Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 11, 2017 | |
Entity [Abstract] | ||
Entity Registrant Name | Security Federal Corporation | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Entity Central Index Key | 818,677 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,945,474 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Cash and Cash Equivalents | $ 10,990,573 | $ 9,374,549 |
Certificates of Deposit with Other Banks | 1,425,005 | 2,445,005 |
Investment and Mortgage-Backed Securities: | ||
Available For Sale | 401,349,864 | 362,059,429 |
Investment and Mortgage-Backed Securities, Held to Maturity | 27,196,197 | 25,583,956 |
Total Investments And Mortgage-Backed Securities | 428,546,061 | 387,643,385 |
Loans Receivable, Net: | ||
Held For Sale | 3,678,021 | 4,243,907 |
Loans and Leases Receivable, Net Amount | 356,284,490 | 355,478,939 |
Total Loans Receivable, Net | 359,962,511 | 359,722,846 |
Accrued Interest Receivable: | ||
Loans | 848,088 | 1,038,444 |
Mortgage-Backed Securities | 596,973 | 605,474 |
Investment Securities | 1,804,007 | 1,407,923 |
Total Accrued Interest Receivable | 3,249,068 | 3,051,841 |
Premises and Equipment, Net | 23,131,601 | 21,197,684 |
Federal Home Loan Bank (FHLB) Stock, at Cost | 2,667,300 | 2,776,500 |
Other Real Estate Owned (OREO) | 1,990,168 | 2,721,214 |
Bank Owned Life Insurance (BOLI) | 19,341,045 | 17,101,045 |
Goodwill | 1,199,754 | 1,199,754 |
Other Assets | 4,439,183 | 5,447,746 |
Total Assets | 856,942,269 | 812,681,569 |
Liabilities: | ||
Deposit Accounts | 691,423,628 | 654,103,278 |
Advance Payments By Borrowers For Taxes And Insurance | 568,457 | 260,580 |
Advances From FHLB | 47,726,719 | 48,395,000 |
Other Borrowings | 12,852,794 | 9,338,148 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Notes Payable | 11,000,000 | 13,000,000 |
Senior Convertible Debentures | 6,084,000 | 6,084,000 |
Other Liabilities | 5,720,930 | 5,233,289 |
Total Liabilities | 780,531,528 | 741,569,295 |
Shareholders' Equity: | ||
Common Stock, $.01 Par Value; Authorized 5,000,000 Shares; Issued and Outstanding Shares, 3,146,407 and 2,945,474, Respectively | 31,464 | 31,464 |
Additional Paid-In Capital | 12,036,744 | 12,036,744 |
Treasury Stock, at Cost (200,933 Shares) | (4,330,712) | (4,330,712) |
Nonvested Restricted Stock | 0 | (25,358) |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | (25,358) | |
Accumulated Other Comprehensive Income | 3,876,814 | 1,180,086 |
Retained Earnings | 64,796,431 | 62,220,050 |
Total Shareholders' Equity | 76,410,741 | 71,112,274 |
Total Liabilities And Shareholders' Equity | $ 856,942,269 | $ 812,681,569 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $ 395,298,490 | $ 360,457,164 |
Fair Value of Investment And Mortgage-Backed Securities Held To Maturity | 27,312,340 | 25,371,052 |
Allowance For Loan Losses | $ 8,202,632 | $ 8,356,231 |
Serial Preferred Stock Par Value Per Share | $ 0.01 | $ 0.01 |
Serial Preferred Stock Shares Authorized | 200,000 | 200,000 |
Serial Preferred Stock Shares Issued | 0 | 22,000 |
Serial Preferred Stock Shares Outstanding | 22,000 | 22,000 |
Common Stock Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock Shares Issued | 3,146,407 | 3,146,407 |
Common Stock, Shares, Outstanding | 2,945,474 | 2,945,474 |
Treasury Stock Shares Held | 200,933 | 200,933 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Income: | ||||
Loans | $ 4,954,962 | $ 4,824,401 | $ 9,702,440 | $ 9,466,509 |
Mortgage-Backed Securities | 1,156,067 | 1,225,059 | 2,278,134 | 2,479,460 |
Investment Securities | 1,292,306 | 1,118,693 | 2,405,888 | 2,203,092 |
Other | 8,311 | 4,603 | 28,509 | 9,113 |
Total Interest Income | 7,411,646 | 7,172,756 | 14,414,971 | 14,158,174 |
Interest Expense: | ||||
NOW and Money Market Accounts | 140,974 | 104,321 | 274,206 | 207,436 |
Statement Savings Accounts | 10,002 | 8,594 | 19,274 | 16,484 |
Certificate Accounts | 472,618 | 423,267 | 898,405 | 831,999 |
FHLB Advances and Other Borrowed Money | 123,827 | 179,768 | 245,111 | 428,427 |
Interest Expense, Other | 110,904 | 222,851 | ||
Senior Convertible Debentures | 121,680 | 121,680 | 243,360 | 243,360 |
Junior Subordinated Debentures | 37,154 | 30,454 | 71,888 | 59,557 |
Total Interest Expense | 1,017,159 | 868,084 | 1,975,095 | 1,787,263 |
Net Interest Income | 6,394,487 | 6,304,672 | 12,439,876 | 12,370,911 |
Provision For Loan Losses | 0 | 0 | 0 | 0 |
Net Interest Income After Provision For Loan Losses | 6,394,487 | 6,304,672 | 12,439,876 | 12,370,911 |
Non-Interest Income: | ||||
Gain on Sale of Investment Securities | 45,148 | 153,650 | 628,539 | 411,718 |
Gain on Sale of Loans | 240,049 | 191,589 | 520,417 | 400,555 |
Service Fees on Deposit Accounts | 260,867 | 265,036 | 501,752 | 505,381 |
Commissions From Insurance Agency | 125,245 | 122,143 | 279,237 | 291,990 |
Trust Income | 186,000 | 162,000 | 368,000 | 324,000 |
BOLI Income | 120,000 | 132,000 | 240,000 | 264,000 |
Check Card Fee Income | 284,624 | 257,110 | 555,616 | 495,252 |
Grant Income | 0 | 0 | 0 | 265,496 |
Other | 171,005 | 180,805 | 336,726 | 333,681 |
Total Non-Interest Income | 1,432,938 | 1,464,333 | 3,430,287 | 3,292,073 |
Non-Interest Expense: | ||||
Compensation and Employee Benefits | 3,532,797 | 3,177,520 | 7,044,284 | 6,508,318 |
Occupancy | 574,585 | 470,532 | 1,092,637 | 967,250 |
Advertising | 136,174 | 112,806 | 271,709 | 242,783 |
Depreciation and Maintenance of Equipment | 506,057 | 499,041 | 971,621 | 975,415 |
Federal Deposit Insurance Corporation (FDIC) Insurance Premiums | 39,515 | 127,443 | 104,189 | 260,490 |
Net (Benefit) Cost of Operation of OREO | (82,798) | 1,945 | (201,902) | (673,981) |
Prepayment Penalties on Federal Home Loan Bank Advances | 0 | 281,206 | 0 | 528,712 |
Other | 1,160,373 | 1,022,630 | 2,413,103 | 2,420,080 |
Total Non-Interest Expense | 5,866,703 | 5,693,123 | 11,695,641 | 11,229,067 |
Income Before Income Taxes | 1,960,722 | 2,075,882 | 4,174,522 | 4,433,917 |
Provision For Income Taxes | 482,775 | 509,608 | 1,067,957 | 1,150,900 |
Net Income | 1,477,947 | 1,566,274 | 3,106,565 | 3,283,017 |
Preferred Stock Dividends | 0 | 110,000 | 0 | 220,000 |
Net Income Available to Common Shareholders | $ 1,477,947 | $ 1,456,274 | $ 3,106,565 | $ 3,063,017 |
Net Income Per Common Share (Basic) | $ 0.50 | $ 0.49 | $ 1.05 | $ 1.04 |
Net Income Per Common Share (Diluted) | 0.48 | 0.47 | 1 | 0.99 |
Cash Dividend Per Share on Common Stock | $ 0.09 | $ 0.08 | $ 0.18 | $ 0.16 |
Weighted Average Shares Outstanding (Basic) | 2,945,474 | 2,944,001 | 2,945,083 | 2,944,001 |
Weighted Average Shares Outstanding (Diluted) | 3,253,559 | 3,248,444 | 3,252,332 | 3,248,445 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 1,477,947 | $ 1,566,274 | $ 3,106,565 | $ 3,283,017 |
Unrealized Gains On Securities: | ||||
Unrealized Holding Gains on Securities Available For Sale, Net of Taxes of $1,392,387 and $1,928,197 at June 30, 2017 and 2016, Respectively | (2,275,602) | (3,151,680) | (3,145,287) | (4,307,424) |
Reclassification Adjustment for Gains Included in Net Income, Net of Taxes of $17,156 and $58,387 at June 30, 2017 and 2016, Respectively | (27,992) | (95,263) | (389,694) | (255,265) |
Amortization of Unrealized Gains on AFS Securities Transferred to HTM | (25,587) | (58,865) | ||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | (17,955) | (58,187) | ||
Other Comprehensive Income | 2,222,023 | 3,038,462 | 2,696,728 | 3,993,972 |
Comprehensive Income | $ 3,699,970 | $ 4,604,736 | $ 5,803,293 | $ 7,276,989 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income, Amortization on Unrealized Gain on AFS Transfer to HTM, Tax | $ (15,656) | $ (36,017) | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 1,392,387 | $ 1,928,197 | ||
Available-for-sale Securities, Income Tax Expense on Change in Unrealized Holding Gain (Loss) | 1,932,360 | $ 2,635,791 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | $ 17,156 | $ 58,387 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 238,845 | $ 156,453 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings |
Nonvested Restricted Stock | $ (25,358) | ||||||
Balance at at Dec. 31, 2015 | 90,967,422 | $ 22,000,000 | $ 31,464 | $ 12,028,832 | $ (4,330,712) | $ 4,262,361 | $ 57,000,835 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 3,283,017 | 3,283,017 | |||||
Other Comprehensive Income, Net Of Tax: | 3,993,972 | 3,993,972 | |||||
Stock Issued During Period, Value, Other | 0 | ||||||
Adjustments to Additional Paid in Capital, Other | 0 | ||||||
Stock Compensation Expense | 3,984 | 3,984 | |||||
Cash Dividends on Preferred Stock | (220,000) | (220,000) | |||||
Cash Dividends on Common Stock | (471,276) | (471,276) | |||||
Balance at at Jun. 30, 2016 | 97,557,119 | $ 22,000,000 | 31,464 | 12,032,816 | (4,330,712) | 8,256,333 | 59,592,576 |
Nonvested Restricted Stock | (25,358) | ||||||
Nonvested Restricted Stock | (25,358) | ||||||
Balance at at Dec. 31, 2016 | 71,112,274 | 31,464 | 12,036,744 | (4,330,712) | 1,180,086 | 62,220,050 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 3,106,565 | 3,106,565 | |||||
Other Comprehensive Income, Net Of Tax: | 2,696,728 | 2,696,728 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 25,358 | ||||||
Cash Dividends on Common Stock | (530,184) | (530,184) | |||||
Balance at at Jun. 30, 2017 | 76,410,741 | $ 31,464 | $ 12,036,744 | $ (4,330,712) | $ 3,876,814 | $ 64,796,431 | |
Nonvested Restricted Stock | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 3,106,565 | $ 3,283,017 |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | ||
Depreciation Expense | 703,826 | 698,002 |
Stock Option Compensation Expense | 25,358 | 3,984 |
Discount Accretion and Premium Amortization | 2,800,841 | 2,660,159 |
Income From BOLI | (240,000) | (264,000) |
Gain on Sales of Loans | (520,417) | (400,555) |
Gain on Sales of Mortgage-Backed Securities | (284,935) | (46,040) |
Gain on Sales of Investment Securities | (343,603) | (365,678) |
Gain (Loss) on Disposition of Property Plant Equipment | (1,900) | |
Gain on Sales of OREO | (316,398) | (781,363) |
Write Down on OREO | 18,000 | 40,000 |
Amortization of Deferred Loan Costs | 82,461 | 57,977 |
Proceeds From Sale of Loans Held For Sale | 19,294,486 | 14,835,314 |
Origination of Loans Held For Sale | (18,208,183) | (13,654,294) |
Decrease (Increase) in Accrued Interest Receivable: | ||
Loans | 190,356 | 14,871 |
Mortgage-Backed Securities | 8,501 | (33,577) |
Investment Securities | (396,084) | 44,419 |
Increase in Advance Payments By Borrowers | 307,877 | 319,637 |
Other, Net | (256,176) | 1,824,276 |
Net Cash Provided By Operating Activities | 5,970,575 | 8,236,149 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Mortgage-Backed Securities Available For Sale (AFS) | (31,789,116) | (31,230,934) |
Proceeds from Payments and Maturities of Mortgage-Backed Securities AFS | 18,660,261 | 13,928,123 |
Proceeds from Payments and Maturities of Mortgage-Backed Securities HTM | 0 | |
Proceeds from Maturities, Prepayments and Calls of Long-term Investments | 0 | |
Proceeds from (Payments for) in Interest-bearing Deposits in Banks | 1,020,000 | 0 |
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity | 0 | (1,507,125) |
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 2,092,899 | 2,613,163 |
Purchase of Investment Securities AFS | (53,121,373) | (18,938,907) |
Proceeds from Sale, Maturity and Collection of Investments | 12,047,600 | 13,762,177 |
Proceeds From Sale of Investment Securities Available For Sale | 6,434,564 | 12,158,368 |
Payments to Acquire Held-to-maturity Securities | 3,997,750 | 0 |
Proceeds From Sale Of Mortgage-Backed Securities Available For Sale | 11,047,043 | 2,423,078 |
Purchase of FHLB Stock | (3,557,700) | (2,827,100) |
Redemption of FHLB Stock | 3,666,900 | 2,993,600 |
Payment to Acquire Life Insurance Policy, Investing Activities | (2,000,000) | |
Proceeds from Life Insurance Policy | 0 | |
Increase (Decrease) In Loans Receivable | (1,214,095) | (5,444,078) |
Proceeds From Sale of OREO | 1,355,528 | 2,867,121 |
Purchase and Improvement of Premises and Equipment | (2,637,743) | (789,711) |
Proceeds from Sale of Property, Plant, and Equipment | 1,900 | 0 |
Net Cash Used By Investing Activities | (41,991,082) | (9,992,225) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in Deposit Accounts | 37,320,350 | 5,505,712 |
Proceeds from FHLB Advances | 86,392,719 | 132,705,000 |
Repayment of FHLB Advances | (87,061,000) | (138,235,000) |
Proceeds from (Repayments of) Other Debt | 3,514,646 | 2,972,904 |
Repayments of Notes Payable | (2,000,000) | |
Dividends to Preferred Stock Shareholders | 0 | (220,000) |
Dividends to Common Stock Shareholders | (530,184) | (471,276) |
Net Cash Provided By Financing Activities | 37,636,531 | 2,257,340 |
Net Increase in Cash and Cash Equivalents | 1,616,024 | 501,264 |
Cash and Cash Equivalents at Beginning of Period | 9,374,549 | 8,381,951 |
Cash and Cash Equivalents at End of Period | 10,990,573 | 8,883,215 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 1,975,575 | 1,857,994 |
Income Taxes | 947,000 | 155,242 |
Supplemental Schedule of Non Cash Transactions: | ||
Transfers From Loans Receivable to OREO | $ 326,083 | $ 142,140 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America ("U.S. GAAP"); therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation’s (the “Company”) 2016 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2016 (“2016 10-K”) when reviewing interim financial statements. |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Critical Accounting Policies
Critical Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Critical Accounting Policies The Company has adopted various accounting policies, which govern the application of accounting principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to the audited consolidated financial statements at December 31, 2016 included in our 2016 Annual Report to Shareholders. Certain accounting policies involve significant judgments and assumptions by management, which have a material impact on the carrying value of certain assets and liabilities, and, as such, have a greater possibility of producing results that could be materially different than originally reported. We consider these accounting policies to be critical accounting policies. The judgments and assumptions we use are based on historical experience and other factors, which we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results could differ from these judgments and estimates which could have a material impact on our carrying values of assets and liabilities and our results of operations. The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. 3. Critical Accounting Policies, Continued While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulatory agencies, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, that may require adjustments to be made to the allowance based upon the information that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectibility of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the Consolidated Financial Statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Three Months Ended June 30, 2017 2016 Income Shares Per Share Amounts Income Shares Per Share Amounts Basic EPS $ 1,477,947 2,945,474 $ 0.50 $ 1,456,274 2,944,001 $ 0.49 Effect of Dilutive Securities: Stock Options — 3,885 — — — — Senior Convertible Debentures 75,442 304,200 (0.02) 75,442 304,200 (0.02) Unvested Restricted Stock — — — — 243 — Diluted EPS $ 1,553,389 3,253,559 $ 0.48 $ 1,531,716 3,248,444 $ 0.47 Six Months Ended June 30, 2017 2016 Income Shares Per Share Amounts Income Shares Per Share Amounts Basic EPS $ 3,106,565 2,945,083 $ 1.05 $ 3,063,017 2,944,001 $ 1.04 Effect of Dilutive Securities: Stock Options — 3,049 — — — — Senior Convertible Debentures 150,883 304,200 (0.05) 150,883 304,200 (0.04) Unvested Restricted Stock — — — — 244 (0.01 ) Diluted EPS $ 3,257,448 3,252,332 $ 1.00 $ 3,213,900 3,248,445 $ 0.99 Earnings Per Common Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. All of the options outstanding at June 30, 2017 had an exercise price below the average market price during the three and six months ended June 30, 2017. Therefore, these options were considered to be dilutive to EPS in those periods. None of the options outstanding at June 30, 2016 had an exercise price below the average market price during the three or six month periods ended June 30, 2016 . Therefore, these options were not deemed to be dilutive to EPS in those periods. Net income available to common shareholders represents consolidated net income adjusted for preferred dividends declared, accretions of discounts and amortization of premiums on preferred stock issuances and cumulative dividends related to the current dividend period that have not been declared as of period end. The following table provides a reconciliation of net income to net income available to common shareholders for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Earnings Available To Common Shareholders: Net Income $ 1,477,947 $ 1,566,274 $ 3,106,565 $ 3,283,017 Preferred Stock Dividends — 110,000 — 220,000 Net Income Available To Common Shareholders $ 1,477,947 $ 1,456,274 $ 3,106,565 $ 3,063,017 4. Earnings Per Common Share, Continued The following tables include a summary of the Company's basic and diluted EPS for the periods indicated. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit Plans | Stock-Based Compensation Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. Options are granted at exercise prices not less than the fair value of the Company’s common stock on the date of the grant. The following is a summary of the activity under the Company’s stock option plans for the periods presented: Three Months Ended June 30, 2017 2016 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Balance, Beginning of Period 21,500 $23.57 26,000 $23.50 Options Granted — — — — Options Exercised — — — — Options Forfeited (2,000 ) 24.34 (1,000 ) 23.49 Balance, End of Period 19,500 $23.49 25,000 $23.50 5. Stock-Based Compensation, Continued Six Months Ended June 30, 2017 2016 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Balance, Beginning of Period 21,500 $23.57 29,500 $23.55 Options Granted — — — — Options Exercised — — — — Options Forfeited (2,000 ) 24.34 (4,500 ) 23.82 Balance, End of Period 19,500 $23.49 25,000 $23.50 Options Exercisable 19,100 20,700 Options Available For Grant 50,000 50,000 At June 30, 2017 , the Company had the following options outstanding: Grant Date Outstanding Options Option Price Expiration Date 07/09/07 1,000 $24.61 07/09/17 10/01/07 2,000 $24.28 10/01/17 01/01/08 12,000 $23.49 01/01/18 05/19/08 2,500 $22.91 05/19/18 07/01/08 2,000 $22.91 07/01/18 |
Investment and Mortgage-Backed
Investment and Mortgage-Backed Securities, Available for Sale | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Mortgage-Backed Securities, Available for Sale | Investment and Mortgage-Backed Securities, Available For Sale The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities available for sale at the dates indicated were as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Small Business Administration (“SBA”) Bonds $ 126,753,533 $ 1,197,692 $ 161,805 $ 127,789,420 Tax Exempt Municipal Bonds 81,369,078 3,217,508 538,589 84,047,997 Taxable Municipal Bonds 2,019,039 8,911 — 2,027,950 Mortgage-Backed Securities 184,945,040 2,729,888 402,231 187,272,697 State Tax Credit 56,800 — — 56,800 Equity Securities 155,000 — — 155,000 Total Available For Sale $ 395,298,490 $ 7,153,999 $ 1,102,625 $ 401,349,864 December 31, 2016 Amortized Cost Gross Gross Fair Value FHLB Bonds $ 998,001 $ — $ 1 $ 998,000 SBA Bonds 101,280,921 909,361 284,223 101,906,059 Tax Exempt Municipal Bonds 72,248,915 1,185,753 1,899,519 71,535,149 Taxable Municipal Bonds 2,021,192 — 30,062 1,991,130 Mortgage-Backed Securities 183,657,697 2,575,616 972,222 185,261,091 Equity Securities 250,438 117,562 — 368,000 Total Available For Sale $ 360,457,164 $ 4,788,292 $ 3,186,027 $ 362,059,429 The FHLB is a government sponsored enterprise ("GSE") and the securities and bonds issued by GSEs are not backed by the full faith and credit of the United States government. SBA bonds are backed by the full faith and credit of the United States government. Included in the tables above and below in mortgage-backed securities are Government National Mortgage Association ("GNMA") mortgage-backed securities, which are also backed by the full faith and credit of the United States government. At June 30, 2017 the Bank held an amortized cost and fair value of $101.1 million and $102.4 million , respectively, in AFS GNMA mortgage-backed securities compared to an amortized cost and fair value of $107.9 million and $109.2 million , respectively, at December 31, 2016 . Also included in mortgage-backed securities in the tables above and below are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not backed by the full faith and credit of the United States government. At June 30, 2017 the Bank held an amortized cost and fair value of $29.7 million and $29.7 million , respectively, in AFS private label CMO mortgage-backed securities, compared to an amortized cost and fair value of $20.0 million and $19.7 million , respectively, at December 31, 2016 . 6. Investment and Mortgage-Backed Securities, Available For Sale, Continued The amortized cost and fair value of investment and mortgage-backed securities available for sale at June 30, 2017 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since mortgage-backed securities are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below. June 30, 2017 Investment Securities Amortized Cost Fair Value Less Than One Year $ 328,603 $ 328,525 One – Five Years 15,445,316 15,603,908 Over Five – Ten Years 53,122,450 53,869,687 More Than Ten Years 141,457,081 144,275,047 Mortgage-Backed Securities 184,945,040 187,272,697 Total Available For Sale $ 395,298,490 $ 401,349,864 At June 30, 2017 the amortized cost and fair value of investment and mortgage-backed securities available for sale pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $92.1 million and $93.9 million , respectively, compared to an amortized cost and fair value of $75.3 million and $76.9 million , respectively, at December 31, 2016 . The Bank received $2.2 million and $11.4 million in gross proceeds from sales of available for sale securities during the three months ended June 30, 2017 and 2016 , respectively. As a result, the Bank recognized gross gains of $45,000 and $154,000 , respectively, for the three months ended June 30, 2017 and 2016 , with no gross losses recognized for the same periods. During the six months ended June 30, 2017 and 2016 , the Bank received $17.5 million and $14.6 million , respectively, in gross proceeds from sales of available for sale securities. As a result, the Bank recognized gross gains of $629,000 and $412,000 , respectively, with no gross losses recognized for the same periods. The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses SBA Bonds $ 15,277,479 $ 64,891 $ 8,979,781 $ 96,914 $ 24,257,260 $ 161,805 Tax Exempt Municipal Bonds 14,089,073 416,583 2,277,880 122,006 16,366,953 538,589 Mortgage-Backed Securities 42,992,095 341,150 9,351,864 61,081 52,343,959 402,231 $ 72,358,647 $ 822,624 $ 20,609,525 $ 280,001 $ 92,968,172 $ 1,102,625 December 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized FHLB Securities $ 998,000 $ 1 $ — $ — $ 998,000 $ 1 SBA Bonds 28,490,243 228,432 8,212,824 55,791 36,703,067 284,223 Tax Exempt Municipal Bonds 47,405,066 1,899,519 — — 47,405,066 1,899,519 Taxable Municipal Bond 1,991,130 30,062 — — 1,991,130 30,062 Mortgage-Backed Securities 62,738,366 916,699 5,600,262 55,523 68,338,628 972,222 $ 141,622,805 $ 3,074,713 $ 13,813,086 $ 111,314 $ 155,435,891 $ 3,186,027 6. Investment and Mortgage-Backed Securities, Available For Sale, Continued Securities classified as available for sale are recorded at fair market value. At June 30, 2017 and December 31, 2016 , 25.4% and 3.5% of the unrealized losses, representing 21 and 15 individual securities, respectively, consisted of securities in a continuous loss position for 12 months or more. The Company has the ability and intent to hold these securities until such time as the value recovers or the securities mature. The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”). Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospects of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. If the review determines that there is OTTI, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or the Company may recognize a portion in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. There was no OTTI recognized during the six months ended June 30, 2017 . |
Investment and Mortgage-Backe15
Investment and Mortgage-Backed Securities, Held to Maturity | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Mortgage-Backed Securities, Held to Maturity | 7. Investment and Mortgage-Backed Securities, Held to Maturity The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of held to maturity securities at the dates indicated below were as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value FHLB Bonds $ 2,000,000 $ — $ 2,744 $ 1,997,256 Federal Home Loan Mortgage Corporation (“FHLMC”) Bonds 1,997,886 2,130 374 1,999,642 Mortgage-Backed Securities (1) 23,198,311 154,220 37,089 23,315,442 Total Held To Maturity $ 27,196,197 $ 156,350 $ 40,207 $ 27,312,340 (1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA December 31, 2016 Amortized Cost Gross Gross Fair Value Mortgage-Backed Securities (1) $ 25,583,956 $ 63,342 $ 276,246 $ 25,371,052 Total Held To Maturity $ 25,583,956 $ 63,342 $ 276,246 $ 25,371,052 (1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA At June 30, 2017 , the Bank held an amortized cost and fair value of $14.5 million and $14.6 million , respectively, in GNMA mortgage-backed securities classified as held to maturity, which are included in the table above, compared to an amortized cost and fair value of $16.3 million and $16.2 million , respectively, at December 31, 2016 . The Company has not invested in any private label mortgage-backed securities classified as held to maturity. At June 30, 2017 , the amortized cost and fair value of mortgage-backed securities held to maturity that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $20.8 million and $21.0 million , respectively, compared to an amortized cost and fair value of $23.2 million and $23.0 million , respectively, at December 31, 2016 . 7. Investment and Mortgage-Backed Securities, Held to Maturity, Continued The amortized cost and fair value of investment and mortgage-backed securities held to maturity at June 30, 2017 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since mortgage-backed securities are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below. June 30, 2017 Investment Securities: Amortized Cost Fair Value One – Five Years $ 3,997,886 $ 3,996,898 Mortgage-Backed Securities 23,198,311 23,315,442 Total Held to Maturity $ 27,196,197 $ 27,312,340 The following tables show gross unrealized losses, fair value, and length of time that individual held to maturity securities have been in a continuous unrealized loss position at the dates indicated below. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses FHLB Bonds $ 1,997,256 $ 2,744 $ — $ — $ 1,997,256 $ 2,744 FHLMC Bonds 999,626 374 — — 999,626 374 Mortgage-Backed Securities (1) 7,640,170 37,089 — — 7,640,170 37,089 $ 10,637,052 $ 40,207 $ — $ — $ 10,637,052 $ 40,207 (1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA December 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-Backed Securities (1) $ 15,447,596 $ 276,246 $ — $ — $ 15,447,596 $ 276,246 $ 15,447,596 $ 276,246 $ — $ — $ 15,447,596 $ 276,246 (1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA The Company’s held to maturity portfolio is recorded at amortized cost. The Company has the ability and intent to hold these securities to maturity. |
Loans Receivable, Net
Loans Receivable, Net | 6 Months Ended |
Jun. 30, 2017 | |
Loans Receivable, Net [Abstract] | |
Financing Receivables [Text Block] | Loans Receivable, Net Loans receivable, net, consisted of the following as of the dates indicated below: June 30, 2017 December 31, 2016 Residential Real Estate Loans $ 76,954,021 $ 77,979,909 Consumer Loans 53,672,884 50,667,894 Commercial Business Loans 22,013,710 16,279,177 Commercial Real Estate Loans 216,564,464 222,599,294 Total Loans Held For Investment 369,205,079 367,526,274 Loans Held For Sale 3,678,021 4,243,907 Total Loans Receivable, Gross $ 372,883,100 $ 371,770,181 Less: Allowance For Loan Losses 8,202,632 8,356,231 Loans In Process 4,569,760 3,526,064 Deferred Loan Fees 148,197 165,040 12,920,589 12,047,335 Total Loans Receivable, Net $ 359,962,511 $ 359,722,846 The Company uses a risk based approach based on the following credit quality measures when analyzing the loan portfolio: pass, caution, special mention, and substandard. These indicators are used to rate the credit quality of loans for the purposes of determining the Company’s allowance for loan losses. Pass loans are loans that are performing and are deemed adequately protected by the net worth of the borrower or the underlying collateral value. These loans are considered to have the least amount of risk in terms of determining the allowance for loan losses. Loans that are graded as substandard are considered to have the most risk. These loans typically have an identified weakness or weaknesses and are inadequately protected by the net worth of the borrower or collateral value. All loans 90 days or more past due are automatically classified in this category. The caution and special mention categories fall in between the pass and substandard grades and consist of loans that do not currently expose the Company to sufficient risk to warrant adverse classification but possess weaknesses. The following tables list the loan grades used by the Company as credit quality indicators and the balance for each loan category at the dates presented, excluding loans held for sale. Credit Quality Measures June 30, 2017 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 67,467,948 $ 2,173,366 $ 1,388,484 $ 5,924,223 $ 76,954,021 Consumer 49,165,277 1,730,399 256,683 2,520,525 53,672,884 Commercial Business 18,551,832 1,959,832 880,216 621,830 22,013,710 Commercial Real Estate 137,546,053 55,142,285 18,313,257 5,562,869 216,564,464 Total $ 272,731,110 $ 61,005,882 $ 20,838,640 $ 14,629,447 $ 369,205,079 Credit Quality Measures December 31, 2016 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 70,503,057 $ 665,235 $ 1,082,928 $ 5,728,689 $ 77,979,909 Consumer 46,818,650 2,591,860 6,357 1,251,027 50,667,894 Commercial Business 14,731,698 1,002,170 50,081 495,228 16,279,177 Commercial Real Estate 127,068,983 71,927,031 18,153,718 5,449,562 222,599,294 Total $ 259,122,388 $ 76,186,296 $ 19,293,084 $ 12,924,506 $ 367,526,274 8. Loans Receivable, Net, Continued The following tables present an age analysis of past due balances by category at June 30, 2017 and December 31, 2016 : June 30, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Residential Real Estate $ — $ 971,976 $ 2,643,584 $ 3,615,560 $ 73,338,461 $ 76,954,021 Consumer 431,862 193,376 440,277 1,065,515 52,607,369 53,672,884 Commercial Business 50,343 179,818 180,705 410,866 21,602,844 22,013,710 Commercial Real Estate 849,079 80,509 4,442,010 5,371,598 211,192,866 216,564,464 Total $ 1,331,284 $ 1,425,679 $ 7,706,576 $ 10,463,539 $ 358,741,540 $ 369,205,079 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Residential Real Estate $ 653,858 $ — $ 2,488,158 $ 3,142,016 $ 74,837,893 $ 77,979,909 Consumer 625,178 119,640 241,571 986,389 49,681,505 50,667,894 Commercial Business 536,492 69,256 145,401 751,149 15,528,028 16,279,177 Commercial Real Estate 1,719,758 256,285 2,639,837 4,615,880 217,983,414 222,599,294 Total $ 3,535,286 $ 445,181 $ 5,514,967 $ 9,495,434 $ 358,030,840 $ 367,526,274 At June 30, 2017 and December 31, 2016 , the Company did not have any loans that were 90 days or more past due and still accruing interest. Our strategy is to work with our borrowers to reach acceptable payment plans while protecting our interests in the existing collateral. In the event an acceptable arrangement cannot be reached, we may have to acquire these properties through foreclosure or other means and subsequently sell, develop, or liquidate them. The following table shows non-accrual loans by category at June 30, 2017 compared to December 31, 2016 : June 30, 2017 December 31, 2016 $ % Amount Percent (1) Amount Percent (1) Increase (Decrease) Increase (Decrease) Non-accrual Loans: Residential Real Estate $ 2,643,584 0.73 % $ 2,488,158 0.68 % $ 155,426 6.2 % Consumer 440,277 0.12 241,571 0.07 $ 198,706 82.3 % Commercial Business 180,705 0.05 145,401 0.04 35,304 24.3 Commercial Real Estate 4,442,010 1.22 2,639,837 0.73 1,802,173 68.3 Total Non-accrual Loans $ 7,706,576 2.12 % $ 5,514,967 1.52 % $ 2,191,609 39.7 % (1) PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. 8. Loans Receivable, Net, Continued The following tables show the activity in the allowance for loan losses by category for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, 2017 Residential Real Estate Consumer Commercial Business Commercial Real Estate Total Beginning Balance $ 1,464,917 $ 1,100,704 $ 964,488 $ 4,847,790 $ 8,377,899 Provision for Loan Losses 50,008 23,765 (83,847 ) 10,074 — Charge-Offs (64,986 ) (18,244 ) 1 (136,000 ) (219,229 ) Recoveries 237 16,248 — 27,477 43,962 Ending Balance $ 1,450,176 $ 1,122,473 $ 880,642 $ 4,749,341 $ 8,202,632 Six Months Ended June 30, 2017 Residential Real Estate Consumer Commercial Business Commercial Real Estate Total Beginning Balance $ 1,360,346 $ 996,620 $ 882,999 $ 5,116,266 $ 8,356,231 Provision for Loan Losses 160,346 124,319 3,532 (288,197 ) — Charge-Offs (71,503 ) (41,855 ) (5,889 ) (136,000 ) (255,247 ) Recoveries 987 43,389 — 57,272 101,648 Ending Balance $ 1,450,176 $ 1,122,473 $ 880,642 $ 4,749,341 $ 8,202,632 Three Months Ended June 30, 2016 Residential Commercial Commercial Beginning Balance $ 1,399,703 $ 1,042,530 $ 803,146 $ 5,027,925 $ 8,273,304 Provision for Loan Losses 52,888 104,830 62,721 (220,439 ) — Charge-Offs — (59,452 ) — (131,418 ) (190,870 ) Recoveries 10,045 28,068 — 274,667 312,780 Ending Balance $ 1,462,636 $ 1,115,976 $ 865,867 $ 4,950,735 $ 8,395,214 Six Months Ended June 30, 2016 Residential Commercial Commercial Beginning Balance $ 1,323,183 $ 1,063,153 $ 773,948 $ 5,114,849 $ 8,275,133 Provision for Loan Losses 129,408 153,797 91,919 (375,124 ) — Charge-Offs — (153,881 ) — (202,618 ) (356,499 ) Recoveries 10,045 52,907 — 413,628 476,580 Ending Balance $ 1,462,636 $ 1,115,976 $ 865,867 $ 4,950,735 $ 8,395,214 8. Loans Receivable, Net, Continued The following tables present information related to impaired loans evaluated individually and collectively for impairment in the allowance for loan losses at the dates indicated: Allowance For Loan Losses June 30, 2017 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Residential Real Estate $ — $ 1,450,176 $ 1,450,176 Consumer — 1,122,473 1,122,473 Commercial Business — 880,642 880,642 Commercial Real Estate 19,566 4,729,775 4,749,341 Total $ 19,566 $ 8,183,066 $ 8,202,632 Allowance For Loan Losses December 31, 2016 Individually Evaluated For Collectively Evaluated For Residential Real Estate $ — $ 1,360,346 $ 1,360,346 Consumer 1,699 994,921 996,620 Commercial Business — 882,999 882,999 Commercial Real Estate 12,590 5,103,676 5,116,266 Total $ 14,289 $ 8,341,942 $ 8,356,231 The following tables present information related to impaired loans evaluated individually and collectively for impairment in loans receivable at the dates indicated: Loans Receivable June 30, 2017 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Residential Real Estate $ 2,492,298 $ 74,461,723 $ 76,954,021 Consumer 104,492 53,568,392 53,672,884 Commercial Business 145,401 21,868,309 22,013,710 Commercial Real Estate 7,368,117 209,196,347 216,564,464 Total $ 10,110,308 $ 359,094,771 $ 369,205,079 Loans Receivable December 31, 2016 Individually Evaluated For Collectively Evaluated For Residential Real Estate $ 2,181,740 $ 75,798,169 $ 77,979,909 Consumer 170,552 50,497,342 50,667,894 Commercial Business 145,401 16,133,776 16,279,177 Commercial Real Estate 5,830,341 216,768,953 222,599,294 Total $ 8,328,034 $ 359,198,240 $ 367,526,274 8. Loans Receivable, Net, Continued Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired management measures the impairment and records the loan at fair value. Fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, the Company reviews the most recent appraisal and, if it is over 24 months old, will request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, management may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. The average balance of impaired loans was $10.4 million for the three months ended June 30, 2017 compared to $10.3 million for the three months ended June 30, 2016 . The following tables present information related to impaired loans by loan category at June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 . June 30, 2017 December 31, 2016 Impaired Loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Unpaid With No Related Allowance Recorded: Residential Real Estate $ 2,492,298 $ 2,492,298 $ — $ 2,181,740 $ 2,263,240 $ — Consumer 104,492 112,792 — 110,114 118,414 — Commercial Business 145,401 995,401 — 145,401 995,401 — Commercial Real Estate 7,100,151 8,361,152 — 5,424,701 7,207,688 — With An Allowance Recorded: Consumer — — — 60,438 60,438 1,699 Commercial Real Estate 267,966 508,966 19,566 405,640 418,654 12,590 Total Residential Real Estate 2,492,298 2,492,298 — 2,181,740 2,263,240 — Consumer 104,492 112,792 — 170,552 178,852 1,699 Commercial Business 145,401 995,401 — 145,401 995,401 — Commercial Real Estate 7,368,117 8,870,118 19,566 5,830,341 7,626,342 12,590 Total $ 10,110,308 $ 12,470,609 $ 19,566 $ 8,328,034 $ 11,063,835 $ 14,289 8. Loans Receivable, Net, Continued Three Months Ended June 30, 2017 2016 Impaired Loans Average Interest Average Interest With No Related Allowance Recorded: Residential Real Estate $ 2,639,699 $ 22,563 $ 2,662,040 $ — Consumer 149,953 — 289,655 — Commercial Business 145,401 — 149,801 — Commercial Real Estate 7,192,652 68,515 6,675,462 31,353 With An Allowance Recorded: Consumer — — 62,323 1,144 Commercial Real Estate 252,450 — 434,101 — Total Residential Real Estate 2,639,699 22,563 2,662,040 — Consumer 149,953 — 351,978 1,144 Commercial Business 145,401 — 149,801 — Commercial Real Estate 7,445,102 68,515 7,109,563 31,353 Total $ 10,380,155 $ 91,078 $ 10,273,382 $ 32,497 Six Months Ended June 30, 2017 2016 Impaired Loans Average Recorded Investment Interest Income Recognized Average Interest With No Related Allowance Recorded: Residential Real Estate $ 2,816,097 $ 23,113 $ 2,790,857 $ 447 Consumer 158,227 — 296,075 — Commercial Business 145,401 — 154,316 — Commercial Real Estate 7,314,836 115,288 8,632,348 93,284 With An Allowance Recorded: Consumer — — 62,693 1,555 Commercial Real Estate 250,234 — 437,943 — Total Residential Real Estate 2,816,097 23,113 2,790,857 447 Consumer 158,227 — 358,768 1,555 Commercial Business 145,401 — 154,316 — Commercial Real Estate 7,565,070 115,288 9,070,291 93,284 Total $ 10,684,795 $ 138,401 $ 12,374,232 $ 95,286 8. Loans Receivable, Net, Continued In the course of resolving delinquent loans, the Bank may choose to restructure the contractual terms of certain loans. A troubled debt restructuring ("TDR") is a restructuring in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a borrower that it would not otherwise consider (Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310-40). The concessions granted on TDRs generally include terms to reduce the interest rate, extend the term of the debt obligation, or modify the payment structure on the debt obligation. The Bank grants such concessions to reassess the borrower’s financial status and develop a plan for repayment. TDRs included in impaired loans at June 30, 2017 and December 31, 2016 were $4.3 million and $4.6 million , respectively, and the Bank had no commitments at these dates to lend additional funds on these loans. Loans on nonaccrual status at the date of modification are initially classified as nonaccrual TDRs. Loans on accruing status at the date of concession are initially classified as accruing TDRs if the loan is reasonably assured of repayment and performance is expected in accordance with its modified terms. Such loans may be designated as nonaccrual loans subsequent to the concession date if reasonable doubt exists as to the collection of interest or principal under the restructuring agreement. Nonaccrual TDRs are returned to accruing status when there is economic substance to the restructuring, there is documented credit evaluation of the borrower's financial condition, the remaining balance is reasonably assured of repayment in accordance with its modified terms, and the borrower has demonstrated sustained repayment performance in accordance with the modified terms for a reasonable period of time (generally a minimum of six months). The Bank did not modify any loans that were considered to be TDRs during the six months ended June 30, 2017 and 2016 . At June 30, 2017 , two loans totaling $599,000 that had previously been restructured as TDRs were in default, neither of which had been restructured within the last 12 months. Neither of these loans defaulted during the six month period ended June 30, 2017 . In comparison, at June 30, 2016 , six loans totaling $770,000 that had previously been restructured as TDRs were in default, and three of the loans, with a balance of $641,000 defaulted during the six month period ended June 30, 2016 . The Bank considers any loan 30 days or more past due to be in default. Our policy with respect to accrual of interest on loans restructured as a TDR follows relevant supervisory guidance. That is, if a borrower has demonstrated performance under the previous loan terms and shows capacity to perform under the restructured loan terms, continued accrual of interest at the restructured interest rate is probable. If a borrower was materially delinquent on payments prior to the restructuring but shows capacity to meet the restructured loan terms, the loan will likely continue as nonaccrual going forward. Lastly, if the borrower does not perform under the restructured terms, the loan is placed on nonaccrual status. We closely monitor these loans and will cease accruing interest on them if management believes that the borrowers may not continue performing based on the restructured note terms. If, after previously being classified as a TDR, a loan is restructured a second time, then that loan is automatically placed on nonaccrual status. Our policy with respect to nonperforming loans requires the borrower to make a minimum of six consecutive payments in accordance with the modified loan terms before that loan can be placed back on accrual status. In addition to this payment history, the borrower must demonstrate an ability to continue making payments on the loan prior to restoration of accrual status. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters The Bank, as a state-chartered, federally insured savings bank, is subject to the capital requirements established by the FDIC. Under the FDIC's capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors. The Company is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve. For a bank holding company with less than $1.0 billion in assets, the capital guidelines apply on a bank only basis and the Federal Reserve expects the holding company's subsidiary banks to be well-capitalized under the prompt corrective action regulations. If Security Federal Corporation was subject to regulatory guidelines for bank holding companies with $1.0 billion or more in assets, at June 30, 2017 , it would have exceeded all regulatory capital requirements. 9. Regulatory Matters, Continued Based on its capital levels at June 30, 2017 , the Bank exceeded all regulatory capital requirements as of that date. Consistent with the Bank's goals to operate a sound and profitable organization, it is the Bank's policy to maintain a "well-capitalized" status under the regulatory capital categories of the FDIC. Based on capital levels at June 30, 2017 , the Bank was considered to be "well-capitalized" under applicable regulatory requirements. Management monitors the capital levels to provide for current and future business opportunities and to maintain the Bank's "well-capitalized" status. The following tables provide the Company’s and the Bank’s regulatory capital requirements and actual results at the dates indicated below: Actual For Capital Adequacy To Be "Well-Capitalized" (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio SECURITY FEDERAL CORP. June 30, 2017 Tier 1 Risk-Based Core Capital $ 76,333 17.7% $ 25,895 6.0% N/A N/A Total Risk-Based Capital 82,131 19.0% 34,526 8.0% N/A N/A Common Equity Tier 1 Capital (To Risk Weighted Assets) 71,333 16.5% 19,421 4.5% N/A N/A Tier 1 Leverage (Core) Capital 76,333 9.0% 33,809 4.0% N/A N/A SECURITY FEDERAL BANK Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 88,325 19.1% $ 27,686 6.0% $ 36,914 8.0% Total Risk-Based Capital (To Risk Weighted Assets) 94,123 20.4% 36,914 8.0% 46,143 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 88,325 19.1% 20,764 4.5% 29,993 6.5% Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 88,325 10.5% 33,795 4.0% 42,243 5.0% SECURITY FEDERAL CORP. December 31, 2016 Tier 1 Risk-Based Core Capital $ 73,787 16.6% $ 26,714 6.0% Total Risk-Based Capital 79,383 17.8% 35,618 8.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 68,787 15.4% 20,035 4.5% Tier 1 Leverage (Core) Capital 73,787 9.1% 32,548 4.0% SECURITY FEDERAL BANK Tier 1 Risk-Based Core Capital $ 88,139 19.8% $ 26,694 6.0% $ 35,592 8.0% Total Risk-Based Capital 93,735 21.1% 35,592 8.0% 44,490 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 88,139 19.8% 20,021 4.5% 28,919 6.5% Tier 1 Leverage (Core) Capital 88,139 10.8% 32,587 4.0% 40,734 5.0% 9. Regulatory Matters, Continued In addition to the minimum common equity Tier 1 ("CET1"), Tier 1 and total capital ratios, the Bank now has to maintain a capital conservation buffer consisting of additional CET1 capital above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of retained income that could be utilized for such actions. The new capital conservation buffer requirement began to be phased in beginning in January 2016 at 0.625% of risk-weighted assets and increases each year until fully implemented to an amount equal to 2.5% of risk weighted assets in January 2019. At June 30, 2017 the Bank’s CET1 capital exceeded the required capital conservation buffer of 1.25%. |
Carrying Amounts and Fair Value
Carrying Amounts and Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Value of Financial Instruments | Carrying Amounts and Fair Value of Financial Instruments The Company has adopted accounting guidance which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value under generally accepted accounting principles. This guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. Accounting guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 - Quoted Market Price in Active Markets Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries and money market funds. Level 2 - Significant Other Observable Inputs Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts. Level 3 - Significant Unobservable Inputs Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities Available for Sale Investment securities available for sale are recorded at fair value on a recurring basis. At June 30, 2017 , the Company’s investment portfolio was comprised of government and agency bonds, mortgage-backed securities issued by government agencies or GSEs, private label CMO mortgage-backed securities, municipal securities, one state tax credit, and one equity investment. Fair value measurement is based upon prices obtained from third party pricing services that use independent pricing models which rely on a variety of factors including reported trades, broker/dealer quotes, benchmark yields, economic and industry events and other relevant market information. As a result, these securities are classified as Level 2. 10. Carrying Amounts and Fair Value of Financial Instruments, Continued Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with the FHLMC or other investors, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. The Company usually delivers a commitment to, and receives funding from, the investor within 30 days . Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination . These loans are classified as Level 2. Impaired Loans The Company does not record loans held for investment at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established as necessary. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as impaired, management measures the impairment by determining the fair value of the collateral for the loan. Fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, the Company reviews the most recent appraisal and if it is over 24 months old will request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, management may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of the Company’s primary market area, management would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where management is familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, management may perform an internal analysis whereby the previous appraisal value would be reviewed and adjusted for current conditions including recent sales of similar properties in the area and any other relevant economic trends. These valuations are reviewed at a minimum on a quarterly basis. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2017 , our impaired loans were generally evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. The Company records impaired loans as nonrecurring Level 3. At June 30, 2017 and December 31, 2016 , the recorded investment in impaired loans was $10.1 million and $8.3 million , respectively. Foreclosed Assets Foreclosed assets are adjusted to fair value upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. Foreclosed assets are recorded as nonrecurring Level 3. 10. Carrying Amounts and Fair Value of Financial Instruments, Continued Assets measured at fair value on a recurring basis were as follows at June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 FHLB Securities $ — $ — $ — $ — $ 998,000 $ — SBA Bonds — 127,789,420 — — 101,906,059 — Tax Exempt Municipal Bonds — 84,047,997 — — 71,535,149 — Taxable Municipal Bonds — 2,027,950 — — 1,991,130 — Mortgage-Backed Securities — 187,272,697 — — 185,261,091 — State Tax Credit — 56,800 — — — — Equity Securities — 155,000 — — 368,000 — Total $ — $ 401,349,864 $ — $ — $ 362,059,429 $ — There were no liabilities measured at fair value on a recurring basis at June 30, 2017 or December 31, 2016 . The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. The tables below present assets measured at fair value on a nonrecurring basis at June 30, 2017 and December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall. June 30, 2017 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 3,678,021 $ — $ 3,678,021 Collateral Dependent Impaired Loans (1) — — 10,090,742 10,090,742 Foreclosed Assets — — 1,990,168 1,990,168 Total $ — $ 3,678,021 $ 12,080,910 $ 15,758,931 December 31, 2016 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 4,243,907 $ — $ 4,243,907 Collateral Dependent Impaired Loans (1) — — 8,313,745 8,313,745 Foreclosed Assets — — 2,721,214 2,721,214 Total $ — $ 4,243,907 $ 11,034,959 $ 15,278,866 (1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $19,566 AND $14,289 AT JUNE 30, 2017 AND DECEMBER 31, 2016, RESPECTIVELY. There were no liabilities measured at fair value on a nonrecurring basis at June 30, 2017 or December 31, 2016 . For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis at June 30, 2017 , the significant unobservable inputs used in the fair value measurements were as follows: Valuation Significant Fair Value Technique Unobservable Inputs Range Collateral Dependent Impaired Loans $ 10,090,742 Appraised Value Discount Rates/ Discounts to Appraised Values 0% - 72% Foreclosed Assets $ 1,990,168 Appraised Value/Comparable Sales Discount Rates/ Discounts to Appraised Values 16% - 100% 10. Carrying Amounts and Fair Value of Financial Instruments, Continued For assets and liabilities that are not presented on the balance sheet at fair value, the following methods are used to determine the fair value: Cash and Cash Equivalents—The carrying amount of these financial instruments approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. Certificates of Deposit with Other Banks—Fair value is based on market prices for similar assets. Investment Securities Held to Maturity—Securities held to maturity are valued at quoted market prices or dealer quotes. Loans Receivable, Net—The fair value of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. As discount rates are based on current loan rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. FHLB Stock—The fair value approximates the carrying value. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. Accordingly, par value is deemed to be a reasonable estimate of fair value. Deposits—The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. FHLB Advances—Fair value is estimated based on discounted cash flows using current market rates for advances with similar terms. Other Borrowed Money—The carrying value of these short term borrowings approximates fair value. Note Payable—The carrying value of the note payable approximates fair value. Senior Convertible Debentures— The fair value is estimated by discounting the future cash flows using the current rates at which similar debenture offerings with similar terms and maturities would be issued by similar institutions. As discount rates are based on current debenture rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. Junior Subordinated Debentures—The carrying value of junior subordinated debentures approximates fair value. 10. Carrying Amounts and Fair Value of Financial Instruments, Continued The following tables provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2017 and December 31, 2016 presented in accordance with the applicable accounting guidance. June 30, 2017 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 10,991 $ 10,991 $ 10,991 $ — $ — Certificates of Deposits with Other Banks 1,425 1,425 — 1,425 — Investment and Mortgage-Backed Securities 428,546 428,662 — 428,662 — Loans Receivable, Net 359,963 358,546 — — 358,546 FHLB Stock 2,667 2,667 2,667 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 464,692 $ 464,692 $ 464,692 $ — $ — Certificate Accounts 226,732 225,210 — 225,210 — Advances from FHLB 47,727 47,526 — 47,526 — Other Borrowed Money 12,853 12,853 12,853 — — Note Payable 11,000 11,000 — 11,000 — Senior Convertible Debentures 6,084 6,084 — 6,084 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2016 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 9,375 $ 9,375 $ 9,375 $ — $ — Certificates of Deposits with Other Banks 2,445 2,445 — 2,445 — Investment and Mortgage-Backed Securities 387,643 387,430 — 387,430 — Loans Receivable, Net 359,723 357,457 — — 357,457 FHLB Stock 2,777 2,777 2,777 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 438,559 $ 438,559 $ 438,559 $ — $ — Certificate Accounts 215,545 214,149 — 214,149 — Advances from FHLB 48,395 48,153 — 48,153 — Other Borrowed Money 9,338 9,338 9,338 — — Note Payable 13,000 13,000 — 13,000 — Senior Convertible Debentures 5,155 5,155 — 5,155 — Junior Subordinated Debentures 6,084 6,084 — 6,084 — At June 30, 2017 , the Bank had $97.4 million of off-balance sheet financial commitments. These commitments are to originate loans and unused consumer lines of credit and credit card lines. Because these obligations are based on current market rates, if funded, the original principal amount is considered to be a reasonable estimate of fair value. Fair value estimates are made on a specific date, based on relevant market data and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the Bank’s entire holdings of a particular financial instrument. 10. Carrying Amounts and Fair Value of Financial Instruments, Continued Because no active market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, current interest rates and prepayment trends, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in any of these assumptions used in calculating fair value would also significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Bank has significant assets and liabilities that are not considered financial assets or liabilities including deposit franchise values, loan servicing portfolios, deferred tax liabilities, and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The Company has used management’s best estimate of fair value on the above assumptions. Thus, the fair values presented may not be the amounts, which could be realized, in an immediate sale or settlement of the instrument. In addition, any income taxes or other expenses that would be incurred in an actual sale or settlement are not taken into consideration in the fair value presented. |
Accounting and Reporting Change
Accounting and Reporting Changes | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes | Accounting and Reporting Changes The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In May 2014 and August 2015, the FASB issued guidance to change the recognition of Revenue from Contracts with Customers topic of the ASC. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a modified retrospective approach. As a bank holding company, key revenue sources, such as interest income have been identified as out of the scope of this new guidance. The Company’s preliminary analysis suggests that the adoption of this accounting standard is not expected to have a material impact on the Company’s consolidated financial statements. New accounting guidance related to the adoption of this standard continues to be released by the FASB, which could impact the Company’s preliminary analysis of materiality and may change the preliminary conclusions reached as to the application of this new guidance. In January 2016, the FASB amended the Financial Instruments topic of the ASC to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its consolidated financial statements. In February 2016, the FASB amended the Leases topic of the ASC to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The effect of the adoption will depend on leases at time of adoption. Once adopted, we expect to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, however, based on current leases the adoption is not expected to have a material impact on the Company's consolidated financial statements. In March 2016, the FASB amended the Revenue from Contracts with Customers topic of the ASC to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties.The effective date and impact on the Company's consolidated financial statements for this update are the same as those described in the Revenue from Contracts with Customers topic issued in May 2014 and August 2015 discussed above. 11. Accounting and Reporting Changes, Continued In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments were effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. These amendments did not have a material effect on the Company's consolidated financial statements. In April 2016, the FASB amended the Revenue from Contracts with Customers topic of the ASC to clarify guidance related to identifying performance obligations and accounting for licenses of intellectual property. The effective date and impact on the Company's consolidated financial statements for this guidance are the same as those described in the Revenue from Contracts with Customers topic issued in May 2014 and August 2015 discussed above. In May 2016, the FASB amended the Revenue from Contracts with Customers topic of the ASC to clarify guidance related to collectability, noncash consideration, presentation of sales tax, and transition. The effective date and impact on the Company's consolidated financial statements for this guidance are the same as those described in the Revenue from Contracts with Customers topic issued in May 2014 and August 2015 discussed above. In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The guidance significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The amendments will be effective for the Company for reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase, however, until our evaluation is complete the magnitude of the increase will be unknown. In August 2016, the FASB amended the Statement of Cash Flows topic of the ASC to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its consolidated financial statements. In January 2017, the FASB amended the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, in particular on revenue, leases and credit losses on financial instruments in accordance with Staff Accounting Bulletin Topic 11.M. Entities are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a company cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The Company has adopted the amendments in this guidance and appropriate disclosures have been included in this Note for each recently issued accounting standard. In March 2017, the FASB issued guidance on Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The guidance shortens the amortization period for certain callable debt securities held at a premium. The amendments will be effective for the Company for reporting periods beginning after December 15, 2018. The Company does not expect these amendments to have a material effect on its consolidated financial statements. In May 2017, the FASB amended the requirements in the Compensation-Stock Compensation topic of the ASC related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed all events occurring through the date the consolidated financial statements were available to be issued and determined that the following subsequent event required disclosure. The Company expects to receive $650,000 in life insurance proceeds on a former employee during the quarter ended September 30, 2017. |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Allowance for Loan Losses | The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. 3. Critical Accounting Policies, Continued While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulatory agencies, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, that may require adjustments to be made to the allowance based upon the information that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectibility of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. |
Income Taxes | The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the Consolidated Financial Statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of net income to net income available to common shareholders | The following table provides a reconciliation of net income to net income available to common shareholders for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Earnings Available To Common Shareholders: Net Income $ 1,477,947 $ 1,566,274 $ 3,106,565 $ 3,283,017 Preferred Stock Dividends — 110,000 — 220,000 Net Income Available To Common Shareholders $ 1,477,947 $ 1,456,274 $ 3,106,565 $ 3,063,017 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity under stock option plans | Three Months Ended June 30, 2017 2016 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Balance, Beginning of Period 21,500 $23.57 26,000 $23.50 Options Granted — — — — Options Exercised — — — — Options Forfeited (2,000 ) 24.34 (1,000 ) 23.49 Balance, End of Period 19,500 $23.49 25,000 $23.50 5. Stock-Based Compensation, Continued Six Months Ended June 30, 2017 2016 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Balance, Beginning of Period 21,500 $23.57 29,500 $23.55 Options Granted — — — — Options Exercised — — — — Options Forfeited (2,000 ) 24.34 (4,500 ) 23.82 Balance, End of Period 19,500 $23.49 25,000 $23.50 Options Exercisable 19,100 20,700 Options Available For Grant 50,000 50,000 |
Options outstanding | At June 30, 2017 , the Company had the following options outstanding: Grant Date Outstanding Options Option Price Expiration Date 07/09/07 1,000 $24.61 07/09/17 10/01/07 2,000 $24.28 10/01/17 01/01/08 12,000 $23.49 01/01/18 05/19/08 2,500 $22.91 05/19/18 07/01/08 2,000 $22.91 07/01/18 |
Investment and Mortgage-Backe24
Investment and Mortgage-Backed Securities, Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities available for sale at the dates indicated were as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Small Business Administration (“SBA”) Bonds $ 126,753,533 $ 1,197,692 $ 161,805 $ 127,789,420 Tax Exempt Municipal Bonds 81,369,078 3,217,508 538,589 84,047,997 Taxable Municipal Bonds 2,019,039 8,911 — 2,027,950 Mortgage-Backed Securities 184,945,040 2,729,888 402,231 187,272,697 State Tax Credit 56,800 — — 56,800 Equity Securities 155,000 — — 155,000 Total Available For Sale $ 395,298,490 $ 7,153,999 $ 1,102,625 $ 401,349,864 December 31, 2016 Amortized Cost Gross Gross Fair Value FHLB Bonds $ 998,001 $ — $ 1 $ 998,000 SBA Bonds 101,280,921 909,361 284,223 101,906,059 Tax Exempt Municipal Bonds 72,248,915 1,185,753 1,899,519 71,535,149 Taxable Municipal Bonds 2,021,192 — 30,062 1,991,130 Mortgage-Backed Securities 183,657,697 2,575,616 972,222 185,261,091 Equity Securities 250,438 117,562 — 368,000 Total Available For Sale $ 360,457,164 $ 4,788,292 $ 3,186,027 $ 362,059,429 |
Schedule of Available For Sale Securities, Contractual Maturities | June 30, 2017 Investment Securities Amortized Cost Fair Value Less Than One Year $ 328,603 $ 328,525 One – Five Years 15,445,316 15,603,908 Over Five – Ten Years 53,122,450 53,869,687 More Than Ten Years 141,457,081 144,275,047 Mortgage-Backed Securities 184,945,040 187,272,697 Total Available For Sale $ 395,298,490 $ 401,349,864 |
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses | following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses SBA Bonds $ 15,277,479 $ 64,891 $ 8,979,781 $ 96,914 $ 24,257,260 $ 161,805 Tax Exempt Municipal Bonds 14,089,073 416,583 2,277,880 122,006 16,366,953 538,589 Mortgage-Backed Securities 42,992,095 341,150 9,351,864 61,081 52,343,959 402,231 $ 72,358,647 $ 822,624 $ 20,609,525 $ 280,001 $ 92,968,172 $ 1,102,625 The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual available for sale securities have been in a continuous unrealized loss position at the dates indicated. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses SBA Bonds $ 15,277,479 $ 64,891 $ 8,979,781 $ 96,914 $ 24,257,260 $ 161,805 Tax Exempt Municipal Bonds 14,089,073 416,583 2,277,880 122,006 16,366,953 538,589 Mortgage-Backed Securities 42,992,095 341,150 9,351,864 61,081 52,343,959 402,231 $ 72,358,647 $ 822,624 $ 20,609,525 $ 280,001 $ 92,968,172 $ 1,102,625 December 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized FHLB Securities $ 998,000 $ 1 $ — $ — $ 998,000 $ 1 SBA Bonds 28,490,243 228,432 8,212,824 55,791 36,703,067 284,223 Tax Exempt Municipal Bonds 47,405,066 1,899,519 — — 47,405,066 1,899,519 Taxable Municipal Bond 1,991,130 30,062 — — 1,991,130 30,062 Mortgage-Backed Securities 62,738,366 916,699 5,600,262 55,523 68,338,628 972,222 $ 141,622,805 $ 3,074,713 $ 13,813,086 $ 111,314 $ 155,435,891 $ 3,186,027 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Loans Receivable, Net [Abstract] | |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table shows non-accrual loans by category at June 30, 2017 compared to December 31, 2016 : June 30, 2017 December 31, 2016 $ % Amount Percent (1) Amount Percent (1) Increase (Decrease) Increase (Decrease) Non-accrual Loans: Residential Real Estate $ 2,643,584 0.73 % $ 2,488,158 0.68 % $ 155,426 6.2 % Consumer 440,277 0.12 241,571 0.07 $ 198,706 82.3 % Commercial Business 180,705 0.05 145,401 0.04 35,304 24.3 Commercial Real Estate 4,442,010 1.22 2,639,837 0.73 1,802,173 68.3 Total Non-accrual Loans $ 7,706,576 2.12 % $ 5,514,967 1.52 % $ 2,191,609 39.7 % (1) PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. |
Impaired Financing Receivables [Table Text Block] | The following tables present information related to impaired loans by loan category at June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 . June 30, 2017 December 31, 2016 Impaired Loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Unpaid With No Related Allowance Recorded: Residential Real Estate $ 2,492,298 $ 2,492,298 $ — $ 2,181,740 $ 2,263,240 $ — Consumer 104,492 112,792 — 110,114 118,414 — Commercial Business 145,401 995,401 — 145,401 995,401 — Commercial Real Estate 7,100,151 8,361,152 — 5,424,701 7,207,688 — With An Allowance Recorded: Consumer — — — 60,438 60,438 1,699 Commercial Real Estate 267,966 508,966 19,566 405,640 418,654 12,590 Total Residential Real Estate 2,492,298 2,492,298 — 2,181,740 2,263,240 — Consumer 104,492 112,792 — 170,552 178,852 1,699 Commercial Business 145,401 995,401 — 145,401 995,401 — Commercial Real Estate 7,368,117 8,870,118 19,566 5,830,341 7,626,342 12,590 Total $ 10,110,308 $ 12,470,609 $ 19,566 $ 8,328,034 $ 11,063,835 $ 14,289 8. Loans Receivable, Net, Continued Three Months Ended June 30, 2017 2016 Impaired Loans Average Interest Average Interest With No Related Allowance Recorded: Residential Real Estate $ 2,639,699 $ 22,563 $ 2,662,040 $ — Consumer 149,953 — 289,655 — Commercial Business 145,401 — 149,801 — Commercial Real Estate 7,192,652 68,515 6,675,462 31,353 With An Allowance Recorded: Consumer — — 62,323 1,144 Commercial Real Estate 252,450 — 434,101 — Total Residential Real Estate 2,639,699 22,563 2,662,040 — Consumer 149,953 — 351,978 1,144 Commercial Business 145,401 — 149,801 — Commercial Real Estate 7,445,102 68,515 7,109,563 31,353 Total $ 10,380,155 $ 91,078 $ 10,273,382 $ 32,497 Six Months Ended June 30, 2017 2016 Impaired Loans Average Recorded Investment Interest Income Recognized Average Interest With No Related Allowance Recorded: Residential Real Estate $ 2,816,097 $ 23,113 $ 2,790,857 $ 447 Consumer 158,227 — 296,075 — Commercial Business 145,401 — 154,316 — Commercial Real Estate 7,314,836 115,288 8,632,348 93,284 With An Allowance Recorded: Consumer — — 62,693 1,555 Commercial Real Estate 250,234 — 437,943 — Total Residential Real Estate 2,816,097 23,113 2,790,857 447 Consumer 158,227 — 358,768 1,555 Commercial Business 145,401 — 154,316 — Commercial Real Estate 7,565,070 115,288 9,070,291 93,284 Total $ 10,684,795 $ 138,401 $ 12,374,232 $ 95,286 8. Loans Receivable, Net, Continued |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following tables show the activity in the allowance for loan losses by category for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, 2017 Residential Real Estate Consumer Commercial Business Commercial Real Estate Total Beginning Balance $ 1,464,917 $ 1,100,704 $ 964,488 $ 4,847,790 $ 8,377,899 Provision for Loan Losses 50,008 23,765 (83,847 ) 10,074 — Charge-Offs (64,986 ) (18,244 ) 1 (136,000 ) (219,229 ) Recoveries 237 16,248 — 27,477 43,962 Ending Balance $ 1,450,176 $ 1,122,473 $ 880,642 $ 4,749,341 $ 8,202,632 Six Months Ended June 30, 2017 Residential Real Estate Consumer Commercial Business Commercial Real Estate Total Beginning Balance $ 1,360,346 $ 996,620 $ 882,999 $ 5,116,266 $ 8,356,231 Provision for Loan Losses 160,346 124,319 3,532 (288,197 ) — Charge-Offs (71,503 ) (41,855 ) (5,889 ) (136,000 ) (255,247 ) Recoveries 987 43,389 — 57,272 101,648 Ending Balance $ 1,450,176 $ 1,122,473 $ 880,642 $ 4,749,341 $ 8,202,632 Three Months Ended June 30, 2016 Residential Commercial Commercial Beginning Balance $ 1,399,703 $ 1,042,530 $ 803,146 $ 5,027,925 $ 8,273,304 Provision for Loan Losses 52,888 104,830 62,721 (220,439 ) — Charge-Offs — (59,452 ) — (131,418 ) (190,870 ) Recoveries 10,045 28,068 — 274,667 312,780 Ending Balance $ 1,462,636 $ 1,115,976 $ 865,867 $ 4,950,735 $ 8,395,214 Six Months Ended June 30, 2016 Residential Commercial Commercial Beginning Balance $ 1,323,183 $ 1,063,153 $ 773,948 $ 5,114,849 $ 8,275,133 Provision for Loan Losses 129,408 153,797 91,919 (375,124 ) — Charge-Offs — (153,881 ) — (202,618 ) (356,499 ) Recoveries 10,045 52,907 — 413,628 476,580 Ending Balance $ 1,462,636 $ 1,115,976 $ 865,867 $ 4,950,735 $ 8,395,214 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable, net, consisted of the following as of the dates indicated below: June 30, 2017 December 31, 2016 Residential Real Estate Loans $ 76,954,021 $ 77,979,909 Consumer Loans 53,672,884 50,667,894 Commercial Business Loans 22,013,710 16,279,177 Commercial Real Estate Loans 216,564,464 222,599,294 Total Loans Held For Investment 369,205,079 367,526,274 Loans Held For Sale 3,678,021 4,243,907 Total Loans Receivable, Gross $ 372,883,100 $ 371,770,181 Less: Allowance For Loan Losses 8,202,632 8,356,231 Loans In Process 4,569,760 3,526,064 Deferred Loan Fees 148,197 165,040 12,920,589 12,047,335 Total Loans Receivable, Net $ 359,962,511 $ 359,722,846 |
Schedule of Allowance for Loan Losses | |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables list the loan grades used by the Company as credit quality indicators and the balance for each loan category at the dates presented, excluding loans held for sale. Credit Quality Measures June 30, 2017 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 67,467,948 $ 2,173,366 $ 1,388,484 $ 5,924,223 $ 76,954,021 Consumer 49,165,277 1,730,399 256,683 2,520,525 53,672,884 Commercial Business 18,551,832 1,959,832 880,216 621,830 22,013,710 Commercial Real Estate 137,546,053 55,142,285 18,313,257 5,562,869 216,564,464 Total $ 272,731,110 $ 61,005,882 $ 20,838,640 $ 14,629,447 $ 369,205,079 Credit Quality Measures December 31, 2016 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 70,503,057 $ 665,235 $ 1,082,928 $ 5,728,689 $ 77,979,909 Consumer 46,818,650 2,591,860 6,357 1,251,027 50,667,894 Commercial Business 14,731,698 1,002,170 50,081 495,228 16,279,177 Commercial Real Estate 127,068,983 71,927,031 18,153,718 5,449,562 222,599,294 Total $ 259,122,388 $ 76,186,296 $ 19,293,084 $ 12,924,506 $ 367,526,274 |
Past Due Financing Receivables [Table Text Block] | The following tables present an age analysis of past due balances by category at June 30, 2017 and December 31, 2016 : June 30, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Residential Real Estate $ — $ 971,976 $ 2,643,584 $ 3,615,560 $ 73,338,461 $ 76,954,021 Consumer 431,862 193,376 440,277 1,065,515 52,607,369 53,672,884 Commercial Business 50,343 179,818 180,705 410,866 21,602,844 22,013,710 Commercial Real Estate 849,079 80,509 4,442,010 5,371,598 211,192,866 216,564,464 Total $ 1,331,284 $ 1,425,679 $ 7,706,576 $ 10,463,539 $ 358,741,540 $ 369,205,079 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Residential Real Estate $ 653,858 $ — $ 2,488,158 $ 3,142,016 $ 74,837,893 $ 77,979,909 Consumer 625,178 119,640 241,571 986,389 49,681,505 50,667,894 Commercial Business 536,492 69,256 145,401 751,149 15,528,028 16,279,177 Commercial Real Estate 1,719,758 256,285 2,639,837 4,615,880 217,983,414 222,599,294 Total $ 3,535,286 $ 445,181 $ 5,514,967 $ 9,495,434 $ 358,030,840 $ 367,526,274 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Loans Receivable June 30, 2017 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Residential Real Estate $ 2,492,298 $ 74,461,723 $ 76,954,021 Consumer 104,492 53,568,392 53,672,884 Commercial Business 145,401 21,868,309 22,013,710 Commercial Real Estate 7,368,117 209,196,347 216,564,464 Total $ 10,110,308 $ 359,094,771 $ 369,205,079 Loans Receivable December 31, 2016 Individually Evaluated For Collectively Evaluated For Residential Real Estate $ 2,181,740 $ 75,798,169 $ 77,979,909 Consumer 170,552 50,497,342 50,667,894 Commercial Business 145,401 16,133,776 16,279,177 Commercial Real Estate 5,830,341 216,768,953 222,599,294 Total $ 8,328,034 $ 359,198,240 $ 367,526,274 The following tables present information related to impaired loans evaluated individually and collectively for impairment in the allowance for loan losses at the dates indicated: Allowance For Loan Losses June 30, 2017 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Residential Real Estate $ — $ 1,450,176 $ 1,450,176 Consumer — 1,122,473 1,122,473 Commercial Business — 880,642 880,642 Commercial Real Estate 19,566 4,729,775 4,749,341 Total $ 19,566 $ 8,183,066 $ 8,202,632 Allowance For Loan Losses December 31, 2016 Individually Evaluated For Collectively Evaluated For Residential Real Estate $ — $ 1,360,346 $ 1,360,346 Consumer 1,699 994,921 996,620 Commercial Business — 882,999 882,999 Commercial Real Estate 12,590 5,103,676 5,116,266 Total $ 14,289 $ 8,341,942 $ 8,356,231 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory capital amounts and ratios | Actual For Capital Adequacy To Be "Well-Capitalized" (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio SECURITY FEDERAL CORP. June 30, 2017 Tier 1 Risk-Based Core Capital $ 76,333 17.7% $ 25,895 6.0% N/A N/A Total Risk-Based Capital 82,131 19.0% 34,526 8.0% N/A N/A Common Equity Tier 1 Capital (To Risk Weighted Assets) 71,333 16.5% 19,421 4.5% N/A N/A Tier 1 Leverage (Core) Capital 76,333 9.0% 33,809 4.0% N/A N/A SECURITY FEDERAL BANK Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 88,325 19.1% $ 27,686 6.0% $ 36,914 8.0% Total Risk-Based Capital (To Risk Weighted Assets) 94,123 20.4% 36,914 8.0% 46,143 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 88,325 19.1% 20,764 4.5% 29,993 6.5% Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 88,325 10.5% 33,795 4.0% 42,243 5.0% SECURITY FEDERAL CORP. December 31, 2016 Tier 1 Risk-Based Core Capital $ 73,787 16.6% $ 26,714 6.0% Total Risk-Based Capital 79,383 17.8% 35,618 8.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 68,787 15.4% 20,035 4.5% Tier 1 Leverage (Core) Capital 73,787 9.1% 32,548 4.0% SECURITY FEDERAL BANK Tier 1 Risk-Based Core Capital $ 88,139 19.8% $ 26,694 6.0% $ 35,592 8.0% Total Risk-Based Capital 93,735 21.1% 35,592 8.0% 44,490 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 88,139 19.8% 20,021 4.5% 28,919 6.5% Tier 1 Leverage (Core) Capital 88,139 10.8% 32,587 4.0% 40,734 5.0% |
Carrying Amounts and Fair Val27
Carrying Amounts and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements, recurring basis | Assets measured at fair value on a recurring basis were as follows at June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 FHLB Securities $ — $ — $ — $ — $ 998,000 $ — SBA Bonds — 127,789,420 — — 101,906,059 — Tax Exempt Municipal Bonds — 84,047,997 — — 71,535,149 — Taxable Municipal Bonds — 2,027,950 — — 1,991,130 — Mortgage-Backed Securities — 187,272,697 — — 185,261,091 — State Tax Credit — 56,800 — — — — Equity Securities — 155,000 — — 368,000 — Total $ — $ 401,349,864 $ — $ — $ 362,059,429 $ — |
Fair value measurements, nonrecurring basis | The tables below present assets measured at fair value on a nonrecurring basis at June 30, 2017 and December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall. June 30, 2017 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 3,678,021 $ — $ 3,678,021 Collateral Dependent Impaired Loans (1) — — 10,090,742 10,090,742 Foreclosed Assets — — 1,990,168 1,990,168 Total $ — $ 3,678,021 $ 12,080,910 $ 15,758,931 December 31, 2016 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 4,243,907 $ — $ 4,243,907 Collateral Dependent Impaired Loans (1) — — 8,313,745 8,313,745 Foreclosed Assets — — 2,721,214 2,721,214 Total $ — $ 4,243,907 $ 11,034,959 $ 15,278,866 (1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $19,566 AND $14,289 |
Significant unobservable inputs used in the fair value measurements | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis at June 30, 2017 , the significant unobservable inputs used in the fair value measurements were as follows: Valuation Significant Fair Value Technique Unobservable Inputs Range Collateral Dependent Impaired Loans $ 10,090,742 Appraised Value Discount Rates/ Discounts to Appraised Values 0% - 72% Foreclosed Assets $ 1,990,168 Appraised Value/Comparable Sales Discount Rates/ Discounts to Appraised Values 16% - 100% |
Summary of the carrying value and estimated fair value of financial instruments | The following tables provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2017 and December 31, 2016 presented in accordance with the applicable accounting guidance. June 30, 2017 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 10,991 $ 10,991 $ 10,991 $ — $ — Certificates of Deposits with Other Banks 1,425 1,425 — 1,425 — Investment and Mortgage-Backed Securities 428,546 428,662 — 428,662 — Loans Receivable, Net 359,963 358,546 — — 358,546 FHLB Stock 2,667 2,667 2,667 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 464,692 $ 464,692 $ 464,692 $ — $ — Certificate Accounts 226,732 225,210 — 225,210 — Advances from FHLB 47,727 47,526 — 47,526 — Other Borrowed Money 12,853 12,853 12,853 — — Note Payable 11,000 11,000 — 11,000 — Senior Convertible Debentures 6,084 6,084 — 6,084 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2016 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 9,375 $ 9,375 $ 9,375 $ — $ — Certificates of Deposits with Other Banks 2,445 2,445 — 2,445 — Investment and Mortgage-Backed Securities 387,643 387,430 — 387,430 — Loans Receivable, Net 359,723 357,457 — — 357,457 FHLB Stock 2,777 2,777 2,777 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 438,559 $ 438,559 $ 438,559 $ — $ — Certificate Accounts 215,545 214,149 — 214,149 — Advances from FHLB 48,395 48,153 — 48,153 — Other Borrowed Money 9,338 9,338 9,338 — — Note Payable 13,000 13,000 — 13,000 — Senior Convertible Debentures 5,155 5,155 — 5,155 — Junior Subordinated Debentures 6,084 6,084 — 6,084 — |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation of Net Income to Net Income Available to Common Shareholders) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Available To Common Shareholders | ||||
Net Income | $ 1,477,947 | $ 1,566,274 | $ 3,106,565 | $ 3,283,017 |
Preferred Stock Dividends | 0 | 110,000 | 0 | 220,000 |
Income | $ 1,477,947 | $ 1,456,274 | $ 3,106,565 | $ 3,063,017 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Earnings Per Common Share Dilut
Earnings Per Common Share Diluted EPS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,477,947 | $ 1,456,274 | $ 3,106,565 | $ 3,063,017 |
Weighted Average Shares Outstanding (Basic) | 2,945,474 | 2,944,001 | 2,945,083 | 2,944,001 |
Net Income Per Common Share (Basic) | $ 0.50 | $ 0.49 | $ 1.05 | $ 1.04 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $ 75,442 | $ 75,442 | $ 150,883 | $ 150,883 |
Weighted Average Shares Outstanding, Senior Convertible Debentures | 304,200 | 304,200 | 304,200 | 304,200 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | (0.02) | (0.02) | (0.05) | (0.04) |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares, Restricted Stock | 0 | 243 | 0 | 244 |
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | 0 | 0 | 0 | (0.01) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,553,389 | $ 1,531,716 | $ 3,257,448 | $ 3,213,900 |
Weighted Average Shares Outstanding (Diluted) | 3,253,559 | 3,248,444 | 3,252,332 | 3,248,445 |
Net Income Per Common Share (Diluted) | $ 0.48 | $ 0.47 | $ 1 | $ 0.99 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Plans) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Balance, Beginning of Period, Shares | 21,500 | 26,000 | 21,500 | 29,500 |
Options Granted, Shares | 0 | 0 | 0 | 0 |
Options Exercised, Shares | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (2,000) | (1,000) | (2,000) | (4,500) |
Balance, End of Period, Shares | 19,500 | 25,000 | 19,500 | 25,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Balance, Beginning of Period, Weighted Avg. Exercise Price | $ 23.57 | $ 23.50 | $ 23.57 | $ 23.55 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 24.34 | 23.49 | 24.34 | 23.82 |
Balance, End of Period, Weighted Avg. Exercise Price | $ 23.49 | $ 23.50 | $ 23.49 | $ 23.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options Exercisable, Shares | 19,100 | 20,700 | 19,100 | 20,700 |
Options Available For Grant | 50,000 | 50,000 | 50,000 | 50,000 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options Outstanding) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 19,500 | 25,000 | 19,500 | 25,000 | 21,500 | 21,500 | 26,000 | 29,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.49 | $ 23.50 | $ 23.49 | $ 23.50 | $ 23.57 | $ 23.57 | $ 23.50 | $ 23.55 |
Options Granted, Shares | 0 | 0 | 0 | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Options Exercised, Shares | 0 | 0 | 0 | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (2,000) | (1,000) | (2,000) | (4,500) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 24.34 | $ 23.49 | $ 24.34 | $ 23.82 | ||||
$ 24.61 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Outstanding Options | 1,000 | 1,000 | ||||||
Option Price | $ 24.61 | $ 24.61 | ||||||
$ 24.28 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Outstanding Options | 2,000 | 2,000 | ||||||
Option Price | $ 24.28 | $ 24.28 | ||||||
$ 23.49 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Outstanding Options | 12,000 | 12,000 | ||||||
Option Price | $ 23.49 | $ 23.49 | ||||||
$ 22.91 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Outstanding Options | 2,500 | 2,500 | ||||||
Option Price | $ 22.91 | $ 22.91 | ||||||
$ 22.91 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Outstanding Options | 2,000 | 2,000 | ||||||
Option Price | $ 22.91 | $ 22.91 |
Investment and Mortgage-Backe33
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Available for Sale Securities) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | |||
Available For Sale Securities Pledged as Collateral, Amortized Cost Basis | 92,100,000 | 92,100,000 | $ 75,300,000 | ||
Available-for-sale Securities Pledged as Collateral, Fair Value | 93,900,000 | 93,900,000 | 76,900,000 | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 395,298,490 | 395,298,490 | 360,457,164 | ||
Available-for-sale Securities, Gross Unrealized Gains | 7,153,999 | 4,788,292 | |||
Available-for-sale Securities, Gross Unrealized Losses | 1,102,625 | 3,186,027 | |||
Available-for-sale Securities, Fair Value Disclosure | 401,349,864 | 401,349,864 | 362,059,429 | ||
Proceeds From Sale of Available For Sale Securities Including Mortgage Backed Securities | 2,200,000 | $ 11,400,000 | 17,500,000 | $ 14,600,000 | |
US States and Political Subdivisions Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 81,369,078 | 81,369,078 | 72,248,915 | ||
Available-for-sale Securities, Gross Unrealized Gains | 3,217,508 | 1,185,753 | |||
Available-for-sale Securities, Gross Unrealized Losses | 538,589 | 1,899,519 | |||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 29,700,000 | 29,700,000 | 20,000,000 | ||
Available-for-sale Securities, Fair Value Disclosure | 29,700,000 | 29,700,000 | 19,700,000 | ||
Investments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains | 45,000 | $ 154,000 | 629,000 | $ 412,000 | |
FHLB Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 998,001 | ||||
Available-for-sale Securities, Gross Unrealized Gains | 0 | ||||
Available-for-sale Securities, Gross Unrealized Losses | 1 | ||||
SBA Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 126,753,533 | 126,753,533 | 101,280,921 | ||
Available-for-sale Securities, Gross Unrealized Gains | 1,197,692 | 909,361 | |||
Available-for-sale Securities, Gross Unrealized Losses | 161,805 | 284,223 | |||
Mortgage-Backed Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 184,945,040 | 184,945,040 | 183,657,697 | ||
Available-for-sale Securities, Gross Unrealized Gains | 2,729,888 | 2,575,616 | |||
Available-for-sale Securities, Gross Unrealized Losses | 402,231 | 972,222 | |||
Equity Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 155,000 | 155,000 | 250,438 | ||
Available-for-sale Securities, Gross Unrealized Gains | 0 | 117,562 | |||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | |||
Taxable Municipal Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 2,019,039 | 2,019,039 | 2,021,192 | ||
Available-for-sale Securities, Gross Unrealized Gains | 8,911 | 0 | |||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 30,062 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 84,047,997 | 84,047,997 | 71,535,149 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | FHLB Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 998,000 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 127,789,420 | 127,789,420 | 101,906,059 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 187,272,697 | 187,272,697 | 185,261,091 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 155,000 | 155,000 | 368,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | $ 2,027,950 | $ 2,027,950 | $ 1,991,130 |
Investment and Mortgage-Backe34
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Held to Maturity Securities, Contractual Maturities) (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Amortized Cost | 328,603 | 328,603 |
One – Five Years, Amortized Cost | 15,445,316 | 15,445,316 |
Five – Ten Years, Amortized Cost | 53,122,450 | 53,122,450 |
After Ten Years, Amortized Cost | 141,457,081 | 141,457,081 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 395,298,490 | 395,298,490 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Fair Value | 328,525 | 328,525 |
One – Five Years, Fair Value | 15,603,908 | 15,603,908 |
Five – Ten Years, Fair Value | 53,869,687 | 53,869,687 |
After Ten Years, Fair Value | 144,275,047 | 144,275,047 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 401,349,864 | $ 401,349,864 |
Investment and Mortgage-Backe35
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale, Percent of Unrealized Losses for Securities in a Continuous Loss Position, 12 Months or Longer | 25.40% | 3.50% |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 72,358,647 | $ 141,622,805 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 20,609,525 | 13,813,086 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 92,968,172 | 155,435,891 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 822,624 | 3,074,713 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 280,001 | 111,314 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 1,102,625 | 3,186,027 |
FHLB Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 998,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 998,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 1 | |
SBA Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,277,479 | 28,490,243 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8,979,781 | 8,212,824 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,257,260 | 36,703,067 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 64,891 | 228,432 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 96,914 | 55,791 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 161,805 | 284,223 |
Tax Exempt Municipal Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,089,073 | 47,405,066 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,277,880 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 16,366,953 | 47,405,066 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 416,583 | 1,899,519 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 122,006 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 538,589 | 1,899,519 |
Taxable Municipal Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,991,130 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,991,130 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 30,062 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 30,062 | |
Mortgage-Backed Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 42,992,095 | 62,738,366 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,351,864 | 5,600,262 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 52,343,959 | 68,338,628 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 341,150 | 916,699 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 61,081 | 55,523 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | $ 402,231 | $ 972,222 |
Investment and Mortgage-Backe36
Investment and Mortgage-Backed Securities, Available for Sale (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $ 395,298,490 | $ 395,298,490 | $ 360,457,164 | ||
Available-for-sale Securities, Fair Value Disclosure | 401,349,864 | 401,349,864 | 362,059,429 | ||
Available For Sale Securities Pledged as Collateral, Amortized Cost Basis | 92,100,000 | 92,100,000 | 75,300,000 | ||
Available-for-sale Securities Pledged as Collateral, Fair Value | 93,900,000 | 93,900,000 | $ 76,900,000 | ||
Proceeds From Sale of Available For Sale Securities Including Mortgage Backed Securities | $ 2,200,000 | $ 11,400,000 | $ 17,500,000 | $ 14,600,000 | |
Percent of unrealized losses for securities in a continuous loss position for 12 months or more | 25.40% | 25.40% | 3.50% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 21 | 21 | 15 | ||
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | |||
GNMA Mortgage-Backed Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 101,100,000 | 101,100,000 | $ 107,900,000 | ||
Available-for-sale Securities, Fair Value Disclosure | 102,400,000 | 102,400,000 | 109,200,000 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 29,700,000 | 29,700,000 | 20,000,000 | ||
Available-for-sale Securities, Fair Value Disclosure | 29,700,000 | 29,700,000 | $ 19,700,000 | ||
Investments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains | $ 45,000 | $ 154,000 | $ 629,000 | $ 412,000 |
Investment and Mortgage-Backe37
Investment and Mortgage-Backed Securities, Held to Maturity (Schedule of investment and mortgage-backed securities held to maturity) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity, gross unrealized gains | $ 156,350 | $ 63,342 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 27,196,197 | 27,196,197 | 25,583,956 |
Held to maturity, gross unrealized losses | 40,207 | 276,246 | |
Held-to-maturity Securities, Fair Value | 27,312,340 | 27,312,340 | 25,371,052 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 2,000,000 | 2,000,000 | |
Held to maturity, gross unrealized gains | 0 | ||
Held to maturity, gross unrealized losses | 2,744 | ||
Held-to-maturity Securities, Fair Value | 1,997,256 | 1,997,256 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 1,997,886 | 1,997,886 | |
Held to maturity, gross unrealized gains | 2,130 | ||
Held to maturity, gross unrealized losses | 374 | ||
Held-to-maturity Securities, Fair Value | 1,999,642 | 1,999,642 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 23,198,311 | 23,198,311 | 25,583,956 |
Held to maturity, gross unrealized gains | 154,220 | 63,342 | |
Held to maturity, gross unrealized losses | 37,089 | 276,246 | |
Held-to-maturity Securities, Fair Value | $ 23,315,442 | $ 23,315,442 | $ 25,371,052 |
Investment and Mortgage-Backe38
Investment and Mortgage-Backed Securities, Held to Maturity (Schedule of Held-to-maturity Securities) (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 10,637,052 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | 40,207 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 40,207 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 10,637,052 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,640,170 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | 37,089 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 37,089 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 7,640,170 |
Investment and Mortgage-Backe39
Investment and Mortgage-Backed Securities, Held to Maturity (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Proceeds from Sale of Held-to-maturity Securities | $ 0 | |
Held-to-maturity Securities, Fair Value | 27,312,340 | $ 25,371,052 |
Held-to-maturity Securities Pledged as Collateral | 20,800,000 | 23,200,000 |
Held to maturity pledged as collateral, fair value | 21,000,000 | 23,000,000 |
US Government Agencies Debt Securities [Member] | ||
Held-to-maturity Securities, Fair Value | 14,600,000 | 16,200,000 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 14,500,000 | $ 16,300,000 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 369,205,079 | $ 367,526,274 |
Loans Held For Sale | 3,678,021 | 4,243,907 |
Total Loans Receivable, Gross | 372,883,100 | 371,770,181 |
Allowance For Loan Losses | 8,202,632 | 8,356,231 |
Loans and Leases Receivable, Loans in Process | 4,569,760 | 3,526,064 |
Loans and Leases Receivable, Deferred Income | 148,197 | 165,040 |
Loans Receivable, Allowance, Loans in Process, and Deferred Loan Fees | 12,920,589 | 12,047,335 |
Total Loans Receivable, Net | 359,962,511 | 359,722,846 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 76,954,021 | 77,979,909 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 53,672,884 | 50,667,894 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 22,013,710 | 16,279,177 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 216,564,464 | $ 222,599,294 |
Loans Receivable, Net (Schedu41
Loans Receivable, Net (Schedule of Allowance for Loan Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance At Beginning of Period | $ 8,377,899 | $ 8,273,304 | $ 8,356,231 | $ 8,275,133 |
Provision for Loan Losses | 0 | 0 | 0 | 0 |
Charge Offs | (219,229) | (190,870) | (255,247) | (356,499) |
Recoveries | 43,962 | 312,780 | 101,648 | 476,580 |
Balance At End of Period | 8,202,632 | 8,395,214 | 8,202,632 | 8,395,214 |
Residential Real Estate 1 [Member] | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance At Beginning of Period | 1,464,917 | 1,399,703 | 1,360,346 | 1,323,183 |
Provision for Loan Losses | 50,008 | 52,888 | 160,346 | 129,408 |
Charge Offs | (64,986) | 0 | (71,503) | 0 |
Recoveries | 237 | 10,045 | 987 | 10,045 |
Balance At End of Period | 1,450,176 | 1,462,636 | 1,450,176 | 1,462,636 |
Consumer [Member] | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance At Beginning of Period | 1,100,704 | 1,042,530 | 996,620 | 1,063,153 |
Provision for Loan Losses | 23,765 | 104,830 | 124,319 | 153,797 |
Charge Offs | (18,244) | (59,452) | (41,855) | (153,881) |
Recoveries | 16,248 | 28,068 | 43,389 | 52,907 |
Balance At End of Period | 1,122,473 | 1,115,976 | 1,122,473 | 1,115,976 |
Commercial Business [Member] | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance At Beginning of Period | 964,488 | 803,146 | 882,999 | 773,948 |
Provision for Loan Losses | (83,847) | 62,721 | 3,532 | 91,919 |
Charge Offs | 1 | 0 | (5,889) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance At End of Period | 880,642 | 865,867 | 880,642 | 865,867 |
Commercial Real Estate 1 [Member] | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance At Beginning of Period | 4,847,790 | 5,027,925 | 5,116,266 | 5,114,849 |
Provision for Loan Losses | 10,074 | (220,439) | (288,197) | (375,124) |
Charge Offs | (136,000) | (131,418) | (136,000) | (202,618) |
Recoveries | 27,477 | 274,667 | 57,272 | 413,628 |
Balance At End of Period | $ 4,749,341 | $ 4,950,735 | $ 4,749,341 | $ 4,950,735 |
Loans Receivable, Net (Financin
Loans Receivable, Net (Financing Receivable Credit Quality Indicators) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables list the loan grades used by the Company as credit quality indicators and the balance for each loan category at the dates presented, excluding loans held for sale. Credit Quality Measures June 30, 2017 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 67,467,948 $ 2,173,366 $ 1,388,484 $ 5,924,223 $ 76,954,021 Consumer 49,165,277 1,730,399 256,683 2,520,525 53,672,884 Commercial Business 18,551,832 1,959,832 880,216 621,830 22,013,710 Commercial Real Estate 137,546,053 55,142,285 18,313,257 5,562,869 216,564,464 Total $ 272,731,110 $ 61,005,882 $ 20,838,640 $ 14,629,447 $ 369,205,079 Credit Quality Measures December 31, 2016 Pass Caution Special Mention Substandard Total Loans Residential Real Estate $ 70,503,057 $ 665,235 $ 1,082,928 $ 5,728,689 $ 77,979,909 Consumer 46,818,650 2,591,860 6,357 1,251,027 50,667,894 Commercial Business 14,731,698 1,002,170 50,081 495,228 16,279,177 Commercial Real Estate 127,068,983 71,927,031 18,153,718 5,449,562 222,599,294 Total $ 259,122,388 $ 76,186,296 $ 19,293,084 $ 12,924,506 $ 367,526,274 | |
Financing Receivable, Gross | $ 369,205,079 | $ 367,526,274 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 76,954,021 | 77,979,909 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 53,672,884 | 50,667,894 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 22,013,710 | 16,279,177 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 216,564,464 | 222,599,294 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 14,629,447 | 12,924,506 |
Substandard [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 5,924,223 | 5,728,689 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,520,525 | 1,251,027 |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 621,830 | 495,228 |
Substandard [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 5,562,869 | 5,449,562 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 20,838,640 | 19,293,084 |
Special Mention [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,388,484 | 1,082,928 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 256,683 | 6,357 |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 880,216 | 50,081 |
Special Mention [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 18,313,257 | 18,153,718 |
Caution [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 61,005,882 | 76,186,296 |
Caution [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,173,366 | 665,235 |
Caution [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,730,399 | 2,591,860 |
Caution [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,959,832 | 1,002,170 |
Caution [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 55,142,285 | 71,927,031 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 272,731,110 | 259,122,388 |
Pass [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 67,467,948 | 70,503,057 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 49,165,277 | 46,818,650 |
Pass [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 18,551,832 | 14,731,698 |
Pass [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | $ 137,546,053 | $ 127,068,983 |
Loans Receivable, Net (Past Due
Loans Receivable, Net (Past Due Financing Receivables) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 10,463,539 | $ 9,495,434 |
Financing Receivable, Recorded Investment, Current | 358,741,540 | 358,030,840 |
Financing Receivable, Gross | 369,205,079 | 367,526,274 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,615,560 | 3,142,016 |
Financing Receivable, Recorded Investment, Current | 73,338,461 | 74,837,893 |
Financing Receivable, Gross | 76,954,021 | 77,979,909 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,065,515 | 986,389 |
Financing Receivable, Recorded Investment, Current | 52,607,369 | 49,681,505 |
Financing Receivable, Gross | 53,672,884 | 50,667,894 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 410,866 | 751,149 |
Financing Receivable, Recorded Investment, Current | 21,602,844 | 15,528,028 |
Financing Receivable, Gross | 22,013,710 | 16,279,177 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,371,598 | 4,615,880 |
Financing Receivable, Recorded Investment, Current | 211,192,866 | 217,983,414 |
Financing Receivable, Gross | 216,564,464 | 222,599,294 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,331,284 | 3,535,286 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 653,858 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 431,862 | 625,178 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 50,343 | 536,492 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 849,079 | 1,719,758 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,425,679 | 445,181 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 971,976 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 193,376 | 119,640 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 179,818 | 69,256 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 80,509 | 256,285 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 7,706,576 | 5,514,967 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,643,584 | 2,488,158 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 440,277 | 241,571 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 180,705 | 145,401 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 4,442,010 | $ 2,639,837 |
Loans Receivable, Net (Schedu44
Loans Receivable, Net (Schedule of non-accrual loans by category) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 7,706,576 | $ 5,514,967 | |
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | [1] | 2.10% | 1.50% |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | $ 2,191,609 | ||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 39.70% | ||
Financing Receivable, Recorded Investment, Past Due | $ 10,463,539 | $ 9,495,434 | |
Residential Real Estate 1 [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,488,158 | ||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | [1] | 0.70% | 0.70% |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | $ 155,426 | ||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 6.20% | ||
Financing Receivable, Recorded Investment, Past Due | $ 3,615,560 | $ 3,142,016 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 145,401 | ||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | [1] | 0.10% | 0.00% |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | $ 35,304 | ||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 24.30% | ||
Financing Receivable, Recorded Investment, Past Due | $ 410,866 | $ 751,149 | |
Commercial Real Estate 1 [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,639,837 | ||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | [1] | 1.20% | 0.70% |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | $ 1,802,173 | ||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 68.30% | ||
Financing Receivable, Recorded Investment, Past Due | $ 5,371,598 | $ 4,615,880 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 241,571 | ||
FInancing Receivable, Recorded Investment, Nonaccrual Status, Percentage | [1] | 0.10% | 0.10% |
Financing Receivable Recorded Investment in Non-accrual Status, Increase (Decrease) | $ 198,706 | ||
Financing Receivable Recorded Investment in Non-accrual Status, Percent, Increase (Decrease) | 82.30% | ||
Financing Receivable, Recorded Investment, Past Due | $ 1,065,515 | $ 986,389 | |
[1] | PERCENT OF TOTAL LOANS HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS. |
Loans Receivable, Net (Schedu45
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 19,566 | $ 19,566 | $ 14,289 | ||
Balance At Beginning of Period | 8,377,899 | $ 8,273,304 | 8,356,231 | $ 8,275,133 | |
Provision for Loan Losses | 0 | 0 | 0 | 0 | |
Charge Offs | 219,229 | 190,870 | 255,247 | 356,499 | |
Recoveries | 43,962 | 312,780 | 101,648 | 476,580 | |
Balance At End of Period | 8,202,632 | 8,395,214 | 8,202,632 | 8,395,214 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,183,066 | 8,183,066 | 8,341,942 | ||
Financing Receivable, Allowance for Credit Losses | 8,202,632 | 8,202,632 | 8,356,231 | ||
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 19,566 | 19,566 | 12,590 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,729,775 | 4,729,775 | 5,103,676 | ||
Financing Receivable, Allowance for Credit Losses | 4,749,341 | 4,749,341 | 5,116,266 | ||
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 880,642 | 880,642 | 882,999 | ||
Financing Receivable, Allowance for Credit Losses | 880,642 | 880,642 | 882,999 | ||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 1,699 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,122,473 | 1,122,473 | 994,921 | ||
Financing Receivable, Allowance for Credit Losses | 1,122,473 | 1,122,473 | 996,620 | ||
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,450,176 | 1,450,176 | 1,360,346 | ||
Financing Receivable, Allowance for Credit Losses | 1,450,176 | 1,450,176 | $ 1,360,346 | ||
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance At Beginning of Period | 1,464,917 | 1,399,703 | 1,360,346 | 1,323,183 | |
Provision for Loan Losses | 50,008 | 52,888 | 160,346 | 129,408 | |
Charge Offs | 64,986 | 0 | 71,503 | 0 | |
Recoveries | 237 | 10,045 | 987 | 10,045 | |
Balance At End of Period | 1,450,176 | 1,462,636 | 1,450,176 | 1,462,636 | |
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance At Beginning of Period | 1,100,704 | 1,042,530 | 996,620 | 1,063,153 | |
Provision for Loan Losses | 23,765 | 104,830 | 124,319 | 153,797 | |
Charge Offs | 18,244 | 59,452 | 41,855 | 153,881 | |
Recoveries | 16,248 | 28,068 | 43,389 | 52,907 | |
Balance At End of Period | 1,122,473 | 1,115,976 | 1,122,473 | 1,115,976 | |
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance At Beginning of Period | 964,488 | 803,146 | 882,999 | 773,948 | |
Provision for Loan Losses | (83,847) | 62,721 | 3,532 | 91,919 | |
Charge Offs | (1) | 0 | 5,889 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance At End of Period | 880,642 | 865,867 | 880,642 | 865,867 | |
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance At Beginning of Period | 4,847,790 | 5,027,925 | 5,116,266 | 5,114,849 | |
Provision for Loan Losses | 10,074 | (220,439) | (288,197) | (375,124) | |
Charge Offs | 136,000 | 131,418 | 136,000 | 202,618 | |
Recoveries | 27,477 | 274,667 | 57,272 | 413,628 | |
Balance At End of Period | $ 4,749,341 | $ 4,950,735 | $ 4,749,341 | $ 4,950,735 |
Loans Receivable, Net (Schedu46
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 19,566 | $ 14,289 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,183,066 | 8,341,942 |
Financing Receivable, Allowance for Credit Losses | 8,202,632 | 8,356,231 |
Financing Receivable, Individually Evaluated for Impairment | 10,110,308 | 8,328,034 |
Financing Receivable, Collectively Evaluated for Impairment | 359,094,771 | 359,198,240 |
Financing Receivable, Gross | $ 369,205,079 | 367,526,274 |
Loans and Leases Receivable, Valuation Period for New Appraisal | 24 months | |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,450,176 | 1,360,346 |
Financing Receivable, Allowance for Credit Losses | 1,450,176 | 1,360,346 |
Financing Receivable, Individually Evaluated for Impairment | 2,492,298 | 2,181,740 |
Financing Receivable, Collectively Evaluated for Impairment | 74,461,723 | 75,798,169 |
Financing Receivable, Gross | 76,954,021 | 77,979,909 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 1,699 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,122,473 | 994,921 |
Financing Receivable, Allowance for Credit Losses | 1,122,473 | 996,620 |
Financing Receivable, Individually Evaluated for Impairment | 104,492 | 170,552 |
Financing Receivable, Collectively Evaluated for Impairment | 53,568,392 | 50,497,342 |
Financing Receivable, Gross | 53,672,884 | 50,667,894 |
Commercial Business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 880,642 | 882,999 |
Financing Receivable, Allowance for Credit Losses | 880,642 | 882,999 |
Financing Receivable, Individually Evaluated for Impairment | 145,401 | 145,401 |
Financing Receivable, Collectively Evaluated for Impairment | 21,868,309 | 16,133,776 |
Financing Receivable, Gross | 22,013,710 | 16,279,177 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 19,566 | 12,590 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,729,775 | 5,103,676 |
Financing Receivable, Allowance for Credit Losses | 4,749,341 | 5,116,266 |
Financing Receivable, Individually Evaluated for Impairment | 7,368,117 | 5,830,341 |
Financing Receivable, Collectively Evaluated for Impairment | 209,196,347 | 216,768,953 |
Financing Receivable, Gross | $ 216,564,464 | $ 222,599,294 |
Loans Receivable, Net (Impaired
Loans Receivable, Net (Impaired Financing Receivables) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivables, Loans Defaulted | $ 599,000 | $ 770,000 | $ 599,000 | $ 770,000 | |
Impaired financing receivable, recorded investment | 10,110,308 | 10,110,308 | $ 8,328,034 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 12,470,609 | 12,470,609 | 11,063,835 | ||
Impaired Financing Receivable, Average Recorded Investment | 10,380,155 | 10,273,382 | 10,684,795 | 12,374,232 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 91,078 | 32,497 | 138,401 | 95,286 | |
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,492,298 | 2,492,298 | 2,181,740 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,492,298 | 2,492,298 | 2,263,240 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,639,699 | 2,662,040 | 2,816,097 | 2,790,857 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 22,563 | 0 | 23,113 | 447 | |
Impaired financing receivable, related allowance | 0 | 0 | 0 | ||
Impaired financing receivable, recorded investment | 2,492,298 | 2,492,298 | 2,181,740 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,492,298 | 2,492,298 | 2,263,240 | ||
Impaired Financing Receivable, Average Recorded Investment | 2,639,699 | 2,662,040 | 2,816,097 | 2,790,857 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 22,563 | 0 | 23,113 | 447 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 104,492 | 104,492 | 110,114 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 112,792 | 112,792 | 118,414 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 149,953 | 289,655 | 158,227 | 296,075 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 60,438 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 60,438 | ||
Impaired financing receivable, related allowance | 0 | 0 | 1,699 | ||
Impaired financing receivable, recorded investment | 104,492 | 104,492 | 170,552 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 112,792 | 112,792 | 178,852 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 62,323 | 0 | 62,693 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 1,144 | 0 | 1,555 | |
Impaired Financing Receivable, Average Recorded Investment | 149,953 | 351,978 | 158,227 | 358,768 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 1,144 | 0 | 1,555 | |
Commercial Business [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 145,401 | 145,401 | 145,401 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 995,401 | 995,401 | 995,401 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 145,401 | 149,801 | 145,401 | 154,316 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Impaired financing receivable, related allowance | 0 | 0 | 0 | ||
Impaired financing receivable, recorded investment | 145,401 | 145,401 | 145,401 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 995,401 | 995,401 | 995,401 | ||
Impaired Financing Receivable, Average Recorded Investment | 145,401 | 149,801 | 145,401 | 154,316 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,100,151 | 7,100,151 | 5,424,701 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,361,152 | 8,361,152 | 7,207,688 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,192,652 | 6,675,462 | 7,314,836 | 8,632,348 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 68,515 | 31,353 | 115,288 | 93,284 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 267,966 | 267,966 | 405,640 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 508,966 | 508,966 | 418,654 | ||
Impaired financing receivable, related allowance | 19,566 | 19,566 | 12,590 | ||
Impaired financing receivable, recorded investment | 7,368,117 | 7,368,117 | 5,830,341 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 8,870,118 | 8,870,118 | 7,626,342 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 252,450 | 434,101 | 250,234 | 437,943 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 7,445,102 | 7,109,563 | 7,565,070 | 9,070,291 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 68,515 | $ 31,353 | 115,288 | $ 93,284 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired financing receivable, related allowance | $ 19,566 | $ 19,566 | $ 14,289 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of loans restructured as Troubled Debt Restructurings) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Subsequent Default During Reporting Period, Number of Contracts | loan | 3 |
Impaired Financing Receivables, Loans Defaulted during year to date period | $ | $ 641,000 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)loanpayments | Jun. 30, 2017USD ($)loan | Dec. 31, 2016USD ($) | Jun. 30, 2016loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonperforming Loans, Accrual Status, Minimum Consecutive Payments | 6 | 90 | ||
TDRs included in impaired loans | $ 4,300,000 | $ 4,300,000 | $ 4,600,000 | |
Financing Receivable, Modifications, Subsequent Default, Aggregate Number of Contracts | loan | 2 | 2 | 6 | |
Days Past Due to Be Considered In Default | 30 | |||
Review period to request a new third party appraisal | 24 months | |||
Impaired Financing Receivable, Recorded Investment | $ 10,110,308 | $ 10,110,308 | $ 8,328,034 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory capital amounts and ratios) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | ||
Actual, Amount | $ 76,333,000 | $ 73,787,109 |
Actual, Ratio | 17.70% | 16.57282% |
For Capital Adequacy, Amount | $ 25,894,800 | $ 26,713,740 |
For Capital Adequacy, Ratio | 6.00% | 6.00% |
Total Risk-Based Capital (To Risk Weighted Assets) | ||
Actual, Amount | $ 82,131,000 | $ 79,383,109 |
Actual, Ratio | 19.00% | 17.8297% |
For Capital Adequacy, Amount | $ 34,526,400 | $ 35,618,320 |
For Capital Adequacy, Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 71,333,000 | $ 68,787,109 |
Common Equity Tier One Capital Ratio | 16.50% | 15.4498% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 19,421,100 | $ 20,035,305 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | ||
Actual, Amount | $ 76,333,000 | $ 73,787,109 |
Actual, Ratio | 9.00% | 9.06805% |
For Capital Adequacy, Amount | $ 33,809,080 | $ 32,548,120 |
For Capital Adequacy, Ratio | 4.00% | 4.00% |
Security Federal Bank [Member] | ||
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | ||
Actual, Amount | $ 88,325,000 | $ 88,139,000 |
Actual, Ratio | 19.14179% | 19.81097% |
For Capital Adequacy, Amount | $ 27,685,500 | $ 26,694,000 |
For Capital Adequacy, Ratio | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 36,914,000 | $ 35,592,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Total Risk-Based Capital (To Risk Weighted Assets) | ||
Actual, Amount | $ 94,123,000 | $ 93,735,000 |
Actual, Ratio | 20.39833% | 21.06878% |
For Capital Adequacy, Amount | $ 36,914,000 | $ 35,592,000 |
For Capital Adequacy, Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 46,143,000 | $ 44,490,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Common Equity Tier One Capital | $ 88,325,000 | $ 88,139,000 |
Common Equity Tier One Capital Ratio | 19.14179% | 19.81097% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 20,764,125 | $ 20,020,500 |
Common Equity Tier One Capital Required to be Well-Capitalized | 29,993,000 | 28,919,000 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | ||
Actual, Amount | $ 88,325,000 | $ 88,139,000 |
Actual, Ratio | 10.45428% | 10.81897% |
For Capital Adequacy, Amount | $ 33,794,760 | $ 32,586,840 |
For Capital Adequacy, Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 42,243,000 | $ 40,734,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Carrying Amounts and Fair Val51
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, recurring basis) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Liabilities, Fair Value Disclosure, Recurring | $ 0 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 401,349,864 | $ 362,059,429 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 401,349,864 | 362,059,429 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
SBA Bonds | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
SBA Bonds | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Equity Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Equity Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Taxable Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 2,027,950 | 1,991,130 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 102,400,000 | 109,200,000 |
Equity Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 155,000 | 368,000 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 187,272,697 | 185,261,091 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 84,047,997 | 71,535,149 |
SBA Bonds | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 127,789,420 | 101,906,059 |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 998,000 | |
US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | US Government Sponsored Enterprises Debt Securities, FHLB Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 0 |
Carrying Amounts and Fair Val52
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, nonrecurring basis) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other Real Estate Owned (OREO) | $ 1,990,168 | $ 2,721,214 | |||
Held For Sale | 3,678,021 | 4,243,907 | |||
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 15,758,931 | 15,278,866 | |||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 3,678,021 | 4,243,907 | |||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 12,080,910 | 11,034,959 | |||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 3,678,021 | 4,243,907 | |||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 4,243,907 | ||||
Mortgage Loans Held For Sale | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 8,313,745 | |||
Impaired financing receivable, related allowance | 19,566 | 14,289 | |||
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | [2] | 0 | [1] | |
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | [2] | 0 | [1] | |
Collateral Dependent Impaired Loans (1) | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 10,090,742 | [2] | 8,313,745 | [1] | |
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 1,990,168 | 2,721,214 | |||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | 0 | |||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,721,214 | ||||
[1] | IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $19,566 AND $14,289 | ||||
[2] | December 31, 2016Assets:Level 1 Level 2 Level 3 TotalMortgage Loans Held For Sale$— $4,243,907 $— $4,243,907Collateral Dependent Impaired Loans (1)— — 8,313,745 8,313,745Foreclosed Assets— — 2,721,214 2,721,214Total$— $4,243,907 $11,034,959 $15,278,866 |
Carrying Amounts and Fair Val53
Carrying Amounts and Fair Value of Financial Instruments (Significant unobservable inputs used in the fair value measurements) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Other Real Estate Owned (OREO) | $ 1,990,168 | $ 1,990,168 | $ 2,721,214 | ||||
Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 15,758,931 | 15,758,931 | 15,278,866 | ||||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 8,313,745 | |||||
Fair Value Measurements, Valuation Techniques | Appraised Value | ||||||
Significant Unobservable Inputs | Discount Rates/ Discounts to Appraised Values | ||||||
Foreclosed Assets | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,990,168 | $ 1,990,168 | 2,721,214 | ||||
Fair Value Measurements, Valuation Techniques | Appraised Value/Comparable Sales | ||||||
Significant Unobservable Inputs | Discount Rates/ Discounts to Appraised Values | ||||||
Minimum | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Significant Unobservable Inputs, Percentage Range | 0.00% | ||||||
Minimum | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Significant Unobservable Inputs, Percentage Range | 13.00% | ||||||
Maximum | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Significant Unobservable Inputs, Percentage Range | 70.00% | ||||||
Maximum | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Significant Unobservable Inputs, Percentage Range | 82.00% | ||||||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 12,080,910 | $ 12,080,910 | 11,034,959 | ||||
Fair Value, Inputs, Level 3 | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 10,090,742 | [2] | $ 10,090,742 | [2] | 8,313,745 | [1] | |
Fair Value, Inputs, Level 3 | Foreclosed Assets | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,721,214 | ||||||
[1] | IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $19,566 AND $14,289 | ||||||
[2] | December 31, 2016Assets:Level 1 Level 2 Level 3 TotalMortgage Loans Held For Sale$— $4,243,907 $— $4,243,907Collateral Dependent Impaired Loans (1)— — 8,313,745 8,313,745Foreclosed Assets— — 2,721,214 2,721,214Total$— $4,243,907 $11,034,959 $15,278,866 |
Carrying Amounts and Fair Val54
Carrying Amounts and Fair Value of Financial Instruments (Summary of the carrying value and estimated fair value of financial instruments) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Assets: | ||||
Cash And Cash Equivalents | $ 10,991,000 | $ 9,375,000 | ||
Cash and Cash Equivalents | 10,990,573 | 9,374,549 | $ 8,883,215 | $ 8,381,951 |
Certificates of Deposits With Other Banks | 1,425,000 | 2,445,000 | ||
Investment And Mortgage-Backed Securities, Carrying Value Disclosure | 387,643,000 | |||
Investments | 428,546,061 | 387,643,385 | ||
Certificates of Deposit with Other Banks | 1,425,005 | 2,445,005 | ||
Investment And Mortgage-Backed Securities | 428,662,000 | 387,430,000 | ||
Loans Receivable, Net | 359,962,511 | 359,722,846 | ||
Loans Receivable, Net | 358,546,000 | 357,457,000 | ||
Investment in Federal Home Loan Bank Stock, Carrying Value | 2,777,000 | |||
FHLB Stock | 2,667,000 | 2,777,000 | ||
Federal Home Loan Bank (FHLB) Stock, at Cost | 2,667,300 | 2,776,500 | ||
Checking, Savings, And Money Market Accounts, Carrying Value Disclosure | 438,559,000 | |||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 464,692,000 | 438,559,000 | ||
Certificate Accounts, Carrying Value | 226,732,000 | 215,545,000 | ||
Certificate Accounts | 225,210,000 | 214,149,000 | ||
FHLB Advances, Carrying Value | 48,395,000 | |||
Advances From FHLB | 47,726,719 | 48,395,000 | ||
Advances From FHLB | 47,526,000 | 48,153,000 | ||
Other Borrowed Money | 12,853,000 | 9,338,000 | ||
Other Borrowings | 12,852,794 | 9,338,148 | ||
Senior Convertible Debentures | 6,084,000 | 5,155,000 | ||
Junior Subordinated Debentures | 5,155,000 | 5,155,000 | ||
Junior Subordinated Debentures | 5,155,000 | 6,084,000 | ||
Senior Convertible Debentures | 6,084,000 | 6,084,000 | ||
Fair Value, Inputs, Level 1 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 9,375,000 | |||
Cash and Cash Equivalents | 10,991,000 | |||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 2,777,000 | |||
Federal Home Loan Bank (FHLB) Stock, at Cost | 2,667,000 | |||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 464,692,000 | 438,559,000 | ||
Certificate Accounts | 0 | 0 | ||
Advances From FHLB | 0 | 0 | ||
Other Borrowed Money | 9,338,000 | |||
Other Borrowings | 12,853,000 | |||
Senior Convertible Debentures | 0 | 0 | ||
Junior Subordinated Debentures | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 2,445,000 | |||
Certificates of Deposit with Other Banks | 1,425,000 | |||
Investment And Mortgage-Backed Securities | 428,662,000 | 387,430,000 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Certificate Accounts | 225,210,000 | 214,149,000 | ||
Advances From FHLB | 47,526,000 | 48,153,000 | ||
Other Borrowed Money | 0 | 0 | ||
Senior Convertible Debentures | 5,155,000 | |||
Junior Subordinated Debentures | 6,084,000 | |||
Junior Subordinated Debentures | 6,084,000 | |||
Senior Convertible Debentures | 5,155,000 | |||
Fair Value, Inputs, Level 3 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 358,546,000 | 357,457,000 | ||
FHLB Stock | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Certificate Accounts | 0 | 0 | ||
Advances From FHLB | 0 | 0 | ||
Other Borrowed Money | 0 | 0 | ||
Senior Convertible Debentures | 0 | 0 | ||
Junior Subordinated Debentures | $ 0 | $ 0 |
Carrying Amounts and Fair Val55
Carrying Amounts and Fair Value of Financial Instruments (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2017USD ($)investment | Dec. 31, 2016USD ($) | |
Fair Value Disclosures [Abstract] | ||
Number of equity investments | investment | 1 | |
Investor funding period | 30 days | |
Review period to request a new third party appraisal | 24 months | |
Impaired financing receivable, recorded investment | $ 10,110,308 | $ 8,328,034 |
Fair value disclosure, off-balance sheet risks, amount, liability | $ 97,400,000 |