,000 |
Long-term borrowings | 20,688,000 | 20,951,000 | 21,032,000 |
Dividends payable | 276,096 | 274,737 | |
Accrued interest payable | 39,855 | 39,823 | 28,523 |
Unrecognized financial instruments: | |||
Commitments to extend credit | 21,385,509 | 21,372,092 | 23,868,826 |
Standby letters of credit | $ 47,580 | $ 57,580 | $ 32,000 |
Fair Values of Financial Inst81
Fair Values of Financial Instruments (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets - Carrying Amount | |||
Cash and cash equivalents | $ 12,371,408 | $ 13,280,234 | $ 10,953,469 |
Loans receivable, net | 259,636,706 | 273,986,237 | 270,684,120 |
Cash value of life insurance | 9,357,712 | 9,138,658 | 8,914,817 |
Financial liabilities - Carrying Amount | |||
Deposits | 335,191,530 | 338,877,292 | 323,803,356 |
Long-term debt | 20,000,000 | 20,000,000 | 20,000,000 |
Financial assets - Fair Value | |||
Cash and cash equivalents | 12,371,408 | ||
Loans receivable, net | 252,239,000 | 268,536,000 | 270,684,120 |
Cash value of life insurance | 9,357,712 | 9,138,658 | 8,914,817 |
Financial liabilities - Fair Value | |||
Deposits | 307,924,000 | 310,239,000 | 291,046,000 |
Long-term debt | $ 20,688,000 | $ 20,951,000 | $ 21,032,000 |
Level 1 | Fair Value | |||
Financial assets - Fair Value | |||
Cash and cash equivalents | |||
Loans receivable, net | |||
Cash value of life insurance | |||
Financial liabilities - Fair Value | |||
Deposits | $ 192,746,000 | ||
Long-term debt | |||
Level 2 | Fair Value | |||
Financial assets - Fair Value | |||
Cash and cash equivalents | $ 12,371,408 | ||
Loans receivable, net | |||
Cash value of life insurance | $ 9,357,712 | ||
Financial liabilities - Fair Value | |||
Deposits | 115,178,000 | ||
Long-term debt | $ 20,688,000 | ||
Level 3 | Fair Value | |||
Financial assets - Fair Value | |||
Cash and cash equivalents | |||
Loans receivable, net | $ 252,239,000 | ||
Cash value of life insurance | |||
Financial liabilities - Fair Value | |||
Deposits | |||
Long-term debt |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of fair value measurements on recurring and non-recurring Basis (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Recurring: | |||
Securities available for sale | $ 98,790,010 | $ 87,993,145 | $ 74,313,682 |
Non-recurring: | |||
Maryland Financial Bank stock | $ 30,000 | 30,000 | $ 30,000 |
Fair Value, Inputs, Level 1 | |||
Non-recurring: | |||
Assets, fair value disclosure | |||
Fair Value, Inputs, Level 2 | |||
Non-recurring: | |||
Assets, fair value disclosure | $ 98,864,410 | ||
Fair Value, Inputs, Level 3 | |||
Non-recurring: | |||
Assets, fair value disclosure | 4,053,092 | ||
Fair Value | |||
Non-recurring: | |||
Assets, fair value disclosure | 102,917,502 | ||
U.S. Treasury | |||
Recurring: | |||
Securities available for sale | 2,991,485 | 7,928,490 | |
State and municipal | |||
Recurring: | |||
Securities available for sale | 29,996,099 | 33,509,446 | $ 31,009,071 |
Mortgaged-backed | |||
Recurring: | |||
Securities available for sale | $ 65,802,426 | $ 46,067,810 | $ 42,477,259 |
Recurring | U.S. Treasury | Fair Value, Inputs, Level 1 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | U.S. Treasury | Fair Value, Inputs, Level 2 | |||
Recurring: | |||
Securities available for sale | $ 2,991,485 | ||
Recurring | U.S. Treasury | Fair Value, Inputs, Level 3 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | U.S. Treasury | Fair Value | |||
Recurring: | |||
Securities available for sale | $ 2,991,485 | ||
Recurring | State and municipal | Fair Value, Inputs, Level 1 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | State and municipal | Fair Value, Inputs, Level 2 | |||
Recurring: | |||
Securities available for sale | $ 29,996,099 | ||
Recurring | State and municipal | Fair Value, Inputs, Level 3 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | State and municipal | Fair Value | |||
Recurring: | |||
Securities available for sale | $ 29,996,099 | ||
Recurring | Mortgaged-backed | Fair Value, Inputs, Level 1 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | Mortgaged-backed | Fair Value, Inputs, Level 2 | |||
Recurring: | |||
Securities available for sale | $ 65,802,426 | ||
Recurring | Mortgaged-backed | Fair Value, Inputs, Level 3 | |||
Recurring: | |||
Securities available for sale | |||
Recurring | Mortgaged-backed | Fair Value | |||
Recurring: | |||
Securities available for sale | $ 65,802,426 | ||
Nonrecurring | Fair Value, Inputs, Level 1 | |||
Non-recurring: | |||
Maryland Financial Bank stock | |||
Impaired loans | |||
OREO | |||
Nonrecurring | Fair Value, Inputs, Level 2 | |||
Non-recurring: | |||
Maryland Financial Bank stock | |||
Impaired loans | |||
OREO | $ 74,400 | ||
Nonrecurring | Fair Value, Inputs, Level 3 | |||
Non-recurring: | |||
Maryland Financial Bank stock | 30,000 | ||
Impaired loans | $ 4,023,092 | ||
OREO | |||
Nonrecurring | Fair Value | |||
Non-recurring: | |||
Maryland Financial Bank stock | $ 30,000 | ||
Impaired loans | 4,023,092 | ||
OREO | $ 74,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015USD ($)LoanProperty | |
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 | Property | 2 |
Valuation allowance allocation to the impaired loans | $ | $ 1,103,686 |
Condensed Balance Sheet (Detail
Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Other assets | $ 1,778,336 | $ 668,392 | $ 694,142 | |
Total assets | 390,580,191 | 394,629,508 | 377,193,574 | |
Liabilities and Stockholders' Equity | ||||
Other Liabilities | 1,172,993 | 1,605,770 | 1,503,797 | |
Dividends payable | 276,096 | 274,737 | ||
Total liabilities | 356,404,378 | 360,798,981 | 345,610,413 | |
Stockholders' equity: | ||||
Common stock | 2,773,361 | 2,760,964 | 2,747,370 | |
Surplus | 9,986,064 | 9,854,119 | 9,713,335 | |
Retained earnings | 21,718,122 | 21,112,714 | 20,300,531 | |
Accumulated other comprehensive income (loss), net of benefits | (301,734) | 102,730 | (1,178,075) | |
Total stockholders' equity | 34,175,813 | 33,830,527 | 31,583,161 | $ 33,587,665 |
Total liabilities and stockholders' equity | 390,580,191 | 394,629,508 | 377,193,574 | |
Parent Company | ||||
Assets | ||||
Cash | 184,366 | 283,796 | 296,245 | |
Due from subsidiaries | 6,211 | 2,095 | 2,067 | |
Other assets | 8,000 | 8,533 | 11,957 | |
Total assets | 34,185,813 | 34,106,623 | 31,857,898 | |
Liabilities and Stockholders' Equity | ||||
Other Liabilities | 10,000 | |||
Dividends payable | 276,096 | 274,737 | ||
Total liabilities | 10,000 | 276,096 | 274,737 | |
Stockholders' equity: | ||||
Common stock | 2,773,361 | 2,760,964 | 2,747,370 | |
Surplus | 9,986,064 | 9,854,119 | 9,713,335 | |
Retained earnings | 21,718,122 | 21,112,714 | 20,300,531 | |
Accumulated other comprehensive income (loss), net of benefits | (301,734) | 102,730 | (1,178,075) | |
Total stockholders' equity | 34,175,813 | 33,830,527 | 31,583,161 | |
Total liabilities and stockholders' equity | 34,185,813 | 34,106,623 | 31,857,898 | |
Parent Company | Bank Of Glen Burnie | ||||
Assets | ||||
Investment | 33,882,666 | 33,557,329 | 31,292,459 | |
Parent Company | GBB Properties, Inc. | ||||
Assets | ||||
Investment | $ 104,570 | $ 254,870 | $ 255,170 |
Condensed Income Statement (Det
Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Other expenses | $ (10,930,497) | $ (11,412,259) | $ (11,113,244) | ||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | $ 552 | $ (169) | $ 786 | $ 429 | $ 521 | $ 637 | $ 498 | $ 567 | $ 814 | $ 1,039 | $ 788 | $ 607 | 1,597,537 | 2,223,178 | 3,248,032 |
Income tax benefit | 244,921 | 308,652 | 633,855 | ||||||||||||
Net income | $ 447 | $ 8 | $ 518 | $ 380 | $ 480 | $ 526 | $ 435 | $ 473 | $ 650 | $ 795 | $ 640 | $ 529 | 1,352,616 | 1,914,526 | 2,614,177 |
Parent Company | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Dividends and distributions from subsidiaries | 678,000 | 980,000 | 980,000 | ||||||||||||
Other expenses | (86,843) | (77,375) | (76,005) | ||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 591,157 | 902,625 | 903,995 | ||||||||||||
Income tax benefit | 31,958 | 28,136 | 27,970 | ||||||||||||
Change in undistributed equity of subsidiaries | 729,501 | 983,765 | 1,682,212 | ||||||||||||
Net income | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Condensed Cash Flow Statement (
Condensed Cash Flow Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||||||||||||||
Net income | $ 447 | $ 8 | $ 518 | $ 380 | $ 480 | $ 526 | $ 435 | $ 473 | $ 650 | $ 795 | $ 640 | $ 529 | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Decrease (increase) in other assets | (1,109,944) | 56,011 | 637,425 | ||||||||||||
Increase in other liabilities | (432,777) | 101,973 | (29,556) | ||||||||||||
Net cash provided by operating activities | 2,138,177 | 2,519,211 | 4,111,763 | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Dividends paid | (1,023,304) | (1,100,984) | (822,073) | ||||||||||||
Net cash used in financing activities | (4,564,724) | 14,127,330 | (9,188,782) | ||||||||||||
(Decrease) increase in cash | (908,826) | 2,326,765 | (7,675,113) | ||||||||||||
Cash and cash equivalents, beginning of year | 13,280,234 | 10,953,469 | 18,628,582 | 13,280,234 | 10,953,469 | 18,628,582 | |||||||||
Cash and cash equivalents, end of year | 12,371,408 | 13,280,234 | 10,953,469 | 12,371,408 | 13,280,234 | 10,953,469 | |||||||||
Parent Company | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | 1,352,616 | 1,914,526 | 2,614,177 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Decrease (increase) in other assets | 533 | $ 3,424 | $ (7,665) | ||||||||||||
Increase in other liabilities | 10,000 | ||||||||||||||
(Increase) in due from subsidiaries | (4,116) | $ (28) | $ (705) | ||||||||||||
Distribution from Investment in GBB | 150,000 | ||||||||||||||
Change in undistributed equity of subsidiaries | (729,501) | $ (983,765) | $ (1,682,212) | ||||||||||||
Net cash provided by operating activities | 779,532 | 934,157 | 923,595 | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from dividend reinvestment plan | 144,342 | 154,378 | 118,821 | ||||||||||||
Dividends paid | (1,023,304) | (1,100,984) | (822,073) | ||||||||||||
Net cash used in financing activities | (878,962) | (946,606) | (703,252) | ||||||||||||
(Decrease) increase in cash | (99,430) | (12,449) | 220,343 | ||||||||||||
Cash and cash equivalents, beginning of year | $ 283,796 | $ 296,245 | $ 75,902 | 283,796 | 296,245 | 75,902 | |||||||||
Cash and cash equivalents, end of year | $ 184,366 | $ 283,796 | $ 296,245 | $ 184,366 | $ 283,796 | $ 296,245 |
Summary of Consolidated Unaudit
Summary of Consolidated Unaudited Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 3,356 | $ 3,396 | $ 3,374 | $ 3,480 | $ 3,627 | $ 3,658 | $ 3,560 | $ 3,675 | $ 4,004 | $ 3,940 | $ 3,708 | $ 3,630 | $ 13,605,649 | $ 14,519,737 | $ 15,281,865 |
Interest expense | 576 | 588 | 607 | 620 | 652 | 666 | 628 | 588 | 571 | 675 | 699 | 717 | 2,390,685 | 2,533,922 | 2,661,805 |
Net interest income | 2,780 | 2,808 | 2,767 | 2,860 | 2,975 | 2,992 | 2,932 | 3,087 | 3,433 | $ 3,265 | $ 3,009 | $ 2,913 | 11,214,964 | 11,985,815 | 12,620,060 |
Provision for credit losses | 410 | 985 | 150 | 150 | 746 | 125 | 112 | 38 | 260 | 1,695,000 | 1,020,876 | 260,000 | |||
Net securities gains | 369 | 200 | 270 | 199 | 575 | 361 | 141 | 79 | 71 | $ 150 | $ 122 | $ 2 | 1,037,663 | 1,155,978 | 345,331 |
Income before income taxes | 552 | (169) | 786 | 429 | 521 | 637 | 498 | 567 | 814 | 1,039 | 788 | 607 | 1,597,537 | 2,223,178 | 3,248,032 |
Net income | $ 447 | $ 8 | $ 518 | $ 380 | $ 480 | $ 526 | $ 435 | $ 473 | $ 650 | $ 795 | $ 640 | $ 529 | $ 1,352,616 | $ 1,914,526 | $ 2,614,177 |
Net income per share (basic and diluted) (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.14 | $ 0.17 | $ 0.19 | $ 0.16 | $ 0.17 | $ 0.23 | $ 0.29 | $ 0.24 | $ 0.19 | $ 0.49 | $ 0.69 | $ 0.95 |