(Mark One) | |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended June 30, 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.
|
(Exact name of registrant as specified in its charter) |
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) |
June 30, 2013
|
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TABLE OF CONTENTS
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Page
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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
|
38
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
52
|
Item 4
|
Controls and Procedures
|
54
|
PART II
|
OTHER INFORMATION
|
55
|
Item 1.
|
Legal Proceedings
|
55 |
Item 1.A.
|
Risk Factors
|
55 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
55 |
Item 3.
|
Defaults Upon Senior Securities
|
55 |
Item 4.
|
Mine Safety Disclosures
|
55 |
Item 5.
|
Other Information
|
55 |
Item 6.
|
Exhibits
|
55 |
Signatures
|
56
|
|
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.
|
||||||||
ITEM 1. FINANCIAL STATEMENTS
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
June 30,
|
December 31,
|
|||||||
ASSETS
|
2013
|
2012
|
||||||
(Unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 7,636,250 | $ | 7,293,711 | ||||
Interest-earning time deposits in banks
|
2,972,000 | 2,972,000 | ||||||
Investment securities - available for sale
|
60,588,605 | 63,431,342 | ||||||
Mortgage-backed securities - available for sale
|
49,335,504 | 51,956,481 | ||||||
Federal Home Loan Bank stock
|
1,113,800 | 1,113,800 | ||||||
Other investment securities
|
89,497 | 96,041 | ||||||
Loans held for sale - net
|
742,147 | 711,986 | ||||||
Loans receivable - net of allowance for loan losses of $3,472,536 and $3,339,464 as of
|
||||||||
June 30, 2013 and December 31, 2012
|
168,877,834 | 173,753,059 | ||||||
Premises and equipment - net
|
5,601,619 | 5,654,776 | ||||||
Cash surrender value of life insurance
|
6,713,570 | 6,612,642 | ||||||
Accrued interest receivable
|
2,078,170 | 2,053,472 | ||||||
Goodwill
|
2,726,567 | 2,726,567 | ||||||
Capitalized mortgage servicing rights, net of valuation allowance of $116,807 and $129,279
|
||||||||
as of June 30, 2013 and December 31, 2012
|
654,477 | 664,436 | ||||||
Real estate owned
|
137,193 | 137,193 | ||||||
Income taxes receivable
|
253,156 | - | ||||||
Deferred income taxes
|
2,655,821 | 464,548 | ||||||
Other assets
|
1,022,010 | 1,804,184 | ||||||
Total Assets
|
$ | 313,198,220 | $ | 321,446,238 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits
|
$ | 258,384,484 | $ | 258,520,729 | ||||
Other borrowings
|
7,097,057 | 12,740,610 | ||||||
Advance payments by borrowers for taxes and insurance
|
924,287 | 832,345 | ||||||
Accrued interest payable
|
240,747 | 276,757 | ||||||
Deferred compensation payable
|
3,839,100 | 3,707,402 | ||||||
Income taxes payable
|
- | 214,115 | ||||||
Other liabilities
|
1,435,865 | 1,033,951 | ||||||
Total liabilities
|
271,921,540 | 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 1,902,530 shares
|
||||||||
as of June 30, 2013 and 1,908,556 shares as of December 31, 2012
|
19,025 | 19,086 | ||||||
Additional paid-in-capital
|
15,854,388 | 15,943,273 | ||||||
Retained earnings
|
27,074,738 | 25,585,757 | ||||||
Less: Unallocated ESOP shares
|
(313,400 | ) | (324,380 | ) | ||||
Accumulated other comprehensive income (loss)
|
(1,358,071 | ) | 2,896,593 | |||||
Total stockholders’ equity
|
41,276,680 | 44,120,329 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 313,198,220 | $ | 321,446,238 | ||||
See accompanying notes to the unaudited condensed consolidated financial statements.
|
1 |
JACKSONVILLE BANCORP, INC.
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||
Loans
|
$ | 2,299,427 | $ | 2,461,445 | $ | 4,644,989 | $ | 5,001,988 | ||||||||
Investment securities
|
441,778 | 501,739 | 876,052 | 1,026,241 | ||||||||||||
Mortgage-backed securities
|
171,551 | 252,869 | 332,119 | 458,194 | ||||||||||||
Other
|
11,958 | 12,245 | 23,721 | 23,766 | ||||||||||||
Total interest income
|
2,924,714 | 3,228,298 | 5,876,881 | 6,510,189 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Deposits
|
451,698 | 583,718 | 921,148 | 1,188,464 | ||||||||||||
Other borrowings
|
2,600 | 3,892 | 5,241 | 6,683 | ||||||||||||
Total interest expense
|
454,298 | 587,610 | 926,389 | 1,195,147 | ||||||||||||
NET INTEREST INCOME
|
2,470,416 | 2,640,688 | 4,950,492 | 5,315,042 | ||||||||||||
PROVISION FOR LOAN LOSSES
|
- | 170,000 | 30,000 | 250,000 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||
FOR LOAN LOSSES
|
2,470,416 | 2,470,688 | 4,920,492 | 5,065,042 | ||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fiduciary activities
|
58,007 | 60,944 | 124,109 | 138,720 | ||||||||||||
Commission income
|
289,711 | 265,811 | 598,871 | 512,228 | ||||||||||||
Service charges on deposit accounts
|
206,711 | 208,992 | 408,137 | 399,494 | ||||||||||||
Mortgage banking operations, net
|
75,844 | 96,606 | 146,461 | 213,732 | ||||||||||||
Net realized gains on sales of available-for-sale securities
|
104,668 | 301,580 | 688,899 | 526,908 | ||||||||||||
Loan servicing fees
|
91,599 | 88,767 | 185,122 | 179,029 | ||||||||||||
Other
|
201,268 | 163,083 | 362,247 | 320,057 | ||||||||||||
Total non-interest income
|
1,027,808 | 1,185,783 | 2,513,846 | 2,290,168 | ||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
1,585,829 | 1,602,441 | 3,186,564 | 3,175,383 | ||||||||||||
Occupancy and equipment
|
258,764 | 241,759 | 512,430 | 490,012 | ||||||||||||
Data processing and telecommunications
|
140,099 | 140,551 | 283,522 | 270,194 | ||||||||||||
Professional
|
72,077 | 81,821 | 157,370 | 133,250 | ||||||||||||
Postage and office supplies
|
62,574 | 68,090 | 131,238 | 134,249 | ||||||||||||
Deposit insurance premium
|
39,226 | 38,452 | 77,346 | 77,419 | ||||||||||||
Other
|
309,041 | 337,581 | 604,019 | 647,289 | ||||||||||||
Total non-interest expense
|
2,467,610 | 2,510,695 | 4,952,489 | 4,927,796 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
1,030,614 | 1,145,776 | 2,481,849 | 2,427,414 | ||||||||||||
INCOME TAXES
|
270,539 | 298,713 | 709,326 | 665,601 | ||||||||||||
NET INCOME
|
$ | 760,075 | $ | 847,063 | $ | 1,772,523 | $ | 1,761,813 | ||||||||
NET INCOME PER COMMON SHARE - BASIC
|
$ | 0.41 | $ | 0.45 | $ | 0.95 | $ | 0.93 | ||||||||
NET INCOME PER COMMON SHARE - DILUTED
|
$ | 0.41 | $ | 0.45 | $ | 0.95 | $ | 0.93 | ||||||||
See accompanying notes to the unaudited condensed consolidated financial statements.
|
2 |
JACKSONVILLE BANCORP, INC.
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net Income
|
$ | 760,075 | $ | 847,063 | $ | 1,772,523 | $ | 1,761,813 | ||||||||
Other Comprehensive Income (Loss)
|
||||||||||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $(1,713,570) and $431,054 for the three months ended June 30, 2013 and 2012, respectively, and $(1,957,571) and $484,101 for the six months ended June 30, 2013 and 2012, respectively.
|
(3,326,340 | ) | 836,753 | (3,799,991 | ) | 939,724 | ||||||||||
Less: reclassification adjustment for realized gains included in net income, net of taxes of $35,587 and $102,537, for the three months ended June 30, 2013 and 2012, respectively, and $234,226 and $179,149 for the six months ended June 30, 2013 and 2012, respectively.
|
69,081 | 199,043 | 454,673 | 347,759 | ||||||||||||
(3,395,421 | ) | 637,710 | (4,254,664 | ) | 591,965 | |||||||||||
Comprehensive Income (Loss)
|
$ | (2,635,346 | ) | $ | 1,484,773 | $ | (2,482,141 | ) | $ | 2,353,778 | ||||||
See accompanying notes to unaudited condensed consolidated financial statements.
|
3 |
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 (Loss)
|
Equity
|
||||||||||||||||||
BALANCE, DECEMBER 31, 2012
|
$ | 19,086 | $ | 15,943,273 | $ | 25,585,757 | $ | (324,380 | ) | $ | 2,896,593 | $ | 44,120,329 | |||||||||||
Net Income
|
- | - | 1,772,523 | - | - | 1,772,523 | ||||||||||||||||||
Other comprehensive income (loss)
|
- | - | - | - | (4,254,664 | ) | (4,254,664 | ) | ||||||||||||||||
Stock repurchases
|
(108 | ) | (208,501 | ) | - | - | - | (208,609 | ) | |||||||||||||||
Exercise of stock options
|
59 | 86,834 | - | - | - | 86,893 | ||||||||||||||||||
Less purchase/retirement of stock
|
(12 | ) | (23,442 | ) | - | - | - | (23,454 | ) | |||||||||||||||
Tax benefit of non-qualified options
|
- | 1,796 | - | - | - | 1,796 | ||||||||||||||||||
Vesting options expense
|
- | 44,711 | - | - | - | 44,711 | ||||||||||||||||||
Shares held by ESOP, committed to be released
|
- | 9,717 | - | 10,980 | - | 20,697 | ||||||||||||||||||
Dividends ($0.15 per share)
|
- | - | (283,542 | ) | - | - | (283,542 | ) | ||||||||||||||||
BALANCE, JUNE 30, 2013
|
$ | 19,025 | $ | 15,854,388 | $ | 27,074,738 | $ | (313,400 | ) | $ | (1,358,071 | ) | $ | 41,276,680 |
See accompanying notes to unaudited condensed consolidated financial statements.
|
4 |
JACKSONVILLE BANCORP, INC.
|
||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 1,772,523 | $ | 1,761,813 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation, amortization and accretion:
|
||||||||
Premises and equipment
|
188,640 | 166,365 | ||||||
Amortization of investment premiums and discounts, net
|
574,012 | 334,966 | ||||||
Accretion of loan discounts
|
(259 | ) | (37,228 | ) | ||||
Net realized gains on sales of available-for-sale securities
|
(688,899 | ) | (526,908 | ) | ||||
Provision for loan losses
|
30,000 | 250,000 | ||||||
Mortgage banking operations, net
|
(146,461 | ) | (213,732 | ) | ||||
Gain on sale of real estate owned
|
- | (30,609 | ) | |||||
Shares held by ESOP commited to be released
|
20,697 | 16,725 | ||||||
Tax benefit related to stock options exercised
|
1,796 | 1,291 | ||||||
Stock option compensation expense
|
44,711 | 22,479 | ||||||
Changes in income taxes payable
|
(467,271 | ) | (205,437 | ) | ||||
Changes in assets and liabilities
|
1,154,674 | 357,497 | ||||||
Net cash provided by operations before loan sales
|
2,484,163 | 1,897,222 | ||||||
Origination of loans for sale to secondary market
|
(14,825,738 | ) | (23,066,615 | ) | ||||
Proceeds from sales of loans to secondary market
|
14,951,997 | 23,082,599 | ||||||
Net cash provided by operating activities
|
2,610,422 | 1,913,206 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of investment and mortgage-backed securities
|
(26,942,590 | ) | (33,802,052 | ) | ||||
Purchases of interest-earning time deposits in other banks
|
- | (496,000 | ) | |||||
Maturity or call of investment securities available-for-sale
|
1,500,000 | 7,328,000 | ||||||
Sale of investment securities available-for-sale
|
18,021,637 | 14,854,329 | ||||||
Principal payments on mortgage-backed and investment securities
|
6,559,637 | 4,707,101 | ||||||
Purchase of bank-owned life insurance
|
- | (2,000,000 | ) | |||||
Proceeds from sale of real estate owned
|
- | 327,395 | ||||||
Net (increase) decrease in loans
|
4,845,484 | (1,551,536 | ) | |||||
Additions to premises and equipment
|
(135,483 | ) | (219,979 | ) | ||||
Net cash provided by (used in) investing activities
|
3,848,685 | (10,852,742 | ) | |||||
(Continued)
|
5 |
JACKSONVILLE BANCORP, INC.
|
||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase (decrease) in deposits
|
$ | (136,245 | ) | $ | 7,312,687 | |||
Net decrease in other borrowings
|
(5,643,553 | ) | (408,050 | ) | ||||
Increase in advance payments by borrowers for taxes and insurance
|
91,942 | 212,046 | ||||||
Exercise of stock options
|
86,893 | 15,499 | ||||||
Purchase and retirement of treasury stock related to stock options
|
(23,454 | ) | - | |||||
Stock repurchases
|
(208,609 | ) | - | |||||
Dividends paid - common stock
|
(283,542 | ) | (282,562 | ) | ||||
Net cash provided by (used in) financing activities
|
(6,116,568 | ) | 6,849,620 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
342,539 | (2,089,916 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
7,293,711 | 11,387,947 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 7,636,250 | $ | 9,298,031 | ||||
ADDITIONAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest on deposits
|
$ | 957,159 | $ | 1,213,658 | ||||
Interest on other borrowings
|
5,241 | 6,683 | ||||||
Income taxes paid
|
1,176,073 | 872,000 | ||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Real estate acquired in settlement of loans
|
$ | - | $ | 217,130 | ||||
Loans to facilitate sales of real estate owned
|
- | 42,750 |
See accompanying notes to unaudited condensed consolidated financial statements.
|
6 |
JACKSONVILLE BANCORP, INC. |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
1.
|
FINANCIAL STATEMENTS
|
2.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
7 |
3.
|
EARNINGS PER SHARE
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||
June 30,
|
June 30,
|
||||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||||
Net income available to common
|
|||||||||||||||||
shareholders
|
$ | 760,075 | $ | 847,063 | $ | 1,772,523 | $ | 1,761,813 | |||||||||
Basic average shares outstanding
|
1,869,499 | 1,886,211 | 1,873,692 | 1,885,638 | |||||||||||||
|
|||||||||||||||||
Diluted potential common shares:
|
|||||||||||||||||
Stock option equivalents
|
299 | 475 | 284 | 326 | |||||||||||||
Diluted average shares outstanding
|
1,869,798 | 1,886,686 | 1,873,976 | 1,885,964 | |||||||||||||
Basic earnings per share
|
$ | 0.41 | $ | 0.45 | $ | 0.95 | $ | 0.93 | |||||||||
Diluted earnings per share
|
$ | 0.41 | $ | 0.45 | $ | 0.95 | $ | 0.93 |
8 |
4.
|
STOCK–BASED COMPENSATION
|
June 30, 2013
|
June 30, 2012
|
|||||||
Unearned shares
|
31,340 | 34,983 | ||||||
Shares committed for release
|
1,098 | 1,079 | ||||||
Allocated shares
|
56,292 | 52,815 | ||||||
Total ESOP shares
|
88,730 | 88,877 | ||||||
Fair value of unearned shares
|
$ | 597,340 | $ | 591,213 |
9 |
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
|
(5,902 | ) | 15.03 | |||||||||||||
Forfeited
|
- | - | ||||||||||||||
Outstanding, June 30, 2013
|
101,436 | $ | 15.63 | 8.66 | $ | 347,735 | ||||||||||
Exercisable, June 30, 2013
|
18,251 | $ | 15.55 | 8.27 | $ | 64,075 |
10 |
5.
|
LOAN PORTFOLIO COMPOSITION
|
June 30, 2013
|
December 31, 2012
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Real estate loans:
|
||||||||||||||||
One-to-four family residential
|
$ | 41,156,553 | 24.4 | % | $ | 41,386,147 | 23.8 | % | ||||||||
Commercial
|
33,004,015 | 19.5 | 30,973,177 | 17.8 | ||||||||||||
Agricultural
|
37,077,179 | 22.0 | 37,392,116 | 21.5 | ||||||||||||
Home equity
|
11,652,179 | 6.9 | 12,733,963 | 7.3 | ||||||||||||
Total real estate loans
|
122,889,926 | 72.8 | 122,485,403 | 70.5 | ||||||||||||
Commercial loans
|
24,400,611 | 14.4 | 29,046,437 | 16.7 | ||||||||||||
Agricultural loans
|
10,676,640 | 6.3 | 10,982,491 | 6.3 | ||||||||||||
Consumer loans
|
14,361,986 | 8.5 | 14,571,819 | 8.4 | ||||||||||||
Total loans receivable
|
172,329,163 | 102.0 | 177,086,150 | 101.9 | ||||||||||||
Less:
|
||||||||||||||||
Net deferred loan fees
|
(21,207 | ) | (0.0 | ) | (6,373 | ) | (0.0 | ) | ||||||||
Allowance for loan losses
|
3,472,536 | 2.0 | 3,339,464 | 1.9 | ||||||||||||
Total loans receivable, net
|
$ | 168,877,834 | 100.0 | % | $ | 173,753,059 | 100.0 | % |
11 |
12 |
13 |
14 |
15 |
16 |
June 30, 2013
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Agricultural | |||||||||||||||||||||||||||||||||||
1-4 Family
|
Real Estate
|
Real Estate
|
Home Equity
|
Commercial
|
Agricultural
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
April 1, 2013
|
$ | 779,243 | $ | 837,443 | $ | 183,780 | $ | 227,620 | $ | 959,663 | $ | 44,570 | $ | 173,674 | $ | 239,976 | $ | 3,445,969 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
48,470 | (67,621 | ) | 1,606 | (11,574 | ) | 11,911 | 8,813 | (6,715 | ) | 15,110 | - | ||||||||||||||||||||||||
Losses charged off
|
- | - | - | - | - | - | (6,427 | ) | - | (6,427 | ) | |||||||||||||||||||||||||
Recoveries
|
840 | 23,687 | - | 525 | 7,341 | - | 601 | - | 32,994 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
June 30, 2013
|
$ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | ||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
January 1, 2013
|
$ | 741,029 | $ | 828,873 | $ | 149,568 | $ | 328,996 | $ | 934,251 | $ | 43,930 | $ | 151,474 | $ | 161,343 | $ | 3,339,464 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
72,053 | (146,933 | ) | 35,818 | (125,975 | ) | 37,323 | 9,453 | 54,518 | 93,743 | 30,000 | |||||||||||||||||||||||||
Losses charged off
|
- | - | - | - | - | - | (52,186 | ) | - | (52,186 | ) | |||||||||||||||||||||||||
Recoveries
|
15,471 | 111,569 | - | 13,550 | 7,341 | - | 7,327 | - | 155,258 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
June 30, 2013
|
$ | 828,553 | $ | 793,509 | $ | 185,386 | $ | 216,571 | $ | 978,915 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 3,472,536 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | - | $ | 231,740 | $ | - | $ | - | $ | 648,701 | $ | - | $ | - | $ | - | $ | 880,441 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 828,553 | $ | 561,769 | $ | 185,386 | $ | 216,571 | $ | 330,214 | $ | 53,383 | $ | 161,133 | $ | 255,086 | $ | 2,592,095 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 41,156,553 | $ | 33,004,015 | $ | 37,077,179 | $ | 11,652,179 | $ | 24,400,611 | $ | 10,676,640 | $ | 14,361,986 | $ | - | $ | 172,329,163 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 420,195 | $ | 1,366,682 | $ | - | $ | 64,765 | $ | 690,046 | $ | - | $ | 6,505 | $ | - | $ | 2,548,193 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 40,736,358 | $ | 31,637,333 | $ | 37,077,179 | $ | 11,587,414 | $ | 23,710,565 | $ | 10,676,640 | $ | 14,355,481 | $ | - | $ | 169,780,970 |
17 |
June 30, 2012
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Agricultural
|
|||||||||||||||||||||||||||||||||||
1-4 Family
|
Real Estate
|
Real Estate
|
Home Equity
|
Commercial
|
Agricultural
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
April 1, 2012
|
$ | 667,641 | $ | 1,098,838 | $ | 123,105 | $ | 349,467 | $ | 708,016 | $ | 62,562 | $ | 128,927 | $ | 192,355 | $ | 3,330,911 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
11,488 | 119,900 | (74,187 | ) | (9,516 | ) | 103,614 | (26,528 | ) | 80,192 | (34,963 | ) | 170,000 | |||||||||||||||||||||||
Losses charged off
|
(70,295 | ) | (257,043 | ) | - | (20,000 | ) | - | - | (50,421 | ) | - | (397,759 | ) | ||||||||||||||||||||||
Recoveries
|
20,618 | - | - | 5,980 | - | - | 753 | - | 27,351 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
June 30, 2012
|
$ | 629,452 | $ | 961,695 | $ | 48,918 | $ | 325,931 | $ | 811,630 | $ | 36,034 | $ | 159,451 | $ | 157,392 | $ | 3,130,503 | ||||||||||||||||||
Beginning Balance,
|
||||||||||||||||||||||||||||||||||||
January 1, 2012
|
$ | 697,223 | $ | 1,107,585 | $ | 115,154 | $ | 309,409 | $ | 711,864 | $ | 58,428 | $ | 138,385 | $ | 158,559 | $ | 3,296,607 | ||||||||||||||||||
Provision charged to
|
||||||||||||||||||||||||||||||||||||
expense
|
(19,719 | ) | 111,153 | (66,236 | ) | 76,761 | 99,450 | (22,394 | ) | 72,152 | (1,167 | ) | 250,000 | |||||||||||||||||||||||
Losses charged off
|
(70,295 | ) | (257,043 | ) | - | (66,744 | ) | - | - | (53,385 | ) | - | (447,467 | ) | ||||||||||||||||||||||
Recoveries
|
22,243 | - | - | 6,505 | 316 | - | 2,299 | - | 31,363 | |||||||||||||||||||||||||||
Ending balance,
|
||||||||||||||||||||||||||||||||||||
June 30, 2012
|
$ | 629,452 | $ | 961,695 | $ | 48,918 | $ | 325,931 | $ | 811,630 | $ | 36,034 | $ | 159,451 | $ | 157,392 | $ | 3,130,503 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | - | $ | 137,608 | $ | - | $ | - | $ | 515,688 | $ | - | $ | 7,359 | $ | - | $ | 660,655 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 629,452 | $ | 824,087 | $ | 48,918 | $ | 325,931 | $ | 295,942 | $ | 36,034 | $ | 152,092 | $ | 157,392 | $ | 2,469,848 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 41,293,201 | $ | 37,868,011 | $ | 32,612,241 | $ | 14,226,553 | $ | 23,953,566 | $ | 10,263,526 | $ | 14,939,089 | $ | - | $ | 175,156,187 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
individually evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 286,800 | $ | 1,389,183 | $ | - | $ | 58,090 | $ | 752,809 | $ | - | $ | 7,359 | $ | - | $ | 2,494,241 | ||||||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||||||||||
collectively evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
$ | 41,006,401 | $ | 36,478,828 | $ | 32,612,241 | $ | 14,168,463 | $ | 23,200,757 | $ | 10,263,526 | $ | 14,931,730 | $ | - | $ | 172,661,946 |
18 |
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 |
19 |
20 |
1-4 Family
|
Commercial Real Estate
|
Agricultural Real Estate
|
Home Equity
|
|||||||||||||||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 37,889,742 | $ | 38,123,451 | $ | 30,644,616 | $ | 28,283,081 | $ | 37,077,179 | $ | 37,392,116 | $ | 10,972,110 | $ | 11,919,440 | ||||||||||||||||
Special Mention
|
910,740 | 1,273,558 | 146,921 | 187,936 | - | - | 242,777 | 272,563 | ||||||||||||||||||||||||
Substandard
|
2,356,071 | 1,989,138 | 2,212,478 | 2,502,160 | - | - | 437,292 | 541,960 | ||||||||||||||||||||||||
Total
|
$ | 41,156,553 | $ | 41,386,147 | $ | 33,004,015 | $ | 30,973,177 | $ | 37,077,179 | $ | 37,392,116 | $ | 11,652,179 | $ | 12,733,963 | ||||||||||||||||
Commercial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 23,696,812 | $ | 28,301,663 | $ | 10,676,640 | $ | 10,982,491 | $ | 14,184,401 | $ | 14,291,487 | $ | 165,141,500 | $ | 169,293,729 | ||||||||||||||||
Special Mention
|
- | 849 | - | - | 96,419 | 111,945 | 1,396,857 | 1,846,851 | ||||||||||||||||||||||||
Substandard
|
703,799 | 743,925 | - | - | 81,166 | 168,387 | 5,790,806 | 5,945,570 | ||||||||||||||||||||||||
Total
|
$ | 24,400,611 | $ | 29,046,437 | $ | 10,676,640 | $ | 10,982,491 | $ | 14,361,986 | $ | 14,571,819 | $ | 172,329,163 | $ | 177,086,150 |
June 30, 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
|
$ | 389,717 | $ | 86,357 | $ | 783,457 | $ | 1,259,531 | $ | 39,897,022 | $ | 41,156,553 | $ | 75,011 | ||||||||||||||
Commercial real estate
|
17,242 | - | 259,791 | 277,033 | 32,726,982 | 33,004,015 | - | |||||||||||||||||||||
Agricultural real estate
|
- | - | - | - | 37,077,179 | 37,077,179 | - | |||||||||||||||||||||
Home equity
|
143,748 | 62,047 | 103,900 | 309,695 | 11,342,484 | 11,652,179 | - | |||||||||||||||||||||
Commercial
|
- | - | - | - | 24,400,611 | 24,400,611 | - | |||||||||||||||||||||
Agricultural
|
- | - | - | - | 10,676,640 | 10,676,640 | - | |||||||||||||||||||||
Consumer
|
127,237 | 21,274 | 28,845 | 177,356 | 14,184,630 | 14,361,986 | - | |||||||||||||||||||||
Total
|
$ | 677,944 | $ | 169,678 | $ | 1,175,993 | $ | 2,023,615 | $ | 170,305,548 | $ | 172,329,163 | $ | 75,011 |
21 |
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 | $ | - |
22 |
Three Months Ended June 30, 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
|
$ | 420,195 | $ | 420,195 | $ | - | $ | 421,929 | $ | 3,260 | $ | 1,552 | ||||||||||||
Commercial real estate
|
166,587 | 166,587 | - | 221,892 | 6,798 | 6,759 | ||||||||||||||||||
Home equity
|
64,756 | 64,756 | - | 53,741 | 962 | 954 | ||||||||||||||||||
Consumer
|
6,605 | 6,605 | - | 6,907 | 122 | 130 | ||||||||||||||||||
Loans with a specific allowance:
|
||||||||||||||||||||||||
Commercial real estate
|
1,200,095 | 1,200,095 | 231,740 | 1,206,167 | 15,872 | 16,536 | ||||||||||||||||||
Commercial
|
690,046 | 690,046 | 648,701 | 731,642 | 7,724 | 7,809 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
One-to-four family residential
|
420,195 | 420,195 | - | 421,929 | 3,260 | 1,552 | ||||||||||||||||||
Commercial real estate
|
1,366,682 | 1,366,682 | 231,740 | 1,428,059 | 22,670 | 23,295 | ||||||||||||||||||
Commercial
|
690,046 | 690,046 | 648,701 | 731,642 | 7,724 | 7,809 | ||||||||||||||||||
Home equity
|
64,765 | 64,765 | - | 53,741 | 962 | 954 | ||||||||||||||||||
Consumer
|
6,505 | 6,505 | - | 6,907 | 122 | 130 | ||||||||||||||||||
Total
|
$ | 2,548,193 | $ | 2,548,193 | $ | 880,441 | $ | 2,642,278 | $ | 34,738 | $ | 33,740 |
Six Months Ended June 30, 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
|
$ | 420,195 | $ | 420,195 | $ | - | $ | 423,155 | $ | 7,502 | $ | 5,729 | ||||||||||||
Commercial real estate
|
166,587 | 166,587 | - | 216,917 | 6,798 | 6,759 | ||||||||||||||||||
Home equity
|
64,765 | 64,765 | - | 48,879 | 1,825 | 1,815 | ||||||||||||||||||
Consumer
|
6,505 | 6,505 | - | 7,385 | 259 | 239 | ||||||||||||||||||
Loans with a specific allowance:
|
||||||||||||||||||||||||
Commercial real estate
|
1,200,095 | 1,200,095 | 231,740 | 1,222,921 | 38,506 | 39,059 | ||||||||||||||||||
Commercial
|
690,046 | 690,046 | 648,701 | 739,709 | 17,440 | 17,839 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
One-to-four family residential
|
420,195 | 420,195 | - | 423,155 | 7,502 | 5,729 | ||||||||||||||||||
Commercial real estate
|
1,366,682 | 1,366,682 | 231,740 | 1,439,838 | 45,304 | 45,818 | ||||||||||||||||||
Commercial
|
690,046 | 690,046 | 648,701 | 739,709 | 17,440 | 17,839 | ||||||||||||||||||
Home equity
|
64,765 | 64,765 | - | 48,879 | 1,825 | 1,815 | ||||||||||||||||||
Consumer
|
6,505 | 6,505 | - | 7,385 | 259 | 239 | ||||||||||||||||||
Total
|
$ | 2,548,193 | $ | 2,548,193 | $ | 880,441 | $ | 2,658,966 | $ | 72,330 | $ | 71,440 |
23 |
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 |
24 |
June 30, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 616,734 | $ | 267,916 | ||||
Commercial real estate
|
1,086,089 | 1,011,350 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
81,824 | 84,123 | ||||||
Commercial loans
|
662,382 | 701,271 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
33,146 | 91,206 | ||||||
Total
|
$ | 2,480,175 | $ | 2,155,866 |
June 30, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 505,942 | $ | 127,399 | ||||
Commercial real estate
|
1,086,089 | 983,450 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
76,683 | 84,123 | ||||||
Commercial loans
|
662,382 | 701,271 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
33,146 | 89,045 | ||||||
Total
|
$ | 2,364,242 | $ | 1,985,288 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2013
|
June 30, 2013
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
Modifications
|
Investment
|
Modifications
|
Investment
|
|||||||||||||
One-to-four family residential
|
3 | $ | 234,015 | 6 | $ | 383,982 | ||||||||||
Commercial real estate
|
- | - | 2 | 114,567 | ||||||||||||
Agricultural real estate
|
- | - | - | - | ||||||||||||
Home equity
|
- | - | - | - | ||||||||||||
Commercial loans
|
- | - | - | - | ||||||||||||
Agricultural loans
|
- | - | - | - | ||||||||||||
Consumer loans
|
- | - | 2 | 14,151 | ||||||||||||
Total
|
3 | $ | 234,015 | 10 | $ | 512,700 |
25 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2012
|
June 30, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
Modifications
|
Investment
|
Modifications
|
Investment
|
|||||||||||||
One-to-four family residential
|
- | $ | - | 1 | $ | 44,267 | ||||||||||
Commercial real estate
|
- | - | - | - | ||||||||||||
Agricultural real estate
|
- | - | - | - | ||||||||||||
Home equity
|
- | - | 1 | 6,041 | ||||||||||||
Commercial loans
|
2 | 269,909 | 2 | 269,909 | ||||||||||||
Agricultural loans
|
- | - | - | - | ||||||||||||
Consumer loans
|
2 | 18,818 | 2 | 18,818 | ||||||||||||
Total
|
4 | $ | 288,727 | 6 | $ | 339,035 |
26 |
June 30, 2013
|
December 31, 2012
|
|||||||
One-to-four family residential
|
$ | 1,326,814 | $ | 1,203,328 | ||||
Commercial real estate
|
386,637 | 560,073 | ||||||
Agricultural real estate
|
- | - | ||||||
Home equity
|
226,870 | 276,877 | ||||||
Commercial loans
|
44,253 | 51,436 | ||||||
Agricultural loans
|
- | - | ||||||
Consumer loans
|
41,580 | 122,064 | ||||||
Total
|
$ | 2,026,154 | $ | 2,213,778 |
27 |
6.
|
INVESTMENTS
|
Gross
|
Gross
|
||||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
||||||||||||||
June 30, 2013:
|
|||||||||||||||||
U.S. government and agencies
|
$ | 11,303,602 | $ | 132,720 | $ | (284,471 | ) | $ | 11,151,851 | ||||||||
Mortgage-backed securities (government-
|
|||||||||||||||||
sponsored enterprises - residential)
|
50,357,410 | 342,900 | (1,364,806 | ) | 49,335,504 | ||||||||||||
Municipal bonds
|
50,320,780 | 1,146,753 | (2,030,779 | ) | 49,436,754 | ||||||||||||
$ | 111,981,792 | $ | 1,622,373 | $ | (3,680,056 | ) | $ | 109,924,109 | |||||||||
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
|
$ | 100,814 | $ | 101,369 | ||||
One to five years
|
10,272,899 | 10,634,124 | ||||||
Five to ten years
|
22,312,885 | 22,240,606 | ||||||
After ten years
|
28,937,784 | 27,612,506 | ||||||
61,624,382 | 60,588,605 | |||||||
Mortgage-backed securities (government-
|
||||||||
sponsored enterprises - residential)
|
50,357,410 | 49,335,504 | ||||||
$ | 111,981,792 | $ | 109,924,109 |
28 |
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
|||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
|||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
||||||||||||||||||||
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
||||||||||||||||||||
June 30, 2013:
|
|||||||||||||||||||||||||
Municipal bonds
|
$ | (2,019,789 | ) | $ | 22,730,151 | $ | (10,990 | ) | $ | 158,375 | $ | (2,030,779 | ) | $ | 22,888,526 | ||||||||||
U.S. government and agencies
|
(284,471 | ) | 6,002,570 | - | - | (284,471 | ) | 6,002,570 | |||||||||||||||||
Subtotal
|
(2,304,260 | ) | 28,732,721 | (10,990 | ) | 158,375 | (2,315,250 | ) | 28,891,096 | ||||||||||||||||
Mortgage-backed securities
|
|||||||||||||||||||||||||
(government sponsored
|
|||||||||||||||||||||||||
enterprises - residential)
|
(1,364,806 | ) | 36,109,729 | - | - | $ | (1,364,806 | ) | $ | 36,109,729 | |||||||||||||||
Total
|
$ | (3,669,066 | ) | $ | 64,842,450 | $ | (10,990 | ) | $ | 158,375 | $ | (3,680,056 | ) | $ | 65,000,825 | ||||||||||
December 31, 2012:
|
|||||||||||||||||||||||||
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 |
29 |
7.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
June 30, 2013
|
December 31, 2012
|
|||||||
Net unrealized gains (losses) on securities
|
||||||||
available-for-sale
|
$ | (2,057,683 | ) | $ | 4,388,778 | |||
Tax effect
|
699,612 | (1,492,185 | ) | |||||
Net-of-tax amount
|
$ | (1,358,071 | ) | $ | 2,896,593 |
8.
|
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT
|
Amounts Reclassified
|
|||||||||||||||||
from AOCI
|
|||||||||||||||||
Three Months Ended
|
Six Months Ended
|
Affected Line Item in the
|
|||||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
Statements of Income
|
|||||||||||||
Unrealized gains (losses) on
|
Net realized gains on sales of
|
||||||||||||||||
available-for-sale securities
|
$ | 104,668 | $ | 301,580 | $ | 688,899 | $ | 526,908 |
available-for-sale securities
|
||||||||
Tax effect
|
(35,587 | ) | (102,537 | ) | (234,226 | ) | (179,149 | ) |
Income taxes
|
||||||||
Total reclassification out
|
|||||||||||||||||
of AOCI
|
$ | 69,081 | $ | 199,043 | $ | 454,673 | $ | 347,759 |
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
|
30 |
June 30, 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
|
$ | 11,151,851 | $ | - | $ | 11,151,851 | $ | - | ||||||||
Mortgage-backed securities
|
||||||||||||||||
(Government sponsored
|
||||||||||||||||
enterprises - residential)
|
49,335,504 | - | 49,335,504 | - | ||||||||||||
Municipal bonds
|
49,436,754 | - | 49,436,754 | - |
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 | - |
31 |
June 30, 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)
|
$ | 598,272 | $ | - | $ | - | $ | 598,272 | ||||||||
Real estate owned
|
137,193 | - | - | 137,193 |
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 |
32 |
Fair Value at 6/30/13
|
Valuation Technique
|
Unobservable Inputs
|
Range (Weighted Average)
|
|||||||
Real estate owned
|
$ | 137,193 |
Market comparable
properties |
Comparability adjustments (%)
|
Not available
|
|||||
Collateral-dependent
impaired loans |
598,272 |
Market comparable
properties |
Marketability discount
|
20% – 30%(25%) |
Fair Value at 12/31/12
|
Valuation Technique
|
Unobservable Inputs
|
Range (Weighted Average)
|
|||||||
Real estate owned
|
$ | 137,193 |
Market comparable
properties |
Comparability adjustments (%)
|
(26%) | |||||
Collateral-dependent
impaired loans |
1,032,580 |
Market comparable
properties |
Marketability discount
|
20% – 30%(25%) |
33 |
June 30, 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
|
$ | 7,636,250 | $ | 7,636,250 | $ | - | $ | - | |||||||||
Interest earning time deposits in banks
|
2,972,000 | - | 2,972,000 | - | |||||||||||||
Other investments
|
89,497 | - | 89,497 | - | |||||||||||||
Loans held for sale
|
742,147 | - | 742,147 | - | |||||||||||||
Loans, net of allowance for loan losses
|
168,877,834 | - | - | 167,198,862 | |||||||||||||
Federal Home Loan Bank stock
|
1,113,800 | - | 1,113,800 | - | |||||||||||||
Interest receivable
|
2,078,170 | - | 2,078,170 | - | |||||||||||||
Financial Liabilities
|
|||||||||||||||||
Deposits
|
258,384,484 | - | 141,533,115 | 119,819,125 | |||||||||||||
Short-term borrowings
|
7,097,057 | - | 7,097,057 | - | |||||||||||||
Advances from borrowers for taxes and insurance
|
924,287 | - | 924,287 | - | |||||||||||||
Interest payable
|
240,747 | - | 240,747 | - | |||||||||||||
Unrecognized financial instruments (net of contract amount)
|
|||||||||||||||||
Commitments to originate loans
|
- | - | - | - | |||||||||||||
Letters of credit
|
- | - | - | - | |||||||||||||
Lines of credit
|
- | - | - | - |
34 |
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
|
- | - | - | - |
35 |
10.
|
MORTGAGE SERVICING RIGHTS
|
June 30, 2013
|
December 31, 2012
|
|||||||
Balance, beginning of year
|
$ | 664,436 | $ | 697,733 | ||||
Servicing rights capitalized
|
63,515 | 219,975 | ||||||
Amortization of servicing rights
|
(85,946 | ) | (297,784 | ) | ||||
Change in valuation allowance
|
12,472 | 44,512 | ||||||
Balance, end of period
|
$ | 654,477 | $ | 664,436 |
June 30, 2013
|
December 31, 2012
|
|||||||
Balance, beginning of year
|
$ | 129,279 | $ | 173,791 | ||||
Additions
|
- | - | ||||||
Reductions
|
(12,472 | ) | (44,512 | ) | ||||
Balance, end of period
|
$ | 116,807 | $ | 129,279 |
11.
|
INCOME TAXES
|
June 30, 2013
|
June 30, 2012
|
|||||||
Computed at the statutory rate (34%)
|
$ | 843,829 | $ | 825,321 | ||||
Increase (decrease) resulting from
|
||||||||
Tax exempt interest
|
(249,632 | ) | (268,978 | ) | ||||
State income taxes, net
|
146,828 | 141,573 | ||||||
Increase in cash surrender value
|
(32,555 | ) | (32,054 | ) | ||||
Other, net
|
856 | (261 | ) | |||||
Actual tax expense
|
$ | 709,326 | $ | 665,601 |
36 |
12.
|
COMMITMENTS AND CONTINGENCIES
|
37 |
JACKSONVILLE BANCORP, INC.
|
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
38 |
39 |
40 |
41 |
June 30, 2013
|
December 31, 2012
|
|||||||
Non-accruing loans:
|
||||||||
One-to-four family residential
|
$ | 1,326,814 | $ | 1,203,328 | ||||
Commercial real estate
|
386,637 | 560,073 | ||||||
Commercial business
|
44,253 | 51,436 | ||||||
Home equity
|
226,870 | 276,877 | ||||||
Consumer
|
41,580 | 122,064 | ||||||
Total
|
$ | 2,026,154 | $ | 2,213,778 | ||||
Accruing loans delinquent more than 90 days:
|
||||||||
One-to-four family residential
|
75,011 | - | ||||||
Total
|
$ | 75,011 | $ | - | ||||
Real estate owned:
|
||||||||
Commercial real estate
|
137,193 | 137,193 | ||||||
Total
|
$ | 137,193 | $ | 137,193 | ||||
Total nonperforming assets
|
$ | 2,238,358 | $ | 2,350,971 | ||||
Total as a percentage of total assets
|
0.71 | % | 0.73 | % |
42 |
June 30, 2013
|
December 31, 2012
|
|||||||
Special Mention credits
|
$ | 1,396,857 | $ | 1,846,851 | ||||
Substandard credits
|
5,790,806 | 5,945,570 | ||||||
Total watch list credits
|
$ | 7,187,663 | $ | 7,792,421 |
43 |
44 |
Six Months Ended
|
||||||||
June 30, 2013
|
June 30, 2012
|
|||||||
Balance at beginning of period
|
$ | 3,339,464 | $ | 3,296,607 | ||||
Charge-offs:
|
||||||||
One-to-four family residential
|
- | 70,295 | ||||||
Commercial real estate
|
- | 257,043 | ||||||
Home equity
|
- | 66,744 | ||||||
Consumer
|
52,186 | 53,385 | ||||||
Total
|
52,186 | 447,467 | ||||||
Recoveries:
|
||||||||
One-to-four family residential
|
15,471 | 22,243 | ||||||
Commercial real estate
|
111,569 | - | ||||||
Commercial business
|
7,341 | 316 | ||||||
Home equity
|
13,550 | 6,505 | ||||||
Consumer
|
7,327 | 2,299 | ||||||
Total
|
155,258 | 31,363 | ||||||
Net loan charge-offs
|
(103,072 | ) | 416,104 | |||||
Additions charged to operations
|
30,000 | 250,000 | ||||||
Balance at end of period
|
$ | 3,472,536 | $ | 3,130,503 |
45 |
June 30, 2013
|
December 31, 2012
|
|||||||
Commitments to fund loans
|
$ | 44,090,675 | $ | 34,748,383 | ||||
Standby letters of credit
|
360,000 | 368,390 |
46 |
June 30, 2013
|
December 31, 2012
|
Minimum
|
||||||||||
Actual
|
Actual
|
Required
|
||||||||||
Tier 1 Capital to Average Assets
|
11.58 | % | 10.89 | % | 4.00 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets
|
17.44 | % | 16.46 | % | 4.00 | % | ||||||
Total Capital to Risk-Weighted Assets
|
18.69 | % | 17.72 | % | 8.00 | % |
47 |
Consolidated Average Balance Sheet and Interest Rates
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Three Months Ended June 30,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Interest-earnings assets:
|
||||||||||||||||||||||||
Loans
|
$ | 171,318 | $ | 2,299 | 5.37 | % | $ | 172,705 | $ | 2,461 | 5.70 | % | ||||||||||||
Investment securities
|
59,920 | 442 | 2.95 | % | 58,578 | 502 | 3.43 | % | ||||||||||||||||
Mortgage-backed securities
|
50,150 | 172 | 1.37 | % | 46,188 | 253 | 2.19 | % | ||||||||||||||||
Other
|
10,473 | 12 | 0.46 | % | 12,678 | 12 | 0.39 | % | ||||||||||||||||
Total interest-earning assets
|
291,861 | 2,925 | 4.01 | % | 290,149 | 3,228 | 4.45 | % | ||||||||||||||||
Non-interest earnings assets
|
21,548 | 22,297 | ||||||||||||||||||||||
Total assets
|
$ | 313,409 | $ | 312,446 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 233,594 | $ | 452 | 0.77 | % | $ | 237,455 | $ | 584 | 0.98 | % | ||||||||||||
Other borrowings
|
5,952 | 3 | 0.17 | % | 5,419 | 4 | 0.29 | % | ||||||||||||||||
Total interest-bearing liabilities
|
239,546 | 455 | 0.76 | % | 242,874 | 588 | 0.97 | % | ||||||||||||||||
Non-interest bearing liabilities
|
29,652 | 26,959 | ||||||||||||||||||||||
Stockholders’ equity
|
44,211 | 42,613 | ||||||||||||||||||||||
Total liabilities/stockholders’ equity
|
$ | 313,409 | $ | 312,446 | ||||||||||||||||||||
Net interest income
|
$ | 2,470 | $ | 2,640 | ||||||||||||||||||||
Interest rate spread (average yield earned minus average rate paid)
|
3.25 | % | 3.48 | % | ||||||||||||||||||||
Net interest margin (net interest income divided by average interest-earning assets)
|
3.39 | % | 3.64 | % |
48 |
(In thousands)
|
||||||||||||
Three Months Ended June 30,
|
||||||||||||
2013 Compared to 2012
|
||||||||||||
Increase(Decrease) Due to
|
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
Interest-earnings assets:
|
||||||||||||
Loans
|
$ | (142 | ) | $ | (20 | ) | $ | (162 | ) | |||
Investment securities
|
(71 | ) | 11 | (60 | ) | |||||||
Mortgage-backed securities
|
(101 | ) | 20 | (81 | ) | |||||||
Other
|
2 | (2 | ) | - | ||||||||
Total net change in income on interest-earning assets
|
(312 | ) | 9 | (303 | ) | |||||||
Interest-bearing liabilities:
|
||||||||||||
Deposits
|
(123 | ) | (9 | ) | (132 | ) | ||||||
Other borrowings
|
(1 | ) | - | (1 | ) | |||||||
Total net change in expense on interest-bearing liabilities
|
(124 | ) | (9 | ) | (133 | ) | ||||||
Net change in net interest income
|
$ | (188 | ) | $ | 18 | $ | (170 | ) |
49 |
Consolidated Average Balance Sheet and Interest Rates
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Six Months Ended June 30,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Interest-earnings assets:
|
||||||||||||||||||||||||
Loans
|
$ | 171,957 | $ | 4,645 | 5.40 | % | $ | 171,337 | $ | 5,002 | 5.84 | % | ||||||||||||
Investment securities
|
58,078 | 876 | 3.02 | % | 58,772 | 1,026 | 3.48 | % | ||||||||||||||||
Mortgage-backed securities
|
50,466 | 332 | 1.32 | % | 43,952 | 458 | 2.08 | % | ||||||||||||||||
Other
|
11,060 | 24 | 0.43 | % | 14,199 | 24 | 0.33 | % | ||||||||||||||||
Total interest-earning assets
|
291,561 | 5,877 | 4.03 | % | 288,260 | 6,510 | 4.52 | % | ||||||||||||||||
Non-interest earnings assets
|
21,638 | 22,030 | ||||||||||||||||||||||
Total assets
|
$ | 313,199 | $ | 310,290 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 234,159 | $ | 921 | 0.79 | % | $ | 236,573 | $ | 1,188 | 1.00 | % | ||||||||||||
Other borrowings
|
5,026 | 5 | 0.21 | % | 4,943 | 7 | 0.27 | % | ||||||||||||||||
Total interest-bearing liabilities
|
239,185 | 926 | 0.77 | % | 241,516 | 1,195 | 0.99 | % | ||||||||||||||||
Non-interest bearing liabilities
|
29,852 | 26,450 | ||||||||||||||||||||||
Stockholders’ equity
|
44,162 | 42,324 | ||||||||||||||||||||||
Total liabilities/stockholders’ equity
|
$ | 313,199 | $ | 310,290 | ||||||||||||||||||||
Net interest income
|
$ | 4,951 | $ | 5,315 | ||||||||||||||||||||
Interest rate spread (average yield earned minus average rate paid)
|
3.26 | % | 3.53 | % | ||||||||||||||||||||
Net interest margin (net interest income divided by average interest-earning assets)
|
3.40 | % | 3.69 | % |
50 |
2013 Compared to 2012
|
||||||||||||
Increase(Decrease) Due to
|
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
Interest-earnings assets:
|
||||||||||||
Loans
|
$ | (375 | ) | $ | 18 | $ | (357 | ) | ||||
Investment securities
|
(138 | ) | (12 | ) | (150 | ) | ||||||
Mortgage-backed securities
|
(187 | ) | 61 | (126 | ) | |||||||
Other
|
6 | (6 | ) | - | ||||||||
Total net change in income on interest-earning assets
|
(694 | ) | 61 | (633 | ) | |||||||
Interest-bearing liabilities:
|
||||||||||||
Deposits
|
(255 | ) | (12 | ) | (267 | ) | ||||||
Other borrowings
|
(1 | ) | - | (1 | ) | |||||||
Total net change in expense on interest-bearing liabilities
|
(256 | ) | (12 | ) | (268 | ) | ||||||
Net change in net interest income
|
$ | (438 | ) | $ | 73 | $ | (365 | ) |
51 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Change in Net Interest Income
|
|||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
June 30, 2013
|
December 31, 2012
|
ALCO
|
|||||||||||||||
Rate Shock:
|
$ Change
|
% Change
|
$ Change
|
% Change
|
Benchmark
|
||||||||||||
+ 300 basis points
|
(20 | ) | -0.18 | % | (193 | ) | -1.64 | % |
> (20.00)%
|
||||||||
+ 200 basis points
|
35 | 0.31 | % | (95 | ) | -0.81 | % |
> (12.50)%
|
|||||||||
+ 100 basis points
|
102 | 0.91 | % | (34 | ) | -0.29 | % |
> (12.50)%
|
|||||||||
- 100 basis points
|
(157 | ) | -1.40 | % | (503 | ) | -4.26 | % |
> (20.00)%
|
52 |
53 |
ITEM 4. CONTROLS AND PROCEDURES |
54 |
Item 1. |
Legal Proceedings
|
At June 30, 2013, the Company is not involved in any pending legal proceedings other than non-material legal proceedings undertaken in the normal course of business.
|
|
Item 1.A. |
Risk Factors
|
There have been no material changes in the Company’s risk factors from those disclosed in its annual report on Form 10-K.
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
The following table sets forth the issuer purchases of equity securities during the prior three months.
|
Total
number of
shares
purchased
|
Average
price paid
per share
|
Total number of
shares purchased
under publicly
announced plan
|
Maximum number of
shares that may be
purchased under the
repurchase plan
|
|
April 1 – April 30
|
10,753
|
$19.40
|
10,753
|
62,194
|
May 1 – May 31
|
-
|
-
|
-
|
62,194
|
June 1 – June 30
|
-
|
-
|
-
|
62,194
|
Item 3. |
Defaults Upon Senior Securities
|
None.
|
|
Item 4. |
Mine Safety Disclosures
|
None. | |
Item 5. | Other Information |
None. | |
Item 6. | Exhibits |
31.1 - Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
|
32.2 - Certification of the Chief Financial 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
|
|
101 INS - XBRL Instance Document
|
|
101 SCH - XBRL Taxonomy Extension Schema Document
|
|
101 CAL - XBRL Taxonomy Calculation Linkbase Document
|
|
101 DEF - XBRL Taxonomy Extension Definition Linkbase Document
|
|
101 LAB - XBRL Taxonomy Label Linkbase Document
|
|
101 PRE - XBRL Taxonomy Presentation Linkbase Document
|
55 |
JACKSONVILLE BANCORP, INC.
|
|||
Registrant
|
|||
Date: 08/07/2013
|
/s/ Richard A. Foss | ||
Richard A. Foss | |||
President and Chief Executive Officer | |||
/s/ Diana S. Tone | |||
Diana S. Tone | |||
Chief Financial Officer |
56 |
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Jacksonville Bancorp, Inc.;
|
|
2.
|
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;
|
|
3.
|
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;
|
|
4.
|
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:
|
|
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 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;
|
|
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 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 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):
|
|
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 controls over financial reporting.
|
08/07/2013
|
/s/ Richard A. Foss | |
Date | Richard A. Foss | |
President and Chief Executive Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Jacksonville Bancorp, Inc.;
|
|
2.
|
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;
|
|
3.
|
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;
|
|
4.
|
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:
|
|
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 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;
|
|
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 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 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):
|
|
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 controls over financial reporting.
|
08/07/13
|
/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.
|
08/07/13
|
/s/Richard A. Foss | |
Date | Richard A. Foss | |
President and Chief Executive Officer
|
08/07/13
|
/s/Diana S. Tone | |
Date | Diana S. Tone | |
Chief Financial Officer
|
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT |
Amounts reclassified from AOCI and the affected line items in the statements of income during the three and six months ended June 30, 2013 and 2012, were as follows:
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
INTEREST INCOME: | ||||
Loans | $ 2,299,427 | $ 2,461,445 | $ 4,644,989 | $ 5,001,988 |
Investment securities | 441,778 | 501,739 | 876,052 | 1,026,241 |
Mortgage-backed securities | 171,551 | 252,869 | 332,119 | 458,194 |
Other | 11,958 | 12,245 | 23,721 | 23,766 |
Total interest income | 2,924,714 | 3,228,298 | 5,876,881 | 6,510,189 |
INTEREST EXPENSE: | ||||
Deposits | 451,698 | 583,718 | 921,148 | 1,188,464 |
Other borrowings | 2,600 | 3,892 | 5,241 | 6,683 |
Total interest expense | 454,298 | 587,610 | 926,389 | 1,195,147 |
NET INTEREST INCOME | 2,470,416 | 2,640,688 | 4,950,492 | 5,315,042 |
PROVISION FOR LOAN LOSSES | 170,000 | 30,000 | 250,000 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,470,416 | 2,470,688 | 4,920,492 | 5,065,042 |
NON-INTEREST INCOME: | ||||
Fiduciary activities | 58,007 | 60,944 | 124,109 | 138,720 |
Commission income | 289,711 | 265,811 | 598,871 | 512,228 |
Service charges on deposit accounts | 206,711 | 208,992 | 408,137 | 399,494 |
Mortgage banking operations, net | 75,844 | 96,606 | 146,461 | 213,732 |
Net realized gains on sales of available-for-sale securities | 104,668 | 301,580 | 688,899 | 526,908 |
Loan servicing fees | 91,599 | 88,767 | 185,122 | 179,029 |
Other | 201,268 | 163,083 | 362,247 | 320,057 |
Total non-interest income | 1,027,808 | 1,185,783 | 2,513,846 | 2,290,168 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,585,829 | 1,602,441 | 3,186,564 | 3,175,383 |
Occupancy and equipment | 258,764 | 241,759 | 512,430 | 490,012 |
Data processing and telecommunications | 140,099 | 140,551 | 283,522 | 270,194 |
Professional | 72,077 | 81,821 | 157,370 | 133,250 |
Postage and office supplies | 62,574 | 68,090 | 131,238 | 134,249 |
Deposit insurance premium | 39,226 | 38,452 | 77,346 | 77,419 |
Other | 309,041 | 337,581 | 604,019 | 647,289 |
Total non-interest expense | 2,467,610 | 2,510,695 | 4,952,489 | 4,927,796 |
INCOME BEFORE INCOME TAXES | 1,030,614 | 1,145,776 | 2,481,849 | 2,427,414 |
INCOME TAXES | 270,539 | 298,713 | 709,326 | 665,601 |
NET INCOME | $ 760,075 | $ 847,063 | $ 1,772,523 | $ 1,761,813 |
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.95 | $ 0.93 |
NET INCOME PER COMMON SHARE - DILUTED (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.95 | $ 0.93 |
FINANCIAL STATEMENTS
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6 Months Ended | ||
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Jun. 30, 2013
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Accounting Policies [Abstract] | |||
FINANCIAL STATEMENTS |
The accompanying interim condensed consolidated financial statements include the accounts of Jacksonville Bancorp, Inc. and its wholly-owned subsidiary, Jacksonville Savings Bank (the “Bank”) and its wholly-owned subsidiary, Financial Resources Group, Inc. collectively (the “Company”). All significant intercompany accounts and transactions have been eliminated.
In the opinion of management, the preceding unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the financial condition of the Company as of June 30, 2013 and December 31, 2012 and the results of its operations for the three and six month periods ended June 30, 2013 and 2012. The results of operations for the three and six month periods ended June 30, 2013 are not necessarily indicative of the results which may be expected for the entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2012 filed as an exhibit to the Company’s Form 10-K filed in March, 2013. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP) and to prevailing practices within the industry.
Certain amounts included in the 2012 consolidated statements have been reclassified to conform to the 2013 presentation. |
LOAN PORTFOLIO COMPOSITION (Tables)
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Jun. 30, 2013
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Schedule of composition of loan portfolio |
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Schedule of allowance for loan losses and recorded investment in loans based on portfolio segment and impairment method |
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Schedule of credit risk profile of loan portfolio based on rating category and payment activity |
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Schedule of loan portfolio aging analysis |
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Schedule of impaired loan |
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Schedule of recorded balance at original cost of troubled debt restructurings |
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Schedule of recorded balance at original cost of troubled debt restructurings which were performing according to terms of restructuring |
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Schedule of loans modified as troubled debt restructurings |
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Schedule of nonaccrual loans |
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DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Detail Textuals) (Significant Unobservable Inputs (Level 3), USD $)
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6 Months Ended | 12 Months Ended |
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Jun. 30, 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 | $ (7,485) | $ (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) |
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed 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 June 30, 2013 and December 31, 2012:
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 condensed 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 period ended June 30, 2013.
Available-for-Sale Securities - Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. 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.
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 June 30, 2013 and December 31, 2012:
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 condensed 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 $(7,485) at June 30, 2013 and $(183,319) at December 31, 2012.
Real Estate Owned – 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 $0 at June 30, 2013 and $(56,193) at December 31, 2012
Unobservable (Level 3) Inputs
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements (dollars in thousands).
Fair Value of 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 June 30, 2013 and December 31, 2012:
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. |
MORTGAGE SERVICING RIGHTS- Mortgage Servicing Rights Measured using Amortization Method with Aggregate Activity in Related Valuation Allowances - Activity in the balance of mortgage servicing rights, measured using the amortization method (Details) (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Transfers And Servicing [Abstract] | ||
Balance, beginning of year | $ 664,436 | $ 697,733 |
Servicing rights capitalized | 63,515 | 219,975 |
Amortization of servicing rights | (85,946) | (297,784) |
Change in valuation allowance | 12,472 | 44,512 |
Balance, end of period | $ 654,477 | $ 664,436 |
LOAN PORTFOLIO COMPOSITION - Credit Risk Profile of Loan Portfolio based on Rating Category and Payment Activity (Details 2) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|---|
Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 165,141,500 | $ 169,293,729 | |
Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 1,396,857 | 1,846,851 | |
Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 5,790,806 | 5,945,570 | |
Loans Receivable
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 172,329,163 | 177,086,150 | 175,156,187 |
Loans Receivable | One-to-four family residential
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 41,156,553 | 41,386,147 | 41,293,201 |
Loans Receivable | One-to-four family residential | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 37,889,742 | 38,123,451 | |
Loans Receivable | One-to-four family residential | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 910,740 | 1,273,558 | |
Loans Receivable | One-to-four family residential | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 2,356,071 | 1,989,138 | |
Loans Receivable | Commercial real estate
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 33,004,015 | 30,973,177 | 37,868,011 |
Loans Receivable | Commercial real estate | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 30,644,616 | 28,283,081 | |
Loans Receivable | Commercial real estate | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 146,921 | 187,936 | |
Loans Receivable | Commercial real estate | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 2,212,478 | 2,502,160 | |
Loans Receivable | Agricultural real estate
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 37,077,179 | 37,392,116 | 32,612,241 |
Loans Receivable | Agricultural real estate | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 37,077,179 | 37,392,116 | |
Loans Receivable | Agricultural real estate | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Loans Receivable | Agricultural real estate | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Loans Receivable | Home equity
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 11,652,179 | 12,733,963 | 14,226,553 |
Loans Receivable | Home equity | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 10,972,110 | 11,919,440 | |
Loans Receivable | Home equity | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 242,777 | 272,563 | |
Loans Receivable | Home equity | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 437,292 | 541,960 | |
Loans Receivable | Commercial loans
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 24,400,611 | 29,046,437 | 23,953,566 |
Loans Receivable | Commercial loans | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 23,696,812 | 28,301,663 | |
Loans Receivable | Commercial loans | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 849 | ||
Loans Receivable | Commercial loans | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 703,799 | 743,925 | |
Loans Receivable | Agricultural loans
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 10,676,640 | 10,982,491 | 10,263,526 |
Loans Receivable | Agricultural loans | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 10,676,640 | 10,982,491 | |
Loans Receivable | Agricultural loans | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Loans Receivable | Agricultural loans | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | |||
Loans Receivable | Consumer loans
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 14,361,986 | 14,571,819 | 14,939,089 |
Loans Receivable | Consumer loans | Pass
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 14,184,401 | 14,291,487 | |
Loans Receivable | Consumer loans | Special Mention
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | 96,419 | 111,945 | |
Loans Receivable | Consumer loans | Substandard
|
|||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans receivable gross | $ 81,166 | $ 168,387 |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) BY COMPONENT (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Changes In Accumulated Other Comprehensive Income (Aoci) By Component [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reclassified from AOCI and the affected line items in the statements of income |
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income |
|
STOCK BASED COMPENSATION - Stock Option Activity (Details 1) (USD $)
|
1 Months Ended | 6 Months Ended |
---|---|---|
Apr. 24, 2012
|
Jun. 30, 2013
Stock Options
|
|
Shares | ||
Outstanding, December 31, 2012 | 107,338 | |
Granted | 104,035 | |
Exercised | (5,902) | |
Forfeited | ||
Outstanding, June 30, 2013 | 101,436 | |
Exercisable, June 30, 2013 | 18,251 | |
Weighted Average Exercise price/Share | ||
Outstanding, December 31, 2012 | $ 15.60 | |
Granted | ||
Exercised | $ 15.03 | |
Forfeited | ||
Outstanding, June 31, 2013 | $ 15.63 | |
Exercisable, June 30, 2013 | $ 15.55 | |
Weighted Average Remaining Contractual Life (in years) | ||
Outstanding, June 30, 2013 | 8 years 7 months 28 days | |
Exercisable, June 30, 2013 | 8 years 3 months 7 days | |
Aggregate Intrinsic Value | ||
Outstanding, June 30, 2013 | $ 347,735 | |
Exercisable, June 30, 2013 | $ 64,075 |
INVESTMENTS - (Detail Textuals) (USD $)
|
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Schedule Of Investments [Abstract] | |||
Securities pledged as collateral | $ 19,169,000 | $ 24,371,000 | |
Securities sold under agreements to repurchase | 7,444,000 | 13,706,000 | |
Gross realized gains on sales of available-for-sale securities | 689,000 | 527,000 | |
Gross realized losses on sales of available-for-sale securities | 0 | 0 | |
Debt securities, fair value | $ 65,000,000 | $ 23,956,000 | |
Percentage of available-for-sale investment portfolio | 59.10% | 20.80% |
EARNINGS PER SHARE - Earnings Per Share Calculations for Basic and Diluted Methods (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 760,075 | $ 847,063 | $ 1,772,523 | $ 1,761,813 |
Basic average shares outstanding (in shares) | 1,869,499 | 1,886,211 | 1,873,692 | 1,885,638 |
Diluted potential common shares: | ||||
Stock option equivalents (in shares) | 299 | 475 | 284 | 326 |
Diluted average shares outstanding (in shares) | 1,869,798 | 1,886,686 | 1,873,976 | 1,885,964 |
Basic earnings per share (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.95 | $ 0.93 |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.95 | $ 0.93 |
INVESTMENT (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and approximate fair values with gross unrealized gains and losses of available for sale securities |
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Schedule of amortized cost and fair value of available-for-sale securities by contractual maturities |
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Schedule of gross unrealized losses and fair value in continuous loss position |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized appreciation (depreciation) on available-for-sale securities, taxes | $ (1,713,570) | $ 431,054 | $ (1,957,571) | $ 484,101 |
Reclassification adjustment for realized gains (losses) included in net income, taxes | $ 35,587 | $ 102,537 | $ 234,226 | $ 179,149 |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) (Unaudited) (USD $)
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6 Months Ended |
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Jun. 30, 2013
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Statement Of Stockholders Equity [Abstract] | |
Dividends, per share | $ 0.15 |
NEW ACCOUNTING PRONOUNCEMENT
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6 Months Ended | ||
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Jun. 30, 2013
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Accounting Changes And Error Corrections [Abstract] | |||
NEW ACCOUNTING PRONOUNCEMENT |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This ASU improves the transparency of reporting of amounts reclassified out of accumulated other comprehensive income. The new amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. The new amendments will require the Company to present (either on the face of the statements where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. It will also require a cross-reference to other disclosures currently required. For public entities, the amendments are effective for reporting periods beginning after December 15, 2012. The Company adopted the ASU during the first quarter of 2013. |
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value measurements of assets recognized in balance sheets measured at fair value on recurring basis |
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Schedule of fair value measurement of assets measured at fair value on nonrecurring basis |
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Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurements |
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Schedule of estimated fair values of other financial instrument |
|
EARNINGS PER SHARE (Detail Textuals) (Stock Options)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Stock Options
|
||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities share amount | 100,335 | 104,035 | 100,335 | 104,035 |
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