Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Guaranty Federal Bancshares Inc | |
Entity Central Index Key | 0001046203 | |
Trading Symbol | gfed | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 4,364,895 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, Par Value $0.10 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 6,117,380 | $ 5,114,067 |
Interest-bearing demand deposits in other financial institutions | 78,226,550 | 87,557,842 |
Cash and cash equivalents | 84,343,930 | 92,671,909 |
Interest-bearing time deposits at other financial institutions | 3,534,996 | 250,000 |
Available-for-sale securities | 140,009,454 | 118,245,314 |
Stock in Federal Home Loan Bank, at cost | 3,212,100 | 3,757,500 |
Mortgage loans held for sale | 1,980,896 | 2,786,564 |
Loans receivable, net of allowance for loan losses of March 31, 2020 - $8,049,264 and December 31, 2019 - $7,607,587, respectively | 721,062,691 | 720,732,402 |
Accrued interest receivable | 3,533,856 | 3,511,875 |
Prepaid expenses and other assets | 8,665,137 | 8,862,954 |
Goodwill | 1,434,982 | 1,434,982 |
Core deposit intangible | 2,384,660 | 2,503,910 |
Foreclosed assets held for sale | 869,120 | 991,885 |
Premises and equipment, net | 18,798,539 | 19,164,496 |
Operating lease right-of-use asset | 8,909,359 | 9,052,941 |
Bank owned life insurance | 24,849,192 | 24,698,438 |
Deferred and receivable income taxes | 4,043,186 | 3,359,455 |
Assets, Total | 1,027,632,098 | 1,012,024,625 |
LIABILITIES | ||
Deposits | 849,535,941 | 821,406,532 |
Federal Home Loan Bank advances | 50,000,000 | 65,000,000 |
Subordinated debentures | 15,465,000 | 15,465,000 |
Note payable to bank | 11,200,000 | 11,200,000 |
Advances from borrowers for taxes and insurance | 397,406 | 268,200 |
Accrued expenses and other liabilities | 7,499,612 | 4,153,762 |
Operating lease liabilities | 8,971,587 | 9,105,503 |
Accrued interest payable | 799,338 | 793,746 |
Liabilities, Total | 943,868,884 | 927,392,743 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $0.10 par value; authorized 10,000,000 shares; issued March 31, 2020 and December 31, 2019 - 6,919,503 shares | 691,950 | 691,950 |
Additional paid-in capital | 51,272,429 | 51,908,867 |
Retained earnings, substantially restricted | 74,310,860 | 72,860,750 |
Accumulated other comprehensive loss | (2,416,894) | (431,035) |
Stockholders' Equity before Treasury Stock | 123,858,345 | 125,030,532 |
Treasury stock, at cost; March 31, 2020 and December 31, 2019 - 2,554,608 and 2,582,041 shares, respectively | (40,095,131) | (40,398,650) |
Stockholders' Equity Attributable to Parent, Ending Balance | 83,763,214 | 84,631,882 |
Liabilities and Equity, Total | $ 1,027,632,098 | $ 1,012,024,625 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Loans receivable, allowance for loan losses | $ 8,049,264 | $ 7,607,587 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 6,919,503 | 6,919,503 |
Treasury stock, shares (in shares) | 2,554,608 | 2,582,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans | $ 9,553,381 | $ 10,303,185 |
Investment securities | 884,428 | 597,534 |
Other | 361,048 | 195,717 |
Interest and Dividend Income, Operating, Total | 10,798,857 | 11,096,436 |
Interest Expense | ||
Deposits | 2,494,302 | 2,606,220 |
FHLB advances | 273,596 | 356,576 |
Subordinated debentures | 195,772 | 291,352 |
Other | 122,855 | 67,570 |
Interest Expense, Total | 3,086,525 | 3,321,718 |
Net Interest Income | 7,712,332 | 7,774,718 |
Provision for Loan Losses | 500,000 | |
Net Interest Income After Provision for Loan Losses | 7,212,332 | 7,774,718 |
Noninterest Income | ||
Service charges | 409,204 | 401,832 |
Gain (loss) on sale of investment securities | 27,899 | (30,648) |
Gain on sale of mortgage loans held for sale | 543,411 | 425,998 |
Gain on sale of Small Business Administration loans | 250,119 | |
Commercial loan referral income | 555,490 | 0 |
Net loss on foreclosed assets | (6,926) | (19,057) |
Other income | 570,054 | 536,091 |
Noninterest Income, Total | 2,099,132 | 1,564,335 |
Noninterest Expense | ||
Salaries and employee benefits | 3,949,614 | 3,959,320 |
Occupancy | 1,151,089 | 1,133,363 |
FDIC deposit insurance premiums | 99,535 | |
Data processing | 597,614 | 388,944 |
Advertising | 122,250 | 150,000 |
Amortization of core deposit intangible | 119,250 | 119,250 |
Other expense | 858,812 | 993,147 |
Noninterest Expense, Total | 6,798,629 | 6,843,559 |
Income Before Income Taxes | 2,512,835 | 2,495,494 |
Provision for Income Taxes | 407,990 | 375,130 |
Net Income Available to Common Shareholders | $ 2,104,845 | $ 2,120,364 |
Basic Income Per Common Share (in dollars per share) | $ 0.49 | $ 0.48 |
Diluted Income Per Common Share (in dollars per share) | $ 0.49 | $ 0.47 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
NET INCOME | $ 2,104,845 | $ 2,120,364 |
OTHER ITEMS OF COMPREHENSIVE INCOME: | ||
Change in unrealized gain on investment securities available-for-sale, before income taxes | 1,017,554 | 1,572,967 |
Change in unrealized loss on interest rate swaps, before income taxes | (3,602,643) | (1,092,487) |
Less: Reclassification adjustment for realized (gains) losses on investment securities included in net income, before income taxes | (27,899) | 30,648 |
Total other items of comprehensive income | (2,612,988) | 511,128 |
Income tax expense (benefit) related to other items of comprehensive income | (627,129) | 130,337 |
Other comprehensive income (loss) | (1,985,859) | 380,791 |
TOTAL COMPREHENSIVE INCOME | $ 118,986 | $ 2,501,155 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 690,200 | $ 51,382,585 | $ (36,971,124) | $ 65,829,687 | $ (452,756) | $ 80,478,592 |
Net income | 2,120,364 | 2,120,364 | ||||
Other comprehensive loss | 380,791 | 380,791 | ||||
Dividends on common stock | (582,817) | (582,817) | ||||
Stock award plans | (53,689) | 222,789 | 169,100 | |||
Stock options exercised | 1,000 | 50,900 | 51,900 | |||
Balance at Mar. 31, 2019 | 691,200 | 51,379,796 | (36,748,335) | 67,367,234 | (71,965) | 82,617,930 |
Balance at Dec. 31, 2019 | 691,950 | 51,908,867 | (40,398,650) | 72,860,750 | (431,035) | 84,631,882 |
Net income | 2,104,845 | 2,104,845 | ||||
Other comprehensive loss | (1,985,859) | (1,985,859) | ||||
Dividends on common stock | (654,735) | (654,735) | ||||
Treasury stock purchased | (390,268) | (390,268) | ||||
Stock award plans | (636,438) | 693,787 | 57,349 | |||
Balance at Mar. 31, 2020 | $ 691,950 | $ 51,272,429 | $ (40,095,131) | $ 74,310,860 | $ (2,416,894) | $ 83,763,214 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retained Earnings [Member] | ||
Dividends on common stock, per share (in dollars per share) | $ 0.15 | $ 0.13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,104,845 | $ 2,120,364 |
Items not requiring (providing) cash: | ||
Deferred income taxes | (122,539) | 116,506 |
Depreciation and amortization | 507,396 | 493,238 |
Provision for Loan Losses | 500,000 | |
Gain on sale of Small Business Administration loans | (250,119) | |
Gain on sale of mortgage loans held for sale and investment securities | (571,310) | (395,350) |
Loss (gain) on sale of foreclosed assets | 84,106 | (6,043) |
Gain on sale of premises, equipment and other assets | (6,069) | |
Amortization of deferred income, premiums and discounts, net | 213,234 | 63,406 |
Amortization of intangible assets | 119,250 | 119,250 |
Stock award plan expense | 57,349 | 169,100 |
Accretion of purchase accounting adjustments | (209,557) | (426,142) |
Origination of loans held for sale | (18,621,836) | (15,877,396) |
Proceeds from sale of loans held for sale | 19,970,915 | 14,972,988 |
Increase in cash surrender value of bank owned life insurance | (150,754) | (111,186) |
Changes in: | ||
Accrued interest receivable | (21,981) | (382,266) |
Prepaid expenses and other assets | 166,840 | (1,262,913) |
Accounts payable and accrued expenses | (454,273) | (113,096) |
Income taxes receivable/payable | 295,870 | (79,260) |
Net cash provided by (used in) operating activities | 3,867,555 | (854,988) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net change in loans | (857,319) | 18,198,692 |
Principal payments on available-for-sale securities | 4,050,674 | 1,433,177 |
Principal payments on held-to-maturity securities | 22 | 736 |
Proceeds from maturities of available-for-sale securities | 1,450,000 | |
Purchase of premises and equipment | (131,773) | (153,664) |
Purchase of available-for-sale securities | (35,896,426) | (17,536,729) |
Proceeds from sale of available-for-sale securities | 6,263,367 | 5,057,584 |
Redemption of FHLB stock | 545,400 | 2,145,700 |
Purchase of tax credit investments | (3,168,435) | |
Proceeds from sale of foreclosed assets held for sale | 162,793 | 158,230 |
Net cash provided by (used in) investing activities | (24,413,262) | 6,135,291 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in demand deposits, NOW accounts and savings accounts | 38,327,551 | 48,453,425 |
Net increase (decrease) in certificates of deposit | (10,198,142) | 8,790,226 |
Proceeds from FHLB advances | 10,000,000 | 35,045,000 |
Repayments of FHLB advances | (25,000,000) | (88,245,000) |
Proceeds from issuance of notes payable | 1,000,000 | |
Repayments of notes payable | (1,000,000) | |
Advances from borrowers for taxes and insurance | 129,206 | 132,018 |
Stock options exercised | 51,900 | |
Cash dividends paid | (650,619) | (580,253) |
Treasury stock purchased | (390,268) | |
Net cash provided by financing activities | 12,217,728 | 3,647,316 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,327,979) | 8,927,619 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 92,671,909 | 34,121,642 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 84,343,930 | $ 43,049,261 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 8 03 X. not These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Guaranty Federal Bancshares, Inc.’s (the “Company”) Annual Report on Form 10 December 31, 2019 ( “2019 not December 31, 2019, |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 2: Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Guaranty Bank (the “Bank”). All significant intercompany transactions and balances have been eliminated in consolidation. |
Note 3 - Acquisition
Note 3 - Acquisition | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3: Acquisition On April 2, 2018, $20.00 $4.6 June 8, 2018. $178.8 $143.9 $161.2 $1.4 not |
Note 4 - Securities
Note 4 - Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4: Securities The amortized cost and approximate fair values of securities classified as available-for-sale were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of March 31, 2020 Debt Securities: U. S. government agencies $ 2,499,762 $ 15,578 $ - $ 2,515,340 Municipals 43,680,501 1,528,568 (161,032 ) 45,048,037 Corporates 21,655,250 255,018 (369,281 ) 21,540,987 Mortgage-backed securities - private label 14,239,775 1,638 (680,781 ) 13,560,632 Government sponsored asset-backed securities and SBA loan pools 55,850,994 1,631,109 (137,645 ) 57,344,458 $ 137,926,282 $ 3,431,911 $ (1,348,739 ) $ 140,009,454 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2019 Debt Securities: U. S. government agencies $ 2,499,755 $ - $ (11,962 ) $ 2,487,793 Municipals 35,625,038 675,382 (125,693 ) 36,174,727 Corporates 15,395,190 154,942 (14,945 ) 15,535,187 Mortgage-backed securities - private label 13,788,728 52,035 (29,392 ) 13,811,371 Government sponsored mortgage-backed securities and SBA loan pools 49,844,049 585,641 (193,454 ) 50,236,236 $ 117,152,760 $ 1,468,000 $ (375,446 ) $ 118,245,314 Maturities of available-for-sale debt securities as of March 31, 2020: Amortized Cost Approximate Fair Value 1-5 years $ 150,000 $ 150,243 6-10 years 25,335,491 25,396,479 After 10 years 42,350,022 43,557,642 Mortgage-backed securities - private label not due on a single maturity date 14,239,775 13,560,632 Government sponsored asset-backed securities and SBA loan pools not due on a single maturity date 55,850,994 57,344,458 $ 137,926,282 $ 140,009,454 The book value of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $5,366,199 $5,261,664 March 31, 2020 December 31, 2019, $5,533,377 $5,358,929 March 31, 2020 December 31, 2019, Realized gains and losses are recorded as net securities gains. Gains and losses on sales of securities are determined on the specific identification method. Gross gains of $58,587 $7,382 $30,688 $38,030 March 31, 2020 March 31, 2019, $5,859 $7,662 March 31, 2020 March 31, 2019, The Company evaluates all securities quarterly to determine if any unrealized losses are deemed to be other than temporary. Certain investment securities are valued at less than their historical cost. These declines are primarily the result of the rate for these investments yielding less than current market rates or declines in stock prices of equity securities. Based on evaluation of available evidence, management believes the declines in fair value for these securities are temporary. It is management’s intent to hold the debt securities to maturity or until recovery of the unrealized loss. Should the impairment of any of these debt securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified, to the extent the loss is related to credit issues, and to other comprehensive income to the extent the decline on debt securities is related to other factors and the Company does not Certain other investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at March 31, 2020 December 31, 2019, $30,047,406 $42,570,363, 21% 36% The following table shows 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 March 31, 2020 December 31, 2019. As of March 31, 2020 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 4,865,016 $ (161,032 ) $ - $ - $ 4,865,016 $ (161,032 ) Corporates 6,697,422 (369,281 ) - - 6,697,422 (369,281 ) Mortgage-backed securities - private label 12,527,985 (680,781 ) - - 12,527,985 (680,781 ) Government sponsored asset-backed securities and SBA loan pools 5,956,983 (137,645 ) - - 5,956,983 (137,645 ) $ 30,047,406 $ (1,348,739 ) $ - $ - $ 30,047,406 $ (1,348,739 ) As of December 31, 2019 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 2,487,795 $ (11,962 ) $ - $ - $ 2,487,795 $ (11,962 ) Municipals 7,083,208 (125,693 ) - - 7,083,208 (125,693 ) Corporates 2,452,005 (14,945 ) - - 2,452,005 (14,945 ) Mortgage-backed securities - private label 9,416,669 (29,392 ) - - 9,416,669 (29,392 ) Government sponsored mortgage-backed securities and SBA loan pools 18,112,148 (125,906 ) 3,018,538 (67,548 ) 21,130,686 (193,454 ) $ 39,551,825 $ (307,898 ) $ 3,018,538 $ (67,548 ) $ 42,570,363 $ (375,446 ) |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5: Categories of loans at March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 124,387,549 $ 118,823,731 Multi-family 82,548,977 87,448,418 Real estate - construction 73,114,249 77,308,551 Real estate - commercial 300,704,999 300,619,387 Commercial loans 118,181,468 114,047,753 Consumer and other loans 30,861,203 30,666,185 Total loans 729,798,445 728,914,025 Less: Allowance for loan losses (8,049,264 ) (7,607,587 ) Deferred loan fees/costs, net (686,490 ) (574,036 ) Net loans $ 721,062,691 $ 720,732,402 Classes of loans by aging at March 31, 2020 December 31, 2019 As of March 31, 2020 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 837 $ - $ 660 $ 1,497 $ 122,891 $ 124,388 $ - Multi-family - - - - 82,549 82,549 - Real estate - construction 1,825 - - 1,825 71,289 73,114 - Real estate - commercial 1,549 244 359 2,152 298,553 300,705 - Commercial loans 31 173 214 418 117,763 118,181 - Consumer and other loans 31 - 216 247 30,614 30,861 - Total $ 4,273 $ 417 $ 1,449 $ 6,139 $ 723,659 $ 729,798 $ - As of December 31, 2019 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 83 $ 437 $ 125 $ 645 $ 118,179 $ 118,824 $ - Multi-family - - - - 87,448 87,448 - Real estate - construction 338 - - 338 76,971 77,309 - Real estate - commercial - - 43 43 300,576 300,619 - Commercial loans 134 105 17 256 113,792 114,048 - Consumer and other loans 48 26 - 74 30,592 30,666 - Total $ 603 $ 568 $ 185 $ 1,356 $ 727,558 $ 728,914 $ - Nonaccruing loans are summarized as follows: March 31, December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 2,136,793 $ 2,398,379 Multi-family - - Real estate - construction 4,423,691 3,738,410 Real estate - commercial 3,292,149 2,941,143 Commercial loans 1,103,678 855,761 Consumer and other loans 186,824 69,784 Total $ 11,143,135 $ 10,003,477 The following tables present the activity in the allowance for loan losses based on portfolio segment for the three March 31, 2020 2019: Three months ended Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Allowance for loan losses: (In Thousands) Balance, beginning of period $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Provision charged to expense (120 ) 304 152 9 237 55 (137 ) $ 500 Losses charged off - - - - (32 ) (62 ) - $ (94 ) Recoveries - 6 1 - 15 13 - $ 35 Balance, end of period $ 1,629 $ 2,577 $ 1,154 $ 755 $ 1,349 $ 449 $ 136 $ 8,049 Three months ended Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Allowance for loan losses: (In Thousands) Balance, beginning of period $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Provision charged to expense (490 ) 43 85 53 39 44 226 $ - Losses charged off - - - - (234 ) (54 ) - $ (288 ) Recoveries 120 1 4 - 9 5 - $ 139 Balance, end of period $ 1,936 $ 2,137 $ 1,386 $ 694 $ 974 $ 368 $ 352 $ 7,847 The following tables present the recorded investment in loans based on portfolio segment and impairment method as of March 31, 2020 December 31, 2019: March 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Ending balance: individually evaluated for impairment $ 596 $ 32 $ 184 $ - $ 311 $ 25 $ - $ 1,148 Ending balance: collectively evaluated for impairment $ 1,033 $ 2,545 $ 970 $ 755 $ 1,035 $ 424 $ 136 $ 6,898 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 3 $ - $ - $ 3 Loans: Ending balance: individually evaluated for impairment $ 4,424 $ 807 $ 2,137 $ - $ 943 $ 303 $ - $ 8,614 Ending balance: collectively evaluated for impairment $ 68,690 $ 297,255 $ 122,251 $ 82,549 $ 117,060 $ 30,558 $ - $ 718,363 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,643 $ - $ - $ 178 $ - $ - $ 2,821 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Ending balance: individually evaluated for impairment $ 553 $ 24 $ 197 $ - $ 299 $ 21 $ - $ 1,094 Ending balance: collectively evaluated for impairment $ 1,196 $ 2,243 $ 804 $ 746 $ 830 $ 422 $ 273 $ 6,514 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,742 $ 650 $ 2,613 $ - $ 908 $ 220 $ - $ 9,133 Ending balance: collectively evaluated for impairment $ 72,567 $ 297,318 $ 116,211 $ 87,448 $ 112,956 $ 30,446 $ - $ 716,946 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,651 $ - $ - $ 184 $ - $ - $ 2,835 The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may not Included in the Company’s loan portfolio are certain loans acquired in accordance with ASC 310 30, 310 30 A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. The following table summarizes the recorded investment in impaired loans at March 31, 2020 December 31, 2019: March 31, 2020 December 31, 2019 Recorded Unpaid Specific Recorded Unpaid Specific (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 967 $ 967 $ - $ 1,392 $ 1,392 $ - Multi-family - - - - - - Real estate - construction - - - - - - Real estate - commercial 2,929 2,929 - 3,199 3,199 - Commercial loans 17 17 - 33 33 - Consumer and other loans 114 114 - 70 70 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,170 $ 1,170 $ 184 $ 1,221 $ 1,221 $ 197 Multi-family - - - - - - Real estate - construction 4,424 5,657 596 4,742 5,975 553 Real estate - commercial 521 521 32 162 162 24 Commercial loans 1,104 1,104 314 999 999 301 Consumer and other loans 189 189 25 150 150 21 Total Real estate - residential mortgage: One to four family units $ 2,137 $ 2,137 $ 184 $ 2,613 $ 2,613 $ 197 Multi-family - - - - - - Real estate - construction 4,424 5,657 596 4,742 5,975 553 Real estate - commercial 3,450 3,450 32 3,361 3,361 24 Commercial loans 1,121 1,121 314 1,032 1,032 301 Consumer and other loans 303 303 25 220 220 21 Total $ 11,435 $ 12,668 $ 1,151 $ 11,968 $ 13,201 $ 1,096 The following table summarizes average impaired loans and related interest recognized on impaired loans for the three March 31, 2020 2019: For the Three Months Ended For the Three Months Ended March 31, 2020 March 31, 2019 Average Interest Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,091 $ - $ 1,079 $ 1 Multi-family - - 5,938 - Real estate - construction - - - - Real estate - commercial 2,765 - 3,472 4 Commercial loans 19 - 232 - Consumer and other loans 99 2 216 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,173 $ - $ 3,011 $ - Multi-family - - - - Real estate - construction 3,939 - 3,805 - Real estate - commercial 281 - 726 - Commercial loans 904 - 667 - Consumer and other loans 169 - 120 - Total Real estate - residential mortgage: One to four family units $ 2,264 $ - $ 4,090 $ 1 Multi-family - - 5,938 - Real estate - construction 3,939 - 3,805 - Real estate - commercial 3,046 - 4,198 4 Commercial loans 923 - 899 - Consumer and other loans 268 2 336 - Total $ 10,440 $ 2 $ 19,266 $ 5 At March 31, 2020, In assessing whether or not not The Bank considers all aspects of the modification to loan terms to determine whether or not one The following table presents the carrying balance of TDRs as of March 31, 2020 December 31, 2019: March 31, 2020 December 31, 2019 Real estate - residential mortgage: One to four family units $ 1,001,925 $ 1,163,782 Multi-family - - Real estate - construction 4,423,691 3,738,409 Real estate - commercial 764,874 161,491 Commercial loans 854,075 572,683 Consumer and other loans - - Total $ 7,044,565 $ 5,636,365 The Bank has allocated $1,019,222 $927,216 March 31, 2020 December 31, 2019, There were no twelve three March 31, 2020 2019. 90 As part of the on-going monitoring of the credit quality of the Bank’s loan portfolio, management tracks loans by an internal rating system. All loans are assigned an internal credit quality rating based on an analysis of the borrower’s financial condition. The criteria used to assign quality ratings to extensions of credit that exhibit potential problems or well-defined weaknesses are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect on the Bank’s safety and soundness. The following are the internally assigned ratings: Pass: This rating represents loans that have strong asset quality and liquidity along with a multi-year track record of profitability. Special mention: This rating represents loans that are currently protected but are potentially weak. The credit risk may Substandard: This rating represents loans that show signs of continuing negative financial trends and unprofitability and therefore, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Doubtful: This rating represents loans that have all the weaknesses of substandard classified loans with the additional characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Real estate-Residential 1 4 1 4 1 4 Real estate-Multi-Family: Loans secured by multi-family residential real estate generally involve a greater degree of credit risk that one four may may Real estate-Construction: Construction and land development real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may may Real estate-Commercial: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may Commercial: The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower. The following tables provide information about the credit quality of the loan portfolio using the Bank’s internal rating system as of March 31, 2020 December 31, 2019: March 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 68,611 $ 290,039 $ 120,947 $ 82,549 $ 104,154 $ 29,784 $ 696,084 Special Mention - 2,074 850 - 8,893 - 11,817 Substandard 4,503 8,592 2,591 - 5,134 1,077 21,897 Doubtful - - - - - - - Total $ 73,114 $ 300,705 $ 124,388 $ 82,549 $ 118,181 $ 30,861 $ 729,798 December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 73,489 $ 292,674 $ 115,622 $ 87,448 $ 100,658 $ 29,666 $ 699,557 Special Mention - 1,476 535 - 8,793 - 10,804 Substandard 3,820 6,469 2,667 - 4,597 1,000 18,553 Doubtful - - - - - - - Total $ 77,309 $ 300,619 $ 118,824 $ 87,448 $ 114,048 $ 30,666 $ 728,914 The above amounts include purchased credit impaired loans. At March 31, 2020, $2.8 For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 All interest accrued but not Commercial Loan Referral Income: In certain circumstances, the Company enters into variable-rate loan agreements (Assumable Rate Conversion “ARC” Master Servicing Agreements) with commercial loan customers, and the customer simultaneously enters into an interest swap agreement directly with a third $555,490 $0 three March 31, 2020 2019, |
Note 6 - Accounting for Certain
Note 6 - Accounting for Certain Loans Acquired | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block] | Note 6: As part of the Hometown acquisition in 2018, not Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not may 310 30 not The carrying amount of purchased credit impaired loans are included in the balance sheet amounts of loans receivable at March 31, 2020 December 31, 2019. March 31, December 31, 2020 2019 (In Thousands) (In Thousands) Real estate - commercial $ 3,018 $ 3,069 Commercial loans 232 242 Consumer and other loans - - Outstanding balance $ 3,250 $ 3,311 Carrying amount, net of fair value adjustment of $429 at March 31, 2020 and $476 at December 31, 2019 $ 2,821 $ 2,835 Changes in the carrying amount of the accretable yield for all purchased credit impaired loans were as follows for the three March 31, 2020: Three months ended Three months ended March 31, 2020 March 31, 2019 (In Thousands) (In Thousands) Balance at beginning of period $ (69 ) $ 265 Additions - - Accretion (49 ) (35 ) Reclassification from nonaccretable difference 2 - Disposals - - Balance at end of period $ (116 ) $ 230 During the three March 31, 2020, $2,718. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: The Company recorded $1.4 2018 not three March 31, 2020. not Also as part of the Hometown acquisition, core deposit premiums of $3.5 seven The Company’s goodwill and other intangibles (carrying basis and accumulated amortization) at March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 (in Thousands) (in Thousands) Goodwill $ 1,435 $ 1,435 Core deposit intangible Gross carrying amount 3,520 3,520 Accumulated amortization (1,135 ) (1,016 ) Core deposit intangible, net 2,385 2,504 Remaining balance $ 3,820 $ 3,939 The Company’s estimated remaining amortization expense on intangibles as of March 31, 2020 Amortization Expense (in Thousands) Remainder of: 2020 $ 358 2021 477 2022 477 2023 477 2024 477 Therafter 119 Total $ 2,385 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 8: During the first 2019, 2016 02, March 31, 2020, $8,909,359 $8,971,587. December 31, 2019, $9,052,941 $9,105,503. March 31, 2020, $407,603 $438,580 December 31, 2019. one twenty not not not not Expenses for finance leases are included in other interest expense and occupancy expense line items, whereas, operating leases are expensed entirely in the occupancy expense line item. Leases with a term of less than twelve not The components of lease expense and their impact on the statement of income for the three March 31, 2020 2019 Three months ended March 31, March 31, 2020 2019 (In Thousands) Finance lease cost: Amortization of right-of-use assets $ 30,977 $ 27,645 Interest on lease liabilities 2,096 1,720 Operating lease cost 272,335 270,042 Sublease income (12,300 ) (10,300 ) Total lease costs $ 293,108 $ 289,107 Additional lease information: Weighted-average remaining lease term - financing leases (in years) 3.3 Weighted-average remaining lease term - operating leases (in years) 14.9 Weighted-average discount rate - financing leases 1.96 % Weighted-average discount rate - operating leases 5.62 % The following table sets forth, as of March 31, 2020, Financing Operating Total (In Thousands) Remainder of: 2020 $ 99 $ 783 $ 882 2021 132 1,020 1,152 2022 127 1,011 1,138 2023 53 1,002 1,055 2024 10 856 866 Thereafter - 8,979 8,979 Total undiscounted future minimum lease cash payments $ 421 $ 13,651 $ 14,072 Present value discount (13 ) (4,679 ) (4,692 ) Lease liability $ 408 $ 8,972 $ 9,380 |
Note 9 - Benefit Plans
Note 9 - Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9: The Company has stock-based employee compensation plans, which are described in the Company’s 2019 three March 31, 2020: Stock Options All remaining stock options from prior year issuances were exercised in 2019 no March 31, 2020. three March 31, 2020 2019 $0 $168,225, $0 $130,200 March 31, 2020 2019, Restricted Stock Number of Shares Weighted Average Grant-Date Fair Value Balance of shares non-vested as of January 1, 2020 24,378 $ 22.75 Granted 14,366 23.50 Vested (10,964 ) 22.23 Forfeited - - Balance of shares non-vested as of March 31, 2020 27,780 $ 23.34 In February 2020, 5,579 2015 one $23.50 three March 31, 2020 2019 $36,869 $28,857, For the three March 31, 2020 2019, 8,787 9,933 three three March 31, 2020 2019 $47,471 $49,023, Restricted Stock Units Performance Stock Units Weighted Average Grant-Date Fair Value Balance of shares non-vested as of January 1, 2020 - $ - Granted 43,700 15.62 Vested - - Forfeited - - Balance of shares non-vested as of March 31, 2020 43,700 $ 15.62 On March 19, 2020, 43,700 three 25% 50% 100% two March 19, 2020 December 31, 2022 ( two 50% 50% $15.62 three March 31, 2020 2019 $0 $107,882, Total stock-based compensation expense recognized for the three March 31, 2020 2019 $84,340 $185,762, March 31, 2020, $813,658 |
Note 10 - Income Per Common Sha
Note 10 - Income Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10: For three months ended March 31, 2020 Income Available to Common Stockholders Weighted Average Common Shares Outstanding Per Common Share Basic Income per Common Share $ 2,104,845 4,309,441 $ 0.49 Effect of Dilutive Securities 26,861 Diluted Income per Common Share $ 2,104,845 4,336,302 $ 0.49 For three months ended March 31, 2019 Income Available to Common Stockholders Weighted Average Common Shares Outstanding Per Common Share Basic Income per Common Share $ 2,120,364 4,438,625 $ 0.48 Effect of Dilutive Securities 60,337 Diluted Income per Common Share $ 2,120,364 4,498,962 $ 0.47 |
Note 11 - New Accounting Pronou
Note 11 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 11: In June 2016, 2016 13, 326 326, November 2018 ( 2018 19 November 2019 ( 2019 10 2019 11 January 2020 2020 02 December 15, 2019. December 15, 2022. December 15, 2019. 2016 13. third In January 2017, No. 2017 04, 2 not December 15, 2022. In August 2017, 2017 12, 815 October 2018 ( 2018 16 November 2019 ( 2019 10 January 2020 ( 2020 01 December 15, 2018, not In August 2018, 2018 13, 820 1 2, 3 1 3 2 3 December 15, 2019, January 1, 2020 first 2020 no |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12: The Company records all derivative financial instruments at fair value in the financial statements. Derivatives are used as a risk management tool to hedge the exposure to changes in interest rates or other identified market risks. When a derivative is intended to be a qualifying hedged instrument, the Company prepares written hedge documentation that designates the derivative as 1 2 In June 2017, $50 2.12% three February 2025. March 31, 2020, $2,950,329 $1,009,844 In March 2019, $10.3 4.09% three 145 February 2026. March 31, 2020, $946,742 $324,052 The Company documents, both at inception and periodically over the life of the hedges, its analysis of actual and expected hedge effectiveness. As of March 31, 2020, $5.0 December 31, 2019, $1.9 The following table presents the notional amounts and fair values of derivatives designated as hedging instruments on the consolidated balance sheets at March 31, 2020 December 31, 2019: Derivatives designated as hedging instruments: March 31, 2020 Forward Start Termination Derivative Notional Rate Rate Balance Sheet Estimated Fair Value at: Inception Date Date Type Amount Paid Hedged Classfication March 31, 2020 December 31, 2019 2/28/2018 2/28/2025 Interest rate swap - FHLB Advances $ 50,000,000 2.12 % 3 month LIBOR Floating Other liabilites $ (3,960,173 ) $ (1,067,935 ) 5/23/2019 2/23/2026 Interest rate swap - Subordinated Debentures $ 10,310,000 4.09 % 3 month LIBOR Floating +145 bps Other liabilites $ (1,270,794 ) $ (560,388 ) The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Derivative Income Statement Three months ended March 31, Type Classfication 2020 2019 Interest rate swap - FHLB Advances Interest expense $39,841 $(69,888) Interest rate swap - Subordinated Debentures Interest expense $21,441 - |
Note 13 - Disclosures About Fai
Note 13 - Disclosures About Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13: ASC Topic 820, Fair Value Measurements 820 three may Level 1 Level 2 1 not Level 3 no The following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale securities: 1 1 not may one two 2 2 no 3 Derivative financial instruments (Cash flow hedge) : 2 third The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 December 31, 2019 ( March 31, 2020 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Government agencies $ - $ 2,515 $ - $ 2,515 Municipals - 45,048 - 45,048 Corporates - 21,541 - 21,541 Mortgage-backed securities - private label - 13,561 - 13,561 Government sponsored asset-backed securities and SBA loan pools - 57,344 - 57,344 Available-for-sale securities $ - $ 140,009 $ - $ 140,009 Financial liabilities: Interest rate swaps $ - $ 5,231 $ - $ 5,231 December 31, 2019 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Government agencies $ - $ 2,488 $ - $ 2,488 Municipals - 36,175 - 36,175 Corporates - 15,535 - 15,535 Mortgage-backed securities - private label - 13,811 13,811 Government sponsored mortgage-backed securities and SBA loan pools - 50,236 - 50,236 Available-for-sale securities $ - $ 118,245 $ - $ 118,245 Financial liabilities: Interest rate swaps $ - $ 1,628 $ - $ 1,628 The following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. Foreclosed Assets Held for Sale : 3 Impaired loans (Collateral Dependent) : not If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 December 31, 2019 ( Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value March 31, 2020 $ - $ - $ 2,401 $ 2,401 December 31, 2019 $ - $ - $ 1,483 $ 1,483 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value March 31, 2020 $ - $ - $ 150 $ 150 December 31, 2019 $ - $ - $ 233 $ 233 The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 Fair Value March 31, 2020 Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 2,401 Market Comparable Discount to reflect realizable value 0% - 100% (15%) Foreclosed assets held for sale $ 150 Market Comparable Discount to reflect realizable value 35% - 35% (35%) The following tables present estimated fair values of the Company’s financial instruments at March 31, 2020 December 31, 2019. March 31, 2020 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 84,343,930 $ 84,343,930 1 Interest-bearing time deposits at other financial institutions 3,534,996 3,535,959 2 Federal Home Loan Bank stock 3,212,100 3,212,100 2 Mortgage loans held for sale 1,980,896 1,980,896 2 Loans, net 721,062,691 722,567,482 3 Interest receivable 3,533,856 3,533,856 2 Financial liabilities: Deposits 849,535,941 851,761,814 2 Federal Home Loan Bank advances 50,000,000 49,958,347 2 Subordinated debentures 15,465,000 15,465,000 3 Note payable to bank 11,200,000 11,200,000 3 Interest payable 799,338 799,338 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - December 31, 2019 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 92,671,909 $ 92,671,909 1 Interest-bearing time deposits at other financial institutions 250,000 250,315 2 Federal Home Loan Bank stock 3,757,500 3,757,500 2 Mortgage loans held for sale 2,786,564 2,786,564 2 Loans, net 720,732,402 723,363,117 3 Interest receivable 3,511,875 3,511,875 2 Financial liabilities: Deposits 821,406,532 822,046,988 2 Federal Home Loan Bank advances 65,000,000 66,015,635 2 Subordinated debentures 15,465,000 15,465,000 3 Note payable to bank 11,200,000 11,200,000 3 Interest payable 793,746 793,746 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - |
Note 14 - Recent Events
Note 14 - Recent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14: The COVID- 19 19 19 not may 10 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of March 31, 2020 Debt Securities: U. S. government agencies $ 2,499,762 $ 15,578 $ - $ 2,515,340 Municipals 43,680,501 1,528,568 (161,032 ) 45,048,037 Corporates 21,655,250 255,018 (369,281 ) 21,540,987 Mortgage-backed securities - private label 14,239,775 1,638 (680,781 ) 13,560,632 Government sponsored asset-backed securities and SBA loan pools 55,850,994 1,631,109 (137,645 ) 57,344,458 $ 137,926,282 $ 3,431,911 $ (1,348,739 ) $ 140,009,454 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2019 Debt Securities: U. S. government agencies $ 2,499,755 $ - $ (11,962 ) $ 2,487,793 Municipals 35,625,038 675,382 (125,693 ) 36,174,727 Corporates 15,395,190 154,942 (14,945 ) 15,535,187 Mortgage-backed securities - private label 13,788,728 52,035 (29,392 ) 13,811,371 Government sponsored mortgage-backed securities and SBA loan pools 49,844,049 585,641 (193,454 ) 50,236,236 $ 117,152,760 $ 1,468,000 $ (375,446 ) $ 118,245,314 |
Available-for-sale Securities [Table Text Block] | Amortized Cost Approximate Fair Value 1-5 years $ 150,000 $ 150,243 6-10 years 25,335,491 25,396,479 After 10 years 42,350,022 43,557,642 Mortgage-backed securities - private label not due on a single maturity date 14,239,775 13,560,632 Government sponsored asset-backed securities and SBA loan pools not due on a single maturity date 55,850,994 57,344,458 $ 137,926,282 $ 140,009,454 |
Schedule of Unrealized Loss on Investments [Table Text Block] | As of March 31, 2020 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Municipals $ 4,865,016 $ (161,032 ) $ - $ - $ 4,865,016 $ (161,032 ) Corporates 6,697,422 (369,281 ) - - 6,697,422 (369,281 ) Mortgage-backed securities - private label 12,527,985 (680,781 ) - - 12,527,985 (680,781 ) Government sponsored asset-backed securities and SBA loan pools 5,956,983 (137,645 ) - - 5,956,983 (137,645 ) $ 30,047,406 $ (1,348,739 ) $ - $ - $ 30,047,406 $ (1,348,739 ) As of December 31, 2019 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 2,487,795 $ (11,962 ) $ - $ - $ 2,487,795 $ (11,962 ) Municipals 7,083,208 (125,693 ) - - 7,083,208 (125,693 ) Corporates 2,452,005 (14,945 ) - - 2,452,005 (14,945 ) Mortgage-backed securities - private label 9,416,669 (29,392 ) - - 9,416,669 (29,392 ) Government sponsored mortgage-backed securities and SBA loan pools 18,112,148 (125,906 ) 3,018,538 (67,548 ) 21,130,686 (193,454 ) $ 39,551,825 $ (307,898 ) $ 3,018,538 $ (67,548 ) $ 42,570,363 $ (375,446 ) |
Note 5 - Loans and Allowance _2
Note 5 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 124,387,549 $ 118,823,731 Multi-family 82,548,977 87,448,418 Real estate - construction 73,114,249 77,308,551 Real estate - commercial 300,704,999 300,619,387 Commercial loans 118,181,468 114,047,753 Consumer and other loans 30,861,203 30,666,185 Total loans 729,798,445 728,914,025 Less: Allowance for loan losses (8,049,264 ) (7,607,587 ) Deferred loan fees/costs, net (686,490 ) (574,036 ) Net loans $ 721,062,691 $ 720,732,402 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2020 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 837 $ - $ 660 $ 1,497 $ 122,891 $ 124,388 $ - Multi-family - - - - 82,549 82,549 - Real estate - construction 1,825 - - 1,825 71,289 73,114 - Real estate - commercial 1,549 244 359 2,152 298,553 300,705 - Commercial loans 31 173 214 418 117,763 118,181 - Consumer and other loans 31 - 216 247 30,614 30,861 - Total $ 4,273 $ 417 $ 1,449 $ 6,139 $ 723,659 $ 729,798 $ - As of December 31, 2019 30-59 Days 60-89 Days 90 Days and more Past Due Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 83 $ 437 $ 125 $ 645 $ 118,179 $ 118,824 $ - Multi-family - - - - 87,448 87,448 - Real estate - construction 338 - - 338 76,971 77,309 - Real estate - commercial - - 43 43 300,576 300,619 - Commercial loans 134 105 17 256 113,792 114,048 - Consumer and other loans 48 26 - 74 30,592 30,666 - Total $ 603 $ 568 $ 185 $ 1,356 $ 727,558 $ 728,914 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 2,136,793 $ 2,398,379 Multi-family - - Real estate - construction 4,423,691 3,738,410 Real estate - commercial 3,292,149 2,941,143 Commercial loans 1,103,678 855,761 Consumer and other loans 186,824 69,784 Total $ 11,143,135 $ 10,003,477 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three months ended Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Allowance for loan losses: (In Thousands) Balance, beginning of period $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Provision charged to expense (120 ) 304 152 9 237 55 (137 ) $ 500 Losses charged off - - - - (32 ) (62 ) - $ (94 ) Recoveries - 6 1 - 15 13 - $ 35 Balance, end of period $ 1,629 $ 2,577 $ 1,154 $ 755 $ 1,349 $ 449 $ 136 $ 8,049 Three months ended Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Allowance for loan losses: (In Thousands) Balance, beginning of period $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Provision charged to expense (490 ) 43 85 53 39 44 226 $ - Losses charged off - - - - (234 ) (54 ) - $ (288 ) Recoveries 120 1 4 - 9 5 - $ 139 Balance, end of period $ 1,936 $ 2,137 $ 1,386 $ 694 $ 974 $ 368 $ 352 $ 7,847 March 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Ending balance: individually evaluated for impairment $ 596 $ 32 $ 184 $ - $ 311 $ 25 $ - $ 1,148 Ending balance: collectively evaluated for impairment $ 1,033 $ 2,545 $ 970 $ 755 $ 1,035 $ 424 $ 136 $ 6,898 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 3 $ - $ - $ 3 Loans: Ending balance: individually evaluated for impairment $ 4,424 $ 807 $ 2,137 $ - $ 943 $ 303 $ - $ 8,614 Ending balance: collectively evaluated for impairment $ 68,690 $ 297,255 $ 122,251 $ 82,549 $ 117,060 $ 30,558 $ - $ 718,363 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,643 $ - $ - $ 178 $ - $ - $ 2,821 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total Ending balance: individually evaluated for impairment $ 553 $ 24 $ 197 $ - $ 299 $ 21 $ - $ 1,094 Ending balance: collectively evaluated for impairment $ 1,196 $ 2,243 $ 804 $ 746 $ 830 $ 422 $ 273 $ 6,514 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,742 $ 650 $ 2,613 $ - $ 908 $ 220 $ - $ 9,133 Ending balance: collectively evaluated for impairment $ 72,567 $ 297,318 $ 116,211 $ 87,448 $ 112,956 $ 30,446 $ - $ 716,946 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,651 $ - $ - $ 184 $ - $ - $ 2,835 |
Impaired Financing Receivables [Table Text Block] | March 31, 2020 December 31, 2019 Recorded Unpaid Specific Recorded Unpaid Specific (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 967 $ 967 $ - $ 1,392 $ 1,392 $ - Multi-family - - - - - - Real estate - construction - - - - - - Real estate - commercial 2,929 2,929 - 3,199 3,199 - Commercial loans 17 17 - 33 33 - Consumer and other loans 114 114 - 70 70 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,170 $ 1,170 $ 184 $ 1,221 $ 1,221 $ 197 Multi-family - - - - - - Real estate - construction 4,424 5,657 596 4,742 5,975 553 Real estate - commercial 521 521 32 162 162 24 Commercial loans 1,104 1,104 314 999 999 301 Consumer and other loans 189 189 25 150 150 21 Total Real estate - residential mortgage: One to four family units $ 2,137 $ 2,137 $ 184 $ 2,613 $ 2,613 $ 197 Multi-family - - - - - - Real estate - construction 4,424 5,657 596 4,742 5,975 553 Real estate - commercial 3,450 3,450 32 3,361 3,361 24 Commercial loans 1,121 1,121 314 1,032 1,032 301 Consumer and other loans 303 303 25 220 220 21 Total $ 11,435 $ 12,668 $ 1,151 $ 11,968 $ 13,201 $ 1,096 For the Three Months Ended For the Three Months Ended March 31, 2020 March 31, 2019 Average Interest Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,091 $ - $ 1,079 $ 1 Multi-family - - 5,938 - Real estate - construction - - - - Real estate - commercial 2,765 - 3,472 4 Commercial loans 19 - 232 - Consumer and other loans 99 2 216 - Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,173 $ - $ 3,011 $ - Multi-family - - - - Real estate - construction 3,939 - 3,805 - Real estate - commercial 281 - 726 - Commercial loans 904 - 667 - Consumer and other loans 169 - 120 - Total Real estate - residential mortgage: One to four family units $ 2,264 $ - $ 4,090 $ 1 Multi-family - - 5,938 - Real estate - construction 3,939 - 3,805 - Real estate - commercial 3,046 - 4,198 4 Commercial loans 923 - 899 - Consumer and other loans 268 2 336 - Total $ 10,440 $ 2 $ 19,266 $ 5 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | March 31, 2020 December 31, 2019 Real estate - residential mortgage: One to four family units $ 1,001,925 $ 1,163,782 Multi-family - - Real estate - construction 4,423,691 3,738,409 Real estate - commercial 764,874 161,491 Commercial loans 854,075 572,683 Consumer and other loans - - Total $ 7,044,565 $ 5,636,365 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 68,611 $ 290,039 $ 120,947 $ 82,549 $ 104,154 $ 29,784 $ 696,084 Special Mention - 2,074 850 - 8,893 - 11,817 Substandard 4,503 8,592 2,591 - 5,134 1,077 21,897 Doubtful - - - - - - - Total $ 73,114 $ 300,705 $ 124,388 $ 82,549 $ 118,181 $ 30,861 $ 729,798 December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 73,489 $ 292,674 $ 115,622 $ 87,448 $ 100,658 $ 29,666 $ 699,557 Special Mention - 1,476 535 - 8,793 - 10,804 Substandard 3,820 6,469 2,667 - 4,597 1,000 18,553 Doubtful - - - - - - - Total $ 77,309 $ 300,619 $ 118,824 $ 87,448 $ 114,048 $ 30,666 $ 728,914 |
Note 6 - Accounting for Certa_2
Note 6 - Accounting for Certain Loans Acquired (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Certain Loans Acquired in Transfer [Table Text Block] | March 31, December 31, 2020 2019 (In Thousands) (In Thousands) Real estate - commercial $ 3,018 $ 3,069 Commercial loans 232 242 Consumer and other loans - - Outstanding balance $ 3,250 $ 3,311 Carrying amount, net of fair value adjustment of $429 at March 31, 2020 and $476 at December 31, 2019 $ 2,821 $ 2,835 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Table Text Block] | Three months ended Three months ended March 31, 2020 March 31, 2019 (In Thousands) (In Thousands) Balance at beginning of period $ (69 ) $ 265 Additions - - Accretion (49 ) (35 ) Reclassification from nonaccretable difference 2 - Disposals - - Balance at end of period $ (116 ) $ 230 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, December 31, 2020 2019 (in Thousands) (in Thousands) Goodwill $ 1,435 $ 1,435 Core deposit intangible Gross carrying amount 3,520 3,520 Accumulated amortization (1,135 ) (1,016 ) Core deposit intangible, net 2,385 2,504 Remaining balance $ 3,820 $ 3,939 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization Expense (in Thousands) Remainder of: 2020 $ 358 2021 477 2022 477 2023 477 2024 477 Therafter 119 Total $ 2,385 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, March 31, 2020 2019 (In Thousands) Finance lease cost: Amortization of right-of-use assets $ 30,977 $ 27,645 Interest on lease liabilities 2,096 1,720 Operating lease cost 272,335 270,042 Sublease income (12,300 ) (10,300 ) Total lease costs $ 293,108 $ 289,107 Additional lease information: Weighted-average remaining lease term - financing leases (in years) 3.3 Weighted-average remaining lease term - operating leases (in years) 14.9 Weighted-average discount rate - financing leases 1.96 % Weighted-average discount rate - operating leases 5.62 % |
Lessee, Finance and Operating Lease, Liability, Maturity [Table Text Block] | Financing Operating Total (In Thousands) Remainder of: 2020 $ 99 $ 783 $ 882 2021 132 1,020 1,152 2022 127 1,011 1,138 2023 53 1,002 1,055 2024 10 856 866 Thereafter - 8,979 8,979 Total undiscounted future minimum lease cash payments $ 421 $ 13,651 $ 14,072 Present value discount (13 ) (4,679 ) (4,692 ) Lease liability $ 408 $ 8,972 $ 9,380 |
Note 9 - Benefit Plans (Tables)
Note 9 - Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted Stock Number of Shares Weighted Average Grant-Date Fair Value Balance of shares non-vested as of January 1, 2020 24,378 $ 22.75 Granted 14,366 23.50 Vested (10,964 ) 22.23 Forfeited - - Balance of shares non-vested as of March 31, 2020 27,780 $ 23.34 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Restricted Stock Units Performance Stock Units Weighted Average Grant-Date Fair Value Balance of shares non-vested as of January 1, 2020 - $ - Granted 43,700 15.62 Vested - - Forfeited - - Balance of shares non-vested as of March 31, 2020 43,700 $ 15.62 |
Note 10 - Income Per Common S_2
Note 10 - Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For three months ended March 31, 2020 Income Available to Common Stockholders Weighted Average Common Shares Outstanding Per Common Share Basic Income per Common Share $ 2,104,845 4,309,441 $ 0.49 Effect of Dilutive Securities 26,861 Diluted Income per Common Share $ 2,104,845 4,336,302 $ 0.49 For three months ended March 31, 2019 Income Available to Common Stockholders Weighted Average Common Shares Outstanding Per Common Share Basic Income per Common Share $ 2,120,364 4,438,625 $ 0.48 Effect of Dilutive Securities 60,337 Diluted Income per Common Share $ 2,120,364 4,498,962 $ 0.47 |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Derivatives designated as hedging instruments: March 31, 2020 Forward Start Termination Derivative Notional Rate Rate Balance Sheet Estimated Fair Value at: Inception Date Date Type Amount Paid Hedged Classfication March 31, 2020 December 31, 2019 2/28/2018 2/28/2025 Interest rate swap - FHLB Advances $ 50,000,000 2.12 % 3 month LIBOR Floating Other liabilites $ (3,960,173 ) $ (1,067,935 ) 5/23/2019 2/23/2026 Interest rate swap - Subordinated Debentures $ 10,310,000 4.09 % 3 month LIBOR Floating +145 bps Other liabilites $ (1,270,794 ) $ (560,388 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative Income Statement Three months ended March 31, Type Classfication 2020 2019 Interest rate swap - FHLB Advances Interest expense $39,841 $(69,888) Interest rate swap - Subordinated Debentures Interest expense $21,441 - |
Note 13 - Disclosures About F_2
Note 13 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2020 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Government agencies $ - $ 2,515 $ - $ 2,515 Municipals - 45,048 - 45,048 Corporates - 21,541 - 21,541 Mortgage-backed securities - private label - 13,561 - 13,561 Government sponsored asset-backed securities and SBA loan pools - 57,344 - 57,344 Available-for-sale securities $ - $ 140,009 $ - $ 140,009 Financial liabilities: Interest rate swaps $ - $ 5,231 $ - $ 5,231 December 31, 2019 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: Government agencies $ - $ 2,488 $ - $ 2,488 Municipals - 36,175 - 36,175 Corporates - 15,535 - 15,535 Mortgage-backed securities - private label - 13,811 13,811 Government sponsored mortgage-backed securities and SBA loan pools - 50,236 - 50,236 Available-for-sale securities $ - $ 118,245 $ - $ 118,245 Financial liabilities: Interest rate swaps $ - $ 1,628 $ - $ 1,628 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value March 31, 2020 $ - $ - $ 2,401 $ 2,401 December 31, 2019 $ - $ - $ 1,483 $ 1,483 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value March 31, 2020 $ - $ - $ 150 $ 150 December 31, 2019 $ - $ - $ 233 $ 233 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value March 31, 2020 Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 2,401 Market Comparable Discount to reflect realizable value 0% - 100% (15%) Foreclosed assets held for sale $ 150 Market Comparable Discount to reflect realizable value 35% - 35% (35%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 84,343,930 $ 84,343,930 1 Interest-bearing time deposits at other financial institutions 3,534,996 3,535,959 2 Federal Home Loan Bank stock 3,212,100 3,212,100 2 Mortgage loans held for sale 1,980,896 1,980,896 2 Loans, net 721,062,691 722,567,482 3 Interest receivable 3,533,856 3,533,856 2 Financial liabilities: Deposits 849,535,941 851,761,814 2 Federal Home Loan Bank advances 50,000,000 49,958,347 2 Subordinated debentures 15,465,000 15,465,000 3 Note payable to bank 11,200,000 11,200,000 3 Interest payable 799,338 799,338 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - December 31, 2019 Carrying Amount Fair Value Hierarchy Financial assets: Cash and cash equivalents $ 92,671,909 $ 92,671,909 1 Interest-bearing time deposits at other financial institutions 250,000 250,315 2 Federal Home Loan Bank stock 3,757,500 3,757,500 2 Mortgage loans held for sale 2,786,564 2,786,564 2 Loans, net 720,732,402 723,363,117 3 Interest receivable 3,511,875 3,511,875 2 Financial liabilities: Deposits 821,406,532 822,046,988 2 Federal Home Loan Bank advances 65,000,000 66,015,635 2 Subordinated debentures 15,465,000 15,465,000 3 Note payable to bank 11,200,000 11,200,000 3 Interest payable 793,746 793,746 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - Unused lines of credit - - - |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) | Apr. 02, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | ||
Hometown Bancshares, Inc. [Member] | ||||
Business Acquisition, Share Price (in dollars per share) | $ 20 | |||
Business Combination, Consideration Transferred, Total | $ 4,600,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 178,800,000 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Net | 143,900,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 161,200,000 | |||
Goodwill, Ending Balance | $ 1,400,000 | $ 1,400,000 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Security Owned and Pledged as Collateral, Carrying Value | $ 5,366,199 | $ 5,261,664 | |
Security Owned and Pledged as Collateral, Fair Value, Total | 5,533,377 | 5,358,929 | |
Debt Securities, Available-for-sale, Realized Gain | 58,587 | $ 7,382 | |
Debt Securities, Available-for-sale, Realized Loss | 30,688 | 38,030 | |
Available-for-sale Debt Securities, Gross Realized Gain (Loss), Tax Effect | 5,859 | $ (7,662) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 30,047,406 | $ 42,570,363 | |
Percentage of Available-for-sale Debt Securities in Continuous Unrealized Loss Position to Total Investment Portfolio | 21.00% | 36.00% |
Note 4 - Securities - Available
Note 4 - Securities - Available-for-sale Debt Securities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities, amortized cost | $ 137,926,282 | $ 117,152,760 |
Available-for-sale securities, gross unrealized gains | 3,431,911 | 1,468,000 |
Available-for-sale securities, gross unrealized (losses) | (1,348,739) | (375,446) |
Available-for-sale securities | 140,009,454 | 118,245,314 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 2,499,762 | 2,499,755 |
Available-for-sale securities, gross unrealized gains | 15,578 | |
Available-for-sale securities, gross unrealized (losses) | (11,962) | |
Available-for-sale securities | 2,515,340 | 2,487,793 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 43,680,501 | 35,625,038 |
Available-for-sale securities, gross unrealized gains | 1,528,568 | 675,382 |
Available-for-sale securities, gross unrealized (losses) | (161,032) | (125,693) |
Available-for-sale securities | 45,048,037 | 36,174,727 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 21,655,250 | 15,395,190 |
Available-for-sale securities, gross unrealized gains | 255,018 | 154,942 |
Available-for-sale securities, gross unrealized (losses) | (369,281) | (14,945) |
Available-for-sale securities | 21,540,987 | 15,535,187 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 14,239,775 | 13,788,728 |
Available-for-sale securities, gross unrealized gains | 1,638 | 52,035 |
Available-for-sale securities, gross unrealized (losses) | (680,781) | (29,392) |
Available-for-sale securities | 13,560,632 | 13,811,371 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 55,850,994 | 49,844,049 |
Available-for-sale securities, gross unrealized gains | 1,631,109 | 585,641 |
Available-for-sale securities, gross unrealized (losses) | (137,645) | (193,454) |
Available-for-sale securities | $ 57,344,458 | $ 50,236,236 |
Note 4 - Securities - Availab_2
Note 4 - Securities - Available-for-sale Securities by Maturity (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
1-5 years, amortized cost | $ 150,000 | |
1-5 years, fair value | 150,243 | |
5-10 years, amortized cost | 25,335,491 | |
5-10 years, fair value | 25,396,479 | |
After 10 years, amortized cost | 42,350,022 | |
After 10 years, fair value | 43,557,642 | |
Available-for-sale securities, amortized cost | 137,926,282 | $ 117,152,760 |
Available-for-sale securities | 140,009,454 | 118,245,314 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Not due on a single maturity date, amortized cost | 14,239,775 | |
Not due on a single maturity date, fair value | 13,560,632 | |
Available-for-sale securities, amortized cost | 14,239,775 | 13,788,728 |
Available-for-sale securities | 13,560,632 | 13,811,371 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Not due on a single maturity date, amortized cost | 55,850,994 | |
Not due on a single maturity date, fair value | 57,344,458 | |
Available-for-sale securities, amortized cost | 55,850,994 | 49,844,049 |
Available-for-sale securities | $ 57,344,458 | $ 50,236,236 |
Note 4 - Securities - Securitie
Note 4 - Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Securities, continuous unrealized loss position, less than 12 months, fair value | $ 30,047,406 | $ 39,551,825 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (1,348,739) | (307,898) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 3,018,538 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (67,548) | |
Securities, continuous unrealized loss position, fair value | 30,047,406 | 42,570,363 |
Securities, continuous unrealized loss position, unrealized losses | (1,348,739) | (375,446) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 4,865,016 | 7,083,208 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (161,032) | (125,693) |
Securities, continuous unrealized loss position, 12 months or more, fair value | ||
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | ||
Securities, continuous unrealized loss position, fair value | 4,865,016 | 7,083,208 |
Securities, continuous unrealized loss position, unrealized losses | (161,032) | (125,693) |
US Government Agencies Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 2,487,795 | |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (11,962) | |
Securities, continuous unrealized loss position, 12 months or more, fair value | ||
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | ||
Securities, continuous unrealized loss position, fair value | 2,487,795 | |
Securities, continuous unrealized loss position, unrealized losses | (11,962) | |
Corporate Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 6,697,422 | 2,452,005 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (369,281) | (14,945) |
Securities, continuous unrealized loss position, 12 months or more, fair value | ||
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | ||
Securities, continuous unrealized loss position, fair value | 6,697,422 | 2,452,005 |
Securities, continuous unrealized loss position, unrealized losses | (369,281) | (14,945) |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 12,527,985 | 9,416,669 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (680,781) | (29,392) |
Securities, continuous unrealized loss position, 12 months or more, fair value | ||
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | ||
Securities, continuous unrealized loss position, fair value | 12,527,985 | 9,416,669 |
Securities, continuous unrealized loss position, unrealized losses | (680,781) | (29,392) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 5,956,983 | 18,112,148 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (137,645) | (125,906) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 3,018,538 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | (67,548) | |
Securities, continuous unrealized loss position, fair value | 5,956,983 | 21,130,686 |
Securities, continuous unrealized loss position, unrealized losses | $ (137,645) | $ (193,454) |
Note 5 - Loans and Allowance _3
Note 5 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 2,821,000 | $ 2,835,000 | |
Commercial Loan Referral Income | 555,490 | $ 0 | |
Substandard [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,800,000 | ||
Troubled Debt Restructuring [Member] | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,019,222 | $ 927,216 |
Note 5 - Loans and Allowance _4
Note 5 - Loans and Allowance for Loan Losses - Loans by Category (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 729,798,445 | $ 728,914,025 | ||
Allowance for loan losses | (8,049,264) | (7,607,587) | $ (7,847,000) | $ (7,996,000) |
Deferred loan fees/costs, net | (686,490) | (574,036) | ||
Net loans | 721,062,691 | 720,732,402 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||||
Loans receivable | 124,387,549 | 118,823,731 | ||
Allowance for loan losses | (1,154,000) | (1,001,000) | (1,386,000) | (1,297,000) |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||||
Loans receivable | 82,548,977 | 87,448,418 | ||
Allowance for loan losses | (755,000) | (746,000) | (694,000) | (641,000) |
Real Estate, Construction [Member] | ||||
Loans receivable | 73,114,249 | 77,308,551 | ||
Allowance for loan losses | (1,629,000) | (1,749,000) | (1,936,000) | (2,306,000) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 300,704,999 | 300,619,387 | ||
Allowance for loan losses | (2,577,000) | (2,267,000) | ||
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 118,181,468 | 114,047,753 | ||
Allowance for loan losses | (1,349,000) | (1,129,000) | $ (974,000) | $ (1,160,000) |
Consumer and Other Loans [Member] | ||||
Loans receivable | $ 30,861,203 | $ 30,666,185 |
Note 5 - Loans and Allowance _5
Note 5 - Loans and Allowance for Loan Losses - Loans by Aging (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Loans receivable, past due | $ 6,139,000 | $ 1,356,000 |
Loans receivable, current | 723,659,000 | 727,558,000 |
Loans receivable | 729,798,445 | 728,914,025 |
Loans receivable, past due and accruing | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 1,497,000 | 645,000 |
Loans receivable, current | 122,891,000 | 118,179,000 |
Loans receivable | 124,387,549 | 118,823,731 |
Loans receivable, past due and accruing | ||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Loans receivable, current | 82,549,000 | 87,448,000 |
Loans receivable | 82,548,977 | 87,448,418 |
Loans receivable, past due and accruing | ||
Real Estate, Construction [Member] | ||
Loans receivable, past due | 1,825,000 | 338,000 |
Loans receivable, current | 71,289,000 | 76,971,000 |
Loans receivable | 73,114,249 | 77,308,551 |
Loans receivable, past due and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 2,152,000 | 43,000 |
Loans receivable, current | 298,553,000 | 300,576,000 |
Loans receivable | 300,704,999 | 300,619,387 |
Loans receivable, past due and accruing | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 418,000 | 256,000 |
Loans receivable, current | 117,763,000 | 113,792,000 |
Loans receivable | 118,181,468 | 114,047,753 |
Loans receivable, past due and accruing | ||
Consumer and Other Loans [Member] | ||
Loans receivable, past due | 247,000 | 74,000 |
Loans receivable, current | 30,614,000 | 30,592,000 |
Loans receivable | 30,861,203 | 30,666,185 |
Loans receivable, past due and accruing | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, past due | 4,273,000 | 603,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 837,000 | 83,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | 1,825,000 | 338,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 1,549,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 31,000 | 134,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 31,000 | 48,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, past due | 417,000 | 568,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 437,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 244,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 173,000 | 105,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 26,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, past due | 1,449,000 | 185,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 660,000 | 125,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 359,000 | 43,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 214,000 | 17,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | $ 216,000 |
Note 5 - Loans and Allowance _6
Note 5 - Loans and Allowance for Loan Losses - Nonaccruing Loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Nonaccruing loans | $ 11,143,135 | $ 10,003,477 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Nonaccruing loans | 2,136,793 | 2,398,379 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Nonaccruing loans | ||
Real Estate, Construction [Member] | ||
Nonaccruing loans | 4,423,691 | 3,738,410 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccruing loans | 3,292,149 | 2,941,143 |
Commercial Portfolio Segment [Member] | ||
Nonaccruing loans | 1,103,678 | 855,761 |
Consumer and Other Loans [Member] | ||
Nonaccruing loans | $ 186,824 | $ 69,784 |
Note 5 - Loans and Allowance _7
Note 5 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Balance, beginning of period | $ 7,607,587 | $ 7,996,000 | |
Provision for Loan Losses | 500,000 | ||
Losses charged off | (94,000) | (288,000) | |
Recoveries | 35,000 | 139,000 | |
Balance, end of period | 8,049,264 | 7,847,000 | |
Ending balance: individually evaluated for impairment | 1,148,000 | $ 1,094,000 | |
Ending balance: collectively evaluated for impairment | 6,898,000 | 6,514,000 | |
Ending balance: loans acquired with deteriorated credit quality | 3,000 | ||
Ending balance: individually evaluated for impairment | 8,614,000 | 9,133,000 | |
Ending balance: collectively evaluated for impairment | 718,363,000 | 716,946,000 | |
Ending balance: loans acquired with deteriorated credit quality | 2,821,000 | 2,835,000 | |
Real Estate, Construction [Member] | |||
Balance, beginning of period | 1,749,000 | 2,306,000 | |
Provision for Loan Losses | (120,000) | (490,000) | |
Losses charged off | |||
Recoveries | 120,000 | ||
Balance, end of period | 1,629,000 | 1,936,000 | |
Ending balance: individually evaluated for impairment | 596,000 | 553,000 | |
Ending balance: collectively evaluated for impairment | 1,033,000 | 1,196,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | 4,424,000 | 4,742,000 | |
Ending balance: collectively evaluated for impairment | 68,690,000 | 72,567,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Commercial Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 2,267,000 | ||
Provision for Loan Losses | 304,000 | ||
Losses charged off | |||
Recoveries | 6,000 | ||
Balance, end of period | 2,577,000 | ||
Ending balance: individually evaluated for impairment | 32,000 | 24,000 | |
Ending balance: collectively evaluated for impairment | 2,545,000 | 2,243,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | 807,000 | 650,000 | |
Ending balance: collectively evaluated for impairment | 297,255,000 | 297,318,000 | |
Ending balance: loans acquired with deteriorated credit quality | 2,643,000 | 2,651,000 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Balance, beginning of period | 2,093,000 | ||
Provision for Loan Losses | 43,000 | ||
Losses charged off | |||
Recoveries | 1,000 | ||
Balance, end of period | 2,137,000 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |||
Balance, beginning of period | 1,001,000 | 1,297,000 | |
Provision for Loan Losses | 152,000 | 85,000 | |
Losses charged off | |||
Recoveries | 1,000 | 4,000 | |
Balance, end of period | 1,154,000 | 1,386,000 | |
Ending balance: individually evaluated for impairment | 184,000 | 197,000 | |
Ending balance: collectively evaluated for impairment | 970,000 | 804,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | 2,137,000 | 2,613,000 | |
Ending balance: collectively evaluated for impairment | 122,251,000 | 116,211,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |||
Balance, beginning of period | 746,000 | 641,000 | |
Provision for Loan Losses | 9,000 | 53,000 | |
Losses charged off | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance, end of period | 755,000 | 694,000 | |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 755,000 | 746,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 82,549,000 | 87,448,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Commercial Portfolio Segment [Member] | |||
Balance, beginning of period | 1,129,000 | 1,160,000 | |
Provision for Loan Losses | 237,000 | 39,000 | |
Losses charged off | (32,000) | (234,000) | |
Recoveries | 15,000 | 9,000 | |
Balance, end of period | 1,349,000 | 974,000 | |
Ending balance: individually evaluated for impairment | 311,000 | 299,000 | |
Ending balance: collectively evaluated for impairment | 1,035,000 | 830,000 | |
Ending balance: loans acquired with deteriorated credit quality | 3,000 | ||
Ending balance: individually evaluated for impairment | 943,000 | 908,000 | |
Ending balance: collectively evaluated for impairment | 117,060,000 | 112,956,000 | |
Ending balance: loans acquired with deteriorated credit quality | 178,000 | 184,000 | |
Consumer and Other Loans [Member] | |||
Ending balance: individually evaluated for impairment | 25,000 | 21,000 | |
Ending balance: collectively evaluated for impairment | 424,000 | 422,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | 303,000 | 220,000 | |
Ending balance: collectively evaluated for impairment | 30,558,000 | 30,446,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Consumer Portfolio Segment [Member] | |||
Balance, beginning of period | 443,000 | 373,000 | |
Provision for Loan Losses | 55,000 | 44,000 | |
Losses charged off | (62,000) | (54,000) | |
Recoveries | 13,000 | 5,000 | |
Balance, end of period | 449,000 | 368,000 | |
Unallocated Financing Receivables [Member] | |||
Balance, beginning of period | 273,000 | 126,000 | |
Provision for Loan Losses | (137,000) | 226,000 | |
Losses charged off | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance, end of period | 136,000 | $ 352,000 | |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 136,000 | 273,000 | |
Ending balance: loans acquired with deteriorated credit quality | |||
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | |||
Ending balance: loans acquired with deteriorated credit quality |
Note 5 - Loans and Allowance _8
Note 5 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Valuation allowance | $ 1,151 | $ 1,096 | |
Loans recorded balance | 11,435 | 11,968 | |
Loans unpaid principal | 12,668 | 13,201 | |
Loans average investment in impaired loans | 10,440 | $ 19,266 | |
Loans interest income recognized | 2 | 5 | |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |||
Loans without a specific valuation allowance, recorded balance | 967 | 1,392 | |
Loans without a specific valuation allowance, unpaid principal | 967 | 1,392 | |
Loans with a specific valuation allowance, recorded balance | 1,170 | 1,221 | |
Loans with a specific valuation allowance, unpaid principal | 1,170 | 1,221 | |
Valuation allowance | 184 | 197 | |
Loans recorded balance | 2,137 | 2,613 | |
Loans unpaid principal | 2,137 | 2,613 | |
Loans without a specific valuation allowance, average investment in impaired loans | 1,091 | 1,079 | |
Loans without a specific valuation allowance, interest income recognized | 1 | ||
Loans with a specific valuation allowance, average investment in impaired loans | 1,173 | 3,011 | |
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 2,264 | 4,090 | |
Loans interest income recognized | 1 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |||
Loans without a specific valuation allowance, recorded balance | |||
Loans without a specific valuation allowance, unpaid principal | |||
Loans with a specific valuation allowance, recorded balance | |||
Loans with a specific valuation allowance, unpaid principal | |||
Valuation allowance | |||
Loans recorded balance | |||
Loans unpaid principal | |||
Loans without a specific valuation allowance, average investment in impaired loans | 5,938 | ||
Loans without a specific valuation allowance, interest income recognized | |||
Loans with a specific valuation allowance, average investment in impaired loans | |||
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 5,938 | ||
Loans interest income recognized | |||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans without a specific valuation allowance, average investment in impaired loans | |||
Loans without a specific valuation allowance, interest income recognized | |||
Loans with a specific valuation allowance, average investment in impaired loans | 3,939 | 3,805 | |
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 3,939 | 3,805 | |
Loans interest income recognized | |||
Real Estate, Construction [Member] | |||
Loans without a specific valuation allowance, recorded balance | |||
Loans without a specific valuation allowance, unpaid principal | |||
Loans with a specific valuation allowance, recorded balance | 4,424 | 4,742 | |
Loans with a specific valuation allowance, unpaid principal | 5,657 | 5,975 | |
Valuation allowance | 596 | 553 | |
Loans recorded balance | 4,424 | 4,742 | |
Loans unpaid principal | 5,657 | 5,975 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans without a specific valuation allowance, recorded balance | 2,929 | 3,199 | |
Loans without a specific valuation allowance, unpaid principal | 2,929 | 3,199 | |
Loans with a specific valuation allowance, recorded balance | 521 | 162 | |
Loans with a specific valuation allowance, unpaid principal | 521 | 162 | |
Valuation allowance | 32 | 24 | |
Loans recorded balance | 3,450 | 3,361 | |
Loans unpaid principal | 3,450 | 3,361 | |
Loans without a specific valuation allowance, average investment in impaired loans | 2,765 | 3,472 | |
Loans without a specific valuation allowance, interest income recognized | 4 | ||
Loans with a specific valuation allowance, average investment in impaired loans | 281 | 726 | |
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 3,046 | 4,198 | |
Loans interest income recognized | 4 | ||
Commercial Portfolio Segment [Member] | |||
Loans without a specific valuation allowance, recorded balance | 17 | 33 | |
Loans without a specific valuation allowance, unpaid principal | 17 | 33 | |
Loans with a specific valuation allowance, recorded balance | 1,104 | 999 | |
Loans with a specific valuation allowance, unpaid principal | 1,104 | 999 | |
Valuation allowance | 314 | 301 | |
Loans recorded balance | 1,121 | 1,032 | |
Loans unpaid principal | 1,121 | 1,032 | |
Loans without a specific valuation allowance, average investment in impaired loans | 19 | 232 | |
Loans without a specific valuation allowance, interest income recognized | |||
Loans with a specific valuation allowance, average investment in impaired loans | 904 | 667 | |
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 923 | 899 | |
Loans interest income recognized | |||
Consumer and Other Loans [Member] | |||
Loans without a specific valuation allowance, recorded balance | 114 | 70 | |
Loans without a specific valuation allowance, unpaid principal | 114 | 70 | |
Loans with a specific valuation allowance, recorded balance | 189 | 150 | |
Loans with a specific valuation allowance, unpaid principal | 189 | 150 | |
Valuation allowance | 25 | 21 | |
Loans recorded balance | 303 | 220 | |
Loans unpaid principal | 303 | $ 220 | |
Consumer Portfolio Segment [Member] | |||
Loans without a specific valuation allowance, average investment in impaired loans | 99 | 216 | |
Loans without a specific valuation allowance, interest income recognized | 2 | ||
Loans with a specific valuation allowance, average investment in impaired loans | 169 | 120 | |
Loans with a specific valuation allowance, interest income recognized | |||
Loans average investment in impaired loans | 268 | 336 | |
Loans interest income recognized | $ 2 |
Note 5 - Loans and Allowance _9
Note 5 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2018 |
Carrying balance of TDR | $ 7,044,565 | $ 5,636,365 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Carrying balance of TDR | 1,001,925 | 1,163,782 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Carrying balance of TDR | ||
Real Estate, Construction [Member] | ||
Carrying balance of TDR | 4,423,691 | 3,738,409 |
Commercial Real Estate Portfolio Segment [Member] | ||
Carrying balance of TDR | 764,874 | 161,491 |
Commercial Portfolio Segment [Member] | ||
Carrying balance of TDR | 854,075 | 572,683 |
Consumer and Other Loans [Member] | ||
Carrying balance of TDR |
Note 5 - Loans and Allowance_10
Note 5 - Loans and Allowance for Loan Losses - Loans by Credit Quality (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Loans receivable | $ 729,798,445 | $ 728,914,025 |
Real Estate, Construction [Member] | ||
Loans receivable | 73,114,249 | 77,308,551 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 300,704,999 | 300,619,387 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 124,387,549 | 118,823,731 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 82,548,977 | 87,448,418 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 118,181,468 | 114,047,753 |
Consumer and Other Loans [Member] | ||
Loans receivable | 30,861,203 | 30,666,185 |
Pass [Member] | ||
Loans receivable | 696,084,000 | 699,557,000 |
Pass [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 68,611,000 | 73,489,000 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 290,039,000 | 292,674,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 120,947,000 | 115,622,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 82,549,000 | 87,448,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 104,154,000 | 100,658,000 |
Pass [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 29,784,000 | 29,666,000 |
Special Mention [Member] | ||
Loans receivable | 11,817,000 | 10,804,000 |
Special Mention [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 2,074,000 | 1,476,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 850,000 | 535,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 8,893,000 | 8,793,000 |
Special Mention [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | ||
Loans receivable | 21,897,000 | 18,553,000 |
Substandard [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 4,503,000 | 3,820,000 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 8,592,000 | 6,469,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 2,591,000 | 2,667,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 5,134,000 | 4,597,000 |
Substandard [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 1,077,000 | 1,000,000 |
Doubtful [Member] | ||
Loans receivable | ||
Doubtful [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | ||
Doubtful [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 6 - Accounting for Certa_3
Note 6 - Accounting for Certain Loans Acquired (Details Textual) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 2,718 |
Note 6 - Accounting for Certa_4
Note 6 - Accounting for Certain Loans Acquired - Carrying Amount of Certain Loans Acquired in Transfer (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Certain loans acquired in transfer | $ 3,250 | $ 3,311 |
Ending balance: loans acquired with deteriorated credit quality | 2,821 | 2,835 |
Commercial Real Estate Portfolio Segment [Member] | ||
Certain loans acquired in transfer | 3,018 | 3,069 |
Ending balance: loans acquired with deteriorated credit quality | 2,643 | 2,651 |
Commercial Portfolio Segment [Member] | ||
Certain loans acquired in transfer | 232 | 242 |
Ending balance: loans acquired with deteriorated credit quality | 178 | 184 |
Consumer and Other Loans [Member] | ||
Certain loans acquired in transfer | ||
Ending balance: loans acquired with deteriorated credit quality |
Note 6 - Accounting for Certa_5
Note 6 - Accounting for Certain Loans Acquired - Carrying Amount of Certain Loans Acquired in Transfer (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair value adjustment | $ 429 | $ 476 |
Note 6 - Accounting for Certa_6
Note 6 - Accounting for Certain Loans Acquired - Accretable Yield (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance at beginning of period | $ (69) | $ 265 |
Additions | ||
Accretion | (49) | (35) |
Reclassification from nonaccretable difference | 2 | |
Disposals | 0 | |
Balance at end of period | $ (116) | $ 230 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | Jun. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 3,520,000 | $ 3,520,000 | |||
Hometown Bancshares, Inc. [Member] | |||||
Goodwill, Ending Balance | $ 1,400,000 | $ 1,400,000 | |||
Hometown Bancshares, Inc. [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | $ 3,500,000 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 7 - Intangible Assets - Go
Note 7 - Intangible Assets - Goodwill and Other Intangibles (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 1,434,982 | $ 1,434,982 |
Gross carrying amount | 3,520,000 | 3,520,000 |
Accumulated amortization | (1,135,000) | (1,016,000) |
Core deposit intangible, net | 2,384,660 | 2,503,910 |
Remaining balance | $ 3,820,000 | $ 3,939,000 |
Note 7 - Intangible Assets - Es
Note 7 - Intangible Assets - Estimated Remaining Amortization Expense on Intangibles (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Remainder of 2020 | $ 358,000 | |
2021 | 477,000 | |
2022 | 477,000 | |
2023 | 477,000 | |
2024 | 477,000 | |
Thereafter | 119,000 | |
Core deposit intangible, net | $ 2,384,660 | $ 2,503,910 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Right-of-Use Asset | $ 8,909,359 | $ 9,052,941 |
Operating Lease, Liability, Total | 8,971,587 | 9,105,503 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 407,603 | 438,580 |
Finance Lease, Liability, Total | $ 407,603 | $ 438,580 |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |
Lessee, Finance Lease, Renewal Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 20 years | |
Lessee, Finance Lease, Renewal Term (Year) | 20 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of right-of-use assets | $ 30,977 | $ 27,645 |
Interest on lease liabilities | 2,096 | 1,720 |
Operating lease cost | 272,335 | 270,042 |
Sublease income | (12,300) | (10,300) |
Total lease costs | $ 293,108 | $ 289,107 |
Weighted-average remaining lease term - financing leases (in years) (Year) | 3 years 109 days | |
Weighted-average remaining lease term - operating leases (in years) (Year) | 14 years 328 days | |
Weighted-average discount rate - financing leases | 1.96% | |
Weighted-average discount rate - operating leases | 5.62% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Remainder of: 2020, financing | $ 99,000 | |
Remainder of: 2020, operating | 783,000 | |
Remainder of: 2020, total | 882,000 | |
2021, financing | 132,000 | |
2021, operating | 1,020,000 | |
2021, total | 1,152,000 | |
2022, financing | 127,000 | |
2022, operating | 1,011,000 | |
2022, total | 1,138,000 | |
2023, financing | 53,000 | |
2023, operating | 1,002,000 | |
2023, total | 1,055,000 | |
2024, financing | 10,000 | |
2024, operating | 856,000 | |
2024, total | 866,000 | |
Thereafter, financing | ||
Thereafter, operating | 8,979,000 | |
Thereafter, total | 8,979,000 | |
Total undiscounted future minimum lease cash payments, financing | 421,000 | |
Total undiscounted future minimum lease cash payments, operating | 13,651,000 | |
Total undiscounted future minimum lease cash payments, operating | 14,072,000 | |
Present value discount, financing | (13,000) | |
Present value discount, operating | (4,679,000) | |
Present value discount, total | (4,692,000) | |
Lease liability, financing | 407,603 | $ 438,580 |
Lease liability, operating | 8,971,587 | $ 9,105,503 |
Lease liability, total | $ 9,380,000 |
Note 9 - Benefit Plans (Details
Note 9 - Benefit Plans (Details Textual) - USD ($) | Mar. 19, 2020 | Feb. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 168,225 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0 | $ 130,200 | |||
Share Price (in dollars per share) | $ 23.50 | ||||
Share-based Payment Arrangement, Expense | $ 84,340 | $ 185,762 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 14,366 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 813,658 | ||||
Restricted Stock [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,579 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock or Unit Expense | $ 36,869 | $ 28,857 | |||
Restricted Stock [Member] | Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,787 | 9,933 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |||
Restricted Stock or Unit Expense | $ 47,471 | $ 49,023 | |||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 43,700 | ||||
Share Price (in dollars per share) | $ 15.62 | ||||
Restricted Stock or Unit Expense | $ 0 | $ 107,882 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Threshold, Percentage | 25.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Target, Percentage | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Incentive Award Level, Percentage | 100.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Total Assets, Percentage | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Return on Average Assets, Percentage | 50.00% |
Note 9 - Benefit Plans - Restri
Note 9 - Benefit Plans - Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Balance of shares non-vested (in shares) | shares | 24,378 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 22.75 |
Granted (in shares) | shares | 14,366 |
Granted, weighted average grant-date price (in dollars per share) | $ / shares | $ 23.50 |
Vested (in shares) | shares | (10,964) |
Vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 22.23 |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant-date price (in dollars per share) | $ / shares | |
Balance of shares non-vested (in shares) | shares | 27,780 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 23.34 |
Note 9 - Benefit Plans - Perfor
Note 9 - Benefit Plans - Performance Stock Units (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Balance of shares non-vested (in shares) | shares | 0 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 43,700 |
Granted (in dollars per share) | $ / shares | $ 15.62 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant-date price (in dollars per share) | $ / shares | $ 0 |
Balance of shares non-vested (in shares) | shares | 43,700 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ / shares | $ 15.62 |
Note 10 - Income Per Common S_3
Note 10 - Income Per Common Share - Income Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic Income per Common Share | $ 2,104,845 | $ 2,120,364 |
Basic Income per Common Share (in shares) | 4,309,441 | 4,438,625 |
Basic Income per Common Share (in dollars per share) | $ 0.49 | $ 0.48 |
Effect of Dilutive Securities, Average Common Shares Outstanding (in shares) | 26,861 | 60,337 |
Diluted Income per Common Share | $ 2,104,845 | $ 2,120,364 |
Diluted Income per Common Share (in shares) | 4,336,302 | 4,498,962 |
Diluted Income per Common Share (in dollars per share) | $ 0.49 | $ 0.47 |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2017 | |
First Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 50,000,000 | |||
Derivative, Fixed Interest Rate | 2.12% | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | $ 2,950,329 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent, Total | 1,009,844 | |||
Second Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 10,300,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | 946,742 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent, Total | 324,052 | |||
Derivative, Variable Interest Rate | 4.09% | |||
Second Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative, Basis Spread on Variable Rate | 1.45% | |||
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 50,000,000 | |||
Derivative, Fixed Interest Rate | 2.12% | |||
Derivative, Collateral, Obligation to Return Cash | $ 5,000,000 | $ 1,900,000 | ||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative, Basis Spread on Variable Rate |
Note 12 - Derivative Financia_4
Note 12 - Derivative Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swap [Member] | ||
Termination Date | Feb. 28, 2025 | |
Notional Amount | $ 50,000,000 | |
Rate Paid | 2.12% | |
Estimated Fair Value | $ (3,960,173) | $ (1,067,935) |
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Rate Hedged | ||
Interest Rate Swap - Subordinated Debentures [Member] | ||
Termination Date | Feb. 23, 2026 | |
Notional Amount | $ 10,310,000 | |
Rate Paid | 4.09% | |
Estimated Fair Value | $ (1,270,794) | $ (560,388) |
Interest Rate Swap - Subordinated Debentures [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Rate Hedged | 1.45% |
Note 12 - Derivative Financia_5
Note 12 - Derivative Financial Instruments - Derivative Instruments (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Rate Swap [Member] | ||
Derivative gain (loss) | $ 39,841 | $ (69,888) |
Interest Rate Swap - Subordinated Debentures [Member] | ||
Derivative gain (loss) | $ 21,441 |
Note 13 - Disclosures About F_3
Note 13 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Total | $ 140,009,454 | $ 118,245,314 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 |
Note 13 - Disclosures About F_4
Note 13 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities | $ 140,009,454 | $ 118,245,314 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,515,340 | 2,487,793 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 45,048,037 | 36,174,727 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 21,540,987 | 15,535,187 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,560,632 | 13,811,371 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 57,344,458 | 50,236,236 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | ||
Available-for-sale securities | 140,009,000 | 118,245,000 |
Interest rate swaps | 5,231,000 | 1,628,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,515,000 | 2,488 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 45,048,000 | 36,175,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 21,541,000 | 15,535,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,561,000 | 13,811 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 57,344,000 | 50,236,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Interest rate swaps | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 140,009,000 | 118,245,000 |
Interest rate swaps | 5,231,000 | 1,628,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,515,000 | 2,488 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 45,048,000 | 36,175,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 21,541,000 | 15,535,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,561,000 | 13,811 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 57,344,000 | 50,236,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Interest rate swaps | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities |
Note 13 - Disclosures About F_5
Note 13 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Impaired loans, fair value | $ 2,401 | $ 1,483 |
Foreclosed assets held for sale, fair value | 150 | 233 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, fair value | ||
Foreclosed assets held for sale, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, fair value | ||
Foreclosed assets held for sale, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value | 2,401 | 1,483 |
Foreclosed assets held for sale, fair value | $ 150 | $ 233 |
Note 13 - Disclosures About F_6
Note 13 - Disclosures About Fair Value of Assets and Liabilities - Fair Value Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Valuation, Market Approach [Member] $ in Thousands | Mar. 31, 2020USD ($) |
Impaired loans (collateral dependent) | $ 2,401 |
Foreclosed assets held for sale | $ 150 |
Minimum [Member] | |
Impaired loans (collateral dependent) | 0 |
Foreclosed assets held for sale | 0.35 |
Maximum [Member] | |
Impaired loans (collateral dependent) | 1 |
Foreclosed assets held for sale | 0.35 |
Weighted Average [Member] | |
Impaired loans (collateral dependent) | 0.15 |
Foreclosed assets held for sale | 0.35 |
Note 13 - Disclosures About F_7
Note 13 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Interest-bearing demand deposits in other financial institutions | $ 78,226,550 | $ 87,557,842 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 84,343,930 | 92,671,909 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest-bearing demand deposits in other financial institutions | 3,534,996 | 250,000 |
Federal Home Loan Bank stock | 3,212,100 | 3,757,500 |
Mortgage loans held for sale | 1,980,896 | 2,786,564 |
Interest receivable | 3,533,856 | 3,511,875 |
Deposits | 849,535,941 | 821,406,532 |
Federal Home Loan Bank advances | 50,000,000 | 65,000,000 |
Interest payable | 799,338 | 793,746 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 721,062,691 | 720,732,402 |
Subordinated debentures | 15,465,000 | 15,465,000 |
Note payable to bank | 11,200,000 | 11,200,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 84,343,930 | 92,671,909 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest-bearing demand deposits in other financial institutions | 3,535,959 | 250,315 |
Federal Home Loan Bank stock | 3,212,100 | 3,757,500 |
Mortgage loans held for sale | 1,980,896 | 2,786,564 |
Interest receivable | 3,533,856 | 3,511,875 |
Deposits | 851,761,814 | 822,046,988 |
Federal Home Loan Bank advances | 49,958,347 | 66,015,635 |
Interest payable | 799,338 | 793,746 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 722,567,482 | 723,363,117 |
Subordinated debentures | 15,465,000 | 15,465,000 |
Note payable to bank | $ 11,200,000 | $ 11,200,000 |