Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001698022 | |
Entity Registrant Name | Farmers & Merchants Bancshares, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-55756 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 81-3605835 | |
Entity Address, Address Line One | 4510 Lower Beckleysville Road, Suite H | |
Entity Address, City or Town | Hampstead | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21074 | |
City Area Code | 410 | |
Local Phone Number | 374-1510 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,023,487 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 39,157,850 | $ 39,898,557 |
Federal funds sold and other interest-bearing deposits | 444,014 | 1,077,113 |
Cash and cash equivalents | 39,601,864 | 40,975,670 |
Certificates of deposit in other banks | 350,000 | 850,000 |
Securities available for sale, at fair value | 121,265,582 | 54,477,286 |
Securities held to maturity, at cost | 21,883,882 | 23,078,519 |
Equity security at fair value | 547,349 | 552,566 |
Restricted stock, at cost | 675,400 | 900,500 |
Mortgage loans held for sale | 1,757,550 | 1,673,350 |
Loans, less allowance for loan losses of $3,744,218 and $3,296,538 | 495,781,194 | 521,690,514 |
Premises and equipment, net | 6,291,405 | 7,736,556 |
Accrued interest receivable | 1,579,447 | 2,057,491 |
Deferred income taxes, net | 1,610,156 | 1,219,668 |
Other real estate owned, net of valuation allowance | 1,411,605 | 1,411,605 |
Bank owned life insurance | 15,230,325 | 11,297,342 |
Goodwill and other intangibles | 7,053,162 | 7,059,408 |
Other assets | 1,703,283 | 2,336,607 |
Assets, Total | 716,742,204 | 677,317,082 |
Deposits: | ||
Noninterest-bearing | 125,841,422 | 103,155,113 |
Interest-bearing | 496,091,137 | 470,246,434 |
Total deposits | 621,932,559 | 573,401,547 |
Securities sold under repurchase agreements | 10,475,121 | 24,753,972 |
Federal Home Loan Bank of Atlanta advances | 5,000,000 | 5,000,000 |
Long-term debt, net of issuance costs | 16,977,499 | 16,973,280 |
Accrued interest payable | 323,420 | 409,622 |
Other liabilities | 5,728,289 | 5,049,178 |
Liabilities, Total | 660,436,888 | 625,587,599 |
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,023,487 in 2021 and 3,011,255 in 2020 | 30,235 | 30,113 |
Additional paid-in capital | 28,557,249 | 28,294,139 |
Retained earnings | 28,040,118 | 22,698,954 |
Accumulated other comprehensive (loss) income | (322,286) | 706,277 |
Stockholders' Equity Attributable to Parent, Ending Balance | 56,305,316 | 51,729,483 |
Liabilities and Equity, Total | $ 716,742,204 | $ 677,317,082 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 3,744,218 | $ 3,296,538 |
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) | 3,023,487 | 3,011,255 |
Common stock, share outstanding (in shares) | 3,023,487 | 3,011,255 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans, including fees | $ 6,059,709 | $ 4,489,992 | $ 17,828,026 | $ 13,205,913 |
Investment securities - taxable | 426,886 | 159,277 | 967,841 | 561,038 |
Investment securities - tax exempt | 149,375 | 163,522 | 462,361 | 462,305 |
Federal funds sold and other interest earning assets | 18,298 | 9,563 | 47,743 | 58,362 |
Total interest income | 6,654,268 | 4,822,354 | 19,305,971 | 14,287,618 |
Interest expense: | ||||
Deposits | 460,377 | 690,833 | 1,589,334 | 2,429,496 |
Securities sold under repurchase agreements | 9,647 | 18,020 | 38,130 | 95,710 |
Federal Home Loan Bank advances and other borrowings | 192,255 | 12,752 | 570,542 | 25,726 |
Total interest expense | 662,279 | 721,605 | 2,198,006 | 2,550,932 |
Net interest income | 5,991,989 | 4,100,749 | 17,107,965 | 11,736,686 |
Provision for loan losses | 330,000 | 0 | 430,000 | 475,000 |
Net interest income after provision for loan losses | 5,661,989 | 4,100,749 | 16,677,965 | 11,261,686 |
Noninterest income: | ||||
Mortgage banking income | 207,471 | 272,297 | 704,404 | 684,664 |
Bank owned life insurance income | 79,942 | 42,250 | 232,983 | 127,473 |
Gain on sale of premises and equipment | 6,897 | 0 | 44,510 | 0 |
Fair value adjustment on equity security | (2,056) | 1 | (10,214) | 13,046 |
Gain on sale of SBA loans | 6,917 | 0 | 6,917 | 63,635 |
Gain on premium call of debt security | 621 | 0 | 9,190 | 0 |
Total noninterest income | 531,978 | 487,368 | 1,637,479 | 1,397,596 |
Noninterest expense: | ||||
Salaries | 1,895,780 | 1,462,946 | 5,366,854 | 4,114,143 |
Employee benefits | 388,879 | 376,860 | 1,299,900 | 1,183,414 |
Occupancy | 241,557 | 183,719 | 737,087 | 552,265 |
Furniture and equipment | 198,190 | 175,006 | 578,562 | 501,267 |
Acquisition | 0 | 1,267,401 | 0 | 1,612,321 |
Other | 740,722 | 660,075 | 2,386,982 | 1,970,913 |
Total noninterest expense | 3,465,128 | 4,126,007 | 10,369,385 | 9,934,323 |
Income before income taxes | 2,728,839 | 462,110 | 7,946,059 | 2,724,959 |
Income taxes | 606,292 | 76,863 | 1,761,718 | 460,350 |
Net income | $ 2,122,547 | $ 385,247 | $ 6,184,341 | $ 2,264,609 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.70 | $ 0.13 | $ 2.05 | $ 0.76 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 187,141 | $ 138,288 | $ 522,815 | $ 414,501 |
Financial Service, Other [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 45,045 | $ 34,532 | $ 126,874 | $ 94,277 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 2,122,547 | $ 385,247 | $ 6,184,341 | $ 2,264,609 |
Securities available for sale | ||||
Net unrealized gain (loss) arising during the period | (321,489) | (32,263) | (1,428,240) | 1,023,573 |
Reclassification adjustment for realized gains and losses included in net income | 621 | 0 | 9,190 | 0 |
Total unrealized gain (loss) on investment securities available for sale | (320,868) | (32,263) | (1,419,050) | 1,023,573 |
Income tax expense (benefit) | (88,295) | (8,878) | (390,487) | 281,662 |
Total other comprehensive income (loss) | (232,573) | (23,385) | (1,028,563) | 741,911 |
Total comprehensive income | $ 1,889,974 | $ 361,862 | $ 5,155,778 | $ 3,006,520 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 2,974,019 | ||||
Balance at Dec. 31, 2019 | $ 29,740 | $ 27,812,991 | $ 21,568,161 | $ 42,624 | $ 49,453,516 |
Net income | 0 | 0 | 2,264,609 | 0 | 2,264,609 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 741,911 | 741,911 |
Dividends reinvested (in shares) | 17,945 | ||||
Cash dividends | $ 0 | 0 | (773,203) | 0 | (773,203) |
Dividends reinvested | $ 180 | 241,167 | 0 | 0 | 241,347 |
Balance (in shares) at Sep. 30, 2020 | 2,991,964 | ||||
Balance at Sep. 30, 2020 | $ 29,920 | 28,054,158 | 23,059,567 | 784,535 | 51,928,180 |
Balance (in shares) at Jun. 30, 2020 | 2,991,963 | ||||
Balance at Jun. 30, 2020 | $ 29,920 | 28,054,158 | 22,674,059 | 807,920 | 51,566,057 |
Net income | 0 | 0 | 385,247 | 0 | 385,247 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (23,385) | (23,385) |
Dividends reinvested (in shares) | 1 | ||||
Dividends reinvested | $ 0 | 0 | 261 | 0 | 261 |
Balance (in shares) at Sep. 30, 2020 | 2,991,964 | ||||
Balance at Sep. 30, 2020 | $ 29,920 | 28,054,158 | 23,059,567 | 784,535 | 51,928,180 |
Balance (in shares) at Dec. 31, 2020 | 3,011,255 | ||||
Balance at Dec. 31, 2020 | $ 30,113 | 28,294,139 | 22,698,954 | 706,277 | 51,729,483 |
Net income | 0 | 0 | 6,184,341 | 0 | 6,184,341 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (1,028,563) | (1,028,563) |
Dividends reinvested (in shares) | 12,232 | ||||
Cash dividends | $ 0 | 0 | (843,177) | 0 | (843,177) |
Dividends reinvested | $ 122 | 263,110 | 0 | 0 | 263,232 |
Balance (in shares) at Sep. 30, 2021 | 3,023,487 | ||||
Balance at Sep. 30, 2021 | $ 30,235 | 28,557,249 | 28,040,118 | (322,286) | 56,305,316 |
Balance (in shares) at Jun. 30, 2021 | 3,023,487 | ||||
Balance at Jun. 30, 2021 | $ 30,235 | 28,557,249 | 25,917,571 | (89,713) | 54,415,342 |
Net income | 0 | 0 | 2,122,547 | 0 | 2,122,547 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (232,573) | (232,573) |
Balance (in shares) at Sep. 30, 2021 | 3,023,487 | ||||
Balance at Sep. 30, 2021 | $ 30,235 | $ 28,557,249 | $ 28,040,118 | $ (322,286) | $ 56,305,316 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Retained Earnings [Member] | ||
Cash dividends, per share (in dollars per share) | $ 0.28 | $ 0.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Interest received | $ 19,502,080 | $ 14,615,625 |
Fees and commissions received | 1,354,093 | 1,193,443 |
Interest paid | (2,476,513) | (2,666,969) |
Proceeds from sale of mortgage loans held for sale | 32,799,205 | 35,230,924 |
Origination of mortgage loans held for sale | (32,883,405) | (37,639,383) |
Cash paid to suppliers and employees | (8,989,072) | (9,241,695) |
Income taxes paid, net of refunds received | (1,065,000) | (838,335) |
Net Cash Provided by (Used in) Operating Activities, Total | 8,241,388 | 653,610 |
Cash flows from investing activities | ||
Proceeds from maturity and call of securities, Available for sale | 24,273,762 | 15,222,262 |
Proceeds from maturity and call of securities, Held to maturity | 2,121,989 | 1,898,420 |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 2,025,000 |
Proceeds from sale of securities, Held to maturity | 0 | 0 |
Purchase of securities, Available for sale | (92,992,748) | (19,890,543) |
Purchase of securities, Held to maturity | (842,061) | (4,957,679) |
Redemption of certificates of deposit | 500,000 | 0 |
Loans made to customers, net of principal collected | 25,701,580 | (32,358,278) |
Proceeds from sale of loans | 61,595 | 683,885 |
Redemption(purchase) of stock in FHLB of Atlanta | 225,100 | (320,100) |
Deposit to transfer agent for subsequent acquisition | 0 | (24,807,728) |
Purchase of bank owned life insurance | (3,700,000) | 0 |
Proceeds from sale of premises and equipment | 1,387,613 | 0 |
Purchases of premises, equipment and software | (227,010) | (299,532) |
Net Cash Provided by (Used in) Investing Activities, Total | (43,490,180) | (62,804,293) |
Cash flows from financing activities | ||
Noninterest-bearing deposits | 22,686,309 | 18,351,388 |
Interest-bearing deposits | 26,047,473 | 31,110,946 |
Securities sold under repurchase agreements | (14,278,851) | (4,640,436) |
Federal Home Loan Bank of Atlanta advances | 0 | 7,000,000 |
Long-term debt proceeds | 0 | 16,971,874 |
Dividends paid, net of reinvestments | (579,945) | (531,856) |
Net Cash Provided by (Used in) Financing Activities, Total | 33,874,986 | 68,261,916 |
Net (decrease) increase in cash and cash equivalents | (1,373,806) | 6,111,233 |
Cash and cash equivalents at beginning of period | 40,975,670 | 9,121,352 |
Cash and cash equivalents at end of period | 39,601,864 | 15,232,585 |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | 6,184,341 | 2,264,609 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 356,439 | 274,241 |
Provision for loan losses | 430,000 | 475,000 |
Amortization of right of use asset | 14,023 | 25,677 |
Equity security dividends reinvested | (4,997) | (7,690) |
Fair value adjustment on equity securities | 10,214 | (13,046) |
Gain on sale of SBA loans | (6,917) | (63,635) |
Gain on sale of premises and equipment | (44,510) | 0 |
Gain on premium call of debt security | (9,190) | 0 |
Amortization of debt issuance costs | 4,219 | 0 |
Amortization of premiums and accretion of discounts, net | (38,029) | 283,207 |
Bank owned life insurance cash surrender value | (232,983) | (127,472) |
Increase (decrease) in | ||
Deferred loan fees and costs, net | 105 | 531,441 |
Accrued interest payable | (86,202) | (116,037) |
Other liabilities | 777,175 | 196,658 |
Decrease (increase) in | ||
Mortgage loans held for sale | (84,200) | (2,408,459) |
Accrued interest receivable | 478,044 | (195,744) |
Other assets | 493,856 | (465,140) |
Net Cash Provided by (Used in) Operating Activities, Total | $ 8,241,388 | $ 653,610 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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 October 1, 2020, three nine September 30, 2021 2020. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10 8 03 X. not three nine September 30, 2021 not may December 31, 2021 December 31, 2020, 10 December 31, 2020. 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 Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, 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 not 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 borrower’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 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 acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that meet the specific criteria of ASC 310 30 The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Investments in debt securities are summarized as follows: Amortized Unrealized Unrealized Fair September 30, 2021 cost gains losses value Available for sale State and municipal $ 754,714 $ 14,036 $ - $ 768,750 SBA pools 1,594,777 2,240 24,344 1,572,673 Corporate bonds 7,442,780 107,860 7,158 7,543,482 Mortgage-backed securities 111,917,951 575,914 1,113,188 111,380,677 $ 121,710,222 $ 700,050 $ 1,144,690 $ 121,265,582 Held to maturity State and municipal $ 21,883,882 $ 1,147,393 $ 55,063 $ 22,976,212 Amortized Unrealized Unrealized Fair December 31, 2020 cost gains losses value Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2021 cost value cost value Within one year $ 499,858 $ 508,520 $ - $ - Over one to five years 3,361,396 3,456,435 797,949 813,733 Over five to ten years 4,336,240 4,347,277 2,039,074 2,237,176 Over ten years - - 19,046,859 19,925,303 8,197,494 8,312,232 21,883,882 22,976,212 Mortgage-backed securities and SBA pools, due in monthly installments 113,512,728 112,953,350 - - $ 121,710,222 $ 121,265,582 $ 21,883,882 $ 22,976,212 December 31, 2020 Within one year $ 505,372 $ 502,475 $ 487,741 $ 496,463 Over one to five years 4,646,388 4,755,483 793,876 813,523 Over five to ten years 2,300,591 2,323,451 2,476,827 2,687,063 Over ten years 202,243 202,554 19,320,075 20,247,737 7,654,594 7,783,963 23,078,519 24,244,786 Mortgage-backed securities and SBA pools, due in monthly installments 45,848,281 46,693,323 - - $ 53,502,875 $ 54,477,286 $ 23,078,519 $ 24,244,786 Securities with a carrying value of $19,919,867 September 30, 2021 December 31, 2020, During the nine September 30, 2021, 1,263,845 9,190 nine September 30, 2020, three The following table sets forth the Company’s gross unrealized losses on a continuous basis for investments in debt securities, by category and length of time, at September 30, 2021 December 31, 2020. September 30, 2021 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 1,333,770 $ 24,919 $ 712,730 $ 30,144 $ 2,046,500 $ 55,063 SBA pools - - 1,292,243 24,344 1,292,243 24,344 Corporate bonds 1,115,155 7,158 - - 1,115,155 7,158 Mortgage-backed securities 74,530,890 1,104,919 757,162 8,269 75,288,052 1,113,188 Total $ 76,979,815 $ 1,136,996 $ 2,762,135 $ 62,757 $ 79,741,950 $ 1,199,753 December 31, 2020 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 $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700 The factors considered in evaluating securities for impairment include whether the Bank intends to sell the security, whether it is more likely than not 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 September 30, 2021 December 31, 2020, not September 30, 2021 December 31, 2020, not September 30, 2021, At September 30, 2021, none not |
Note 4 - Loans
Note 4 - Loans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Major categories of loans are as follows: September 30, December 31, 2021 2020 Real estate: Commercial $ 316,152,601 $ 309,284,811 Construction and land development 28,668,642 33,641,916 Residential 114,593,662 121,327,761 Commercial 40,655,077 61,368,105 Consumer 379,530 288,454 500,449,512 525,911,047 Less: Allowance for loan losses 3,744,218 3,296,538 Deferred origination fees net of costs 924,100 923,995 $ 495,781,194 $ 521,690,514 Commercial loans in the table above include $16.3 million and $32.1 million of Paycheck Protection Program (“PPP”) loans as of September 30, 2021 December 31, 2020, 100% nine September 30, 2021 2020. nine September 30, 2021, 2020. nine September 30, 2021, Nonaccrual loans, segregated by class of loans, were as follows: September 30, December 31, 2021 2020 Commercial real estate $ 4,849,857 $ 4,407,829 Residential real estate 31,500 $ 220,967 Commercial 154,469 - $ 5,035,826 $ 4,628,796 At September 30, 2021, nine September 30, 2021 September 30, 2021. At December 31, 2020, two 2020 The recorded investment of the nonaccrual loans was net of charge-offs and a nonaccretable discount totaling $8,176 at December 31, 2020. An age analysis of past due loans, segregated by type of loan, 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 September 30, 2021 Real estate: Commercial $ - $ - $ 507,671 $ 507,671 $ 315,644,930 $ 316,152,601 $ - Construction and land development - - - - 28,668,642 28,668,642 - Residential - - 31,500 31,500 114,562,162 114,593,662 - Commercial - 154,469 - 154,469 40,500,608 40,655,077 - Consumer - - - - 379,530 379,530 - Total $ - $ 154,469 $ 539,171 $ 693,640 $ 499,755,872 $ 500,449,512 $ - December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ - Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the nine September 30, 2021 2020 December 31, 2020, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 507,671 $ 6,875,087 $ 99,473 $ 6,767,616 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 20,313 - Commercial 154,469 - 154,469 154,469 154,469 99,601 1,271 $ 7,070,182 $ 6,408,042 $ 662,140 $ 7,070,182 $ 253,942 $ 6,887,530 $ 78,874 September 30, 2020 Commercial real estate $ 2,266,855 $ 2,266,855 $ - $ 2,266,855 $ - $ 2,175,922 $ 87,252 Residential real estate 46,075 46,075 - 46,075 - 48,066 2,014 $ 2,312,930 $ 2,312,930 $ - $ 2,312,930 $ - $ 2,223,988 $ 89,266 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709 Impaired loans include TDRs which are loans that have been modified to provide economic concessions to borrowers who have experienced 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 September 30, 2021, September 30, 2021, At December 31, 2020, 2020. three Section 4013 310 40 19 March 1, 2020 January 1, 2022 60 19 not 30 December 31, 2019 April 2020, six 19 not 310 40. 19 September 30, 2021, one three not September 30, 2021 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 Company will sustain some loss if the deficiencies are not Borrowers may Doubtful A doubtful loan has all the weaknesses inherent in a substandard loan with the added characteristic that the weaknesses, based on currently existing facts, conditions, and values, make collection or liquidation in full highly questionable and improbable. Loans by credit grade, segregated by loan type, are as follows: Above Pass Special September 30, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,481,171 $ 80,794,629 $ 127,643,116 $ 92,864,344 $ 5,607,912 $ 7,761,429 $ - $ 316,152,601 Construction and land development - - 4,433,922 11,740,442 9,026,739 1,935,693 1,531,846 - 28,668,642 Residential 47,335 758,819 50,882,661 49,801,365 10,606,480 - 2,497,002 - 114,593,662 Commercial 16,414,989 - 6,393,866 13,209,094 4,637,128 - - - 40,655,077 Consumer 7,065 187,751 140,577 3,297 12,486 - - 28,354 379,530 $ 16,469,389 $ 2,427,741 $ 142,645,655 $ 202,397,314 $ 117,147,177 $ 7,543,605 $ 11,790,277 $ 28,354 $ 500,449,512 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047 The principal balance of loans in the Pass/Watch category as of September 30, 2021 December 31, 2020 19. The Company’s allowance for loan losses is based on management’s evaluation of the risks inherent in the Company’s loan portfolio and the general economy. The allowance for loan may The following table details activity in the allowance for loan losses by portfolio for the nine September 30, 2021 2020 December 31, 2020. one not Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 348,650 $ - $ 9,500 $ 2,588,279 $ 99,473 $ - $ 2,488,806 $ 6,875,087 $ 87,708 $ 309,189,806 Construction and land development 201,692 32,105 - 12,150 245,947 - - 245,947 - 1,531,846 27,136,796 Residential 644,639 (28,549 ) (18,970 ) - 597,120 - - 597,120 40,626 570,860 113,982,176 Commercial 111,390 125,133 - 15,000 251,523 154,469 - 97,054 154,469 - 40,500,608 Consumer 2,138 1,863 - - 4,001 - - 4,001 - - 379,530 Unallocated 106,550 (49,202 ) - - 57,348 - - 57,348 - - - $ 3,296,538 $ 430,000 $ (18,970 ) $ 36,650 $ 3,744,218 $ 253,942 $ - $ 3,490,276 $ 7,070,182 $ 2,190,414 $ 491,188,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 340,084 $ - $ 45,962 $ 2,149,907 $ - $ - $ 2,149,907 $ 2,266,855 $ - $ 236,839,421 Construction and land development 192,828 51,804 - 10,800 255,432 - - 255,432 - - 23,889,344 Residential 478,124 102,515 - - 580,639 - - 580,639 46,075 - 70,582,197 Commercial 107,782 5,429 - 15,835 129,046 - - 129,046 - - 60,442,374 Consumer 4,133 2,260 - - 6,393 - - 6,393 - - 239,062 Unallocated 46,987 (27,092 ) - - 19,895 - - 19,895 - - - $ 2,593,715 $ 475,000 $ - $ 72,597 $ 3,141,312 $ - $ - $ 3,141,312 $ 2,312,930 $ - $ 391,992,398 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512 The following table provides activity for the accretable credit discount of purchased loans: 2021 Balance at December 31, 2020 $ 2,250,232 Acquired during the year - Accretion 592,014 Adjustments - Balance at September 30, 2021 $ 1,658,218 At September 30, 2021, December 31, 2020 September 30, 2021, September 30, 2021, September 30, 2021, September 30, 2021, |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Other Intangibles The Merger effected in October 2020 Goodwill CDI Total Balance at December 31, 2020 $ 6,978,208 $ 81,200 $ 7,059,408 Acquired during the year - - - Amortization - (6,246 ) (6,246 ) Adjustments - - - Balance at September 30, 2021 $ 6,978,208 $ 74,954 $ 7,053,162 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 for each of the years ended December 31, 2021 2029 2030. not |
Note 6 - Lease Commitments
Note 6 - Lease Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Lease Commitments The Company and its subsidiaries are obligated under operating leases for certain office premises. The following table shows operating lease right of use assets and operating lease liabilities as of September 30, 2021 December 31, 2020: Consolidated Balance Sheet classification September 30, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,130,744 $ 1,242,832 Operating lease liabilities Other liabilities 1,345,902 1,443,966 Operating lease cost included in occupancy expense in the statement of income for the three September 30, 2021 2020 nine September 30, 2021 2020 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 6. Lease Commitments (continued) A maturity analysis of operating lease liabilities, including those option years for which the Company is reasonably certain to renew, and reconciliation of the undiscounted cash flows to the total operating lease liabilities are as follows: Year Amount 2021 $ 44,348 2022 182,426 2023 188,613 2024 194,124 2025 199,809 Thereafter 700,169 Total undiscounted cash flow 1,509,489 Discount (163,587 ) Lease liabilities $ 1,345,902 For operating leases as of September 30, 2021, nine September 30, 2021 2020, |
Note 7 - Capital Standards
Note 7 - Capital Standards | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 7. Capital Standards Farmers and Merchants Bancshares, Inc. 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. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 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 Insured depository institutions are required to meet the following in order to qualify as “well capitalized”: (i) a common equity Tier 1 6.5%; 1 8%; 10%; 1 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 7. Capital Standards (continued) The implementation of the capital conservation buffer began on January 1, 2016 0.625% four January 1, 2.5% January 1, 2019 not September 30, 2021, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 68,258 13.08 % $ 54,809 10.50 % $ 52,199 10.00 % Tier 1 capital (to risk-weighted assets) 64,514 12.36 % 44,369 8.50 % 41,759 8.00 % Common equity tier 1 (to risk- weighted assets) 64,514 12.36 % 36,539 7.00 % 33,929 6.50 % Tier 1 leverage (to average assets) 64,514 9.17 % 28,146 4.00 % 35,182 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of September 30, 2021, 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. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) |
Note 8 - Fair Value
Note 8 - Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value In accordance with FASB ASC 820, no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not may In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three 820 two ● 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 ● 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 The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2021 December 31, 2020, Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2021 Recurring Available for sale securities State and municipal $ - $ 768,750 $ - $ 768,750 SBA pools - 1,572,673 - 1,572,673 Corporate bonds - 7,543,482 - 7,543,482 Mortgage-backed securities - 111,380,677 - 111,380,677 $ - $ 121,265,582 $ - $ 121,265,582 Equity security at fair value Mutual fund $ 547,349 $ - $ - $ 547,349 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 Impaired loans - - $ 408,198 $ 408,198 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2020 Recurring Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate Bonds - 6,797,431 - 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,477,286 $ - $ 54,477,286 Equity security at fair value Mutual fund $ 552,566 $ - $ - $ 552,566 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 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: September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 39,601,864 $ 39,601,864 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,579,447 1,579,447 2,057,491 2,057,491 Securities held to maturity 21,883,882 22,976,212 23,078,519 24,244,786 Mortgage loans held for sale 1,757,550 1,800,891 1,673,350 1,705,781 Restricted stock 675,400 675,400 900,500 900,500 Bank owned life insurance 15,230,325 15,230,325 11,297,342 11,297,342 Level 3 inputs Loans, net 495,781,194 503,485,138 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 125,841,422 $ 125,841,422 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 10,475,121 10,475,121 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 496,091,137 496,982,137 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 5,040,000 5,000,000 5,136,000 Long-term debt 16,977,499 17,299,707 16,973,280 17,018,416 Accrued interest payable 323,420 323,420 409,622 409,622 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Earnings per Share Basic earnings per share is determined by dividing net income available to stockholders by the weighted-average number of shares of common stock outstanding during the period and does not three nine September 30, 2021 2020. no three nine September 30, 2021 2020. Three Months Ended Nine Months Ended September, 30 September, 30 2021 2020 2021 2020 Net income $ 2,122,547 $ 385,247 $ 6,184,341 $ 2,264,609 Weighted average shares outstanding 3,023,487 2,991,964 3,015,602 2,980,372 Earnings per share - basic and diluted $ 0.70 $ 0.13 $ 2.05 $ 0.76 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six may $52,818 three September 30, 2021 2020, 194,566 nine September 30, 2021 2020, The Company has entered into agreements with 12 $1,661 three September 30, 2021 2020, $4,982 nine September 30, 2021 2020, The Company adopted supplemental executive retirement plans for three $42,000 three September 30, 2021 2020, $126,000 nine September 30, 2021 2020, Retirement plan expenses are included in employee benefits on the consolidated statements of income. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, 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 not 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 borrower’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 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 acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that meet the specific criteria of ASC 310 30 The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair September 30, 2021 cost gains losses value Available for sale State and municipal $ 754,714 $ 14,036 $ - $ 768,750 SBA pools 1,594,777 2,240 24,344 1,572,673 Corporate bonds 7,442,780 107,860 7,158 7,543,482 Mortgage-backed securities 111,917,951 575,914 1,113,188 111,380,677 $ 121,710,222 $ 700,050 $ 1,144,690 $ 121,265,582 Held to maturity State and municipal $ 21,883,882 $ 1,147,393 $ 55,063 $ 22,976,212 Amortized Unrealized Unrealized Fair December 31, 2020 cost gains losses value Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2021 cost value cost value Within one year $ 499,858 $ 508,520 $ - $ - Over one to five years 3,361,396 3,456,435 797,949 813,733 Over five to ten years 4,336,240 4,347,277 2,039,074 2,237,176 Over ten years - - 19,046,859 19,925,303 8,197,494 8,312,232 21,883,882 22,976,212 Mortgage-backed securities and SBA pools, due in monthly installments 113,512,728 112,953,350 - - $ 121,710,222 $ 121,265,582 $ 21,883,882 $ 22,976,212 December 31, 2020 Within one year $ 505,372 $ 502,475 $ 487,741 $ 496,463 Over one to five years 4,646,388 4,755,483 793,876 813,523 Over five to ten years 2,300,591 2,323,451 2,476,827 2,687,063 Over ten years 202,243 202,554 19,320,075 20,247,737 7,654,594 7,783,963 23,078,519 24,244,786 Mortgage-backed securities and SBA pools, due in monthly installments 45,848,281 46,693,323 - - $ 53,502,875 $ 54,477,286 $ 23,078,519 $ 24,244,786 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2021 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 1,333,770 $ 24,919 $ 712,730 $ 30,144 $ 2,046,500 $ 55,063 SBA pools - - 1,292,243 24,344 1,292,243 24,344 Corporate bonds 1,115,155 7,158 - - 1,115,155 7,158 Mortgage-backed securities 74,530,890 1,104,919 757,162 8,269 75,288,052 1,113,188 Total $ 76,979,815 $ 1,136,996 $ 2,762,135 $ 62,757 $ 79,741,950 $ 1,199,753 December 31, 2020 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 $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2021 2020 Real estate: Commercial $ 316,152,601 $ 309,284,811 Construction and land development 28,668,642 33,641,916 Residential 114,593,662 121,327,761 Commercial 40,655,077 61,368,105 Consumer 379,530 288,454 500,449,512 525,911,047 Less: Allowance for loan losses 3,744,218 3,296,538 Deferred origination fees net of costs 924,100 923,995 $ 495,781,194 $ 521,690,514 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, December 31, 2021 2020 Commercial real estate $ 4,849,857 $ 4,407,829 Residential real estate 31,500 $ 220,967 Commercial 154,469 - $ 5,035,826 $ 4,628,796 |
Financing Receivable, Past Due [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 September 30, 2021 Real estate: Commercial $ - $ - $ 507,671 $ 507,671 $ 315,644,930 $ 316,152,601 $ - Construction and land development - - - - 28,668,642 28,668,642 - Residential - - 31,500 31,500 114,562,162 114,593,662 - Commercial - 154,469 - 154,469 40,500,608 40,655,077 - Consumer - - - - 379,530 379,530 - Total $ - $ 154,469 $ 539,171 $ 693,640 $ 499,755,872 $ 500,449,512 $ - December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ - |
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 September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 507,671 $ 6,875,087 $ 99,473 $ 6,767,616 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 20,313 - Commercial 154,469 - 154,469 154,469 154,469 99,601 1,271 $ 7,070,182 $ 6,408,042 $ 662,140 $ 7,070,182 $ 253,942 $ 6,887,530 $ 78,874 September 30, 2020 Commercial real estate $ 2,266,855 $ 2,266,855 $ - $ 2,266,855 $ - $ 2,175,922 $ 87,252 Residential real estate 46,075 46,075 - 46,075 - 48,066 2,014 $ 2,312,930 $ 2,312,930 $ - $ 2,312,930 $ - $ 2,223,988 $ 89,266 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Above Pass Special September 30, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,481,171 $ 80,794,629 $ 127,643,116 $ 92,864,344 $ 5,607,912 $ 7,761,429 $ - $ 316,152,601 Construction and land development - - 4,433,922 11,740,442 9,026,739 1,935,693 1,531,846 - 28,668,642 Residential 47,335 758,819 50,882,661 49,801,365 10,606,480 - 2,497,002 - 114,593,662 Commercial 16,414,989 - 6,393,866 13,209,094 4,637,128 - - - 40,655,077 Consumer 7,065 187,751 140,577 3,297 12,486 - - 28,354 379,530 $ 16,469,389 $ 2,427,741 $ 142,645,655 $ 202,397,314 $ 117,147,177 $ 7,543,605 $ 11,790,277 $ 28,354 $ 500,449,512 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 348,650 $ - $ 9,500 $ 2,588,279 $ 99,473 $ - $ 2,488,806 $ 6,875,087 $ 87,708 $ 309,189,806 Construction and land development 201,692 32,105 - 12,150 245,947 - - 245,947 - 1,531,846 27,136,796 Residential 644,639 (28,549 ) (18,970 ) - 597,120 - - 597,120 40,626 570,860 113,982,176 Commercial 111,390 125,133 - 15,000 251,523 154,469 - 97,054 154,469 - 40,500,608 Consumer 2,138 1,863 - - 4,001 - - 4,001 - - 379,530 Unallocated 106,550 (49,202 ) - - 57,348 - - 57,348 - - - $ 3,296,538 $ 430,000 $ (18,970 ) $ 36,650 $ 3,744,218 $ 253,942 $ - $ 3,490,276 $ 7,070,182 $ 2,190,414 $ 491,188,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 340,084 $ - $ 45,962 $ 2,149,907 $ - $ - $ 2,149,907 $ 2,266,855 $ - $ 236,839,421 Construction and land development 192,828 51,804 - 10,800 255,432 - - 255,432 - - 23,889,344 Residential 478,124 102,515 - - 580,639 - - 580,639 46,075 - 70,582,197 Commercial 107,782 5,429 - 15,835 129,046 - - 129,046 - - 60,442,374 Consumer 4,133 2,260 - - 6,393 - - 6,393 - - 239,062 Unallocated 46,987 (27,092 ) - - 19,895 - - 19,895 - - - $ 2,593,715 $ 475,000 $ - $ 72,597 $ 3,141,312 $ - $ - $ 3,141,312 $ 2,312,930 $ - $ 391,992,398 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | 2021 Balance at December 31, 2020 $ 2,250,232 Acquired during the year - Accretion 592,014 Adjustments - Balance at September 30, 2021 $ 1,658,218 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill CDI Total Balance at December 31, 2020 $ 6,978,208 $ 81,200 $ 7,059,408 Acquired during the year - - - Amortization - (6,246 ) (6,246 ) Adjustments - - - Balance at September 30, 2021 $ 6,978,208 $ 74,954 $ 7,053,162 |
Note 6 - Lease Commitments (Tab
Note 6 - Lease Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Components of Lease Assets and Liabilities [Table Text Block] | Consolidated Balance Sheet classification September 30, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,130,744 $ 1,242,832 Operating lease liabilities Other liabilities 1,345,902 1,443,966 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount 2021 $ 44,348 2022 182,426 2023 188,613 2024 194,124 2025 199,809 Thereafter 700,169 Total undiscounted cash flow 1,509,489 Discount (163,587 ) Lease liabilities $ 1,345,902 |
Note 7 - Capital Standards (Tab
Note 7 - Capital Standards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 68,258 13.08 % $ 54,809 10.50 % $ 52,199 10.00 % Tier 1 capital (to risk-weighted assets) 64,514 12.36 % 44,369 8.50 % 41,759 8.00 % Common equity tier 1 (to risk- weighted assets) 64,514 12.36 % 36,539 7.00 % 33,929 6.50 % Tier 1 leverage (to average assets) 64,514 9.17 % 28,146 4.00 % 35,182 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 % |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2021 Recurring Available for sale securities State and municipal $ - $ 768,750 $ - $ 768,750 SBA pools - 1,572,673 - 1,572,673 Corporate bonds - 7,543,482 - 7,543,482 Mortgage-backed securities - 111,380,677 - 111,380,677 $ - $ 121,265,582 $ - $ 121,265,582 Equity security at fair value Mutual fund $ 547,349 $ - $ - $ 547,349 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 Impaired loans - - $ 408,198 $ 408,198 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2020 Recurring Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate Bonds - 6,797,431 - 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,477,286 $ - $ 54,477,286 Equity security at fair value Mutual fund $ 552,566 $ - $ - $ 552,566 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 39,601,864 $ 39,601,864 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,579,447 1,579,447 2,057,491 2,057,491 Securities held to maturity 21,883,882 22,976,212 23,078,519 24,244,786 Mortgage loans held for sale 1,757,550 1,800,891 1,673,350 1,705,781 Restricted stock 675,400 675,400 900,500 900,500 Bank owned life insurance 15,230,325 15,230,325 11,297,342 11,297,342 Level 3 inputs Loans, net 495,781,194 503,485,138 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 125,841,422 $ 125,841,422 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 10,475,121 10,475,121 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 496,091,137 496,982,137 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 5,040,000 5,000,000 5,136,000 Long-term debt 16,977,499 17,299,707 16,973,280 17,018,416 Accrued interest payable 323,420 323,420 409,622 409,622 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September, 30 September, 30 2021 2020 2021 2020 Net income $ 2,122,547 $ 385,247 $ 6,184,341 $ 2,264,609 Weighted average shares outstanding 3,023,487 2,991,964 3,015,602 2,980,372 Earnings per share - basic and diluted $ 0.70 $ 0.13 $ 2.05 $ 0.76 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation (Details Textual) | Oct. 01, 2020 |
First Community Bankers Insurance Co., LLC [Member] | |
Percentage of Ownership | 100.00% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Core Deposits [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 19,919,867 | $ 19,919,867 | $ 34,958,212 | ||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 24,273,762 | $ 15,222,262 | |||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 621 | $ 0 | 9,190 | 0 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 2,025,000 | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 57 | 57 | |||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | 4 | |||
Securities Called at a Premium [Member] | |||||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $ 1,263,845 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost, available for sale | $ 121,710,222 | $ 53,502,875 |
Unrealized gains, available for sale | 700,050 | 1,074,253 |
Unrealized losses, available for sale | 1,144,690 | 99,842 |
Fair value, available for sale | 121,265,582 | 54,477,286 |
Amortized cost, held to maturity | 21,883,882 | 23,078,519 |
Fair value, held to maturity | 22,976,212 | 24,244,786 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, available for sale | 754,714 | 962,438 |
Unrealized gains, available for sale | 14,036 | 24,094 |
Unrealized losses, available for sale | 0 | 0 |
Fair value, available for sale | 768,750 | 986,532 |
Amortized cost, held to maturity | 21,883,882 | 23,078,519 |
Unrealized gains, held to maturity | 1,147,393 | 1,177,125 |
Unrealized losses, held to maturity | 55,063 | 10,858 |
Fair value, held to maturity | 22,976,212 | 24,244,786 |
SBA Pools [Member] | ||
Amortized cost, available for sale | 1,594,777 | 1,822,226 |
Unrealized gains, available for sale | 2,240 | 0 |
Unrealized losses, available for sale | 24,344 | 38,419 |
Fair value, available for sale | 1,572,673 | 1,783,807 |
Corporate Debt Securities [Member] | ||
Amortized cost, available for sale | 7,442,780 | 6,692,156 |
Unrealized gains, available for sale | 107,860 | 108,172 |
Unrealized losses, available for sale | 7,158 | 2,897 |
Fair value, available for sale | 7,543,482 | 6,797,431 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost, available for sale | 111,917,951 | 44,026,055 |
Unrealized gains, available for sale | 575,914 | 941,987 |
Unrealized losses, available for sale | 1,113,188 | 58,526 |
Fair value, available for sale | $ 111,380,677 | $ 44,909,516 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Available for Sale Amortized cost, Within one year | $ 499,858 | $ 505,372 |
Available for Sale Fair value, Within one year | 508,520 | 502,475 |
Held to Maturity Amortized cost, Within one year | 0 | 487,741 |
Held to Maturity Fair value, Within one year | 0 | 496,463 |
Available for Sale Amortized cost, Over one to five years | 3,361,396 | 4,646,388 |
Available for Sale Fair value, Over one to five years | 3,456,435 | 4,755,483 |
Held to Maturity Amortized cost, Over one to five years | 797,949 | 793,876 |
Held to Maturity Fair value, Over one to five years | 813,733 | 813,523 |
Available for Sale Amortized cost, Fair value, Over one to five years | 4,336,240 | 2,300,591 |
Available for Sale Fair value, Over five to ten years | 4,347,277 | 2,323,451 |
Held to Maturity Amortized cost, Over five to ten years | 2,039,074 | 2,476,827 |
Held to Maturity Fair value, Over five to ten years | 2,237,176 | 2,687,063 |
Available for Sale Amortized cost, Over ten years | 0 | 202,243 |
Available for Sale Fair value, Over ten years | 0 | 202,554 |
Held to Maturity Amortized cost, Over ten years | 19,046,859 | 19,320,075 |
Held to Maturity Fair value, Over ten years | 19,925,303 | 20,247,737 |
Available for Sale Amortized cost, total maturity | 8,197,494 | 7,654,594 |
Available for Sale Fair value, total maturity | 8,312,232 | 7,783,963 |
Held to Maturity Amortized cost, total maturity | 21,883,882 | 23,078,519 |
Held to Maturity Fair value, total maturity | 22,976,212 | 24,244,786 |
Available for Sale Amortized cost, due in monthly installments | 113,512,728 | 45,848,281 |
Available for Sale Fair value, due in monthly installments | 112,953,350 | 46,693,323 |
Held to Maturity Amortized cost, due in monthly installments | 0 | 0 |
Held to Maturity Fair value, due in monthly installments | 0 | 0 |
Available for Sale, Amortized cost | 121,710,222 | 53,502,875 |
Available for Sale Fair value Total | 121,265,582 | 54,477,286 |
Held to Maturity Amortized cost Total | 21,883,882 | 23,078,519 |
Held to Maturity Fair value Total | $ 22,976,212 | $ 24,244,786 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Less than 12 months Fair value | $ 76,979,815 | $ 10,508,709 |
Less than 12 months Unrealized losses | 1,136,996 | 71,742 |
12 months or more Fair value | 2,762,135 | 1,880,459 |
12 months or more Unrealized losses | 62,757 | 38,958 |
Total Fair value | 79,741,950 | 12,389,168 |
Total Unrealized losses | 1,199,753 | 110,700 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 1,333,770 | 719,430 |
Less than 12 months Unrealized losses | 24,919 | 10,858 |
12 months or more Fair value | 712,730 | 0 |
12 months or more Unrealized losses | 30,144 | 0 |
Total Fair value | 2,046,500 | 719,430 |
Total Unrealized losses | 55,063 | 10,858 |
SBA Pools [Member] | ||
Less than 12 months Fair value | 0 | 0 |
Less than 12 months Unrealized losses | 0 | 0 |
12 months or more Fair value | 1,292,243 | 1,783,807 |
12 months or more Unrealized losses | 24,344 | 38,419 |
Total Fair value | 1,292,243 | 1,783,807 |
Total Unrealized losses | 24,344 | 38,419 |
Corporate Debt Securities [Member] | ||
Less than 12 months Fair value | 1,115,155 | 502,754 |
Less than 12 months Unrealized losses | 7,158 | 2,897 |
12 months or more Fair value | 0 | 0 |
12 months or more Unrealized losses | 0 | 0 |
Total Fair value | 1,115,155 | 502,754 |
Total Unrealized losses | 7,158 | 2,897 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months Fair value | 74,530,890 | 9,286,525 |
Less than 12 months Unrealized losses | 1,104,919 | 57,987 |
12 months or more Fair value | 757,162 | 96,652 |
12 months or more Unrealized losses | 8,269 | 539 |
Total Fair value | 75,288,052 | 9,383,177 |
Total Unrealized losses | $ 1,113,188 | $ 58,526 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 500,449,512 | $ 525,911,047 | |
Financing Receivable, Nonaccrual | 5,035,826 | 4,628,796 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 281,720 | 13,395 | |
Impaired Financing Receivable, Related Allowance | 253,942 | $ 0 | 0 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 18,970 | 0 | 0 |
Financing Receivable, Deferred Payments, Subsequent Additional Deferrals | $ 4,300,000 | ||
Financing Receivable, Percent of Outstanding Loan Balance Additional Deferred | 1.00% | ||
Certain Loans Acquired in Transfer, Nonaccretable Difference | $ 466,597 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 460,413 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 1,658,218 | 2,250,232 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 592,014 | ||
Certain Loans Acquired in Transfer, Accretable Yield | 1,565,204 | ||
Participating Mortgage Loans, Participation Liabilities, Amount | 110,690,972 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 109,914,791 | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | ||
Financial Asset Acquired with Credit Deterioration [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 216,580 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 243,833 | ||
Nonaccrual Loans [Member] | |||
Impaired Financing Receivable, Related Allowance | 253,942 | 0 | |
Allowance for Loan and Lease Losses Write-offs, Net, Total | 27,146 | 8,176 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 40,655,077 | 61,368,105 | |
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | ||
Financing Receivable, Nonaccrual | $ 154,469 | 0 | |
Impaired Financing Receivable, Related Allowance | 154,469 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 316,152,601 | $ 309,284,811 | |
Financing Receivable, Number of Loans, Nonaccrual Status | 2 | 1 | |
Financing Receivable, Nonaccrual | $ 4,849,857 | $ 4,407,829 | |
Impaired Financing Receivable, Related Allowance | $ 99,473 | 0 | $ 0 |
Number of Loans Classified as TDR | 1 | 2 | |
Financing Receivable, Troubled Debt Restructuring | $ 2,025,230 | $ 2,252,316 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 182,656 | ||
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 114,593,662 | $ 121,327,761 | |
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 2 | |
Financing Receivable, Nonaccrual | $ 31,500 | $ 220,967 | |
Impaired Financing Receivable, Related Allowance | $ 0 | 0 | $ 0 |
Number of Loans Classified as TDR | 1 | 1 | |
Financing Receivable, Troubled Debt Restructuring | $ 40,626 | $ 44,733 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 18,970 | 0 | 0 |
Commercial Real Estate and Residential Loans Classified As TDR [Member] | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | $ 0 | |
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | 16,300,000 | 32,100,000 | |
Financing Receivable, Loans Originated Amount | 22,000,000 | 38,000,000 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 1,037,000 | $ 1,286,000 | |
Interest Income, Financing Receivable, before Allowance for Credit Loss | $ 937,000 |
Note 4 - Loans - Major Categori
Note 4 - Loans - Major Categories of Loans (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans | $ 500,449,512 | $ 525,911,047 |
Allowance for loan losses | 3,744,218 | 3,296,538 |
Deferred origination fees net of costs | 924,100 | 923,995 |
Loans and Leases Receivable, Net Amount, Total | 495,781,194 | 521,690,514 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 316,152,601 | 309,284,811 |
Construction and Land Development [Member] | ||
Loans | 28,668,642 | 33,641,916 |
Residential Portfolio Segment [Member] | ||
Loans | 114,593,662 | 121,327,761 |
Commercial Portfolio Segment [Member] | ||
Loans | 40,655,077 | 61,368,105 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 379,530 | $ 288,454 |
Note 4 - Loans - Non-accrual Lo
Note 4 - Loans - Non-accrual Loans (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Nonaccrual loans | $ 5,035,826 | $ 4,628,796 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4,849,857 | 4,407,829 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 31,500 | 220,967 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | $ 154,469 | $ 0 |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans | $ 500,449,512 | $ 525,911,047 |
Loans, 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 207,247 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 154,469 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 539,171 | 220,967 |
Financial Asset, Past Due [Member] | ||
Loans | 693,640 | 428,214 |
Financial Asset, Not Past Due [Member] | ||
Loans | 499,755,872 | 525,482,833 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 316,152,601 | 309,284,811 |
Loans, 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 182,656 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 507,671 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 507,671 | 182,656 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 315,644,930 | 309,102,155 |
Construction and Land Development [Member] | ||
Loans | 28,668,642 | 33,641,916 |
Loans, 90 days past due and still accruing | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 28,668,642 | 33,641,916 |
Residential Portfolio Segment [Member] | ||
Loans | 114,593,662 | 121,327,761 |
Loans, 90 days past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 24,591 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 31,500 | 220,967 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 31,500 | 245,558 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 114,562,162 | 121,082,203 |
Commercial Portfolio Segment [Member] | ||
Loans | 40,655,077 | 61,368,105 |
Loans, 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 154,469 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 154,469 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 40,500,608 | 61,368,105 |
Consumer Portfolio Segment [Member] | ||
Loans | 379,530 | 288,454 |
Loans, 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 379,530 | $ 288,454 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Unpaid Contractual Principal Balance | $ 7,070,182 | $ 2,312,930 | $ 6,704,878 |
Recorded Investment With No Allowance | 6,408,042 | 2,312,930 | 6,704,878 |
Recorded Investment With Allowance | 662,140 | 0 | 0 |
Total Recorded Investment | 7,070,182 | 2,312,930 | 6,704,878 |
Related Allowance | 253,942 | 0 | 0 |
Average Recorded Investment | 6,887,530 | 2,223,988 | 4,420,502 |
Interest Recognized | 78,874 | 89,266 | 347,709 |
Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Contractual Principal Balance | 6,875,087 | 2,266,855 | 6,660,145 |
Recorded Investment With No Allowance | 6,367,416 | 2,266,855 | 6,660,145 |
Recorded Investment With Allowance | 507,671 | 0 | 0 |
Total Recorded Investment | 6,875,087 | 2,266,855 | 6,660,145 |
Related Allowance | 99,473 | 0 | 0 |
Average Recorded Investment | 6,767,616 | 2,175,922 | 4,372,567 |
Interest Recognized | 77,603 | 87,252 | 345,570 |
Residential Portfolio Segment [Member] | |||
Unpaid Contractual Principal Balance | 40,626 | 46,075 | 44,733 |
Recorded Investment With No Allowance | 40,626 | 46,075 | 44,733 |
Recorded Investment With Allowance | 0 | 0 | 0 |
Total Recorded Investment | 40,626 | 46,075 | 44,733 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 20,313 | 48,066 | 47,935 |
Interest Recognized | 0 | $ 2,014 | $ 2,139 |
Commercial Portfolio Segment [Member] | |||
Unpaid Contractual Principal Balance | 154,469 | ||
Recorded Investment With No Allowance | 0 | ||
Recorded Investment With Allowance | 154,469 | ||
Total Recorded Investment | 154,469 | ||
Related Allowance | 154,469 | ||
Average Recorded Investment | 99,601 | ||
Interest Recognized | $ 1,271 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Grade (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans | $ 500,449,512 | $ 525,911,047 |
Excellent [Member] | ||
Loans | 16,469,389 | 32,138,072 |
Above Average [Member] | ||
Loans | 2,427,741 | 3,147,251 |
Average [Member] | ||
Loans | 142,645,655 | 173,120,387 |
Acceptable [Member] | ||
Loans | 202,397,314 | 158,290,924 |
Pass [Member] | ||
Loans | 117,147,177 | 139,519,909 |
Special Mention [Member] | ||
Loans | 7,543,605 | 5,951,177 |
Substandard [Member] | ||
Loans | 11,790,277 | 13,732,062 |
Doubtful [Member] | ||
Loans | 28,354 | 11,265 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 316,152,601 | 309,284,811 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 1,481,171 | 2,010,472 |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 80,794,629 | 96,178,011 |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 127,643,116 | 87,860,036 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 92,864,344 | 108,045,730 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 5,607,912 | 5,951,177 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 7,761,429 | 9,239,385 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | ||
Loans | 28,668,642 | 33,641,916 |
Construction and Land Development [Member] | Excellent [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Above Average [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Average [Member] | ||
Loans | 4,433,922 | 2,962,300 |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 11,740,442 | 15,944,499 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans | 9,026,739 | 13,168,844 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans | 1,935,693 | 0 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans | 1,531,846 | 1,566,273 |
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans | 114,593,662 | 121,327,761 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 47,335 | 36,285 |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 758,819 | 1,026,824 |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 50,882,661 | 63,811,389 |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 49,801,365 | 40,947,548 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 10,606,480 | 12,579,311 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,497,002 | 2,926,404 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 40,655,077 | 61,368,105 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 16,414,989 | 32,088,058 |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 6,393,866 | 10,037,516 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 13,209,094 | 13,532,170 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 4,637,128 | 5,710,361 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 379,530 | 288,454 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 7,065 | 13,729 |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 187,751 | 109,955 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 140,577 | 131,171 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 3,297 | 6,671 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 12,486 | 15,663 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 28,354 | $ 11,265 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses | $ 3,296,538 | $ 2,593,715 | $ 2,593,715 |
Provision for loan losses | 430,000 | 475,000 | 625,000 |
Charge offs | (18,970) | 0 | 0 |
Recoveries | 36,650 | 72,597 | 77,823 |
Allowance for loan losses | 3,744,218 | 3,141,312 | 3,296,538 |
Allowance for loan losses ending balance evaluated for impairment individually | 253,942 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,490,276 | 3,141,312 | 3,296,538 |
Outstanding loan balances evaluated for impairment individually | 7,070,182 | 2,312,930 | 6,875,475 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 495,781,194 | 521,690,514 | |
Outstanding loan balances evaluated for impairment collectively | 491,188,916 | 391,992,398 | 516,722,512 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 2,190,414 | 0 | 2,313,060 |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | 2,230,129 | 1,763,861 | 1,763,861 |
Provision for loan losses | 348,650 | 340,084 | 418,806 |
Charge offs | 0 | 0 | 0 |
Recoveries | 9,500 | 45,962 | 47,462 |
Allowance for loan losses | 2,588,279 | 2,149,907 | 2,230,129 |
Allowance for loan losses ending balance evaluated for impairment individually | 99,473 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 2,488,806 | 2,149,907 | 2,230,129 |
Outstanding loan balances evaluated for impairment individually | 6,875,087 | 2,266,855 | 6,660,245 |
Outstanding loan balances evaluated for impairment collectively | 309,189,806 | 236,839,421 | 302,473,113 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 87,708 | 0 | 151,453 |
Construction and Land Development [Member] | |||
Allowance for loan losses | 201,692 | 192,828 | 192,828 |
Provision for loan losses | 32,105 | 51,804 | (5,536) |
Charge offs | 0 | 0 | 0 |
Recoveries | 12,150 | 10,800 | 14,400 |
Allowance for loan losses | 245,947 | 255,432 | 201,692 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 245,947 | 255,432 | 201,692 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 27,136,796 | 23,889,344 | 32,075,742 |
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 1,531,846 | 0 | 1,566,174 |
Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 644,639 | 478,124 | 478,124 |
Provision for loan losses | (28,549) | 102,515 | 166,515 |
Charge offs | (18,970) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 597,120 | 580,639 | 644,639 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 597,120 | 580,639 | 644,639 |
Outstanding loan balances evaluated for impairment individually | 40,626 | 46,075 | 215,230 |
Outstanding loan balances evaluated for impairment collectively | 113,982,176 | 70,582,197 | 120,517,098 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 570,860 | 0 | 595,433 |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 111,390 | 107,782 | 107,782 |
Provision for loan losses | 125,133 | 5,429 | (12,353) |
Charge offs | 0 | 0 | 0 |
Recoveries | 15,000 | 15,835 | 15,961 |
Allowance for loan losses | 251,523 | 129,046 | 111,390 |
Allowance for loan losses ending balance evaluated for impairment individually | 154,469 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 97,054 | 129,046 | 111,390 |
Outstanding loan balances evaluated for impairment individually | 154,469 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 40,500,608 | 60,442,374 | 61,368,105 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | 2,138 | 4,133 | 4,133 |
Provision for loan losses | 1,863 | 2,260 | (1,995) |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 4,001 | 6,393 | 2,138 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 4,001 | 6,393 | 2,138 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 379,530 | 239,062 | 288,454 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | 106,550 | 46,987 | 46,987 |
Provision for loan losses | (49,202) | (27,092) | 59,563 |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 57,348 | 19,895 | 106,550 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 57,348 | 19,895 | 106,550 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | $ 0 | $ 0 | $ 0 |
Note 4 - Loans - Activity for A
Note 4 - Loans - Activity for Accretable Yield of Purchased Loans (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance at December 31, 2020 | $ 2,250,232 |
Acquired during the year | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 592,014 |
Adjustments | 0 |
Balance at September 30, 2021 | $ 1,658,218 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Ten | 6,246 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Six | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Seven | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Eight | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Nine | $ 8,328 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 6,978,208 |
Balance | 7,059,408 |
Acquired during the year, goodwill | 0 |
Acquired during the year | 0 |
Amortization | (6,246) |
Balance | 6,978,208 |
Balance | 7,053,162 |
Core Deposits [Member] | |
Balance, other intangible | 81,200 |
Acquired during the year, other intangible | 0 |
Amortization, other intangible | (6,246) |
Balance, other intangible | $ 74,954 |
Note 6 - Lease Commitments (Det
Note 6 - Lease Commitments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease, Cost | $ 43,178 | $ 49,926 | $ 144,529 | $ 144,060 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 9 months 18 days | 7 years 9 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% | 3.25% | ||
Operating Lease, Payments | $ 130,506 | $ 118,383 |
Note 6 - Lease Commitments - Op
Note 6 - Lease Commitments - Operating Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Operating lease liabilities | $ 1,345,902 | |
Other Assets [Member] | ||
Operating lease right of use asset | 1,130,744 | $ 1,242,832 |
Other Liabilities [Member] | ||
Operating lease liabilities | $ 1,345,902 | $ 1,443,966 |
Note 6 - Lease Commitments - _2
Note 6 - Lease Commitments - Operating Lease Liabilities (Details) | Sep. 30, 2021USD ($) |
2021 | $ 44,348 |
2022 | 182,426 |
2023 | 188,613 |
2024 | 194,124 |
2025 | 199,809 |
Thereafter | 700,169 |
Total undiscounted cash flow | 1,509,489 |
Discount | (163,587) |
Lease liabilities | $ 1,345,902 |
Note 7 - Capital Standards (Det
Note 7 - Capital Standards (Details Textual) | Sep. 30, 2021 | Dec. 31, 2020 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.0650 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 7 - Capital Standards - Ca
Note 7 - Capital Standards - Capital Requirements (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Capital | $ 68,258 | $ 63,400 |
Capital to Risk Weighted Assets | 0.1308 | 0.1262 |
Capital Required for Capital Adequacy | $ 54,809 | $ 52,732 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Capital Required to be Well Capitalized | $ 52,199 | $ 50,221 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Risk Based Capital | $ 64,514 | $ 60,104 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1236 | 0.1197 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 44,369 | $ 42,688 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0850 | 0.0850 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 41,759 | $ 40,177 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Common Equity Tier One Capital | $ 64,514 | $ 60,104 |
Common Equity Tier One Capital Ratio | 0.1236 | 0.1197 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 36,539 | $ 35,155 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 0.0700 | 0.0700 |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 33,929 | $ 32,644 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 0.065 | 0.0650 |
Tier One Leverage Capital | $ 64,514 | $ 60,104 |
Tier One Leverage Capital to Average Assets | 0.0917 | 0.0905 |
Tier One Leverage Capital Required for Capital Adequacy | $ 28,146 | $ 26,569 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized | $ 35,182 | $ 33,211 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
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 8 - Fair Value - Summarize
Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value, available for sale | $ 121,265,582 | $ 54,477,286 |
Fair Value, Recurring [Member] | ||
Fair value, available for sale | 121,265,582 | 54,477,286 |
Mutual fund | 547,349 | 552,566 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned | 1,411,605 | 1,411,605 |
Impaired loans | 408,198 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Mutual fund | 547,349 | 552,566 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 121,265,582 | 54,477,286 |
Mutual fund | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Mutual fund | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned | 1,411,605 | 1,411,605 |
Impaired loans | 408,198 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 768,750 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 768,750 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 768,750 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
SBA Pools [Member] | ||
Fair value, available for sale | 1,572,673 | 1,783,807 |
SBA Pools [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 1,572,673 | 1,783,807 |
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 1,572,673 | 1,783,807 |
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair value, available for sale | 7,543,482 | 6,797,431 |
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 7,543,482 | 6,797,431 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 7,543,482 | 6,797,431 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Fair value, available for sale | 111,380,677 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 111,380,677 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 111,380,677 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | $ 0 | $ 0 |
Note 8 - Fair Value - Estimated
Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value, held to maturity | $ 22,976,212 | $ 24,244,786 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 39,601,864 | 40,975,670 |
Noninterest-bearing deposits | 125,841,422 | 103,155,113 |
Securities sold under repurchase agreements | 10,475,121 | 24,753,972 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 850,000 |
Accrued interest receivable | 1,579,447 | 2,057,491 |
Fair value, held to maturity | 21,883,882 | 23,078,519 |
Mortgage loans held for sale | 1,757,550 | 1,673,350 |
Restricted stock | 675,400 | 900,500 |
Bank owned life insurance | 15,230,325 | 11,297,342 |
Interest-bearing deposits | 496,091,137 | 470,246,434 |
Federal Home Loan Bank advances | 5,000,000 | 5,000,000 |
Long-term debt | 16,977,499 | 16,973,280 |
Accrued interest payable | 323,420 | 409,622 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 495,781,194 | 521,690,514 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 39,601,864 | 40,975,670 |
Noninterest-bearing deposits | 125,841,422 | 103,155,113 |
Securities sold under repurchase agreements | 10,475,121 | 24,753,972 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 850,000 |
Accrued interest receivable | 1,579,447 | 2,057,491 |
Fair value, held to maturity | 22,976,212 | 24,244,786 |
Mortgage loans held for sale | 1,800,891 | 1,705,781 |
Restricted stock | 675,400 | 900,500 |
Bank owned life insurance | 15,230,325 | 11,297,342 |
Interest-bearing deposits | 496,982,137 | 474,096,434 |
Federal Home Loan Bank advances | 5,040,000 | 5,136,000 |
Long-term debt | 17,299,707 | 17,018,416 |
Accrued interest payable | 323,420 | 409,622 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | $ 503,485,138 | $ 527,132,047 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 2,122,547 | $ 385,247 | $ 6,184,341 | $ 2,264,609 |
Weighted average shares outstanding (in shares) | 3,023,487 | 2,991,964 | 3,015,602 | 2,980,372 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.70 | $ 0.13 | $ 2.05 | $ 0.76 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 52,818 | $ 51,347 | $ 194,566 | $ 160,937 |
Number of Employees Covered by Life Insurance Policy | 12 | 12 | ||
Other Postretirement Benefits Cost (Reversal of Cost) | $ 1,661 | 1,589 | $ 4,982 | 4,767 |
Employee Benefits and Share-based Compensation | $ 388,879 | 376,860 | $ 1,299,900 | 1,183,414 |
Supplemental Employee Retirement Plan [Member] | ||||
Number of Employees Participating in Plan | 3 | 3 | ||
Employee Benefits and Share-based Compensation | $ 42,000 | $ 51,300 | $ 126,000 | $ 153,900 |
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% |