x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended March 31, 2013
|
||
OR
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period of _________ to _________
|
Jacksonville Bancorp, Inc. |
Maryland
|
36-4670835
|
|
(State or other jurisdiction of incorporation)
|
(I.R.S. Employer Identification Number)
|
|
1211 West Morton Avenue
Jacksonville, Illinois
|
62650
|
|
(Address of principal executive office)
|
(Zip Code)
|
March 31, 2013
|
||||
TABLE OF CONTENTS
|
||||
Page
|
||||
PART I
|
FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements
|
|||
Condensed Consolidated Balance Sheets
|
1
|
|||
Condensed Consolidated Statements of Income
|
2
|
|||
Condensed Consolidated Statements of Comprehensive Income
|
3
|
|||
Condensed Consolidated Statement of Stockholders’ Equity
|
4
|
|||
Condensed Consolidated Statements of Cash Flows
|
5
|
|||
Notes to the Condensed Consolidated Financial Statements
|
7
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and
|
|||
Results of Operations
|
37
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
47
|
||
Item 4.
|
Controls and Procedures
|
49
|
||
PART II
|
OTHER INFORMATION
|
50
|
||
Item 1.
|
Legal Proceedings
|
|||
Item 1.A.
|
Risk Factors
|
|||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|||
Item 3.
|
Defaults Upon Senior Securities
|
|||
Item 4.
|
Mine Safety Disclosures
|
|||
Item 5.
|
Other Information
|
|||
Item 6.
|
Exhibits
|
|||
Signatures
|
51
|
|||
EXHIBITS
|
||||
Section 302 Certifications
|
||||
Section 906 Certification
|
||||
XBRL Instance Document
|
||||
XBRL Taxonomy Extension Schema Document
|
||||
XBRL Taxonomy Calculation Linkbase Document
|
||||
XBRL Taxonomy Extension Definition Linkbase Document
|
||||
XBRL Taxonomy Label Linkbase Document
|
||||
XBRL Taxonomy Presentation Linkbase Document
|
JACKSONVILLE BANCORP, INC.
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
March 31,
|
December 31,
|
|||||||
ASSETS
|
2013
|
2012
|
||||||
(Unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 11,330,640 | $ | 7,293,711 | ||||
Interest-earning time deposits in banks
|
2,972,000 | 2,972,000 | ||||||
Investment securities - available for sale
|
60,411,257 | 63,431,342 | ||||||
Mortgage-backed securities - available for sale
|
51,566,150 | 51,956,481 | ||||||
Federal Home Loan Bank stock
|
1,113,800 | 1,113,800 | ||||||
Other investment securities
|
93,873 | 96,041 | ||||||
Loans held for sale - net
|
323,578 | 711,986 | ||||||
Loans receivable - net of allowance for loan losses of $3,445,969 and $3,339,464 as of March 31, 2013 and December 31, 2012
|
168,201,289 | 173,753,059 | ||||||
Premises and equipment - net
|
5,701,975 | 5,654,776 | ||||||
Cash surrender value of life insurance
|
6,664,049 | 6,612,642 | ||||||
Accrued interest receivable
|
2,027,192 | 2,053,472 | ||||||
Goodwill
|
2,726,567 | 2,726,567 | ||||||
Capitalized mortgage servicing rights, net of valuation allowance of $123,915 and $129,279 as of March 31, 2013 and December 31, 2012
|
662,019 | 664,436 | ||||||
Real estate owned
|
137,193 | 137,193 | ||||||
Deferred income taxes
|
907,976 | 464,548 | ||||||
Other assets
|
1,703,505 | 1,804,184 | ||||||
Total Assets
|
$ | 316,543,063 | $ | 321,446,238 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits
|
$ | 261,873,638 | $ | 258,520,729 | ||||
Other borrowings
|
3,803,014 | 12,740,610 | ||||||
Advance payments by borrowers for taxes and insurance
|
1,159,304 | 832,345 | ||||||
Accrued interest payable
|
258,142 | 276,757 | ||||||
Deferred compensation payable
|
3,757,881 | 3,707,402 | ||||||
Income taxes payable
|
443,616 | 214,115 | ||||||
Other liabilities
|
1,054,040 | 1,033,951 | ||||||
Total liabilities
|
272,349,635 | 277,325,909 | ||||||
Commitments and contingencies
|
- | - | ||||||
Preferred stock, $0.01 par value - authorized 10,000,000 shares;
|
||||||||
none issued and outstanding
|
- | - | ||||||
Common stock, $0.01 par value - authorized 25,000,000 shares; issued 1,910,758 shares as of March 31, 2013 and 1,908,556 as of December 31, 2012
|
19,108 | 19,086 | ||||||
Additional paid-in-capital
|
16,000,961 | 15,943,273 | ||||||
Retained earnings
|
26,454,899 | 25,585,757 | ||||||
Less: Unallocated ESOP shares
|
(318,890 | ) | (324,380 | ) | ||||
Accumulated other comprehensive income
|
2,037,350 | 2,896,593 | ||||||
Total stockholders’ equity
|
44,193,428 | 44,120,329 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 316,543,063 | $ | 321,446,238 | ||||
See accompanying notes to the unaudited condensed consolidated financial statements.
|
JACKSONVILLE BANCORP, INC.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
INTEREST INCOME:
|
||||||||
Loans
|
$ | 2,345,562 | $ | 2,540,544 | ||||
Investment securities
|
434,274 | 524,501 | ||||||
Mortgage-backed securities
|
160,567 | 205,326 | ||||||
Other
|
11,764 | 11,520 | ||||||
Total interest income
|
2,952,167 | 3,281,891 | ||||||
INTEREST EXPENSE:
|
||||||||
Deposits
|
469,450 | 604,745 | ||||||
Other borrowings
|
2,641 | 2,791 | ||||||
Total interest expense
|
472,091 | 607,536 | ||||||
NET INTEREST INCOME
|
2,480,076 | 2,674,355 | ||||||
PROVISION FOR LOAN LOSSES
|
30,000 | 80,000 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
2,450,076 | 2,594,355 | ||||||
NON-INTEREST INCOME:
|
||||||||
Fiduciary activities
|
66,102 | 77,776 | ||||||
Commission income
|
309,160 | 246,418 | ||||||
Service charges on deposit accounts
|
201,426 | 190,501 | ||||||
Mortgage banking operations, net
|
70,617 | 117,126 | ||||||
Net realized gains on sales of available-for-sale securities
|
584,231 | 225,328 | ||||||
Loan servicing fees
|
93,523 | 90,261 | ||||||
Other
|
160,979 | 156,975 | ||||||
Total non-interest income
|
1,486,038 | 1,104,385 | ||||||
NON-INTEREST EXPENSE:
|
||||||||
Salaries and employee benefits
|
1,600,735 | 1,572,942 | ||||||
Occupancy and equipment
|
253,666 | 248,253 | ||||||
Data processing and telecommunications
|
143,423 | 129,643 | ||||||
Professional
|
85,293 | 51,429 | ||||||
Marketing
|
21,336 | 27,332 | ||||||
Postage and office supplies
|
68,664 | 66,159 | ||||||
Deposit insurance premium
|
38,121 | 38,967 | ||||||
Other
|
273,641 | 282,377 | ||||||
Total non-interest expense
|
2,484,879 | 2,417,102 | ||||||
INCOME BEFORE INCOME TAXES
|
1,451,235 | 1,281,638 | ||||||
INCOME TAXES
|
438,787 | 366,889 | ||||||
NET INCOME
|
$ | 1,012,448 | $ | 914,749 | ||||
NET INCOME PER COMMON SHARE - BASIC
|
$ | 0.54 | $ | 0.49 | ||||
NET INCOME PER COMMON SHARE - DILUTED
|
$ | 0.54 | $ | 0.49 | ||||
See accompanying notes to the unaudited condensed consolidated financial statements.
|
JACKSONVILLE BANCORP, INC.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
Net Income
|
$ | 1,012,448 | $ | 914,749 | ||||
Other Comprehensive Income (Loss)
|
||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $(244,001) and $53,047 for 2013 and 2012, respectively.
|
(473,651 | ) | 102,971 | |||||
Less: reclassification adjustment for realized gains included in net income, net of taxes of $198,639 and $76,612, for 2013 and 2012, respectively.
|
385,592 | 148,716 | ||||||
(859,243 | ) | (45,745 | ) | |||||
Comprehensive Income
|
$ | 153,205 | $ | 869,004 | ||||
See accompanying notes to unaudited condensed consolidated financial statements.
|
JACKSONVILLE BANCORP, INC.
|
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
|
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Unallocated
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||
(Unaudited)
|
Stock
|
Capital
|
Earnings
|
ESOP Shares
|
Income
|
Equity
|
||||||||||||||||||
BALANCE, DECEMBER 31, 2012
|
$ | 19,086 | $ | 15,943,273 | $ | 25,585,757 | $ | (324,380 | ) | $ | 2,896,593 | $ | 44,120,329 | |||||||||||
Net Income
|
- | - | 1,012,448 | - | - | 1,012,448 | ||||||||||||||||||
Other comprehensive income (loss)
|
- | - | - | - | (859,243 | ) | (859,243 | ) | ||||||||||||||||
Exercise of stock options
|
22 | 30,762 | - | - | - | 30,784 | ||||||||||||||||||
Stock-based compensation expense
|
- | 22,232 | - | - | - | 22,232 | ||||||||||||||||||
Shares held by ESOP, commited to be released
|
- | 4,694 | - | 5,490 | - | 10,184 | ||||||||||||||||||
Dividends ($0.075 per share)
|
- | - | (143,306 | ) | - | - | (143,306 | ) | ||||||||||||||||
BALANCE, MARCH 31, 2013
|
$ | 19,108 | $ | 16,000,961 | $ | 26,454,899 | $ | (318,890 | ) | $ | 2,037,350 | $ | 44,193,428 |
JACKSONVILLE BANCORP, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 1,012,448 | $ | 914,749 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation, amortization and accretion:
|
||||||||
Premises and equipment
|
96,092 | 82,809 | ||||||
Amortization of investment and loan premiums and discounts, net
|
290,595 | 132,934 | ||||||
Net realized gains on sales of available-for-sale securities
|
(584,231 | ) | (225,328 | ) | ||||
Provision for loan losses
|
30,000 | 80,000 | ||||||
Mortgage banking operations, net
|
(70,617 | ) | (117,126 | ) | ||||
Loss on sale of real estate owned
|
- | 1,085 | ||||||
Shares held by ESOP committed to be released
|
10,184 | 7,315 | ||||||
Stock-based compensation expense
|
22,232 | - | ||||||
Changes in income taxes payable
|
229,501 | 317,064 | ||||||
Changes in assets and liabilities
|
126,718 | (1,879,500 | ) | |||||
Net cash provided by (used in) operations before loan sales
|
1,162,922 | (685,998 | ) | |||||
Origination of loans for sale to secondary market
|
(7,346,813 | ) | (13,261,462 | ) | ||||
Proceeds from sales of loans to secondary market
|
7,808,255 | 12,881,844 | ||||||
Net cash provided by (used in) operating activities
|
1,624,364 | (1,065,616 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of investment and mortgage-backed securities
|
(16,575,899 | ) | (21,347,879 | ) | ||||
Purchases of interest-earning time deposits in other banks
|
- | (496,000 | ) | |||||
Maturity or call of investment securities available-for-sale
|
1,000,000 | 5,318,000 | ||||||
Sale of investment securities available-for-sale
|
14,424,509 | 10,126,795 | ||||||
Principal payments on mortgage-backed and investment securities
|
3,555,597 | 2,192,975 | ||||||
Proceeds from sale of real estate owned
|
- | 25,129 | ||||||
Net decrease in loans
|
5,521,899 | 4,593,563 | ||||||
Additions to premises and equipment
|
(143,291 | ) | (89,760 | ) | ||||
Net cash provided by investing activities
|
7,782,815 | 322,823 | ||||||
(Continued)
|
JACKSONVILLE BANCORP, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in deposits
|
$ | 3,352,909 | $ | 10,739,626 | ||||
Net decrease in other borrowings
|
(8,937,596 | ) | (2,189,841 | ) | ||||
Increase in advance payments by borrowers for taxes and insurance
|
326,959 | 389,667 | ||||||
Exercise of stock options
|
30,784 | - | ||||||
Dividends paid - common stock
|
(143,306 | ) | (141,107 | ) | ||||
Net cash provided by (used in) financing activities
|
(5,370,250 | ) | 8,798,345 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
4,036,929 | 8,055,552 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
7,293,711 | 11,387,947 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 11,330,640 | $ | 19,443,499 | ||||
ADDITIONAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest on deposits
|
$ | 488,065 | $ | 616,525 | ||||
Interest on other borrowings
|
2,641 | 2,791 | ||||||
Income taxes paid
|
210,073 | 50,000 | ||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Real estate acquired in settlement of loans
|
$ | - | $ | 105,709 |
JACKSONVILLE BANCORP, INC. |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
1.
|
FINANCIAL STATEMENTS
|
2.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
3.
|
EARNINGS PER SHARE
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
Net income
|
$ | 1,012,448 | $ | 914,749 | ||||
Basic average shares outstanding
|
1,877,873 | 1,885,066 | ||||||
|
||||||||
Diluted potential common shares:
|
||||||||
Stock option equivalents
|
272 | 173 | ||||||
Diluted average shares outstanding
|
1,878,145 | 1,885,239 | ||||||
Basic earnings per share
|
$ | 0.54 | $ | 0.49 | ||||
Diluted earnings per share
|
$ | 0.54 | $ | 0.49 |
4.
|
STOCK BASED COMPENSATION
|
March 31, 2013
|
March 31, 2012
|
|||||||
Unearned shares
|
31,340 | 35,561 | ||||||
Shares committed for release
|
549 | 501 | ||||||
Allocated shares
|
54,633 | 52,815 | ||||||
Total ESOP shares
|
86,522 | 88,877 | ||||||
Fair value of unearned shares
|
$ | 593,893 | $ | 540,527 |
Weighted
|
||||||||||||||||
Weighted
|
Average
|
|||||||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||||||
Exercise
|
Contractual
|
Instrinsic
|
||||||||||||||
Options
|
Price/Share
|
Life (in years)
|
Value
|
|||||||||||||
Outstanding, December 31, 2012
|
107,338 | $ | 15.60 | |||||||||||||
Granted
|
- | |||||||||||||||
Exercised
|
(2,202 | ) | 13.98 | |||||||||||||
Forfeited
|
- | - | ||||||||||||||
Outstanding, March 31, 2013
|
105,136 | $ | 15.63 | 8.92 | $ | 348,787 | ||||||||||
Exercisable, March 31, 2013
|
1,101 | $ | 13.98 | 1.00 | $ | 5,472 |
5.
|
LOAN PORTFOLIO COMPOSITION
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Real estate loans:
|
||||||||||||||||
One-to-four family residential
|
$ | 40,465,539 | 24.1 | % | $ | 41,386,147 | 23.8 | % | ||||||||
Commercial
|
33,479,415 | 19.9 | 30,973,177 | 17.8 | ||||||||||||
Agricultural
|
36,756,071 | 21.9 | 37,392,116 | 21.5 | ||||||||||||
Home equity
|
11,844,071 | 7.0 | 12,733,963 | 7.3 | ||||||||||||
Total real estate loans
|
122,545,096 | 72.9 | 122,485,403 | 70.5 | ||||||||||||
Commercial loans
|
25,701,469 | 15.3 | 29,046,437 | 16.7 | ||||||||||||
Agricultural loans
|
8,914,015 | 5.3 | 10,982,491 | 6.3 | ||||||||||||
Consumer loans
|
14,479,652 | 8.5 | 14,571,819 | 8.4 | ||||||||||||
Total loans receivable
|
171,640,232 | 102.0 | 177,086,150 | 101.9 | ||||||||||||
Less:
|
||||||||||||||||
Net deferred loan fees
|
(7,026 | ) | (0.0 | ) | (6,373 | ) | (0.0 | ) | ||||||||
Allowance for loan losses
|
3,445,969 | 2.0 | 3,339,464 | 1.9 | ||||||||||||
Total loans receivable, net
|
$ | 168,201,289 | 100.0 | % | $ | 173,753,059 | 100.0 | % |
March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Agricultural
|
|||||||||||||||||||||||||||||||||||
1-4 Family
|
Real Estate
|
Real Estate
|
Home Equity
|
Commercial
|
Agricultural
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for Loan Losses: |
|
|||||||||||||||||||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
December 31, 2012
|
$ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
23,583 | (79,312 | ) | 34,212 | (114,401 | ) | 25,412 | 640 | 61,233 | 78,633 | 30,000 | |||||||||||||||||||||||||
Losses charged off
|
- | - | - | - | - | - | (45,759 | ) | - | (45,759 | ) | |||||||||||||||||||||||||
Recoveries
|
14,631 | 87,882 | - | 13,025 | - | - | 6,726 | - | 122,264 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
March 31, 2013
|
$ | 779,243 | $ | 837,443 | $ | 183,780 | $ | 227,620 | $ | 959,663 | $ | 44,570 | $ | 173,674 | $ | 239,976 | $ | 3,445,969 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | - | $ | 248,808 | $ | - | $ | - | $ | 609,067 | $ | - | $ | - | $ | - | $ | 857,875 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 779,243 | $ | 588,635 | $ | 183,780 | $ | 227,620 | $ | 350,596 | $ | 44,570 | $ | 173,674 | $ | 239,959 | $ | 2,588,077 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 40,465,539 | $ | 33,479,415 | $ | 36,756,071 | $ | 11,844,071 | $ | 25,701,469 | $ | 8,914,015 | $ | 14,479,652 | $ | - | $ | 171,640,232 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 338,494 | $ | 1,390,864 | $ | - | $ | 49,809 | $ | 707,539 | $ | - | $ | 7,467 | $ | - | $ | 2,494,173 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 40,127,045 | $ | 32,088,551 | $ | 36,756,071 | $ | 11,794,262 | $ | 24,993,930 | $ | 8,914,015 | $ | 14,472,185 | $ | - | $ | 169,146,059 |
March 31, 2012
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Agricultural
|
|||||||||||||||||||||||||||||||||||
1-4 Family
|
Real Estate
|
Real Estate
|
Home Equity
|
Commercial
|
Agricultural
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
December 31, 2011
|
$ | 697,223 | $ | 1,107,585 | $ | 115,154 | $ | 309,409 | $ | 711,864 | $ | 58,428 | $ | 138,385 | $ | 158,559 | $ | 3,296,607 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
(31,207 | ) | (8,747 | ) | 7,951 | 86,277 | (4,164 | ) | 4,134 | (8,040 | ) | 33,796 | 80,000 | |||||||||||||||||||||||
Losses charged off
|
- | - | - | (46,744 | ) | - | - | (2,964 | ) | - | (49,708 | ) | ||||||||||||||||||||||||
Recoveries
|
1,625 | - | - | 525 | 316 | - | 1,546 | - | 4,012 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
March 31, 2012
|
$ | 667,641 | $ | 1,098,838 | $ | 123,105 | $ | 349,467 | $ | 708,016 | $ | 62,562 | $ | 128,927 | $ | 192,355 | $ | 3,330,911 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 36,300 | $ | 340,784 | $ | - | $ | - | $ | 319,777 | $ | - | $ | 7,569 | $ | - | $ | 704,430 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 631,341 | $ | 758,054 | $ | 123,105 | $ | 349,467 | $ | 388,239 | $ | 62,562 | $ | 121,358 | $ | 192,338 | $ | 2,626,464 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 41,499,618 | $ | 39,090,310 | $ | 29,203,258 | $ | 15,001,318 | $ | 21,268,348 | $ | 8,538,738 | $ | 14,838,656 | $ | - | $ | 169,440,246 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 551,611 | $ | 1,673,654 | $ | - | $ | 28,481 | $ | 541,619 | $ | - | $ | 7,569 | $ | - | $ | 2,802,934 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 40,948,007 | $ | 37,416,656 | $ | 29,203,258 | $ | 14,972,837 | $ | 20,726,729 | $ | 8,538,738 | $ | 14,831,087 | $ | - | $ | 166,637,312 |
December 31, 2012
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Agricultural
|
|||||||||||||||||||||||||||||||||||
1-4 Family
|
Real Estate
|
Real Estate
|
Home Equity
|
Commercial
|
Agricultural
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
December 31, 2011
|
$ | 697,223 | $ | 1,107,585 | $ | 115,154 | $ | 309,409 | $ | 711,864 | $ | 58,428 | $ | 138,385 | $ | 158,559 | $ | 3,296,607 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
99,055 | (11,157 | ) | 34,414 | 86,076 | 219,102 | (14,498 | ) | 74,224 | 2,784 | 490,000 | |||||||||||||||||||||||||
Losses charged off
|
(82,192 | ) | (356,270 | ) | - | (80,126 | ) | - | - | (66,958 | ) | - | (585,546 | ) | ||||||||||||||||||||||
Recoveries
|
26,943 | 88,715 | - | 13,637 | 3,285 | - | 5,823 | - | 138,403 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
December 31, 2012
|
$ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 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 | $ | 328,996 | $ | 323,472 | $ | 43,930 | $ | 145,289 | $ | 161,326 | $ | 2,460,306 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 41,386,147 | $ | 30,973,177 | $ | 37,392,116 | $ | 12,733,963 | $ | 29,046,437 | $ | 10,982,491 | $ | 14,571,819 | $ | - | $ | 177,086,150 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 339,513 | $ | 1,603,956 | $ | - | $ | 56,677 | $ | 728,672 | $ | - | $ | 14,392 | $ | - | $ | 2,743,210 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 41,046,634 | $ | 29,369,221 | $ | 37,392,116 | $ | 12,677,286 | $ | 28,317,765 | $ | 10,982,491 | $ | 14,557,427 | $ | - | $ | 174,342,940 |
1-4 Family
|
Commercial Real Estate
|
Agricultural Real Estate
|
Home Equity
|
|||||||||||||||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 37,438,978 | $ | 38,123,451 | $ | 30,984,178 | $ | 28,283,081 | $ | 36,756,071 | $ | 37,392,116 | $ | 11,108,897 | $ | 11,919,440 | ||||||||||||||||
Special Mention
|
969,661 | 1,273,558 | 144,673 | 187,936 | - | - | 238,572 | 272,563 | ||||||||||||||||||||||||
Substandard
|
2,056,900 | 1,989,138 | 2,350,564 | 2,502,160 | - | - | 496,602 | 541,960 | ||||||||||||||||||||||||
Total
|
$ | 40,465,539 | $ | 41,386,147 | $ | 33,479,415 | $ | 30,973,177 | $ | 36,756,071 | $ | 37,392,116 | $ | 11,844,071 | $ | 12,733,963 | ||||||||||||||||
Commercial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 24,979,215 | $ | 28,301,663 | $ | 8,914,015 | $ | 10,982,491 | $ | 14,258,279 | $ | 14,291,487 | $ | 164,439,633 | $ | 169,293,729 | ||||||||||||||||
Special Mention
|
212 | 849 | - | - | 115,681 | 111,945 | 1,468,799 | 1,846,851 | ||||||||||||||||||||||||
Substandard
|
722,042 | 743,925 | - | - | 105,692 | 168,387 | 5,731,800 | 5,945,570 | ||||||||||||||||||||||||
Total
|
$ | 25,701,469 | $ | 29,046,437 | $ | 8,914,015 | $ | 10,982,491 | $ | 14,479,652 | $ | 14,571,819 | $ | 171,640,232 | $ | 177,086,150 |
March 31, 2013
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater than 90
|
Total
|
Total Loans >90
|
||||||||||||||||||||||||
Past Due
|
Past Due
|
Days Past Due
|
Past Due
|
Current
|
Total Loans
|
Days & Accruing
|
||||||||||||||||||||||
One-to-four family residential
|
$ | 628,559 | $ | - | $ | 1,009,759 | $ | 1,638,318 | $ | 38,827,221 | $ | 40,465,539 | $ | - | ||||||||||||||
Commercial real estate
|
206,183 | - | 44,078 | 250,261 | 33,229,154 | 33,479,415 | - | |||||||||||||||||||||
Agricultural real estate
|
- | - | - | - | 36,756,071 | 36,756,071 | - | |||||||||||||||||||||
Home equity
|
142,985 | 47,700 | 127,918 | 318,603 | 11,525,468 | 11,844,071 | - | |||||||||||||||||||||
Commercial
|
- | - | - | - | 25,701,469 | 25,701,469 | - | |||||||||||||||||||||
Agricultural
|
- | - | - | - | 8,914,015 | 8,914,015 | - | |||||||||||||||||||||
Consumer
|
149,655 | 23,105 | 13,607 | 186,367 | 14,293,285 | 14,479,652 | - | |||||||||||||||||||||
Total
|
$ | 1,127,382 | $ | 70,805 | $ | 1,195,362 | $ | 2,393,549 | $ | 169,246,683 | $ | 171,640,232 | $ | - |
December 31, 2012
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater than 90
|
Total
|
Total Loans >90
|
||||||||||||||||||||||||
Past Due
|
Past Due
|
Days Past Due
|
Past Due
|
Current
|
Total Loans
|
Days & Accruing
|
||||||||||||||||||||||
One-to-four family residential
|
$ | 727,315 | $ | 213,126 | $ | 984,996 | $ | 1,925,437 | $ | 39,460,710 | $ | 41,386,147 | $ | - | ||||||||||||||
Commercial real estate
|
- | - | 279,622 | 279,622 | 30,693,555 | 30,973,177 | - | |||||||||||||||||||||
Agricultural real estate
|
- | - | - | - | 37,392,116 | 37,392,116 | - | |||||||||||||||||||||
Home equity
|
158,414 | 70,596 | 136,508 | 365,518 | 12,368,445 | 12,733,963 | - | |||||||||||||||||||||
Commercial
|
- | - | - | - | 29,046,437 | 29,046,437 | - | |||||||||||||||||||||
Agricultural
|
- | - | - | - | 10,982,491 | 10,982,491 | - | |||||||||||||||||||||
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 | $ | - |
Three Months Ended March 31, 2013
|
||||||||||||||||||||||||
Average
|
Interest
|
|||||||||||||||||||||||
Unpaid
|
Impairment in
|
Interest
|
Income
|
|||||||||||||||||||||
Recorded
|
Principal
|
Specific
|
Impaired
|
Income
|
Recognized
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance:
|
||||||||||||||||||||||||
One-to-four family residential
|
$ | 338,494 | $ | 338,494 | $ | - | $ | 339,117 | $ | 4,242 | $ | 4,177 | ||||||||||||
Home equity
|
49,809 | 49,809 | - | 43,962 | 863 | 861 | ||||||||||||||||||
Consumer
|
7,467 | 7,467 | - | 7,866 | 137 | 109 | ||||||||||||||||||
Loans with a specific allowance:
|
||||||||||||||||||||||||
Commercial real estate
|
1,390,864 | 1,390,864 | 248,808 | 1,451,747 | 22,634 | 22,523 | ||||||||||||||||||
Commercial
|
707,539 | 707,539 | 609,067 | 747,865 | 9,716 | 10,030 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
One-to-four family residential
|
338,494 | 338,494 | - | 339,117 | 4,242 | 4,177 | ||||||||||||||||||
Commercial real estate
|
1,390,864 | 1,390,864 | 248,808 | 1,451,747 | 22,634 | 22,523 | ||||||||||||||||||
Commercial
|
707,539 | 707,539 | 609,067 | 747,865 | 9,716 | 10,030 | ||||||||||||||||||
Home equity
|
49,809 | 49,809 | - | 43,962 | 863 | 861 | ||||||||||||||||||
Consumer
|
7,467 | 7,467 | - | 7,866 | 137 | 109 | ||||||||||||||||||
Total
|
$ | 2,494,173 | $ | 2,494,173 | $ | 857,875 | $ | 2,590,557 | $ | 37,592 | $ | 37,700 |
Three Months Ended March 31, 2012
|
||||||||||||||||||||||||
Average
|
Interest
|
|||||||||||||||||||||||
Unpaid
|
Impairment in
|
Interest
|
Income
|
|||||||||||||||||||||
Recorded
|
Principal
|
Specific
|
Impaired
|
Income
|
Recognized
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance:
|
||||||||||||||||||||||||
One-to-four family residential
|
$ | 236,034 | $ | 236,034 | $ | - | $ | 235,619 | $ | 2,456 | $ | 2,287 | ||||||||||||
Commercial real estate
|
25,024 | 25,024 | - | 33,942 | 853 | 916 | ||||||||||||||||||
Home equity
|
28,481 | 28,481 | - | 28,910 | 731 | 749 | ||||||||||||||||||
Loans with a specific allowance:
|
||||||||||||||||||||||||
One-to-four family residential
|
315,576 | 315,576 | 36,300 | 362,143 | 6,207 | 880 | ||||||||||||||||||
Commercial real estate
|
1,648,631 | 1,648,631 | 340,784 | 1,694,673 | 24,228 | 25,290 | ||||||||||||||||||
Commercial
|
541,619 | 541,619 | 319,777 | 572,467 | 9,065 | 9,111 | ||||||||||||||||||
Consumer
|
7,569 | 7,569 | 7,569 | 7,569 | 168 | 100 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
One-to-four family residential
|
551,610 | 551,610 | 36,300 | 597,792 | 8,663 | 3,167 | ||||||||||||||||||
Commercial real estate
|
1,673,655 | 1,673,655 | 340,784 | 1,728,615 | 25,081 | 26,206 | ||||||||||||||||||
Commercial
|
541,619 | 541,619 | 319,777 | 572,467 | 9,065 | 9,111 | ||||||||||||||||||
Home equity
|
28,481 | 28,481 | - | 28,910 | 731 | 749 | ||||||||||||||||||
Consumer
|
7,569 | 7,569 | 7,569 | 7,569 | 168 | 100 | ||||||||||||||||||
Total
|
$ | 2,802,934 | $ | 2,802,934 | $ | 704,430 | $ | 2,935,353 | $ | 43,708 | $ | 39,333 |
Year Ended December 31, 2012
|
||||||||||||||||||||||||
Average
|
Interest
|
|||||||||||||||||||||||
Unpaid
|
Impairment in
|
Interest
|
Income
|
|||||||||||||||||||||
Recorded
|
Principal
|
Specific
|
Impaired
|
Income
|
Recognized
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance:
|
||||||||||||||||||||||||
One-to-four family residential
|
$ | 339,513 | $ | 339,513 | $ | - | $ | 343,593 | $ | 17,163 | $ | 16,909 | ||||||||||||
Commercial real estate
|
201,135 | 201,135 | - | 205,756 | 27,727 | 16,136 | ||||||||||||||||||
Home equity
|
56,677 | 56,677 | - | 57,934 | 4,087 | 4,162 | ||||||||||||||||||
Consumer
|
8,207 | 8,207 | - | 9,795 | 495 | 422 | ||||||||||||||||||
Loans with a specific 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:
|
||||||||||||||||||||||||
One-to-four family residential
|
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 | ||||||||||||||||||
Home equity
|
56,677 | 56,677 | - | 57,934 | 4,087 | 4,162 | ||||||||||||||||||
Consumer
|
14,392 | 14,392 | 6,185 | 16,891 | 1,068 | 998 | ||||||||||||||||||
Total
|
$ | 2,743,210 | $ | 2,743,210 | $ | 879,141 | $ | 2,848,158 | $ | 186,062 | $ | 182,178 |
March 31, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 387,126 | $ | 267,916 | ||||
Commercial real estate
|
1,117,387 | 1,011,350 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
83,182 | 84,123 | ||||||
Commercial loans
|
680,009 | 701,271 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
60,227 | 91,206 | ||||||
Total
|
$ | 2,327,931 | $ | 2,155,866 |
March 31, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 276,334 | $ | 127,399 | ||||
Commercial real estate
|
1,089,487 | 983,450 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
77,775 | 84,123 | ||||||
Commercial loans
|
680,009 | 701,271 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
57,338 | 89,045 | ||||||
Total
|
$ | 2,180,943 | $ | 1,985,288 |
Three Months Ended
|
Three Months Ended
|
|||||||||||||||
March 31, 2013
|
March 31, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
Modifications
|
Investment
|
Modifications
|
Investment
|
|||||||||||||
One-to-four family residential
|
3 | $ | 151,226 | 1 | $ | 44,969 | ||||||||||
Commercial real estate
|
2 | 112,279 | - | - | ||||||||||||
Agricultural real estate
|
- | - | - | - | ||||||||||||
Home equity
|
- | - | 1 | 6,233 | ||||||||||||
Commercial loans
|
- | - | - | - | ||||||||||||
Agricultural loans
|
- | - | - | - | ||||||||||||
Consumer loans
|
2 | 15,259 | - | - | ||||||||||||
Total
|
7 | $ | 278,764 | 2 | $ | 51,202 |
March 31, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 1,267,996 | $ | 1,203,328 | ||||
Commercial real estate
|
312,500 | 560,073 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
251,585 | 276,877 | ||||||
Commercial loans
|
47,639 | 51,436 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
54,555 | 122,064 | ||||||
Total
|
$ | 1,934,275 | $ | 2,213,778 |
6.
|
INVESTMENTS
|
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
March 31, 2013:
|
||||||||||||||||
U.S. government and agencies
|
$ | 11,843,020 | $ | 214,197 | $ | (24,216 | ) | $ | 12,033,001 | |||||||
Mortgage-backed securities (government-sponsored enterprises - residential)
|
50,839,593 | 892,885 | (166,328 | ) | 51,566,150 | |||||||||||
Municipal bonds
|
46,207,899 | 2,489,600 | (319,243 | ) | 48,378,256 | |||||||||||
$ | 108,890,512 | $ | 3,596,682 | $ | (509,787 | ) | $ | 111,977,407 | ||||||||
December 31, 2012:
|
||||||||||||||||
U.S. government and 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 |
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Within one year
|
$ | 101,297 | $ | 102,156 | ||||
One to five years
|
10,962,399 | 11,531,968 | ||||||
Five to ten years
|
22,064,143 | 23,097,743 | ||||||
After ten years
|
24,923,080 | 25,679,390 | ||||||
58,050,919 | 60,411,257 | |||||||
Mortgage-backed securities (government-sponsored enterprises - residential)
|
50,839,593 | 51,566,150 | ||||||
$ | 108,890,512 | $ | 111,977,407 |
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||||||||
March 31, 2013
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
||||||||||||||||||
Municipal bonds
|
$ | (314,490 | ) | $ | 12,826,748 | $ | (4,753 | ) | $ | 165,612 | $ | (319,243 | ) | $ | 12,992,360 | |||||||||
U.S. government and agencies
|
(24,216 | ) | 3,539,398 | - | - | (24,216 | ) | 3,539,398 | ||||||||||||||||
Subtotal
|
(338,706 | ) | 16,366,146 | (4,753 | ) | 165,612 | (343,459 | ) | 16,531,758 | |||||||||||||||
|
||||||||||||||||||||||||
Mortgage-backed securities (government sponsored enterprises - residential)
|
(166,328 | ) | 24,565,525 | - | - | (166,328 | ) | 24,565,525 | ||||||||||||||||
Total
|
$ | (505,034 | ) | $ | 40,931,671 | $ | (4,753 | ) | $ | 165,612 | $ | (509,787 | ) | $ | 41,097,283 |
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||||||||
December 31, 2012
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
||||||||||||||||||
Municipal bonds
|
$ | (152,362 | ) | $ | 7,237,453 | $ | - | $ | - | $ | (152,362 | ) | $ | 7,237,453 | ||||||||||
U.S. government and agencies
|
(10,556 | ) | 545,291 | - | - | (10,556 | ) | 545,291 | ||||||||||||||||
Subtotal
|
(162,918 | ) | 7,782,744 | - | - | (162,918 | ) | 7,782,744 | ||||||||||||||||
|
||||||||||||||||||||||||
Mortgage-backed securities (government sponsored enterprises - residential)
|
(95,319 | ) | 16,172,999 | - | - | (95,319 | ) | 16,172,999 | ||||||||||||||||
Total
|
$ | (258,237 | ) | $ | 23,955,743 | $ | - | $ | - | $ | (258,237 | ) | $ | 23,955,743 |
7.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME
|
March 31, 2013
|
December 31, 2012
|
|||||||
Net unrealized gains on securities available-for-sale
|
$ | 3,086,895 | $ | 4,388,778 | ||||
Tax effect
|
(1,049,545 | ) | (1,492,185 | ) | ||||
Net-of-tax amount
|
$ | 2,037,350 | $ | 2,896,593 |
8.
|
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT
|
Amounts Reclassified
|
||||||||||
from AOCI
|
||||||||||
Affected Line Item in the
|
||||||||||
March 31, 2013
|
March 31, 2012
|
Statements of Income
|
||||||||
Unrealized gains on securities available-for-sale securities
|
$ | 584,231 | $ | 225,328 |
Net realized gains on sales of available-for-sale securities
|
|||||
584,231 | 225,328 | |||||||||
Tax effect
|
(198,639 | ) | (76,612 | ) |
Income taxes
|
|||||
Total reclassification out of AOCI
|
$ | 385,592 | $ | 148,716 |
Net reclassified amount
|
9.
|
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.
|
March 31, 2013 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
U.S. Government and agencies
|
$ | 12,033,001 | $ | - | $ | 12,033,001 | $ | - | ||||||||
Mortgage-backed securities (Government sponsored enterprises - residential)
|
51,566,150 | - | 51,566,150 | - | ||||||||||||
Municipal bonds
|
48,378,256 | - | 48,378,256 | - |
December 31, 2012 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(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 | - |
March 31, 2013
|
|||||||||||||
Fair Value Measurements Using
|
|||||||||||||
Quoted Prices
|
|||||||||||||
in Active
|
Significant
|
||||||||||||
Markets for
|
Other
|
Significant
|
|||||||||||
Identical
|
Observable
|
Unobservable
|
|||||||||||
Assets
|
Inputs
|
Inputs
|
|||||||||||
Fair Value
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|||||||
Impaired loans (collateral dependent)
|
$
|
1,017,720
|
$
|
-
|
$
|
-
|
$
|
1,017,720
|
December 31, 2012
|
|||||||||||||
Fair Value Measurements Using
|
|||||||||||||
Quoted Prices
|
|||||||||||||
in Active
|
Significant
|
||||||||||||
Markets for
|
Other
|
Significant
|
|||||||||||
Identical
|
Observable
|
Unobservable
|
|||||||||||
Assets
|
Inputs
|
Inputs
|
|||||||||||
Fair Value
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|||||||
Impaired loans (collateral dependent)
|
$
|
1,032,580
|
$
|
-
|
$
|
-
|
$
|
1,032,580
|
|||||
Real estate owned
|
137,193 |
-
|
-
|
137,193 |
Fair Value at
3/31/13
|
Valuation
Technique
|
Unobservable Inputs
|
Range (Weighted Average)
|
||||||||
Collateral-dependent impaired loans
|
1,017,720 |
Market comparable properties
|
Marketability discount
|
20% – 30% (25%) |
March 31, 2013
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 11,330,640 | $ | 11,330,640 | $ | - | $ | - | ||||||||
Interest earning time deposits in banks
|
2,972,000 | - | 2,972,000 | - | ||||||||||||
Other investments
|
93,873 | - | 93,873 | - | ||||||||||||
Loans held for sale
|
323,578 | - | 323,578 | - | ||||||||||||
Loans, net of allowance for loan losses
|
168,201,289 | - | - | 166,772,598 | ||||||||||||
Federal Home Loan Bank stock
|
1,113,800 | - | 1,113,800 | - | ||||||||||||
Interest receivable
|
2,027,192 | - | 2,027,192 | - | ||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
261,873,638 | - | 142,984,692 | 121,848,283 | ||||||||||||
Short-term borrowings
|
3,803,014 | - | 3,803,014 | - | ||||||||||||
Advances from borrowers for taxes and insurance
|
1,159,304 | - | 1,159,304 | - | ||||||||||||
Interest payable
|
258,142 | - | 258,142 | - | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
December 31, 2012 | ||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(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
|
- | - | - | - |
10.
|
MORTGAGE SERVICING RIGHTS
|
March 31, 2013
|
December 31, 2012
|
|||||||
Balance, beginning of year
|
$ | 664,436 | $ | 697,733 | ||||
Servicing rights capitalized
|
30,993 | 219,975 | ||||||
Amortization of servicing rights
|
(38,774 | ) | (297,784 | ) | ||||
Change in valuation allowance
|
5,364 | 44,512 | ||||||
Balance, end of period
|
$ | 662,019 | $ | 664,436 |
March 31, 2013
|
December 31, 2012
|
|||||||
Balance, beginning of year
|
$ | 129,279 | $ | 173,791 | ||||
Additions
|
- | - | ||||||
Reductions
|
(5,364 | ) | (44,512 | ) | ||||
Balance, end of period
|
$ | 123,915 | $ | 129,279 |
11.
|
INCOME TAXES
|
March 31, 2013
|
March 31, 2012
|
|||||||
Computed at the statutory rate (34%)
|
$ | 493,420 | $ | 435,757 | ||||
Increase (decrease) resulting from
|
||||||||
Tax exempt interest
|
(124,448 | ) | (132,057 | ) | ||||
State income taxes, net
|
86,512 | 75,310 | ||||||
Increase in cash surrender value
|
(16,244 | ) | (12,325 | ) | ||||
Other, net
|
(453 | ) | 204 | |||||
Actual tax expense
|
$ | 438,787 | $ | 366,889 |
12.
|
COMMITMENTS AND CONTINGENCIES
|
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended
|
||||||||
March 31, 2013
|
March 31, 2012
|
|||||||
Balance at beginning of period
|
$ | 3,339,464 | $ | 3,296,607 | ||||
Charge-offs:
|
||||||||
Home equity
|
- | 46,744 | ||||||
Consumer
|
45,759 | 2,964 | ||||||
Total
|
45,759 | 49,708 | ||||||
Recoveries:
|
||||||||
One-to-four family residential
|
14,631 | 1,625 | ||||||
Commercial real estate
|
87,882 | - | ||||||
Commercial business
|
- | 316 | ||||||
Home equity
|
13,025 | 525 | ||||||
Consumer
|
6,726 | 1,546 | ||||||
Total
|
122,264 | 4,012 | ||||||
Net loan charge-offs
|
(76,505 | ) | 45,696 | |||||
Provisions charged to expense
|
30,000 | 80,000 | ||||||
Balance at end of period
|
$ | 3,445,969 | $ | 3,330,911 |
March 31, 2013
|
December 31, 2012
|
|||||||
Non-accruing loans:
|
||||||||
One-to-four family residential
|
$ | 1,267,996 | $ | 1,203,328 | ||||
Commercial real estate
|
312,500 | 560,073 | ||||||
Commercial business
|
47,639 | 51,436 | ||||||
Home equity
|
251,585 | 276,877 | ||||||
Consumer
|
54,555 | 122,064 | ||||||
Total
|
$ | 1,934,275 | $ | 2,213,778 | ||||
Accruing loans delinquent more than 90 days:
|
||||||||
Total
|
$ | - | $ | - | ||||
Foreclosed assets:
|
||||||||
Commercial real estate
|
137,193 | 137,193 | ||||||
Total
|
$ | 137,193 | $ | 137,193 | ||||
Total nonperforming assets
|
$ | 2,071,468 | $ | 2,350,971 | ||||
|
||||||||
Total nonperforming assets as a percentage of total assets
|
0.65 | % | 0.73 | % |
March 31, 2013
|
December 31, 2012
|
|||||||
Special Mention credits
|
$ | 1,468,799 | $ | 1,846,851 | ||||
Substandard credits
|
5,731,800 | 5,945,570 | ||||||
Total watch list credits
|
$ | 7,200,599 | $ | 7,792,421 |
March 31, 2013
|
December 31, 2012
|
|||||||
Commitments to fund loans
|
$ | 42,620,513 | $ | 34,748,383 | ||||
Standby letters of credit
|
368,390 | 368,390 |
March 31, 2013
|
December 31, 2012
|
Minimum
|
||||||||||
Actual
|
Actual
|
Required
|
||||||||||
Tier 1 Capital to Average Assets
|
11.32 | % | 10.89 | % | 4.00 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets
|
17.26 | % | 16.46 | % | 4.00 | % | ||||||
Total Capital to Risk-Weighted Assets
|
18.51 | % | 17.72 | % | 8.00 | % |
Consolidated Average Balance Sheet and Interest Rates
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Three Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Interest-earnings assets:
|
||||||||||||||||||||||||
Loans
|
$ | 172,597 | $ | 2,346 | 5.44 | % | $ | 169,969 | $ | 2,541 | 5.98 | % | ||||||||||||
Investment securities
|
56,237 | 434 | 3.09 | % | 58,965 | 524 | 3.56 | % | ||||||||||||||||
Mortgage-backed securities
|
50,781 | 160 | 1.26 | % | 41,716 | 205 | 1.97 | % | ||||||||||||||||
Other
|
11,647 | 12 | 0.40 | % | 15,721 | 12 | 0.29 | % | ||||||||||||||||
Total interest-earning assets
|
291,262 | 2,952 | 4.05 | % | 286,371 | 3,282 | 4.58 | % | ||||||||||||||||
Non-interest earnings assets
|
21,727 | 21,763 | ||||||||||||||||||||||
Total assets
|
$ | 312,989 | $ | 308,134 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 234,722 | $ | 469 | 0.80 | % | $ | 235,837 | $ | 604 | 1.03 | % | ||||||||||||
Other borrowings
|
4,100 | 3 | 0.26 | % | 4,468 | 3 | 0.25 | % | ||||||||||||||||
Total interest-bearing liabilities
|
238,822 | 472 | 0.79 | % | 240,305 | 607 | 1.01 | % | ||||||||||||||||
Non-interest bearing liabilities
|
30,052 | 25,805 | ||||||||||||||||||||||
Stockholders’ equity
|
44,115 | 42,024 | ||||||||||||||||||||||
Total liabilities/stockholders’ equity
|
$ | 312,989 | $ | 308,134 | ||||||||||||||||||||
Net interest income
|
$ | 2,480 | $ | 2,675 | ||||||||||||||||||||
Interest rate spread (average yield earned minus average rate paid)
|
3.26 | % | 3.57 | % | ||||||||||||||||||||
Net interest margin (net interest income divided by average interest-earning assets)
|
3.41 | % | 3.74 | % |
Analysis of Volume and Rate Changes
|
||||||||||||
(In thousands)
|
||||||||||||
Three Months Ended March 31,
|
||||||||||||
2013 Compared to 2012
|
||||||||||||
Increase(Decrease) Due to
|
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
Interest-earnings assets:
|
||||||||||||
Loans
|
$ | (234 | ) | $ | 39 | $ | (195 | ) | ||||
Investment securities
|
(66 | ) | (24 | ) | (90 | ) | ||||||
Mortgage-backed securities
|
(83 | ) | 38 | (45 | ) | |||||||
Other
|
3 | (3 | ) | - | ||||||||
Total net change in income on interest-earning assets
|
(380 | ) | 50 | (330 | ) | |||||||
Interest-bearing liabilities:
|
||||||||||||
Deposits
|
(132 | ) | (3 | ) | (135 | ) | ||||||
Other borrowings
|
- | - | - | |||||||||
Total net change in expense on interest-bearing liabilities
|
(132 | ) | (3 | ) | (135 | ) | ||||||
Net change in net interest income
|
$ | (248 | ) | $ | 53 | $ | (195 | ) |
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Change in Net Interest Income
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
March 31, 2013
|
December 31, 2012
|
ALCO
|
||||||||||||||||
Rate Shock:
|
$ Change
|
% Change
|
$ Change
|
% Change
|
Benchmark
|
|||||||||||||
+ 300 basis points
|
113 | 1.00 | % | (193 | ) | -1.64 | % |
> (20.00)
|
% | |||||||||
+ 200 basis points
|
121 | 1.07 | % | (95 | ) | -0.81 | % |
> (20.00)
|
% | |||||||||
+ 100 basis points
|
125 | 1.11 | % | (34 | ) | -0.29 | % |
> (12.50)
|
% | |||||||||
- 100 basis points
|
(2 | ) | -0.02 | % | (503 | ) | -4.26 | % |
> (12.50)
|
% |
Item 4. CONTROLS AND PROCEDURES
|
|
31.1 - Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
|
32.1 - Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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JACKSONVILLE BANCORP, INC.
Registrant
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Date: 05/09/2013 | /s/ Richard A. Foss | |
Richard A. Foss
President and Chief Executive Officer
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/s/ Diana S. Tone | ||
Diana S. Tone
Chief Financial Officer
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1.
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I have reviewed this quarterly report on Form 10-Q of Jacksonville Bancorp, Inc.;
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2.
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Based on my knowledge, this quarterly 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 quarterly report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;
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4.
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The registrant’s other certifying officer(s) 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 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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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;
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b)
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designed such internal controls over financial reporting, or caused such internal controls 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 principle;
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c)
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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 period covered by this report based on such evaluation; and
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d)
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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 annul report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) 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):
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a)
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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
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
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05/09/2013
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/s/ Richard A. Foss | |
Date
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Richard A. Foss | ||
President and Chief Executive Officer |
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1.
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I have reviewed this quarterly report on Form 10-Q of Jacksonville Bancorp, Inc.;
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2.
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Based on my knowledge, this quarterly 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 quarterly report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;
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4.
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The registrant’s other certifying officer(s) 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 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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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;
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b)
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designed such internal controls over financial reporting, or caused such internal controls 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 principle;
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c)
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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 period covered by this report based on such evaluation; and
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d)
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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 annul report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) 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):
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a)
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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
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
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05/09/2013
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/s/ Diana S. Tone | |
Date
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Diana S. Tone | ||
Chief Financial Officer |
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(1)
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the Report fully complies with the requirements of Sections 13(a) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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05/09/2013
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/s/ Richard A. Foss | |
Date
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Richard A. Foss | ||
President and Chief Executive Officer |
05/09/2013
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/s/Diana S. Tone | |
Date
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Diana S. Tone | ||
Chief Financial Officer |
Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity (Detail) (USD $)
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Mar. 31, 2013
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Dec. 31, 2012
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Mar. 31, 2012
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | $ 171,640,232 | $ 177,086,150 | $ 169,440,246 |
Pass
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 164,439,633 | 169,293,729 | |
Special Mention
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 1,468,799 | 1,846,851 | |
Substandard
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 5,731,800 | 5,945,570 | |
Corporate Credit Quality Indicator
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 171,640,232 | 177,086,150 | |
Mortgage loans on real estate | Pass | One-to-four family residential
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 37,438,978 | 38,123,451 | |
Mortgage loans on real estate | Pass | Commercial
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 30,984,178 | 28,283,081 | |
Mortgage loans on real estate | Pass | Agricultural
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 36,756,071 | 37,392,116 | |
Mortgage loans on real estate | Pass | Home equity
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 11,108,897 | 11,919,440 | |
Mortgage loans on real estate | Special Mention | One-to-four family residential
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 969,661 | 1,273,558 | |
Mortgage loans on real estate | Special Mention | Commercial
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 144,673 | 187,936 | |
Mortgage loans on real estate | Special Mention | Home equity
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 238,572 | 272,563 | |
Mortgage loans on real estate | Substandard | One-to-four family residential
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 2,056,900 | 1,989,138 | |
Mortgage loans on real estate | Substandard | Commercial
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 2,350,564 | 2,502,160 | |
Mortgage loans on real estate | Substandard | Home equity
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 496,602 | 541,960 | |
Mortgage loans on real estate | Corporate Credit Quality Indicator | One-to-four family residential
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 40,465,539 | 41,386,147 | |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Commercial
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 33,479,415 | 30,973,177 | |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Agricultural
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 36,756,071 | 37,392,116 | |
Mortgage loans on real estate | Corporate Credit Quality Indicator | Home equity
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 11,844,071 | 12,733,963 | |
Commercial business | Pass
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 24,979,215 | 28,301,663 | |
Commercial business | Special Mention
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 212 | 849 | |
Commercial business | Substandard
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 722,042 | 743,925 | |
Commercial business | Corporate Credit Quality Indicator
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 25,701,469 | 29,046,437 | |
Agricultural business | Pass
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 8,914,015 | 10,982,491 | |
Agricultural business | Corporate Credit Quality Indicator
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 8,914,015 | 10,982,491 | |
Consumer loan | Pass
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 14,258,279 | 14,291,487 | |
Consumer loan | Special Mention
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 115,681 | 111,945 | |
Consumer loan | Substandard
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | 105,692 | 168,387 | |
Consumer loan | Corporate Credit Quality Indicator
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Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable gross | $ 14,479,652 | $ 14,571,819 |
Disclosure about Fair Value of Assets and Liabilities - Additional Information (Detail) (Significant Unobservable Inputs (Level 3), USD $)
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3 Months Ended | 12 Months Ended |
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Mar. 31, 2013
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Dec. 31, 2012
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Impaired loans
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value adjustments | $ 15,081 | $ (183,319) |
Mortgage servicing rights
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value adjustments | $ 0 | $ (56,193) |
Investments - Additional Information (Detail) (USD $)
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3 Months Ended | ||
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Mar. 31, 2013
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Mar. 31, 2012
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Dec. 31, 2012
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Investment [Line Items] | |||
Securities pledged as collateral | $ 19,742,000 | $ 24,371,000 | |
Securities sold under agreements to repurchase | 7,404,000 | 13,706,000 | |
Gross realized gains on sales of available-for-sale securities | 584,000 | 225,000 | |
Gross realized losses on sales of available-for-sale securities | 0 | 0 | |
Debt securities, fair value | $ 41,097,000 | $ 23,956,000 | |
Percentage of available-for-sale investment portfolio | 36.70% | 20.80% |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) (Impaired loans, Significant Unobservable Inputs (Level 3), USD $)
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3 Months Ended |
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Mar. 31, 2013
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on nonrecurring basis | $ 1,017,720 |
Valuation Technique | Market comparable properties |
Unobservable Inputs | Marketability discount |
Range (Weighted Average) | 25.00% |
Minimum
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 20.00% |
Maximum
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 30.00% |
Stock-Based Compensation - Additional Information (Detail) (USD $)
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1 Months Ended | 3 Months Ended | 1 Months Ended |
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Apr. 24, 2012
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Mar. 31, 2013
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Jul. 14, 2010
Jacksonville Savings Bank Employee Stock Ownership Plan (ESOP)
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Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Common stock, shares issued in stock offerings | 41,614 | ||
ESOP shares, percentage of common stock issued in the offering | 4.00% | ||
Loan repayment term, maximum | 20 years | ||
ESOP 100% vesting period | 6 years | ||
Common stock reserved and awarded | 104,035 | ||
Share based payment award, options, vesting period | 5 years | ||
Award expiration period | 10 years | ||
Closing price per share | $ 18.95 |
Mortgage Servicing Rights Measured using Amortization Method with Aggregate Activity in Related Valuation Allowances (Detail) (USD $)
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3 Months Ended | 12 Months Ended |
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Mar. 31, 2013
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Dec. 31, 2012
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Mortgage Servicing Rights [Line Items] | ||
Balance, beginning of year | $ 664,436 | $ 697,733 |
Servicing rights capitalized | 30,993 | 219,975 |
Amortization of servicing rights | (38,774) | (297,784) |
Change in valuation allowance | 5,364 | 44,512 |
Balance, end of period | 662,019 | 664,436 |
Capitalized mortgage servicing rights, valuation allowance , balance beginning of year | 129,279 | 173,791 |
Capitalized mortgage servicing rights, valuation allowance additions | ||
Capitalized mortgage servicing rights, valuation allowance , reductions | (5,364) | (44,512) |
Capitalized mortgage servicing rights, valuation allowance , balance end of period | $ 123,915 | $ 129,279 |
INVESTMENT (Tables)
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Mar. 31, 2013
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Amortized Cost and Approximate Fair Values with Gross Unrealized Gains and Losses of Available for Sale Securities | The
amortized cost and approximate fair value of securities, all of
which are classified as available-for-sale, are as
follows:
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Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturities | The
amortized cost and fair value of available-for-sale securities at
March 31, 2013, by contractual maturity, are shown
below. Expected maturities will differ from contractual
maturities because issuers may have the right to call or prepay
obligations with or without call or prepayment
penalties.
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Gross Unrealized Losses and Fair Value in Continuous Loss Position | The
following table shows the gross unrealized losses and fair value,
aggregated by investment category and length of time that
individual securities have been in a continuous loss position, at
March 31, 2013 and December 31, 2012.
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Other Comprehensive Income Components and Related Taxes (Detail) (USD $)
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Mar. 31, 2013
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Dec. 31, 2012
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Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain on securities available-for-sale | $ 3,086,895 | $ 4,388,778 |
Tax effect | (1,049,545) | (1,492,185) |
Accumulated other comprehensive income (loss), net-of-tax amount | $ 2,037,350 | $ 2,896,593 |
Recorded Balance at Original Cost of Troubled Debt Restructurings (Detail) (USD $)
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Mar. 31, 2013
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Dec. 31, 2012
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | $ 2,327,931 | $ 2,155,866 |
Mortgage loans on real estate | One-to-four family residential
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | 387,126 | 267,916 |
Mortgage loans on real estate | Commercial
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | 1,117,387 | 1,011,350 |
Mortgage loans on real estate | Home equity
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | 83,182 | 84,123 |
Commercial business
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | 680,009 | 701,271 |
Consumer loan
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Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, original cost | $ 60,227 | $ 91,206 |
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) (USD $)
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Mar. 31, 2013
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Dec. 31, 2012
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Available-for-sale securities, Amortized Cost | ||
Within one year | $ 101,297 | |
One to five years | 10,962,399 | |
Five to ten years | 22,064,143 | |
After ten years | 24,923,080 | |
Available-for-sale securities, amortized cost, subtotal | 58,050,919 | |
Available-for-sale securities, amortized cost | 108,890,512 | 110,999,045 |
Available-for-sale securities, Fair Value | ||
Within one year | 102,156 | |
One to five years | 11,531,968 | |
Five to ten years | 23,097,743 | |
After ten years | 25,679,390 | |
Available-for-sale Securities, fair value, subtotal | 60,411,257 | |
Available-for-sale securities, fair value | 111,977,407 | 115,387,823 |
Mortgage-backed securities (government-sponsored enterprises - residential)
|
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Available-for-sale securities, Amortized Cost | ||
Available-for-sale securities, amortized cost | 50,839,593 | |
Available-for-sale securities, Fair Value | ||
Available-for-sale securities, fair value | $ 51,566,150 | $ 51,956,481 |