Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Farmers & Merchants Bancshares, Inc. | ||
Entity Central Index Key | 0001698022 | ||
Trading Symbol | fmfg | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,682,997 | ||
Entity Public Float | $ 48,206,693 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and due from banks | $ 11,480,608 | $ 6,235,186 |
Federal funds sold and other interest-bearing deposits | 3,137,629 | 1,002,199 |
Cash and cash equivalents | 14,618,237 | 7,237,385 |
Certificate of deposit in other bank | 100,000 | 100,000 |
Securities available for sale | 26,591,991 | 27,929,510 |
Securities held to maturity | 18,127,067 | 18,204,182 |
Equity security at fair value | 503,827 | 503,881 |
Federal Home Loan Bank stock, at cost | 575,800 | 1,063,600 |
Mortgage loans held for sale | 573,638 | 327,700 |
Loans, less allowance for loan losses of $2,509,334 and $2,458,911 | 340,900,635 | 332,533,706 |
Premises and equipment | 5,075,310 | 5,206,271 |
Accrued interest receivable | 990,529 | 1,020,256 |
Deferred income taxes | 1,179,454 | 998,032 |
Other real estate owned | 210,150 | 265,500 |
Bank owned life insurance | 7,053,354 | 6,891,590 |
Other assets | 657,885 | 622,856 |
417,157,877 | 402,904,469 | |
Deposits: | ||
Noninterest-bearing | 62,717,520 | 64,403,133 |
Interest-bearing | 291,995,483 | 255,393,291 |
Total deposits | 354,713,003 | 319,796,424 |
Securities sold under repurchase agreements | 11,012,000 | 21,768,507 |
Federal Home Loan Bank of Atlanta advances | 3,000,000 | 17,000,000 |
Accrued interest payable | 311,489 | 180,620 |
Other liabilities | 2,726,678 | 2,359,986 |
371,763,170 | 361,105,537 | |
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,682,997 shares in 2018 and 1,667,813 shares in 2017 | 16,830 | 16,678 |
Additional paid-in capital | 27,324,794 | 26,869,796 |
Retained earnings | 18,621,382 | 15,306,625 |
Accumulated other comprehensive loss | (568,299) | (394,167) |
45,394,707 | 41,798,932 | |
$ 417,157,877 | $ 402,904,469 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | $ 2,509,334 | $ 2,458,911 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, share issued (in shares) | 1,682,997 | 1,667,813 |
Common stock, share outstanding (in shares) | 1,682,997 | 1,667,813 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 16,401,554 | $ 15,189,238 |
Investment securities - taxable | 610,951 | 710,438 |
Investment securities - tax exempt | 570,529 | 597,919 |
Federal funds sold and other interest earning assets | 185,299 | 97,208 |
Total interest income | 17,768,333 | 16,594,803 |
Interest expense: | ||
Deposits | 2,225,616 | 1,378,308 |
Securities sold under repurchase agreements | 144,881 | 161,914 |
Federal Home Loan Bank advances and other borrowings | 136,744 | 167,018 |
Total interest expense | 2,507,241 | 1,707,240 |
Net interest income | 15,261,092 | 14,887,563 |
Provision for loan losses | 475,000 | 410,000 |
Net interest income after provision for loan losses | 14,786,092 | 14,477,563 |
Noninterest income: | ||
Mortgage banking income | 271,767 | 279,364 |
Bank owned life insurance income | 161,764 | 170,588 |
Unrealized loss on equity security | (11,429) | |
Write down of other real estate owned | (55,350) | (148,500) |
Gain on sale of SBA loans | 226,026 | 223,251 |
Total noninterest income | 1,365,273 | 1,337,094 |
Noninterest expense: | ||
Salaries | 5,194,871 | 4,931,432 |
Employee benefits | 1,313,392 | 1,289,263 |
Occupancy | 706,193 | 684,173 |
Furniture and equipment | 632,330 | 644,576 |
Other | 2,485,694 | 2,473,658 |
Total noninterest expense | 10,332,480 | 10,023,102 |
Income before income taxes | 5,818,885 | 5,791,555 |
Income taxes | 1,106,209 | 2,002,314 |
Net income | $ 4,712,676 | $ 3,789,241 |
Earnings per share - basic and diluted (in dollars per share) | $ 2.82 | $ 2.28 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 670,653 | $ 700,791 |
Financial Service, Other [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 101,842 | $ 111,600 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 4,712,676 | $ 3,789,241 |
Securities available for sale | ||
Net unrealized loss arising during the period | (254,609) | (81,019) |
Income tax benefit | 70,061 | 31,958 |
Total other comprehensive loss | (184,548) | (49,061) |
Total comprehensive income | $ 4,528,128 | $ 3,740,180 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 1,656,390 | ||||
Balance at Dec. 31, 2016 | $ 16,564 | $ 26,562,919 | $ 12,713,099 | $ (280,305) | $ 39,012,277 |
Net income | 3,789,241 | 3,789,241 | |||
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit) | (49,061) | (49,061) | |||
Reclassification due to adoption of ASU No. 2018-02 | Accounting Standards Update 2018-02 [Member] | 64,801 | (64,801) | |||
Cash dividends | (1,260,516) | (1,260,516) | |||
Dividends reinvested (in shares) | 11,423 | ||||
Dividends reinvested | $ 114 | 306,877 | 306,991 | ||
Balance (in shares) at Dec. 31, 2017 | 1,667,813 | ||||
Balance at Dec. 31, 2017 | $ 16,678 | 26,869,796 | 15,306,625 | (394,167) | 41,798,932 |
Net income | 4,712,676 | 4,712,676 | |||
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit) | (184,548) | (184,548) | |||
Reclassification due to adoption of ASU No. 2018-02 | Accounting Standards Update 2016-01 [Member] | (10,416) | 10,416 | |||
Cash dividends | (1,387,503) | (1,387,503) | |||
Dividends reinvested (in shares) | 15,134 | ||||
Dividends reinvested | $ 151 | 453,449 | 453,600 | ||
Reclassification due to adoption of ASU No. 2016-01 | Accounting Standards Update 2016-01 [Member] | (10,416) | 10,416 | |||
Shares issued (in shares) | 50 | ||||
Shares issued | $ 1 | 1,549 | 1,550 | ||
Balance (in shares) at Dec. 31, 2018 | 1,682,997 | ||||
Balance at Dec. 31, 2018 | $ 16,830 | $ 27,324,794 | $ 18,621,382 | $ (568,299) | $ 45,394,707 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized gain (loss) on securities available for sale, tax expense (benefit) | $ (70,061) | $ (31,958) |
Cash dividends (in dollars per share) | $ 0.83 | $ 0.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Interest received | $ 17,714,259 | $ 16,646,808 |
Fees and commissions received | 1,044,262 | 1,093,256 |
Interest paid | (2,376,372) | (1,668,523) |
Proceeds from sale of mortgage loans held for sale | 13,093,197 | 13,063,992 |
Origination of mortgage loans held for sale | (13,339,135) | (12,507,192) |
Cash paid to suppliers and employees | (9,372,508) | (7,773,163) |
Income taxes paid | (1,399,920) | (1,170,196) |
Cash provided by operating activities | 5,363,783 | 7,684,982 |
Cash flows from investing activities | ||
Available for sale | (4,943,748) | (6,854,680) |
Held to maturity | 223,000 | 1,612,309 |
Available for sale | (4,007,664) | (1,132,224) |
Held to maturity | (122,313) | (1,805,924) |
Loans made to customers, net of principal collected | (11,427,440) | (40,409,645) |
Proceeds from sale of SBA loans | 2,883,963 | 2,849,724 |
Redemption (purchase) of stock in FHLB of Atlanta | 487,800 | (285,300) |
Purchases of premises, equipment and software | (191,744) | (114,243) |
Cash used by investing activities | (7,210,650) | (32,430,623) |
Cash flows from financing activities | ||
Net increase (decrease) in Noninterest-bearing deposits | (1,685,613) | 1,611,298 |
Interest-bearing deposits | 36,602,192 | 15,469,990 |
Securities sold under repurchase agreements | (10,756,507) | (5,457,652) |
Federal Home Loan Bank of Atlanta advances | (14,000,000) | 8,000,000 |
Dividends paid, net of reinvestments | (933,903) | (953,525) |
Common stock issued | 1,550 | |
Cash provided by financing activities | 9,227,719 | 18,670,111 |
Net increase (decrease) in cash and cash equivalents | 7,380,852 | (6,075,530) |
Cash and cash equivalents at beginning of period | 7,237,385 | 13,312,915 |
Cash and cash equivalents at end of period | 14,618,237 | 7,237,385 |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | 4,712,676 | 3,789,241 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 380,461 | 419,281 |
Provision for loan losses | 475,000 | 410,000 |
Write down of other real estate owned | 55,350 | 148,500 |
Write down of other assets | 4,500 | 1,500 |
Equity security dividends reinvested | (11,375) | (10,740) |
Unrealized loss on equity security | 11,429 | |
Gain on sale of SBA loans | (226,026) | (223,251) |
Deferred income taxes | (111,360) | (347,446) |
Revaluation of deferred tax asset due to change in corporate income tax rate | 410,391 | |
Amortization of premiums and accretion of discounts, net | 123,253 | 136,874 |
Increase (decrease) in | ||
Deferred loan fees | (72,426) | 126,038 |
Accrued interest payable | 130,869 | 38,717 |
Other liabilities | 366,692 | 624,102 |
Decrease (increase) in | ||
Mortgage loans held for sale | (245,938) | 556,800 |
Accrued interest receivable | 29,727 | (63,293) |
Bank owned life insurance cash surrender value | (161,764) | (170,588) |
Other assets | (97,285) | 1,838,855 |
Cash provided by operating activities | $ 5,363,783 | $ 7,684,982 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
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 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 one 100% 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. is licensed to provide a wide range of investment and insurance products to its customers, but is inactive. Reclassifications Certain reclassifications have been made to the 2017 no 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 Comprehensive income Comprehensive income includes net income and the unrealized gains or losses on investment securities available for sale, net of income taxes. 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. Discounts are accreted through maturity. Premiums are amortized through the earliest call date. Securities held to meet liquidity needs or which may Equity security at fair value On January 1, 2018, $10,416 $10,416 December 31, 2018. Federal Home Loan Bank stock As a member of the Federal Home Loan Bank of Atlanta (the “FHLB”), the Bank is required to purchase FHLB stock in an amount that is based on the Bank’s total assets. Additional stock is purchased and redeemed based on the outstanding FHLB advances to the Bank. The stock is recorded at cost on the balance sheet. 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 90 not 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 three 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 twenty December 31, 2018 2017, twenty 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 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 l oans 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 no third not third Premises and equipment Land is carried at cost. 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. 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. Bank owned life insurance The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Revenue Recognition On January 1, 2018, 2014 09 no 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. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no Per share data 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 1,671,789 1,658,384 2018 2017, no December 31, 2018 2017. Subsequent events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2018 855, |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and Cash 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 $ 5,349,977 $5,991,573 December 31, 2018 2017, Deposits held in noninterest-bearing transaction accounts are aggregated with any interest-bearing deposits the owner may $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. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Investment securities are summarized as follows: Amortized Unrealized Unrealized Fair December 31, 2018 cost gains losses value Available for sale State and municipal $ 1,506,011 $ 11,161 $ 10,667 $ 1,506,505 SBA pools 2,779,411 - 60,039 2,719,372 Mortgage-backed securities 23,090,618 33,594 758,098 22,366,114 $ 27,376,040 $ 44,755 $ 828,804 $ 26,591,991 Held to maturity State and municipal $ 18,127,067 $ 115,220 $ 209,194 $ 18,033,093 December 31, 2017 Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,458,951 $ 47,356 $ 576,797 $ 27,929,510 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2018 cost value cost value Within one year $ 375,000 $ 375,653 $ 1,009,284 $ 1,011,165 Over one to five years 260,587 249,920 590,522 598,528 Over five to ten years 870,424 880,932 1,858,695 1,876,364 Over ten years - - 14,668,566 14,547,036 1,506,011 1,506,505 18,127,067 18,033,093 Mortgage-backed securities and SBA pools, due in monthly installments 25,870,029 25,085,486 - - $ 27,376,040 $ 26,591,991 $ 18,127,067 $ 18,033,093 December 31, 2017 Within one year $ - $ - $ 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 1,510,848 1,539,207 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,458,951 $ 27,929,510 $ 18,204,182 $ 18,307,627 Securities with a carrying value of $ 11,706,765 $31,982,381 December 31, 2018 2017, In 2018 2017, no 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, 2018 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 $ 3,435,052 $ 42,080 $ 3,740,467 $ 177,781 $ 7,175,519 $ 219,861 SBA pools 443,288 6,707 2,276,084 53,332 2,719,372 60,039 Mortgage-backed securities 596,002 6,631 17,770,790 751,467 18,366,792 758,098 Total $ 4,474,342 $ 55,418 $ 23,787,341 $ 982,580 $ 28,261,683 $ 1,037,998 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 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 $ 25,125,786 $ 653,866 $ 29,361,793 $ 698,701 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, 2018, not December 31, 2018, none |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
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% not December 31, 2018 2017, 2018 2017 Balance, beginning of year $ 15,577,316 $ 12,782,233 Additions 2,069,000 5,921,920 Amounts collected (2,669,653 ) (3,126,837 ) Change in related parties (1,021,566 ) - Balance, end of year $ 13,955,097 $ 15,577,316 Unused lines of credit to related parties totaled $ 634,724 $746,842 December 31, 2018 2017, $0 $6,534 December 31, 2018 2017, Deposits at the Company from related parties totaled $ 14,665,18 3 $18,592,732 December 31, 2018 2017, Payments to companies controlled by directors totaled $ 4,144 2018 $10,278 2017. |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Major categories of loans at December 31, 2018 2017 2018 2017 Real estate: Commercial $ 238,834,149 $ 234,026,574 Construction and land development 18,265,505 18,160,366 Residential 63,024,106 59,241,416 Commercial 23,323,073 23,613,543 Consumer 494,009 554,017 343,940,842 335,595,916 Less: Allowance for loan losses 2,509,334 2,458,911 Deferred origination fees net of costs 530,873 603,299 $ 340,900,635 $ 332,533,706 The maturity and rate repricing distribution of the loan portfolio as of December 31, 2018 2017, 2018 2017 Variable rate, immediately $ 65,523,966 $ 55,901,161 Due within one year 42,060,188 42,042,744 Due over one to five years 153,190,636 136,475,036 Due over five years 83,166,052 101,176,975 $ 343,940,842 $ 335,595,916 Year-end nonaccrual loans, segregated by class of loans, were as follows: 2018 2017 Commercial real estate $ 988,811 $ 2,245,743 At December 31, 2018, two $ 9 88,811 $ 115,168 2018 $ 0 $ 690 ,000 December 31, 2018. At December 31, 2017, one $2,245,743. $82,070 2017 $127,213 $275,000 December 31, 2017. 2018 $197,660. 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, 2018 Real estate: Commercial $ - $ - $ 988,811 $ 988,811 $ 237,845,338 $ 238,834,149 $ - Construction and land development - - - - 18,265,505 18,265,505 - Residential - - 10,507 10,507 63,013,599 63,024,106 10,507 Commercial - 25,000 - 25,000 23,298,073 23,323,073 - Consumer - - - - 494,009 494,009 - Total $ - $ 25,000 $ 999,318 $ 1,024,318 $ 342,916,524 $ 343,940,842 $ 10,507 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 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, 2018 Commercial real estate $ 3,867,381 $ 3,177,381 $ - $ 3,177,381 $ - $ 4,180,282 $ 120,193 December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 2,591,591 $ 268,652 Impaired loans 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 six At December 31, 2018, one $2, 134,570 one $54,000 $54,000 2018. no two At December 31, 2017, three $2,937,439 Two $774,274 2017. 2018. no three 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 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 Special Mention A special mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may not not Borrowers may may may 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 Borrowers may 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. Loans by credit grade, segregated by loan type, at year-end, are as follows: Above Pass Special December 31, 2018 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,632,231 $ 101,633,803 $ 104,454,812 $ 20,356,642 $ - $ 8,756,661 $ - $ 238,834,149 Construction and land development - - 8,190,212 7,871,642 2,203,651 - - - 18,265,505 Residential 35,926 1,178,899 26,856,131 30,169,305 2,093,825 - 2,690,020 - 63,024,106 Commercial 977,054 24,180 12,373,503 7,130,122 2,818,214 - - - 23,323,073 Consumer 3,668 80,670 266,704 63,160 - - 1,340 78,467 494,009 $ 1,016,648 $ 4,915,980 $ 149,320,353 $ 149,689,041 $ 27,472,332 $ - $ 11,448,021 $ 78,467 $ 343,940,842 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 The following tables detail activity in the allowance for loan losses by portfolio for the years ended December 31, 2018 2017. one not Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ 372,315 $ (690,000 ) $ 204,660 $ 1,754,372 $ - $ 1,754,372 $ 3,177,381 $ 235,656,768 Construction and land development 223,274 (78,496 ) (12,115 ) 63,711 196,374 - 196,374 - 18,265,505 Residential 247,953 153,673 - - 401,626 - 401,626 - 63,024,106 Commercial 87,353 6,090 - 9,167 102,610 - 102,610 - 23,323,073 Consumer 7,027 3,401 - - 10,428 - 10,428 - 494,009 Unallocated 25,907 18,017 - - 43,924 - 43,924 - - $ 2,458,911 $ 475,000 $ (702,115 ) $ 277,538 $ 2,509,334 $ - $ 2,509,334 $ 3,177,381 $ 340,763,461 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 Loans with a balance of approximately $ 63 December 31, 2018. $ 51 December 31, 2018. December 31, 2018 2017, $ 3 0.0 $31.7 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. |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Premises and Equipment A summary of premises and equipment is as follows: Useful lives (in years) 2018 2017 Land and improvements - $ 1,952,998 $ 1,952,998 Buildings and improvements 15 - 39 5,659,635 5,659,635 Furniture and equipment 3 - 10 3,796,514 3,604,769 11,409,147 11,217,402 Accumulated depreciation and amortization 6,333,837 6,011,131 $ 5,075,310 $ 5,206,271 Depreciation and amortization expense $ 322,705 $ 357,650 Software with a net book value of $ 73,022 $126,538 December 31, 2018 2017, $ 57,756 $61,631 2018 2017, |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies 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 two five September 30, 2019. six five July 2012, five January 2018, one five five one nine one 2018 September 2015. September 2020 four five May 2018, five two five Future minimum payments under the agreements including those option years for which the Company is reasonably certain to renew are as follows: Year Amount 2019 $ 137,383 2020 141,680 2021 146,120 2022 150,707 2023 155,447 Thereafter 911,769 $ 1,643,106 Rent expense was $ 138,778 $130,608 2018 2017, Credit Commitments Outstanding loan commitments, unused lines of credit, and letters of credit as of December 31, 2018 2017 Loan commitments Construction and land development $ 6,800,240 $ - Commercial 1,143,217 1,295,000 Commercial real estate 2,853,913 7,478,500 Residential 1,557,500 660,000 $ 12,354,870 $ 9,433,500 Unused lines of credit Home-equity lines $ 3,594,847 $ 3,390,515 Commercial lines 23,389,326 36,614,548 $ 26,984,173 $ 40,005,063 Letters of credit $ 1,905,553 $ 1,827,513 Loan commitments and lines of credit are agreements to lend to a customer as long as there is no may not third 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 Insurance Reserves The Insurance Subsidiary insures risks of the Bank (primarily professional liability) that are not one not December 31, 2018 2017 $48,618 $27,413, |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six 4% may 100% $ 173,848 $170,142 2018 2017, The Company has entered into agreements with 12 $ 5, 673 $5,228 2018 2017, The Company adopted supplemental executive retirement plans for three $ 240,609 $255,859 2018 2017, Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income. |
Note 9 - Interest-Bearing Depos
Note 9 - Interest-Bearing Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 9. Interest-Bearing Deposits Major classifications of interest-bearing deposits are as follows: 2018 2017 NOW $ 56,293,730 $ 43,536,401 Money market 54,995,415 53,750,747 Savings 43,638,363 43,903,240 Certificates of deposit, $250,000 or more 23,335,007 15,896,054 Other time deposits 113,732,968 98,306,849 $ 291,995,483 $ 255,393,291 As of December 31, 2018, Year Amount 2019 $ 84,831,543 2020 30,056,739 2021 13,382,329 2022 2,477,962 2023 6,302,390 Thereafter 17,012 $ 137,067,975 |
Note 10 - Borrowed Funds
Note 10 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Borrowed Funds Borrowed funds consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the FHLB of Atlanta, 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: 2018 2017 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 11,012,000 $ 21,768,507 Federal Home Loan Bank advances are summarized as follows: Maturity date Interest Rate Amount 1/16/2018 1.13% $ - $ 1,000,000 1/30/2018 1.25% - 2,000,000 2/12/2018 1.14% - 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 9/23/2019 1.25% 2,000,000 2,000,000 11/22/2019 1.99% 1,000,000 1,000,000 Total $ 3,000,000 $ 17,000,000 Weighted average rate paid at December 31: Securities sold under repurchase agreements 1.07 % 0.65 % Federal Home Loan Bank advances 1.50 % 1.35 % Maximum month-end amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 22,173,010 $ 30,786,064 Federal Home Loan Bank advances 19,000,000 18,000,000 Average amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 17,479,418 $ 24,702,931 Federal Home Loan Bank advances 8,795,890 13,846,575 Borrowings from FRB and commercial banks 249,047 78,082 Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.83 % 0.66 % Federal Home Loan Bank advances 1.50 % 1.20 % Borrowings from FRB and commercial banks 1.93 % 1.64 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 11,706,765 $ 22,363,793 Estimated fair value 11,710,458 22,484,092 Loans and investment securities pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 63,305,452 $ 68,406,154 Carrying value - investment securities - 4,749,970 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 50,682,236 $ 40,717,623 The Company is approved to borrow approximately $46.4 $25.6 $9.5 $9 |
Note 11 - Other Noninterest Exp
Note 11 - Other Noninterest Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 11. Other Noninterest Expenses Other noninterest expenses include the following: 2018 2017 Professional services $ 400,759 $ 452,846 Advertising 237,508 236,564 Automated teller machine and debit card expenses 210,644 285,912 Directors fees 197,116 178,796 Telephone 193,631 179,329 Stationery, printing, and supplies 190,057 170,301 Postage, delivery, and armored carrier 179,677 172,607 Internet banking fees 155,208 157,962 Federal Deposit Insurance Corporation premiums 125,143 125,943 Correspondent bank services 94,763 84,119 Travel and conferences 50,553 51,509 Maryland state regulatory assessment 47,967 44,897 Insurance claims 47,726 27,413 Dues and subscriptions 44,603 39,574 Liability insurance 43,414 49,332 Other real estate owned 42,762 24,441 Remote deposit expenses 31,923 30,895 Credit reports 26,860 23,450 Payroll preparation 21,652 19,406 Other 143,728 118,362 $ 2,485,694 $ 2,473,658 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The components of income tax expense are as follows: 2018 2017 Current Federal $ 834,327 $ 1,532,959 State 383,242 406,410 1,217,569 1,939,369 Revaluation of deferred tax asset due to change in corporate tax rate - 410,391 Deferred (111,360 ) (347,446 ) $ 1,106,209 $ 2,002,314 The Tax Cuts and Jobs Act reduced the Company’s federal corporate income tax rate from 34% 21% 2018. 2017, 2017 21% 2017. $410,391 $64,801 The components of the deferred tax expense are as follows: 2018 2017 Depreciation $ (6,049 ) $ (62,449 ) Provision for loan losses 287 (132,991 ) Other real estate owned allowance for loss (15,231 ) (58,576 ) Nonaccrual interest (8,888 ) (3,633 ) Prepaid captive insurance premium (9,325 ) 13,781 Write-down of equity securities (4,383 ) (592 ) Post-retirement benefits (67,771 ) (102,986 ) $ (111,360 ) $ (347,446 ) The components of the net deferred tax asset are as follows: Deferred tax assets Allowance for loan losses $ 626,841 $ 627,127 Other real estate owned allowance for loss 228,354 213,123 Write-down of equity securities 12,631 4,265 Nonaccrual interest 31,692 22,804 Post-retirement benefits 502,661 434,891 Unrealized loss on securities available for sale 215,751 149,671 1,617,930 1,451,881 Deferred tax liabilities Prepaid captive insurance premium 273,665 282,990 Depreciation 164,811 170,859 438,476 453,849 Net deferred tax asset $ 1,179,454 $ 998,032 The differences between the federal income tax rate in effect each year and the effective tax rate for the Company are reconciled as follows: Statutory federal income tax rate 21.0 % 34.0 % Increase (decrease) resulting from: Federal tax-exempt income (6.5 ) (10.8 ) State income taxes, net of federal income tax benefit 4.7 3.9 Nondeductible expenses 0.1 0.1 Revaluation of deferred tax asset due to change in corporate tax rate - 7.1 Other (0.3 ) 0.3 19.0 % 34.6 % Included in Federal tax-exempt income is the insurance premium revenue of the Insurance Subsidiary. The Company does not not December 31, 2014. |
Note 13 - Capital Standards
Note 13 - Capital Standards | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 13. 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 1 1 1 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 1 Under the revised prompt corrective action requirements, as of January 1, 2015, 1 1 6.5%; 2 1 8%; 3 10%; 4 1 5%. The implementation of the capital conservation buffer began on January 1, 2016, 0.625% four January 1, 2.5% January 1, 2019 not December 31, 2018, 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 The following table presents actual and required capital ratios as of December 31, 2018 2017, December 31, 2018 2017, As of December 31, 2018, no 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. The following table presents actual and required capital ratios as of December 31, 2018 2017, Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 47,857 13.50 % $ 34,996 9.88 % $ 35,439 10.00 % Tier 1 capital (to risk-weighted assets) 45,348 12.80 % 27,908 7.88 % 28,351 8.00 % Common equity tier 1 (to risk-weighted assets) 45,348 12.80 % 22,593 6.38 % 23,036 6.50 % Tier 1 leverage (to average assets) 45,348 10.86 % 16,698 4.00 % 20,872 5.00 % 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 % |
Note 14 - Fair Value
Note 14 - Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. 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 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: ● Level 2: 1 not ● Level 3: 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 ● Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1. ● 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 3. third 10% ● 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 3. third 10% The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2018 2017, Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2018 Recurring Available for sale securities State and municipal $ - $ 1,506,505 $ - $ 1,506,505 SBA pools - 2,719,372 - 2,719,372 Mortgage-backed securities - 22,366,114 - 22,366,114 $ - $ 26,591,991 $ - $ 26,591,991 Equity security at fair value $ 503,827 $ - $ - $ 503,827 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,177,381 3,177,381 December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ - $ 27,929,510 $ - $ 27,929,510 Equity security at fair value $ 503,881 $ - $ - $ 503,881 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 Reconciliation of Level 3 Inputs Other Real Impaired Estate Owned Loans December 31, 2017 fair value $ 265,500 $ 5,055,969 Additions - 1,747,826 Advances - 19,086 Write-downs/charge-offs (55,350 ) (690,000 ) Recoveries - 197,660 Loan loss provision - 127,213 Principal payments received - (3,280,373 ) December 31, 2018 fair value $ 210,150 $ 3,177,381 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, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity 18,127,067 18,033,093 18,204,182 18,307,627 Mortgage loans held for sale 573,638 582,248 327,700 332,558 Federal Home Loan Bank stock 575,800 575,800 1,063,600 1,063,600 Level 3 inputs Loans, net 340,900,635 337,385,842 332,533,706 332,689,848 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 62,717,520 $ 62,717,520 $ 64,403,133 $ 64,403,133 Securities sold under repurchase agreements 11,012,000 11,012,000 21,768,507 21,768,507 Level 2 inputs Interest-bearing deposits 291,995,483 281,761,483 255,393,291 244,403,291 Federal Home Loan Bank advances 3,000,000 2,971,000 17,000,000 16,957,000 The fair value of mortgage loans held for sale is determined by the expected sales price. Beginning in the first 2018, 2016 01, first 2018. 3 In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. In comparison, loan fair values as of December 31, 2017 December 31, 2018 December 31, 2017 not 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 |
Note 15 - Parent Company Financ
Note 15 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 15. Parent Company Financial Information The condensed financial statements for the Company (parent only) are presented below: Balance Sheets December 31, 2018 2017 Assets Cash and cash equivalents $ 64,243 $ 48,384 Investment in subsidiaries 45,330,464 41,743,068 Other assets - 7,480 $ 45,394,707 $ 41,798,932 Liabilities and Stockholders' Equity Stockholders' equity Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,682,997 shares in 2018 and 1,667,813 shares in 2017 $ 16,830 $ 16,678 Additional paid-in capital 27,324,794 26,869,796 Retained earnings 18,621,382 15,306,625 Accumulated other comprehensive income (568,299 ) (394,167 ) 45,394,707 41,798,932 $ 45,394,707 $ 41,798,932 Statements of Income Years Ended December 31, 2018 2017 Income Cash dividends from subsidiary $ 1,541,225 $ 1,250,278 Total income 1,541,225 1,250,278 Noninterest expense 492 455 Income before before income taxes and equity in undistributed income of subsidiaries 1,540,733 1,249,823 Income taxes (benefit) - - Income before before equity in undistributed income of subsidiaries 1,540,733 1,249,823 Equity in undistributed income of subsidiaries 3,171,943 2,539,418 $ 4,712,676 $ 3,789,241 Statements of Cash Flows Years Ended December 31, 2018 2017 Cash flows from operating activities Net Income $ 4,712,676 $ 3,789,241 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (3,171,943 ) (2,539,418 ) Other 7,479 - Cash provided by operating activities 1,548,212 1,249,823 Cash flows from investing activities Contibution of capital to subsdiaries (600,000 ) (300,000 ) Cash used by investing activities (600,000 ) (300,000 ) Cash flows from financing activities Proceeds form sale of common stock 1,550 - Dividends paid, net of reinvestments (933,903 ) (953,525 ) Cash provided by financing activities (932,353 ) (953,525 ) Net increase (decrease) in cash and cash equivalents 15,859 (3,702 ) Cash and cash equivalents at beginning of period 48,384 52,086 Cash and cash equivalents at end of period $ 64,243 $ 48,384 |
Note 16 - Quarterly Results of
Note 16 - Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16. Quarterly Results of Operations Three Months Ended Unaudited 2018 December 31 September 30 June 30 March 31 Interest income $ 4,599,891 $ 4,525,190 $ 4,385,506 $ 4,257,746 Interest expense 726,549 664,018 580,913 535,761 Net interest income 3,873,342 3,861,172 3,804,593 3,721,985 Provision for loan losses 450,000 (100,000 ) 75,000 50,000 Net income 1,136,805 1,308,688 1,145,065 1,122,118 Earnings per share - basic and diluted $ 0.68 $ 0.78 $ 0.69 $ 0.67 2017 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 |
Note 17 - Litigation
Note 17 - Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 one 100% |
Business Description, 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. is licensed to provide a wide range of investment and insurance products to its customers, but is inactive. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2017 no |
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 |
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. Discounts are accreted through maturity. Premiums are amortized through the earliest call date. Securities held to meet liquidity needs or which may |
Equity Securities, Policy [Policy Text Block] | Equity security at fair value On January 1, 2018, $10,416 $10,416 December 31, 2018. |
Federal Home Loan Bank stocks [Policy Text Block] | Federal Home Loan Bank stock As a member of the Federal Home Loan Bank of Atlanta (the “FHLB”), the Bank is required to purchase FHLB stock in an amount that is based on the Bank’s total assets. Additional stock is purchased and redeemed based on the outstanding FHLB 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 90 not 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 three 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 twenty December 31, 2018 2017, twenty 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 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 l oans 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 no third not third |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Land is carried at cost. 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. |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank owned life insurance The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition On January 1, 2018, 2014 09 no |
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. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no |
Earnings Per Share, Policy [Policy Text Block] | Per share data 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 1,671,789 1,658,384 2018 2017, no December 31, 2018 2017. |
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, 2018 855, |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair December 31, 2018 cost gains losses value Available for sale State and municipal $ 1,506,011 $ 11,161 $ 10,667 $ 1,506,505 SBA pools 2,779,411 - 60,039 2,719,372 Mortgage-backed securities 23,090,618 33,594 758,098 22,366,114 $ 27,376,040 $ 44,755 $ 828,804 $ 26,591,991 Held to maturity State and municipal $ 18,127,067 $ 115,220 $ 209,194 $ 18,033,093 December 31, 2017 Available for sale State and municipal $ 1,510,848 $ 38,494 $ 10,135 $ 1,539,207 SBA pools 3,212,771 75 13,000 3,199,846 Mortgage-backed securities 23,735,332 8,787 553,662 23,190,457 $ 28,458,951 $ 47,356 $ 576,797 $ 27,929,510 Held to maturity State and municipal $ 18,204,182 $ 225,349 $ 121,904 $ 18,307,627 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2018 cost value cost value Within one year $ 375,000 $ 375,653 $ 1,009,284 $ 1,011,165 Over one to five years 260,587 249,920 590,522 598,528 Over five to ten years 870,424 880,932 1,858,695 1,876,364 Over ten years - - 14,668,566 14,547,036 1,506,011 1,506,505 18,127,067 18,033,093 Mortgage-backed securities and SBA pools, due in monthly installments 25,870,029 25,085,486 - - $ 27,376,040 $ 26,591,991 $ 18,127,067 $ 18,033,093 December 31, 2017 Within one year $ - $ - $ 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 1,510,848 1,539,207 18,204,182 18,307,627 Mortgage-backed securities and SBA pools, due in monthly installments 26,948,103 26,390,303 - - $ 28,458,951 $ 27,929,510 $ 18,204,182 $ 18,307,627 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2018 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 $ 3,435,052 $ 42,080 $ 3,740,467 $ 177,781 $ 7,175,519 $ 219,861 SBA pools 443,288 6,707 2,276,084 53,332 2,719,372 60,039 Mortgage-backed securities 596,002 6,631 17,770,790 751,467 18,366,792 758,098 Total $ 4,474,342 $ 55,418 $ 23,787,341 $ 982,580 $ 28,261,683 $ 1,037,998 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 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 $ 25,125,786 $ 653,866 $ 29,361,793 $ 698,701 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2018 2017 Balance, beginning of year $ 15,577,316 $ 12,782,233 Additions 2,069,000 5,921,920 Amounts collected (2,669,653 ) (3,126,837 ) Change in related parties (1,021,566 ) - Balance, end of year $ 13,955,097 $ 15,577,316 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2018 2017 Real estate: Commercial $ 238,834,149 $ 234,026,574 Construction and land development 18,265,505 18,160,366 Residential 63,024,106 59,241,416 Commercial 23,323,073 23,613,543 Consumer 494,009 554,017 343,940,842 335,595,916 Less: Allowance for loan losses 2,509,334 2,458,911 Deferred origination fees net of costs 530,873 603,299 $ 340,900,635 $ 332,533,706 |
Maturity and Rate Repricing Distribution of the Loans and Leases Receivable [Table Text Block] | 2018 2017 Variable rate, immediately $ 65,523,966 $ 55,901,161 Due within one year 42,060,188 42,042,744 Due over one to five years 153,190,636 136,475,036 Due over five years 83,166,052 101,176,975 $ 343,940,842 $ 335,595,916 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | 2018 2017 Commercial real estate $ 988,811 $ 2,245,743 |
Past Due Financing Receivables [Table Text Block] | 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, 2018 Real estate: Commercial $ - $ - $ 988,811 $ 988,811 $ 237,845,338 $ 238,834,149 $ - Construction and land development - - - - 18,265,505 18,265,505 - Residential - - 10,507 10,507 63,013,599 63,024,106 10,507 Commercial - 25,000 - 25,000 23,298,073 23,323,073 - Consumer - - - - 494,009 494,009 - Total $ - $ 25,000 $ 999,318 $ 1,024,318 $ 342,916,524 $ 343,940,842 $ 10,507 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 |
Impaired Financing Receivables [Table Text Block] | 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, 2018 Commercial real estate $ 3,867,381 $ 3,177,381 $ - $ 3,177,381 $ - $ 4,180,282 $ 120,193 December 31, 2017 Commercial real estate $ 5,458,182 $ 2,937,439 $ 2,245,743 $ 5,183,182 $ 127,213 $ 2,591,591 $ 268,652 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Above Pass Special December 31, 2018 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,632,231 $ 101,633,803 $ 104,454,812 $ 20,356,642 $ - $ 8,756,661 $ - $ 238,834,149 Construction and land development - - 8,190,212 7,871,642 2,203,651 - - - 18,265,505 Residential 35,926 1,178,899 26,856,131 30,169,305 2,093,825 - 2,690,020 - 63,024,106 Commercial 977,054 24,180 12,373,503 7,130,122 2,818,214 - - - 23,323,073 Consumer 3,668 80,670 266,704 63,160 - - 1,340 78,467 494,009 $ 1,016,648 $ 4,915,980 $ 149,320,353 $ 149,689,041 $ 27,472,332 $ - $ 11,448,021 $ 78,467 $ 343,940,842 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 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ 372,315 $ (690,000 ) $ 204,660 $ 1,754,372 $ - $ 1,754,372 $ 3,177,381 $ 235,656,768 Construction and land development 223,274 (78,496 ) (12,115 ) 63,711 196,374 - 196,374 - 18,265,505 Residential 247,953 153,673 - - 401,626 - 401,626 - 63,024,106 Commercial 87,353 6,090 - 9,167 102,610 - 102,610 - 23,323,073 Consumer 7,027 3,401 - - 10,428 - 10,428 - 494,009 Unallocated 25,907 18,017 - - 43,924 - 43,924 - - $ 2,458,911 $ 475,000 $ (702,115 ) $ 277,538 $ 2,509,334 $ - $ 2,509,334 $ 3,177,381 $ 340,763,461 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 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful lives (in years) 2018 2017 Land and improvements - $ 1,952,998 $ 1,952,998 Buildings and improvements 15 - 39 5,659,635 5,659,635 Furniture and equipment 3 - 10 3,796,514 3,604,769 11,409,147 11,217,402 Accumulated depreciation and amortization 6,333,837 6,011,131 $ 5,075,310 $ 5,206,271 Depreciation and amortization expense $ 322,705 $ 357,650 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Amount 2019 $ 137,383 2020 141,680 2021 146,120 2022 150,707 2023 155,447 Thereafter 911,769 $ 1,643,106 |
Schedule of Credit Commitments [Table Text Block] | 2018 2017 Loan commitments Construction and land development $ 6,800,240 $ - Commercial 1,143,217 1,295,000 Commercial real estate 2,853,913 7,478,500 Residential 1,557,500 660,000 $ 12,354,870 $ 9,433,500 Unused lines of credit Home-equity lines $ 3,594,847 $ 3,390,515 Commercial lines 23,389,326 36,614,548 $ 26,984,173 $ 40,005,063 Letters of credit $ 1,905,553 $ 1,827,513 |
Note 9 - Interest-Bearing Dep_2
Note 9 - Interest-Bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | 2018 2017 NOW $ 56,293,730 $ 43,536,401 Money market 54,995,415 53,750,747 Savings 43,638,363 43,903,240 Certificates of deposit, $250,000 or more 23,335,007 15,896,054 Other time deposits 113,732,968 98,306,849 $ 291,995,483 $ 255,393,291 |
Time Deposit Maturities [Table Text Block] | Year Amount 2019 $ 84,831,543 2020 30,056,739 2021 13,382,329 2022 2,477,962 2023 6,302,390 Thereafter 17,012 $ 137,067,975 |
Note 10 - Borrowed Funds (Table
Note 10 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2018 2017 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 11,012,000 $ 21,768,507 Federal Home Loan Bank advances are summarized as follows: Maturity date Interest Rate Amount 1/16/2018 1.13% $ - $ 1,000,000 1/30/2018 1.25% - 2,000,000 2/12/2018 1.14% - 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 9/23/2019 1.25% 2,000,000 2,000,000 11/22/2019 1.99% 1,000,000 1,000,000 Total $ 3,000,000 $ 17,000,000 Weighted average rate paid at December 31: Securities sold under repurchase agreements 1.07 % 0.65 % Federal Home Loan Bank advances 1.50 % 1.35 % Maximum month-end amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 22,173,010 $ 30,786,064 Federal Home Loan Bank advances 19,000,000 18,000,000 Average amount outstanding during the year ended December 31: Securities sold under repurchase agreements $ 17,479,418 $ 24,702,931 Federal Home Loan Bank advances 8,795,890 13,846,575 Borrowings from FRB and commercial banks 249,047 78,082 Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.83 % 0.66 % Federal Home Loan Bank advances 1.50 % 1.20 % Borrowings from FRB and commercial banks 1.93 % 1.64 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 11,706,765 $ 22,363,793 Estimated fair value 11,710,458 22,484,092 Loans and investment securities pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 63,305,452 $ 68,406,154 Carrying value - investment securities - 4,749,970 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 50,682,236 $ 40,717,623 |
Note 11 - Other Noninterest E_2
Note 11 - Other Noninterest Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2018 2017 Professional services $ 400,759 $ 452,846 Advertising 237,508 236,564 Automated teller machine and debit card expenses 210,644 285,912 Directors fees 197,116 178,796 Telephone 193,631 179,329 Stationery, printing, and supplies 190,057 170,301 Postage, delivery, and armored carrier 179,677 172,607 Internet banking fees 155,208 157,962 Federal Deposit Insurance Corporation premiums 125,143 125,943 Correspondent bank services 94,763 84,119 Travel and conferences 50,553 51,509 Maryland state regulatory assessment 47,967 44,897 Insurance claims 47,726 27,413 Dues and subscriptions 44,603 39,574 Liability insurance 43,414 49,332 Other real estate owned 42,762 24,441 Remote deposit expenses 31,923 30,895 Credit reports 26,860 23,450 Payroll preparation 21,652 19,406 Other 143,728 118,362 $ 2,485,694 $ 2,473,658 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 Current Federal $ 834,327 $ 1,532,959 State 383,242 406,410 1,217,569 1,939,369 Revaluation of deferred tax asset due to change in corporate tax rate - 410,391 Deferred (111,360 ) (347,446 ) $ 1,106,209 $ 2,002,314 |
Schedule of Components of Deferred Tax Expense Benefit [Table Text Block] | 2018 2017 Depreciation $ (6,049 ) $ (62,449 ) Provision for loan losses 287 (132,991 ) Other real estate owned allowance for loss (15,231 ) (58,576 ) Nonaccrual interest (8,888 ) (3,633 ) Prepaid captive insurance premium (9,325 ) 13,781 Write-down of equity securities (4,383 ) (592 ) Post-retirement benefits (67,771 ) (102,986 ) $ (111,360 ) $ (347,446 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets Allowance for loan losses $ 626,841 $ 627,127 Other real estate owned allowance for loss 228,354 213,123 Write-down of equity securities 12,631 4,265 Nonaccrual interest 31,692 22,804 Post-retirement benefits 502,661 434,891 Unrealized loss on securities available for sale 215,751 149,671 1,617,930 1,451,881 Deferred tax liabilities Prepaid captive insurance premium 273,665 282,990 Depreciation 164,811 170,859 438,476 453,849 Net deferred tax asset $ 1,179,454 $ 998,032 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Statutory federal income tax rate 21.0 % 34.0 % Increase (decrease) resulting from: Federal tax-exempt income (6.5 ) (10.8 ) State income taxes, net of federal income tax benefit 4.7 3.9 Nondeductible expenses 0.1 0.1 Revaluation of deferred tax asset due to change in corporate tax rate - 7.1 Other (0.3 ) 0.3 19.0 % 34.6 % |
Note 13 - Capital Standards (Ta
Note 13 - Capital Standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 47,857 13.50 % $ 34,996 9.88 % $ 35,439 10.00 % Tier 1 capital (to risk-weighted assets) 45,348 12.80 % 27,908 7.88 % 28,351 8.00 % Common equity tier 1 (to risk-weighted assets) 45,348 12.80 % 22,593 6.38 % 23,036 6.50 % Tier 1 leverage (to average assets) 45,348 10.86 % 16,698 4.00 % 20,872 5.00 % 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 % |
Note 14 - Fair Value (Tables)
Note 14 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2018 Recurring Available for sale securities State and municipal $ - $ 1,506,505 $ - $ 1,506,505 SBA pools - 2,719,372 - 2,719,372 Mortgage-backed securities - 22,366,114 - 22,366,114 $ - $ 26,591,991 $ - $ 26,591,991 Equity security at fair value $ 503,827 $ - $ - $ 503,827 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,177,381 3,177,381 December 31, 2017 Recurring Available for sale securities State and municipal $ - $ 1,539,207 $ - $ 1,539,207 SBA pools - 3,199,846 - 3,199,846 Mortgage-backed securities - 23,190,457 - 23,190,457 $ - $ 27,929,510 $ - $ 27,929,510 Equity security at fair value $ 503,881 $ - $ - $ 503,881 Nonrecurring Other real estate owned $ - $ - $ 265,500 $ 265,500 Impaired loans - - 5,055,969 5,055,969 |
Fair Value, Assets Measured on Non-recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliation of Level 3 Inputs Other Real Impaired Estate Owned Loans December 31, 2017 fair value $ 265,500 $ 5,055,969 Additions - 1,747,826 Advances - 19,086 Write-downs/charge-offs (55,350 ) (690,000 ) Recoveries - 197,660 Loan loss provision - 127,213 Principal payments received - (3,280,373 ) December 31, 2018 fair value $ 210,150 $ 3,177,381 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity 18,127,067 18,033,093 18,204,182 18,307,627 Mortgage loans held for sale 573,638 582,248 327,700 332,558 Federal Home Loan Bank stock 575,800 575,800 1,063,600 1,063,600 Level 3 inputs Loans, net 340,900,635 337,385,842 332,533,706 332,689,848 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 62,717,520 $ 62,717,520 $ 64,403,133 $ 64,403,133 Securities sold under repurchase agreements 11,012,000 11,012,000 21,768,507 21,768,507 Level 2 inputs Interest-bearing deposits 291,995,483 281,761,483 255,393,291 244,403,291 Federal Home Loan Bank advances 3,000,000 2,971,000 17,000,000 16,957,000 |
Note 15 - Parent Company Fina_2
Note 15 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Balance Sheets December 31, 2018 2017 Assets Cash and cash equivalents $ 64,243 $ 48,384 Investment in subsidiaries 45,330,464 41,743,068 Other assets - 7,480 $ 45,394,707 $ 41,798,932 Liabilities and Stockholders' Equity Stockholders' equity Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,682,997 shares in 2018 and 1,667,813 shares in 2017 $ 16,830 $ 16,678 Additional paid-in capital 27,324,794 26,869,796 Retained earnings 18,621,382 15,306,625 Accumulated other comprehensive income (568,299 ) (394,167 ) 45,394,707 41,798,932 $ 45,394,707 $ 41,798,932 |
Condensed Income Statement [Table Text Block] | Statements of Income Years Ended December 31, 2018 2017 Income Cash dividends from subsidiary $ 1,541,225 $ 1,250,278 Total income 1,541,225 1,250,278 Noninterest expense 492 455 Income before before income taxes and equity in undistributed income of subsidiaries 1,540,733 1,249,823 Income taxes (benefit) - - Income before before equity in undistributed income of subsidiaries 1,540,733 1,249,823 Equity in undistributed income of subsidiaries 3,171,943 2,539,418 $ 4,712,676 $ 3,789,241 |
Condensed Cash Flow Statement [Table Text Block] | Statements of Cash Flows Years Ended December 31, 2018 2017 Cash flows from operating activities Net Income $ 4,712,676 $ 3,789,241 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (3,171,943 ) (2,539,418 ) Other 7,479 - Cash provided by operating activities 1,548,212 1,249,823 Cash flows from investing activities Contibution of capital to subsdiaries (600,000 ) (300,000 ) Cash used by investing activities (600,000 ) (300,000 ) Cash flows from financing activities Proceeds form sale of common stock 1,550 - Dividends paid, net of reinvestments (933,903 ) (953,525 ) Cash provided by financing activities (932,353 ) (953,525 ) Net increase (decrease) in cash and cash equivalents 15,859 (3,702 ) Cash and cash equivalents at beginning of period 48,384 52,086 Cash and cash equivalents at end of period $ 64,243 $ 48,384 |
Note 16 - Quarterly Results o_2
Note 16 - Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended Unaudited 2018 December 31 September 30 June 30 March 31 Interest income $ 4,599,891 $ 4,525,190 $ 4,385,506 $ 4,257,746 Interest expense 726,549 664,018 580,913 535,761 Net interest income 3,873,342 3,861,172 3,804,593 3,721,985 Provision for loan losses 450,000 (100,000 ) 75,000 50,000 Net income 1,136,805 1,308,688 1,145,065 1,122,118 Earnings per share - basic and diluted $ 0.68 $ 0.78 $ 0.69 $ 0.67 2017 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 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Number of Shares Outstanding, Basic, Total | 1,671,789 | 1,658,384 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 0 |
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | ||
Reclassification Due to Adoption of ASU | $ (10,416) | |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||
Reclassification Due to Adoption of ASU | $ 10,416 | |
First Community Bankers Insurance Co., LLC [Member] | ||
Percentage of Ownership | 100.00% |
Note 2 - Cash and Cash Equiva_2
Note 2 - Cash and Cash Equivalents (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Uninsured Amount | $ 5,349,977 | $ 5,991,573 |
Cash, FDIC Insured Amount | $ 250,000 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 11,706,765 | $ 31,982,381 |
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 0 | $ 0 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Available for sale | ||
Amortized cost, available for sale | $ 27,376,040 | $ 28,458,951 |
Unrealized gains, available for sale | 44,755 | 47,356 |
Unrealized losses, available for sale | 828,804 | 576,797 |
Fair value, available for sale | 26,591,991 | 27,929,510 |
Held to maturity | ||
Amortized cost, held to maturity | 18,127,067 | 18,204,182 |
Fair value, held to maturity | 18,033,093 | 18,307,627 |
Amortized cost, available for sale | 27,376,040 | 28,458,951 |
Unrealized gains, available for sale | 44,755 | 47,356 |
Unrealized losses, available for sale | 828,804 | 576,797 |
Fair value, available for sale | 26,591,991 | 27,929,510 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale | ||
Amortized cost, available for sale | 1,506,011 | 1,510,848 |
Unrealized gains, available for sale | 11,161 | 38,494 |
Unrealized losses, available for sale | 10,667 | 10,135 |
Fair value, available for sale | 1,506,505 | 1,539,207 |
Held to maturity | ||
Amortized cost, held to maturity | 18,127,067 | 18,204,182 |
Unrealized gains, held to maturity | 115,220 | 225,349 |
Unrealized losses, held to maturity | 209,194 | 121,904 |
Fair value, held to maturity | 18,033,093 | 18,307,627 |
Amortized cost, available for sale | 1,506,011 | 1,510,848 |
Unrealized gains, available for sale | 11,161 | 38,494 |
Unrealized losses, available for sale | 10,667 | 10,135 |
Fair value, available for sale | 1,506,505 | 1,539,207 |
SBA Pools [Member] | ||
Available for sale | ||
Amortized cost, available for sale | 2,779,411 | 3,212,771 |
Unrealized gains, available for sale | 75 | |
Unrealized losses, available for sale | 60,039 | 13,000 |
Fair value, available for sale | 2,719,372 | 3,199,846 |
Held to maturity | ||
Amortized cost, available for sale | 2,779,411 | 3,212,771 |
Unrealized gains, available for sale | 75 | |
Unrealized losses, available for sale | 60,039 | 13,000 |
Fair value, available for sale | 2,719,372 | 3,199,846 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale | ||
Amortized cost, available for sale | 23,090,618 | 23,735,332 |
Unrealized gains, available for sale | 33,594 | 8,787 |
Unrealized losses, available for sale | 758,098 | 553,662 |
Fair value, available for sale | 22,366,114 | 23,190,457 |
Held to maturity | ||
Amortized cost, available for sale | 23,090,618 | 23,735,332 |
Unrealized gains, available for sale | 33,594 | 8,787 |
Unrealized losses, available for sale | 758,098 | 553,662 |
Fair value, available for sale | $ 22,366,114 | $ 23,190,457 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Available for Sale Amortized cost, Within one year | $ 375,000 | |
Available for Sale Fair value, Within one year | 375,653 | |
Held to Maturity Amortized cost, Within one year | 1,009,284 | 165,677 |
Held to Maturity Fair value, Within one year | 1,011,165 | 168,260 |
Available for Sale Amortized cost, Over one to five years | 260,587 | |
Available for Sale Fair value,Over one to five years | 249,920 | |
Held to Maturity Amortized cost, Over one to five years | 590,522 | 780,336 |
Held to Maturity Fair value, Over one to five years | 598,528 | 794,512 |
Available for Sale Amortized cost, Over five to ten years | 870,424 | 1,133,940 |
Available for Sale Fair value, Over five to ten years | 880,932 | 1,150,564 |
Held to Maturity Amortized cost, Over five to ten years | 1,858,695 | 1,792,019 |
Held to Maturity Fair value, Over five to ten years | 1,876,364 | 1,831,833 |
Available for Sale Amortized cost, Over ten years | 376,908 | |
Available for Sale Fair value, Over ten years | 388,643 | |
Held to Maturity Amortized cost, Over ten years | 14,668,566 | 15,466,150 |
Held to Maturity Fair value, Over ten years | 14,547,036 | 15,513,022 |
Available for Sale Amortized cost, total maturity | 1,506,011 | 1,510,848 |
Available for Sale Fair value, total maturity | 1,506,505 | 1,539,207 |
Held to Maturity Amortized cost, total maturity | 18,127,067 | 18,204,182 |
Held to Maturity Fair value, total maturity | 18,033,093 | 18,307,627 |
Available for Sale Amortized cost, due in monthly installments | 25,870,029 | 26,948,103 |
Available for Sale Fair value, due in monthly installments | 25,085,486 | 26,390,303 |
Held to Maturity Amortized cost, due in monthly installments | ||
Held to Maturity Fair value, due in monthly installments | ||
Available for Sale Amortized cost Total | 27,376,040 | 28,458,951 |
Available for Sale Fair value Total | 26,591,991 | 27,929,510 |
Held to Maturity Amortized cost Total | 18,127,067 | 18,204,182 |
Held to Maturity Fair value Total | $ 18,033,093 | $ 18,307,627 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Less than 12 months Fair value | $ 4,474,342 | $ 4,236,007 |
State and municipal | 55,418 | 44,835 |
12 months or more Fair value | 23,787,341 | 25,125,786 |
12 months or more Unrealized losses | 982,580 | 653,866 |
Total Fair value | 28,261,683 | 29,361,793 |
Total Unrealized losses | 1,037,998 | 698,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 3,435,052 | 812,630 |
State and municipal | 42,080 | 1,519 |
12 months or more Fair value | 3,740,467 | 3,444,443 |
12 months or more Unrealized losses | 177,781 | 130,520 |
Total Fair value | 7,175,519 | 4,257,073 |
Total Unrealized losses | 219,861 | 132,039 |
SBA Pools [Member] | ||
Less than 12 months Fair value | 443,288 | 551,780 |
State and municipal | 6,707 | 1,903 |
12 months or more Fair value | 2,276,084 | 2,109,832 |
12 months or more Unrealized losses | 53,332 | 11,097 |
Total Fair value | 2,719,372 | 2,661,612 |
Total Unrealized losses | 60,039 | 13,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months Fair value | 596,002 | 2,871,597 |
State and municipal | 6,631 | 41,413 |
12 months or more Fair value | 17,770,790 | 19,571,511 |
12 months or more Unrealized losses | 751,467 | 512,249 |
Total Fair value | 18,366,792 | 22,443,108 |
Total Unrealized losses | $ 758,098 | $ 553,662 |
Note 4 - Related Party Transa_3
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 13,955,097 | $ 15,577,316 | $ 12,782,233 |
Related Party Deposit Liabilities | 14,665,183 | 18,592,732 | |
Payments to Fund Long-term Loans to Related Parties | 4,144 | 10,278 | |
Director [Member] | |||
Letters of Credit Outstanding, Amount | 0 | 6,534 | |
Unused lines of Credit [Member] | |||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 634,724 | $ 746,842 |
Note 4 - Related Party Transa_4
Note 4 - Related Party Transactions - Related Party Loan Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, beginning of year | $ 15,577,316 | $ 12,782,233 |
Additions | 2,069,000 | 5,921,920 |
Amounts collected | (2,669,653) | (3,126,837) |
Change in related parties | (1,021,566) | |
Balance, end of year | $ 13,955,097 | $ 15,577,316 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Losses, Recovery | $ 277,538 | $ 8,261 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 702,115 | 322,436 |
Participating Mortgage Loans, Participation Liabilities, Amount | 30,000,000 | $ 31,700,000 |
Federal Home Loan Bank of Atlanta [Member] | ||
Loans Pledged as Collateral | 63,000,000 | |
Federal Home Loan Bank of Richmond [Member] | ||
Loans Pledged as Collateral | $ 51,000,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 2 | 1 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 988,811 | $ 2,245,743 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 115,168 | 82,070 |
Impaired Financing Receivable, Related Allowance | 127,213 | |
Financing Receivable, Allowance for Credit Losses, Recovery | $ 204,660 | $ 4,780 |
Number of Loans Classified as TDR | 1 | 3 |
Financing Receivable, Modifications, Recorded Investment | $ 2,134,570 | $ 2,937,439 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 774,274 | |
Financing Receivable, Allowance for Credit Losses, Write-downs | 690,000 | 275,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonaccrual Loans [Member] | ||
Impaired Financing Receivable, Related Allowance | 0 | 127,213 |
Allowance for Loan and Lease Losses Write-offs, Net, Total | 690,000 | 275,000 |
Financing Receivable, Allowance for Credit Losses, Recovery | 197,660 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses, Recovery | 148 | |
Number of Loans Classified as TDR | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ 54,000 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 54,000 | |
Financing Receivable, Allowance for Credit Losses, Write-downs | ||
Commercial Real Estate and Residential Loans Classified As TDR [Member] | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses, Recovery | 9,167 | 3,333 |
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 0 |
Note 5 - Loans - Major Categori
Note 5 - Loans - Major Categories of Loans (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | $ 343,940,842 | $ 335,595,916 |
Allowance for loan losses | 2,509,334 | 2,458,911 |
Deferred origination fees net of costs | 530,873 | 603,299 |
340,900,635 | 332,533,706 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 238,834,149 | 234,026,574 |
Construction and Land Development [Member] | ||
Loans | 18,265,505 | 18,160,366 |
Residential Portfolio Segment [Member] | ||
Loans | 63,024,106 | 59,241,416 |
Commercial Portfolio Segment [Member] | ||
Loans | 23,323,073 | 23,613,543 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 494,009 | $ 554,017 |
Note 5 - Loans - Maturity and R
Note 5 - Loans - Maturity and Rate Repricing Distribution of the Loan Portfolio (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Variable rate, immediately | $ 65,523,966 | $ 55,901,161 |
Due within one year | 42,060,188 | 42,042,744 |
Due over one to five years | 153,190,636 | 136,475,036 |
Due over five years | 83,166,052 | 101,176,975 |
$ 343,940,842 | $ 335,595,916 |
Note 5 - Loans - Non-accrual Lo
Note 5 - Loans - Non-accrual Loans (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Commercial Real Estate Portfolio Segment [Member] | ||
Commercial real estate | $ 988,811 | $ 2,245,743 |
Note 5 - Loans - Past Due Loans
Note 5 - Loans - Past Due Loans (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loans, past due | $ 1,024,318 | $ 2,392,202 |
Loans, current | 342,916,524 | 333,203,714 |
Loans | 343,940,842 | 335,595,916 |
Loans, 90 days past due and still accruing | 10,507 | 146,459 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 25,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 999,318 | 2,392,202 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, past due | 988,811 | 2,245,743 |
Loans, current | 237,845,338 | 231,780,831 |
Loans | 238,834,149 | 234,026,574 |
Loans, 90 days past due and still accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 988,811 | 2,245,743 |
Construction and Land Development [Member] | ||
Loans, past due | ||
Loans, current | 18,265,505 | 18,160,366 |
Loans | 18,265,505 | 18,160,366 |
Loans, 90 days past due and still accruing | ||
Construction and Land Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Construction and Land Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Construction and Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | ||
Loans, past due | 10,507 | 146,459 |
Loans, current | 63,013,599 | 59,094,957 |
Loans | 63,024,106 | 59,241,416 |
Loans, 90 days past due and still accruing | 10,507 | 146,459 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 10,507 | 146,459 |
Commercial Portfolio Segment [Member] | ||
Loans, past due | 25,000 | |
Loans, current | 23,298,073 | 23,613,543 |
Loans | 23,323,073 | 23,613,543 |
Loans, 90 days past due and still accruing | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 25,000 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 494,009 | 554,017 |
Loans | 494,009 | 554,017 |
Loans, 90 days past due and still accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans (Details) - Commercial Real Estate Portfolio Segment [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unpaid Contractual Principal Balance | $ 3,867,381 | $ 5,458,182 |
Recorded Investment With No Allowance | 3,177,381 | 2,937,439 |
Recorded Investment With Allowance | 2,245,743 | |
Total Recorded Investment | 3,177,381 | 5,183,182 |
Related Allowance | 127,213 | |
Average Recorded Investment | 4,180,282 | 2,591,591 |
Interest Recognized | $ 120,193 | $ 268,652 |
Note 5 - Loans - Loans by Credi
Note 5 - Loans - Loans by Credit Grade (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | $ 343,940,842 | $ 335,595,916 |
Excellent [Member] | ||
Loans | 1,016,648 | 1,641,036 |
Above Average [Member] | ||
Loans | 4,915,980 | 7,768,089 |
Average [Member] | ||
Loans | 149,320,353 | 188,758,192 |
Acceptable [Member] | ||
Loans | 149,689,041 | 108,873,597 |
Pass [Member] | ||
Loans | 27,472,332 | 16,263,683 |
Special Mention [Member] | ||
Loans | 5,391,589 | |
Substandard [Member] | ||
Loans | 11,448,021 | 4,625,568 |
Doubtful [Member] | ||
Loans | 78,467 | 2,274,162 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 238,834,149 | 234,026,574 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | ||
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 3,632,231 | 6,115,925 |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 101,633,803 | 127,639,361 |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 104,454,812 | 79,619,726 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 20,356,642 | 9,041,882 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 5,391,589 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 8,756,661 | 3,972,348 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 2,245,743 | |
Construction and Land Development [Member] | ||
Loans | 18,265,505 | 18,160,366 |
Construction and Land Development [Member] | Excellent [Member] | ||
Loans | ||
Construction and Land Development [Member] | Above Average [Member] | ||
Loans | 173,633 | |
Construction and Land Development [Member] | Average [Member] | ||
Loans | 8,190,212 | 9,288,372 |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 7,871,642 | 4,978,964 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans | 2,203,651 | 3,719,397 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans | ||
Construction and Land Development [Member] | Substandard [Member] | ||
Loans | ||
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans | ||
Residential Portfolio Segment [Member] | ||
Loans | 63,024,106 | 59,241,416 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 35,926 | 53,948 |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 1,178,899 | 1,260,128 |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 26,856,131 | 35,254,016 |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 30,169,305 | 18,659,174 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 2,093,825 | 3,363,570 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,690,020 | 650,580 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | 23,323,073 | 23,613,543 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 977,054 | 1,581,878 |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 24,180 | 121,919 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 12,373,503 | 16,225,350 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 7,130,122 | 5,545,562 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 2,818,214 | 138,834 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 494,009 | 554,017 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 3,668 | 5,210 |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 80,670 | 96,484 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 266,704 | 351,093 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 63,160 | 70,171 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 1,340 | 2,640 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 78,467 | $ 28,419 |
Note 5 - Loans - Allowance for
Note 5 - Loans - Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 2,458,911 | $ 2,363,086 |
Provision for loan losses | 475,000 | 410,000 |
Charge offs | (702,115) | (322,436) |
Recoveries | 277,538 | 8,261 |
Ending balance | 2,509,334 | 2,458,911 |
Allowance for loan losses, individually | 127,213 | |
Allowance for loan losses, collectively | 2,509,334 | 2,331,698 |
Outstanding loan, individually | 3,177,381 | 5,183,182 |
Outstanding loan, collectively | 340,763,461 | 330,412,734 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 1,867,397 | 1,717,749 |
Provision for loan losses | 372,315 | 419,868 |
Charge offs | (690,000) | (275,000) |
Recoveries | 204,660 | 4,780 |
Ending balance | 1,754,372 | 1,867,397 |
Allowance for loan losses, individually | 127,213 | |
Allowance for loan losses, collectively | 1,754,372 | 1,740,184 |
Outstanding loan, individually | 3,177,381 | 5,183,182 |
Outstanding loan, collectively | 235,656,768 | 228,843,392 |
Construction and Land Development [Member] | ||
Beginning balance | 223,274 | 204,860 |
Provision for loan losses | (78,496) | 65,850 |
Charge offs | (12,115) | (47,436) |
Recoveries | 63,711 | |
Ending balance | 196,374 | 223,274 |
Allowance for loan losses, individually | ||
Allowance for loan losses, collectively | 196,374 | 223,274 |
Outstanding loan, individually | ||
Outstanding loan, collectively | 18,265,505 | 18,160,366 |
Residential Portfolio Segment [Member] | ||
Beginning balance | 247,953 | 247,437 |
Provision for loan losses | 153,673 | 368 |
Charge offs | ||
Recoveries | 148 | |
Ending balance | 401,626 | 247,953 |
Allowance for loan losses, individually | ||
Allowance for loan losses, collectively | 401,626 | 247,953 |
Outstanding loan, individually | ||
Outstanding loan, collectively | 63,024,106 | 59,241,416 |
Commercial Portfolio Segment [Member] | ||
Beginning balance | 87,353 | 125,260 |
Provision for loan losses | 6,090 | (41,240) |
Charge offs | 0 | |
Recoveries | 9,167 | 3,333 |
Ending balance | 102,610 | 87,353 |
Allowance for loan losses, individually | ||
Allowance for loan losses, collectively | 102,610 | 87,353 |
Outstanding loan, individually | ||
Outstanding loan, collectively | 23,323,073 | 23,613,543 |
Consumer Portfolio Segment [Member] | ||
Beginning balance | 7,027 | 8,826 |
Provision for loan losses | 3,401 | (1,799) |
Charge offs | ||
Recoveries | ||
Ending balance | 10,428 | 7,027 |
Allowance for loan losses, individually | ||
Allowance for loan losses, collectively | 10,428 | 7,027 |
Outstanding loan, individually | ||
Outstanding loan, collectively | 494,009 | 554,017 |
Unallocated Financing Receivables [Member] | ||
Beginning balance | 25,907 | 58,954 |
Provision for loan losses | 18,017 | (33,047) |
Charge offs | ||
Recoveries | ||
Ending balance | 43,924 | 25,907 |
Allowance for loan losses, individually | ||
Allowance for loan losses, collectively | 43,924 | 25,907 |
Outstanding loan, individually | ||
Outstanding loan, collectively |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of Intangible Assets, Total | $ 57,756 | $ 61,631 |
Other Assets [Member] | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 73,022 | $ 126,538 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Gross | $ 11,409,147 | $ 11,217,402 |
Accumulated depreciation and amortization | 6,333,837 | 6,011,131 |
Property, Plant and Equipment, Net | 5,075,310 | 5,206,271 |
Depreciation and amortization expense | $ 322,705 | 357,650 |
Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | ||
Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | ||
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 0 years | |
Property, Plant and Equipment, Gross | $ 1,952,998 | 1,952,998 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 5,659,635 | 5,659,635 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 15 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 39 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 3,796,514 | $ 3,604,769 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 10 years |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2018 | Sep. 30, 2015 | Jul. 01, 2012 | Sep. 30, 2009 | |
Operating Leases, Rent Expense, Total | $ 138,778 | $ 130,608 | |||||
First Community Bankers Insurance Co., LLC [Member] | |||||||
Liability for Claims and Claims Adjustment Expense, Ending Balance | $ 48,618 | $ 27,413 | |||||
Operating Lease for Hampstead Branch [Member] | |||||||
Lessee, Operating Lease, Number of Renewal Terms | 2 | ||||||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | |||||
Lessee, Operating Lease, Additional Renewal Term Number | 6 | ||||||
Operating Lease for Certain Facilities of Greenmount Branch [Member] | |||||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||||
Lessee, Operating Lease, Term of Contract | 5 years | ||||||
Lessee, Operating Lease, Option to Renew, Term of Contract | 5 years | ||||||
Operating Lease for Its Atrium Branch Facility [Member] | |||||||
Lessee, Operating Lease, Renewal Term | 1 year | ||||||
Lessee, Operating Lease, Additional Renewal Term Number | 9 | ||||||
Lessee, Operating Lease, Term of Contract | 1 year | ||||||
Operating Lease for the Corporate Headquarters [Member] | |||||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||||
Lessee, Operating Lease, Additional Renewal Term Number | 4 | ||||||
Lease for Carroll Lutheran Village Branch [Member] | |||||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||||
Lessee, Operating Lease, Additional Renewal Term Number | 2 | ||||||
Lessee, Operating Lease, Term of Contract | 5 years |
Note 7 - Lease Commitments - Fu
Note 7 - Lease Commitments - Future Minimum Lease Payments (Details) | Dec. 31, 2018USD ($) |
2019 | $ 137,383 |
2020 | 141,680 |
2021 | 146,120 |
2022 | 150,707 |
2023 | 155,447 |
Thereafter | 911,769 |
$ 1,643,106 |
Note 7 - Outstanding Loan Commi
Note 7 - Outstanding Loan Commitments, Unused Lines of Credit, and Letters of Credit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Letter of Credit [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | $ 1,905,553 | $ 1,827,513 |
Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 12,354,870 | 9,433,500 |
Unused lines of Credit [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 26,984,173 | 40,005,063 |
Unused lines of Credit [Member] | Home Equity Loan [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 3,594,847 | 3,390,515 |
Unused lines of Credit [Member] | Commercial Lines [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 23,389,326 | 36,614,548 |
Construction and Land Development [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 6,800,240 | |
Commercial Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 1,143,217 | 1,295,000 |
Commercial Real Estate Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 2,853,913 | 7,478,500 |
Residential Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | $ 1,557,500 | $ 660,000 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Employees Covered by Life Insurance Policy | 12 | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 5,673 | $ 5,228 |
Employee Benefits and Share-based Compensation | $ 1,313,392 | 1,289,263 |
Supplemental Employee Retirement Plan [Member] | ||
Number of Employees Participating in Plan | 3 | |
Employee Benefits and Share-based Compensation | $ 240,609 | 255,859 |
Profit Sharing Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 173,848 | $ 170,142 |
Note 9 - Interest-Bearing Dep_3
Note 9 - Interest-Bearing Deposits - Classification of Interest-Bearing Deposits (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
NOW | $ 56,293,730 | $ 43,536,401 |
Money market | 54,995,415 | 53,750,747 |
Savings | 43,638,363 | 43,903,240 |
Certificates of deposit, $250,000 or more | 23,335,007 | 15,896,054 |
Other time deposits | 113,732,968 | 98,306,849 |
Interest-bearing Deposit Liabilities | $ 291,995,483 | $ 255,393,291 |
Note 9 - Interest-Bearing Dep_4
Note 9 - Interest-Bearing Deposits - Certificates of Deposit Maturity Schedule (Details) | Dec. 31, 2018USD ($) |
2019 | $ 84,831,543 |
2020 | 30,056,739 |
2021 | 13,382,329 |
2022 | 2,477,962 |
2023 | 6,302,390 |
Thereafter | 17,012 |
Time Deposits | $ 137,067,975 |
Note 10 - Borrowed Funds (Detai
Note 10 - Borrowed Funds (Details Textual) $ in Millions | Dec. 31, 2018USD ($) |
Unsecured Line of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 9.5 |
Secured Line of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 9 |
Federal Home Loan Bank Advances [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 46.4 |
Federal Reserve Bank Advances [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25.6 |
Note 10 - Borrowed Funds - Outs
Note 10 - Borrowed Funds - Outstanding Advances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amount | $ 11,012,000 | $ 21,768,507 |
Amount | $ 3,000,000 | $ 17,000,000 |
Federal Home Loan Bank advances | 1.50% | 1.35% |
Federal Home Loan Bank advances | $ 19,000,000 | $ 18,000,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | $ 8,795,890 | $ 13,846,575 |
Average rate, federal Home Loan Bank advances | 1.50% | 1.20% |
Investment securities underlying the repurchase agreements at year end: Carrying value | $ 11,706,765 | $ 22,363,793 |
Investment securities underlying the repurchase agreements at year end: Estimated fair value | 11,710,458 | 22,484,092 |
Loans pledged to the Federal Home Loan Bank at year-end: Carrying value - loans | 63,305,452 | 68,406,154 |
Loans pledged to the Federal Home Loan Bank at year-end: Carrying value - investment securities | 4,749,970 | |
Loans pledged to the Federal Reserve Bank at year-end: Carrying value | $ 50,682,236 | 40,717,623 |
Federal Home Loan Bank Advances at 1.13% Due in 2018[Member] | ||
Interest Rate | 1.13% | |
Label 7 | Jan. 16, 2018 | |
Amount | 1,000,000 | |
Federal Home Loan Bank Advances at 1.25% Due in 2018 [Member] | ||
Interest Rate | 1.25% | |
Label 7 | Jan. 30, 2018 | |
Amount | 2,000,000 | |
Federal Home Loan Bank Advances at 1.14% Due in 2018 [Member] | ||
Interest Rate | 1.14% | |
Label 7 | Feb. 12, 2018 | |
Amount | 2,000,000 | |
Federal Home Loan Bank Advances at 1.17% Due in 2018 [Member] | ||
Interest Rate | 1.17% | |
Label 7 | Mar. 15, 2018 | |
Amount | 2,000,000 | |
Federal Home Loan Bank Advances at 1.26% Due in 2018 [Member] | ||
Interest Rate | 1.26% | |
Label 7 | May 24, 2018 | |
Amount | 2,000,000 | |
Federal Home Loan Bank Advances at 1.69% Due in 2018 [Member] | ||
Interest Rate | 169.00% | |
Label 7 | Jun. 28, 2018 | |
Amount | 3,000,000 | |
Federal Home Loan Bank Advances at 1.32% Due in 2018 [Member] | ||
Interest Rate | 132.00% | |
Label 7 | Aug. 13, 2018 | |
Amount | 2,000,000 | |
Federal Home Loan Bank Advances at 1.25% Due in 2019 [Member] | ||
Interest Rate | 125.00% | |
Label 7 | Sep. 23, 2019 | |
Amount | $ 2,000,000 | 2,000,000 |
Federal Home Loan Bank Advances at 1.99% Due in 2019 [Member] | ||
Interest Rate | 199.00% | |
Label 7 | Nov. 22, 2019 | |
Amount | $ 1,000,000 | $ 1,000,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Securities sold under repurchase agreements | 1.07% | 0.65% |
Securities sold under repurchase agreements | $ 22,173,010 | $ 30,786,064 |
Short-term Debt, Average Outstanding Amount | $ 17,479,418 | $ 24,702,931 |
Average rate, securities sold under repurchase agreements | 0.83% | 0.66% |
Borrowings from FRB and Commercial Banks [Member] | ||
Short-term Debt, Average Outstanding Amount | $ 249,047 | $ 78,082 |
Average rate, securities sold under repurchase agreements | 1.93% | 1.64% |
Note 11 - Other Noninterest E_3
Note 11 - Other Noninterest Expenses - Summary of Other Noninterest Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Professional services | $ 400,759 | $ 452,846 |
Advertising | 237,508 | 236,564 |
Automated teller machine and debit card expenses | 210,644 | 285,912 |
Directors fees | 197,116 | 178,796 |
Telephone | 193,631 | 179,329 |
Stationery, printing, and supplies | 190,057 | 170,301 |
Postage, delivery, and armored carrier | 179,677 | 172,607 |
Internet banking fees | 155,208 | 157,962 |
Federal Deposit Insurance Corporation premiums | 125,143 | 125,943 |
Correspondent bank services | 94,763 | 84,119 |
Travel and conferences | 50,553 | 51,509 |
Maryland state regulatory assessment | 47,967 | 44,897 |
Insurance claims | 47,726 | 27,413 |
Dues and subscriptions | 44,603 | 39,574 |
Liability insurance | 43,414 | 49,332 |
Other real estate owned | 42,762 | 24,441 |
Remote deposit expenses | 31,923 | 30,895 |
Credit reports | 26,860 | 23,450 |
Payroll preparation | 21,652 | 19,406 |
Other | 143,728 | 118,362 |
$ 2,485,694 | $ 2,473,658 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 410,391 | |
Income Tax Expense (Benefit),Adjustment of Deferred Tax (Asset) Liability for Unrealized Losses on Available for Sale Securities | $ 64,801 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||
Federal | $ 834,327 | $ 1,532,959 |
State | 383,242 | 406,410 |
Current Income Tax Expense (Benefit), Total | 1,217,569 | 1,939,369 |
Revaluation of deferred tax asset due to change in corporate tax rate | 410,391 | |
Deferred | (111,360) | (347,446) |
Income Tax Expense (Benefit), Total | $ 1,106,209 | $ 2,002,314 |
Note 12 - Income Taxes - Comp_2
Note 12 - Income Taxes - Components of Deferred Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation | $ (6,049) | $ (62,449) |
Provision for loan losses | 287 | (132,991) |
Other real estate owned allowance for loss | (15,231) | (58,576) |
Nonaccrual interest | (8,888) | (3,633) |
Prepaid captive insurance premium | (9,325) | 13,781 |
Write-down of equity securities | (4,383) | (592) |
Post-retirement benefits | (67,771) | (102,986) |
$ (111,360) | $ (347,446) |
Note 12 - Income Taxes - Comp_3
Note 12 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||
Allowance for loan losses | $ 626,841 | $ 627,127 |
Other real estate owned allowance for loss | 228,354 | 213,123 |
Write-down of equity securities | 12,631 | 4,265 |
Nonaccrual interest | 31,692 | 22,804 |
Post-retirement benefits | 502,661 | 434,891 |
Unrealized loss on securities available for sale | 215,751 | 149,671 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 1,617,930 | 1,451,881 |
Deferred tax liabilities | ||
Prepaid captive insurance premium | 273,665 | 282,990 |
Depreciation | 164,811 | 170,859 |
Deferred Tax Liabilities, Total | 438,476 | 453,849 |
Net deferred tax asset | $ 1,179,454 | $ 998,032 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statutory federal income tax rate | 21.00% | 34.00% |
Federal tax-exempt income | (6.50%) | (10.80%) |
State income taxes, net of federal income tax benefit | 4.70% | 3.90% |
Nondeductible expenses | 0.10% | 0.10% |
Revaluation of deferred tax asset due to change in corporate tax rate | 7.10% | |
Other | (0.30%) | 0.30% |
19.00% | 34.60% |
Note 13 - Capital Standards (De
Note 13 - Capital Standards (Details Textual) | Dec. 31, 2018 | Dec. 31, 2017 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 13 - Capital Standards - C
Note 13 - Capital Standards - Capital Requirements (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Capital | $ 47,857 | $ 44,039 |
Capital to Risk Weighted Assets | 13.50% | 12.54% |
Capital Required for Capital Adequacy | $ 34,996 | $ 32,477 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 9.88% | 9.25% |
Capital Required to be Well Capitalized | $ 35,439 | $ 35,110 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 45,348 | $ 41,580 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.80% | 11.84% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 27,908 | $ 25,455 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.88% | 7.25% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 28,351 | $ 28,088 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 45,348 | $ 41,580 |
Common Equity Tier One Capital Ratio | 12.80% | 11.84% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 22,593 | $ 20,188 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 6.38% | 5.75% |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 23,036 | $ 22,822 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Leverage Capital | $ 45,348 | $ 41,580 |
Tier One Leverage Capital to Average Assets | 10.86% | 10.31% |
Tier One Leverage Capital Required for Capital Adequacy | $ 16,698 | $ 16,135 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 20,872 | $ 20,169 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 14 - Fair Value (Details T
Note 14 - Fair Value (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate Owned [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10.00% |
Impaired Loans [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10.00% |
Note 14 - Fair Value - Summariz
Note 14 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value, available for sale | $ 26,591,991 | $ 27,929,510 |
Equity security at fair value | 503,827 | 503,881 |
Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 26,591,991 | 27,929,510 |
Equity security at fair value | 503,827 | 503,881 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | 210,150 | 265,500 |
Impaired loans | 3,177,381 | 5,055,969 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Equity security at fair value | 503,827 | 503,881 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | ||
Impaired loans | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 26,591,991 | 27,929,510 |
Equity security at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | ||
Impaired loans | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Equity security at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other real estate owned | 210,150 | 265,500 |
Impaired loans | 3,177,381 | 5,055,969 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 1,506,505 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 1,506,505 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 1,506,505 | 1,539,207 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
SBA Pools [Member] | ||
Fair value, available for sale | 2,719,372 | 3,199,846 |
SBA Pools [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 2,719,372 | 3,199,846 |
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 2,719,372 | 3,199,846 |
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Fair value, available for sale | 22,366,114 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 22,366,114 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale | 22,366,114 | 23,190,457 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value, available for sale |
Note 14 - Fair Value - Reconcil
Note 14 - Fair Value - Reconciliation of Level 3 Inputs (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other Real Estate Owned [Member] | |
Fair value beginning balance | $ 265,500 |
Additions | |
Advances | |
Write-downs/charge-offs | (55,350) |
Fair Value Recoveries | |
Loan loss provision | |
Principal payments received | |
Fair value ending balance | 210,150 |
Impaired Loans [Member] | |
Fair value beginning balance | 5,055,969 |
Additions | 1,747,826 |
Advances | 19,086 |
Write-downs/charge-offs | (690,000) |
Fair Value Recoveries | 197,660 |
Loan loss provision | 127,213 |
Principal payments received | (3,280,373) |
Fair value ending balance | $ 3,177,381 |
Note 14 - Fair Value - Estimate
Note 14 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value, held to maturity | $ 18,033,093 | $ 18,307,627 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value, held to maturity | 18,127,067 | 18,204,182 |
Mortgage loans held for sale | 573,638 | 327,700 |
Federal Home Loan Bank stock | 575,800 | 1,063,600 |
Interest-bearing deposits | 291,995,483 | 255,393,291 |
Federal Home Loan Bank advances | 3,000,000 | 17,000,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 340,900,635 | 332,533,706 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Noninterest-bearing deposits | 62,717,520 | 64,403,133 |
Securities sold under repurchase agreements | 11,012,000 | 21,768,507 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value, held to maturity | 18,033,093 | 18,307,627 |
Mortgage loans held for sale | 582,248 | 332,558 |
Federal Home Loan Bank stock | 575,800 | 1,063,600 |
Interest-bearing deposits | 281,761,483 | 244,403,291 |
Federal Home Loan Bank advances | 2,971,000 | 16,957,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 337,385,842 | 332,689,848 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Noninterest-bearing deposits | 62,717,520 | 64,403,133 |
Securities sold under repurchase agreements | $ 11,012,000 | $ 21,768,507 |
Note 15 - Parent Company Fina_3
Note 15 - Parent Company Financial Information - Balance Sheets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other assets | $ 657,885 | $ 622,856 | |
Assets | 417,157,877 | 402,904,469 | |
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,682,997 shares in 2018 and 1,667,813 shares in 2017 | 16,830 | 16,678 | |
Additional paid-in capital | 27,324,794 | 26,869,796 | |
Retained earnings | 18,621,382 | 15,306,625 | |
Accumulated other comprehensive loss | (568,299) | (394,167) | |
Stockholders' Equity Attributable to Parent | 45,394,707 | 41,798,932 | $ 39,012,277 |
Liabilities and Equity | 417,157,877 | 402,904,469 | |
Parent Company [Member] | |||
Cash and cash equivalents | 64,243 | 48,384 | |
Investment in subsidiaries | 45,330,464 | 41,743,068 | |
Other assets | 7,480 | ||
Assets | 45,394,707 | 41,798,932 | |
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 1,682,997 shares in 2018 and 1,667,813 shares in 2017 | 16,830 | 16,678 | |
Additional paid-in capital | 27,324,794 | 26,869,796 | |
Retained earnings | 18,621,382 | 15,306,625 | |
Accumulated other comprehensive loss | (568,299) | (394,167) | |
Stockholders' Equity Attributable to Parent | 45,394,707 | 41,798,932 | |
Liabilities and Equity | $ 45,394,707 | $ 41,798,932 |
Note 15 - Parent Company Fina_4
Note 15 - Parent Company Financial Information - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, share issued (in shares) | 1,682,997 | 1,667,813 |
Common stock, share outstanding (in shares) | 1,682,997 | 1,667,813 |
Parent Company [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, share issued (in shares) | 1,682,997 | 1,667,813 |
Common stock, share outstanding (in shares) | 1,682,997 | 1,667,813 |
Note 15 - Parent Company Fina_5
Note 15 - Parent Company Financial Information - Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | ||||||||||
Total income | $ 4,599,891 | $ 4,525,190 | $ 4,385,506 | $ 4,257,746 | $ 4,264,414 | $ 4,232,017 | $ 4,121,760 | $ 3,976,612 | $ 17,768,333 | $ 16,594,803 |
Noninterest expense | 10,332,480 | 10,023,102 | ||||||||
Income before before income taxes and equity in undistributed income of subsidiaries | 5,818,885 | 5,791,555 | ||||||||
Income taxes (benefit) | 1,106,209 | 2,002,314 | ||||||||
$ 1,136,805 | $ 1,308,688 | $ 1,145,065 | $ 1,122,118 | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | 4,712,676 | 3,789,241 | |
Parent Company [Member] | ||||||||||
Interest income: | ||||||||||
Cash dividends from subsidiary | 1,541,225 | 1,250,278 | ||||||||
Total income | 1,541,225 | 1,250,278 | ||||||||
Noninterest expense | 492 | 455 | ||||||||
Income before before income taxes and equity in undistributed income of subsidiaries | 1,540,733 | 1,249,823 | ||||||||
Income taxes (benefit) | ||||||||||
Income before before equity in undistributed income of subsidiaries | 1,540,733 | 1,249,823 | ||||||||
Equity in undistributed income of subsidiaries | 3,171,943 | 2,539,418 | ||||||||
$ 4,712,676 | $ 3,789,241 |
Note 15 - Parent Company Fina_6
Note 15 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||||||||||
$ 1,136,805 | $ 1,308,688 | $ 1,145,065 | $ 1,122,118 | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | $ 4,712,676 | $ 3,789,241 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
Cash provided by operating activities | 5,363,783 | 7,684,982 | ||||||||
Cash flows from investing activities | ||||||||||
Cash used by investing activities | (7,210,650) | (32,430,623) | ||||||||
Cash flows from financing activities | ||||||||||
Common stock issued | 1,550 | |||||||||
Dividends paid, net of reinvestments | (933,903) | (953,525) | ||||||||
Cash provided by financing activities | 9,227,719 | 18,670,111 | ||||||||
Net increase (decrease) in cash and cash equivalents | 7,380,852 | (6,075,530) | ||||||||
Cash and cash equivalents at beginning of period | 7,237,385 | 13,312,915 | 7,237,385 | 13,312,915 | ||||||
Cash and cash equivalents at end of period | 14,618,237 | 7,237,385 | 14,618,237 | 7,237,385 | ||||||
Parent Company [Member] | ||||||||||
Cash flows from operating activities | ||||||||||
4,712,676 | 3,789,241 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
Equity in undistributed income of subsidiaries | (3,171,943) | (2,539,418) | ||||||||
Other | 7,479 | |||||||||
Cash provided by operating activities | 1,548,212 | 1,249,823 | ||||||||
Cash flows from investing activities | ||||||||||
Contibution of capital to subsdiaries | (600,000) | (300,000) | ||||||||
Cash used by investing activities | (600,000) | (300,000) | ||||||||
Cash flows from financing activities | ||||||||||
Common stock issued | 1,550 | |||||||||
Dividends paid, net of reinvestments | (933,903) | (953,525) | ||||||||
Cash provided by financing activities | (932,353) | (953,525) | ||||||||
Net increase (decrease) in cash and cash equivalents | 15,859 | (3,702) | ||||||||
Cash and cash equivalents at beginning of period | $ 48,384 | $ 52,086 | 48,384 | 52,086 | ||||||
Cash and cash equivalents at end of period | $ 64,243 | $ 48,384 | $ 64,243 | $ 48,384 |
Note 16 - Quarterly Results o_3
Note 16 - Quarterly Results of Operations - Summary of Quarterly Results (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total income | $ 4,599,891 | $ 4,525,190 | $ 4,385,506 | $ 4,257,746 | $ 4,264,414 | $ 4,232,017 | $ 4,121,760 | $ 3,976,612 | $ 17,768,333 | $ 16,594,803 |
Interest expense | 726,549 | 664,018 | 580,913 | 535,761 | 466,104 | 442,805 | 412,618 | 385,713 | 2,507,241 | 1,707,240 |
Net interest income | 3,873,342 | 3,861,172 | 3,804,593 | 3,721,985 | 3,798,310 | 3,789,212 | 3,709,142 | 3,590,899 | 15,261,092 | 14,887,563 |
Provision for loan losses | 450,000 | (100,000) | 75,000 | 50,000 | 60,000 | 225,000 | 75,000 | 50,000 | 475,000 | 410,000 |
$ 1,136,805 | $ 1,308,688 | $ 1,145,065 | $ 1,122,118 | $ 656,339 | $ 1,014,456 | $ 1,134,889 | $ 983,557 | $ 4,712,676 | $ 3,789,241 | |
Earnings per share - basic and diluted (in dollars per share) | $ 0.68 | $ 0.78 | $ 0.69 | $ 0.67 | $ 0.39 | $ 0.61 | $ 0.69 | $ 0.59 | $ 2.82 | $ 2.28 |