x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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JACKSONVILLE BANCORP, INC. | ||
(Exact name of registrant as specified in its charter) |
Maryland | 36-4670835 | |||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification Number) |
1211 West Morton Avenue, Jacksonville, Illinois | 62650 | ||
(Address of principal executive offices)
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(Zip Code)
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Title of each class | Name of each exchange on which registered | ||||
Common Stock, $0.01 par value
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The NASDAQ Stock Market, LLC
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2
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38
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43
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44
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44
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44
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45
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45
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45
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45
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45
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46
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46
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47
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47
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47
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47
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47
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47
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47
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At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family residential (1)
|
$ | 41,386 | 23.8 | % | $ | 39,472 | 23.1 | % | $ | 37,227 | 21.1 | % | $ | 38,581 | 22.2 | % | $ | 46,807 | 25.6 | % | ||||||||||||||||||||
Commercial (2)
|
30,973 | 17.8 | 40,170 | 23.5 | 45,362 | 25.7 | 34,774 | 20.0 | 37,712 | 20.6 | ||||||||||||||||||||||||||||||
Agricultural
|
37,392 | 21.5 | 29,971 | 17.5 | 28,164 | 16.0 | 26,220 | 15.1 | 23,322 | 12.8 | ||||||||||||||||||||||||||||||
Home equity (3)
|
12,734 | 7.4 | 16,043 | 9.4 | 19,526 | 11.1 | 28,119 | 16.2 | 30,002 | 16.4 | ||||||||||||||||||||||||||||||
Total real estate loans
|
122,485 | 70.5 | 125,656 | 73.5 | 130,279 | 73.9 | 127,694 | 73.5 | 137,843 | 75.4 | ||||||||||||||||||||||||||||||
Commercial business loans
|
29,046 | 16.7 | 23,198 | 13.6 | 22,810 | 12.9 | 25,548 | 14.7 | 26,320 | 14.4 | ||||||||||||||||||||||||||||||
Agricultural business loans
|
10,983 | 6.3 | 9,591 | 5.6 | 8,176 | 4.6 | 8,845 | 5.1 | 9,036 | 4.9 | ||||||||||||||||||||||||||||||
Consumer loans
|
14,572 | 8.4 | 15,756 | 9.2 | 18,190 | 10.3 | 13,955 | 8.0 | 11,792 | 6.4 | ||||||||||||||||||||||||||||||
Total loans receivable
|
177,086 | 101.9 | 174,201 | 101.9 | 179,455 | 101.7 | 176,042 | 101.3 | 184,991 | 101.1 | ||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Unearned premium on purchased loans, unearned discount and deferred loan fees, net
|
(6 | ) | — | 39 | — | 49 | — | 69 | — | 109 | — | |||||||||||||||||||||||||||||
Allowance for loan losses
|
3,339 | 1.9 | 3,297 | 1.9 | 2,964 | 1.7 | 2,290 | 1.3 | 1,934 | 1.1 | ||||||||||||||||||||||||||||||
Total loans receivable, net
|
$ | 173,753 | 100.0 | % | $ | 170,865 | 100.0 | % | $ | 176,442 | 100.0 | % | $ | 173,683 | 100.0 | % | $ | 182,948 | 100.0 | % |
(1)
|
Includes one- to four-family real estate construction loans of $1.9 million, $686,000, $503,000, $54,000 and $596,000 for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
|
|
(2)
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Includes commercial real estate construction loans of $495,000, $0, $2.1 million, $4.2 million and $2.5 million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
|
|
(3)
|
Includes real estate construction loans of $40,000, $0, $453,000, $3.6 million and $1.1 million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
|
One- to Four-Family Real Estate
|
Commercial Real Estate
|
Agricultural Real Estate
|
Home Equity
|
|||||||||||||||||||||||||||||
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Due During the Years
Ending December 31, |
||||||||||||||||||||||||||||||||
2013
|
$ | 9,061 | 6.04 | % | $ | 10,516 | 5.53 | % | $ | 1,001 | 5.68 | % | $ | 1,851 | 6.94 | % | ||||||||||||||||
2014
|
3,792 | 6.86 | 2,192 | 6.34 | 287 | 5.88 | 1,779 | 7.02 | ||||||||||||||||||||||||
2015
|
4,613 | 6.33 | 5,883 | 5.27 | 74 | 5.13 | 1,690 | 6.72 | ||||||||||||||||||||||||
2016 to 2017
|
2,432 | 6.56 | 1,140 | 5.54 | 365 | 6.30 | 3,052 | 6.69 | ||||||||||||||||||||||||
2018 to 2022
|
2,785 | 5.92 | 3,629 | 5.49 | 967 | 5.14 | 3,657 | 6.35 | ||||||||||||||||||||||||
2023 to 2027
|
5,728 | 5.19 | 2,331 | 5.86 | 2,828 | 5.38 | 400 | 6.77 | ||||||||||||||||||||||||
2028 and beyond
|
12,975 | 5.62 | 5,282 | 5.55 | 31,870 | 4.65 | 305 | 6.46 | ||||||||||||||||||||||||
Total
|
$ | 41,386 | 5.92 | % | $ | 30,973 | 5.56 | % | $ | 37,392 | 4.77 | % | $ | 12,734 | 6.68 | % |
Commercial Business
|
Agricultural Business
|
Consumer
|
Total
|
|||||||||||||||||||||||||||||
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
Amount
|
Weighted Average
Rate |
|||||||||||||||||||||||||
(Dollars in Thousands)
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||||||||||||||||||||||||||||||||
Due During the Years
Ending December 31, |
||||||||||||||||||||||||||||||||
2013
|
$ | 9,364 | 4.82 | % | $ | 9,112 | 4.83 | % | $ | 2,139 | 7.05 | % | $ | 43,044 | 5.30 | % | ||||||||||||||||
2014
|
1,928 | 5.90 | 308 | 4.92 | 2,031 | 7.55 | 12,317 | 6.66 | ||||||||||||||||||||||||
2015
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7,388 | 3.86 | 309 | 5.80 | 2,809 | 7.99 | 22,776 | 5.48 | ||||||||||||||||||||||||
2016 to 2017
|
4,062 | 5.40 | 769 | 5.43 | 3,556 | 6.65 | 15,376 | 6.16 | ||||||||||||||||||||||||
2018 to 2022
|
3,355 | 5.74 | 454 | 4.95 | 631 | 7.14 | 15,478 | 5.86 | ||||||||||||||||||||||||
2023 to 2027
|
2,519 | 3.62 | 21 | 6.25 | 1,223 | 8.20 | 15,050 | 5.36 | ||||||||||||||||||||||||
2028 and beyond
|
430 | 7.05 | — | — | 2,183 | 8.89 | 53,045 | 5.18 | ||||||||||||||||||||||||
Total
|
$ | 29,046 | 4.76 | % | $ | 10,983 | 4.23 | % | $ | 14,572 | 7.58 | % | $ | 177,086 | 5.51 | % |
Due after December 31, 2013
|
||||||||||||
Fixed
|
Adjustable
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
Real estate loans:
|
||||||||||||
One- to four-family residential
|
$ | 19,148 | $ | 13,177 | $ | 32,325 | ||||||
Commercial
|
9,201 | 11,256 | 20,457 | |||||||||
Agricultural
|
537 | 35,854 | 36,391 | |||||||||
Home equity/home improvement
|
5,895 | 4,988 | 10,883 | |||||||||
Commercial business loans
|
10,255 | 9,427 | 19,682 | |||||||||
Agricultural business loans
|
1,850 | 21 | 1,871 | |||||||||
Consumer
|
12,015 | 418 | 12,433 | |||||||||
Total loans
|
$ | 58,901 | $ | 75,141 | $ | 134,042 |
For the Years Ended December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Total loans receivable at beginning of year
|
$ | 174,201 | $ | 179,455 | $ | 176,042 | $ | 184,991 | $ | 177,662 | ||||||||||
Originations:
|
||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One- to four-family residential
|
68,471 | 44,583 | 54,052 | 72,109 | 38,717 | |||||||||||||||
Commercial
|
2,823 | 7,435 | 18,388 | 2,741 | 15,358 | |||||||||||||||
Agricultural
|
11,480 | 15,482 | 7,112 | 6,422 | 7,680 | |||||||||||||||
Home equity
|
3,243 | 4,081 | 5,073 | 11,698 | 20,133 | |||||||||||||||
Commercial business loans
|
20,920 | 14,326 | 11,692 | 12,714 | 17,031 | |||||||||||||||
Agricultural business loans
|
12,091 | 15,500 | 14,929 | 14,581 | 13,996 | |||||||||||||||
Consumer loans
|
8,375 | 10,833 | 16,355 | 11,223 | 9,260 | |||||||||||||||
Total originations
|
127,403 | 112,240 | 127,601 | 131,488 | 122,175 | |||||||||||||||
Participation loans purchased
|
6,093 | 3,227 | 4,328 | 2,113 | 11,569 | |||||||||||||||
Transfer of mortgage loans to foreclosed real estate owned
|
262 | 461 | 670 | 308 | 667 | |||||||||||||||
Repayments
|
77,672 | 88,033 | 80,471 | 75,542 | 95,671 | |||||||||||||||
Loan sales to secondary market
|
52,677 | 32,227 | 47,375 | 66,700 | 30,077 | |||||||||||||||
Total loans receivable at end of year
|
$ | 177,086 | $ | 174,201 | $ | 179,455 | $ | 176,042 | $ | 184,991 |
At December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One- to four-family residential
|
$ | 1,203 | $ | 1,298 | $ | 1,019 | $ | 484 | $ | 445 | ||||||||||
Commercial
|
560 | 362 | 1,360 | 230 | 186 | |||||||||||||||
Agricultural
|
— | — | — | — | — | |||||||||||||||
Home equity
|
277 | 423 | 566 | 407 | 318 | |||||||||||||||
Commercial business loans
|
52 | 67 | 84 | 416 | 48 | |||||||||||||||
Agricultural business loans
|
— | — | — | — | — | |||||||||||||||
Consumer loans
|
122 | 251 | 106 | 60 | 8 | |||||||||||||||
Total non-accrual loans
|
2,214 | 2,401 | 3,135 | 1,597 | 1,005 | |||||||||||||||
Loans delinquent 90 days or greater and still accruing:
|
||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One- to four-family residential
|
— | — | — | 349 | 163 | |||||||||||||||
Commercial
|
— | — | — | — | — | |||||||||||||||
Agricultural
|
— | — | — | — | — | |||||||||||||||
Home equity
|
— | — | — | — | — | |||||||||||||||
Commercial business loans
|
— | — | — | — | — | |||||||||||||||
Agricultural business loans
|
— | — | — | — | — | |||||||||||||||
Consumer loans
|
— |
—
|
—
|
8 | 23 | |||||||||||||||
Total loans delinquent 90 days or greater and still accruing
|
— |
—
|
— | 357 | 186 | |||||||||||||||
Total non-performing loans
|
2,214 | 2,401 | 3,135 | 1,954 | 1,191 | |||||||||||||||
Other real estate owned and foreclosed assets:
|
||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One- to four-family residential
|
— | 49 | 207 | 324 | 565 | |||||||||||||||
Commercial
|
137 | 416 | 253 | 59 | 204 | |||||||||||||||
Agricultural
|
— | — | — | — | — | |||||||||||||||
Home equity
|
— | — | — | — | — | |||||||||||||||
Commercial business loans
|
— | — | — | — | — | |||||||||||||||
Agricultural business loans
|
— | — | — | — | — | |||||||||||||||
Consumer loans
|
— | — | — | — | 9 | |||||||||||||||
Total other real estate owned and foreclosed assets
|
137 | 435 | 460 | 383 | 778 | |||||||||||||||
Total non-performing assets
|
$ | 2,351 | $ | 2,836 | $ | 3,595 | $ | 2,337 | $ | 1,969 | ||||||||||
Ratios:
|
||||||||||||||||||||
Non-performing loans to total loans
|
1.25 | % | 1.38 | % | 1.75 | % | 1.11 | % | 0.64 | % | ||||||||||
Non-performing assets to total assets
|
0.73 | % | 0.92 | % | 1.19 | % | 0.81 | % | 0.68 | % |
Loans Delinquent For
|
||||||||||||||||||||||||
60-89 Days
|
90 Days and Over
|
Total
|
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Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
At December 31, 2012
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One- to four-family residential
|
5 | $ | 213 | 15 | $ | 985 | 20 | $ | 1,198 | |||||||||||||||
Commercial
|
— | — | 4 | 280 | 4 | 280 | ||||||||||||||||||
Agricultural
|
— | — | — | — | — | — | ||||||||||||||||||
Home equity
|
4 | 71 | 6 | 136 | 10 | 207 | ||||||||||||||||||
Commercial business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Agricultural business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans
|
2 | 64 | 4 | 34 | 6 | 98 | ||||||||||||||||||
Total loans
|
11 | $ | 348 | 29 | $ | 1,435 | 40 | $ | 1,783 | |||||||||||||||
At December 31, 2011
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One- to four-family residential
|
4 | $ | 162 | 12 | $ | 1,021 | 16 | $ | 1,183 | |||||||||||||||
Commercial
|
— | — | 2 | 49 | 2 | 49 | ||||||||||||||||||
Agricultural
|
— | — | — | — | — | — | ||||||||||||||||||
Home equity
|
5 | 50 | 11 | 197 | 16 | 247 | ||||||||||||||||||
Commercial business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Agricultural business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans
|
4 | 126 | 3 | 37 | 7 | 163 | ||||||||||||||||||
Total loans
|
13 | $ | 338 | 28 | $ | 1,304 | 41 | $ | 1,642 | |||||||||||||||
At December 31, 2010
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One- to four-family residential
|
4 | $ | 162 | 15 | $ | 847 | 19 | $ | 1,009 | |||||||||||||||
Commercial
|
2 | 146 | 2 | 521 | 4 | 667 | ||||||||||||||||||
Agricultural
|
— | — | — | — | — | — | ||||||||||||||||||
Home equity
|
2 | 10 | 9 | 275 | 11 | 285 | ||||||||||||||||||
Commercial business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Agricultural business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans
|
6 | 77 | 4 | 9 | 10 | 86 | ||||||||||||||||||
Total loans
|
14 | $ | 395 | 30 | $ | 1,652 | 44 | $ | 2,047 | |||||||||||||||
At December 31, 2009
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One- to four-family residential
|
6 | $ | 214 | 12 | $ | 744 | 18 | $ | 958 | |||||||||||||||
Commercial
|
2 | 543 | 1 | 20 | 3 | 563 | ||||||||||||||||||
Agricultural
|
— | — | 1 | 132 | 1 | 132 | ||||||||||||||||||
Home equity
|
3 | 42 | 10 | 194 | 13 | 236 | ||||||||||||||||||
Commercial business loans
|
1 | 14 | 2 | 84 | 3 | 98 | ||||||||||||||||||
Agricultural business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans
|
6 | 8 | 9 | 35 | 15 | 43 | ||||||||||||||||||
Total loans
|
18 | $ | 821 | 35 | $ | 1,209 | 53 | $ | 2,030 | |||||||||||||||
At December 31, 2008
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One- to four-family residential
|
4 | $ | 436 | 15 | $ | 695 | 19 | $ | 1,131 | |||||||||||||||
Commercial
|
— | — | — | — | — | — | ||||||||||||||||||
Agricultural
|
— | — | — | — | — | — | ||||||||||||||||||
Home equity
|
7 | 102 | 9 | 188 | 16 | 290 | ||||||||||||||||||
Commercial business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Agricultural business loans
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans
|
14 | 54 | 12 | 24 | 26 | 78 | ||||||||||||||||||
Total loans
|
25 | $ | 592 | 36 | $ | 907 | 61 | $ | 1,499 |
12/31/12
|
12/31/11
|
|||||||
(In Thousands)
|
||||||||
Special Mention loans
|
$ | 1,847 | $ | 3,311 | ||||
Substandard loans
|
5,945 | 6,599 | ||||||
Total Special Mention and Substandard loans
|
$ | 7,792 | $ | 9,910 |
|
●
|
changes in lending policies and procedures, including underwriting standards and collection practices;
|
|
●
|
changes in national and local economic and business conditions and developments, including the condition of various market segments;
|
|
●
|
changes in the nature and volume of the loan portfolio;
|
|
●
|
changes in the experience, ability and depth of management and the lending staff;
|
|
●
|
changes in the trend of the volume and severity of the past due, nonaccrual, and classified loans;
|
|
●
|
changes in the quality of our loan review system and the degree of oversight by the board of directors;
|
|
●
|
the existence of any concentrations of credit, and changes in the level of such concentrations; and
|
|
●
|
the effect of external factors, such as competition and legal and regulatory requirements on the level of estimated credit losses in our current portfolio.
|
For the Years Ended December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Balance at beginning of year
|
$ | 3,297 | $ | 2,964 | $ | 2,290 | $ | 1,934 | $ | 1,766 | ||||||||||
Charge-offs:
|
||||||||||||||||||||
One- to four-family residential
|
82 | 130 | 99 | 147 | 149 | |||||||||||||||
Commercial real estate
|
357 | 306 | 787 | 112 | — | |||||||||||||||
Agricultural real estate
|
— | — | — | — | — | |||||||||||||||
Home equity
|
80 | 25 | 88 | 58 | 46 | |||||||||||||||
Commercial business
|
— | — | 144 | 1,883 | — | |||||||||||||||
Agricultural business
|
— | — | — | — | — | |||||||||||||||
Consumer
|
67 | 25 | 11 | 43 | 11 | |||||||||||||||
Total charge-offs
|
586 | 486 | 1,129 | 2,243 | 206 | |||||||||||||||
Recoveries:
|
||||||||||||||||||||
One- to four-family residential
|
27 | — | 21 | 1 | 14 | |||||||||||||||
Commercial real estate
|
89 | 25 | 25 | 4 | 15 | |||||||||||||||
Agricultural real estate
|
— | — | — | — | — | |||||||||||||||
Home equity
|
14 | 7 | 13 | 4 | 4 | |||||||||||||||
Commercial business
|
3 | 156 | 6 | — | 16 | |||||||||||||||
Agricultural business
|
— | — | — | — | — | |||||||||||||||
Consumer
|
6 | 6 | 13 | 15 | 15 | |||||||||||||||
Total recoveries
|
139 | 194 | 78 | 24 | 64 | |||||||||||||||
Net loans charge-offs
|
447 | 292 | 1,051 | 2,219 | 142 | |||||||||||||||
Additions charged to operations
|
490 | 625 | 1,725 | 2,575 | 310 | |||||||||||||||
Balance at end of year
|
$ | 3,339 | $ | 3,297 | $ | 2,964 | $ | 2,290 | $ | 1,934 | ||||||||||
Total loans outstanding
|
$ | 177,086 | $ | 174,201 | $ | 179,455 | $ | 176,042 | $ | 184,991 | ||||||||||
Average net loans outstanding
|
$ | 173,600 | $ | 177,597 | $ | 177,840 | $ | 182,813 | $ | 177,963 | ||||||||||
Allowance for loan losses as a percentage of total loans at end of year
|
1.89 | % | 1.89 | % | 1.65 | % | 1.29 | % | 1.05 | % | ||||||||||
Net loans charged off as a percent of average net loans outstanding
|
0.26 | % | 0.16 | % | 0.59 | % | 1.21 | % | 0.08 | % | ||||||||||
Allowance for loan losses to non-performing loans
|
150.85 | % | 137.33 | % | 94.56 | % | 117.20 | % | 162.47 | % | ||||||||||
Allowance for loan losses to total non-performing assets at end of year
|
142.05 | % | 116.24 | % | 82.46 | % | 97.99 | % | 98.22 | % |
At December 31,
|
||||||||||||||||||||||||
2012
|
2011
|
2010
|
||||||||||||||||||||||
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
$ | 741 | 23.4 | % | $ | 697 | 22.7 | % | $ | 561 | 20.7 | % | ||||||||||||
Commercial real estate
|
829 | 17.5 | 1,108 | 23.1 | 1,194 | 25.3 | ||||||||||||||||||
Agricultural real estate
|
150 | 21.1 | 115 | 17.2 | 93 | 15.7 | ||||||||||||||||||
Home equity
|
329 | 7.2 | 309 | 9.2 | 300 | 10.9 | ||||||||||||||||||
Commercial business
|
934 | 16.4 | 712 | 13.3 | 473 | 12.7 | ||||||||||||||||||
Agricultural business
|
44 | 6.2 | 59 | 5.5 | 58 | 4.6 | ||||||||||||||||||
Consumer
|
151 | 8.2 | 138 | 9.0 | 164 | 10.1 | ||||||||||||||||||
Unallocated
|
161 | — | 159 | — | 121 | — | ||||||||||||||||||
Total
|
$ | 3,339 | 100 | % | $ | 3,297 | 100 | % | $ | 2,964 | 100 | % |
At December 31,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
One- to four-family residential
|
$ | 392 | 21.9 | % | $ | 510 | 25.3 | % | ||||||||
Commercial real estate
|
739 | 19.8 | 520 | 20.4 | ||||||||||||
Agricultural real estate
|
73 | 14.9 | 29 | 12.6 | ||||||||||||
Home equity
|
249 | 16.0 | 301 | 16.2 | ||||||||||||
Commercial business
|
632 | 14.5 | 288 | 14.2 | ||||||||||||
Agricultural business
|
21 | 5.0 | 16 | 4.9 | ||||||||||||
Consumer
|
88 | 7.9 | 85 | 6.4 | ||||||||||||
Unallocated
|
96 | — | 185 | — | ||||||||||||
Total
|
$ | 2,290 | 100 | % | 1,934 | 100 | % |
At December 31,
|
||||||||||||||||||||||||
2012
|
2011
|
2010
|
||||||||||||||||||||||
Amortized
Cost |
Fair Value
|
Amortized
Cost |
Fair Value
|
Amortized
Cost |
Fair Value
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
Fannie Mae
|
$ | 25,565 | $ | 26,245 | $ | 19,512 | $ | 19,917 | $ | 14,908 | $ | 14,694 | ||||||||||||
Freddie Mac
|
11,067 | 11,264 | 7,058 | 7,263 | 7,380 | 7,396 | ||||||||||||||||||
Ginnie Mae
|
14,285 | 14,447 | 12,909 | 13,184 | 19,691 | 19,905 | ||||||||||||||||||
Total mortgage-backed securities
|
50,917 | 51,956 | 39,479 | 40,364 | 41,979 | 41,995 | ||||||||||||||||||
U.S. government and agencies
|
10,091 | 10,329 | 14,132 | 14,336 | 12,531 | 12,549 | ||||||||||||||||||
Municipal bonds
|
49,991 | 53,103 | 44,962 | 47,922 | 40,585 | 40,323 | ||||||||||||||||||
Total
|
$ | 110,999 | $ | 115,388 | $ | 98,573 | $ | 102,622 | $ | 95,095 | $ | 94,867 |
One Year or Less
|
More than One Year through Five Years
|
More than Five Years through Ten Years
|
More than Ten Years
|
Total Securities
|
||||||||||||||||||||||||||||||||||||||||
Amortized Cost
|
Weighted Average Yield
|
Amortized Cost
|
Weighted Average Yield
|
Amortized Cost
|
Weighted Average Yield
|
Amortized Cost
|
Weighted Average Yield
|
Amortized Cost
|
Fair Value
|
Weighted Average Yield
|
||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae
|
$ | — | — | % | $ | — | — | % | $ | 592 | 2.30 | % | $ | 24,973 | 2.58 | % | $ | 25,565 | $ | 26,545 | 2.57 | % | ||||||||||||||||||||||
FreddieMac
|
— | — | — | — | 593 | 2.68 | 10,474 | 2.34 | 11,067 | 11,264 | 2.36 | |||||||||||||||||||||||||||||||||
Ginnie Mae
|
— | — | — | — | — | — | 14,285 | 2.64 | 14,285 | 14,447 | 2.64 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities
|
— | — | — | — | 1,185 | 2.49 | 49,732 | 2.55 | 50,917 | 51,956 | 2.54 | |||||||||||||||||||||||||||||||||
U.S. government and agencies
|
— | — | 4,017 | 2.05 | 5,014 | 1.97 | 1,060 | 1.97 | 10,091 | 10,329 | 2.00 | |||||||||||||||||||||||||||||||||
Municipal bonds(1)
|
102 | 2.84 | 6,934 | 2.88 | 20,378 | 3.34 | 22,577 | 3.62 | 49,991 | 53,103 | 3.40 | |||||||||||||||||||||||||||||||||
Total
|
$ | 102 | 2.84 | % | $ | 10,951 | 2.58 | % | $ | 26,577 | 3.04 | % | $ | 73,369 | 2.87 | % | $ | 110,999 | $ | 115,388 | 2.88 | % |
(1)
|
We used an assumed 34% tax rate in computing tax equivalent adjustments. The tax equivalent yield of municipal bonds was 4.30% for maturities of one year or less, 4.36% for maturities of more than one year through five years, 5.05% for maturities for more than five years through ten years, 5.49% for maturities of more than 10 years and 5.15% for the total municipal bonds securities portfolio at December 31, 2012. The tax equivalent adjustments to interest income of municipal bonds was $1,000 for maturities of one year or less, $103,000 for maturities of more than one year through five years, $350,000 for maturities for more than five years through ten years, $421,000 for maturities of more than 10 years and $876,000 for the total municipal bonds securities portfolio for the year ended December 31, 2012.
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||||||
Average Balance
|
Percent
|
Weighted Average Rate
|
Average Balance
|
Percent
|
Weighted Average Rate
|
Average Balance
|
Percent
|
Weighted Average Rate
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Deposit type:
|
||||||||||||||||||||||||||||||||||||
Non-interest bearing checking
|
$ | 23,671 | 9.2 | — | % | $ | 21,822 | 8.5 | % | — | % | $ | 21,769 | 8.5 | % | — | % | |||||||||||||||||||
Interest-bearing checking
|
34,810 | 13.4 | 0.19 | % | 35,150 | 13.7 | 0.25 | % | 31,164 | 12.2 | 0.32 | % | ||||||||||||||||||||||||
Savings accounts
|
31,791 | 12.3 | 0.38 | % | 29,057 | 11.4 | 0.46 | % | 26,686 | 10.4 | 0.66 | % | ||||||||||||||||||||||||
Money market deposits
|
7,582 | 2.9 | 0.29 | % | 6,182 | 2.4 | 0.47 | % | 5,431 | 2.1 | 0.79 | % | ||||||||||||||||||||||||
Money market savings
|
29,848 | 11.5 | 0.43 | % | 27,508 | 10.7 | 0.63 | % | 27,058 | 10.5 | 0.95 | % | ||||||||||||||||||||||||
Certificates of deposit
|
131,527 | 50.7 | 1.48 | % | 136,353 | 53.3 | 1.79 | % | 144,362 | 56.3 | 2.33 | % | ||||||||||||||||||||||||
Total deposits
|
$ | 259,229 | 100.00 | % | 0.88 | % | $ | 256,072 | 100.00 | % | 1.12 | % | $ | 256,470 | 100.00 | % | 1.54 | % |
At December 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In Thousands)
|
||||||||||||
Interest Rate:
|
||||||||||||
Less than 2.00%
|
$ | 92,670 | $ | 97,348 | $ | 99,136 | ||||||
2.00% to 2.99%
|
17,680 | 18,296 | 21,161 | |||||||||
3.00% to 3.99%
|
11,793 | 13,508 | 19,486 | |||||||||
4.00% to 4.99%
|
307 | 1,214 | 2,858 | |||||||||
5.00% to 5.99%
|
415 | 951 | 2,638 | |||||||||
Total
|
$ | 122,865 | $ | 131,317 | $ | 145,279 |
At December 31, 2012 | ||||||||||||||||||||||||
Period to Maturity | ||||||||||||||||||||||||
Less Than or
Equal to One Year |
More Than One to Two Years |
More Than Two to Three Years |
More Than
Three Years |
Total | Percent of Total |
|||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Interest Rate Range:
|
||||||||||||||||||||||||
Less than 2.00%
|
$ | 62,633 | $ | 19,430 | $ | 3,424 | $ | 7,183 | $ | 92,670 | 75.4 | % | ||||||||||||
2.00% to 2.99%
|
1,800 | 765 | 6,748 | 8,367 | 17,680 | 14.4 | ||||||||||||||||||
3.00% to 3.99%
|
951 | 4,388 | 6,454 | — | 11,793 | 9.6 | ||||||||||||||||||
4.00% to 4.99%
|
307 | — | — | — | 307 | 0.3 | ||||||||||||||||||
5.00% to 5.99%
|
415 | — | — | — | 415 | 0.3 | ||||||||||||||||||
Total
|
$ | 66,106 | $ | 24,583 | $ | 16,626 | $ | 15,550 | $ | 122,865 | 100.0 | % |
At December 31, 2012
|
||||
(In Thousands)
|
||||
Three months or less
|
$ | 9,231 | ||
Over three months through six months
|
8,186 | |||
Over six months through one year
|
8,043 | |||
Over one year to three years
|
17,857 | |||
Over three years
|
6,473 | |||
Total
|
$ | 49,790 |
At or For the Years Ended December 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Balance at end of period
|
$ | 700 | $ | — | $ | — | ||||||
Average balance during period
|
$ | 3 | $ | 159 | $ | — | ||||||
Maximum outstanding at any month end
|
$ | 700 | $ | 1,000 | $ | — | ||||||
Weighted average interest rate at end of period
|
0.30 | % | — | % | — | % | ||||||
Average interest rate during period
|
0.30 | % | 0.30 | % | — | % |
At or For the Years Ended December 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Balance at end of period
|
$ | 12,041 | $ | 6,518 | $ | 4,018 | ||||||
Average balance during period
|
$ | 6,367 | $ | 4,408 | $ | 2,847 | ||||||
Maximum outstanding at any month end
|
$ | 23,464 | $ | 6,518 | $ | 4,018 | ||||||
Weighted average interest rate at end of period
|
0.09 | % | 0.14 | % | 0.46 | % | ||||||
Average interest rate during period
|
0.23 | % | 0.37 | % | 0.39 | % |
|
(i)
|
be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features, and
|
|
(ii)
|
not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Jacksonville Savings Bank’s capital.
|
|
●
|
Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
|
|
●
|
Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;
|
|
●
|
Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;
|
|
●
|
Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies;
|
|
●
|
Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;
|
|
●
|
Truth in Savings Act;
|
|
●
|
Illinois High Risk Home Loan Act, which protects borrowers who enter into high risk home loans;
|
|
●
|
Illinois Predatory Lending Database Program, which helps provide counseling for homebuyers in connection with certain loans; and
|
|
●
|
rules and regulations of the various federal and state agencies charged with the responsibility of implementing such laws.
|
|
●
|
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
|
|
●
|
Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;
|
|
●
|
Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check;
|
|
●
|
The USA PATRIOT Act, which requires savings banks operating to, among other things, establish broadened anti-money laundering compliance programs, due diligence policies and controls to ensure the detection and reporting of money laundering. Such required compliance programs are intended to supplement existing compliance requirements, also applicable to financial institutions, under the Bank Secrecy Act and the Office of Foreign Assets Control regulations; and
|
|
●
|
The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties. Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to “opt out” of the sharing of certain personal financial information with unaffiliated third parties.
|
ITEM 1A. Risk Factors
|
|
●
|
demand for our products and services may decline;
|
|
●
|
loan delinquencies, problem assets and foreclosures may increase;
|
|
●
|
collateral for our loans may continue to decline in value; and
|
|
●
|
the amount of our low-cost or non-interest bearing deposits may decrease.
|
ITEM 1B. Unresolved Staff Comments
|
ITEM 2. Properties
|
Net
|
|||||||
Book Value
|
|||||||
Year
|
at December 31,
|
||||||
Location
|
Occupied
|
2012
|
|||||
(In Thousands)
|
|||||||
Main Office
|
|||||||
1211 West Morton Avenue
|
|||||||
Jacksonville, Illinois
|
1994
|
$ | 3,832 | ||||
Branch Office (1)
|
|||||||
211-225 West State Street
|
|||||||
Jacksonville, Illinois
|
1961
|
556 | |||||
Branch Office (1)
|
|||||||
903 South Main
|
|||||||
Jacksonville, Illinois
|
1989
|
140 | |||||
Branch Office
|
|||||||
501 North State Street
|
|||||||
Litchfield, Illinois
|
1997
|
505 | |||||
Branch Office
|
|||||||
100 North Dye
|
|||||||
Virden, Illinois
|
1986
|
180 | |||||
Branch Office
|
|||||||
510 Superior
|
|||||||
Chapin, Illinois
|
2000
|
418 | |||||
Branch Office (1)
|
|||||||
202 State
|
|||||||
Concord, Illinois
|
2000
|
24 |
ITEM 3. Legal Proceedings
|
ITEM 4. Mine Safety Disclosures.
|
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
Period
|
Number of shares
purchased |
Average purchase
price paid per share |
Total shares purchased
|
Maximum number of shares
that may be purchased under the repurchase program |
||||||||||||
Oct 1 – Oct 31
|
13,600 | 16.95 | 23,600 | 72,947 | ||||||||||||
Nov 1 – Nov 30
|
— | — | 23,600 | 72,947 | ||||||||||||
Dec 1 – Dec 31
|
— | — | 23,600 | 72,947 |
Plan
|
Number of securities to be
issued upon exercise of outstanding options and rights |
Weighted average
exercise price |
Number of securities
remaining available for issuance under plan |
|||||||||
Equity compensation plans approved by stockholders
|
107,338 | 15.60 | 1,785 | |||||||||
Equity compensation plans not approved by stockholders
|
— | — | — | |||||||||
Total
|
107,338 | 15.60 | 1,785 |
ITEM 6. Selected Financial Data
|
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
|
ITEM 8. Financial Statements and Supplementary Data
|
|
(A)
|
Report of Independent Registered Public Accounting Firm;
|
|
(B)
|
Consolidated Balance Sheets - December 31, 2012 and 2011;
|
|
(C)
|
Consolidated Statements of Income - years ended December 31, 2012 and 2011;
|
|
(D)
|
Consolidated Statements of Comprehensive Income – years ended December 31, 2012 and 2011;
|
|
(E)
|
Consolidated Statements of Stockholders’ Equity - years ended December 31, 2012 and 2011;
|
|
(F)
|
Consolidated Statements of Cash Flows - years ended December 31, 2012 and 2011; and
|
|
(G)
|
Notes to Consolidated Financial Statements.
|
3.1
|
Articles of Incorporation(1)
|
|
3.2
|
Bylaws(2)
|
|
4
|
Stock Certificate of Jacksonville Bancorp, Inc.(3)
|
|
10.1
|
Employment Agreement between Jacksonville Savings Bank and Andrew F. Applebee(4)
|
|
10.2
|
Employment Agreement between Jacksonville Savings Bank and Richard A. Foss(5)
|
|
10.3
|
Employment Agreement between Jacksonville Savings Bank and John Williams(6)
|
|
10.4
|
Jacksonville Savings Bank and Jacksonville Bancorp, MHC 1996 Stock Option Plan(7)
|
|
10.5
|
Jacksonville Savings Bank 2001 Stock Option Plan(8)
|
|
10.6
|
Amendments to the Jacksonville Savings Bank and Jacksonville Bancorp, MHC Stock Option Plans(9)
|
|
10.7
|
Jacksonville Savings Bank Supplemental Life Insurance Plan(10)
|
|
10.8
|
Jacksonville Savings Bank Salary Continuation Plan 1(11)
|
|
10.9
|
Jacksonville Savings Bank Long-Term Deferred Compensation Plan, as amended(12)
|
|
10.10
|
Deferred Compensation Agreement between Chapin State Bank and John C. Williams(13)
|
|
10.11
|
Director’s Compensation Agreement between Chapin State Bank and John C. Williams(14)
|
|
10.12
|
Deferred Compensation Agreement between Chapin State Bank and Dean H. Hess(15)
|
|
10.13
|
Director’s Compensation Agreement between Chapin State Bank and Dean H. Hess(16)
|
|
13
|
2012 Annual Report to Stockholders
|
|
14
|
Code of Ethics(17)
|
|
21
|
Subsidiaries
|
|
23
|
Consent of BKD LLP to incorporate financial statements into Registration Statement on Form S-8
|
|
31.1
|
Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
(1)
|
Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(2)
|
Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(3)
|
Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(4)
|
Incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2009 (File No. 000-49792).
|
(5)
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(6)
|
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(7)
|
Incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 2, 2004 (File No. 333-112420).
|
(8)
|
Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 2, 2004 (File No. 333-112420).
|
(9)
|
Incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(10)
|
Incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(11)
|
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(12)
|
Incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(13)
|
Incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(14)
|
Incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(15)
|
Incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(16)
|
Incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(17)
|
Incorporated by reference to Exhibit 14 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2004 (File No. 000-49792).
|
Jacksonville Bancorp, Inc.
|
||
Date: March 15, 2013
|
By:
|
/s/ Richard A. Foss
|
Richard A. Foss, President
|
||
and Chief Executive Officer
|
By:
|
/s/ Richard A. Foss
|
By:
|
/s/ Andrew F. Applebee
|
|
Richard A. Foss, President,
|
Andrew F. Applebee, Chairman of the Board
|
|||
Chief Executive Officer and Director
|
||||
Date: March 15, 2013
|
Date: March 15, 2013
|
|||
By:
|
/s/ Diana S. Tone
|
By:
|
/s/ Dean H. Hess
|
|
Diana S. Tone
|
Dean H. Hess, Director
|
|||
Chief Financial Officer
|
||||
Date: March 15, 2013
|
Date: March 15, 2013
|
|||
By:
|
/s/ John L. Eyth
|
By:
|
/s/ Peggy S. Davidsmeyer
|
|
John L. Eyth, Director
|
Peggy S. Davidsmeyer, Director
|
|||
Date: March 15, 2013
|
Date: March 15, 2013
|
|||
By:
|
/s/ Harmon B. Deal III
|
By:
|
/s/ John C. Williams
|
|
Harmon B. Deal, III, Director
|
John C. Williams, Director
|
|||
|
Senior Vice President and Trust Officer
|
|||
Date: March 15, 2013
|
Date: March 15, 2013
|
|||
By:
|
/s/ John M. Buchanan
|
|||
John M. Buchanan, Director
|
3.1
|
Articles of Incorporation(1)
|
|
3.2
|
Bylaws(2)
|
|
4
|
Stock Certificate of Jacksonville Bancorp, Inc.(3)
|
|
10.1
|
Employment Agreement between Jacksonville Savings Bank and Andrew F. Applebee(4)
|
|
10.2
|
Employment Agreement between Jacksonville Savings Bank and Richard A. Foss(5)
|
|
10.3
|
Employment Agreement between Jacksonville Savings Bank and John Williams(6)
|
|
10.4
|
Jacksonville Savings Bank and Jacksonville Bancorp, MHC 1996 Stock Option Plan(7)
|
|
10.5
|
Jacksonville Savings Bank 2001 Stock Option Plan(8)
|
|
10.6
|
Amendments to the Jacksonville Savings Bank and Jacksonville Bancorp, MHC Stock Option Plans(9)
|
|
10.7
|
Jacksonville Savings Bank Supplemental Life Insurance Plan(10)
|
|
10.8
|
Jacksonville Savings Bank Salary Continuation Plan 1(11)
|
|
10.9
|
Jacksonville Savings Bank Long-Term Deferred Compensation Plan, as amended(12)
|
|
10.10
|
Deferred Compensation Agreement between Chapin State Bank and John C. Williams(13)
|
|
10.11
|
Director’s Compensation Agreement between Chapin State Bank and John C. Williams(14)
|
|
10.12
|
Deferred Compensation Agreement between Chapin State Bank and Dean H. Hess(15)
|
|
10.13
|
Director’s Compensation Agreement between Chapin State Bank and Dean H. Hess(16)
|
|
13
|
2012 Annual Report to Stockholders
|
|
14
|
Code of Ethics(17)
|
|
21
|
Subsidiaries
|
|
23
|
Consent of BKD LLP to incorporate financial statements into Registration Statement on Form S-8
|
|
31.1
|
Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(1)
|
Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(2)
|
Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(3)
|
Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(4)
|
Incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2009 (File No. 000-49792).
|
(5)
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(6)
|
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(7)
|
Incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 2, 2004 (File No. 333-112420).
|
(8)
|
Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 2, 2004 (File No. 333-112420).
|
(9)
|
Incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(10)
|
Incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(11)
|
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2008 (File No. 000-49792).
|
(12)
|
Incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(13)
|
Incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(14)
|
Incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(15)
|
Incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(16)
|
Incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 12, 2010 (File No. 333-165466).
|
(17)
|
Incorporated by reference to Exhibit 14 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2004 (File No. 000-49792).
|
Jacksonville Bancorp, Inc.
2012 Annual Report
|
Andrew F. Applebee | Richard A. Foss |
Chairman of the Board | President and CEO |
Page
|
|
Business of the Company
|
1
|
Selected Consolidated Financial Information
|
2
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
4
|
Report of Independent Registered Public Accounting Firm
|
20
|
Consolidated Financial Statements
|
21
|
Notes to Consolidated Financial Statements
|
30
|
Common Stock Information
|
84
|
Directors and Executive Officers
|
85
|
Corporate Information
|
86
|
Annual Meeting
|
86
|
At December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$ | 321,446 | $ | 307,289 | $ | 301,481 | $ | 288,846 | $ | 288,275 | ||||||||||
Cash and cash equivalents
|
7,294 | 11,388 | 8,943 | 15,696 | 7,145 | |||||||||||||||
Investment securities
|
63,431 | 62,258 | 52,872 | 37,196 | 50,988 | |||||||||||||||
Mortgage-backed securities
|
51,956 | 40,364 | 41,995 | 40,984 | 27,795 | |||||||||||||||
Loans, net(1)
|
174,465 | 171,312 | 176,722 | 174,497 | 184,337 | |||||||||||||||
Federal Home Loan Bank of Chicago stock, at cost
|
1,114 | 1,114 | 1,114 | 1,109 | 1,109 | |||||||||||||||
Foreclosed assets, net
|
137 | 435 | 460 | 383 | 769 | |||||||||||||||
Bank owned life insurance
|
6,613 | 4,403 | 4,239 | 4,095 | 3,907 | |||||||||||||||
Deposits
|
258,521 | 254,240 | 256,424 | 254,700 | 238,151 | |||||||||||||||
Federal Home Loan Bank of Chicago advances
|
700 | — | — | — | 13,500 | |||||||||||||||
Short-term borrowings
|
12,041 | 6,518 | 4,018 | 3,789 | 7,633 | |||||||||||||||
Stockholders’ equity
|
44,120 | 41,165 | 35,678 | 25,263 | 24,259 |
For the Years Ended December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$ | 12,791 | $ | 13,867 | $ | 13,529 | $ | 14,420 | $ | 15,908 | ||||||||||
Interest expense
|
2,303 | 2,879 | 3,953 | 5,432 | 7,716 | |||||||||||||||
Net interest income
|
10,488 | 10,988 | 9,576 | 8,988 | 8,192 | |||||||||||||||
Provision for loan losses
|
490 | 625 | 1,725 | 2,575 | 310 | |||||||||||||||
Net interest income after provision for loan losses
|
9,998 | 10,363 | 7,851 | 6,413 | 7,882 | |||||||||||||||
Noninterest income
|
4,882 | 3,996 | 4,197 | 4,209 | 3,161 | |||||||||||||||
Noninterest expense
|
9,976 | 9,814 | 9,576 | 9,126 | 9,221 | |||||||||||||||
Income before income tax
|
4,904 | 4,545 | 2,472 | 1,497 | 1,822 | |||||||||||||||
Provision for income taxes
|
1,337 | 1,259 | 406 | 101 | 304 | |||||||||||||||
Net income
|
$ | 3,567 | $ | 3,286 | $ | 2,066 | $ | 1,396 | $ | 1,518 | ||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$ | 1.89 | $ | 1.74 | $ | 1.09 | $ | 0.72 | $ | 0.76 | ||||||||||
Diluted
|
$ | 1.89 | $ | 1.74 | $ | 1.08 | $ | 0.72 | $ | 0.76 | ||||||||||
Dividends per share
|
$ | 0.40 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 |
At or For the Years Ended December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Selected Financial Ratios and Other Data:
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on average assets (ratio of net income to average total assets)
|
1.14 | % | 1.08 | % | 0.70 | % | 0.47 | % | 0.52 | % | ||||||||||
Return on average equity (ratio of net income to average equity)
|
8.25 | % | 8.57 | % | 6.77 | % | 5.69 | % | 6.59 | % | ||||||||||
Interest rate spread(1)
|
3.46 | % | 3.68 | % | 3.30 | % | 3.08 | % | 2.70 | % | ||||||||||
Net interest margin(2)
|
3.62 | % | 3.87 | % | 3.51 | % | 3.30 | % | 3.01 | % | ||||||||||
Efficiency ratio(3)
|
64.90 | % | 65.50 | % | 69.53 | % | 69.15 | % | 81.22 | % | ||||||||||
Dividend pay-out ratio
|
21.00 | % | 17.14 | % | 20.37 | % | 18.96 | % | 18.75 | % | ||||||||||
Non-interest expense to average total assets
|
3.20 | % | 3.23 | % | 3.25 | % | 3.10 | % | 3.14 | % | ||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
119.76 | % | 118.84 | % | 114.78 | % | 111.14 | % | 110.66 | % | ||||||||||
Average equity to average total assets
|
13.86 | % | 12.60 | % | 10.37 | % | 8.33 | % | 7.85 | % | ||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming assets to total assets
|
0.73 | % | 0.92 | % | 1.19 | % | 0.81 | % | 0.68 | % | ||||||||||
Nonperforming loans to total loans
|
1.25 | % | 1.38 | % | 1.75 | % | 1.11 | % | 0.64 | % | ||||||||||
Allowance for loan losses to non-performing loans
|
150.85 | % | 137.33 | % | 94.56 | % | 117.20 | % | 162.47 | % | ||||||||||
Allowance for loan losses to gross loans(4)
|
1.88 | % | 1.89 | % | 1.65 | % | 1.29 | % | 1.04 | % | ||||||||||
Capital Ratios (Bank):
|
||||||||||||||||||||
Total capital (to risk-weighted assets)
|
17.72 | % | 16.67 | % | 14.77 | % | 11.83 | % | 10.94 | % | ||||||||||
Tier I capital (to risk-weighted assets)
|
16.46 | % | 15.42 | % | 13.52 | % | 10.70 | % | 10.02 | % | ||||||||||
Tier I capital (to total assets)
|
10.89 | % | 10.35 | % | 9.25 | % | 7.44 | % | 7.30 | % | ||||||||||
Other Data:
|
||||||||||||||||||||
Number of offices
|
7 | 7 | 7 | 7 | 7 | |||||||||||||||
Full time equivalent employees
|
104 | 104 | 104 | 106 | 106 |
(1)
|
The interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted- average cost of interest-bearing liabilities for the period.
|
(2)
|
The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
|
(3)
|
The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
|
(4)
|
Gross loans include loans held for sale.
|
December 31,
2012 |
December 31,
2011 |
(Dollars in thousands)
|
||||||||
Non-accrual loans:
|
||||||||
Real estate loans:
|
||||||||
One- to four-family residential
|
$ | 1,203 | $ | 1,298 | ||||
Commercial
|
560 | 362 | ||||||
Agricultural
|
— | — | ||||||
Home equity
|
277 | 423 | ||||||
Commercial business loans
|
52 | 67 | ||||||
Agricultural business loans
|
— | — | ||||||
Consumer loans
|
122 | 251 | ||||||
Total non-accrual loans
|
2,214 | 2,401 | ||||||
Loans delinquent 90 days or greater and still accruing:
|
||||||||
Real estate loans:
|
||||||||
One- to four-family residential
|
— | — | ||||||
Commercial
|
— | — | ||||||
Agricultural
|
— | — | ||||||
Home equity
|
— | — | ||||||
Commercial business loans
|
— | — | ||||||
Agricultural business loans
|
— | — | ||||||
Consumer loans
|
— | — | ||||||
Total loans delinquent 90 days or greater and still accruing
|
— | — | ||||||
Total nonperforming loans
|
2,214 | 2,401 | ||||||
Other real estate owned and foreclosed assets:
|
||||||||
Real estate loans:
|
||||||||
One- to four-family residential
|
— | 19 | ||||||
Commercial
|
137 | 416 | ||||||
Agricultural
|
— | — | ||||||
Home equity
|
— | — | ||||||
Commercial business loans
|
— | — | ||||||
Agricultural business loans
|
— | — | ||||||
Consumer loans
|
— | — | ||||||
Total other real estate owned and foreclosed assets
|
137 | 435 | ||||||
Total nonperforming assets
|
$ | 2,351 | $ | 2,836 | ||||
Ratios:
|
||||||||
Nonperforming loans to total loans
|
1.25 | % | 1.38 | % | ||||
Nonperforming assets to total assets
|
0.73 | 0.92 |
December 31, 2012
|
December 31, 2011
|
|||||||
(In thousands)
|
||||||||
Special Mention loans
|
$ | 1,847 | $ | 3,311 | ||||
Substandard loans
|
5,945 | 6,599 | ||||||
Total Special Mention and Substandard loans
|
$ | 7,792 | $ | 9,910 |
For the Years Ended December 31, | ||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average Outstanding Balance
|
Interest
|
Yield/
Rate |
Average Outstanding Balance
|
Interest
|
Yield/
Rate |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans (1)
|
$ | 173,600 | $ | 9,975 | 5.75 | % | $ | 177,597 | $ | 10,697 | 6.02 | % | ||||||||||||
Investment securities (2)
|
58,554 | 1,968 | 3.36 | 56,733 | 2,031 | 3.58 | ||||||||||||||||||
Mortgage-backed securities
|
45,173 | 801 | 1.77 | 42,832 | 1,129 | 2.64 | ||||||||||||||||||
Cash and cash equivalents
|
12,390 | 47 | 0.38 | 6,658 | 10 | 0.15 | ||||||||||||||||||
Total interest-earning assets
|
289,717 | 12,791 | 4.42 | % | 283,820 | 13,867 | 4.89 | % | ||||||||||||||||
Non-interest-earning assets
|
22,271 | 20,241 | ||||||||||||||||||||||
Total assets
|
$ | 311,988 | $ | 304,061 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking
|
$ | 34,810 | $ | 68 | 0.19 | % | $ | 35,150 | $ | 87 | 0.25 | % | ||||||||||||
Savings accounts
|
31,791 | 119 | 0.38 | 29,057 | 134 | 0.46 | ||||||||||||||||||
Certificates of deposit
|
131,527 | 1,950 | 1.48 | 136,353 | 2,439 | 1.79 | ||||||||||||||||||
Money market savings
|
29,848 | 129 | 0.43 | 27,508 | 173 | 0.63 | ||||||||||||||||||
Money market deposits
|
7,582 | 22 | 0.29 | 6,182 | 29 | 0.47 | ||||||||||||||||||
Total interest-bearing deposits
|
235,558 | 2,288 | 0.97 | 234,250 | 2,862 | 1.22 | ||||||||||||||||||
Federal Home Loan Bank
advances
|
2 | — | 1.00 | 159 | 1 | 0.30 | ||||||||||||||||||
Short-term borrowings
|
6,359 | 15 | 0.23 | 4,408 | 16 | 0.37 | ||||||||||||||||||
Total borrowings
|
6,361 | 15 | 0.23 | 4,567 | 17 | 0.37 | ||||||||||||||||||
Total interest-bearing liabilities
|
241,919 | 2,303 | 0.95 | % | 238,817 | 2,879 | 1.21 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
26,822 | 26,926 | ||||||||||||||||||||||
Total liabilities
|
268,741 | 265,743 | ||||||||||||||||||||||
Stockholders’ equity
|
43,247 | 38,318 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 311,988 | $ | 304,061 | ||||||||||||||||||||
Net interest income
|
$ | 10,488 | $ | 10,988 | ||||||||||||||||||||
Net interest rate spread (3)
|
3.46 | % | 3.68 | % | ||||||||||||||||||||
Net interest-earning assets (4)
|
$ | 47,798 | $ | 45,003 | ||||||||||||||||||||
Net interest margin (5)
|
3.62 | % | 3.87 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
119.76 | % | 118.84 | % |
(1)
|
Includes non-accrual loans and loans held for sale and fees of $103,000 for 2012 and $109,000 for 2011.
|
(2)
|
Includes Federal Home Loan Bank stock and U.S. Agency securities.
|
(3)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(4)
|
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(5)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
Years Ended December 31,
|
||||||||||||
2012 vs. 2011
|
||||||||||||
Increase (Decrease)
Due to |
Total
Increase (Decrease) |
|||||||||||
Rate
|
Volume
|
|||||||||||
(In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Loans
|
$ | (485 | ) | $ | (237 | ) | $ | (722 | ) | |||
Investment securities
|
(127 | ) | 64 | (63 | ) | |||||||
Mortgage-backed securities
|
(387 | ) | 59 | (328 | ) | |||||||
Cash and cash equivalents
|
24 | 13 | 37 | |||||||||
Total interest-earning assets
|
$ | (975 | ) | $ | (101 | ) | $ | (1,076 | ) | |||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking
|
$ | (19 | ) | $ | (1 | ) | $ | (20 | ) | |||
Savings accounts
|
(26 | ) | 12 | (14 | ) | |||||||
Certificates of deposit
|
(405 | ) | (84 | ) | (489 | ) | ||||||
Money market savings
|
(59 | ) | 14 | (45 | ) | |||||||
Money market deposits
|
(12 | ) | 5 | (7 | ) | |||||||
Total interest-bearing deposits
|
(521 | ) | (54 | ) | (575 | ) | ||||||
Federal Home Loan Bank advances
|
— | — | — | |||||||||
Short-term borrowings
|
(7 | ) | 6 | (1 | ) | |||||||
Total interest-bearing liabilities
|
(528 | ) | (48 | ) | (576 | ) | ||||||
Change in net interest income
|
$ | (447 | ) | $ | (53 | ) | $ | (500 | ) |
Change in Net Interest Income
|
|||||||||||||||||
December 31, 2012
|
December 31, 2011
|
ALCO
Benchmark |
|||||||||||||||
Rate Shock
|
$ Change
|
% Change
|
$ Change
|
% Change
|
|||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
+300 basis points
|
(193 | ) | (1.64 | )% | (160 | ) | (1.36 | )% |
>(20.00)%
|
||||||||
+200 basis points
|
(95 | ) | (0.81 | ) | (84 | ) | (0.71 | ) |
>(20.00)%
|
||||||||
+100 basis points
|
(34 | ) | (0.29 | ) | (21 | ) | (0.18 | ) |
>(12.50)%
|
||||||||
(100) basis points
|
(503 | ) | (4.26 | ) | (200 | ) | (1.70 | ) |
>(12.50)%
|
December 31, 2012
|
December 31, 2011
|
|||||||
(In thousands)
|
||||||||
Commitments to fund loans
|
$ | 34,758 | $ | 40,878 | ||||
Standby letters of credit
|
368 | 401 |
Minimum
Required |
December 31, 2012
Actual |
December 31, 2011
Actual |
||||||||||
Tier 1 Capital to Average Assets
|
4.00 | % | 10.89 | % | 10.35 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets
|
4.00 | % | 16.46 | % | 15.42 | % | ||||||
Total Capital to Risk-Weighted Assets
|
8.00 | % | 17.72 | % | 16.67 | % |
2012
|
2011
|
|||||||
Cash and due from banks
|
$ | 2,696,107 | $ | 2,805,490 | ||||
Federal funds sold
|
— | 5,000,000 | ||||||
Interest-earning demand deposits in banks
|
4,597,604 | 3,582,457 | ||||||
Cash and cash equivalents
|
7,293,711 | 11,387,947 | ||||||
Interest-earning time deposits in banks
|
2,972,000 | 2,476,000 | ||||||
Available-for-sale securities:
|
||||||||
Investment securities
|
63,431,342 | 62,257,962 | ||||||
Mortgage-backed securities
|
51,956,481 | 40,364,086 | ||||||
Other investments
|
96,041 | 116,088 | ||||||
Loans held for sale
|
711,986 | 446,818 | ||||||
Loans, net of allowance for loan losses of $3,339,464 and $3,296,607 at December 31, 2012 and 2011
|
173,753,059 | 170,865,102 | ||||||
Premises and equipment, net of accumulated depreciation of $8,179,076 and $7,843,394 at December 31, 2012 and 2011
|
5,654,776 | 5,532,720 | ||||||
Federal Home Loan Bank stock
|
1,113,800 | 1,113,800 | ||||||
Foreclosed assets held for sale, net
|
137,193 | 435,480 | ||||||
Cash surrender value of life insurance
|
6,612,642 | 4,402,602 | ||||||
Interest receivable
|
2,053,472 | 2,071,534 | ||||||
Deferred income taxes
|
464,548 | 413,110 | ||||||
Income taxes receivable
|
— | 47,433 | ||||||
Mortgage servicing rights, net of valuation allowance of $129,279 and $173,791 as of December 31, 2012 and 2011
|
664,436 | 697,733 | ||||||
Goodwill
|
2,726,567 | 2,726,567 | ||||||
Other assets
|
1,804,184 | 1,934,375 | ||||||
Total assets
|
$ | 321,446,238 | $ | 307,289,357 |
2012
|
2011
|
|||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Demand
|
$ | 25,220,684 | $ | 22,752,901 | ||||
Savings, NOW and money market
|
110,435,383 | 100,170,389 | ||||||
Time
|
122,864,662 | 131,316,770 | ||||||
Total deposits
|
258,520,729 | 254,240,060 | ||||||
Short-term borrowings
|
12,740,610 | 6,517,750 | ||||||
Deferred compensation
|
3,707,402 | 3,295,827 | ||||||
Advances from borrowers for taxes and insurance
|
832,345 | 740,083 | ||||||
Interest payable
|
276,757 | 349,121 | ||||||
Income taxes payable
|
214,115 | — | ||||||
Other liabilities
|
1,033,951 | 981,093 | ||||||
Total liabilities
|
277,325,909 | 266,123,934 | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock, $.01 par value, authorized 10,000,000 shares; none issued and outstanding
|
— | — | ||||||
Common stock, $.01 par value; authorized 25,000,000 shares; issued 1,908,556 – December 31, 2012 and 1,920,955 – December 31, 2011
|
19,086 | 19,210 | ||||||
Additional paid-in capital
|
15,943,273 | 16,066,624 | ||||||
Retained earnings
|
25,585,757 | 22,767,719 | ||||||
Accumulated other comprehensive income
|
2,896,593 | 2,672,490 | ||||||
Unallocated ESOP shares
|
(324,380 | ) | (360,620 | ) | ||||
Total stockholders’ equity
|
44,120,329 | 41,165,423 | ||||||
Total liabilities and stockholders’ equity
|
$ | 321,446,238 | $ | 307,289,357 |
2012
|
2011
|
|||||||
Interest and Fee Income
|
||||||||
Loans, including fees
|
$ | 9,975,109 | $ | 10,696,562 | ||||
Debt securities
|
||||||||
Taxable
|
361,183 | 584,342 | ||||||
Tax-exempt
|
1,606,535 | 1,446,810 | ||||||
Mortgage-backed securities
|
801,400 | 1,129,544 | ||||||
Other
|
47,006 | 10,021 | ||||||
Total interest income
|
12,791,233 | 13,867,279 | ||||||
Interest Expense
|
||||||||
Deposits
|
2,288,065 | 2,862,768 | ||||||
Short-term borrowings
|
14,916 | 16,187 | ||||||
Federal Home Loan Bank advances
|
19 | 473 | ||||||
Total interest expense
|
2,303,000 | 2,879,428 | ||||||
Net Interest Income
|
10,488,233 | 10,987,851 | ||||||
Provision for Loan Losses
|
490,000 | 625,000 | ||||||
Net Interest Income After Provision for Loan Losses
|
9,998,233 | 10,362,851 | ||||||
Noninterest Income
|
||||||||
Fiduciary activities
|
289,947 | 236,838 | ||||||
Commission income
|
972,082 | 1,332,247 | ||||||
Service charges on deposit accounts
|
863,465 | 922,916 | ||||||
Mortgage banking operations, net
|
578,735 | 304,793 | ||||||
Net realized gains on sales of available-for-sale securities
|
1,158,535 | 281,810 | ||||||
Loan servicing fees
|
360,756 | 369,046 | ||||||
Increase in cash surrender value of life insurance
|
202,465 | 156,112 | ||||||
Other
|
456,243 | 392,121 | ||||||
Total noninterest income
|
4,882,228 | 3,995,883 |
2012
|
2011
|
|||||||
Noninterest Expense
|
||||||||
Salaries and employee benefits
|
$ | 6,452,122 | $ | 6,229,964 | ||||
Occupancy and equipment
|
979,690 | 1,010,415 | ||||||
Data processing and telecommunications
|
534,549 | 560,396 | ||||||
Professional
|
259,382 | 195,870 | ||||||
Marketing
|
128,550 | 115,790 | ||||||
Postage and office supplies
|
265,773 | 281,595 | ||||||
Deposit insurance premium
|
157,491 | 228,925 | ||||||
Impairment on mortgage servicing rights asset
|
— | 58,818 | ||||||
Other
|
1,198,393 | 1,132,184 | ||||||
Total noninterest expense
|
9,975,950 | 9,813,957 | ||||||
Income Before Income Taxes
|
4,904,511 | 4,544,777 | ||||||
Provision for Income Taxes
|
1,337,487 | 1,259,094 | ||||||
Net Income
|
$ | 3,567,024 | $ | 3,285,683 | ||||
Basic Earnings Per Share
|
$ | 1.89 | $ | 1.74 | ||||
Diluted Earnings Per Share
|
$ | 1.89 | $ | 1.74 | ||||
Cash Dividends Per Share
|
$ | 0.40 | $ | 0.30 |
2012
|
2011
|
|||||||
Net Income
|
$ | 3,567,024 | $ | 3,285,683 | ||||
Other Comprehensive Income
|
||||||||
Unrealized appreciation on available-for-sale securities, net of taxes of $509,349 and $1,550,239, for 2012 and 2011, respectively
|
988,737 | 3,009,287 | ||||||
Less: reclassification adjustment for realized gains included in net income, net of taxes of $393,901 and $95,815, for 2012 and 2011, respectively
|
764,634 | 185,995 | ||||||
224,103 | 2,823,292 | |||||||
Comprehensive Income
|
$ | 3,791,127 | $ | 6,108,975 |
Additional
|
||||||||||||||||
Issued Common Stock
|
Paid-in
|
Retained
|
||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
|||||||||||||
Balance, January 1, 2011
|
1,923,689 | $ | 19,237 | $ | 16,159,960 | $ | 20,045,095 | |||||||||
Net income
|
— | — | — | 3,285,683 | ||||||||||||
Other comprehensive income
|
— | — | — | — | ||||||||||||
Stock repurchases
|
(10,000 | ) | (100 | ) | (137,900 | ) | — | |||||||||
Exercise of stock options
|
21,661 | 217 | 211,351 | — | ||||||||||||
Less purchase/retirement of stock
|
(14,395 | ) | (144 | ) | (181,797 | ) | — | |||||||||
Tax benefit of nonqualified options
|
— | — | 4,609 | — | ||||||||||||
Common shares held by ESOP, committed to be released
|
— | — | 10,401 | — | ||||||||||||
Dividends on common stock, $.30 per share
|
— | — | — | (563,059 | ) | |||||||||||
Balance, December 31, 2011
|
1,920,955 | 19,210 | 16,066,624 | 22,767,719 | ||||||||||||
Net income
|
— | — | — | 3,567,024 | ||||||||||||
Other comprehensive income
|
— | — | — | — | ||||||||||||
Stock repurchases
|
(13,600 | ) | (136 | ) | (230,384 | ) | — | |||||||||
Exercise of stock options
|
1,201 | 12 | 15,487 | — | ||||||||||||
Tax benefit of nonqualified options
|
— | — | 1,291 | — | ||||||||||||
Stock-based compensation expense
|
— | — | 67,931 | — | ||||||||||||
Common shares held by ESOP, committed to be released
|
— | — | 22,324 | — | ||||||||||||
Dividends on common stock, $.40 per share
|
— | — | — | (748,986 | ) | |||||||||||
Balance, December 31, 2012
|
1,908,556 | $ | 19,086 | $ | 15,943,273 | $ | 25,585,757 |
Accumulated
|
||||||||||||
Other
|
||||||||||||
Comprehensive
|
Unallocated
|
|||||||||||
Income (Loss)
|
ESOP
|
Total
|
||||||||||
Balance, January 1, 2011
|
$ | (150,802 | ) | $ | (395,340 | ) | $ | 35,678,150 | ||||
Net income
|
— | — | 3,285,683 | |||||||||
Other comprehensive income
|
2,823,292 | — | 2,823,292 | |||||||||
Stock repurchases
|
— | — | (138,000 | ) | ||||||||
Exercise of stock options
|
— | — | 211,568 | |||||||||
Less purchase/retirement of stock
|
— | — | (181,941 | ) | ||||||||
Tax benefit of nonqualified options
|
— | — | 4,609 | |||||||||
Common shares held by ESOP, committed to be released
|
— | 34,720 | 45,121 | |||||||||
Dividends on common stock, $.30 per share
|
— | — | (563,059 | ) | ||||||||
Balance, December 31, 2011
|
2,672,490 | (360,620 | ) | 41,165,423 | ||||||||
Net income
|
— | — | 3,567,024 | |||||||||
Other comprehensive income
|
224,103 | — | 224,103 | |||||||||
Stock repurchases
|
— | — | (230,520 | ) | ||||||||
Exercise of stock options
|
— | — | 15,499 | |||||||||
Tax benefit of nonqualified options
|
— | — | 1,291 | |||||||||
Stock-based compensation expense
|
— | — | 67,931 | |||||||||
Common shares held by ESOP, committed to be released
|
— | 36,240 | 58,564 | |||||||||
Dividends on common stock, $.40 per share
|
— | — | (748,986 | ) | ||||||||
Balance, December 31, 2012
|
$ | 2,896,593 | $ | (324,380 | ) | $ | 44,120,329 |
2012
|
2011
|
|||||||
Operating Activities
|
||||||||
Net income
|
$ | 3,567,024 | $ | 3,285,683 | ||||
Items not requiring (providing) cash
|
||||||||
Depreciation and amortization
|
337,710 | 321,730 | ||||||
Provision for loan losses
|
490,000 | 625,000 | ||||||
Amortization of premiums and discounts on securities and loans
|
774,638 | 516,317 | ||||||
Deferred income taxes
|
(166,886 | ) | (246,539 | ) | ||||
Net realized gains on available-for-sale securities
|
(1,158,535 | ) | (281,810 | ) | ||||
Amortization of mortgage servicing rights
|
342,296 | 276,014 | ||||||
Impairment of mortgage servicing rights asset
|
— | 58,818 | ||||||
Increase in cash surrender value of life insurance
|
(210,040 | ) | (163,687 | ) | ||||
Gains on sales of foreclosed assets
|
(45,046 | ) | (19,840 | ) | ||||
Shares held by ESOP committed to be released
|
58,564 | 45,121 | ||||||
Stock-based compensation expense
|
67,931 | — | ||||||
Changes in
|
||||||||
Interest receivable
|
18,062 | (198,755 | ) | |||||
Other assets
|
(478,201 | ) | (164,597 | ) | ||||
Interest payable
|
(72,364 | ) | (207,136 | ) | ||||
Other liabilities
|
464,433 | 54,711 | ||||||
Origination of loans held for sale
|
(52,330,075 | ) | (32,048,301 | ) | ||||
Proceeds from sales of loans held for sale
|
52,676,939 | 32,227,052 | ||||||
Net cash provided by operating activities
|
4,336,450 | 4,079,781 | ||||||
Investing Activities
|
||||||||
Net change in interest-earning time deposits
|
(496,000 | ) | (2,476,000 | ) | ||||
Purchases of available-for-sale securities
|
(73,126,783 | ) | (48,099,957 | ) | ||||
Proceeds from maturities and payments of available-for-sale securities
|
20,365,257 | 16,020,469 | ||||||
Proceeds from the sales of available-for-sale investments and other investments
|
40,704,778 | 28,375,527 | ||||||
Purchase of bank owned life insurance
|
(2,000,000 | ) | — | |||||
Net change in loans
|
(3,375,471 | ) | 4,646,656 | |||||
Purchase of premises and equipment
|
(459,766 | ) | (195,376 | ) | ||||
Proceeds from the sale of foreclosed assets
|
324,224 | 334,047 | ||||||
Net cash used in investing activities
|
(18,063,761 | ) | (1,394,634 | ) |
2012
|
2011
|
|||||||
Financing Activities
|
||||||||
Net increase in demand deposits, money market, NOW and savings accounts
|
$ | 12,732,777 | $ | 11,778,838 | ||||
Net decrease in certificates of deposit
|
(8,452,108 | ) | (13,962,425 | ) | ||||
Net increase in short-term borrowings
|
6,222,860 | 2,499,515 | ||||||
Net increase in advances from borrowers for taxes and insurance
|
92,262 | 110,295 | ||||||
Stock repurchase
|
(230,520 | ) | (138,000 | ) | ||||
Proceeds from stock options exercised
|
16,790 | 34,236 | ||||||
Dividends paid
|
(748,986 | ) | (563,059 | ) | ||||
Net cash provided by (used in) financing activities
|
9,633,075 | (240,600 | ) | |||||
Increase (Decrease) in Cash and Cash Equivalents
|
(4,094,236 | ) | 2,444,547 | |||||
Cash and Cash Equivalents, Beginning of Year
|
11,387,947 | 8,943,400 | ||||||
Cash and Cash Equivalents, End of Year
|
$ | 7,293,711 | $ | 11,387,947 | ||||
Supplemental Cash Flows Information
|
||||||||
Interest paid
|
$ | 2,375,364 | $ | 3,086,564 | ||||
Income taxes paid
|
$ | 1,243,000 | $ | 1,676,000 | ||||
Sale and financing of foreclosed assets
|
$ | 229,550 | $ | 149,834 | ||||
Real estate acquired in settlement of loans
|
$ | 261,532 | $ | 460,996 | ||||
Dividends declared not paid
|
$ | — | $ | 144,073 | ||||
Exercise and retirement of shares in stock option plan
|
$ | 15,499 | $ | 29,627 |
Note 1:
|
Nature of Operations and Summary of Significant Accounting Policies
|
Buildings and improvements
|
35-40 years
|
Equipment
|
3-5 years
|
Note 2:
|
Restriction on Cash and Due From Banks
|
Note 3:
|
Securities
|
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value
|
|||||||||||||
Available-for-sale Securities
|
||||||||||||||||
December 31, 2012:
|
||||||||||||||||
U.S. Government and federal agencies
|
$ | 10,090,835 | $ | 248,601 | $ | (10,556 | ) | $ | 10,328,880 | |||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
50,917,555 | 1,134,245 | (95,319 | ) | 51,956,481 | |||||||||||
Municipal bonds
|
49,990,655 | 3,264,169 | (152,362 | ) | 53,102,462 | |||||||||||
$ | 110,999,045 | $ | 4,647,015 | $ | (258,237 | ) | $ | 115,387,823 | ||||||||
December 31, 2011:
|
||||||||||||||||
U.S. Government and federal agencies
|
$ | 14,132,240 | $ | 211,540 | $ | (8,137 | ) | $ | 14,335,643 | |||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
39,479,133 | 905,509 | (20,556 | ) | 40,364,086 | |||||||||||
Municipal bonds
|
44,961,448 | 2,995,639 | (34,768 | ) | 47,922,319 | |||||||||||
$ | 98,572,821 | $ | 4,112,688 | $ | (63,461 | ) | $ | 102,622,048 |
Available-for-sale
|
||||||||
Amortized
Cost
|
Fair
Value
|
|||||||
Within one year
|
$ | 101,779 | $ | 102,867 | ||||
One to five years
|
10,950,852 | 11,503,003 | ||||||
Five to ten years
|
25,391,965 | 26,755,049 | ||||||
After ten years
|
23,636,894 | 25,070,423 | ||||||
60,081,490 | 63,431,342 | |||||||
Mortgage-backed securities
|
50,917,555 | 51,956,481 | ||||||
Totals
|
$ | 110,999,045 | $ | 115,387,823 |
December 31, 2012
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Available-for-sale Securities
|
||||||||||||||||||||||||
U.S. Government and agencies
|
$ | 545,291 | $ | (10,556 | ) | $ | — | $ | — | $ | 545,291 | $ | (10,556 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
16,172,999 | (95,319 | ) | — | — | 16,172,999 | (95,319 | ) | ||||||||||||||||
Municipal bonds
|
7,237,453 | (152,362 | ) | — | — | 7,237,453 | (152,362 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 23,955,743 | $ | (258,237 | ) | $ | — | $ | — | $ | 23,955,743 | $ | (258,237 | ) |
December 31, 2011
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Available-for-sale Securities
|
||||||||||||||||||||||||
U.S. Government and agencies
|
$ | 1,491,864 | $ | (8,137 | ) | $ | — | $ | — | $ | 1,491,864 | $ | (8,137 | ) | ||||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
4,910,314 | (18,488 | ) | 623,455 | (2,068 | ) | 5,533,769 | (20,556 | ) | |||||||||||||||
Municipal bonds
|
2,234,403 | (34,768 | ) | — | — | 2,234,403 | (34,768 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 8,636,581 | $ | (61,393 | ) | $ | 623,455 | $ | (2,068 | ) | $ | 9,260,036 | $ | (63,461 | ) |
Note 4:
|
Loans and Allowance for Loan Losses
|
2012
|
2011
|
|||||||
Mortgage loans on real estate
|
||||||||
Residential 1-4 family
|
$ | 41,386,147 | $ | 39,472,008 | ||||
Commercial
|
30,973,177 | 40,169,813 | ||||||
Agricultural
|
37,392,116 | 29,971,649 | ||||||
Home equity
|
12,733,963 | 16,042,788 | ||||||
Total mortgage loans on real estate
|
122,485,403 | 125,656,258 | ||||||
Commercial loans
|
29,046,437 | 23,198,454 | ||||||
Agricultural
|
10,982,491 | 9,590,745 | ||||||
Consumer
|
14,571,819 | 15,755,973 | ||||||
177,086,150 | 174,201,430 | |||||||
Less
|
||||||||
Net deferred loan fees
|
(6,373 | ) | 39,721 | |||||
Allowance for loan losses
|
3,339,464 | 3,296,607 | ||||||
Net loans
|
$ | 173,753,059 | $ | 170,865,102 |
December 31, 2012
|
||||||||||||||||||||||||||||||||||||
1-4 Family
|
Commercial Real Estate
|
Agricultural Real Estate
|
Commercial
|
Agricultural
|
Home Equity
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Balance, beginning of year
|
$ | 697,223 | $ | 1,107,585 | $ | 115,154 | $ | 711,864 | $ | 58,428 | $ | 309,409 | $ | 138,385 | $ | 158,559 | $ | 3,296,607 | ||||||||||||||||||
Provision charged to expense
|
99,055 | (11,157 | ) | 34,414 | 219,102 | (14,498 | ) | 86,076 | 74,224 | 2,784 | 490,000 | |||||||||||||||||||||||||
Losses charged off
|
(82,192 | ) | (356,270 | ) | — | — | — | (80,126 | ) | (66,958 | ) | — | (585,546 | ) | ||||||||||||||||||||||
Recoveries
|
26,943 | 88,715 | — | 3,285 | — | 13,637 | 5,823 | — | 138,403 | |||||||||||||||||||||||||||
Balance, end of year
|
$ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 934,251 | $ | 43,930 | $ | 328,996 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | ||||||||||||||||||
Ending balance:
individually evaluated for impairment |
$ | — | $ | 262,177 | $ | — | $ | 610,779 | $ | — | $ | — | $ | 6,185 | $ | — | $ | 879,141 | ||||||||||||||||||
Ending balance:
collectively evaluated for impairment |
$ | 741,029 | $ | 566,696 | $ | 149,568 | $ | 323,472 | $ | 43,930 | $ | 328,996 | $ | 145,289 | $ | 161,343 | $ | 2,460,323 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 41,386,147 | $ | 30,973,177 | $ | 37,392,116 | $ | 29,046,437 | $ | 10,982,491 | $ | 12,733,963 | $ | 14,571,819 | $ | — | $ | 177,086,150 | ||||||||||||||||||
Ending balance:
individually evaluated for impairment |
$ | 339,513 | $ | 1,603,956 | $ | — | $ | 728,672 | $ | — | $ | 56,677 | $ | 14,392 | $ | — | $ | 2,743,210 | ||||||||||||||||||
Ending balance:
collectively evaluated for impairment |
$ | 41,046,634 | $ | 29,369,221 | $ | 37,392,116 | $ | 28,317,765 | $ | 10,982,491 | $ | 12,677,286 | $ | 14,557,427 | $ | — | $ | 174,342,940 |
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
1-4 Family
|
Commercial Real Estate
|
Agricultural Real Estate
|
Commercial
|
Agricultural
|
Home Equity
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Balance, beginning of year
|
$ | 561,309 | $ | 1,193,928 | $ | 92,988 | $ | 472,376 | $ | 58,250 | $ | 300,257 | $ | 163,690 | $ | 121,487 | $ | 2,964,285 | ||||||||||||||||||
Provision charged to expense
|
266,296 | 195,118 | 22,166 | 83,654 | 178 | 26,863 | (6,347 | ) | 37,072 | 625,000 | ||||||||||||||||||||||||||
Losses charged off
|
(130,382 | ) | (306,303 | ) | — | — | — | (24,904 | ) | (25,289 | ) | — | (486,878 | ) | ||||||||||||||||||||||
Recoveries
|
— | 24,842 | — | 155,834 | — | 7,193 | 6,331 | — | 194,200 | |||||||||||||||||||||||||||
Balance, end of year
|
$ | 697,223 | $ | 1,107,585 | $ | 115,154 | $ | 711,864 | $ | 58,428 | $ | 309,409 | $ | 138,385 | $ | 158,559 | $ | 3,296,607 | ||||||||||||||||||
Ending balance:
individually evaluated for impairment |
$ | 36,300 | $ | 357,880 | $ | — | $ | 296,149 | $ | — | $ | — | $ | — | $ | — | $ | 690,329 | ||||||||||||||||||
Ending balance:
collectively evaluated for impairment |
$ | 660,923 | $ | 749,705 | $ | 115,154 | $ | 415,715 | $ | 58,428 | $ | 309,409 | $ | 138,385 | $ | 158,559 | $ | 2,606,278 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 39,472,008 | $ | 40,169,813 | $ | 29,971,649 | $ | 23,198,454 | $ | 9,590,745 | $ | 16,042,788 | $ | 15,755,973 | $ | — | $ | 174,201,430 | ||||||||||||||||||
Ending balance:
individually evaluated for impairment |
$ | 551,921 | $ | 1,727,406 | $ | — | $ | 552,814 | $ | — | $ | 29,353 | $ | 7,569 | $ | — | $ | 2,869,063 | ||||||||||||||||||
Ending balance:
collectively evaluated for impairment |
$ | 38,920,087 | $ | 38,442,407 | $ | 29,971,649 | $ | 22,645,640 | $ | 9,590,745 | $ | 16,013,435 | $ | 15,748,404 | $ | — | $ | 171,332,367 |
1-4 Family
|
Commercial Real Estate
|
Agricultural Real Estate
|
Commercial
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
Pass
|
$ | 38,123,451 | $ | 36,040,795 | $ | 28,283,081 | $ | 36,936,906 | $ | 37,392,116 | $ | 29,567,057 | $ | 28,301,663 | $ | 22,253,904 | ||||||||||||||||
Special Mention
|
1,273,558 | 1,642,602 | 187,936 | 574,484 | — | 404,592 | 849 | 3,402 | ||||||||||||||||||||||||
Substandard
|
1,989,138 | 1,788,611 | 2,502,160 | 2,658,423 | — | — | 743,925 | 941,148 | ||||||||||||||||||||||||
Total
|
$ | 41,386,147 | $ | 39,472,008 | $ | 30,973,177 | $ | 40,169,813 | $ | 37,392,116 | $ | 29,971,649 | $ | 29,046,437 | $ | 23,198,454 |
Agricultural Business
|
Home Equity
|
Consumer
|
||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Pass
|
$ | 10,982,491 | $ | 9,336,899 | $ | 11,919,440 | $ | 14,746,631 | $ | 14,291,487 | $ | 15,409,729 | ||||||||||||
Special Mention
|
— | 253,846 | 272,563 | 278,323 | 111,945 | 153,316 | ||||||||||||||||||
Substandard
|
— | — | 541,960 | 1,017,834 | 168,387 | 192,928 | ||||||||||||||||||
Total
|
$ | 10,982,491 | $ | 9,590,745 | $ | 12,733,963 | $ | 16,042,788 | $ | 14,571,819 | $ | 15,755,973 |
December 31, 2012
|
||||||||||||||||||||||||||||
30-59 Days Past Due
|
60-89 Days
Past Due
|
Greater Than 90 Days
|
Total Past
Due
|
Current
|
Total Loans Receivable
|
Total Loans > 90 Days & Accruing
|
||||||||||||||||||||||
1-4 Family
|
$ | 727,315 | $ | 213,126 | $ | 984,996 | $ | 1,925,437 | $ | 39,460,710 | $ | 41,386,147 | $ | — | ||||||||||||||
Agricultural real estate
|
— | — | — | — | 37,392,116 | 37,392,116 | — | |||||||||||||||||||||
Commercial real estate
|
— | — | 279,622 | 279,622 | 30,693,555 | 30,973,177 | — | |||||||||||||||||||||
Agricultural business
|
— | — | — | — | 10,982,491 | 10,982,491 | — | |||||||||||||||||||||
Commercial
|
— | — | — | — | 29,046,437 | 29,046,437 | — | |||||||||||||||||||||
Home equity
|
158,414 | 70,596 | 136,508 | 365,518 | 12,368,445 | 12,733,963 | — | |||||||||||||||||||||
Consumer
|
181,171 | 64,390 | 33,692 | 279,253 | 14,292,566 | 14,571,819 | — | |||||||||||||||||||||
Total
|
$ | 1,066,900 | $ | 348,112 | $ | 1,434,818 | $ | 2,849,830 | $ | 174,236,320 | $ | 177,086,150 | $ | — |
December 31, 2011
|
||||||||||||||||||||||||||||
30-59 Days Past Due
|
60-89 Days
Past Due
|
Greater Than 90 Days
|
Total Past
Due
|
Current
|
Total Loans Receivable
|
Total Loans > 90 Days & Accruing
|
||||||||||||||||||||||
1-4 Family
|
$ | 289,337 | $ | 161,654 | $ | 1,020,862 | $ | 1,471,853 | $ | 38,000,155 | $ | 39,472,008 | $ | — | ||||||||||||||
Agricultural real estate
|
— | — | — | — | 29,971,649 | 29,971,649 | — | |||||||||||||||||||||
Commercial real estate
|
75,924 | — | 48,428 | 124,352 | 40,045,461 | 40,169,813 | — | |||||||||||||||||||||
Agricultural business
|
— | — | — | — | 9,590,745 | 9,590,745 | — | |||||||||||||||||||||
Commercial
|
— | — | — | — | 23,198,454 | 23,198,454 | — | |||||||||||||||||||||
Home equity
|
511,562 | 50,455 | 197,191 | 759,208 | 15,283,580 | 16,042,788 | — | |||||||||||||||||||||
Consumer
|
156,404 | 126,077 | 37,337 | 319,818 | 15,436,155 | 15,755,973 | — | |||||||||||||||||||||
Total
|
$ | 1,033,227 | $ | 338,186 | $ | 1,303,818 | $ | 2,675,231 | $ | 171,526,199 | $ | 174,201,430 | $ | — |
December 31, 2012
|
||||||||||||||||||||||||
Recorded Balance
|
Unpaid Principal Balance
|
Specific Allowance
|
Average Investment
in Impaired Loans
|
Interest
Income Recognized |
Interest
Income Recognized Cash Basis |
|||||||||||||||||||
Loans without a specific valuation allowance
|
||||||||||||||||||||||||
1-4 Family
|
$ | 339,513 | $ | 339,513 | $ | — | $ | 343,593 | $ | 17,163 | $ | 16,909 | ||||||||||||
Commercial real estate
|
201,135 | 201,135 | — | 205,756 | 27,727 | 16,136 | ||||||||||||||||||
Consumer
|
8,207 | 8,207 | — | 9,795 | 495 | 422 | ||||||||||||||||||
Home equity
|
56,677 | 56,677 | — | 57,934 | 4,087 | 4,162 | ||||||||||||||||||
Loans with a specific valuation allowance
|
||||||||||||||||||||||||
Commercial real estate
|
1,402,821 | 1,402,821 | 262,177 | 1,443,005 | 91,130 | 91,075 | ||||||||||||||||||
Commercial
|
728,672 | 728,672 | 610,779 | 780,979 | 44,887 | 52,898 | ||||||||||||||||||
Consumer
|
6,185 | 6,185 | 6,185 | 7,096 | 573 | 576 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
1-4 family
|
339,513 | 339,513 | — | 343,593 | 17,163 | 16,909 | ||||||||||||||||||
Commercial real estate
|
1,603,956 | 1,603,956 | 262,177 | 1,648,761 | 118,857 | 107,211 | ||||||||||||||||||
Commercial
|
728,672 | 728,672 | 610,779 | 780,979 | 44,887 | 52,898 | ||||||||||||||||||
Consumer
|
14,392 | 14,392 | 6,185 | 16,891 | 1,068 | 998 | ||||||||||||||||||
Home equity
|
56,677 | 56,677 | — | 57,934 | 4,087 | 4,162 | ||||||||||||||||||
Total
|
$ | 2,743,210 | $ | 2,743,210 | $ | 879,141 | $ | 2,848,158 | $ | 186,062 | $ | 182,178 |
December 31, 2011
|
||||||||||||||||||||||||
Recorded Balance
|
Unpaid Principal Balance
|
Specific Allowance
|
Average Investment
in Impaired Loans
|
Interest
Income Recognized |
Interest
Income Recognized Cash Basis |
|||||||||||||||||||
Loans without a specific valuation allowance
|
||||||||||||||||||||||||
1-4 Family
|
$ | 235,856 | $ | 235,856 | $ | — | $ | 249,103 | $ | 10,446 | $ | 11,162 | ||||||||||||
Commercial real estate
|
69,249 | 69,249 | — | 71,972 | 457 | 254 | ||||||||||||||||||
Commercial
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer
|
— | — | — | — | — | — | ||||||||||||||||||
Home equity
|
29,353 | 29,353 | — | 21,954 | 1,933 | 1,605 | ||||||||||||||||||
Loans with a specific valuation allowance
|
||||||||||||||||||||||||
1-4 family
|
316,065 | 316,065 | 36,300 | 368,040 | 25,241 | 18,341 | ||||||||||||||||||
Commercial real estate
|
1,658,157 | 1,658,157 | 357,880 | 1,726,905 | 88,084 | 117,289 | ||||||||||||||||||
Commercial
|
552,814 | 552,814 | 296,149 | 592,796 | 37,192 | 36,628 | ||||||||||||||||||
Consumer
|
7,569 | 7,569 | — | 7,569 | 37 | — | ||||||||||||||||||
Home equity
|
— | — | — | — | — | — | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
1-4 family
|
551,921 | 551,921 | 36,300 | 617,143 | 35,687 | 29,503 | ||||||||||||||||||
Commercial real estate
|
1,727,406 | 1,727,406 | 357,880 | 1,798,877 | 88,541 | 117,543 | ||||||||||||||||||
Commercial
|
552,814 | 552,814 | 296,149 | 592,796 | 37,192 | 36,628 | ||||||||||||||||||
Consumer
|
7,569 | 7,569 | — | 7,569 | 37 | — | ||||||||||||||||||
Home equity
|
29,353 | 29,353 | — | 21,954 | 1,933 | 1,605 | ||||||||||||||||||
Total
|
$ | 2,869,063 | $ | 2,869,063 | $ | 690,329 | $ | 3,038,339 | $ | 163,390 | $ | 185,279 |
2012
|
2011
|
|||||||
1-4 family
|
$ | 267,916 | $ | 213,966 | ||||
Agricultural real estate
|
— | — | ||||||
Commercial real estate
|
1,011,350 | 1,075,483 | ||||||
Agricultural business
|
— | — | ||||||
Commercial
|
701,271 | 477,798 | ||||||
Home equity
|
84,123 | 125,588 | ||||||
Consumer
|
91,206 | 83,962 | ||||||
Total
|
$ | 2,155,866 | $ | 1,976,797 |
2012
|
2011
|
|||||||
1-4 family
|
$ | 127,399 | $ | 131,990 | ||||
Agricultural real estate
|
— | — | ||||||
Commercial real estate
|
983,450 | 1,007,723 | ||||||
Agricultural business
|
— | — | ||||||
Commercial
|
701,271 | 477,798 | ||||||
Home equity
|
84,123 | 95,769 | ||||||
Consumer
|
89,045 | 83,962 | ||||||
Total
|
$ | 1,985,288 | $ | 1,797,242 |
Year Ended
December 31, 2012
|
Year Ended
December 31, 2011
|
|||||||||||||||
Number of Modifications
|
Recorded Investment
|
Number of Modifications
|
Recorded Investment
|
|||||||||||||
1-4 family
|
2 | $ | 70,739 | 3 | $ | 178,046 | ||||||||||
Agricultural real estate
|
— | — | — | — | ||||||||||||
Commercial real estate
|
— | — | 2 | 938,474 | ||||||||||||
Agricultural business
|
— | — | — | — | ||||||||||||
Commercial
|
2 | 266,968 | 5 | 143,814 | ||||||||||||
Home equity
|
3 | 21,422 | 2 | 95,769 | ||||||||||||
Consumer
|
3 | 20,513 | 1 | 3,430 | ||||||||||||
Total
|
10 | $ | 379,642 | 13 | $ | 1,359,533 |
2012
|
2011
|
|||||||
1-4 family
|
$ | 1,203,328 | $ | 1,297,953 | ||||
Agricultural real estate
|
— | — | ||||||
Commercial real estate
|
560,073 | 361,524 | ||||||
Agricultural business
|
— | — | ||||||
Commercial
|
51,436 | 66,852 | ||||||
Home equity
|
276,877 | 423,113 | ||||||
Consumer
|
122,064 | 251,025 | ||||||
Total
|
$ | 2,213,778 | $ | 2,400,467 |
Note 5:
|
Premises and Equipment
|
2012
|
2011
|
|||||||
Land
|
$ | 983,276 | $ | 983,276 | ||||
Buildings and improvements
|
7,756,293 | 7,573,247 | ||||||
Equipment
|
5,094,283 | 4,819,591 | ||||||
13,833,852 | 13,376,114 | |||||||
Less accumulated depreciation
|
(8,179,076 | ) | (7,843,394 | ) | ||||
Net premises and equipment
|
$ | 5,654,776 | $ | 5,532,720 |
Note 6:
|
Loan Servicing
|
2012
|
2011
|
|||||||
Mortgage servicing rights
|
||||||||
Balance, beginning of year
|
$ | 871,524 | $ | 961,316 | ||||
Additions
|
219,975 | 137,206 | ||||||
Amortization
|
(297,784 | ) | (226,998 | ) | ||||
Balance at end of year
|
793,715 | 871,524 | ||||||
Valuation allowances
|
||||||||
Balance at beginning of year
|
173,791 | 163,989 | ||||||
Additions due to decreases in market value
|
— | 58,818 | ||||||
Reduction due to increases in market value
|
— | — | ||||||
Reduction due to payoff of loans
|
(44,512 | ) | (49,016 | ) | ||||
Balances at end of year
|
129,279 | 173,791 | ||||||
Mortgage servicing assets, net
|
$ | 664,436 | $ | 697,733 | ||||
Fair value disclosures
|
||||||||
Fair value as of the beginning of the period
|
$ | 758,175 | $ | 1,012,722 | ||||
Fair value as of the end of the period
|
$ | 765,029 | $ | 758,175 |
Note 7:
|
Interest-bearing Deposits
|
December 31,
|
||||||||
2012
|
2011
|
|||||||
Savings, NOW and Money Market
|
$ | 339,065 | $ | 425,505 | ||||
Certificates of deposit
|
1,949,000 | 2,437,263 | ||||||
Total deposit interest expense
|
$ | 2,288,065 | $ | 2,862,768 |
2013
|
$ | 66,105,894 | ||
2014
|
24,582,551 | |||
2015
|
16,626,587 | |||
2016
|
7,140,684 | |||
2017
|
8,408,946 | |||
$ | 122,864,662 |
Note 8:
|
Short-term Borrowings
|
Note 9:
|
Income Taxes |
2012
|
2011
|
|||||||
Taxes currently payable
|
||||||||
Federal
|
$ | 1,037,608 | $ | 1,067,443 | ||||
State
|
466,765 | 438,190 | ||||||
Deferred income taxes
|
(166,886 | ) | (246,539 | ) | ||||
Income tax expense
|
$ | 1,337,487 | $ | 1,259,094 |
2012
|
2011
|
|||||||
Computed at the statutory rate (34%)
|
$ | 1,667,534 | $ | 1,545,224 | ||||
Increase (decrease) resulting from
|
||||||||
Tax exempt interest
|
(546,910 | ) | (498,697 | ) | ||||
State income taxes, net
|
286,869 | 268,790 | ||||||
Increase in cash surrender value
|
(68,838 | ) | (53,078 | ) | ||||
Other
|
(1,168 | ) | (3,145 | ) | ||||
Actual tax expense
|
$ | 1,337,487 | $ | 1,259,094 | ||||
Tax expense as a percentage of pre-tax income
|
27.27 | % | 27.70 | % |
2012
|
2011
|
|||||||
Deferred tax assets
|
||||||||
Allowance for loan losses
|
$ | 1,214,733 | $ | 1,197,475 | ||||
Deferred compensation
|
1,492,971 | 1,327,230 | ||||||
State net operating loss carryforward
|
196,811 | 196,811 | ||||||
Other
|
4,555 | — | ||||||
2,909,070 | 2,721,516 | |||||||
Deferred tax liabilities
|
||||||||
Unrealized gains on available-for-sale securities
|
(1,492,185 | ) | (1,376,737 | ) | ||||
Depreciation
|
(452,711 | ) | (400,541 | ) | ||||
Federal Home Loan Bank stock dividends
|
(152,224 | ) | (152,224 | ) | ||||
Prepaid expenses
|
(79,834 | ) | (65,907 | ) | ||||
Mortgage servicing rights
|
(267,568 | ) | (285,178 | ) | ||||
Other
|
— | (27,819 | ) | |||||
(2,444,522 | ) | (2,308,406 | ) | |||||
Net deferred tax asset
|
$ | 464,548 | $ | 413,110 |
Note 10:
|
Accumulated Other Comprehensive Income |
2012
|
2011
|
|||||||
Net unrealized gain on securities available-for-sale
|
$ | 4,388,778 | $ | 4,049,227 | ||||
Tax effect
|
(1,492,185 | ) | (1,376,737 | ) | ||||
Net-of-tax amount
|
$ | 2,896,593 | $ | 2,672,490 |
Note 11:
|
Regulatory Matters
|
Actual
|
Minimum Capital
Requirement |
Minimum to Be Well
Capitalized Under Prompt Corrective Action Provisions |
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
$ | 36,620 | 17.72 | % | $ | 16,535 | 8.0 | % | $ | 20,668 | 10.0 | % | ||||||||||||
Tier I capital
(to risk-weighted assets) |
34,027 | 16.46 | 8,267 | 4.0 | 12,401 | 6.0 | ||||||||||||||||||
Tier I capital
(to average assets) |
34,027 | 10.89 | 12,503 | 4.0 | 15,628 | 5.0 | ||||||||||||||||||
Tangible capital
(to adjusted tangible assets) |
34,027 | 10.89 | 4,689 | 1.5 | — | N/A | ||||||||||||||||||
As of December 31, 2011
|
||||||||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
$ | 33,667 | 16.67 | % | $ | 16,153 | 8.0 | % | $ | 20,191 | 10.0 | % | ||||||||||||
Tier I capital
(to risk-weighted assets) |
31,134 | 15.42 | 8,076 | 4.0 | 12,115 | 6.0 | ||||||||||||||||||
Tier I capital
(to average assets) |
31,134 | 10.35 | 12,032 | 4.0 | 15,040 | 5.0 | ||||||||||||||||||
Tangible capital
(to adjusted tangible assets) |
31,134 | 10.35 | 4,512 | 1.5 | — | N/A |
2012
|
2011
|
|||||||
Bank equity
|
$ | 39,650 | $ | 36,548 | ||||
Less net unrealized gain
|
2,896 | 2,672 | ||||||
Less disallowed goodwill
|
2,727 | 2,727 | ||||||
Less disallowed servicing amounts
|
— | 15 | ||||||
Tier 1 capital
|
34,027 | 31,134 | ||||||
Plus allowance for loan losses
|
2,593 | 2,533 | ||||||
Total risked-based capital
|
$ | 36,620 | $ | 33,667 |
Note 12:
|
Related Party Transactions
|
2012
|
2011
|
|||||||
Balance beginning of year
|
$ | 2,927,377 | $ | 2,820,414 | ||||
Additions
|
3,188,495 | 1,918,418 | ||||||
Repayments
|
(2,193,534 | ) | (1,811,455 | ) | ||||
Balance, end of year
|
$ | 3,922,338 | $ | 2,927,377 |
Note 13:
|
Employee Benefits
|
2012
|
2011
|
|||||||
Allocated shares
|
49,668 | 52,815 | ||||||
Shares committed for allocation
|
3,624 | 3,471 | ||||||
Unearned shares
|
32,438 | 32,591 | ||||||
Total ESOP shares
|
85,730 | 88,877 | ||||||
Fair value of unearned shares at December 31
|
$ | 562,799 | $ | 448,126 |
Note 14:
|
Stock Option Plans
|
2012
|
||||
Expected volatility
|
33.41 | % | ||
Expected dividend yield
|
2.19 | % | ||
Expected term (in years)
|
7 | |||
Risk-free rate
|
1.37 | % |
2012
|
||||||||||||||||
Shares
|
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
|||||||||||||
Outstanding, beginning of year
|
4,504 | $ | 13.98 | |||||||||||||
Granted
|
104,035 | 15.65 | ||||||||||||||
Exercised
|
(1,201 | ) | 13.98 | |||||||||||||
Forfeited or expired
|
— | — | ||||||||||||||
Outstanding, end of year
|
107,338 | $ | 15.60 | 9.25 | $ | 187,991 | ||||||||||
Exercisable, end of year
|
3,303 | $ | 13.98 | 1.50 | $ | 11,131 |
2011
|
||||||||||||||||
Shares
|
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
|||||||||||||
Outstanding, beginning of year
|
33,382 | $ | 10.52 | |||||||||||||
Exercised
|
(21,661 | ) | 9.98 | |||||||||||||
Forfeited or expired
|
(7,217 | ) | 9.98 | |||||||||||||
Outstanding, end of year
|
4,504 | $ | 13.98 | 2.50 | $ | — | ||||||||||
Exercisable, end of year
|
4,504 | $ | 13.98 | 2.50 | $ | — |
Shares
|
Weighted-
Average Grant- Date Fair Value |
|||||||
Nonvested, beginning of year
|
— | $ | — | |||||
Granted
|
104,035 | 15.65 | ||||||
Vested
|
— | — | ||||||
Forfeited
|
— | — | ||||||
Nonvested, end of year
|
104,035 | $ | 15.65 |
Note 15:
|
Earnings Per Share
|
Year Ended December 31, 2012
|
||||||||||||
Income
|
Weighted-
Average Shares |
Per Share Amount
|
||||||||||
Net income
|
$ | 3,567,024 | ||||||||||
Basic earnings per share
|
||||||||||||
Income available to common stockholders
|
1,883,375 | $ | 1.89 | |||||||||
Effect of dilutive securities
|
||||||||||||
Stock options
|
447 | |||||||||||
Diluted earnings per share
|
||||||||||||
Income available to common stockholders
|
$ | 3,567,024 | 1,883,822 | $ | 1.89 |
Year Ended December 31, 2011
|
||||||||||||
Income
|
Weighted-Average
Shares |
Per Share Amount
|
||||||||||
Net income
|
$ | 3,285,683 | ||||||||||
Basic earnings per share
|
||||||||||||
Income available to common stockholders
|
1,890,449 | $ | 1.74 | |||||||||
Effect of dilutive securities
|
||||||||||||
Stock options
|
— | |||||||||||
Diluted earnings per share
|
||||||||||||
Income available to common stockholders
|
$ | 3,285,683 | 1,890,449 | $ | 1.74 |
Note 16:
|
Disclosures about Fair Value of Assets and Liabilities
|
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities
|
|
Level 2
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
|
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
|
December 31, 2012
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||
U.S. Government and agencies
|
$ | 10,328,880 | $ | — | $ | 10,328,880 | $ | — | ||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
51,956,481 | — | 51,956,481 | — | ||||||||||||
Municipal bonds
|
53,102,462 | — | 53,102,462 | — |
December 31, 2011
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2)
|
Significant
Unobservable Inputs (Level 3)
|
|||||||||||||
U.S. Government and agencies
|
$ | 14,335,643 | $ | — | $ | 14,335,643 | $ | — | ||||||||
Mortgage-backed securities (Government-sponsored enterprises - residential)
|
40,364,086 | — | 40,364,086 | — | ||||||||||||
Municipal bonds
|
47,922,319 | — | 47,922,319 | — |
December 31, 2012
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices
in Active Markets for Identical Assets (Level 1)
|
Significant
Other Observable Inputs (Level 2)
|
Significant
Unobservable Inputs (Level 3)
|
|||||||||||||
Impaired loans (collateral dependent)
|
$ | 1,032,580 | $ | — | $ | — | $ | 1,032,580 | ||||||||
Foreclosed assets
|
137,193 | — | — | 137,193 |
December 31, 2011
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices
in Active Markets for Identical Assets (Level 1)
|
Significant
Other Observable Inputs (Level 2)
|
Significant
Unobservable Inputs (Level 3)
|
|||||||||||||
Impaired loans (collateral dependent)
|
$ | 867,318 | $ | — | $ | — | $ | 867,318 | ||||||||
Mortgage servicing rights
|
697,733 | — | — | 697,733 | ||||||||||||
Foreclosed assets
|
435,480 | — | — | 435,480 |
Fair Value at
December 31, 2012 |
Valuation
Technique |
Unobservable Inputs
|
Range
(Weighted Average) |
||||||||
Foreclosed assets
|
$ | 137,193 |
Market comparable properties
|
Comparability adjustments
|
(26%) | ||||||
Collateral-dependent impaired loans
|
$ | 1,032,580 |
Market comparable properties
|
Marketability discount
|
20% – 30% (25%) |
December 31, 2012
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Carrying
Amount |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 7,293,711 | $ | 7,293,711 | $ | — | $ | — | ||||||||
Interest-earning time deposits in banks
|
2,972,000 | — | 2,972,000 | — | ||||||||||||
Other investments
|
96,041 | — | 96,041 | — | ||||||||||||
Loans held for sale
|
711,986 | — | 711,986 | — | ||||||||||||
Loans, net of allowance for loan losses
|
173,753,059 | — | — | 172,609,490 | ||||||||||||
Federal Home Loan Bank stock
|
1,113,800 | — | 1,113,800 | — | ||||||||||||
Interest receivable
|
2,053,472 | — | 2,053,472 | — | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
258,520,729 | — | 135,656,067 | 125,864,749 | ||||||||||||
Short-term borrowings
|
12,740,610 | — | 12,740,610 | — | ||||||||||||
Advances from borrowers for taxes and insurance
|
832,345 | — | 832,345 | — | ||||||||||||
Interest payable
|
276,757 | — | 276,757 | — | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
— | — | — | — | ||||||||||||
Letters of credit
|
— | — | — | — | ||||||||||||
Lines of credit
|
— | — | — | — |
December 31, 2011
|
||||||||
Carrying
Amount |
Fair Value
|
|||||||
Financial assets
|
||||||||
Cash and cash equivalents
|
$ | 11,387,947 | $ | 11,387,947 | ||||
Interest-earning time deposits in banks
|
2,476,000 | 2,476,000 | ||||||
Other investments
|
116,088 | 116,088 | ||||||
Loans held for sale
|
446,818 | 446,818 | ||||||
Loans, net of allowance for loan losses
|
170,865,102 | 169,667,091 | ||||||
Federal Home Loan Bank stock
|
1,113,800 | 1,113,800 | ||||||
Interest receivable
|
2,071,534 | 2,071,534 | ||||||
Financial liabilities
|
||||||||
Deposits
|
254,240,060 | 265,515,126 | ||||||
Short-term borrowings
|
6,517,750 | 6,517,750 | ||||||
Advances from borrowers for taxes and insurance
|
740,083 | 740,083 | ||||||
Interest payable
|
349,121 | 349,121 | ||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||
Commitments to originate loans
|
— | — | ||||||
Letters of credit
|
— | — | ||||||
Lines of credit
|
— | — |
Note 17:
|
Significant Estimates and Concentrations
|
Note 18:
|
Commitments and Credit Risk
|
Note 19:
|
Quarterly Results of Operations (Unaudited)
|
Year Ended December 31, 2012
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
December 31
|
September 30
|
June 30
|
March 31
|
|||||||||||||
Interest income
|
$ | 3,089,887 | $ | 3,191,157 | $ | 3,228,298 | $ | 3,281,891 | ||||||||
Interest expense
|
530,349 | 577,505 | 587,610 | 607,536 | ||||||||||||
Net interest income
|
2,559,538 | 2,613,652 | 2,640,688 | 2,674,355 | ||||||||||||
Provision for loan losses
|
120,000 | 120,000 | 170,000 | 80,000 | ||||||||||||
Net interest income after provision for loan losses
|
2,439,538 | 2,493,652 | 2,470,688 | 2,594,355 | ||||||||||||
Noninterest income
|
1,232,387 | 1,359,673 | 1,185,783 | 1,104,385 | ||||||||||||
Noninterest expense
|
2,642,551 | 2,405,602 | 2,510,695 | 2,417,102 | ||||||||||||
Income before income taxes
|
1,029,374 | 1,447,723 | 1,145,776 | 1,281,638 | ||||||||||||
Income tax expense
|
254,015 | 417,870 | 298,713 | 366,889 | ||||||||||||
Net income
|
$ | 775,359 | $ | 1,029,853 | $ | 847,063 | $ | 914,749 | ||||||||
Basic earnings per share
|
$ | 0.40 | $ | 0.55 | $ | 0.45 | $ | 0.49 | ||||||||
Diluted earnings per share
|
$ | 0.40 | $ | 0.55 | $ | 0.45 | $ | 0.49 |
Year Ended December 31, 2011
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
December 31
|
September 30
|
June 30
|
March 31
|
|||||||||||||
Interest income
|
$ | 3,305,598 | $ | 3,543,418 | $ | 3,595,496 | $ | 3,422,767 | ||||||||
Interest expense
|
637,803 | 684,629 | 752,279 | 804,717 | ||||||||||||
Net interest income
|
2,667,795 | 2,858,789 | 2,843,217 | 2,618,050 | ||||||||||||
Provision for loan losses
|
150,000 | 150,000 | 150,000 | 175,000 | ||||||||||||
Net interest income after provision for loan losses
|
2,517,795 | 2,708,789 | 2,693,217 | 2,443,050 | ||||||||||||
Noninterest income
|
1,035,151 | 1,001,261 | 974,709 | 984,762 | ||||||||||||
Noninterest expense
|
2,496,863 | 2,492,751 | 2,394,685 | 2,429,658 | ||||||||||||
Income before income taxes
|
1,056,083 | 1,217,299 | 1,273,241 | 998,154 | ||||||||||||
Income tax expense
|
281,656 | 345,616 | 368,407 | 263,415 | ||||||||||||
Net income
|
$ | 774,427 | $ | 871,683 | $ | 904,834 | $ | 734,739 | ||||||||
Basic earnings per share
|
$ | 0.41 | $ | 0.46 | $ | 0.48 | $ | 0.39 | ||||||||
Diluted earnings per share
|
$ | 0.41 | $ | 0.46 | $ | 0.48 | $ | 0.39 |
Note 20:
|
Condensed Financial Information (Parent Company Only)
|
December 31,
|
||||||||
2012
|
2011
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 4,083,024 | $ | 4,334,876 | ||||
Investment in common stock of subsidiary
|
39,649,911 | 36,548,233 | ||||||
Loan receivable from subsidiary
|
326,564 | 360,973 | ||||||
Other assets
|
118,690 | 100,974 | ||||||
Total assets
|
$ | 44,178,189 | $ | 41,345,056 | ||||
Liabilities
|
||||||||
Other liabilities
|
$ | 57,860 | $ | 179,633 | ||||
Stockholders’ Equity
|
44,120,329 | 41,165,423 | ||||||
Total liabilities and stockholders’ equity
|
$ | 44,178,189 | $ | 41,345,056 |
Year Ending December 31,
|
||||||||
2012
|
2011
|
|||||||
Income
|
||||||||
Dividends from subsidiary
|
$ | 1,000,000 | $ | 300,000 | ||||
Other income
|
21,110 | 26,491 | ||||||
Total income
|
1,021,110 | 326,491 | ||||||
Expenses
|
||||||||
Other expenses
|
417,781 | 263,675 | ||||||
Income Before Income Tax and Equity in Undistributed Income of Subsidiary
|
603,329 | 62,816 | ||||||
Income Tax Benefit
|
(162,099 | ) | (95,514 | ) | ||||
Income Before Equity in Undistributed Income of Subsidiary
|
765,428 | 158,330 | ||||||
Equity in Undistributed Income of Subsidiary
|
2,801,596 | 3,127,353 | ||||||
Net Income
|
$ | 3,567,024 | $ | 3,285,683 | ||||
Comprehensive Income
|
$ | 3,791,127 | $ | 6,108,975 |
Year Ending December 31,
|
||||||||
2012
|
2011
|
|||||||
Operating Activities
|
||||||||
Net income
|
$ | 3,567,024 | $ | 3,285,683 | ||||
Items not providing cash, net
|
(2,801,596 | ) | (3,127,353 | ) | ||||
Change in other assets and liabilities, net
|
(156,994 | ) | 18,389 | |||||
Net cash provided by operating activities
|
608,434 | 176,719 | ||||||
Investing Activity
|
||||||||
Loan payment from subsidiary
|
34,409 | 34,360 | ||||||
Net cash provided by investing activities
|
34,409 | 34,360 | ||||||
Financing Activities
|
||||||||
Dividends paid
|
(748,896 | ) | (578,196 | ) | ||||
Stock repurchase
|
(230,520 | ) | (138,000 | ) | ||||
Stock-based compensation expense
|
67,931 | — | ||||||
Exercise of stock options
|
16,790 | 34,236 | ||||||
Net cash used in financing activities
|
(894,695 | ) | (681,960 | ) | ||||
Net Change in Cash and Cash Equivalents
|
(251,852 | ) | (470,881 | ) | ||||
Cash and Cash Equivalents at Beginning of Year
|
4,334,876 | 4,805,757 | ||||||
Cash and Cash Equivalents at End of Year
|
$ | 4,083,024 | $ | 4,334,876 |
Price Per Share
|
Cash
|
|||||||||||
High
|
Low
|
Dividend Declared
|
||||||||||
2012
|
||||||||||||
Fourth quarter
|
$ | 17.35 | $ | 16.50 | $ | 0.175 | ||||||
Third quarter
|
17.10 | 15.55 | 0.075 | |||||||||
Second quarter
|
17.75 | 15.09 | 0.075 | |||||||||
First quarter
|
15.20 | 13.75 | 0.075 | |||||||||
2011
|
||||||||||||
Fourth quarter
|
$ | 14.00 | $ | 13.08 | $ | 0.075 | ||||||
Third quarter
|
13.93 | 12.50 | 0.075 | |||||||||
Second quarter
|
12.75 | 12.35 | 0.075 | |||||||||
First quarter
|
12.90 | 10.78 | 0.075 |
Directors
|
Executive Officers
|
Andrew F. Applebee
Chairman of the Board
|
Andrew F. Applebee
Chairman of the Board
|
Richard A. Foss
President and Chief Executive Officer
|
Richard A. Foss
President and Chief Executive Officer
|
John C. Williams
Senior Vice President and Trust Officer
|
John C. Williams
Senior Vice President and Trust Officer
|
John M. Buchanan
Certified Funeral Service Practitioner
Buchanan & Cody Funeral Home and Crematory, Inc.
|
John D. Eilering
Vice President – Operations / Corporate Secretary
|
Peggy S. Davidsmeyer
Administrator
Knollwood Retirement Village
|
Laura A. Marks
Senior Vice President – Retail Banking
|
Harmon B. Deal, III
Investment Advisor
L.A. Burton & Associates
|
Chris A. Royal
Senior Vice President and Chief Lending Officer
|
John L. Eyth
Certified Public Accountant
Zumbahlen Eyth Surratt Foote & Flynn, Ltd.
|
Diana S. Tone
Chief Financial Officer
|
Dean H. Hess
Self-employed farmer
|
Corporate Headquarters | Transfer Agent |
1211 West Morton | Hickory Point Bank & Trust, fsb |
Jacksonville, Illinois 62650 | P.O. Box 2557 |
(217) 245-4111 | Decatur, Illinois 62525-2557 |
Website: www.jacksonvillesavings.com | (217) 872-6373 |
E-mail: info@jacksonvillesavings.com | |
Special Counsel | Independent Registered Public Accounting Firm |
Luse Gorman Pomerenk & Schick, P.C. | BKD, LLP |
5335 Wisconsin Ave., N.W., Suite 780 | 225 North Water Street, Suite 400 |
Washington, D.C. 20015 | Decatur, Illinois 62525-1580 |
(202) 274-2000 | (217) 429-2411 |
1.
|
I have reviewed this annual report on Form 10-K of Jacksonville Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
March 15, 2013
|
|
/s/ Richard A. Foss | |
Date | Richard A. Foss | ||
President and Chief Executive Officer |
1.
|
I have reviewed this annual report on Form 10-K of Jacksonville Bancorp, Inc.;
|
5.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
6.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
7.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
March 15, 2013
|
|
/s/ Diana S. Tone | |
Date |
Diana S. Tone
|
||
Chief Financial Officer |
|
(1)
|
the Report fully complies with the requirements of Sections 13(a) of the Securities Exchange Act of 1934; and
|
|
(2)
|
the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
March 15, 2013
|
|
/s/ Richard A. Foss | |
Date |
Richard A. Foss
|
||
President and Chief Executive Officer |
March 15, 2013
|
|
/s/ Diana S. Tone | |
Date |
Diana S. Tone
|
||
Chief Financial Officer |
Regulatory Matters (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Bank's Actual Capital Amounts and Ratios | The
Bank’s actual capital amounts (in thousands) and ratios are
also presented in the table.
|
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Reconciliation of Bank Equity Amount Included in Consolidated Balance Sheet to Amounts for Regulatory Capital Purposes | The
following is a reconciliation of the Bank equity amount included in
the consolidated balance sheets to the amounts (in thousands)
reflected above for regulatory capital purposes as of December
31:
|
Estimated Useful Lives for Each Major Depreciable Classification of Premises and Equipment (Detail)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Buildings and improvements | Minimum
|
|
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 35 years |
Buildings and improvements | Maximum
|
|
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 40 years |
Equipment | Minimum
|
|
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 3 years |
Equipment | Maximum
|
|
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 5 years |
Short-term Borrowings - Additional Information (Detail) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 12,740,610 | $ 6,517,750 |
Securities sold under agreements to repurchase | 13,705,583 | 6,784,967 |
Federal Home Loan Bank advances, maturity year | 2013 | |
Interest on FHLB advances | 0.30% | |
Overnight Advance
|
||
Short-term Debt [Line Items] | ||
Advances from Federal Home Loan Banks | 700,000 | 0 |
Secured by Mortgage Loan
|
||
Short-term Debt [Line Items] | ||
Advances from Federal Home Loan Banks | 28,758,638 | |
Maximum
|
||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 23,463,685 | 6,517,750 |
Monthly Average
|
||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 6,366,508 | $ 4,541,552 |
Reconciliation of Bank Equity Amount for Regulatory Capital Purposes (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Bank equity | $ 39,650 | $ 36,548 |
Less net unrealized gain (loss) | 2,896 | 2,672 |
Less disallowed goodwill | 2,727 | 2,727 |
Less disallowed servicing amounts | 15 | |
Tier 1 capital | 34,027 | 31,134 |
Plus allowance for loan losses | 2,593 | 2,533 |
Total risked-based capital | $ 36,620 | $ 33,667 |
Condensed Financial Information (Parent Company Only) (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Condensed Balance Sheets |
Condensed Balance Sheets
|
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Condensed Statements of Income and Comprehensive Income |
Condensed Statements of Income and Comprehensive
Income
|
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Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows
|
Loans and Allowance for Loan Losses (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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Classes of Loans | Classes
of loans at December 31, include:
|
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Allowance for Loan Losses and Recorded Investment in Loans based on Portfolio Segment and Impairment Method | The
following tables present the balance in the allowance for loan
losses and the recorded investment in loans based on portfolio
segment and impairment method as of December 31, 2012 and
2011:
|
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Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity | The
following tables present the credit risk profile of the
Company’s loan portfolio based on rating category and payment
activity as of December 31, 2012 and 2011:
|
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Loan Portfolio Aging Analysis | The
following tables present the Company’s loan portfolio aging
analysis as of December 31, 2012 and 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loan | The
following tables present impaired loans for the years ended
December 31, 2012 and 2011:
|
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Recorded Balance at Original Cost of Troubled Debt Restructurings | The
following table presents the recorded balance, at original cost, of
troubled debt restructurings, as of December 31, 2012 and
2011.
|
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Recorded Balance at Original Cost of Troubled Debt Restructurings which were Performing According to Terms of Restructuring | The
following table presents the recorded balance, at original cost, of
troubled debt restructurings, which were performing according to
the terms of the restructuring, as of December 31, 2012 and
2011.
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Loans Modified as Troubled Debt Restructurings | The
following table presents loans modified as troubled debt
restructurings during the years ended December 31, 2012 and
2011.
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Nonaccrual Loans | The
following table presents the Company’s nonaccrual loans at
December 31, 2012 and 2011. This table excludes
performing troubled debt restructurings.
|
Regulatory Matters - Additional Information (Detail) (USD $)
|
Dec. 31, 2012
|
---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Dividend payment without prior regulatory approval | $ 7,900,000 |
Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense (Parenthetical) (Detail)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Income Taxes [Line Items] | ||
Statutory rate | 34.00% | 34.00% |
Earnings Per Share - Additional Information (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Earnings Per Share Disclosure [Line Items] | ||
Antidilutive securities share amount | 104,035 | 4,504 |
Antidilutive securities exercise price per share | $ 13.98 |
Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity (Detail) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | $ 177,086,150 | $ 174,201,430 |
Mortgage loans on real estate | Pass | One-to-four family residential
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 38,123,451 | 36,040,795 |
Mortgage loans on real estate | Pass | Commercial
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 28,283,081 | 36,936,906 |
Mortgage loans on real estate | Pass | Agricultural
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 37,392,116 | 29,567,057 |
Mortgage loans on real estate | Pass | Home equity
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 11,919,440 | 14,746,631 |
Mortgage loans on real estate | Special Mention | One-to-four family residential
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 1,273,558 | 1,642,602 |
Mortgage loans on real estate | Special Mention | Commercial
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 187,936 | 574,484 |
Mortgage loans on real estate | Special Mention | Agricultural
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 404,592 | |
Mortgage loans on real estate | Special Mention | Home equity
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 272,563 | 278,323 |
Mortgage loans on real estate | Substandard | One-to-four family residential
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 1,989,138 | 1,788,611 |
Mortgage loans on real estate | Substandard | Commercial
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 2,502,160 | 2,658,423 |
Mortgage loans on real estate | Substandard | Home equity
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 541,960 | 1,017,834 |
Mortgage loans on real estate | Corporate Credit Quality Indicator | One-to-four family residential
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 41,386,147 | 39,472,008 |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Commercial
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 30,973,177 | 40,169,813 |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Agricultural
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 37,392,116 | 29,971,649 |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Home equity
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 12,733,963 | 16,042,788 |
Commercial business | Pass
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 28,301,663 | 22,253,904 |
Commercial business | Special Mention
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 849 | 3,402 |
Commercial business | Substandard
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 743,925 | 941,148 |
Commercial business | Corporate Credit Quality Indicator
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 29,046,437 | 23,198,454 |
Agricultural business | Pass
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 10,982,491 | 9,336,899 |
Agricultural business | Special Mention
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 253,846 | |
Agricultural business | Corporate Credit Quality Indicator
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 10,982,491 | 9,590,745 |
Consumer loan | Pass
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 14,291,487 | 15,409,729 |
Consumer loan | Special Mention
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 111,945 | 153,316 |
Consumer loan | Substandard
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | 168,387 | 192,928 |
Consumer loan | Corporate Credit Quality Indicator
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable gross | $ 14,571,819 | $ 15,755,973 |
Components of Accumulated Other Comprehensive Income Included in Stockholders' Equity (Detail) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain on securities available-for-sale | $ 4,388,778 | $ 4,049,227 |
Tax effect | (1,492,185) | (1,376,737) |
Accumulated other comprehensive income (loss), net-of-tax amount | $ 2,896,593 | $ 2,672,490 |
Stock Option Activity (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Shares | ||
Outstanding, beginning balance | 4,504 | 33,382 |
Granted | 104,035 | |
Exercised | (1,201) | (21,661) |
Forfeited or expired | (7,217) | |
Outstanding, end of year | 107,338 | 4,504 |
Exercisable, end of year | 3,303 | 4,504 |
Weighted Average Exercise price | ||
Outstanding, Beginning balance | $ 13.98 | $ 10.52 |
Granted | $ 15.65 | |
Exercised | $ 13.98 | $ 9.98 |
Forfeited or expired | $ 9.98 | |
Outstanding, Ending balance | $ 15.60 | $ 13.98 |
Exercisable, Ending balance | $ 13.98 | $ 13.98 |
Weighted Average Remaining Contractual Term | ||
Outstanding, Ending balance | 9 years 3 months | 2 years 6 months |
Exercisable, Ending balance | 1 year 6 months | 2 years 6 months |
Aggregate Intrinsic Value | ||
Outstanding Aggregate Intrinsic Value, Ending Balance | $ 187,991 | |
Outstanding Aggregate Intrinsic Value, Ending Balance | 187,991 | |
Exercisable, Aggregate Intrinsic Value | $ 11,131 |
Annual Activity of Loans Outstanding to Related Parties (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Related Party Transaction [Line Items] | ||
Balance beginning of year | $ 2,927,377 | $ 2,820,414 |
Additions | 3,188,495 | 1,918,418 |
Repayments | (2,193,534) | (1,811,455) |
Balance, end of year | $ 3,922,338 | $ 2,927,377 |
Status of Nonvested Shares (Detail) (USD $)
|
Dec. 31, 2012
|
---|---|
Non Vested Shares | |
Granted | 104,035 |
Nonvested, end of year | 104,035 |
Weighted-Average Grant-Date Fair Value | |
Granted | $ 15.65 |
Nonvested, end of year | $ 15.65 |
Components of Provision for Income Taxes (Detail) (USD $)
|
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Income Taxes [Line Items] | ||||||||||
Federal | $ 1,037,608 | $ 1,067,443 | ||||||||
State | 466,765 | 438,190 | ||||||||
Deferred income taxes | (166,886) | (246,539) | ||||||||
Income Tax Benefit | $ 254,015 | $ 417,870 | $ 298,713 | $ 366,889 | $ 281,656 | $ 345,616 | $ 368,407 | $ 263,415 | $ 1,337,487 | $ 1,259,094 |
Disclosures about Fair Value of Assets and Liabilities
|
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Dec. 31, 2012
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Disclosures about Fair Value of Assets and Liabilities |
Fair
value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value
measurements must maximize the use of observable inputs and
minimize the use of unobservable inputs. There is a
hierarchy of three levels of inputs that may be used to measure
fair value:
Recurring Measurements
The
following table presents the fair value measurements of
assets recognized in the accompanying consolidated
balance sheets measured at fair value on a recurring basis and the
level within the fair value hierarchy in which the fair value
measurements fall at December 31, 2012 and 2011:
Following
is a description of the valuation methodologies and inputs used for
assets measured at fair value on a recurring basis and recognized
in the accompanying consolidated balance sheets, as well as the
general classification of such assets pursuant to the valuation
hierarchy. There have been no significant changes in the
valuation techniques during the year ended December 31,
2012.
Available-for-Sale Securities
Where
quoted market prices are available in an active market, securities
are classified within Level 1 of the valuation
hierarchy. The Company has no Level 1
securities. If quoted market prices are not available,
then fair values are estimated by using quoted prices of securities
with similar characteristics or independent asset pricing services
and pricing models. Such securities are classified in
Level 2 of the valuation hierarchy. In certain cases
where Level 1 or Level 2 inputs are not available, securities are
classified within Level 3 of the hierarchy. The Company
did not have securities considered Level 3 as of December 31, 2012
or December 31, 2011.
Nonrecurring Measurements
The
following table presents the fair value measurement of assets
measured at fair value on a nonrecurring basis and the level within
the fair value hierarchy in which the fair value measurements fall
at December 31, 2012 and 2011:
Following
is a description of the valuation methodologies and inputs used for
assets measured at fair value on a nonrecurring basis and
recognized in the accompanying consolidated balance sheets, as well
as the general classification of such assets and liabilities
pursuant to the valuation hierarchy. For assets
classified within Level 3 of the fair value hierarchy, the process
used to develop the reported fair value is described
below.
Impaired Loans (Collateral Dependent)
The
estimated fair value of collateral-dependent impaired loans is
based on the appraised fair value of the collateral, less estimated
cost to sell. Collateral-dependent impaired loans are
classified within Level 3 of the fair value hierarchy.
The
Company considers the appraisal or evaluation as the starting point
for determining fair value and then considers other factors and
events in the environment that may affect the fair
value. Appraisals of the collateral underlying
collateral-dependent loans are obtained when the loan is determined
to be collateral-dependent and subsequently as deemed
necessary. Appraisals are reviewed for accuracy and
consistency. Appraisers are selected from the list of
approved appraisers maintained by management. The
appraised values are reduced by discounts to consider lack of
marketability and estimated cost to sell if repayment or
satisfaction of the loan is dependent on the sale of the
collateral. Fair value adjustments on impaired loans
were $(183,319) and $(393,319) at December 31, 2012 and
2011.
Mortgage Servicing Rights
Mortgage
servicing rights do not trade in an active, open market with
readily observable prices. Accordingly, fair value is
estimated using discounted cash flow models having significant
inputs of discount rate, prepayment speed and default
rate. Due to the nature of the valuation inputs,
mortgage servicing rights are classified within Level 3 of the
hierarchy.
Mortgage
servicing rights are tested for impairment on at least an annual
basis. The Company uses a third-party to measure
mortgage servicing rights through the completion of a proprietary
model. Inputs to the model are reviewed by the
Company. Fair value adjustments on mortgage servicing
rights were $0 and $(58,818) at December 31, 2012 and
2011.
Foreclosed Assets Held for Sale
Foreclosed
assets are carried at the lower of fair value at acquisition date
or current estimated fair value, less estimated cost to sell when
the real estate is acquired. Estimated fair value of
foreclosed assets is based on appraisals or
evaluations. Foreclosed assets are classified within
Level 3 of the fair value hierarchy.
Appraisals
of foreclosed assets are obtained when the real estate is acquired
and subsequently as deemed necessary. Appraisals are
reviewed for accuracy and consistency. Appraisers are
selected from the list of approved appraisers maintained by
management. Fair value adjustments on real estate owned
were $(56,193) and $32,352 at December 31, 2012 and
2011.
Unobservable (Level 3) Inputs
The
following table presents quantitative information about
unobservable inputs used in nonrecurring Level 3 fair value
measurements.
Fair Value of Other Financial Instruments
The
following table presents estimated fair values of the
Company’s other financial instruments and the level within
the fair value hierarchy in which the fair value measurements fall
at December 31, 2012 and 2011:
The
following methods were used to estimate the fair value of all other
financial instruments recognized in the accompanying condensed
consolidated balance sheets at amounts other than fair
value.
Cash and Cash Equivalents, Interest-Earning Time Deposits in Banks,
Interest Receivable, Federal Home Loan Bank Stock, and Other
Investments
The
carrying amount approximates fair value.
Loans Held for Sale
For
homogeneous categories of loans, such as mortgage loans held for
sale, fair value is estimated using the quoted market prices for
securities backed by similar loans, adjusted for differences in
loan characteristics.
Loans
The
fair value of loans is estimated by discounting the future cash
flows using the market rates at which similar loans would be made
to borrowers with similar credit ratings and for the same remaining
maturities. Loans with similar characteristics were
aggregated for purposes of the calculations.
Deposits
Deposits
include demand deposits, savings accounts, NOW accounts and certain
money market deposits. The carrying amount approximates
fair value. The fair value of fixed-maturity time
deposits is estimated using a discounted cash flow calculation that
applies the rates currently offered for deposits of similar
remaining maturities.
Short-term Borrowings, Interest Payable, and Advances from
Borrowers for Taxes and Insurance
The
carrying amount approximates fair value.
Commitments to Originate Loans, Letters of Credit, and Lines of
Credit
The
fair value of commitments to originate loans is estimated using the
fees currently charged to enter into similar agreements, taking
into account the remaining terms of the agreements and the present
creditworthiness of the counterparties. For fixed-rate
loan commitments, fair value also considers the difference between
current levels of interest rates and the committed
rates. The fair values of letters of credit and lines of
credit are based on fees currently charged for similar agreements
or on the estimated cost to terminate or otherwise settle the
obligations with the counterparties at the reporting
date.
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Stock Option Plans (Tables)
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Dec. 31, 2012
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Fair Value of Share Options Granted |
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Stock Option Activity | A
summary of option activity under the Plans as of December 31, 2012
and 2011, and changes during the years then ended, is presented
below:
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Status of Company's Nonvested Shares | A
summary of the status of the Company’s nonvested shares as of
December 31, 2012, and changes during the year then ended, is
presented below:
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Income Taxes - Additional Information (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Income Taxes [Line Items] | ||
Operating loss carry forwards | $ 196,811 | $ 196,811 |
Deferred income tax liabilities that would have been recorded if they were expected to reverse into taxable income in the foreseeable future | 1,000,000 | 1,000,000 |
Retained earnings for which no deferred federal income tax liability has been recognized | 2,600,000 | 2,600,000 |
Illinois
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||
Income Taxes [Line Items] | ||
Operating loss carry forwards | $ 4,084,922 | $ 4,084,922 |
Operating loss carryforwards limitations | Recent Illinois legislation has suspended the use of these loss carryovers for tax years 2011 through 2013 and the expiration dates were extended by three years. Management believes the Company will produce taxable earnings in the future which will enable the net operating loss carryforwards to be utilized prior to expiration. | |
Illinois | Minimum
|
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Income Taxes [Line Items] | ||
Operating loss carryforwards expiration year | 2018 | |
Illinois | Maximum
|
||
Income Taxes [Line Items] | ||
Operating loss carryforwards expiration year | 2022 |
Quarterly Results of Operations (Detail) (USD $)
|
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Quarterly Financial Information [Line Items] | ||||||||||
Interest income | $ 3,089,887 | $ 3,191,157 | $ 3,228,298 | $ 3,281,891 | $ 3,305,598 | $ 3,543,418 | $ 3,595,496 | $ 3,422,767 | $ 12,791,233 | $ 13,867,279 |
Interest expense | 530,349 | 577,505 | 587,610 | 607,536 | 637,803 | 684,629 | 752,279 | 804,717 | 2,303,000 | 2,879,428 |
Net interest income | 2,559,538 | 2,613,652 | 2,640,688 | 2,674,355 | 2,667,795 | 2,858,789 | 2,843,217 | 2,618,050 | 10,488,233 | 10,987,851 |
Provision for loan losses | 120,000 | 120,000 | 170,000 | 80,000 | 150,000 | 150,000 | 150,000 | 175,000 | 490,000 | 625,000 |
Net interest income after provision for loan losses | 2,439,538 | 2,493,652 | 2,470,688 | 2,594,355 | 2,517,795 | 2,708,789 | 2,693,217 | 2,443,050 | 9,998,233 | 10,362,851 |
Noninterest income | 1,232,387 | 1,359,673 | 1,185,783 | 1,104,385 | 1,035,151 | 1,001,261 | 974,709 | 984,762 | 4,882,228 | 3,995,883 |
Noninterest expense | 2,642,551 | 2,405,602 | 2,510,695 | 2,417,102 | 2,496,863 | 2,492,751 | 2,394,685 | 2,429,658 | 9,975,950 | 9,813,957 |
Income before income taxes | 1,029,374 | 1,447,723 | 1,145,776 | 1,281,638 | 1,056,083 | 1,217,299 | 1,273,241 | 998,154 | 4,904,511 | 4,544,777 |
Income tax expense | 254,015 | 417,870 | 298,713 | 366,889 | 281,656 | 345,616 | 368,407 | 263,415 | 1,337,487 | 1,259,094 |
Net income | $ 775,359 | $ 1,029,853 | $ 847,063 | $ 914,749 | $ 774,427 | $ 871,683 | $ 904,834 | $ 734,739 | $ 3,567,024 | $ 3,285,683 |
Basic Earnings Per Share | $ 0.40 | $ 0.55 | $ 0.45 | $ 0.49 | $ 0.41 | $ 0.46 | $ 0.48 | $ 0.39 | $ 1.89 | $ 1.74 |
Diluted Earnings Per Share | $ 0.40 | $ 0.55 | $ 0.45 | $ 0.49 | $ 0.41 | $ 0.46 | $ 0.48 | $ 0.39 | $ 1.89 | $ 1.74 |
Income Taxes (Tables)
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Dec. 31, 2012
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Components of Provision for Income Taxes | The
provision for income taxes includes these components:
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Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense | A
reconciliation of income tax expense at the statutory rate to the
Company’s actual income tax expense is shown
below:
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Tax Effects of Temporary Differences Related to Deferred Taxes Shown on Consolidated Balance Sheets | The
tax effects of temporary differences related to deferred taxes
shown on the consolidated balance sheets were:
|
Securities - Additional Information (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Investment [Line Items] | ||
Securities pledged as collateral | $ 24,370,760 | $ 25,424,309 |
Securities sold under agreements to repurchase | 13,705,583 | 6,784,967 |
Gross realized gains on sales of available-for-sale securities | 1,158,693 | 281,810 |
Gross realized losses on sales of available-for-sale securities | 158 | 0 |
Net realized gains, tax provision | 393,902 | 95,815 |
Debt securities, fair value | $ 23,955,743 | $ 9,260,036 |
Percentage of available-for-sale investment portfolio | 21.00% | 9.00% |
Interest-bearing Deposits - Additional Information (Detail) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Deposit Liabilities [Line Items] | ||
Interest-bearing deposits in denominations of $100,000 or more | $ 104,717,280 | $ 95,661,871 |
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
Investment
|
Dec. 31, 2011
Investment
|
|
Nature Of Operations [Line Items] | ||
Percentage of ownership interests in Jacksonville Savings Bank | 100.00% | |
FDIC's insurance limits | $ 250,000 | |
Loan Past due period | 90 days | |
Income tax examination likelihood tax benefit realized upon settlement | 50.00% | |
Number of trust accounts managed or administered | 110 | 100 |
Assets held in fiduciary or agency capacities | $ 79,800,000 | $ 70,900,000 |
Mortgages | Minimum
|
||
Nature Of Operations [Line Items] | ||
Fixed-rate balloon loans term | 3 years | |
Mortgages | Maximum
|
||
Nature Of Operations [Line Items] | ||
Fixed-rate balloon loans term | 5 years |