XML 33 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $146,471 at March 31, 2020 and $155,697 at December 31, 2019) are as follows:

 

    March 31, 2020     December 31, 2019  
Commercial   $ 53,516,468     $ 52,848,455  
Commercial real estate:                
Construction     14,072,423       12,491,078  
Other     138,364,100       143,821,990  
Consumer:                
Real estate     67,334,135       59,533,045  
Other     5,088,534       5,377,992  
      278,375,660       274,072,560  
Allowance for loan losses     (4,014,213 )     (4,003,758 )
Loans, net   $ 274,361,447     $ 270,068,802  
Schedule of credit risks by category and internally assigned grades

The following tables illustrate credit quality by class and internally assigned grades at March 31, 2020 and December 31, 2019. “Pass” includes loans internally graded as excellent, good and satisfactory.

 

March 31, 2020 
    Commercial   Commercial
Real Estate
Construction		   Commercial
Real Estate
Other		   Consumer
Real Estate		   Consumer
Other		   Total 
Pass   $48,901,606   $13,447,945   $132,143,176   $64,711,278   $4,770,022   $263,974,027 
Watch    2,224,636    624,478    3,643,197    1,136,448    246,099    7,874,858 
OAEM    345,653    —    244,220    606,657    23,856    1,220,386 
Substandard    2,044,573    —    2,333,507    879,752    48,557    5,306,389 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
Total   $53,516,468   $14,072,423   $138,364,100   $67,334,135   $5,088,534   $278,375,660 

 

 

December 31, 2019 
    Commercial   Commercial
Real Estate
Construction		   Commercial
Real Estate
Other		   Consumer
Real Estate		   Consumer
Other		   Total 
Pass   $48,098,936   $12,005,834   $137,641,011   $56,034,247   $4,966,615   $258,746,643 
Watch    2,303,568    485,244    3,758,220    2,096,445    315,375    8,958,852 
OAEM    460,551    —    649,039    522,600    44,232    1,676,422 
Substandard    1,985,400    —    1,773,720    879,753    51,770    4,690,643 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
Total   $52,848,455   $12,491,078   $143,821,990   $59,533,045   $5,377,992   $274,072,560 

 
Schedule of aging analysis of the recorded investment in loans segregated by class

The following tables include an aging analysis of the recorded investment in loans segregated by class.

 

March 31, 2020
    30-59 Days
Past Due		     60-89 Days
Past Due		     Greater than
90 Days		     Total Past Due     Current     Total Loans
Receivable		     Recorded Investment ≥
90 Days and Accruing		  
Commercial   $ 12,347     $ 13,604     $ —     $ 25,951     $ 53,490,517     $ 53,516,468     $ —  
Commercial Real Estate Construction     —       —       —       —       14,072,423       14,072,423       —  
Commercial Real Estate Other     19,392       335,953       1,161,279       1,516,624       136,847,476       138,364,100       —  
Consumer Real Estate     —       34,960       629,999       664,959       66,669,176       67,334,135       —  
Consumer Other     61,554       76,410       13,848       151,812       4,936,722       5,088,534       —  
Total   $ 93,293     $ 460,927     $ 1,805,126     $ 2,359,346     $ 276,016,314     $ 278,375,660     $ —  

 

  December 31, 2019  
    30-59 Days
Past Due		     60-89 Days
Past Due		     Greater than
90 Days		     Total Past Due     Current     Total Loans
Receivable		     Recorded Investment ≥
90 Days and Accruing		  
Commercial   $ 39,329     $ —     $ 178,975     $ 218,304     $ 52,630,151     $ 52,848,455     $ —  
Commercial Real Estate Construction     —       —       —       —       12,491,078       12,491,078       —  
Commercial Real Estate Other     620,837       300,240       582,419       1,503,496       142,318,494       143,821,990       —  
Consumer Real Estate     —       2,965       629,999       632,964       58,900,081       59,533,045       —  
Consumer Other     32,842       —       —       32,842       5,345,150       5,377,992       —  
Total   $ 693,008     $ 303,205     $ 1,391,393     $ 2,387,606     $ 271,684,954     $ 274,072,560     $ —  
Schedule of non-accrual loans

The following table summarizes the balances of non-accrual loans:

 

    Loans Receivable on Non-Accrual  
    March 31, 2020     December 31, 2019  
                 
Commercial   $ 178,975     $ 178,975  
Commercial Real Estate Construction     —       —  
Commercial Real Estate Other     1,161,279       857,327  
Consumer Real Estate     629,999       629,999  
Consumer Other     13,848       —  
Total   $ 1,984,101     $ 1,666,301  
Schedule of change in allowance and an allocation of the allowance by loan categery

The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors.

 

    Three Months Ended March 31, 2020
    Commercial     Commercial Real
Estate Construction		     Commercial Real
Estate Other		     Consumer Real
Estate		     Consumer Other     Total  
Allowance for Loan Losses:                                                
Beginning balance   $ 1,429,917     $ 109,235     $ 1,270,445     $ 496,221     $ 697,940     $ 4,003,758  
Charge-offs     —       —       —       —       (39,592 )     (39,592 )
Recoveries     15,500       —       —       —       34,547       50,047  
Provisions     (29,150 )     13,834       (57,798 )     65,779       7,335       —  
Ending balance   $ 1,416,267     $ 123,069     $ 1,212,647     $ 562,000     $ 700,230     $ 4,014,213  

 

    Three Months Ended March 31, 2019
    Commercial     Commercial Real
Estate Construction		     Commercial Real
Estate Other		     Consumer Real
Estate		     Consumer Other     Total  
Allowance for Loan Losses:                                                
Beginning balance   $ 1,665,413     $ 63,876     $ 1,292,346     $ 386,585     $ 806,111     $ 4,214,331  
Charge-offs     (229,395 )     —       —       —       (6,334 )     (235,729 )
Recoveries     500       —       —       —       320       820  
Provisions     92,059       17,171       26,572       (8,944 )     (116,858 )     10,000  
Ending balance   $ 1,528,577     $ 81,047     $ 1,318,918     $ 377,641     $ 683,239     $ 3,989,422  
Schedule of allocation of the allowance for loan losses and the gross investment in loans by class and reserving methodology

The following tables present, by portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans, for the periods indicated.

 

    March 31, 2020  
    Commercial     Commercial Real
Estate Construction		     Commercial Real
Estate Other		     Consumer Real
Estate		     Consumer Other     Total  
Allowance for Loan Losses                                                
Individually evaluated for impairment   $ 686,583     $ —     $ 1,781     $ —     $ 111     $ 688,475  
Collectively evaluated for impairment     729,684       123,069       1,210,866       562,000       700,119       3,325,738  
Total Allowance for Loan Losses   $ 1,416,267     $ 123,069     $ 1,212,647     $ 562,000     $ 700,230     $ 4,014,213  
Loans Receivable                                                
Individually evaluated for impairment   $ 2,044,573     $ —     $ 2,338,432     $ 879,752     $ 48,557     $ 5,311,314  
Collectively evaluated for impairment     51,471,895       14,072,423       136,025,668       66,454,383       5,039,977       273,064,346  
Total Loans Receivable   $ 53,516,468     $ 14,072,423     $ 138,364,100     $ 67,334,135     $ 5,088,534     $ 278,375,660  

 

    December 31, 2019  
    Commercial     Commercial Real
Estate Construction		     Commercial Real
Estate Other		     Consumer Real
Estate		     Consumer Other     Total  
Allowance for Loan Losses                                                
Individually evaluated for impairment   $ 683,278     $ —     $ 1,782     $ —     $ 90     $ 685,150  
Collectively evaluated for impairment     746,639       109,235       1,268,663       496,221       697,850       3,318,608  
Total Allowance for Loan Losses   $ 1,429,917     $ 109,235     $ 1,270,445     $ 496,221     $ 697,940     $ 4,003,758  
Loans Receivable                                                
Individually evaluated for impairment   $ 2,065,732     $ —     $ 1,679,872     $ 879,753     $ 51,770     $ 4,677,127  
Collectively evaluated for impairment     50,782,723       12,491,078       142,142,118       58,653,292       5,326,222       269,395,433  
Total Loans Receivable   $ 52,848,455     $ 12,491,078     $ 143,821,990     $ 59,533,045     $ 5,377,992     $ 274,072,560  
Schedule of loans individually evaluated for impairment and the corresponding allowance for loan losses

As of March 31, 2020 and December 31, 2019, loans individually evaluated and considered impaired are presented in the following table.

 

    Impaired Loans as of  
    March 31, 2020     December 31, 2019  
    Unpaid
Principal
Balance		     Recorded
Investment		     Related
Allowance		     Unpaid
Principal
Balance		     Recorded
Investment		     Related
Allowance		  
With no related allowance recorded:                                                
Commercial   $ 1,340,025     $ 1,340,025     $ —     $ 1,355,875     $ 1,355,875     $ —  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     2,091,548       2,091,548       —       1,432,988       1,432,988       —  
Consumer Real Estate     879,752       879,752       —       879,753       879,753       —  
Consumer Other     —       —       —       —       —       —  
Total     4,311,325       4,311,325       —       3,668,616       3,668,616       —  
                                                 
With an allowance recorded:                                                
Commercial     704,548       704,548       686,583       709,857       709,857       683,278  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     346,685       246,884       1,781       346,685       246,884       1,782  
Consumer Real Estate     —       —       —       —       —       —  
Consumer Other     48,557       48,557       111       51,770       51,770       90  
Total     1,099,790       999,989       688,475       1,108,312       1,008,511       685,150  
                                                 
Commercial     2,044,573       2,044,573       686,583       2,065,732       2,065,732       683,278  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     2,438,233       2,338,432       1,781       1,779,673       1,679,872       1,782  
Consumer Real Estate     879,752       879,752       —       879,753       879,753       —  
Consumer Other     48,557       48,557       111       51,770       51,770       90  
Total   $ 5,411,115     $ 5,311,314     $ 688,475     $ 4,776,928     $ 4,677,127     $ 685,150  
Schedule of average impaired loans and interest income recognized on those impaired loans by class

The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated.

 

    Three Months Ended March 31,  
    2020     2019  
    Average
Recorded
Investment		     Interest
Income
Recognized		     Average
Recorded
Investment		     Interest
Income
Recognized		  
With no related allowance recorded:                                
Commercial   $ 1,345,166     $ 20,499     $ 128,965     $ 2,286  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     2,093,392       16,136       970,774       10,346  
Consumer Real Estate     879,753       3,580       879,753       14,100  
Consumer Other     —       —       —       —  
      4,318,311       40,215       1,979,492       26,732  
                                 
With an allowance recorded:                                
Commercial     707,965       7,147       1,614,020       26,114  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     246,884       —       404,765       2,763  
Consumer Real Estate     —       —       —       —  
Consumer Other     49,758       783       19,653       254  
      1,004,607       7,930       2,038,438       29,131  
Total                                
Commercial     2,053,131       27,646       1,742,985       28,400  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     2,340,276       16,136       1,375,539       13,109  
Consumer Real Estate     879,753       3,580       879,753       14,100  
Consumer Other     49,758       783       19,653       254  
    $ 5,322,918     $ 48,145     $ 4,017,930     $ 55,863