Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Farmers & Merchants Bancshares, Inc. | ||
Entity Central Index Key | 1,698,022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 40,317,827 | ||
Trading Symbol | FMFG | ||
Entity Common Stock, Shares Outstanding | 1,667,863 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 6,235,186 | $ 12,334,358 |
Federal funds sold and other interest-bearing deposits | 1,002,199 | 978,557 |
Cash and cash equivalents | 7,237,385 | 13,312,915 |
Certificate of deposit in other bank | 100,000 | 100,000 |
Securities available for sale | 28,433,391 | 34,385,939 |
Securities held to maturity | 18,204,182 | 17,987,628 |
Federal Home Loan Bank stock, at cost | 1,063,600 | 778,300 |
Mortgage loans held for sale | 327,700 | 884,500 |
Loans, less allowance for loan losses of $2,458,911 and $2,363,086 | 332,533,706 | 295,286,572 |
Premises and equipment | 5,206,271 | 5,449,678 |
Accrued interest receivable | 1,020,256 | 956,963 |
Deferred income taxes | 998,032 | 1,029,019 |
Other real estate owned | 265,500 | 414,000 |
Bank owned life insurance | 6,891,590 | 6,721,003 |
Other assets | 622,856 | 2,524,842 |
Assets | 402,904,469 | 379,831,359 |
Deposits | ||
Noninterest-bearing | 64,403,133 | 62,791,835 |
Interest-bearing | 255,393,291 | 239,923,301 |
Total deposits | 319,796,424 | 302,715,136 |
Securities sold under repurchase agreements | 21,768,507 | 27,226,159 |
Federal Home Loan Bank of Atlanta advances | 17,000,000 | 9,000,000 |
Accrued interest payable | 180,620 | 141,903 |
Other liabilities | 2,359,986 | 1,735,884 |
Liabilities | 361,105,537 | 340,819,082 |
Stockholders' equity | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,667,813 shares in 2017 and 1,656,390 shares in 2016 | 16,678 | 16,564 |
Additional paid-in capital | 26,869,796 | 26,562,919 |
Retained earnings | 15,306,625 | 12,713,099 |
Accumulated other comprehensive income | (394,167) | (280,305) |
Stockholders' Equity Attributable to Parent | 41,798,932 | 39,012,277 |
Liabilities and Stockholders' Equity | $ 402,904,469 | $ 379,831,359 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable, Allowance | $ 2,458,911 | $ 2,363,086 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued | 1,667,813 | 1,656,390 |
Common Stock, Shares, Outstanding | 1,667,813 | 1,656,390 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | ||
Loans, including fees | $ 15,189,238 | $ 14,024,899 |
Investment securities - taxable | 710,438 | 762,383 |
Investment securities - tax exempt | 597,919 | 501,530 |
Federal funds sold and other interest earning assets | 97,208 | 62,685 |
Total interest income | 16,594,803 | 15,351,497 |
Interest expense | ||
Deposits | 1,378,308 | 1,098,987 |
Securities sold under repurchase agreements | 161,914 | 144,620 |
Federal Home Loan Bank advances and other borrowings | 167,018 | 102,513 |
Total interest expense | 1,707,240 | 1,346,120 |
Net interest income | 14,887,563 | 14,005,377 |
Provision for loan losses | 410,000 | 0 |
Net interest income after provision for loan losses | 14,477,563 | 14,005,377 |
Noninterest income | ||
Service charges on deposit accounts | 700,791 | 758,075 |
Mortgage banking income | 279,364 | 471,982 |
Bank owned life insurance income | 170,588 | 179,622 |
Gain (loss) on sale and write down of other real estate owned | (148,500) | (57,065) |
Gain on sale of loans | 223,251 | 0 |
Other fees and commissions | 111,600 | 112,583 |
Total noninterest income | 1,337,094 | 1,465,197 |
Noninterest expense | ||
Salaries | 4,931,432 | 4,661,703 |
Employee benefits | 1,289,263 | 1,217,508 |
Occupancy | 684,173 | 649,055 |
Furniture and equipment | 644,576 | 649,865 |
Other | 2,473,658 | 2,356,494 |
Total noninterest expense | 10,023,102 | 9,534,625 |
Income before income taxes | 5,791,555 | 5,935,949 |
Income taxes | 2,002,314 | 2,026,820 |
Net income | $ 3,789,241 | $ 3,909,129 |
Earnings per share - basic and diluted | $ 2.28 | $ 2.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 3,789,241 | $ 3,909,129 |
Securities available for sale | ||
Net unrealized loss arising during the period | (81,019) | (294,248) |
Income tax benefit | 31,958 | 116,066 |
Total other comprehensive loss | (49,061) | (178,182) |
Total comprehensive income | $ 3,740,180 | $ 3,730,947 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income [Member] |
Beginning Balance at Dec. 31, 2015 | $ 36,223,361 | $ 16,475,415 | $ 9,889,659 | $ 9,960,410 | $ (102,123) |
Beginning Balance (in shares) at Dec. 31, 2015 | 1,647,541 | ||||
Net income | 3,909,129 | $ 0 | 0 | 3,909,129 | 0 |
Unrealized loss on securities available for sale net of income tax benefit | (178,182) | 0 | 0 | 0 | (178,182) |
Par value change as a result of the holding company formation | 0 | (16,547,340) | 16,547,340 | 0 | 0 |
Cash dividends | (1,156,440) | 0 | 0 | (1,156,440) | 0 |
Dividends reinvested | 214,409 | $ 88,489 | 125,920 | 0 | 0 |
Dividends reinvested (in shares) | 8,849 | ||||
Ending Balance at Dec. 31, 2016 | 39,012,277 | $ 16,564 | 26,562,919 | 12,713,099 | (280,305) |
Ending Balance (in shares) at Dec. 31, 2016 | 1,656,390 | ||||
Net income | 3,789,241 | $ 0 | 0 | 3,789,241 | 0 |
Unrealized loss on securities available for sale net of income tax benefit | (49,061) | 0 | 0 | 0 | (49,061) |
Reclassification due to adoption of ASU No. 2018-02 | 0 | 0 | 0 | 64,801 | (64,801) |
Cash dividends | (1,260,516) | 0 | 0 | (1,260,516) | 0 |
Dividends reinvested | 306,991 | $ 114 | 306,877 | 0 | 0 |
Dividends reinvested (in shares) | 11,423 | ||||
Ending Balance at Dec. 31, 2017 | $ 41,798,932 | $ 16,678 | $ 26,869,796 | $ 15,306,625 | $ (394,167) |
Ending Balance (in shares) at Dec. 31, 2017 | 1,667,813 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent | $ (31,958) | $ (116,066) |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.76 | $ 0.70 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||
Interest received | $ 16,646,808 | $ 15,284,615 |
Fees and commissions received | 1,316,507 | 1,285,575 |
Interest paid | (1,668,523) | (1,342,185) |
Proceeds from sale of mortgage loans held for sale | 13,063,992 | 22,360,618 |
Origination of mortgage loans held for sale | (12,507,192) | (23,245,118) |
Cash paid to suppliers and employees | (7,773,163) | (9,441,840) |
Income taxes paid | (1,170,196) | (2,462,983) |
Cash provided by operating activities | 7,908,233 | 2,438,682 |
Proceeds from maturity and call of securities | ||
Available for sale | 6,854,680 | 8,101,190 |
Held to maturity | 1,612,309 | 3,306,926 |
Proceeds from sale of securities | ||
Available for sale | 0 | 298,379 |
Purchase of securities | ||
Available for sale | (1,132,224) | (19,590,432) |
Held to maturity | (1,805,924) | (4,692,897) |
Loans made to customers, net of principal collected | (37,783,172) | (27,083,940) |
Redemption (purchase) of stock in FHLB of Atlanta | (285,300) | (20,200) |
Purchases of premises, equipment and software | (114,243) | (181,540) |
Cash used by investing activities | (32,653,874) | (39,862,514) |
Net increase (decrease) in | ||
Noninterest-bearing deposits | 1,611,298 | 4,747,893 |
Interest-bearing deposits | 15,469,990 | 22,002,506 |
Securities sold under repurchase agreements | (5,457,652) | 6,735,540 |
Federal Home Loan Bank of Atlanta advances | 8,000,000 | (2,000,000) |
Dividends paid, net of reinvestments | (953,525) | (942,031) |
Cash provided by financing activities | 18,670,111 | 30,543,908 |
Net increase (decrease) in cash and cash equivalents | (6,075,530) | (6,879,924) |
Cash and cash equivalents at beginning of period | 13,312,915 | 20,192,839 |
Cash and cash equivalents at end of period | 7,237,385 | 13,312,915 |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | 3,789,241 | 3,909,129 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 419,281 | 448,895 |
Provision for loan losses | 410,000 | 0 |
Net loss (gain) on sale of investment securities: | ||
Write down of other real estate owned | 148,500 | 58,500 |
Write down of other assets | 1,500 | 0 |
Mutual fund dividend | (10,740) | (7,612) |
Decrease (increase) in mortgage loans held for sale | 556,800 | (884,500) |
Deferred income taxes | (347,446) | 307,153 |
Revaluation of deferred tax asset due to change in corporate income tax rate | 410,391 | 0 |
Amortization of premiums and accretion of discounts, net | 136,874 | 165,281 |
Increase (decrease) in | ||
Deferred loan fees | 126,038 | 46,770 |
Accrued interest payable | 38,717 | 3,935 |
Other liabilities | 624,102 | 242,573 |
Decrease (increase) in | ||
Accrued interest receivable | (63,293) | (106,040) |
Bank owned life insurance cash surrender value | (170,587) | (179,622) |
Other assets | 1,838,855 | (1,565,780) |
Cash provided by operating activities | $ 7,908,233 | $ 2,438,682 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies The accounting and reporting policies reflected in the financial statements conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Management makes estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of commitments and contingent liabilities at the balance sheet date, and revenues and expenses during the year. These estimates and assumptions may affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB-4 (the “Insurance Subsidiary”), and one subsidiary of the Bank, Reliable Community Financial Services, Inc. (collectively the “Company”, “we”, “us”, or “our”). The Insurance Subsidiary is a series investment, 100 Farmers and Merchants Bank provides banking services to individuals and businesses located in Baltimore County, Maryland, Carroll County, Maryland and surrounding areas of northern Maryland. The Insurance Subsidiary is a captive insurance entity that provides insurance coverage for Farmers and Merchants Bank. Reliable Community Financial Services, Inc. can provide a wide range of investment and insurance products to its customers. Certain reclassifications have been made to the 2016 financial statements to conform to the current year presentation. These reclassifications had no effect on net income. For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, money market funds, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. Comprehensive income includes net income and the unrealized gains or losses on investment securities available for sale, net of income taxes. As securities are purchased, management determines if the securities should be classified as held to maturity or available for sale. Securities which management has the intent and ability to hold to maturity are recorded at amortized cost, which is cost adjusted for amortization of premiums and accretion of discounts to maturity. Securities held to meet liquidity needs or which may be sold before maturity are classified as available for sale and carried at fair value with unrealized gains and losses included in stockholders’ equity on an after-tax basis. Gains and losses on disposal are determined using the specific-identification method. The Company amortizes premiums and accretes discounts using the interest method. As a member of the Federal Home Loan Bank, the Bank is required to purchase stock based on its total assets. Additional stock is purchased and redeemed based on the outstanding Federal Home Loan Bank advances to the Bank. The stock is recorded at cost on the balance sheet. Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may make an exception to reporting a loan as past due, if the past due status is solely due to the loan being past maturity, the Company intends to extend the loan, and the borrower is making principal and interest payments in accordance with the terms of the matured note. The accrual of interest is discontinued when any portion of the principal or interest is 90 days past due and collateral is insufficient to discharge the debt in full. If collection of principal is evaluated as doubtful, all payments are applied to principal. Loans are considered impaired when, based on current information, management considers it unlikely that the collection of principal and interest payments will be made according to contractual terms. Generally, loans are not reviewed for impairment until the accrual of interest has been discontinued or the loans are included on the watch list. The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable losses on existing loans and other extensions of credit that may become uncollectible. The Company’s allowance for loan losses consists of three elements: (i) specific valuation allowances determined based on probable losses on impaired loans; (ii) historical valuation allowances determined based on historical loan loss experience for impaired loans with similar characteristics; and (iii) adjustments to the historical valuation allowances based on general economic conditions and other qualitative risk factors both internal and external to the Company. The allowances established for probable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior eight to twenty quarters. As of December 31, 2017 and 2016, management used a twenty quarter period for the historical loss ratio. The historical loss ratios are updated quarterly based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no impact. Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. Mortgage loans held for sale are carried at the lower of aggregate cost or fair value based on the current fair value of each outstanding loan. Sales of loans are recorded when the proceeds are received, with any gain or loss recorded in mortgage banking income. The Company sells its mortgage loans to third party investors servicing released. Upon sale and delivery, loans are legally isolated from the Company and the Company has no ability to restrict or constrain the ability of third party investors to pledge or exchange the mortgage loans. The Company does not have the entitlement or ability to repurchase the mortgage loans or unilaterally cause third party investors to put the mortgage loans back to the Company. Premises and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation on buildings and equipment is computed over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful lives of the asset, whichever is shorter. Real estate acquired through foreclosure or by deed in lieu of foreclosure is recorded at the lower of cost or fair value less estimated costs to sell on the date acquired. Losses incurred at the time of acquisition of the property are charged to the allowance for loan losses. Subsequent reductions in the estimated value of the property are included with any gains or losses on sale in noninterest income. The provision for income taxes includes income taxes payable for the current year and deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Earnings per share are determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. Weighted average shares were 1,658,384 1,652,014 The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2017 for items that should potentially be recognized or disclosed in these financial statements as prescribed by ASC Topic 855, Subsequent Events. |
Cash and Equivalents
Cash and Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and Equivalents The Company normally carries balances with other banks that exceed the federally insured limit. The average balance carried in excess of the limit, including unsecured federal funds sold to the same banks, was $ 5,991,573 6,542,956 Deposits held in noninterest-bearing transaction accounts are aggregated with any interest-bearing deposits the owner may hold in the same category. The combined total is insured up to $ 250,000 Banks are required to carry noninterest-bearing cash reserves of specified percentages of deposit balances. The Company’s normal balances of cash on hand and on deposit with other banks are sufficient to satisfy the reserve requirements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Amortized Unrealized Unrealized Fair December 31, 2017 cost gains losses value Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 Mutual fund 518,352 - 14,471 503,881 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,977,303 $ 47,356 $ 591,268 $ 28,433,391 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 December 31, 2016 Available for sale State and municipal $ 1,515,863 $ 62,512 $ 12,048 $ 1,566,327 Mutual fund 507,612 - 15,369 492,243 SBA pools 2,280,415 - 16,581 2,263,834 Mortgage-backed securities 30,544,941 20,139 501,545 30,063,535 $ 34,848,831 $ 82,651 $ 545,543 $ 34,385,939 Held to maturity State and municipal $ 17,987,628 $ 163,239 $ 317,068 $ 17,833,799 Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2017 cost value cost value Within one year $ 518,352 $ 503,881 $ 165,677 $ 168,260 Over one to five years - - 780,336 794,512 Over five to ten years 1,133,940 1,150,564 1,792,019 1,831,833 Over ten years 376,908 388,643 15,466,150 15,513,022 2,029,200 2,043,088 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,977,303 $ 28,433,391 $ 18,204,182 $ 18,307,627 December 31, 2016 Within one year $ 507,612 $ 492,243 $ - $ - Over one to five years - - - - Over five to ten years 1,136,919 1,163,288 2,657,130 2,702,121 Over ten years 378,944 403,039 15,330,498 15,131,678 2,023,475 2,058,570 17,987,628 17,833,799 Mortgage-backed securities and SBA pools, due in monthly installments 32,825,356 32,327,369 - - $ 34,848,831 $ 34,385,939 $ 17,987,628 $ 17,833,799 Securities with a carrying value of $ 31,982,381 39,818,557 In 2017, the Company had no security sales. In 2016, the Company realized no gain or loss on the sale of one security with gross proceeds of $ 298,379 December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 812,630 $ 1,519 $ 3,444,443 $ 130,520 $ 4,257,073 $ 132,039 Mutual fund - - 503,881 14,471 503,881 14,471 SBA pools 551,780 1,903 2,109,832 11,097 2,661,612 13,000 Mortgage-backed securities 2,871,597 41,413 19,571,511 512,249 22,443,108 553,662 Total $ 4,236,007 $ 44,835 $ 25,629,667 $ 668,337 $ 29,865,674 $ 713,172 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 8,558,230 $ 329,116 $ - $ - $ 8,558,230 $ 329,116 Mutual fund 492,243 15,369 - - 492,243 15,369 SBA pools 2,263,834 16,581 - - 2,263,834 16,581 Mortgage-backed securities 26,726,037 473,451 1,353,900 28,094 28,079,937 501,545 Total $ 38,040,344 $ 834,517 $ 1,353,900 $ 28,094 $ 39,394,244 $ 862,611 Management has the ability and intent to hold securities classified as held to maturity until they mature, at which time the Company should receive full value for the securities. As of December 31, 2017, management did not have the intent to sell any of the securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased as well as other market conditions for each particular security based upon the structure and remaining principal balance. The fair values of the investment securities are expected to recover as the securities approach their maturity dates or repricing dates or if market yields for such investments decline. Based on the these factors, as of December 31, 2017, management believes the unrealized losses detailed in the table above are temporary and, accordingly, none of these unrealized losses have been recognized in the Company’s consolidated statement of income. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions Certain executive officers and directors of the Company, including members of their immediate families and companies in which they are significant owners (more than 10%), were indebted to the Company. The loans were made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with borrowers who are not related to the Company. During the years ended December 31, 2017 and 2016, the activity of these loans was as follows: 2017 2016 Balance, beginning of year $ 12,782,233 $ 13,148,726 Additions 5,921,920 3,987,121 Amounts collected (3,126,837) (4,205,038) Change in related parties - (148,576) Balance, end of year $ 15,577,316 $ 12,782,233 Unused lines of credit to related parties totaled $ 746,842 2,220,128 $ 6,534 Deposits at the Company from related parties totaled $ 18,592,732 15,933,380 Payments to companies controlled by directors totaled $ 10,278 2,697 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans 2017 2016 Real estate: Commercial $ 234,026,574 $ 206,145,076 Construction and land development 18,160,366 14,392,992 Residential 59,241,416 54,710,809 Commercial 23,613,543 22,152,773 Consumer 554,017 725,269 335,595,916 298,126,919 Less: Allowance for loan losses 2,458,911 2,363,086 Deferred origination fees net of costs 603,299 477,261 $ 332,533,706 $ 295,286,572 2017 2016 Variable rate, immediately $ 55,901,161 $ 41,628,685 Due within one year 42,042,744 48,381,221 Due over one to five years 136,475,036 126,810,275 Due over five years 101,176,975 81,306,738 $ 335,595,916 $ 298,126,919 Year-end nonaccrual loans, segregated by class of loans, were as follows: 2017 2016 Real eatate: Commercial $ 2,245,743 $ - Construction and land development - 752,889 Total $ 2,245,743 $ 752,889 At December 31, 2017, the Company had one $ 2,245,743 $ 82,070 $ 127,213 $ 275,000 At December 31, 2016, the Company had two nonaccrual construction and land development loans to one borrower totaling $ 752,889 38,028 16,587 400,000 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing December 31, 2017 Real estate: Commercial $ - $ - $ 2,245,743 $ 2,245,743 $ 231,780,831 $ 234,026,574 $ - Construction and land development - - - - 18,160,366 18,160,366 - Residential - - 146,459 146,459 59,094,957 59,241,416 146,459 Commercial - - - - 23,613,543 23,613,543 - Consumer - - - - 554,017 554,017 - Total $ - $ - $ 2,392,202 $ 2,392,202 $ 333,203,714 $ 335,595,916 $ 146,459 December 31, 2016 Real estate: Commercial $ - $ - $ - $ - $ 206,145,076 $ 206,145,076 $ - Construction and land development - - 752,889 752,889 13,640,103 14,392,992 - Residential 824,554 - - 824,554 53,886,255 54,710,809 - Commercial 48,719 - - 48,719 22,104,054 22,152,773 - Consumer - - - - 725,269 725,269 - Total $ 873,273 $ - $ 752,889 $ 1,626,162 $ 296,500,757 $ 298,126,919 $ - Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 3,804,136 $ 268,652 December 31, 2016 Real estate: Commercial $ 2,455,090 $ 2,183,509 $ 241,580 $ 2,425,089 $ 7,580 $ 2,332,568 $ 125,260 Construction and land development 1,152,889 - 752,889 752,889 16,587 854,851 - Commercial 164,766 164,766 - 164,766 - 184,201 14,442 $ 3,772,745 $ 2,348,275 $ 994,469 $ 3,342,744 $ 24,167 $ 3,371,620 $ 139,702 Impaired loans also include certain loans that have been modified in troubled debt restructurings (“TDRs”) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. At December 31, 2017, the Company had three $ 2,937,439 Two $ 774,274 three At December 31, 2016, the Company had three loans classified as a troubled debt restructuring. All are included in impaired loans above. The first is a commercial real estate loan with a balance of $ 2,183,509 164,766 271,580 241,580 30,000 7,580 As part of our portfolio risk management, the Company assigns a risk grade to each loan. The factors used to determine the grade are the payment history of the loan and the borrower, the value of the collateral and net worth of the guarantor, and cash flow projections of the borrower. Excellent, Above Average, Average and Acceptable grades are assigned to loans with limited or no delinquent payments and more than sufficient collateral and/or cash flow. A description of the general characteristics of loans characterized as watch list or classified is as follows: Pass/Watch Loans graded as Pass/Watch are secured by generally acceptable assets which reflect above-average risk. The loans warrant closer scrutiny by management than is routine, due to circumstances affecting the borrower, the borrower’s industry, or the overall economic environment. Borrowers may reflect weaknesses such as inconsistent or weak earnings, break even or moderately deficit cash flow, thin liquidity, minimal capacity to increase leverage, or volatile market fundamentals or other industry risks. Such loans are typically secured by acceptable collateral, at or near appropriate margins, with realizable liquidation values. Special Mention A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Borrowers may exhibit poor liquidity and leverage positions resulting from generally negative cash flow or negative trends in earnings. Access to alternative financing may be limited to finance companies for business borrowers and may be unavailable for commercial real estate borrowers. Substandard A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Borrowers may exhibit recent or unexpected unprofitable operations, an inadequate debt service coverage ratio, or marginal liquidity and capitalization. These loans require more intense supervision by Bank management. Doubtful A doubtful loan has all the weaknesses inherent as a substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Above Pass Special December 31, 2017 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 6,115,925 $ 127,639,361 $ 79,619,726 $ 9,041,882 $ 5,391,589 $ 3,972,348 $ 2,245,743 $ 234,026,574 Construction and land development - 173,633 9,288,372 4,978,964 3,719,397 - - - 18,160,366 Residential 53,948 1,260,128 35,254,016 18,659,174 3,363,570 - 650,580 - 59,241,416 Commercial 1,581,878 121,919 16,225,350 5,545,562 138,834 - - - 23,613,543 Consumer 5,210 96,484 351,093 70,171 - - 2,640 28,419 554,017 $ 1,641,036 $ 7,768,089 $ 188,758,192 $ 108,873,597 $ 16,263,683 $ 5,391,589 $ 4,625,568 $ 2,274,162 $ 335,595,916 Above Pass Special December 31, 2016 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 9,584,756 $ 147,668,371 $ 32,474,566 $ 3,883,813 $ 8,644,563 $ 3,889,007 $ - $ 206,145,076 Construction and land development - 178,078 10,178,876 2,039,090 - 153,611 1,843,337 - 14,392,992 Residential 110,142 2,811,362 42,715,571 8,059,118 351,182 - 663,434 - 54,710,809 Commercial 1,666,880 77,745 18,469,572 1,228,598 545,212 164,766 - - 22,152,773 Consumer 42,577 121,306 476,465 51,339 - - 3,840 29,742 725,269 $ 1,819,599 $ 12,773,247 $ 219,508,855 $ 43,852,711 $ 4,780,207 $ 8,962,940 $ 6,399,618 $ 29,742 $ 298,126,919 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 419,868 $ (275,000) $ 4,780 $ 1,867,397 $ 127,213 $ 1,740,184 $ 5,183,182 $ 228,843,392 Construction and land development 204,860 65,850 (47,436) - 223,274 - 223,274 - 18,160,366 Residential 247,437 368 - 148 247,953 - 247,953 - 59,241,416 Commercial 125,260 (41,240) - 3,333 87,353 - 87,353 - 23,613,543 Consumer 8,826 (1,799) - - 7,027 - 7,027 - 554,017 Unallocated 58,954 (33,047) - - 25,907 - 25,907 - - $ 2,363,086 $ 410,000 $ (322,436) $ 8,261 $ 2,458,911 $ 127,213 $ 2,331,698 $ 5,183,182 $ 330,412,734 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2016 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,718,256 $ 29,493 $ (30,000) $ - $ 1,717,749 $ 7,580 $ 1,710,169 $ 2,425,089 $ 203,719,987 Construction and land development 306,982 97,878 (200,000) - 204,860 16,587 188,273 752,889 13,640,103 Residential 322,084 (184,773) - 110,126 247,437 - 247,437 - 54,710,809 Commercial 132,362 93,383 (100,485) - 125,260 - 125,260 164,766 21,988,007 Consumer 7,900 926 - - 8,826 - 8,826 - 725,269 Unallocated 95,861 (36,907) - - 58,954 - 58,954 - - $ 2,583,445 $ - $ (330,485) $ 110,126 $ 2,363,086 $ 24,167 $ 2,338,919 $ 3,342,744 $ 294,784,175 Loans with a balance of approximately $ 64 $ 41 $ 31.7 31.0 The Company makes loans to customers located primarily in Baltimore County and Carroll County, Maryland and in surrounding areas of northern Maryland. Although the loan portfolio is diversified, many loans are secured by real estate and its performance will be influenced by the economy of the region, including local real estate markets. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Premises and Equipment Useful lives 2017 2016 Land and improvements - $ 1,952,998 $ 1,952,998 Buildings and improvements 15-39 years 5,659,635 5,659,635 Furniture and equipment 3-10 years 3,604,769 3,490,526 11,217,402 11,103,159 Accumulated depreciation and amortization 6,011,131 5,653,481 $ 5,206,271 $ 5,449,678 Depreciation and amortization expense $ 357,650 $ 379,795 Software with a net book value of $ 126,538 185,253 $ 61,631 69,100 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Lease Commitments The Company has an operating lease for the land on which the Hampstead branch is located. The initial term of the lease expired on September 30, 2009 and the lease has been renewed for two five year terms with an expiration date of September 30, 2019. The lease has options to renew for six additional consecutive five-year terms. Effective in July 2012, the Company entered into an operating lease for certain facilities where the Greenmount branch is located. The initial term of the lease was for five years and, effective January 2018, the lease has been renewed for one five-year term with an option to renew for an additional five-year term. The Company has an operating lease for its Atrium branch facility with a term of one year and nine one-year renewals. The lease was renewed in 2017 for another year. The Company entered into an operating lease for the corporate headquarters in September 2015. The lease expires in September 2020 with options to renew for four additional consecutive five year terms. Year Amount 2018 $ 133,224 2019 137,388 2020 141,680 2021 146,120 2022 150,707 Thereafter 1,067,216 $ 1,776,335 Rent expense was $ 130,608 128,200 |
Credit Commitments
Credit Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Credit Commitments [Text Block] | Credit Commitments 2017 2016 Loan commitments Construction and land development $ - $ 250,000 Commercial 1,295,000 1,050,000 Commercial real estate 7,478,500 17,134,718 Residential 660,000 3,894,689 $ 9,433,500 $ 22,329,407 Unused lines of credit Home-equity lines $ 3,390,515 $ 3,345,309 Commercial lines 36,614,548 27,182,226 $ 40,005,063 $ 30,527,535 Letters of credit $ 1,827,513 $ 1,281,848 Loan commitments and lines of credit are agreements to lend to a customer as long as there is no violation of any condition to the contract. Loan commitments generally have interest rates at current market amounts, fixed expiration dates, and may require payment of a fee. Lines of credit generally have variable interest rates. Such lines do not represent future cash requirements because it is unlikely that all customers will draw upon their lines in full at any time. Letters of credit are commitments issued to guarantee the performance of a customer to a third party. The maximum exposure to credit loss in the event of nonperformance by the customer is the contractual amount of the commitment. Loan commitments, lines of credit and letters of credit are made on the same terms, including collateral, as outstanding loans. Management is not aware of any accounting loss that is likely to be incurred as a result of funding its credit commitments. |
Retirement plans
Retirement plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans The Company has a profit sharing plan qualifying under Section 401(k) of the Internal Revenue Code. All employees age 21 or more with six months of service are eligible for participation in the plan. The Company matches employee contributions up to 4 100 170,142 165,224 The Company has entered into agreements with 12 $ 5,228 4,816 In 2010 and 2015, the Company adopted supplemental executive retirement plans for three of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses, including interest, of $ 255,859 240,193 Retirement plan expenses are included in employee benefits on the consolidated statements of income. |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 10. Interest-Bearing Deposits 2017 2016 NOW $ 43,536,401 $ 40,090,252 Money market 53,750,747 64,859,044 Savings 43,903,240 40,158,833 Certificates of deposit, $250,000 or more 15,896,054 15,233,383 Other time deposits 98,306,849 79,581,789 $ 255,393,291 $ 239,923,301 Year Amount 2018 $ 57,820,534 2019 30,745,897 2020 15,963,309 2021 5,507,825 2022 3,526,876 Thereafter 638,462 $ 114,202,903 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 11. Borrowed Funds 2017 2016 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 21,768,507 $ 27,226,159 Federal Home Loan Bank advances are summarized as follows: Maturity date Interest Rate Amount 1/17/2017 0.75 % $ - $ 1,000,000 4/21/2017 0.71 % - 1,000,000 1/16/2018 1.13 % 1,000,000 1,000,000 1/30/2018 1.25 % 2,000,000 - 2/12/2018 1.14 % 2,000,000 2,000,000 3/15/2018 1.17 % 2,000,000 - 5/24/2018 1.26 % 2,000,000 - 6/28/2018 1.69 % 3,000,000 - 8/13/2018 1.32 % 2,000,000 2,000,000 9/23/2019 1.25 % 2,000,000 2,000,000 11/22/2019 1.99 % 1,000,000 - Total $ 17,000,000 $ 9,000,000 Weighted average rate paid at December 31: Securities sold under repurchase agreements 0.65 % 0.63 % Federal Home Loan Bank advances 1.35 % 1.11 % Maximum month-end amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 30,786,064 $ 32,287,740 Federal Home Loan Bank advances 18,000,000 16,000,000 Average amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 24,702,931 $ 25,320,795 Federal Home Loan Bank advances 13,846,575 10,833,333 Borrowings from FRB and commercial banks 78,082 21,861 Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.66 % 0.64 % Federal Home Loan Bank advances 1.20 % 0.94 % Borrowings from FRB and commercial banks 1.64 % 0.67 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 22,363,793 $ 28,191,745 Estimated fair value 22,484,092 28,165,979 Loans and investment securities pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 68,406,154 $ 69,998,207 Carrying value - investment securities 4,749,970 6,709,360 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 40,717,623 $ 40,954,231 The Company is approved to borrow approximately $ 52.9 30.1 2 9 |
Other Noninterest Expenses
Other Noninterest Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other Noninterest Expenses 2017 2016 Professional services $ 452,846 $ 311,702 Automated teller machine and debit card expenses 285,912 331,368 Advertising 236,564 217,116 Telephone 178,875 185,532 Directors fees 178,796 189,263 Postage, delivery, and armored carrier 172,607 179,344 Stationery, printing, and supplies 170,301 188,070 Internet banking fees 157,962 143,210 Federal Deposit Insurance Corporation premiums 125,943 147,940 Correspondent bank services 84,119 79,278 Travel and conferences 51,509 48,970 Liability insurance 49,332 46,917 Maryland state regulatory assessment 44,897 41,531 Dues and subscriptions 39,574 39,752 Remote deposit expenses 30,895 29,722 Insurance claims 27,413 - Other real estate owned 24,441 15,252 Credit reports 23,450 25,276 Contributions 23,439 23,160 Education and training 21,932 15,669 Other 92,851 97,422 $ 2,473,658 $ 2,356,494 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. Income Taxes 2017 2016 Current Federal $ 1,532,959 $ 1,353,410 State 406,410 364,394 1,939,369 1,717,804 Revaluation of deferred tax asset due to change in corporate tax rate 410,391 - Deferred (347,446) 309,016 $ 2,002,314 $ 2,026,820 The Tax Cuts and Jobs Act will reduce the Company’s federal corporate income tax rate from 34 21 410,391 64,801 2017 2016 Depreciation $ (62,449) $ (46,226) Provision for loan losses (132,991) 96,206 Other real estate owned allowance for loss (58,576) (23,075) Nonaccrual interest (3,633) (15,000) Prepaid captive insurance premium 13,781 393,735 Write-down of equity securities (592) - Post-retirement benefits (102,986) (96,624) $ (347,446) $ 309,016 Deferred tax assets Allowance for loan losses $ 627,127 $ 765,966 Other real estate owned allowance for loss 213,123 246,925 Write-down of equity securities 4,265 5,522 Nonaccrual interest 22,804 29,055 Post-retirement benefits 434,891 520,410 Unrealized loss on securities available for sale 149,671 182,588 1,451,881 1,750,466 Deferred tax liabilities Prepaid captive insurance premium 282,990 391,872 Depreciation 170,859 329,575 453,849 721,447 Net deferred tax asset $ 998,032 $ 1,029,019 Statutory federal income tax rate 34.0 % 34.0 % Increase (decrease) resulting from: Federal tax-exempt income (10.8) (4.9) State income taxes, net of federal income tax benefit 3.9 4.9 Nondeductible expenses 0.1 0.1 Revaluation of deferred tax asset due to change in corporate tax rate 7.1 - Other 0.3 - 34.6 % 34.1 % Included in Federal tax-exempt income is the insurance premium revenue of the Insurance Subsidiary. The Company does not have material uncertain tax positions and did not recognize any adjustments for unrecognized tax benefits. The Company remains subject to examination of income tax returns for the years ending after December 31, 2013. |
Capital Standards
Capital Standards | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Capital Standards The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital, Tier 1 capital, and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined). In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Under the revised prompt corrective action requirements, as of January 1, 2015, insured depository institutions are required to meet the following in order to qualify as “well capitalized:” (1) a common equity Tier 1 risk-based capital ratio of 6.5%; (2) a Tier 1 risk-based capital ratio of 8%; (3) a total risk-based capital ratio of 10%; and (4) a Tier 1 leverage ratio of 5%. Management believes that, as of December 31, 2017, the Bank met all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if such requirements were fully in effect. The implementation of the capital conservation buffer began on January 1, 2016, at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. The following table presents actual and required capital ratios as of December 31, 2017 and 2016, for the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2017 and 2016, based on the phase-in provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. As of December 31, 2017, the most recent notification from the FDIC has categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain ratios as set forth in the table. There have been no conditions or events since that notification that management believes have changed the Bank’s category. Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,039 12.54 % $ 32,477 9.25 % $ 35,110 10.00 % Tier 1 capital (to risk-weighted assets) 41,580 11.84 % 25,455 7.25 % 28,088 8.00 % Common equity tier 1 (to risk-weighted assets) 41,580 11.84 % 20,188 5.75 % 22,822 6.50 % Tier 1 leverage (to average assets) 41,580 10.31 % 16,135 4.00 % 20,169 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 41,385 13.18 % $ 27,076 8.63 % $ 31,392 10.00 % Tier 1 capital (to risk-weighted assets) 39,022 12.43 % 20,797 6.63 % 25,114 8.00 % Common equity tier 1 (to risk- weighted assets) 39,022 12.43 % 16,089 5.13 % 20,405 6.50 % Tier 1 leverage (to average assets) 39,022 10.39 % 15,025 4.00 % 18,781 5.00 % |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 15. Fair Value Accounting standards define fair value as the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants. The price in the principal market used to measure the fair value of the asset or liability is not adjusted for transaction costs. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. The standards require the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. The standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: · Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. · Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company uses the following methods and significant assumptions to estimate the fair values of the following assets: · Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices from a nationally recognized securities pricing agent. If quoted market prices are not available, fair value is determined using quoted market prices for similar securities. · Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not active, OREO subjected to nonrecurring fair value adjustments based on the current appraised value of the real estate are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value. · Impaired loans: Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs and reserves that are based on the impaired loan’s observable market price or current appraised value of the collateral. Since the market for impaired loans is not active, such loans subjected to nonrecurring fair value adjustments based on the current appraised value of the collateral are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value. The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2017 and 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 Mutual Fund 503,881 - - 503,881 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ 503,881 $ 27,929,510 $ - $ 28,433,391 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 December 31, 2016 Recurring Available for sale securities State and municipal $ - $ 1,566,327 $ - $ 1,566,327 Mutual Fund 492,243 - - 492,243 SBA pools - 2,263,834 - 2,263,834 Mortgage-backed securities - 30,063,535 - 30,063,535 $ 492,243 $ 33,893,696 $ - $ 34,385,939 Nonrecurring Other real estate owned $ - $ - $ 414,000 $ 414,000 Impaired loans - - 3,318,577 3,318,577 Reconciliation of Level 3 Inputs Other Real Impaired Estate Owned Loans December 31, 2016 balance $ 414,000 $ 3,318,577 Additions - 3,242,425 Advances - 1,382,256 Write-downs (148,500) (322,436) Loan loss provision - (103,046) Principal payments received - (2,461,807) December 31, 2017 balance $ 265,500 $ 5,055,969 December 31, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 7,237,385 $ 7,237,385 $ 13,312,915 $ 13,312,915 Level 2 inputs Securities held to maturity 18,204,182 18,307,627 17,987,628 17,833,799 Mortgage loans held for sale 327,700 332,558 884,500 902,061 Federal Home Loan Bank stock 1,063,600 1,063,600 778,300 778,300 Level 3 inputs Loans, net 332,533,706 332,689,848 295,286,572 297,982,000 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 64,403,133 $ 64,403,133 $ 62,791,835 $ 62,791,835 Securities sold under repurchase agreements 21,768,507 21,768,507 27,226,159 27,226,159 Level 2 inputs Interest-bearing deposits 255,393,291 244,403,291 239,923,301 230,394,000 Federal Home Loan Bank advances 17,000,000 16,957,000 9,000,000 8,975,000 The fair value of mortgage loans held for sale is determined by the expected sales price. The fair values of fixed-rate loans are estimated to be the present values of scheduled payments discounted using interest rates currently in effect. The fair values of variable-rate loans, including loans with a demand feature, are estimated to equal the carrying amount. The valuation of a loan is adjusted for probable loan losses. The fair values of interest-bearing checking, savings, and money market deposit accounts are equal to their carrying amounts. The fair values of fixed-maturity time deposits are estimated based on interest rates currently offered for deposits of similar remaining maturities. The fair value of credit commitments are considered to be the same as the contractual amounts, and are not included in the table above. These commitments generate fees that approximate those currently charged to originate similar commitments. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 16. Parent Company Financial Information Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents $ 48,384 $ 52,086 Investment in subsidiaries 41,743,068 38,952,711 Other assets 7,480 7,480 $ 41,798,932 $ 39,012,277 Liabilities and Stockholders' Equity Stockholders' equity Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,667,813 shares in 2017 and 1,656,390 shares in 2016 16,678 16,564 Additional paid-in capital 26,869,796 26,562,919 Retained earnings 15,306,625 12,713,099 Accumulated other comprehensive income (394,167) (280,305) 41,798,932 39,012,277 $ 41,798,932 $ 39,012,277 Statements of Income Years Ended December 31, 2017 2016 Income Cash dividends from subsidiary $ 1,250,278 $ 696,301 Total income 1,250,278 696,301 Noninterest expense 455 22,000 Income before before income taxes and equity in undistributed income of subsidiaries 1,249,823 674,301 Income taxes (benefit) - (7,480) Income before before equity in undistributed income of subsidiaries 1,249,823 681,781 Equity in undistributed income of subsidiaries 2,539,418 3,227,348 $ 3,789,241 $ 3,909,129 Statements of Cash Flows Years Ended December 31, 2017 2016 Cash flows from operating activities Net Income $ 3,789,241 $ 3,909,129 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (2,539,418) (3,227,348) Other - (7,480) Cash provided by operating activities 1,249,823 674,301 Cash flows from investing activities Contibution of capital to subsdiaries (300,000) (25,675) Cash used by investing activities (300,000) (25,675) Cash flows from financing activities Dividends paid, net of reinvestments (953,525) (596,540) Cash provided by financing activities (953,525) (596,540) Net increase (decrease) in cash and cash equivalents (3,702) 52,086 Cash and cash equivalents at beginning of period 52,086 - Cash and cash equivalents at end of period $ 48,384 $ 52,086 |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results of Operations Three Months Ended Unaudited December 31 September 30 June 30 March 31 Interest income $ 4,264,414 $ 4,232,017 $ 4,121,760 $ 3,976,612 Interest expense 466,104 442,805 412,618 385,713 Net interest income 3,798,310 3,789,212 3,709,142 3,590,899 Provision for loan losses 60,000 225,000 75,000 50,000 Net income 656,339 1,014,456 1,134,889 983,557 Earnings per share - basic and diluted $ 0.39 $ 0.61 $ 0.69 $ 0.59 2016 December 31 September 30 June 30 March 31 Interest income $ 3,992,191 $ 3,856,566 $ 3,731,160 $ 3,771,580 Interest expense 368,885 340,099 322,540 314,596 Net interest income 3,623,306 3,516,467 3,408,620 3,456,984 Provision for loan losses - - - - Net income 1,016,101 1,040,372 916,188 936,468 Earnings per share - basic and diluted $ 0.61 $ 0.63 $ 0.56 $ 0.57 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | Litigation In the ordinary course of its business, the Company is periodically party to various legal actions normally associated with a financial institution. Management does not believe that any of these normal course proceedings are likely to have a material adverse effect on the financial condition or liquidity of the Company. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB-4 (the “Insurance Subsidiary”), and one subsidiary of the Bank, Reliable Community Financial Services, Inc. (collectively the “Company”, “we”, “us”, or “our”). The Insurance Subsidiary is a series investment, 100 |
Basis of Accounting, Policy [Policy Text Block] | Business Farmers and Merchants Bank provides banking services to individuals and businesses located in Baltimore County, Maryland, Carroll County, Maryland and surrounding areas of northern Maryland. The Insurance Subsidiary is a captive insurance entity that provides insurance coverage for Farmers and Merchants Bank. Reliable Community Financial Services, Inc. can provide a wide range of investment and insurance products to its customers. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2016 financial statements to conform to the current year presentation. These reclassifications had no effect on net income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, money market funds, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income includes net income and the unrealized gains or losses on investment securities available for sale, net of income taxes. |
Investment, Policy [Policy Text Block] | Investment securities As securities are purchased, management determines if the securities should be classified as held to maturity or available for sale. Securities which management has the intent and ability to hold to maturity are recorded at amortized cost, which is cost adjusted for amortization of premiums and accretion of discounts to maturity. Securities held to meet liquidity needs or which may be sold before maturity are classified as available for sale and carried at fair value with unrealized gains and losses included in stockholders’ equity on an after-tax basis. Gains and losses on disposal are determined using the specific-identification method. The Company amortizes premiums and accretes discounts using the interest method. |
Federal Home Loan Bank stocks [Policy Text Block] | Federal Home Loan Bank stock As a member of the Federal Home Loan Bank, the Bank is required to purchase stock based on its total assets. Additional stock is purchased and redeemed based on the outstanding Federal Home Loan Bank advances to the Bank. The stock is recorded at cost on the balance sheet. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may make an exception to reporting a loan as past due, if the past due status is solely due to the loan being past maturity, the Company intends to extend the loan, and the borrower is making principal and interest payments in accordance with the terms of the matured note. The accrual of interest is discontinued when any portion of the principal or interest is 90 days past due and collateral is insufficient to discharge the debt in full. If collection of principal is evaluated as doubtful, all payments are applied to principal. Loans are considered impaired when, based on current information, management considers it unlikely that the collection of principal and interest payments will be made according to contractual terms. Generally, loans are not reviewed for impairment until the accrual of interest has been discontinued or the loans are included on the watch list. The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable losses on existing loans and other extensions of credit that may become uncollectible. The Company’s allowance for loan losses consists of three elements: (i) specific valuation allowances determined based on probable losses on impaired loans; (ii) historical valuation allowances determined based on historical loan loss experience for impaired loans with similar characteristics; and (iii) adjustments to the historical valuation allowances based on general economic conditions and other qualitative risk factors both internal and external to the Company. The allowances established for probable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior eight to twenty quarters. As of December 31, 2017 and 2016, management used a twenty quarter period for the historical loss ratio. The historical loss ratios are updated quarterly based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no impact. Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage loans held for sale and mortgage banking income Mortgage loans held for sale are carried at the lower of aggregate cost or fair value based on the current fair value of each outstanding loan. Sales of loans are recorded when the proceeds are received, with any gain or loss recorded in mortgage banking income. The Company sells its mortgage loans to third party investors servicing released. Upon sale and delivery, loans are legally isolated from the Company and the Company has no ability to restrict or constrain the ability of third party investors to pledge or exchange the mortgage loans. The Company does not have the entitlement or ability to repurchase the mortgage loans or unilaterally cause third party investors to put the mortgage loans back to the Company. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Premises and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation on buildings and equipment is computed over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful lives of the asset, whichever is shorter. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other real estate owned Real estate acquired through foreclosure or by deed in lieu of foreclosure is recorded at the lower of cost or fair value less estimated costs to sell on the date acquired. Losses incurred at the time of acquisition of the property are charged to the allowance for loan losses. Subsequent reductions in the estimated value of the property are included with any gains or losses on sale in noninterest income. |
Income Tax, Policy [Policy Text Block] | Income taxes The provision for income taxes includes income taxes payable for the current year and deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. |
Per share data [Policy Text Block] | Earnings per share are determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. Weighted average shares were 1,658,384 1,652,014 |
Subsequent Events, Policy [Policy Text Block] | Subsequent events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2017 for items that should potentially be recognized or disclosed in these financial statements as prescribed by ASC Topic 855, Subsequent Events. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | Investment securities are summarized as follows: Amortized Unrealized Unrealized Fair December 31, 2017 cost gains losses value Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 Mutual fund 518,352 - 14,471 503,881 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,977,303 $ 47,356 $ 591,268 $ 28,433,391 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 December 31, 2016 Available for sale State and municipal $ 1,515,863 $ 62,512 $ 12,048 $ 1,566,327 Mutual fund 507,612 - 15,369 492,243 SBA pools 2,280,415 - 16,581 2,263,834 Mortgage-backed securities 30,544,941 20,139 501,545 30,063,535 $ 34,848,831 $ 82,651 $ 545,543 $ 34,385,939 Held to maturity State and municipal $ 17,987,628 $ 163,239 $ 317,068 $ 17,833,799 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2017 cost value cost value Within one year $ 518,352 $ 503,881 $ 165,677 $ 168,260 Over one to five years - - 780,336 794,512 Over five to ten years 1,133,940 1,150,564 1,792,019 1,831,833 Over ten years 376,908 388,643 15,466,150 15,513,022 2,029,200 2,043,088 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,977,303 $ 28,433,391 $ 18,204,182 $ 18,307,627 December 31, 2016 Within one year $ 507,612 $ 492,243 $ - $ - Over one to five years - - - - Over five to ten years 1,136,919 1,163,288 2,657,130 2,702,121 Over ten years 378,944 403,039 15,330,498 15,131,678 2,023,475 2,058,570 17,987,628 17,833,799 Mortgage-backed securities and SBA pools, due in monthly installments 32,825,356 32,327,369 - - $ 34,848,831 $ 34,385,939 $ 17,987,628 $ 17,833,799 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table sets forth the Company’s gross unrealized losses on a continuous basis for investment securities, by category and length of time. December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 812,630 $ 1,519 $ 3,444,443 $ 130,520 $ 4,257,073 $ 132,039 Mutual fund - - 503,881 14,471 503,881 14,471 SBA pools 551,780 1,903 2,109,832 11,097 2,661,612 13,000 Mortgage-backed securities 2,871,597 41,413 19,571,511 512,249 22,443,108 553,662 Total $ 4,236,007 $ 44,835 $ 25,629,667 $ 668,337 $ 29,865,674 $ 713,172 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 8,558,230 $ 329,116 $ - $ - $ 8,558,230 $ 329,116 Mutual fund 492,243 15,369 - - 492,243 15,369 SBA pools 2,263,834 16,581 - - 2,263,834 16,581 Mortgage-backed securities 26,726,037 473,451 1,353,900 28,094 28,079,937 501,545 Total $ 38,040,344 $ 834,517 $ 1,353,900 $ 28,094 $ 39,394,244 $ 862,611 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | During the years ended December 31, 2017 and 2016, the activity of these loans was as follows: 2017 2016 Balance, beginning of year $ 12,782,233 $ 13,148,726 Additions 5,921,920 3,987,121 Amounts collected (3,126,837) (4,205,038) Change in related parties - (148,576) Balance, end of year $ 15,577,316 $ 12,782,233 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Major categories of loans at December 31, 2017 and 2016 are as follows: 2017 2016 Real estate: Commercial $ 234,026,574 $ 206,145,076 Construction and land development 18,160,366 14,392,992 Residential 59,241,416 54,710,809 Commercial 23,613,543 22,152,773 Consumer 554,017 725,269 335,595,916 298,126,919 Less: Allowance for loan losses 2,458,911 2,363,086 Deferred origination fees net of costs 603,299 477,261 $ 332,533,706 $ 295,286,572 |
Maturity And Rate Repricing Distribution Of The Loans And Leases Receivable [Table Text Block] | The maturity and rate repricing distribution of the loan portfolio as of December 31, 2017 and 2016, is as follows: 2017 2016 Variable rate, immediately $ 55,901,161 $ 41,628,685 Due within one year 42,042,744 48,381,221 Due over one to five years 136,475,036 126,810,275 Due over five years 101,176,975 81,306,738 $ 335,595,916 $ 298,126,919 |
Schedule of Maturity and Rate Repricing Distribution of the Loan Portfolio [Table Text Block] | Year-end nonaccrual loans, segregated by class of loans, were as follows: 2017 2016 Real eatate: Commercial $ 2,245,743 $ - Construction and land development - 752,889 Total $ 2,245,743 $ 752,889 |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status [Table Text Block] | An age analysis of past due loans, segregated by class of loans, as of year-end, is as follows: 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing December 31, 2017 Real estate: Commercial $ - $ - $ 2,245,743 $ 2,245,743 $ 231,780,831 $ 234,026,574 $ - Construction and land development - - - - 18,160,366 18,160,366 - Residential - - 146,459 146,459 59,094,957 59,241,416 146,459 Commercial - - - - 23,613,543 23,613,543 - Consumer - - - - 554,017 554,017 - Total $ - $ - $ 2,392,202 $ 2,392,202 $ 333,203,714 $ 335,595,916 $ 146,459 December 31, 2016 Real estate: Commercial $ - $ - $ - $ - $ 206,145,076 $ 206,145,076 $ - Construction and land development - - 752,889 752,889 13,640,103 14,392,992 - Residential 824,554 - - 824,554 53,886,255 54,710,809 - Commercial 48,719 - - 48,719 22,104,054 22,152,773 - Consumer - - - - 725,269 725,269 - Total $ 873,273 $ - $ 752,889 $ 1,626,162 $ 296,500,757 $ 298,126,919 $ - |
Impaired Financing Receivables [Table Text Block] | Year-end impaired loans, segregated by class of loans, are set forth in the following table: Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 3,804,136 $ 268,652 December 31, 2016 Real estate: Commercial $ 2,455,090 $ 2,183,509 $ 241,580 $ 2,425,089 $ 7,580 $ 2,332,568 $ 125,260 Construction and land development 1,152,889 - 752,889 752,889 16,587 854,851 - Commercial 164,766 164,766 - 164,766 - 184,201 14,442 $ 3,772,745 $ 2,348,275 $ 994,469 $ 3,342,744 $ 24,167 $ 3,371,620 $ 139,702 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Loans by credit grade, segregated by loan type, at year-end, are as follows: Above Pass Special December 31, 2017 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 6,115,925 $ 127,639,361 $ 79,619,726 $ 9,041,882 $ 5,391,589 $ 3,972,348 $ 2,245,743 $ 234,026,574 Construction and land development - 173,633 9,288,372 4,978,964 3,719,397 - - - 18,160,366 Residential 53,948 1,260,128 35,254,016 18,659,174 3,363,570 - 650,580 - 59,241,416 Commercial 1,581,878 121,919 16,225,350 5,545,562 138,834 - - - 23,613,543 Consumer 5,210 96,484 351,093 70,171 - - 2,640 28,419 554,017 $ 1,641,036 $ 7,768,089 $ 188,758,192 $ 108,873,597 $ 16,263,683 $ 5,391,589 $ 4,625,568 $ 2,274,162 $ 335,595,916 Above Pass Special December 31, 2016 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 9,584,756 $ 147,668,371 $ 32,474,566 $ 3,883,813 $ 8,644,563 $ 3,889,007 $ - $ 206,145,076 Construction and land development - 178,078 10,178,876 2,039,090 - 153,611 1,843,337 - 14,392,992 Residential 110,142 2,811,362 42,715,571 8,059,118 351,182 - 663,434 - 54,710,809 Commercial 1,666,880 77,745 18,469,572 1,228,598 545,212 164,766 - - 22,152,773 Consumer 42,577 121,306 476,465 51,339 - - 3,840 29,742 725,269 $ 1,819,599 $ 12,773,247 $ 219,508,855 $ 43,852,711 $ 4,780,207 $ 8,962,940 $ 6,399,618 $ 29,742 $ 298,126,919 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table details activity in the allowance for loan losses by portfolio for the years ended December 31, 2017 and 2016. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2017 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,717,749 $ 419,868 $ (275,000) $ 4,780 $ 1,867,397 $ 127,213 $ 1,740,184 $ 5,183,182 $ 228,843,392 Construction and land development 204,860 65,850 (47,436) - 223,274 - 223,274 - 18,160,366 Residential 247,437 368 - 148 247,953 - 247,953 - 59,241,416 Commercial 125,260 (41,240) - 3,333 87,353 - 87,353 - 23,613,543 Consumer 8,826 (1,799) - - 7,027 - 7,027 - 554,017 Unallocated 58,954 (33,047) - - 25,907 - 25,907 - - $ 2,363,086 $ 410,000 $ (322,436) $ 8,261 $ 2,458,911 $ 127,213 $ 2,331,698 $ 5,183,182 $ 330,412,734 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2016 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,718,256 $ 29,493 $ (30,000) $ - $ 1,717,749 $ 7,580 $ 1,710,169 $ 2,425,089 $ 203,719,987 Construction and land development 306,982 97,878 (200,000) - 204,860 16,587 188,273 752,889 13,640,103 Residential 322,084 (184,773) - 110,126 247,437 - 247,437 - 54,710,809 Commercial 132,362 93,383 (100,485) - 125,260 - 125,260 164,766 21,988,007 Consumer 7,900 926 - - 8,826 - 8,826 - 725,269 Unallocated 95,861 (36,907) - - 58,954 - 58,954 - - $ 2,583,445 $ - $ (330,485) $ 110,126 $ 2,363,086 $ 24,167 $ 2,338,919 $ 3,342,744 $ 294,784,175 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | A summary of premises and equipment is as follows: Useful lives 2017 2016 Land and improvements - $ 1,952,998 $ 1,952,998 Buildings and improvements 15-39 years 5,659,635 5,659,635 Furniture and equipment 3-10 years 3,604,769 3,490,526 11,217,402 11,103,159 Accumulated depreciation and amortization 6,011,131 5,653,481 $ 5,206,271 $ 5,449,678 Depreciation and amortization expense $ 357,650 $ 379,795 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Amount 2018 $ 133,224 2019 137,388 2020 141,680 2021 146,120 2022 150,707 Thereafter 1,067,216 $ 1,776,335 |
Credit Commitments (Tables)
Credit Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Credit Commitments [Table Text Block] | Outstanding loan commitments, unused lines of credit, and letters of credit as of December 31, are as follows: 2017 2016 Loan commitments Construction and land development $ - $ 250,000 Commercial 1,295,000 1,050,000 Commercial real estate 7,478,500 17,134,718 Residential 660,000 3,894,689 $ 9,433,500 $ 22,329,407 Unused lines of credit Home-equity lines $ 3,390,515 $ 3,345,309 Commercial lines 36,614,548 27,182,226 $ 40,005,063 $ 30,527,535 Letters of credit $ 1,827,513 $ 1,281,848 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule Of Deposits [Table Text Block] | Major classifications of interest-bearing deposits are as follows: 2017 2016 NOW $ 43,536,401 $ 40,090,252 Money market 53,750,747 64,859,044 Savings 43,903,240 40,158,833 Certificates of deposit, $250,000 or more 15,896,054 15,233,383 Other time deposits 98,306,849 79,581,789 $ 255,393,291 $ 239,923,301 |
Schedule Of Maturities Of Certificates of Deposit [Table Text Block] | As of December 31, 2017, certificates of deposit mature as follows: Year Amount 2018 $ 57,820,534 2019 30,745,897 2020 15,963,309 2021 5,507,825 2022 3,526,876 Thereafter 638,462 $ 114,202,903 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Borrowed funds consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the FHLB of Atlanta, the Federal Reserve Bank of Richmond (the “FRB”), and overnight borrowings from a commercial bank. The government agency securities that are the collateral for these agreements are owned by the Company and maintained in the custody of an unaffiliated agent designated by the Company. Additional information is as follows: 2017 2016 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 21,768,507 $ 27,226,159 Federal Home Loan Bank advances are summarized as follows: Maturity date Interest Rate Amount 1/17/2017 0.75 % $ - $ 1,000,000 4/21/2017 0.71 % - 1,000,000 1/16/2018 1.13 % 1,000,000 1,000,000 1/30/2018 1.25 % 2,000,000 - 2/12/2018 1.14 % 2,000,000 2,000,000 3/15/2018 1.17 % 2,000,000 - 5/24/2018 1.26 % 2,000,000 - 6/28/2018 1.69 % 3,000,000 - 8/13/2018 1.32 % 2,000,000 2,000,000 9/23/2019 1.25 % 2,000,000 2,000,000 11/22/2019 1.99 % 1,000,000 - Total $ 17,000,000 $ 9,000,000 Weighted average rate paid at December 31: Securities sold under repurchase agreements 0.65 % 0.63 % Federal Home Loan Bank advances 1.35 % 1.11 % Maximum month-end amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 30,786,064 $ 32,287,740 Federal Home Loan Bank advances 18,000,000 16,000,000 Average amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 24,702,931 $ 25,320,795 Federal Home Loan Bank advances 13,846,575 10,833,333 Borrowings from FRB and commercial banks 78,082 21,861 Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.66 % 0.64 % Federal Home Loan Bank advances 1.20 % 0.94 % Borrowings from FRB and commercial banks 1.64 % 0.67 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 22,363,793 $ 28,191,745 Estimated fair value 22,484,092 28,165,979 Loans and investment securities pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 68,406,154 $ 69,998,207 Carrying value - investment securities 4,749,970 6,709,360 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 40,717,623 $ 40,954,231 |
Other Noninterest Expenses (Tab
Other Noninterest Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other noninterest expenses include the following: 2017 2016 Professional services $ 452,846 $ 311,702 Automated teller machine and debit card expenses 285,912 331,368 Advertising 236,564 217,116 Telephone 178,875 185,532 Directors fees 178,796 189,263 Postage, delivery, and armored carrier 172,607 179,344 Stationery, printing, and supplies 170,301 188,070 Internet banking fees 157,962 143,210 Federal Deposit Insurance Corporation premiums 125,943 147,940 Correspondent bank services 84,119 79,278 Travel and conferences 51,509 48,970 Liability insurance 49,332 46,917 Maryland state regulatory assessment 44,897 41,531 Dues and subscriptions 39,574 39,752 Remote deposit expenses 30,895 29,722 Insurance claims 27,413 - Other real estate owned 24,441 15,252 Credit reports 23,450 25,276 Contributions 23,439 23,160 Education and training 21,932 15,669 Other 92,851 97,422 $ 2,473,658 $ 2,356,494 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense are as follows: 2017 2016 Current Federal $ 1,532,959 $ 1,353,410 State 406,410 364,394 1,939,369 1,717,804 Revaluation of deferred tax asset due to change in corporate tax rate 410,391 - Deferred (347,446) 309,016 $ 2,002,314 $ 2,026,820 |
Schedule of Components of Deferred Tax Expense Benefit [Table Text Block] | The components of the deferred tax expense are as follows: 2017 2016 Depreciation $ (62,449) $ (46,226) Provision for loan losses (132,991) 96,206 Other real estate owned allowance for loss (58,576) (23,075) Nonaccrual interest (3,633) (15,000) Prepaid captive insurance premium 13,781 393,735 Write-down of equity securities (592) - Post-retirement benefits (102,986) (96,624) $ (347,446) $ 309,016 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the net deferred tax asset are as follows: Deferred tax assets Allowance for loan losses $ 627,127 $ 765,966 Other real estate owned allowance for loss 213,123 246,925 Write-down of equity securities 4,265 5,522 Nonaccrual interest 22,804 29,055 Post-retirement benefits 434,891 520,410 Unrealized loss on securities available for sale 149,671 182,588 1,451,881 1,750,466 Deferred tax liabilities Prepaid captive insurance premium 282,990 391,872 Depreciation 170,859 329,575 453,849 721,447 Net deferred tax asset $ 998,032 $ 1,029,019 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the federal income tax rate of 34% and the effective tax rate for the Company are reconciled as follows: Statutory federal income tax rate 34.0 % 34.0 % Increase (decrease) resulting from: Federal tax-exempt income (10.8) (4.9) State income taxes, net of federal income tax benefit 3.9 4.9 Nondeductible expenses 0.1 0.1 Revaluation of deferred tax asset due to change in corporate tax rate 7.1 - Other 0.3 - 34.6 % 34.1 % |
Capital Standards (Tables)
Capital Standards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action. Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,039 12.54 % $ 32,477 9.25 % $ 35,110 10.00 % Tier 1 capital (to risk-weighted assets) 41,580 11.84 % 25,455 7.25 % 28,088 8.00 % Common equity tier 1 (to risk-weighted assets) 41,580 11.84 % 20,188 5.75 % 22,822 6.50 % Tier 1 leverage (to average assets) 41,580 10.31 % 16,135 4.00 % 20,169 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 41,385 13.18 % $ 27,076 8.63 % $ 31,392 10.00 % Tier 1 capital (to risk-weighted assets) 39,022 12.43 % 20,797 6.63 % 25,114 8.00 % Common equity tier 1 (to risk- weighted assets) 39,022 12.43 % 16,089 5.13 % 20,405 6.50 % Tier 1 leverage (to average assets) 39,022 10.39 % 15,025 4.00 % 18,781 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2017 and 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 Mutual Fund 503,881 - - 503,881 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ 503,881 $ 27,929,510 $ - $ 28,433,391 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 December 31, 2016 Recurring Available for sale securities State and municipal $ - $ 1,566,327 $ - $ 1,566,327 Mutual Fund 492,243 - - 492,243 SBA pools - 2,263,834 - 2,263,834 Mortgage-backed securities - 30,063,535 - 30,063,535 $ 492,243 $ 33,893,696 $ - $ 34,385,939 Nonrecurring Other real estate owned $ - $ - $ 414,000 $ 414,000 Impaired loans - - 3,318,577 3,318,577 |
Fair Value, Assets Measured on NonRecurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliation of Level 3 Inputs Other Real Impaired Estate Owned Loans December 31, 2016 balance $ 414,000 $ 3,318,577 Additions - 3,242,425 Advances - 1,382,256 Write-downs (148,500) (322,436) Loan loss provision - (103,046) Principal payments received - (2,461,807) December 31, 2017 balance $ 265,500 $ 5,055,969 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair value of financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: December 31, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 7,237,385 $ 7,237,385 $ 13,312,915 $ 13,312,915 Level 2 inputs Securities held to maturity 18,204,182 18,307,627 17,987,628 17,833,799 Mortgage loans held for sale 327,700 332,558 884,500 902,061 Federal Home Loan Bank stock 1,063,600 1,063,600 778,300 778,300 Level 3 inputs Loans, net 332,533,706 332,689,848 295,286,572 297,982,000 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 64,403,133 $ 64,403,133 $ 62,791,835 $ 62,791,835 Securities sold under repurchase agreements 21,768,507 21,768,507 27,226,159 27,226,159 Level 2 inputs Interest-bearing deposits 255,393,291 244,403,291 239,923,301 230,394,000 Federal Home Loan Bank advances 17,000,000 16,957,000 9,000,000 8,975,000 |
Parent Company Financial Info40
Parent Company Financial Information (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Balance Sheet [Table Text Block] | The condensed financial statements for the Company (parent only) are presented below: Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents $ 48,384 $ 52,086 Investment in subsidiaries 41,743,068 38,952,711 Other assets 7,480 7,480 $ 41,798,932 $ 39,012,277 Liabilities and Stockholders' Equity Stockholders' equity Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,667,813 shares in 2017 and 1,656,390 shares in 2016 16,678 16,564 Additional paid-in capital 26,869,796 26,562,919 Retained earnings 15,306,625 12,713,099 Accumulated other comprehensive income (394,167) (280,305) 41,798,932 39,012,277 $ 41,798,932 $ 39,012,277 |
Condensed Income Statement [Table Text Block] | Statements of Income Years Ended December 31, 2017 2016 Income Cash dividends from subsidiary $ 1,250,278 $ 696,301 Total income 1,250,278 696,301 Noninterest expense 455 22,000 Income before before income taxes and equity in undistributed income of subsidiaries 1,249,823 674,301 Income taxes (benefit) - (7,480) Income before before equity in undistributed income of subsidiaries 1,249,823 681,781 Equity in undistributed income of subsidiaries 2,539,418 3,227,348 $ 3,789,241 $ 3,909,129 |
Condensed Cash Flow Statement [Table Text Block] | Statements of Cash Flows Years Ended December 31, 2017 2016 Cash flows from operating activities Net Income $ 3,789,241 $ 3,909,129 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (2,539,418) (3,227,348) Other - (7,480) Cash provided by operating activities 1,249,823 674,301 Cash flows from investing activities Contibution of capital to subsdiaries (300,000) (25,675) Cash used by investing activities (300,000) (25,675) Cash flows from financing activities Dividends paid, net of reinvestments (953,525) (596,540) Cash provided by financing activities (953,525) (596,540) Net increase (decrease) in cash and cash equivalents (3,702) 52,086 Cash and cash equivalents at beginning of period 52,086 - Cash and cash equivalents at end of period $ 48,384 $ 52,086 |
Quarterly Results of Operatio41
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Three Months Ended Unaudited December 31 September 30 June 30 March 31 Interest income $ 4,264,414 $ 4,232,017 $ 4,121,760 $ 3,976,612 Interest expense 466,104 442,805 412,618 385,713 Net interest income 3,798,310 3,789,212 3,709,142 3,590,899 Provision for loan losses 60,000 225,000 75,000 50,000 Net income 656,339 1,014,456 1,134,889 983,557 Earnings per share - basic and diluted $ 0.39 $ 0.61 $ 0.69 $ 0.59 2016 December 31 September 30 June 30 March 31 Interest income $ 3,992,191 $ 3,856,566 $ 3,731,160 $ 3,771,580 Interest expense 368,885 340,099 322,540 314,596 Net interest income 3,623,306 3,516,467 3,408,620 3,456,984 Provision for loan losses - - - - Net income 1,016,101 1,040,372 916,188 936,468 Earnings per share - basic and diluted $ 0.61 $ 0.63 $ 0.56 $ 0.57 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted Average Number of Shares Outstanding, Basic | 1,658,384 | 1,652,014 |
First Community Bankers Insurance Co LLC [Member] | ||
Equity Method Investment, Ownership Percentage | 100.00% |
Cash and Equivalents (Details T
Cash and Equivalents (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||
Cash, Cash Equivalents, and Federal Funds Sold | $ 5,991,573 | $ 6,542,956 |
Cash, FDIC Insured Amount | $ 250,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available for sale, Amortized cost | $ 28,977,303 | $ 34,848,831 |
Available for sale, Unrealized gains | 47,356 | 82,651 |
Available for sale, Unrealized losses | 591,268 | 545,543 |
Available for sale, Fair value | 28,433,391 | 34,385,939 |
Held to maturity, Amortized cost | 18,204,182 | 17,987,628 |
Held to maturity, Fair value | 18,307,627 | 17,833,799 |
Mortgage-backed securities [Member] | ||
Available for sale, Amortized cost | 23,735,332 | 30,544,941 |
Available for sale, Unrealized gains | 8,787 | 20,139 |
Available for sale, Unrealized losses | 553,662 | 501,545 |
Available for sale, Fair value | 23,190,457 | 30,063,535 |
SBA pools [Member] | ||
Available for sale, Amortized cost | 3,212,771 | 2,280,415 |
Available for sale, Unrealized gains | 75 | 0 |
Available for sale, Unrealized losses | 13,000 | 16,581 |
Available for sale, Fair value | 3,199,846 | 2,263,834 |
Mutual fund [Member] | ||
Available for sale, Amortized cost | 518,352 | 507,612 |
Available for sale, Unrealized gains | 0 | 0 |
Available for sale, Unrealized losses | 14,471 | 15,369 |
Available for sale, Fair value | 503,881 | 492,243 |
State and municipal [Member] | ||
Available for sale, Amortized cost | 1,510,848 | 1,515,863 |
Available for sale, Unrealized gains | 38,494 | 62,512 |
Available for sale, Unrealized losses | 10,135 | 12,048 |
Available for sale, Fair value | 1,539,207 | 1,566,327 |
Held to maturity, Amortized cost | 18,204,182 | 17,987,628 |
Held to maturity, Unrealized gains | 225,349 | 163,239 |
Held to maturity, Unrealized losses | 121,904 | 317,068 |
Held to maturity, Fair value | $ 18,307,627 | $ 17,833,799 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available for Sale, Within one year, Amortized cost | $ 518,352 | $ 507,612 |
Available for Sale, Over one to five years, Amortized cost | 0 | 0 |
Available for Sale, Over five to ten years, Amortized cost | 1,133,940 | 1,136,919 |
Available for Sale, Over ten years, Amortized cost | 376,908 | 378,944 |
Available for Sale, Single Maturity Date, Amortized Cost | 2,029,200 | 2,023,475 |
Available for Sale, Mortgage-backed securities and SBA pools, due in monthly installments, Amortised cost | 26,948,103 | 32,825,356 |
Available-for-sale Securities, Amortized Cost | 28,977,303 | 34,848,831 |
Available for Sale, Within one year, Fair value | 503,881 | 492,243 |
Available for Sale, Over one to five years, Fair value | 0 | 0 |
Available for Sale, Over five to ten years, Fair value | 1,150,564 | 1,163,288 |
Available for Sale, Over ten years, Fair value | 388,643 | 403,039 |
Available for Sale, Single Maturity Date, Fair value | 2,043,088 | 2,058,570 |
Available for Sale, Mortgage-backed securities, due in monthly installments, Fair value | 26,390,303 | 32,327,369 |
Available-for-sale Securities, Debt Securities, Fair value | 28,433,391 | 34,385,939 |
Held to Maturity, Within one year, Amortised cost | 165,677 | 0 |
Held to Maturity, Over one to five years, Amortised cost | 780,336 | 0 |
Held to Maturity, Over five to ten years, Amortised cost | 1,792,019 | 2,657,130 |
Held to Maturity, Over ten years, Amortised cost | 15,466,150 | 15,330,498 |
Held to Maturity, Single maturity date, Amortised cost | 18,204,182 | 17,987,628 |
Held to Maturity, Mortgage-backed securities, due in monthly installments, Amortised cost | 0 | 0 |
Held to Maturity Securities, Amortised cost | 18,204,182 | 17,987,628 |
Held to Maturity, Within one year, Fair value | 168,260 | 0 |
Held to Maturity, Over one to five years, Fair value | 794,512 | 0 |
Held to Maturity, Over five to ten years, Fair value | 1,831,833 | 2,702,121 |
Held to Maturity, Over ten years, Fair value | 15,513,022 | 15,131,678 |
Held to Maturity, Single maturity date, Fair value | 18,307,627 | 17,833,799 |
Held to Maturity, Mortgage-backed securities, due in monthly installments, Fair value | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 18,307,627 | $ 17,833,799 |
Investment Securities (Detail46
Investment Securities (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment securities, Less than 12 months, Fair value | $ 4,236,007 | $ 38,040,344 |
Investment securities, Less than 12 months, Unrealized losses | 44,835 | 834,517 |
Investment securities, 12 months or more, Fair Value | 25,629,667 | 1,353,900 |
Investment securities, 12 months or more, Unrealized losses | 668,337 | 28,094 |
Investment securities, Total, Fair Value | 29,865,674 | 39,394,244 |
Investment securities, Total, Unrealized losses | 713,172 | 862,611 |
SBA pools [Member] | ||
Investment securities, Less than 12 months, Fair value | 551,780 | 2,263,834 |
Investment securities, Less than 12 months, Unrealized losses | 1,903 | 16,581 |
Investment securities, 12 months or more, Fair Value | 2,109,832 | 0 |
Investment securities, 12 months or more, Unrealized losses | 11,097 | 0 |
Investment securities, Total, Fair Value | 2,661,612 | 2,263,834 |
Investment securities, Total, Unrealized losses | 13,000 | 16,581 |
Mortgage-backed securities [Member] | ||
Investment securities, Less than 12 months, Fair value | 2,871,597 | 26,726,037 |
Investment securities, Less than 12 months, Unrealized losses | 41,413 | 473,451 |
Investment securities, 12 months or more, Fair Value | 19,571,511 | 1,353,900 |
Investment securities, 12 months or more, Unrealized losses | 512,249 | 28,094 |
Investment securities, Total, Fair Value | 22,443,108 | 28,079,937 |
Investment securities, Total, Unrealized losses | 553,662 | 501,545 |
Mutual fund [Member] | ||
Investment securities, Less than 12 months, Fair value | 0 | 492,243 |
Investment securities, Less than 12 months, Unrealized losses | 0 | 15,369 |
Investment securities, 12 months or more, Fair Value | 503,881 | 0 |
Investment securities, 12 months or more, Unrealized losses | 14,471 | 0 |
Investment securities, Total, Fair Value | 503,881 | 492,243 |
Investment securities, Total, Unrealized losses | 14,471 | 15,369 |
State and municipal [Member] | ||
Investment securities, Less than 12 months, Fair value | 812,630 | 8,558,230 |
Investment securities, Less than 12 months, Unrealized losses | 1,519 | 329,116 |
Investment securities, 12 months or more, Fair Value | 3,444,443 | 0 |
Investment securities, 12 months or more, Unrealized losses | 130,520 | 0 |
Investment securities, Total, Fair Value | 4,257,073 | 8,558,230 |
Investment securities, Total, Unrealized losses | $ 132,039 | $ 329,116 |
Investment Securities (Detail47
Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Trading Securities Pledged as Collateral | $ 39,818,557 | $ 31,982,381 |
Proceeds from Sale and Maturity of Marketable Securities | $ 298,379 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Balance, beginning of year | $ 12,782,233 | $ 13,148,726 |
Additions | 5,921,920 | 3,987,121 |
Amounts collected | (3,126,837) | (4,205,038) |
Change in related parties | 0 | (148,576) |
Balance, end of year | $ 15,577,316 | $ 12,782,233 |
Related Party Transactions (D49
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Loans and Leases Receivable, Related Parties | $ 15,577,316 | $ 12,782,233 | $ 13,148,726 |
Payments to Fund Long-term Loans to Related Parties | 10,278 | 2,697 | |
Deposits | 319,796,424 | 302,715,136 | |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Letters of Credit Outstanding, Amount | 6,534 | 6,534 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 18,592,732 | 15,933,380 | |
Unused lines of Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Loans and Leases Receivable, Related Parties | $ 746,842 | $ 2,220,128 |
Loans (Details)
Loans (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable, Gross | $ 335,595,916 | $ 298,126,919 |
Less: Allowance for loan losses | 2,458,911 | 2,363,086 |
Deferred origination fees net of costs | 603,299 | 477,261 |
Loans and Leases Receivable, Net Amount | 332,533,706 | 295,286,572 |
Commercial [Member] | ||
Loans and Leases Receivable, Gross | 23,613,543 | 22,152,773 |
Consumer [Member] | ||
Loans and Leases Receivable, Gross | 554,017 | 725,269 |
Real estate [Member] | Commercial Real estate [Member] | ||
Loans and Leases Receivable, Gross | 234,026,574 | 206,145,076 |
Real estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable, Gross | 18,160,366 | 14,392,992 |
Real estate [Member] | Residential [Member] | ||
Loans and Leases Receivable, Gross | $ 59,241,416 | $ 54,710,809 |
Loans (Details 1)
Loans (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable, Variable rate, immediately | $ 55,901,161 | $ 41,628,685 |
Loans and Leases Receivable, Due within one year | 42,042,744 | 48,381,221 |
Loans and Leases Receivable, Due over one to five years | 136,475,036 | 126,810,275 |
Loans and Leases Receivable, Due over five years | 101,176,975 | 81,306,738 |
Loans and Leases Receivable, Gross | $ 335,595,916 | $ 298,126,919 |
Loans (Details 2)
Loans (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-accrual loans, segregated by class of loans | $ 2,245,743 | $ 752,889 |
Commercial [Member] | ||
Non-accrual loans, segregated by class of loans | 2,245,743 | 0 |
Construction and Land Development [Member] | ||
Non-accrual loans, segregated by class of loans | $ 0 | $ 752,889 |
Loans (Details 3)
Loans (Details 3) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 2,392,202 | $ 1,626,162 |
Financing Receivable, Recorded Investment, Current | 333,203,714 | 296,500,757 |
Loans and Leases Receivable, Total Loans | 335,595,916 | 298,126,919 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 146,459 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,245,743 | 0 |
Financing Receivable, Recorded Investment, Current | 231,780,831 | 206,145,076 |
Loans and Leases Receivable, Total Loans | 234,026,574 | 206,145,076 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Construction and Land Development [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 752,889 |
Financing Receivable, Recorded Investment, Current | 18,160,366 | 13,640,103 |
Loans and Leases Receivable, Total Loans | 18,160,366 | 14,392,992 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 146,459 | 824,554 |
Financing Receivable, Recorded Investment, Current | 59,094,957 | 53,886,255 |
Loans and Leases Receivable, Total Loans | 59,241,416 | 54,710,809 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 146,459 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 48,719 |
Financing Receivable, Recorded Investment, Current | 23,613,543 | 22,104,054 |
Loans and Leases Receivable, Total Loans | 23,613,543 | 22,152,773 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 554,017 | 725,269 |
Loans and Leases Receivable, Total Loans | 554,017 | 725,269 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 873,273 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 824,554 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 48,719 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,392,202 | 752,889 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,245,743 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and Land Development [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 752,889 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 146,459 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans (Details 4)
Loans (Details 4) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 5,458,182 | $ 3,772,745 |
Recorded Investment With No Allowance | 2,937,439 | 2,348,275 |
Recorded Investment With Allowance | 2,245,743 | 994,469 |
Total Recorded Investment | 5,183,182 | 3,342,744 |
Related Allowance | 127,213 | 24,167 |
Average Recorded Investment | 3,804,136 | 3,371,620 |
Interest Recognized | 268,652 | 139,702 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | $ 2,937,439 | 2,183,509 |
Recorded Investment With Allowance | 241,580 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 164,766 | |
Recorded Investment With No Allowance | 164,766 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 164,766 | |
Related Allowance | 0 | |
Average Recorded Investment | 184,201 | |
Interest Recognized | 14,442 | |
Real Estate Sector [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 2,455,090 | |
Recorded Investment With No Allowance | 2,183,509 | |
Recorded Investment With Allowance | 241,580 | |
Total Recorded Investment | 2,425,089 | |
Related Allowance | 7,580 | |
Average Recorded Investment | 2,332,568 | |
Interest Recognized | 125,260 | |
Real Estate Sector [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,152,889 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 752,889 | |
Total Recorded Investment | 752,889 | |
Related Allowance | 16,587 | |
Average Recorded Investment | 854,851 | |
Interest Recognized | $ 0 |
Loans (Details 5)
Loans (Details 5) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 335,595,916 | $ 298,126,919 |
Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,641,036 | 1,819,599 |
Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,768,089 | 12,773,247 |
Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 188,758,192 | 219,508,855 |
Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 108,873,597 | 43,852,711 |
Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,263,683 | 4,780,207 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,391,589 | 8,962,940 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,625,568 | 6,399,618 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,274,162 | 29,742 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 23,613,543 | 22,152,773 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,581,878 | 1,666,880 |
Commercial Portfolio Segment [Member] | Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 121,919 | 77,745 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,225,350 | 18,469,572 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,545,562 | 1,228,598 |
Commercial Portfolio Segment [Member] | Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 138,834 | 545,212 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 164,766 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 554,017 | 725,269 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,210 | 42,577 |
Consumer Portfolio Segment [Member] | Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 96,484 | 121,306 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 351,093 | 476,465 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 70,171 | 51,339 |
Consumer Portfolio Segment [Member] | Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,640 | 3,840 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,419 | 29,742 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 234,026,574 | 206,145,076 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,115,925 | 9,584,756 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 127,639,361 | 147,668,371 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 79,619,726 | 32,474,566 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,041,882 | 3,883,813 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,391,589 | 8,644,563 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,972,348 | 3,889,007 |
Real estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,245,743 | 0 |
Real estate [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 18,160,366 | 14,392,992 |
Real estate [Member] | Construction and Land Development [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real estate [Member] | Construction and Land Development [Member] | Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 173,633 | 178,078 |
Real estate [Member] | Construction and Land Development [Member] | Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,288,372 | 10,178,876 |
Real estate [Member] | Construction and Land Development [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,978,964 | 2,039,090 |
Real estate [Member] | Construction and Land Development [Member] | Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,719,397 | 0 |
Real estate [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 153,611 |
Real estate [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 1,843,337 |
Real estate [Member] | Construction and Land Development [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real estate [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 59,241,416 | 54,710,809 |
Real estate [Member] | Residential Portfolio Segment [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 53,948 | 110,142 |
Real estate [Member] | Residential Portfolio Segment [Member] | Above average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,260,128 | 2,811,362 |
Real estate [Member] | Residential Portfolio Segment [Member] | Average [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 35,254,016 | 42,715,571 |
Real estate [Member] | Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 18,659,174 | 8,059,118 |
Real estate [Member] | Residential Portfolio Segment [Member] | Pass watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,363,570 | 351,182 |
Real estate [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real estate [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 650,580 | 663,434 |
Real estate [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Loans (Details 6)
Loans (Details 6) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 2,363,086 | $ 2,583,445 |
Provision for loan losses | 410,000 | 0 |
Charge offs | (322,436) | (330,485) |
Recoveries | 8,261 | 110,126 |
Ending balance | 2,458,911 | 2,363,086 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 127,213 | 24,167 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 2,331,698 | 2,338,919 |
Outstanding loan balances evaluated for impairment: Individually | 5,183,182 | 3,342,744 |
Outstanding loan balances evaluated for impairment: Collectively | 330,412,734 | 294,784,175 |
Residential Portfolio Segment [Member] | ||
Beginning balance | 247,437 | 322,084 |
Provision for loan losses | 368 | (184,773) |
Charge offs | 0 | 0 |
Recoveries | 148 | 110,126 |
Ending balance | 247,953 | 247,437 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 247,953 | 247,437 |
Outstanding loan balances evaluated for impairment: Individually | 0 | 0 |
Outstanding loan balances evaluated for impairment: Collectively | 59,241,416 | 54,710,809 |
Consumer Portfolio Segment [Member] | ||
Beginning balance | 8,826 | 7,900 |
Provision for loan losses | (1,799) | 926 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 7,027 | 8,826 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 7,027 | 8,826 |
Outstanding loan balances evaluated for impairment: Individually | 0 | 0 |
Outstanding loan balances evaluated for impairment: Collectively | 554,017 | 725,269 |
Commercial Real Estate Loan [Member] | ||
Beginning balance | 1,717,749 | 1,718,256 |
Provision for loan losses | 419,868 | 29,493 |
Charge offs | (275,000) | (30,000) |
Recoveries | 4,780 | 0 |
Ending balance | 1,867,397 | 1,717,749 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 127,213 | 7,580 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 1,740,184 | 1,710,169 |
Outstanding loan balances evaluated for impairment: Individually | 5,183,182 | 2,425,089 |
Outstanding loan balances evaluated for impairment: Collectively | 228,843,392 | 203,719,987 |
Construction Loans [Member] | ||
Beginning balance | 204,860 | 306,982 |
Provision for loan losses | 65,850 | 97,878 |
Charge offs | (47,436) | (200,000) |
Recoveries | 0 | 0 |
Ending balance | 223,274 | 204,860 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 0 | 16,587 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 223,274 | 188,273 |
Outstanding loan balances evaluated for impairment: Individually | 0 | 752,889 |
Outstanding loan balances evaluated for impairment: Collectively | 18,160,366 | 13,640,103 |
Financial Receivable ,Commercial Loan [Member] | ||
Beginning balance | 125,260 | 132,362 |
Provision for loan losses | (41,240) | 93,383 |
Charge offs | 0 | (100,485) |
Recoveries | 3,333 | 0 |
Ending balance | 87,353 | 125,260 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 87,353 | 125,260 |
Outstanding loan balances evaluated for impairment: Individually | 0 | 164,766 |
Outstanding loan balances evaluated for impairment: Collectively | 23,613,543 | 21,988,007 |
Financial Receivable ,Unallocated [Member] | ||
Beginning balance | 58,954 | 95,861 |
Provision for loan losses | (33,047) | (36,907) |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 25,907 | 58,954 |
Allowance for loan losses ending balance evaluated for impairment: Individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment: Collectively | 25,907 | 58,954 |
Outstanding loan balances evaluated for impairment: Individually | 0 | 0 |
Outstanding loan balances evaluated for impairment: Collectively | $ 0 | $ 0 |
Loans (Details Textual)
Loans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,245,743 | $ 752,889 |
Provision for Loan, Lease, and Other Losses | 410,000 | 0 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 322,436 | 330,485 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,937,439 | 2,348,275 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,245,743 | 994,469 |
Participating Mortgage Loans, Participation Liabilities, Amount | 31,700,000 | 31,000,000 |
Federal Reserve Bank Advances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 41,000,000 | |
Federal Home Loan Bank of Atlanta [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 64,000,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,245,743 | 0 |
Provision for Loan, Lease, and Other Losses | 7,580 | |
Financing Receivable, Allowance for Credit Losses, Write-downs | 30,000 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,937,439 | 2,183,509 |
Financing Receivable, Modifications, Recorded Investment | 271,580 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 241,580 | |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 164,766 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | |
Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 752,889 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 82,070 | 38,028 |
Provision for Loan, Lease, and Other Losses | 127,213 | 16,587 |
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 275,000 | $ 400,000 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment, Gross | $ 11,217,402 | $ 11,103,159 |
Accumulated depreciation and amortization | 6,011,131 | 5,653,481 |
Property, Plant and Equipment, Net | 5,206,271 | 5,449,678 |
Depreciation and amortization expense | 357,650 | 379,795 |
Land and Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 1,952,998 | 1,952,998 |
Property, Plant and Equipment, Estimated Useful Lives | 0 years | |
Building and Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 5,659,635 | 5,659,635 |
Building and Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 39 years | |
Building and Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Furniture and equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 3,604,769 | $ 3,490,526 |
Furniture and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Furniture and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Premises and Equipment (Detai59
Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) | $ 126,538 | $ 185,253 |
Amortization of Intangible Assets | $ 61,631 | $ 69,100 |
Lease Commitments (Details)
Lease Commitments (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 133,224 |
2,019 | 137,388 |
2,020 | 141,680 |
2,021 | 146,120 |
2,022 | 150,707 |
Thereafter | 1,067,216 |
Operating Leases, Future Minimum Payments Due | $ 1,776,335 |
Lease Commitments (Details Text
Lease Commitments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 130,608 | $ 128,200 |
Credit Commitments (Details)
Credit Commitments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Letters of Credit [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 1,827,513 | $ 1,281,848 |
Loan Origination Commitments [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 9,433,500 | 22,329,407 |
Unused lines of Credit [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 40,005,063 | 30,527,535 |
Construction Loans [Member] | Loan Origination Commitments [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 0 | 250,000 |
Commercial Loan [Member] | Loan Origination Commitments [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 1,295,000 | 1,050,000 |
Commercial Real Estate [Member] | Loan Origination Commitments [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 7,478,500 | 17,134,718 |
Residential Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 660,000 | 3,894,689 |
Home Equity Lines [Member] | Unused lines of Credit [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 3,390,515 | 3,345,309 |
Commercial lines [Member] | Unused lines of Credit [Member] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 36,614,548 | $ 27,182,226 |
Retirement Plans (Details Textu
Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 170,142 | $ 165,224 |
Defined Benefit Plan, Net Periodic Benefit Cost | 5,228 | 4,816 |
Supplemental Executive Retirement Plans [Member] | ||
Defined Benefit Plan, Interest Cost | $ 255,859 | $ 240,193 |
Interest-Bearing Deposits (Deta
Interest-Bearing Deposits (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
NOW | $ 43,536,401 | $ 40,090,252 |
Money market | 53,750,747 | 64,859,044 |
Savings | 43,903,240 | 40,158,833 |
Certificates of deposit, $250,000 or more | 15,896,054 | 15,233,383 |
Other time deposits | 98,306,849 | 79,581,789 |
Interest-bearing Deposit Liabilities | $ 255,393,291 | $ 239,923,301 |
Interest-Bearing Deposits (De65
Interest-Bearing Deposits (Details 1) | Dec. 31, 2017USD ($) |
2,018 | $ 57,820,534 |
2,019 | 30,745,897 |
2,020 | 15,963,309 |
2,021 | 5,507,825 |
2,022 | 3,526,876 |
Thereafter | 638,462 |
Time Deposits | $ 114,202,903 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Securities sold under repurchase agreements | $ 21,768,507 | $ 27,226,159 | |
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Amount | $ 17,000,000 | $ 9,000,000 | |
Weighted average rate, federal Home Loan Bank advances (at percentage) | 1.35% | 1.11% | |
Federal Home Loan Bank advances | $ 18,000,000 | $ 16,000,000 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | $ 13,846,575 | $ 10,833,333 | |
Average rate, federal Home Loan Bank advances (at percentage) | 1.20% | 0.94% | |
Investment securities underlying the repurchase agreements at year end: Carrying value | $ 22,363,793 | $ 28,191,745 | |
Investment securities underlying the repurchase agreements at year end: Estimated fair value | 22,484,092 | 28,165,979 | |
Loans pledged to the Federal Home Loan Bank at year-end: Carrying value - loans | 68,406,154 | 69,998,207 | |
Loans pledged to the Federal Home Loan Bank at year-end: Carrying value - investment securities | 4,749,970 | 6,709,360 | |
Loans pledged to the Federal Reserve Bank at year-end: Carrying value | $ 40,717,623 | 40,954,231 | |
Interest Rate 0.75% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 1/17/2017 | ||
Federal Home Loan Bank Interest Rate | 0.75% | ||
Federal Home Loan Bank Amount | $ 0 | 1,000,000 | |
Interest Rate 0.71% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 4/21/2017 | ||
Federal Home Loan Bank Interest Rate | 0.71% | ||
Federal Home Loan Bank Amount | $ 0 | 1,000,000 | |
Interest Rate 1.13% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 1/16/2018 | ||
Federal Home Loan Bank Interest Rate | 1.13% | ||
Federal Home Loan Bank Amount | $ 1,000,000 | 1,000,000 | |
Interest Rate 1.25% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 1/30/2018 | ||
Federal Home Loan Bank Interest Rate | 1.25% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 0 | |
Interest Rate 1.14% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 2/12/2018 | ||
Federal Home Loan Bank Interest Rate | 1.14% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 2,000,000 | |
Interest Rate 1.17% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 3/15/2018 | ||
Federal Home Loan Bank Interest Rate | 1.17% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 0 | |
Interest Rate 1.26% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 5/24/2018 | ||
Federal Home Loan Bank Interest Rate | 1.26% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 0 | |
Interest Rate 1.69% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 6/28/2018 | ||
Federal Home Loan Bank Interest Rate | 1.69% | ||
Federal Home Loan Bank Amount | $ 3,000,000 | 0 | |
Interest Rate 1.32% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 8/13/2018 | ||
Federal Home Loan Bank Interest Rate | 1.32% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 2,000,000 | |
Interest Rate 1.25% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 9/23/2019 | ||
Federal Home Loan Bank Interest Rate | 1.25% | ||
Federal Home Loan Bank Amount | $ 2,000,000 | 2,000,000 | |
Interest Rate 1.99% [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Federal Home Loan Bank Maturity date | 11/22/2019 | ||
Federal Home Loan Bank Interest Rate | 1.99% | ||
Federal Home Loan Bank Amount | $ 1,000,000 | $ 0 | |
Securities sold under repurchase agreements [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Weighted average rate, securities sold under repurchase agreements (at percentage) | 0.65% | 0.63% | |
Securities sold under repurchase agreements | $ 30,786,064 | $ 32,287,740 | |
Short-term Debt, Average Outstanding Amount | $ 24,702,931 | $ 25,320,795 | |
Average rate, securities sold under repurchase agreements (at percentage) | 0.66% | 0.64% | |
Borrowings from FRB and Commercial Banks [Member] | |||
Federal Home Loan Bank advances are summarized as follows: | |||
Short-term Debt, Average Outstanding Amount | $ 78,082 | $ 21,861 | |
Average rate, securities sold under repurchase agreements (at percentage) | 1.64% | 0.67% |
Borrowed Funds (Details Textual
Borrowed Funds (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Federal Reserve Bank Advances [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30.1 |
Secured Line of Credit [Member] | |
Long-term Line of Credit | 2 |
Secured Line of Credit [Member] | Federal Home Loan Bank of Atlanta [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 52.9 |
Unsecured Line of Credit [Member] | |
Long-term Line of Credit | $ 9 |
Other Noninterest Expenses (Det
Other Noninterest Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Noninterest Expense | $ 2,473,658 | $ 2,356,494 |
Insurance Claims [Member] | ||
Other Noninterest Expense | 27,413 | 0 |
Automated teller machine and debit card expenses [Member] | ||
Other Noninterest Expense | 285,912 | 331,368 |
Professional services [Member] | ||
Other Noninterest Expense | 452,846 | 311,702 |
Advertising [Member] | ||
Other Noninterest Expense | 236,564 | 217,116 |
Directors fees [Member] | ||
Other Noninterest Expense | 178,796 | 189,263 |
Stationery, printing, and supplies [Member] | ||
Other Noninterest Expense | 170,301 | 188,070 |
Telephone [Member] | ||
Other Noninterest Expense | 178,875 | 185,532 |
Postage, delivery, and armored carrier [Member] | ||
Other Noninterest Expense | 172,607 | 179,344 |
Federal Deposit Insurance Corporation premiums [Member] | ||
Other Noninterest Expense | 125,943 | 147,940 |
Internet banking fees [Member] | ||
Other Noninterest Expense | 157,962 | 143,210 |
Correspondent bank services [Member] | ||
Other Noninterest Expense | 84,119 | 79,278 |
Travel and conferences [Member] | ||
Other Noninterest Expense | 51,509 | 48,970 |
Liability insurance [Member] | ||
Other Noninterest Expense | 49,332 | 46,917 |
Maryland state regulatory assessment [Member] | ||
Other Noninterest Expense | 44,897 | 41,531 |
Dues and subscriptions [Member] | ||
Other Noninterest Expense | 39,574 | 39,752 |
Remote deposit expenses [Member] | ||
Other Noninterest Expense | 30,895 | 29,722 |
Credit reports [Member] | ||
Other Noninterest Expense | 23,450 | 25,276 |
Contributions [Member] | ||
Other Noninterest Expense | 23,439 | 23,160 |
Education and training [Member] | ||
Other Noninterest Expense | 21,932 | 15,669 |
Other real estate owned [Member] | ||
Other Noninterest Expense | 24,441 | 15,252 |
Other Miscellaneous [Member] | ||
Other Noninterest Expense | $ 92,851 | $ 97,422 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current | ||
Federal | $ 1,532,959 | $ 1,353,410 |
State | 406,410 | 364,394 |
Current Income Tax Expense (Benefit), Total | 1,939,369 | 1,717,804 |
Revaluation of deferred tax asset due to change in corporate tax rate | 410,391 | 0 |
Deferred | (347,446) | 307,153 |
Income Tax Expense (Benefit), Total | $ 2,002,314 | $ 2,026,820 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation | $ (62,449) | $ (46,226) |
Provision for loan losses | (132,991) | 96,206 |
Other real estate owned allowance for loss | (58,576) | (23,075) |
Nonaccrual interest | (3,633) | (15,000) |
Prepaid captive insurance premium | 13,781 | 393,735 |
Write-down of equity securities | (592) | 0 |
Post-retirement benefits | (102,986) | (96,624) |
Deferred Income Tax Expense (Benefit), Total | (347,446) | 307,153 |
Deferred tax assets | ||
Allowance for loan losses | 627,127 | 765,966 |
Other real estate owned allowance for loss | 213,123 | 246,925 |
Write-down of equity securities | 4,265 | 5,522 |
Nonaccrual interest | 22,804 | 29,055 |
Post-retirement benefits | 434,891 | 520,410 |
Unrealized loss on securities available for sale | 149,671 | 182,588 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 1,451,881 | 1,750,466 |
Deferred tax liabilities | ||
Prepaid captive insurance premium | 282,990 | 391,872 |
Depreciation | 170,859 | 329,575 |
Deferred Tax Liabilities, Total | 453,849 | 721,447 |
Net deferred tax asset, Total | $ 998,032 | $ 1,029,019 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory federal income tax rate | 34.00% | 34.00% |
Increase (decrease) resulting from: | ||
Federal tax-exempt income | (10.80%) | (4.90%) |
State income taxes, net of federal income tax benefit | 3.90% | 4.90% |
Nondeductible expenses | 0.10% | 0.10% |
Revaluation of deferred tax asset due to change in corporate tax rate | 7.10% | 0.00% |
Other | 0.30% | 0.00% |
Effective Income Tax Rate Reconciliation, Percent | 34.60% | 34.10% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | $ 64,801 | ||
Revaluation of Deferred Tax Asset Due to Change in Corporate Income Tax Rate | $ 410,391 | $ 0 | |
Scenario, Plan [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Capital Standards (Details)
Capital Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total capital (to risk-weighted assets), Actual Amount | $ 44,039 | $ 41,385 |
Total capital (to risk-weighted assets), Actual Ratio | 12.54% | 13.18% |
Total capital (to risk-weighted assets), Minimum Capital Adequacy Amount | $ 32,477 | $ 27,076 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy Ratio | 9.25% | 8.63% |
Total capital (to risk-weighted assets),To Be Well Capitalized Amount | $ 35,110 | $ 31,392 |
Total capital (to risk-weighted assets),To Be Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 41,580 | $ 39,022 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 11.84% | 12.43% |
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy Amount | $ 25,455 | $ 20,797 |
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy Ratio | 7.25% | 6.63% |
Tier 1 capital (to risk-weighted assets),To Be Well Capitalized Amount | $ 28,088 | $ 25,114 |
Tier 1 capital (to risk-weighted assets),To Be Well Capitalized Ratio | 8.00% | 8.00% |
Common equity tier 1 (to risk- weighted assets), Actual Amount | $ 41,580 | $ 39,022 |
Common equity tier 1 (to risk- weighted assets), Actual Ratio | 11.84% | 12.43% |
Common equity tier 1 (to risk- weighted assets), Minimum Capital Adequacy Amount | $ 20,188 | $ 16,089 |
Common equity tier 1 (to risk- weighted assets), Minimum Capital Adequacy Ratio | 5.75% | 5.13% |
Common equity tier 1 (to risk- weighted assets),To Be Well Capitalized Amount | $ 22,822 | $ 20,405 |
Common equity tier 1 (to risk- weighted assets),To Be Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 leverage (to average assets), Actual Amount | $ 41,580 | $ 39,022 |
Tier 1 leverage (to average assets), Actual Ratio | 10.31% | 10.39% |
Tier 1 leverage (to average assets), Minimum Capital Adequacy Amount | $ 16,135 | $ 15,025 |
Tier 1 leverage (to average assets), Minimum Capital Adequacy Ratio | 4.00% | 4.00% |
Tier 1 leverage (to average assets),To Be Well Capitalized Amount | $ 20,169 | $ 18,781 |
Tier 1 leverage (to average assets),To Be Well Capitalized Ratio | 5.00% | 5.00% |
Capital Standards (Details Text
Capital Standards (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Description of Regulatory Requirements, Capital Adequacy Purposes | The implementation of the capital conservation buffer began on January 1, 2016, at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | $ 28,433,391 | $ 34,385,939 |
Assets, Fair Value Disclosure, Nonrecurring | 265,500 | |
Other real estate owned [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 265,500 | 414,000 |
Impaired Loans [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,055,969 | 3,318,577 |
Mutual Fund [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 503,881 | 492,243 |
SBA pools [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 3,199,846 | 2,263,834 |
US Treasury and Government [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 1,539,207 | 1,566,327 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 23,190,457 | 30,063,535 |
Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 503,881 | 492,243 |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other real estate owned [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 503,881 | 492,243 |
Fair Value, Inputs, Level 1 [Member] | SBA pools [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 27,929,510 | 33,893,696 |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other real estate owned [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | SBA pools [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 3,199,846 | 2,263,834 |
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 1,539,207 | 1,566,327 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 23,190,457 | 30,063,535 |
Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Assets, Fair Value Disclosure, Nonrecurring | 265,500 | |
Fair Value, Inputs, Level 3 [Member] | Other real estate owned [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 414,000 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,055,969 | 3,318,577 |
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | SBA pools [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Fair Value (Details 1)
Fair Value (Details 1) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Ending Balance | $ 265,500 |
Other real estate owned [Member] | |
Beginning balance | 414,000 |
Additions | 0 |
Advances | 0 |
Write-downs | (148,500) |
Loan loss provision | 0 |
Principal payments received | 0 |
Ending Balance | 265,500 |
Impaired Loans [Member] | |
Beginning balance | 3,318,577 |
Additions | 3,242,425 |
Advances | 1,382,256 |
Write-downs | (322,436) |
Loan loss provision | (103,046) |
Principal payments received | (2,461,807) |
Ending Balance | $ 5,055,969 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets | |||
Cash and cash equivalents, Carrying Value | $ 7,237,385 | $ 13,312,915 | $ 20,192,839 |
Securities held to maturity, Carrying Value | 18,204,182 | 17,987,628 | |
Federal Home Loan Bank stock, Carrying Value | 1,063,600 | 778,300 | |
Loans, net, Carrying Value | 332,533,706 | 295,286,572 | |
Financial liabilities | |||
Noninterest-bearing deposits, Carrying Value | 64,403,133 | 62,791,835 | |
Securities sold under repurchase agreements, Carrying Value | 21,768,507 | 27,226,159 | |
Interest-bearing deposits, Carrying Value | 255,393,291 | 239,923,301 | |
Federal Home Loan Bank advances, Carrying Value | 17,000,000 | 9,000,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets | |||
Cash and cash equivalents, Carrying Value | 7,237,385 | 13,312,915 | |
Cash and cash equivalents, Estimated Fair Value | 7,237,385 | 13,312,915 | |
Financial liabilities | |||
Noninterest-bearing deposits, Carrying Value | 64,403,133 | 62,791,835 | |
Securities sold under repurchase agreements, Carrying Value | 21,768,507 | 27,226,159 | |
Noninterest-bearing deposits, Estimated Fair Value | 64,403,133 | 62,791,835 | |
Securities sold under repurchase agreements, Estimated Fair Value | 21,768,507 | 27,226,159 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets | |||
Securities held to maturity, Carrying Value | 18,204,182 | 17,987,628 | |
Mortgage loans held for sale, Carrying Value | 327,700 | 884,500 | |
Federal Home Loan Bank stock, Carrying Value | 1,063,600 | 778,300 | |
Securities held to maturity, Estimated Fair Value | 18,307,627 | 17,833,799 | |
Mortgage loans held for sale, Estimated Fair Value | 332,558 | 902,061 | |
Federal Home Loan Bank stock, Estimated Fair Value | 1,063,600 | 778,300 | |
Financial liabilities | |||
Interest-bearing deposits, Carrying Value | 255,393,291 | 239,923,301 | |
Federal Home Loan Bank advances, Carrying Value | 17,000,000 | 9,000,000 | |
Interest-bearing deposits, Estimated Fair Value | 244,403,291 | 230,394,000 | |
Federal Home Loan Bank advances, Estimated Fair Value | 16,957,000 | 8,975,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets | |||
Loans, net, Carrying Value | 332,533,706 | 295,286,572 | |
Loans, net, Estimated Fair Value | $ 332,689,848 | $ 297,982,000 |
Parent Company Financial Info78
Parent Company Financial Information (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Assets | $ 402,904,469 | $ 379,831,359 | |
Cash and Cash Equivalents, at Carrying Value | 7,237,385 | 13,312,915 | $ 20,192,839 |
Other assets | 622,856 | 2,524,842 | |
Stockholders' equity | |||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,667,813 shares in 2017 and 1,656,390 shares in 2016 | 16,678 | 16,564 | |
Additional Paid in Capital | 26,869,796 | 26,562,919 | |
Retained earnings | 15,306,625 | 12,713,099 | |
Accumulated other comprehensive income | (394,167) | (280,305) | |
Stockholders' Equity Attributable to Parent | 41,798,932 | 39,012,277 | 36,223,361 |
Liabilities and Equity | 402,904,469 | 379,831,359 | |
Parent Company [Member] | |||
Assets | |||
Assets | 41,798,932 | 39,012,277 | |
Cash and Cash Equivalents, at Carrying Value | 48,384 | 52,086 | $ 0 |
Investment in subsidiaries | 41,743,068 | 38,952,711 | |
Other assets | 7,480 | 7,480 | |
Stockholders' equity | |||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,667,813 shares in 2017 and 1,656,390 shares in 2016 | 16,678 | 16,564 | |
Additional Paid in Capital | 26,869,796 | 26,562,919 | |
Retained earnings | 15,306,625 | 12,713,099 | |
Accumulated other comprehensive income | (394,167) | (280,305) | |
Stockholders' Equity Attributable to Parent | 41,798,932 | 39,012,277 | |
Liabilities and Equity | $ 41,798,932 | $ 39,012,277 |
Parent Company Financial Info79
Parent Company Financial Information (Details) (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued | 1,667,813 | 1,656,390 |
Common Stock, Shares, Outstanding | 1,667,813 | 1,656,390 |
Parent Company [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued | 1,667,813 | 1,656,390 |
Common Stock, Shares, Outstanding | 1,667,813 | 1,656,390 |
Parent Company Financial Info80
Parent Company Financial Information (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income | ||||||||||
Total income | $ 4,264,414 | $ 4,232,017 | $ 4,121,760 | $ 3,976,612 | $ 3,992,191 | $ 3,856,566 | $ 3,731,160 | $ 3,771,580 | $ 16,594,803 | $ 15,351,497 |
Noninterest Expense | 10,023,102 | 9,534,625 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 5,791,555 | 5,935,949 | ||||||||
Net Income (Loss) Attributable to Parent | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | $ 1,016,101 | $ 1,040,372 | $ 916,188 | $ 936,468 | 3,789,241 | 3,909,129 |
Parent Company [Member] | ||||||||||
Income | ||||||||||
Cash dividends from subsidiary | 1,250,278 | 696,301 | ||||||||
Total income | 1,250,278 | 696,301 | ||||||||
Noninterest Expense | 455 | 22,000 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,249,823 | 674,301 | ||||||||
Income taxes (benefit) | 0 | (7,480) | ||||||||
Income before before equity in undistributed income of subsidiaries | 1,249,823 | 681,781 | ||||||||
Equity in undistributed income of subsidiaries | 2,539,418 | 3,227,348 | ||||||||
Net Income (Loss) Attributable to Parent | $ 3,789,241 | $ 3,909,129 |
Parent Company Financial Info81
Parent Company Financial Information (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||||||||||
Net Income | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | $ 1,016,101 | $ 1,040,372 | $ 916,188 | $ 936,468 | $ 3,789,241 | $ 3,909,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Cash provided by operating activities | 7,908,233 | 2,438,682 | ||||||||
Cash flows from investing activities | ||||||||||
Cash used by investing activities | (32,653,874) | (39,862,514) | ||||||||
Cash flows from financing activities | ||||||||||
Dividends paid, net of reinvestments | 953,525 | 942,031 | ||||||||
Cash provided by financing activities | 18,670,111 | 30,543,908 | ||||||||
Net increase (decrease) in cash and cash equivalents | (6,075,530) | (6,879,924) | ||||||||
Cash and cash equivalents at beginning of period | 13,312,915 | 20,192,839 | 13,312,915 | 20,192,839 | ||||||
Parent Company [Member] | ||||||||||
Cash flows from operating activities | ||||||||||
Net Income | 3,789,241 | 3,909,129 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Equity in undistributed income of subsidiaries | 2,539,418 | 3,227,348 | ||||||||
Other | 0 | (7,480) | ||||||||
Cash provided by operating activities | 1,249,823 | 674,301 | ||||||||
Cash flows from investing activities | ||||||||||
Contibution of capital to subsdiaries | (300,000) | (25,675) | ||||||||
Cash used by investing activities | (300,000) | (25,675) | ||||||||
Cash flows from financing activities | ||||||||||
Dividends paid, net of reinvestments | (953,525) | (596,540) | ||||||||
Cash provided by financing activities | (953,525) | (596,540) | ||||||||
Net increase (decrease) in cash and cash equivalents | (3,702) | 52,086 | ||||||||
Cash and cash equivalents at beginning of period | $ 52,086 | $ 0 | 52,086 | 0 | ||||||
Cash and cash equivalents at end of period | $ 48,384 | $ 52,086 | $ 48,384 | $ 52,086 |
Quarterly Results of Operatio82
Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | $ 4,264,414 | $ 4,232,017 | $ 4,121,760 | $ 3,976,612 | $ 3,992,191 | $ 3,856,566 | $ 3,731,160 | $ 3,771,580 | $ 16,594,803 | $ 15,351,497 |
Interest expense | 466,104 | 442,805 | 412,618 | 385,713 | 368,885 | 340,099 | 322,540 | 314,596 | 1,707,240 | 1,346,120 |
Net interest income | 3,798,310 | 3,789,212 | 3,709,142 | 3,590,899 | 3,623,306 | 3,516,467 | 3,408,620 | 3,456,984 | 14,887,563 | 14,005,377 |
Provision for loan losses | 60,000 | 225,000 | 75,000 | 50,000 | 0 | 0 | 0 | 0 | 410,000 | 0 |
Net income | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | $ 1,016,101 | $ 1,040,372 | $ 916,188 | $ 936,468 | $ 3,789,241 | $ 3,909,129 |
Earnings per share - basic and diluted | $ 0.39 | $ 0.61 | $ 0.69 | $ 0.59 | $ 0.61 | $ 0.63 | $ 0.56 | $ 0.57 | $ 2.28 | $ 2.37 |