10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2016

OR

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission File No. 000-55529

Cincinnati Bancorp

(Exact name of registrant as specified in its charter)

Federal	47-4931771
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
6581 Harrison Avenue, Cincinnati, Ohio	45247
(Address of Principal Executive Offices)	(Zip Code)

(513) 574-3025

(Registrant’s telephone number)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.

YES x     NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES x     NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x
(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨     NO x

As of November 8, 2016, 1,719,250 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding, of which 945,587 shares were owned by CF Mutual Holding Company.

Cincinnati Bancorp

Form 10-Q

Index

		Page
Part I. Financial Information
Item 1.	Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheets as of September 30, 2016 (Unaudited) and December 31, 2015	1
	Condensed Consolidated Statements of Income for the Nine Months and Three Months Ended September 30, 2016 and 2015 (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income for the Nine Months and Three Months Ended September 30, 2016 and 2015 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015 (Unaudited)	4
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	46
Item 4.	Controls and Procedures	46
Part II. Other Information
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	47
	Signature Page	48

Part I. – Financial Information

Item 1. Financial Statements

Cincinnati Bancorp

Condensed Consolidated Balance Sheets

	September 30,			December 31,
	2016			2015
	(Unaudited)
Assets
Cash and due from banks	$	4,654,771		$	3,401,351
Interest-bearing demand deposits in banks		7,666,446			4,903,188
Cash and cash equivalents		12,321,217			8,304,539
Available-for-sale securities		1,887,995			2,493,300
Loans held for sale		2,228,569			2,444,179
Loans, net of allowance for loan losses of $1,326,264 and $1,366,968, respectively		130,442,514			119,779,931
Premises and equipment, net		2,616,296			2,691,004
Federal Home Loan Bank stock		908,000			888,100
Foreclosed assets held for sale		-			29,666
Interest receivable		387,737			359,103
Mortgage servicing rights		717,881			630,316
Federal Home Loan Bank lender risk account receivable		1,525,978			1,387,411
Bank Owned Life Insurance		3,150,496			3,084,985
Other assets		231,442			149,362
Total assets	$	156,418,125		$	142,241,896
Liabilities and Stockholders' Equity
Liabilities
Deposits
Demand	$	17,925,179		$	14,259,500
Savings		22,826,210			21,747,556
Certificates of Deposits		64,359,690			67,007,664
Total deposits		105,111,079			103,014,720
Federal Home Loan Bank advances		30,842,938			18,813,639
Advances from borrowers for taxes and insurance		982,895			1,281,036
Interest payable		23,322			17,131
Directors deferred compensation		420,215			421,093
Other liabilities		851,352			1,036,877
Total liabilities		138,231,801			124,584,496
Commitments and Contingent Liabilities
Temporary Equity
ESOP Shares subject to mandatory redemption		71,773			41,606
Stockholders' Equity
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued		-			-
Common stock - authorized 9,000,000 shares, $0.01 par value		17,192			17,192
1,719,250 issued and outstanding at September 30, 2016 and December 31, 2015
Additional paid-in-capital		6,169,304			6,203,002
Unearned ESOP Shares		(595,340	)		(629,039	)
Retained earnings - substantially restricted		12,731,873			12,269,005
Accumulated other comprehensive loss		(208,478	)		(244,366	)
Total equity		18,114,551			17,615,794
Total liabilities and stockholders' equity	$	156,418,125		$	142,241,896

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Cincinnati Bancorp

Condensed Consolidated Statements of Income

Three Months and Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Three Months ended September 30,					Nine Months Ended September 30,
	2016			2015		2016			2015
	(Unaudited)					(Unaudited)
Interest and Dividend Income
Loans, including fees	$	1,327,573		$	1,224,431	$	3,897,718		$	3,612,124
Securities		4,554			5,353		13,845			21,575
Dividends on Federal Home Loan Bank stock and other		9,998			8,878		30,236			26,618
Total interest and dividend income		1,342,125			1,238,662		3,941,799			3,660,317
Interest Expense
Deposits		252,053			262,714		828,431			726,736
Federal Home Loan Bank advances		81,468			75,343		215,049			230,724
Total interest expense		333,521			338,057		1,043,480			957,460
Net Interest Income		1,008,604			900,605		2,898,319			2,702,857
Provision (Credit) for Loan Losses		(21,000	)		-		(21,000	)		41,052
Net Interest Income After Provision (Credit) for Loan Losses		1,029,604			900,605		2,919,319			2,661,805
Noninterest Income
Gain on sales of loans		661,321			434,873		1,407,765			1,267,599
Mortgage servicing fees		41,045			37,519		116,900			105,559
Other		123,039			93,469		353,866			392,878
Total noninterest income		825,405			565,861		1,878,531			1,766,036
Noninterest Expense
Salaries and employee benefits		770,499			661,351		2,089,303			1,931,589
Occupancy and equipment		105,917			97,517		307,838			288,928
Directors compensation		62,500			62,500		197,500			187,500
Data processing		137,705			121,707		405,640			357,159
Professional fees		47,182			43,735		149,229			136,015
Franchise tax		35,249			23,250		104,495			69,750
Deposit insurance premiums		21,243			24,719		67,318			75,064
Advertising		30,743			32,010		132,795			99,286
Software Licenses		22,717			18,800		59,392			54,900
Loan costs		77,708			93,228		206,325			255,977
Net losses on sales of foreclosed assets		-			12,463		637			22,126
Other		114,005			104,570		399,717			336,252
Total noninterest expense		1,425,468			1,295,850		4,120,189			3,814,546
Income Before Income Tax		429,541			170,616		677,661			613,295
Provision for Income Taxes		142,822			50,018		214,793			184,898
Net Income	$	286,719		$	120,598	$	462,868		$	428,397
Earnings per share - basic and diluted		0.17			N/A		0.28			N/A
Weighted-average shares outstanding - basic and diluted		1,658,592			N/A		1,657,469			N/A

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Cincinnati Bancorp

Condensed Consolidated Statements of Comprehensive Income

Three Months and Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Income	$	286,719		$	120,598		$	462,868		$	428,397
Other Comprehensive Income:
Net unrealized gains (losses) on available-for-sale securities		5,682			(7,975	)		21,463			(8,677	)
Tax  (expense) benefit		(1,931	)		2,713			(7,297	)		2,951
Changes in directors' retirement plan prior service costs		10,971			1,376			32,913			4,127
Tax expense		(3,730	)		(468	)		(11,191	)		(1,402	)
Other comprehensive income (loss)		10,992			(4,354	)		35,888			(3,001	)
Comprehensive Income	$	297,711		$	116,244		$	498,756		$	425,396

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Cincinnati Bancorp

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Nine Months Ended September 30,
	2016			2015
Operating Activities
Net income	$	462,868		$	428,397
Items not requiring (providing) cash:
Depreciation and amortization		103,454			102,797
Provision (credit) for loan losses		(21,000	)		41,052
Amortization of premiums and discounts on securities		18,530			23,672
Amortization of deferred prepayment penalty on Federal Home Loan Bank advances		34,299			69,502
Change in deferred income taxes		(112,138	)		66,624
Gain on sale of loans		(1,407,765	)		(1,267,599	)
Proceeds from the sale of loans held for sale		48,933,805			35,882,061
Origination of loans held for sale		(47,310,430	)		(34,937,034	)
Net loss on sale of foreclosed assets		637			22,126
Income from Bank Owned Life insurance		(65,511	)		(69,479	)
ESOP shares earned		30,167			-
Changes in:
Interest receivable		(28,634	)		(58,591	)
Mortgage servicing rights		(87,565	)		(93,521	)
Federal Home Loan Bank lender risk account receivable		(138,567	)		(89,377	)
Other assets		(82,080	)		(914,786	)
Interest payable		6,191			260
Other liabilities		(59,839	)		287,916
Net cash provided (used) in operating activities		276,422			(505,980	)
Investing Activities
Proceeds from maturities of available-for-sale securities		608,238			632,137
Purchase of Federal Home Loan Bank stock		(19,900	)		-
Net change in loans		(10,641,583	)		(14,076,442	)
Purchase of premises and equipment		(28,746	)		(258,862	)
Proceeds from sales of foreclosed assets		29,029			238,333
Net cash used in investing activities		(10,052,962	)		(13,464,834	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Cincinnati Bancorp

Condensed Consolidated Statements of Cash Flows (Continued)

Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Nine Months Ended September 30,
	2016			2015
Financing Activities
Net increase in deposits		2,096,359			17,714,383
Proceeds from Federal Home Loan Bank advances		123,209,465			17,750,000
Repayment of Federal Home Loan Bank advances		(111,214,465	)		(17,000,000	)
Net decrease in advances from borrowers for taxes and insurance		(298,141	)		(111,586	)
Net cash provided by financing activities		13,793,218			18,352,797
Increase in Cash and Cash Equivalents		4,016,678			4,381,983
Cash and Cash Equivalents, Beginning of Period		8,304,539			7,340,881
Cash and Cash Equivalents, End of Period	$	12,321,217		$	11,722,864
Supplemental Cash Flows Information
Interest paid	$	1,037,289		$	957,200
Income taxes paid (refunded)		308,000			(123,392	)
Real estate acquired in settlement of loans		-			94,406

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1: Nature of Operation and Conversion

Cincinnati Bancorp (“Cincinnati Bancorp” and, together with Cincinnati Federal, the “Company”) is the parent holding company of Cincinnati Federal (the “Bank”) and the majority-owned subsidiary of CF Mutual Holding Company (“CF Mutual”), a Federally-chartered mutual holding company.

The Bank is a federally chartered thrift institution and is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in Hamilton County, Ohio and surrounding areas. The Bank is subject to competition from other financial institutions. The Bank is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. During the second quarter of 2016, Cincinnati Federal ceased the operations of the Bank’s wholly-owned subsidiary, Cincinnati Federal Investment Services, LLC. The termination of Cincinnati Federal Investment Services, LLC did not have a material impact on operations.

On October 14, 2015, the Bank completed a mutual-to-stock conversion pursuant to which it became the wholly-owned subsidiary of Cincinnati Bancorp and CF Mutual was established as the mutual holding company of Cincinnati Bancorp. As part of the conversion transaction, Cincinnati Bancorp sold, in a subscription offering and at a price of $10.00 per share, 45% of its common stock to the Bank’s eligible members, to the Bank’s employee stock ownership plan (“ESOP”) and to certain other persons. The total offering value and the number of shares was based on an independent appraiser’s valuation. The remaining 55% of the common stock was issued to CF Mutual. Cincinnati Bancorp’s common stock is currently quoted on the OTCPink Market, operated by OTC Markets Group, Inc., under the symbol “CNNB.”

The accompanying unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions for Form 10-Q and Article 8 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company as of December 31, 2015 included in Cincinnati Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2015.

In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included to present fairly the financial position as of September 30, 2016 and the results of operation for the three months and nine months ended September 30, 2016 and 2015. All interim amounts have not been audited and results of operations for the three months and nine months ended September 30, 2016, included herein are not necessarily indicative of the results of operations to be expected for the entire fiscal year.

The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission.

6

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Principles of Consolidation

The accompanying condensed consolidated financial statements as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 include the accounts of Cincinnati Bancorp and the Bank. All significant intercompany items have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights and fair values of financial instruments.

7

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 2: Securities

Available for sale securities are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

For debt securities with fair value below amortized cost when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income.

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-Sale Securities:
September 30, 2016:
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	19,367	$	-		$	1,887,995
December 31, 2015:
Mortgage-backed securities of government sponsored entities	$	2,495,396	$	18,602	$	(20,698	)	$	2,493,300

The Company had no sales of investment securities during the three and nine month periods ended September 30, 2016 and 2015. The Company had not pledged any of its investment securities as of September 30, 2016 or December 31, 2015.

8

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of available-for-sale securities at September 30, 2016 and December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2016				December 31, 2015
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	1,887,995	$	2,495,396	$	2,493,300

Certain investments in debt securities have fair values at an amount less than their historical cost. The total fair value of these investments at September 30, 2016 and December 31, 2015 was $0 and $1,723,706, respectively, which is approximately 0% and 69%, respectively of the Company’s investment portfolio.

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporary impaired, aggregated by investment class and length of time that individual securities have been in continuous unrealized loss position at September 30, 2016 and December 31, 2015:

	Less than 12 Months				12 Months or More					Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
September 30, 2016:
Mortgage-backed   securities of government sponsored entities	$	-	$	-	$	-	$	-		$	-	$	-
December 31, 2015:
Mortgage-backed   securities of government sponsored entities	$	-	$	-	$	1,723,706	$	(20,698	)	$	1,723,706	$	(20,698	)

9

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3: Loans and Allowance for Loan Losses

Categories of loans at September 30, 2016 and December 31, 2015 include:

	September 30,			December 31,
	2016			2015
One to four family mortgage loans -owner occupied	$	70,801,131		$	66,748,890
One to four family - investment		11,176,954			11,954,413
Multi-family mortgage loans		20,737,035			16,525,348
Nonresidential mortgage loans		13,727,525			12,217,500
Construction and land loans		3,520,619			3,111,478
Real estate secured lines of credit		12,083,162			10,439,284
Commercial loans		553,160			402,687
Other consumer loans		18,536			21,551
Total loans		132,618,122			121,421,151
Less:
Net deferred loan costs		(427,885	)		(392,061	)
Undisbursed portion of loans		1,277,229			666,313
Allowance for loan losses		1,326,264			1,366,968
Net loans	$	130,442,514		$	119,779,931

10

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three and nine months ended September 30, 2016 and 2015 and year ended December 31, 2015:

	Nine Months Ended September 30, 2016 (Unaudited)
	One- to Four- Family Mortgage Loans Owner Occupied			One- to Four- Family Mortgage Loans Investment			Multi-Family Mortgage Loans			Nonresidential Mortgage Loans		Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans			Total
Allowance for loan losses:
Balance, beginning of period	$	382,596		$	333,627		$	111,876		$	195,810	$	43,540	$	290,813	$	8,390	$	316		$	1,366,968
Provision (credit) charged to expense		(62,686	)		(20,127	)		(159	)		28,573		6,274		24,208		2,937		(20	)		(21,000	)
Losses charged off		(19,704	)		-			-			-		-		-		-		-			(19,704	)
Recoveries		-			-			-			-		-		-		-		-			-
Balance, end of period	$	300,206		$	313,500		$	111,717		$	224,383	$	49,814	$	315,021	$	11,327	$	296		$	1,326,264
Ending balance:  Individually evaluated for impairment	$	-		$	47,101		$	9,055		$	-	$	-	$	-	$	-	$	-		$	56,156
Ending balance:  Collectively evaluated for impairment	$	300,206		$	266,399		$	102,662		$	224,383	$	49,814	$	315,021	$	11,327	$	296		$	1,270,108
Loans:
Ending balance	$	70,801,131		$	11,176,954		$	20,737,035		$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536		$	132,618,122
Ending balance:  Individually evaluated for impairment	$	665,317		$	1,308,645		$	654,508		$	196,574	$	-	$	37,823	$	-	$	-		$	2,862,867
Ending balance:  Collectively evaluated for impairment	$	70,135,814		$	9,868,309		$	20,082,527		$	13,530,951	$	3,520,619	$	12,045,339	$	553,160	$	18,536		$	129,755,255

	Three Months Ended September 30, 2016 (Unaudited)
	One- to Four- Family Mortgage Loans Owner Occupied			One- to Four- Family Mortgage Loans Investment		Multi-Family Mortgage Loans			Nonresidential Mortgage Loans		Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans			Other Consumer Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	349,408		$	311,999	$	126,602		$	200,923	$	40,400	$	305,859	$	11,804		$	269	$	1,347,264
Provision (credit) charged to expense		(49,202	)		1,501		(14,885	)		23,460		9,414		9,162		(477	)		27		(21,000	)
Losses charged off		-			-		-			-		-		-		-			-		-
Recoveries		-			-		-			-		-		-		-			-		-
Balance, end of period	$	300,206		$	313,500	$	111,717		$	224,383	$	49,814	$	315,021	$	11,327		$	296	$	1,326,264
Ending balance:  Individually evaluated for impairment	$	-		$	47,101	$	9,055		$	-	$	-	$	-	$	-		$	-	$	56,156
Ending balance:  Collectively evaluated for impairment	$	300,206		$	266,399	$	102,662		$	224,383	$	49,814	$	315,021	$	11,327		$	296	$	1,270,108

11

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

	Nine Months Ended September 30, 2015 (Unaudited)
	One- to Four- Family Mortgage Loans Owner Occupied			One- to Four- Family Mortgage Loans Investment			Multi-Family Mortgage Loans		Nonresidential Mortgage Loans			Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369		$	415,496		$	143,919	$	214,671		$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		142,784			(111,192	)		41,734		(63,365	)		22,143		6,835		2,001		112		41,052
Losses charged off		(21,237	)		(7,307	)		-		-			-		-		-		-		(28,544	)
Recoveries		-			19,460			-		-			-		-		-		-		19,460
Balance, end of period	$	402,916		$	316,457		$	185,653	$	151,306		$	45,998	$	270,370	$	8,906	$	362	$	1,381,968
Ending balance:  Individually evaluated for impairment	$	-		$	47,101		$	15,733	$	14,774		$	-	$	-	$	-	$	-	$	77,608
Ending balance:  Collectively evaluated for impairment	$	402,916		$	269,356		$	169,920	$	136,532		$	45,998	$	270,370	$	8,906	$	362	$	1,304,360

	Three Months Ended September 30, 2015 (Unaudited)
	One- to Four- Family Mortgage Loans Owner Occupied		One- to Four- Family Mortgage Loans Investment		Multi-Family Mortgage Loans		Nonresidential Mortgage Loans		Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	402,916	$	308,997	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,374,508
Provision charged to expense		-		-		-		-		-		-		-		-		-
Losses charged off		-		-		-		-		-		-		-		-		-
Recoveries		-		7,460		-		-		-		-		-		-		7,460
Balance, end of period	$	402,916	$	316,457	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,381,968

12

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

	Year Ended December 31, 2015
	One- to Four- Family Mortgage Loans Owner Occupied			One- to Four- Family Mortgage Loans Investment			Multi-Family Mortgage Loans			Nonresidential Mortgage Loans			Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369		$	415,496		$	143,919		$	214,671		$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		122,463			(94,021	)		(32,043	)		(18,861	)		19,685		27,278		1,485		66		26,052
Losses charged off		(21,236	)		(7,307	)		-			-			-		-		-		-		(28,543	)
Recoveries		-			19,459			-			-			-		-		-		-		19,459
Balance, end of year	$	382,596		$	333,627		$	111,876		$	195,810		$	43,540	$	290,813	$	8,390	$	316	$	1,366,968
Ending balance:  Individually evaluated for impairment	$	-		$	47,101		$	15,733		$	-		$	-	$	-	$	-	$	-	$	62,834
Ending balance:  Collectively evaluated for impairment	$	382,596		$	286,526		$	96,143		$	195,810		$	43,540	$	290,813	$	8,390	$	316	$	1,304,134
Loans:
Ending balance	$	66,748,890		$	11,954,413		$	16,525,348		$	12,217,500		$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151
Ending balance:  Individually evaluated for impairment	$	191,308		$	1,509,223		$	939,852		$	2,348,732		$	298,562	$	246,939	$	-	$	-	$	5,534,616
Ending balance:  Collectively evaluated for impairment	$	66,557,582		$	10,445,190		$	15,585,496		$	9,868,768		$	2,812,916	$	10,192,345	$	402,687	$	21,551	$	115,886,535

13

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The Company has adopted a standard grading system for all loans.

Definitions are as follows:

Prime (1) loans are of superior quality with excellent credit strength and repayment ability proving a nominal credit risk.

Good (2) loans are of above average credit strength and repayment ability proving only a minimal credit risk.

Satisfactory (3) loans are of reasonable credit strength and repayment ability proving an average credit risk due to one or more underlying weaknesses.

Acceptable (4) loans are of the lowest acceptable credit strength and weakened repayment ability providing a cautionary credit risk due to one or more underlying weaknesses. New borrowers are typically not underwritten within this classification.

Special Mention (5) loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Ordinarily, special mention credits have characteristics which corrective management action would remedy.

Substandard (6) loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful (7) loans have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current known facts, conditions and values, highly questionable and improbable.

Loss (8) loans are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off even though partial recovery may be affected in the future.

14

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2016 and December 31, 2015:

	September 30, 2016
	(Unaudited)
	One- to Four- Family Mortgage Loans - Owner Occupied		One- to Four- Family Mortgage Loans - Investment		Multi-Family Mortgage Loans		Nonresidential Mortgage Loans		Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans		Total
Pass	$	70,582,581	$	8,732,325	$	20,204,616	$	12,718,404	$	3,520,619	$	11,360,531	$	553,160	$	18,536	$	127,690,772
Special mention		-		751,456		-		690,457		-		508,140		-		-		1,950,053
Substandard		218,550		1,693,173		532,419		318,664		-		214,491		-		-		2,977,297
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	70,801,131	$	11,176,954	$	20,737,035	$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536	$	132,618,122

	December 31, 2015
	One- to Four- Family Mortgage Loans - Owner Occupied		One- to Four- Family Mortgage Loans - Investment		Multi-Family Mortgage Loans		Nonresidential Mortgage Loans		Construction & Land Loans		Real Estate Secured Lines of Credit		Commercial Loans		Other Consumer Loans		Total
Pass	$	66,468,612	$	9,538,767	$	15,874,527	$	11,161,771	$	3,111,478	$	9,633,212	$	402,687	$	21,551	$	116,212,605
Special mention		-		670,292		-		726,526		-		513,462		-		-		1,910,280
Substandard		280,278		1,745,354		650,821		329,203		-		292,610		-		-		3,298,266
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	66,748,890	$	11,954,413	$	16,525,348	$	12,217,500	$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151

Pass portfolio within the tables above consists of loans graded Prime (1) through Acceptable (4).

The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the three or nine months ended September 30, 2016.

15

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present the loan portfolio aging analysis of the recorded investment in loans as of September 30, 2016 and December 31, 2015:

	September 30, 2016
							(Unaudited)
	30-59 Past Due		60-89 Days Past Due		90 Days and Greater Past Due		Total Past Due		Current		Total Loans Receivable		Total Loans > 90 Days & Accruing
One to Four-family mortgage loans	$	-	$	-	$	135,176	$	135,176	$	70,665,955	$	70,801,131	$	-
One to Four Family - Investment		107,931		-		11,595		119,526		11,057,428		11,176,954		-
Multi-family mortgage loans		-		-		-		-		20,737,035		20,737,035		-
Nonresidential mortgage loans		-		-		-		-		13,727,525		13,727,525		-
Construction & Land Loans		-		-		-		-		3,520,619		3,520,619		-
Real estate secured lines of credit		-		-		10,025		10,025		12,073,137		12,083,162		-
Commercial Loans		-		-		-		-		553,160		553,160		-
Other consumer loans		-		-		-		-		18,536		18,536		-
Total	$	107,931	$	-	$	156,796	$	264,727	$	132,353,395	$	132,618,122	$	-

	December 31, 2015
	30-59 Past Due		60-89 Days Past Due		90 Days and Greater Past Due		Total Past Due		Current		Total Loans Receivable		Total Loans > 90 Days & Accruing
One to Four-family mortgage loans	$	113,731	$	145,413	$	10,806	$	269,950	$	66,478,940	$	66,748,890	$	-
One to Four Family - Investment		50,445		14,679		-		65,124		11,889,289		11,954,413		-
Multi-family mortgage loans		-		-		-		-		16,525,348		16,525,348		-
Nonresidential mortgage loans		-		-		-		-		12,217,500		12,217,500		-
Construction & Land Loans		-		-		-		-		3,111,478		3,111,478		-
Real estate secured lines of credit		592,090		-		-		592,090		9,847,194		10,439,284		-
Commercial Loans		-		-		-		-		402,687		402,687		-
Other consumer loans		-		6,599		-		6,599		14,952		21,551		-
Total	$	756,266	$	166,691	$	10,806	$	933,763	$	120,487,388	$	121,421,151	$	-

16

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present impaired loans at September 30, 2016, September 30, 2015 and December 31, 2015:

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2016 (Unaudited)						September 30, 2016				September 30, 2016
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	665,317	$	665,317	$	-	$	666,561	$	5,327	$	345,304	$	10,913
One to Four family - Investment		638,682		638,682		-		642,312		9,741		652,275		29,102
Multi-family mortgage loans		532,418		532,418		-		533,114		10,076		535,133		27,703
Nonresidential mortgage loans		196,574		196,574		-		198,019		3,122		201,149		9,504
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		37,823		37,823		-		38,411		489		39,980		1,511
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		669,963		622,862		47,101		672,419		8,639		677,756		26,804
Multi-family mortgage loans		122,090		113,035		9,055		122,406		2,182		123,069		6,649
Nonresidential mortgage loans		-		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	2,862,867	$	2,806,711	$	56,156	$	2,873,242	$	39,576	$	2,574,666	$	112,186

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2015 (Unaudited)						September 30, 2015				September 30, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	231,798	$	231,798	$	-	$	240,580	$	2,743	$	244,101	$	9,242
One to Four family - Investment		839,451		839,451		-		848,952		11,575		860,860		37,949
Multi-family mortgage loans		709,528		709,528		-		771,628		13,788		778,525		39,832
Nonresidential mortgage loans		2,375,520		2,375,520		-		2,390,885		34,473		2,412,565		104,746
Construction & Land loans		301,415		301,415		-		302,823		4,550		305,131		13,773
Real estate secured lines of credit		247,506		247,506		-		247,419		3,299		247,259		10,333
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		688,457		688,457		47,101		691,419		9,039		697,138		25,505
Multi-family mortgage loans		239,032		239,032		15,733		239,870		3,900		241,635		11,130
Nonresidential mortgage loans		184,600		184,600		14,774		185,458		4,069		187,324		12,213
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	5,817,307	$	5,817,307	$	77,608	$	5,919,034	$	87,436	$	5,974,538	$	264,723

17

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

	As of December 31, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance
One- to four-family mortgage loans	$	191,308	$	191,307	$	-	$	186,030	$	13,469
One to Four family - Investment		825,707		825,707		-		853,691		49,608
Multi-family mortgage loans		702,483		702,484		-		774,303		53,347
Nonresidential mortgage loans		2,348,732		2,348,732		-		2,345,569		138,788
Construction & Land loans		298,562		298,562		-		303,725		18,280
Real estate secured lines of credit		246,939		246,939		-		247,261		13,360
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
Loans with a specific valuation allowance
One- to four-family mortgage loans		-		-		-		-		-
One to Four family - Investment		683,516		636,415		47,101		692,815		35,109
Multi-family mortgage loans		237,369		221,636		15,733		240,362		16,247
Nonresidential mortgage loans		-		-		-		-		-
Construction & Land loans		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
	$	5,534,616	$	5,471,782	$	62,834	$	5,643,756	$	338,208

Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis.

The following table presents the nonaccrual loans at September 30, 2016 and December 31, 2015. This table excludes performing troubled debt restructurings which amounted to $1,658,000 and $1,280,000 at September 30, 2016 and December 31, 2015, respectively.

	September 30,		December 31,
	2016		2015
One- to four-family mortgage loans	$	146,771	$	10,806
One to four family - Investment		-		-
Multi-family mortgage loans		-		-
Nonresidential mortgage loans		-		-
Land loans		-		-
Real estate secured lines of credit		10,025		-
Commercial Loans		-		-
Other consumer loans		-		-
Total	$	156,796	$	10,806

At September 30, 2016, the Company had no loans that were modified in troubled debt restructurings (“TDRs”) and impaired.

18

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

At December 31, 2015, the Company had loans that were modified in TDRs and impaired. The modifications of terms included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan.

The following table presents information regarding TDRs by class for the periods ending September 30, 2016, September 30, 2015 and December 31, 2015.

Newly classified TDRs:

	Nine Months Ended September 30, 2016 (Unaudited)						Three Months Ended September 30, 2016 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	499,562	$	538,000		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	499,562	$	538,000		-	$	-	$	-

	Nine Months Ended September 30, 2015 (Unaudited)						Three Months Ended September 30, 2015 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	16,270	$	16,270		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	16,270	$	16,270		-	$	-	$	-

	December 31, 2015
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	41,500	$	16,270
Residential 1-4 family - Investment		-		-		-
Multifamily		-		-		-
Nonresidential mortgage loans		-		-		-
Construction & Land loans		-		-		-
Construction & Land loans		-		-		-
Real estate secured lines of credit		-		-		-
Commercial Loans		-		-		-
Consumer loans		-		-		-
		1	$	41,500	$	16,270

19

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The TDRs described above did not increase the allowance for loan losses or result in any charge-offs during the periods ended September 30, 2016, September 30, 2015 and December 31, 2015.

Newly restructured loans by type of modification at the dates indicated:

	Three and Nine Months Ended September 30, 2016 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	538,000	$	538,000
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	538,000	$	538,000

	Nine Months Ended September 30, 2015 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

20

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

	December 31, 2015
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

There were no TDRs modified during the nine months ended September 30, 2016 and the year ended December 31, 2015 that subsequently defaulted.

As of September 30, 2016, borrowers with loans designated as TDRs totaling $1,004,000 of residential real estate loans and $654,000 of multifamily loans, met the criteria for placement back on accrual status. This criteria is a minimum of six consecutive months of payment performance under existing or modified terms. As of September 30, 2016, the Bank had no loans that did not meet the criteria for placement back on accrual status.

There was one foreclosed real estate property or consumer mortgage loan in process of foreclosure at September 30, 2016 totaling $37,950. There were no foreclosed real estate properties or consumer mortgage loans in process of foreclosure at December 31, 2015.

21

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4: Earnings Per Share

Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company’s Employee Stock Ownership Plan (“ESOP”) that are unallocated and not committed to be released. There were no dilutive shares at September 30, 2016 or September 30, 2015.

The computations are as follows:

	Three months ended September 30,				Nine  months ended September 30,
	2016		2015		2016		2015
Net Income		286,719		N/A		462,868		N/A
Shares Outstanding for basic EPS:
Average shares outstanding:		1,719,250		N/A		1,719,250		N/A
Less: Average Unearned ESOP shares:		60,658		N/A		61,781		N/A
		1,658,592		N/A		1,657,469		N/A
Additional dilutive shares:		-		N/A		-		N/A
Shares outstanding for basic and diluted EPS:		1,658,592		N/A		1,657,469		N/A
Basic and diluted earnings per share:	$	0.17		N/A	$	0.28		N/A
Weighted-average common shares outstanding (basic and diluted)		1,658,592		N/A		1,657,469		N/A

NOTE 5: Regulatory Matters

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in these financial statements.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). Management believes that, as of September 30, 2016 and December 31, 2015, the Company met all capital adequacy requirements to which it was subject at such dates.

Effective January 1, 2015, new regulatory capital requirements commonly referred to as ‘Basel III” were implemented and are reflected below. Management opted out of the accumulated comprehensive income treatment under the new requirements, and as such unrealized gains and losses from available-for-sale securities will continue to be excluded from regulatory capital.

22

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

A new rule requiring a Capital Conservation Buffer began phase-in on January 1, 2016. Under the fully-implemented rule, a financial institution will need to maintain a Capital Conservation Buffer composed of Common Equity Tier 1 Capital of at least 2.5% above its minimum risk-weighted capital requirements to avoid limitations on its ability to make capital distributions, including dividend payments to shareholders and certain discretionary bonus payments to executive officers. A financial institution with a buffer below 2.5% will be subject to increasingly stringent limitations on capital distributions as the buffer approaches zero.

As of the most recent notification from their regulators, the Company and Bank were categorized as "well-capitalized" under the regulatory framework for prompt corrective action.  Management believes that no conditions or events have occurred since the last notification that would change the Bank's category.

The Bank’s actual capital amounts and ratios are also presented in the following table:

	Actual					Minimum Capital Requirement					Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
As of  September 30, 2016
Total risk-based capital
(to risk-weighted assets)	$	19,365		17.9	%	$	8,674		8.0	%	$	10,843		10.0	%
Tier I capital
(to risk-weighted assets)		18,039		16.6	%		6,506		6.0	%		8,674		8.0	%
Common Equity Tier I capital
(to risk-weighted assets)		18,039		16.6	%		4,879		4.5	%		7,048		6.5	%
Tier I capital
(to adjusted total assets)		18,039		11.7	%		6,170		4.0	%		7,712		5.0	%
As of  December 31, 2015
Total risk-based capital
(to risk-weighted assets)	$	18,772		18.6	%	$	8,067		8.0	%	$	10,083		10.0	%
Tier I capital
(to risk-weighted assets)		17,511		17.4	%		6,050		6.0	%		8,067		8.0	%
Common Equity Tier I capital
(to risk-weighted assets)		17,511		17.4	%		4,537		4.5	%		6,554		6.5	%
Tier I capital
(to adjusted total assets)		17,511		12.2	%		5,745		4.0	%		7,181		5.0	%

23

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 6: Disclosure About Fair Values 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:

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 supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Recurring Measurements

The following tables present the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Mortgage-backed securities of government sponsored entities	$	1,887,995	$	-	$	1,887,995	$	-
Mortgage servicing rights		717,881		-		-		717,881
December 31, 2015
Mortgage-backed securities of government sponsored entities	$	2,493,300	$	-	$	2,493,300	$	-
Mortgage servicing rights		630,316		-		-		630,316

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

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, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in

24

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Level 2 of the valuation hierarchy. In certain cases where Level 1 and Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Mortgage Servicing Rights

Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of loan balance, weighted average coupon, weighted average maturity, escrow payments, servicing fees, prepayment speeds, float, cost to service, ancillary income, and discount rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy.

Mortgage servicing rights are tested for impairment. Management measures mortgage servicing rights through use of a third-party independent valuation. Inputs to the model are reviewed by management.

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2016			2015			2016			2015
Fair value as of the beginning of the period	$	662,684		$	633,036		$	630,316		$	513,853
Recognition of mortgage servicing rights on the sale of loans		90,355			46,013			191,970			106,198
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		(35,158	)		(71,675	)		(104,405	)		(12,677	)
Fair value at the end of the period	$	717,881		$	607,374		$	717,881		$	607,374

Mortgage servicing rights are carried in the balance sheet at fair value and the changes in fair value are reported in other noninterest income in the period in which the changes occur.

Collateral-dependent Impaired Loans, Net of Allowance for Loan Losses

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 by management. Appraisals are reviewed for accuracy and consistency by management. 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. These discounts and estimates are developed by management by comparison to historical results.

25

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Foreclosed Assets Held for Sale

Foreclosed assets held for sale are carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of real estate is based on appraisals or evaluations. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy.

Appraisals of real estate are obtained when the real estate is acquired and an appraisal is subsequently deemed necessary by events in the environment by the Chief Financial Officer. Appraisals are reviewed internally for accuracy and consistency in accordance with regulatory requirements. Appraisers are selected from the list of approved appraisers maintained by management.

The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2016 and December 31, 2015.

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Collateral -dependent impaired loans	$	37,950	$	-	$	-	$	37,950
Foreclosed assets		-		-		-		-
December 31, 2015
Collateral -dependent impaired loans	$	-	$	-	$	-	$	-
Foreclosed assets		-		-		-		-

26

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Unobservable (Level 3) Inputs

The following tables present quantitative information about unobservable inputs used in recurring Level 3 fair value measurements at September 30, 2016 and December 31, 2015:

	Fair Value at September 30, 2016		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans (collateral dependent)	$	37,950	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	717,881	Discounted cash flow	Discount rate PSA prepayment speeds	10% 154%-342%

	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans (collateral dependent)	$	-	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	630,316	Discounted cash flow	Discount rate PSA prepayment speeds	10% 114%-321%

Fair Value of Financial Instruments

The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value.

Cash and cash equivalents, Federal Home Loan Bank Stock and Interest Receivable

The carrying amount approximates fair value.

Loans Held for Sale

Fair value of loans held for sale is based on quoted market prices, where available, or is determined by discounting estimated cash flows using interest rates approximating the Bank’s current origination rates for similar loans and adjusted to reflect the inherent credit risk.

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.

27

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Federal Home Loan Bank Lender Risk Account Receivable

The fair value of the Federal Home Loan Bank lender risk account receivable is estimated by discounting the estimated remaining cash flows of each strata of the receivable at current rates applicable to each strata for the same remaining maturities.

Deposits

Deposits include demand deposits and savings accounts. 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.

Federal Home Loan Bank Advances

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Fair value of long-term debt is based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market. If a quoted market price is not available, an expected present value technique is used to estimate fair value.

Advances from Borrowers for Taxes and Insurance and Interest Payable

The carrying amount approximates fair value.

Commitments to Originate Loans, Forward Sale Commitments, 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 value of forward sale commitments is estimated based on current market prices for loans of similar terms and credit quality. 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. At September 30, 2016 and December 31, 2015, the fair value of commitments was not material.

28

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents estimated fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Financial Assets:
Cash and cash equivalents	$	12,321,217	$	12,321,217	$	-	$	-
Loans held for sale		2,228,569		-		2,281,772		-
Loans, net of allowance for loan losses		130,442,514		-		-		136,901,731
Federal Home Loan Bank stock		908,000		908,000		-		-
Interest receivable		387,737		-		387,737		-
Federal Home Loan Bank lender risk account receivable		1,525,978		-		-		1,799,564
Financial Liabilities:
Deposits		105,111,079		40,751,389		65,133,672		-
Federal Home Loan Bank advances		30,842,938		-		31,069,356		-
Advances from borrowers for taxes and insurance		982,895		-		982,895		-
Interest payable		23,322		-		23,322		-
December 31, 2015
Financial Assets:
Cash and cash equivalents	$	8,304,539	$	8,304,539	$	-	$	-
Loans held for sale		2,444,179		-		2,495,247		-
Loans, net of allowance for loan losses		119,779,931		-		-		122,321,686
Federal Home Loan Bank stock		888,100		888,100		-		-
Interest receivable		359,103		-		359,103		-
Federal Home Loan Bank lender risk account receivable		1,387,411		-		-		1,433,904
Financial Liabilities:
Deposits		103,014,720		36,007,056		67,881,776		-
Federal Home Loan Bank advances		18,813,639		-		19,215,565		-
Advances from borrowers for taxes and insurance		1,281,036		-		1,281,036		-
Interest payable		17,131		-		17,131		-

29

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 7: Commitments and Credit Risk

Commitments to Originate Loans

Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate.

Forward sale commitments are commitments to sell groups of residential mortgage loans that the Company originates or purchases as part of its mortgage banking activities. The Company commits to sell the loans at specified prices in a future period. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since the Company is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market.

The dollar amount of commitments to fund fixed rate loans at September 30, 2016 and December 31, 2015 follows:

	September 30,					December 31,
	2016					2015
	(Unaudited)
			Interest Rate					Interest Rate
	Amount		Range			Amount		Range
Commitments to fund fixed-rate loans	$	9,618,282		2.75% - 4.125	%	$	2,259,178		3.125% - 4.625	%

Lines of Credit

Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments.

30

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

Loan commitments outstanding at September 30, 2016 and December 31, 2015 were composed of the following:

	September 30,		December 31,
	2016		2015
	(Unaudited)
Commitments to originate loans	$	1,658,375	$	2,628,860
Forward sale commitments		9,617,000		4,888,038
Lines of credit		9,515,688		8,986,553

NOTE 8: Accumulated Other Comprehensive Loss

The components of other comprehensive loss by component, net of tax, included in stockholders’ equity for the nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows:

	September 30,			December 31,
	2016			2015
Net unrealized (loss) gain on available for sale securities	$	19,367		$	(2,096	)
Directors' Retirement Plan prior service costs		(335,376	)		(368,290	)
Tax benefit		107,531			126,020
Net of tax amount	$	(208,478	)	$	(244,366	)

NOTE 9: Recent Accounting Pronouncements

FASB ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments

On August 26, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), ("ASU 2016-15"). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company has not yet adopted this update and is currently evaluating the impact it may have on the Company’s condensed consolidated financial statements.

FASB ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326)

In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income.

31

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company's condensed consolidated financial statements.

FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)

In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. ASU No. 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company's condensed consolidated financial statements.

32

Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

FASB ASU 2016-02, Leases (Topic 842)

ASU No. 2016-02 was issued in February 2016 and requires a lessee to recognize in the statement of financial position a liability to make lease payments (“the lease liability”) and a right to use the underlying asset for the lease term, initially measured at the present value of the lease payments. When measuring assets and liabilities arising from a lease, the lessee should include payments to be made in optional periods only if the lessee is reasonably certain, as defined, to exercise an option to the lease or not to exercise an option to terminate the lease. Optional payments to purchase the underlying asset should be included if the lessee is reasonably certain it will exercise the purchase option. Most variable lease payments should be excluded except for those that depend on an index or a rate or are in substance fixed payments.

A lessee shall classify a lease as a finance lease if it meets any of the five listed criteria:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for the major part of the remaining economic life of the underlying asset.

d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

For finance leases, a lessee shall recognize in the statement of income interest on the lease liability separately from the amortization of the right-of-use asset. Amortization of the right-to-use asset shall be on a straight-line basis, unless another basis is more representative of the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits. If the lease does not meet any of the five criteria, the lessee shall classify it as an operating lease and shall recognize a single lease cost on a straight line basis over the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.

FASB ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities.

In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets.

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Cincinnati Bancorp

Notes to Condensed Consolidated Financial Statements (Unaudited)

For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s condensed consolidated financial statements.

FASB ASU 2015-11, Transfers and Servicing

Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, was issued in June 2015. The amendments in this Update require disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. This Update also requires certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in this Update were effective for public business entities for the first interim or annual period beginning after December 15, 2015. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2015, and for disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2015, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

FASB ASU 2014-09, Revenue from Contracts with Customers

In May 2015, the FASB issued amended guidance on revenue recognition from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most contract revenue recognition guidance, including industry-specific guidance. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amended guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within the reporting period, and should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. Early adoption is prohibited. Management is currently in the process of evaluating the impact of the adoption of the amended guidance on the Company’s condensed consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis of the financial condition and results of operations at and for the three months and nine months ended September 30, 2016 and 2015 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto, appearing in Part I, Item 1 of this quarterly report on Form 10-Q.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “believe,” “contemplate,” “continue,” “target” and words of similar meaning. These forward-looking statements include, but are not limited to:

· statements of our goals, intentions and expectations;

· statements regarding our business plans, prospects, growth and operating strategies;

· statements regarding the asset quality of our loan and investment portfolios; and

· estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Form 10-Q.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

· our ability to manage our operations under the current adverse economic conditions nationally and in our market area;

· adverse changes in the financial industry, securities, credit and national local real estate markets (including real estate values), or in the secondary mortgage markets;

· significant increases in our loan losses, including as a result of our inability to resolve classified and non-performing assets or reduce risks associated with our loans, and management’s assumptions in determining the adequacy of the allowance for loan losses;

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· credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and in our allowance for loan losses and provision for loan losses;

· the use of estimates in determining fair value of certain of our assets, which may prove to be incorrect and result in significant declines in valuations;

· competition among depository and other financial institutions;

· our ability to successfully implement our business plan and to grow our franchise to improve profitability;

· our ability to attract and maintain deposits, and to obtain FHLB-Cincinnati advances;

· changes in interest rates generally, including changes in the relative differences between short term and long term interest rates and in deposit interest rates, that may affect our net interest margin and funding sources, and our ability to originate loans for portfolio and for sale in the secondary market;

· fluctuations in the demand for loans, which may be affected by the number of unsold homes, land and other properties in our market areas and by declines in the value of real estate in our market area;

· changes in consumer spending, borrowing and savings habits;

· declines in the yield on our assets resulting from the current low interest rate environment;

· risks related to a high concentration of loans secured by real estate located in our market area;

· the results of examinations by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for loan losses, write down assets, change our regulatory capital position, limit our ability to borrow funds or maintain or increase deposits, or prohibit us from paying dividends, which could adversely affect our dividends and earnings;

· changes in the level of government support of housing finance;

· our ability to enter new markets successfully and capitalize on growth opportunities;

· changes in laws or government regulations or policies affecting financial institutions, including the Dodd-Frank Act and the JOBS Act, which could result in, among other things, increased deposit insurance premiums and assessments, capital requirements, regulatory fees and compliance costs, particularly the new capital regulations, and the resources we have available to address such changes;

· changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;

· changes in our compensation and benefit plans, and our ability to retain key members of our senior management team and to address staffing needs in response to product demand or to implement our strategic plans;

· loan delinquencies and changes in the underlying cash flows of our borrowers;

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· our ability to control costs and expenses, particularly those associated with operating as a publicly traded company;

· the failure or security breaches of computer systems on which we depend;

· the ability of key third-party service providers to perform their obligations to us;

· changes in the financial condition or future prospects of issuers of securities that we own; and

· other economic, competitive, governmental, regulatory and operational factors affecting our operations, pricing, products and services described elsewhere in this prospectus.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

Critical Accounting Policies

There are no material changes to the critical accounting policies disclosed in Cincinnati Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2015.

Comparison of Financial Condition at September 30, 2016 and December 31, 2015

Total Assets. Total assets were $156.4 million at September 30, 2016, an increase of $14.2 million, or 10.0%, over the $142.2 million at December 31, 2015. The increase resulted primarily from increases in cash and cash equivalents of $4.0 million and net loans of $10.7 million, offset in part by a decrease of $605,000 in available-for-sale securities.

Cash and Cash Equivalents. Cash and cash equivalents increased $4.0 million, or 48.4%, to $12.3 million at September 30, 2016 from $8.3 million at December 31, 2015. This increase was primarily the result of additional FHLB borrowings of $12.0 million and checking deposit growth of $3.7 million, offset in part by funding an increase in net loans of $10.7 million and a decrease in certificates of deposits of $2.6 million.

Net Loans. Net loans increased $10.7 million, or 8.9%, to $130.4 million at September 30, 2016 from $119.8 million at December 31, 2015. During the nine months ended September 30, 2016, we originated $32.1 million of loans for portfolio, $15.2 million of which were one- to four- family residential real estate loans, $6.6 million were multi-family loans, $2.6 million were nonresidential loans, $5.1 million were home equity lines of credit, $2.3 million were construction and land loans, $200,000 were commercial loans and $3,000 were consumer loans. During the nine months ended September 30, 2016, we sold $44.5 million of one to four family residential loans, on both a servicing–retained and servicing–released basis. Subject to market conditions, management intends to continue this sales activity in future periods to generate gain on sale revenue and servicing fee income.

The largest increase in our loan portfolio was in the one- to four-family owner occupied residential real estate loan portfolio which grew $4.1 million or 6.1%. The multifamily portfolio increased $4.2 million or 25.5% and the nonresidential portfolio increased $1.5 million or 12.4% during the nine months ended September 30, 2016. The home equity lines of credit portfolio increased $1.6 million or 15.8% to $12.1 million at September 30, 2016. This loan portfolio increase reflects our strategy to grow the portfolio with adjustable-rate loans and mitigate interest rate risk on the balance sheet. We currently sell certain fixed-rate, 15- and 30-year term mortgage loans. We have sold loans on both a servicing-released and servicing-retained basis to: the FHLB-Cincinnati, through its mortgage purchase program; Freddie Mac; and certain private sector third-party buyers.

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Loans Held for Sale. Loans held for sale decreased $216,000 to $2.2 million at September 30, 2016 from $2.4 million at December 31, 2015.

Available-for-Sale Securities. Available-for-sale securities, which consisted entirely of government-sponsored mortgage-backed securities, decreased $605,000, or 24.3%, to $1.9 million at September 30, 2016 from $2.5 million at December 31, 2015. There were no securities purchases during the nine months ended September 30, 2016 and $608,000 in maturities, the remaining difference was due to the change in market values within the portfolio during the nine months ended September 30, 2016.

Deposits. Deposits increased $2.1 million, or 2.0%, to $105.1 million at September 30, 2016 from $103.0 million at December 31, 2015. Core deposits, defined as demand, NOW and savings accounts, increased $4.7 million, or 13.2%, to $40.7 million at September 30, 2016 from $36.0 million at December 31, 2015. The increase was primarily the result of marketing efforts directed at increasing demand deposit accounts. The primary marketing effort involved offering a one-time bonus payment of up to $300 to open a new checking account with direct deposit. Time deposits decreased $2.6 million, or 4.0%, to $64.4 million at September 30, 2016 from $67.0 million at December 31, 2015. The decrease in time deposits was primarily due to lower CD offering rates on certain terms to decrease CD interest expense.Certificates originated through the National CD Rateline service declined $2.1 million to $18.3 million at September 30, 2016. During the nine months ended September 30, 2016, management continued its strategy of pursuing growth in lower cost core deposits, and intends to continue its efforts to increase core deposits.

Stockholders’ Equity. Stockholders’ equity increased $499,000, or 2.8%, to $18.1 million at September 30, 2016 from $17.6 million at December 31, 2015. The increase resulted from net income for the period of $463,000 and a decrease in accumulated other comprehensive loss of $36,000.

Comparison of Operating Results for the Three Months Ended September 30, 2016 and September 30, 2015

General. Net income for the quarter ended September 30, 2016 was $287,000, compared to net income of $121,000 for the quarter ended September 30, 2015, an increase of $166,000, or 137.7%. The increase was primarily due to a $260,000 increase in noninterest income and a $108,000 increase in net interest income, partially offset by an increase in noninterest expense of $130,000 and a decrease in the provision of loan losses of $21,000.

Interest Income. Interest income increased $103,000, or 8.4%, to $1.3 million for the quarter ended September 30, 2016 from the comparable quarter in 2015. Interest income on loans increased $103,000, or 8.4%, to $1.3 million as of September 30, 2016 compared to $1.2 million for the comparable quarter in 2015. The average balance of loans during the three months ended September 30, 2016 increased $15.6 million to $133.6 million, compared to $117.9 million for the three months ended September 30, 2015. The average yield on loans decreased 17 basis points to 3.98% for the three months ended September 30, 2016 from 4.15% for the three months ended September 30, 2015. Interest income on securities available-for-sale remained the same due to a 30 basis point increase in average yield on the securities portfolio offset by a $847,000 decrease in the balance of the average securities portfolio during the quarter ended September 30, 2016. Interest income on other investments increased $1,000 in the first quarter of 2016 compared to the same quarter in 2015.

Interest Expense. Total interest expense decreased $4,000, or 1.3%, to $334,000 for the quarter ended September 30, 2016 from $338,000 for the quarter ended September 30, 2015. Interest expense on deposit accounts decreased 11,000, or 4.1%, to $252,000 for the quarter ended September 30, 2016 from $263,000 for the quarter ended September 30, 2015. The decrease between comparable quarters in 2016 from 2015 was primarily due to a $16,000 decrease in interest expense on certificates of deposit resulting from a $4.5 million, or 6.4%, decrease in the average balance of these certificates. The average cost of certificates was unchanged at 1.41%. Checking interest expense increased $5,000 from the comparable quarter in 2015. The increase in interest expense in the checking accounts reflects bonus incentives offered on new checking accounts. The bonus promotion program ended at the end of June 2016 although certain bonus payments were incurred in the third quarter of 2016. The average balances in interest bearing and non-interest bearing accounts during the three months ended September 30, 2016 increased $2.5 million to $17.2 million compared to $14.7 million for the three months ended September 30, 2015. Savings interest expense remained unchanged at $5,000 during the quarter ended September 30, 2016 compared to September 30, 2015.

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Interest expense on FHLB advances increased $6,000, or 8.1%, to $82,000 for the quarter ended September 30, 2016 from $75,000 for the quarter ended September 30, 2015. The average balance of advances increased $8.9 million, or 44.3%, for the quarter ended September 30, 2016. The average cost of FHLB borrowing decreased 37 basis points to 1.13% from 1.50%. The decrease in the average cost of advances results from the use of lower cost, short term cash management advances.

Net Interest Income. Net interest income increased $108,000, or 12.0%, to $1.0 million for the quarter ended September 30, 2016 compared to $900,000 the quarter ended September 30, 2015. Average interest-earning assets increased $20.3 million primarily due to a $15.6 million increase in average outstanding loans during the quarter. In addition, DDA balances held at the Federal Home Loan Bank were reclassified as interest earning as the account was migrated from a compensating balance pricing structure to an explicit pricing structure. The net impact in the current interest rate environment is not significant. Average interest-bearing liabilities increased $4.0 million from the same quarter in 2015 due to the funding needed for the increase in lending during the first quarter of 2016. The interest rate spread decreased 23 basis points to 2.67% for the quarter ended September 30, 2016 compared to 2.90% at quarter ended September 30, 2015. The net interest margin decreased 12 basis points to 2.83% for the second quarter of 2016 from 2.95% for the quarter ended September 30, 2015. The interest rate spread and net interest margin were impacted by a continuation of the low interest rate environment.

Provision for Loan Losses. The provision for loan losses decreased $21,000, or 100.0%, as there was a negative provision for loan losses recorded for the quarter ended September 30, 2016. The decrease in the provision for loan losses was based on managements’ evaluation and was primarily due to the improving quality of the loan portfolio, as total delinquencies and other nonperforming loans decreased, and continued favorable economic conditions.

The allowance for loan losses reflects the estimate we believe to be appropriate to cover probable losses which were inherent in the loan portfolio at September 30, 2016. While we believe the estimates and assumptions used in our determination of the adequacy of the allowance are reasonable, such estimates and assumptions could be proven incorrect in the future, and the actual amount of future provisions may exceed the amount of past provisions, and the increase in future provisions that may be required may adversely impact our financial condition and results of operations. In addition, bank regulatory agencies periodically review our allowance for loan losses and may require an increase in the provision for possible loan losses or the recognition of further loan charge-offs, based on judgments different than those of management.

Non-Interest Income. Non-interest income increased $260,000, or 45.9%, to $825,000 for the quarter ended September 30, 2016 from $565,000 for the comparable quarter in 2015. The increase was primarily due to a $226,000 increase in gain on sale of loans in the three months ended September 30, 2016. Other noninterest income increased $30,000, or 31.6%, to $123,000 for the quarter ended September 30, 2016. Servicing income on the sold loan portfolio increased $4,000 due to an increase in the total amount of loans serviced, primarily, for the FHLB – Cincinnati and Freddie Mac. The fair market adjustment on mortgage servicing rights decreased $35,000, or 51.0%, for the three months ended September 30, 2016.

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Non-Interest Expense. Non-interest expense increased $130,000, or 10.0%, to $1.4 million for the quarter ended September 30, 2016 compared to $1.3 million for the quarter ended September 30, 2015. The increase was due primarily to a $109,000, or 16.5%, increase in salary and employee benefits to $770,000 in the second quarter of 2016 from $661,000 for the comparable quarter in 2015 caused by increased staffing demands, higher commission payouts to mortgage loan officers, ESOP expense and payroll expense. Data processing expense increased $16,000, or 13.1%, to $138,000 during the quarter ended September 30, 2016 from $122,000 for the quarter ended September 30, 2015. The increase was due to bank growth. Advertising expense decreased $1,000, or 4.0%. Loan cost expense decreased $22,000 or 23.2% primarily due to a reduction in lender credits given to borrowers due to market conditions. Other non-interest expense increased $16,000, or 14.9%, to $120,000 during the second quarter of 2016 from $104,000 for the comparable quarter in 2015 due primarily to increased costs related to being a public company including legal, transfer agent, printing and filing fees of $13,000 for the three months ended September 30, 2016.

Federal Income Taxes. Federal income taxes increased $93,000 due to an increase in pre-tax income of $259,000 for the quarter ended September 30, 2016 compared to pre-tax income for the quarter ended September 30, 2015.

Average Balances and Yields. The following tables set forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made. Any adjustments necessary to present yields on a tax-equivalent basis are insignificant. All average balances are monthly average balances. Management does not believe that the use of month-end balances instead of daily average balances has caused any material differences in the information presented. Non-accrual loans were included in the computation of average balances only. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

	For the Three Months Ended September 30,
	2016							2015
	Average Outstanding Balance		Interest		Average Yield/Rate (5)			Average Outstanding Balance		Interest		Average Yield/Rate (5)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	133,552	$	1,328		3.98	%	$	117,912	$	1,224		4.15	%
Securities		1,997		5		1.00			2,844		5		0.70
Other (1)		6,819		10		0.59			1,268		9		2.84
Total interest-earning assets		142,368		1,343		3.77			122,024		1,238		4.06
Non-interest-earning assets		14,465							18,872
Total assets	$	153,833						$	140,896
Interest-bearing liabilities:
Savings	$	22,443	$	5		0.09		$	22,326	$	5		0.09
Interest-bearing demand		4,246		16		1.51			4,739		11		0.93
Certificates of deposit		65,390		231		1.41			69,893		247		1.41
Total deposits		92,079		252		1.09			96,958		263		1.09
Borrowings		28,910		82		1.13			20,031		75		1.50
Total interest-bearing liabilities		120,989		334		1.10			116,989		338		1.16
Non-interest-bearing Demand		12,937							9,926
Other non-interest-bearing liabilities		2,276							2,160
Total non- interest-bearing liabilities		15,213							12,086
Total equity		17,631							11,821
Total liabilities and total equity	$	153,833						$	140,896
Net interest income			$	1,009						$	900
Net interest rate spread (2)						2.67	%						2.90	%
Net interest-earning assets (3)	$	21,379						$	5,035
Net interest margin (4)						2.83	%						2.95	%
Average interest-earning assets to interest-bearing liabilities						117.67	%						104.30	%

(1) Consists of FHLB-Cincinnati stock, FHLB DDA, certificates of deposit and cash reserves.

(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin represents annualized net interest income divided by average total interest-earning assets.

(5) Annualized

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Comparison of Operating Results for the Nine Months Ended September 30, 2016 and September 30, 2015

General. Net income for the nine months ended September 30, 2016 was $463,000, compared to net income of $428,000 for the nine months ended September 30, 2015, an increase of $35,000, or 8.0%. The increase was primarily attributable to a $195,000 increase in net interest income and a $112,000 increase in non-interest interest income after provision for loan losses, partially offset by a $306,000 increase in noninterest expense.

Interest Income. Interest income increased $281,000, or 7.7%, to $3.9 million for the nine months ended September 30, 2016 from the comparable nine months in 2015. Interest income on loans increased $286,000 primarily due to a $15.4 million increase in the average balance of loans during the first nine months of 2016 compared to the same nine months in 2015, partially offset by a 21 basis point decrease in the average yield on loans. Interest income on securities available-for-sale decreased $8,000 primarily due to a 10 basis point decrease in average yield on the securities portfolio and a $894,000 decrease in the average balance of the securities portfolio during the nine months ended September 30, 2016. Interest income on other investments increased $4,000 in the first nine months of 2016 compared to the same period in 2015. The increase was the result, in part, of FHLB DDA pricing migrating from a compensating balance arrangement to explicit pricing with collected DDA balances earning a daily rate of interest.

Interest Expense. Total interest expense increased $86,000, or 9.0%, to $1.0 million for the nine months ended September 30, 2016 from $957,000 for the nine months ended September 30, 2015. Interest expense on deposit accounts increased $102,000, or 14.0%, to $828,000 for the nine months ended September 30, 2016 from $727,000 for the nine months ended September 30, 2015. The increase between comparable nine month periods in 2016 from 2015 was primarily due to a $74,000 increase in interest expense on checking accounts. The increase in checking account expense reflects a promotional one-time bonus paid to new checking account customers. The checking account promotion ended in June 2016. Interest expense on certificates of deposit increased $29,000 resulting from a $2.5 million, or 3.9%, increase in the average balance of these certificates. There was no change in the average cost of certificates of deposit. Interest expense on savings accounts decreased $2,000 during the nine months ended September 30, 2016 primarily due to an $826,000 decrease in the average balance of savings accounts.

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Interest expense on FHLB advances decreased $16,000, or 6.8%, to $215,000 for the nine months ended September 30, 2016 from $231,000 for the nine months ended September 30, 2015. The average balance of advances increased $2.5 million to $23.3 million for the nine months ended September 30, 2016 from $20.8 million for the same nine months in 2015, while the average cost of these advances decreased 25 basis points to 1.23% from 1.48%. The decrease in the average cost of FHLB advances was due to the increased use of lower cost, short term cash management borrowings.

Net Interest Income. Net interest income increased $195,000, or 7.2%, to $2.9 million for the nine months ended September 30, 2016 compared to $2.7 million the nine months ended September 30, 2015. Average interest-earning assets increased $19.6 million primarily due to a $15.4 million increase in average outstanding loans during the nine months and the reclassification of FHLB DDA balances as interest earning. Interest-bearing liabilities increased $4.4 million from the same nine months in 2015 due to the funding needed for the increase in lending during the first nine months of 2016. The interest rate spread declined 38 basis points to 2.63% for the nine months ended September 30, 2016 from 3.01% for the comparable nine months in 2015. Our net interest margin decreased 24 basis points to 2.81% for the nine months ended September 30, 2016 from 3.05% for the nine months ended September 30, 2015. The interest rate spread and net interest margin were impacted by a continuation of the low interest rate environment.

Provision for Loan Losses. The provision for loan losses decreased $62,000. A negative provision of $21,000 for loan losses was recorded for the nine months ended September 30, 2016 compared to a provision of $41,000 for the same nine months in 2015. The decrease in the provision for loan losses was due to the improving quality of the loan portfolio as total delinquencies and other nonperforming loans decreased.

Non-Interest Income. Non-interest income increased $112,000, or 6.4%, to $1.9 million for the nine months ended September 30, 2016 from $1.8 million for the comparable nine months in 2015. The increase was primarily due to an increase of $140,000, or 11.1%, in gain on sale of loans. Other non-interest income decreased $39,000 primarily due to a $91,000 decrease in the fair value of mortgage servicing rights for the nine months ended September 30, 2016 compared to the comparable nine months in 2015. The fair value of mortgage servicing rights recorded a loss of $104,000 for the nine months ended September 30, 2016 compared to a loss of $13,000 for the nine months ended September 30, 2015. The decrease in value is principally the result of the increase in projected prepayment speeds due to lower mortgage rates and a higher discount rate used in the valuation model. Servicing fees on loans sold increased $11,000 or 10.7% for the nine months ended September 30, 2016 due to an increase in the amount of loans serviced for the FHLB-Cincinnati and Freddie Mac. Loan origination fees increased $46,000 or 67.9% due to higher loan origination volumes compared to the comparable nine months in 2015.

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Non-Interest Expense. Non-interest expense increased $306,000, or 8.0%, to $4.1 million for the nine months ended September 30, 2016 compared to $3.8 million for the nine months ended September 30, 2015. The increase was due in part to a $158,000, or 8.2%, increase in salary and employee benefits to $2.1 million in the nine months ended September 30, 2016. Data processing expense increased $48,000, or 13.6%, to $406,000 during the nine months ended September 30, 2016 from $357,000 for the nine months ended September 30, 2015. The increase was due to a one-time assessment for PCI compliance from our core data processor and bank growth. Advertising expense increased $34,000 primarily from a checking account promotional campaign. The promotional campaign ended in June 2016. Franchise tax expense increased $35,000 due to higher capital levels from the stock offering. The state of Ohio assesses franchise tax based on the level of capital. Other non-interest expense increased $64,000, or 18.9%, to $400,000 during the nine months ended September 30, 2016 from $336,000 for the comparable nine months in 2015 due primarily to increased costs related being a public company including legal, transfer agent, printing and filing fees of $54,000 for the nine months ended September 30, 2016.

Federal Income Taxes. Federal income taxes, which are based on operating results, increased $30,000 due to increased pre-tax net income for the nine months ended September 30, 2016 compared to the nine months ended September 30, 2015.

Average Balances and Yields. The following tables set forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made. Any adjustments necessary to present yields on a tax-equivalent basis are insignificant. All average balances are monthly average balances. Management does not believe that the use of month-end balances instead of daily average balances has caused any material differences in the information presented. Non-accrual loans were included in the computation of average balances only. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

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	For the Nine Months Ended September 30,
	2016							2015
	Average Outstanding Balance		Interest		Average Yield/Rate (5)			Average Outstanding Balance		Interest		Average Yield/Rate (5)
(Dollars in thousands)
Interest-earning assets:
Loans	$	129,066	$	3,898		4.03	%	$	113,708	$	3,612		4.24	%
Securities		2,164		14		0.86			3,058		22		0.96
Other (1)		6,386		30		0.63			1,217		26		2.85
Total interest-earning assets		137,616		3,942		3.82			117,983		3,660		4.14
Non-interest-earning assets		11,735							17,550
Total assets	$	149,351						$	135,533
Interest-bearing liabilities:
Savings	$	22,465	$	15		0.09		$	23,291	$	17		0.10
Interest-bearing demand		4,134		103		3.32			3,942		29		0.98
Certificates of deposit		67,113		710		1.41			64,588		681		1.41
Total deposits		93,712		828		1.18			91,821		727		1.06
Borrowings		23,279		215		1.23			20,769		231		1.48
Total interest-bearing liabilities		116,991		1,043		1.19			112,590		958		1.13
Non-interest-bearing Demand		12,519							9,173
Other non-interest-bearing liabilities		2,396							2,107
Total non- interest-bearing liabilities		14,915							11,280
Total equity		17,445							11,663
Total liabilities and total equity	$	149,351						$	135,533
Net interest income			$	2,899						$	2,702
Net interest rate spread (2)						2.63	%						3.01	%
Net interest-earning assets (3)	$	20,625						$	5,393
Net interest margin (4)						2.81	%						3.05	%
Average interest-earning assets to interest-bearing liabilities						117.63	%						104.79	%

(1) Consists of FHLB-Cincinnati stock, FHLB DDA, certificates of deposit and cash reserves.

(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average total interest-earning assets.

(5) Annualized

44

Liquidity and Capital Resources. Liquidity is the ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary source of funds are deposits, principal and interest payments on loans and securities, proceeds from the sale of loans, and proceeds from the sale or maturities of securities. In addition, the Bank may borrow from the FHLB. At September 30, 2016, we had $30.8 million outstanding in advances from the FHLB. At September 30, 2016, we had FHLB stock based capacity to borrow an additional $5.9 million and collateral based capacity to borrow $42.2 million. The Bank had additional lines of credit with two commercial banks totaling $6.5 million. Additionally the Bank has contingent funding sources with CDARS and the StoneCastle’s Federally Insured Cash Account (FICA) program.

While maturities and scheduled amortization of loans and securities are probable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and short term investments including interest-bearing demand deposits. The levels of these assets are dependent on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided (used) by operating activities was $276,000 for the nine months ended September 30, 2016, and ($506,000) for the nine months ended September 30, 2015. Net cash used in investing activities, which consists primarily of disbursements for loan originations and the purchase of securities, offset by principal collections on loans, proceeds from the sale of securities and proceeds from maturing securities and pay downs on mortgage-backed securities, was $10.1 million for the nine months ended September 30, 2016, and $13.5 million for nine months ended September 30, 2015. Net cash provided by financing activities, consisting primarily of the activity in deposit accounts and FHLB advances, was $13.8 million for the nine months ended September 30, 2016, and $18.4 million for the nine months ended September 30, 2015 resulting from our strategy of increasing retail checking and FHLB borrowings to fund loan originations.

45

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained. We also anticipate continued participation in the National CD Rateline Program as a wholesale source of certificates of deposit, and continued use of FHLB-Cincinnati advances.

Cincinnati Bancorp is a separate legal entity from the Bank and must provide for its own liquidity to pay any dividend to its stockholders and for other corporate purposes. Cincinnati Bancorp’s primary source of liquidity is dividend payments, if any, received from the Bank. The Bank’s ability to pay dividends is subject to regulatory restrictions. At September 30, 2016, Cincinnati Bancorp (on an unconsolidated, stand-alone basis) had liquid assets of $337,000.

At September 30, 2016, the Bank exceeded all of its regulatory capital requirements with a Tier 1 leverage capital level of $18.0 million, or 11.7% of adjusted total assets, which is above the well-capitalized required level of $7.7 million, or 5.0%; total risk-based capital of $19.4 million, or 17.9% of risk-weighted assets, which is above the well-capitalized required level of $10.8 million, or 10.0%; and common equity tier 1 risk based capital of $18.0 million, or 16.6%, of risk weighted assets, which is above the well-capitalized required level of $7.0 million, or 6.5%. At December 31, 2015, the Bank exceeded all of its regulatory capital requirements with a Tier 1 leverage capital level of $17.5 million, or 12.2% of adjusted total assets, which is above the well-capitalized required level of $7.2 million, or 5.0%; and total risk-based capital of $18.8 million, or 18.6% of risk-weighted assets, which is above the well-capitalized required level of $10.1 million, or 10.0%. Accordingly, Cincinnati Federal was categorized as well capitalized at September 30, 2016, and December 31, 2015. Management is not aware of any conditions or events since the most recent notification that would change its category.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable, as the Company is a smaller reporting company.

Item 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of September 30, 2016. Based on that evaluation, the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, concluded that the Registrant’s disclosure controls and procedures were effective.

During the quarter ended September 30, 2016, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

46

Part II – Other Information

Item 1. Legal Proceedings

The Company is subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.

Item 1A. Risk Factors

Not applicable, as the Company is a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) There were no sales of unregistered securities during the period covered by this Report.

(b) Not applicable.

(c) There were no issuer repurchases of securities during the period covered by this Report.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

3.1 Cincinnati Bancorp Stock Holding Company Charter ⁽¹⁾

3.2 Cincinnati Bancorp Bylaws ⁽¹⁾

31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following financial information from Cincinnati Bancorp Quarterly Report on Form 10-Q, for the quarter ended September 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the consolidated balance sheets; (ii) the consolidated statements of operations; (iii) the consolidated statements of comprehensive income; (iv) the consolidated statements of cash flows; and (v) notes to consolidated financial statements.

(1) Incorporated by reference to the Company’s Registration Statement on Form S-1, as initially filed on March 11, 2015, as subsequently amended.

47

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CINCINNATI BANCORP
Date:  November 14, 2016	/s/ Joseph V. Bunke
	Joseph V. Bunke
	President
	(Principal Executive Officer)
Date:  November 14, 2016	/s/ Herbert C. Brinkman
	Herbert C. Brinkman
	Senior Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

48

EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Joseph V. Bunke, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cincinnati Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer 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 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter 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 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 the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 14, 2016	/s/ Joseph V. Bunke
	Joseph V. Bunke
	President
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Herbert C. Brinkman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cincinnati Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer 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 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter 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 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 the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 14, 2016	/s/ Herbert C. Brinkman
	Herbert C. Brinkman
	Senior Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32

Exhibit 32

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Joseph V. Bunke, President of Cincinnati Bancorp, (the “Company”), and Herbert C. Brinkman, Senior Vice President and Chief Financial Officer of the Company, each certify in his capacity as an officer of the Company that he has reviewed the quarterly report on Form 10-Q for the quarter ended September 30, 2016 (the “Report”) and that to the best of his knowledge:

1. the Report fully complies with the requirements of Sections 13(a) or 15(d) 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.

Date:  November 14, 2016	/s/ Joseph V. Bunke
	Joseph V. Bunke
	President
	(Principal Executive Officer)
Date:  November 14, 2016	/s/ Herbert C. Brinkman
	Herbert C. Brinkman
	Senior Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 08, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Cincinnati Bancorp
Entity Central Index Key	0001635484
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CNNB
Entity Common Stock, Shares Outstanding		1,719,250

XML

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 4,654,771	$ 3,401,351
Interest-bearing demand deposits in banks	7,666,446	4,903,188
Cash and cash equivalents	12,321,217	8,304,539
Available-for-sale securities	1,887,995	2,493,300
Loans held for sale	2,228,569	2,444,179
Loans, net of allowance for loan losses of $1,326,264 and $1,366,968, respectively	130,442,514	119,779,931
Premises and equipment, net	2,616,296	2,691,004
Federal Home Loan Bank stock	908,000	888,100
Foreclosed assets held for sale	0	29,666
Interest receivable	387,737	359,103
Mortgage servicing rights	717,881	630,316
Federal Home Loan Bank lender risk account receivable	1,525,978	1,387,411
Bank Owned Life Insurance	3,150,496	3,084,985
Other assets	231,442	149,362
Total assets	156,418,125	142,241,896
Deposits
Demand	17,925,179	14,259,500
Savings	22,826,210	21,747,556
Certificates of Deposits	64,359,690	67,007,664
Total deposits	105,111,079	103,014,720
Federal Home Loan Bank advances	30,842,938	18,813,639
Advances from borrowers for taxes and insurance	982,895	1,281,036
Interest payable	23,322	17,131
Directors deferred compensation	420,215	421,093
Other liabilities	851,352	1,036,877
Total liabilities	138,231,801	124,584,496
Commitments and Contingent Liabilities
Temporary Equity
ESOP Shares subject to mandatory redemption	71,773	41,606
Stockholders' Equity
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued	0	0
Common stock - authorized 9,000,000 shares, $0.01 par value 1,719,250 issued and outstanding at September 30, 2016 and December 31, 2015	17,192	17,192
Additional paid-in-capital	6,169,304	6,203,002
Unearned ESOP Shares	(595,340)	(629,039)
Retained earnings - substantially restricted	12,731,873	12,269,005
Accumulated other comprehensive loss	(208,478)	(244,366)
Total equity	18,114,551	17,615,794
Total liabilities and stockholders' equity	$ 156,418,125	$ 142,241,896

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Allowance for loan losses	$ 1,326,264	$ 1,366,968
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Common Stock, Shares Authorized	9,000,000	9,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Issued	1,719,250	1,719,250
Common Stock, Shares, Outstanding	1,719,250	1,719,250

XML

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest and Dividend Income
Loans, including fees	$ 1,327,573	$ 1,224,431	$ 3,897,718	$ 3,612,124
Securities	4,554	5,353	13,845	21,575
Dividends on Federal Home Loan Bank stock and other	9,998	8,878	30,236	26,618
Total interest and dividend income	1,342,125	1,238,662	3,941,799	3,660,317
Interest Expense
Deposits	252,053	262,714	828,431	726,736
Federal Home Loan Bank advances	81,468	75,343	215,049	230,724
Total interest expense	333,521	338,057	1,043,480	957,460
Net Interest Income	1,008,604	900,605	2,898,319	2,702,857
Provision (Credit) for Loan Losses	(21,000)	0	(21,000)	41,052
Net Interest Income After Provision (Credit) for Loan Losses	1,029,604	900,605	2,919,319	2,661,805
Noninterest Income
Gain on sales of loans	661,321	434,873	1,407,765	1,267,599
Mortgage servicing fees	41,045	37,519	116,900	105,559
Other	123,039	93,469	353,866	392,878
Total noninterest income	825,405	565,861	1,878,531	1,766,036
Noninterest Expense
Salaries and employee benefits	770,499	661,351	2,089,303	1,931,589
Occupancy and equipment	105,917	97,517	307,838	288,928
Directors compensation	62,500	62,500	197,500	187,500
Data processing	137,705	121,707	405,640	357,159
Professional fees	47,182	43,735	149,229	136,015
Franchise tax	35,249	23,250	104,495	69,750
Deposit insurance premiums	21,243	24,719	67,318	75,064
Advertising	30,743	32,010	132,795	99,286
Software Licenses	22,717	18,800	59,392	54,900
Loan costs	77,708	93,228	206,325	255,977
Net losses on sales of foreclosed assets	0	12,463	637	22,126
Other	114,005	104,570	399,717	336,252
Total noninterest expense	1,425,468	1,295,850	4,120,189	3,814,546
Income Before Income Tax	429,541	170,616	677,661	613,295
Provision for Income Taxes	142,822	50,018	214,793	184,898
Net Income	$ 286,719	$ 120,598	$ 462,868	$ 428,397
Earnings per share - basic and diluted	$ 0.17	$ 0	$ 0.28	$ 0
Weighted-average shares outstanding - basic and diluted	1,658,592	0	1,657,469	0

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income	$ 286,719	$ 120,598	$ 462,868	$ 428,397
Other Comprehensive Income:
Net unrealized gains (losses) on available-for-sale securities	5,682	(7,975)	21,463	(8,677)
Tax (expense) benefit	(1,931)	2,713	(7,297)	2,951
Changes in directors' retirement plan prior service costs	10,971	1,376	32,913	4,127
Tax expense	(3,730)	(468)	(11,191)	(1,402)
Other comprehensive income (loss)	10,992	(4,354)	35,888	(3,001)
Comprehensive Income	$ 297,711	$ 116,244	$ 498,756	$ 425,396

XML

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net income	$ 462,868	$ 428,397
Items not requiring (providing) cash:
Depreciation and amortization	103,454	102,797
Provision (credit) for loan losses	(21,000)	41,052
Amortization of premiums and discounts on securities	18,530	23,672
Amortization of deferred prepayment penalty on Federal Home Loan Bank advances	34,299	69,502
Change in deferred income taxes	(112,138)	66,624
Gain on sale of loans	(1,407,765)	(1,267,599)
Proceeds from the sale of loans held for sale	48,933,805	35,882,061
Origination of loans held for sale	(47,310,430)	(34,937,034)
Net loss on sale of foreclosed assets	637	22,126
Income from Bank Owned Life insurance	(65,511)	(69,479)
ESOP shares earned	30,167	0
Changes in:
Interest receivable	(28,634)	(58,591)
Mortgage servicing rights	(87,565)	(93,521)
Federal Home Loan Bank lender risk account receivable	(138,567)	(89,377)
Other assets	(82,080)	(914,786)
Interest payable	6,191	260
Other liabilities	(59,839)	287,916
Net cash provided (used) in operating activities	276,422	(505,980)
Investing Activities
Proceeds from maturities of available-for-sale securities	608,238	632,137
Purchase of Federal Home Loan Bank stock	(19,900)	0
Net change in loans	(10,641,583)	(14,076,442)
Purchase of premises and equipment	(28,746)	(258,862)
Proceeds from sales of foreclosed assets	29,029	238,333
Net cash used in investing activities	(10,052,962)	(13,464,834)
Financing Activities
Net increase in deposits	2,096,359	17,714,383
Proceeds from Federal Home Loan Bank advances	123,209,465	17,750,000
Repayment of Federal Home Loan Bank advances	(111,214,465)	(17,000,000)
Net decrease in advances from borrowers for taxes and insurance	(298,141)	(111,586)
Net cash provided by financing activities	13,793,218	18,352,797
Increase in Cash and Cash Equivalents	4,016,678	4,381,983
Cash and Cash Equivalents, Beginning of Period	8,304,539	7,340,881
Cash and Cash Equivalents, End of Period	12,321,217	11,722,864
Supplemental Cash Flows Information
Interest paid	1,037,289	957,200
Income taxes paid (refunded)	308,000	(123,392)
Real estate acquired in settlement of loans	$ 0	$ 94,406

XML

Nature of Operation and Conversion

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Business Description and Accounting Policies [Text Block]

NOTE 1: Nature of Operation and Conversion

Cincinnati Bancorp (“Cincinnati Bancorp” and, together with Cincinnati Federal, the “Company”) is the parent holding company of Cincinnati Federal (the “Bank”) and the majority-owned subsidiary of CF Mutual Holding Company (“CF Mutual”), a Federally-chartered mutual holding company.

The Bank is a federally chartered thrift institution and is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in Hamilton County, Ohio and surrounding areas. The Bank is subject to competition from other financial institutions. The Bank is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. During the second quarter of 2016, Cincinnati Federal ceased the operations of the Bank’s wholly-owned subsidiary, Cincinnati Federal Investment Services, LLC. The termination of Cincinnati Federal Investment Services, LLC did not have a material impact on operations.

On October 14, 2015, the Bank completed a mutual-to-stock conversion pursuant to which it became the wholly-owned subsidiary of Cincinnati Bancorp and CF Mutual was established as the mutual holding company of Cincinnati Bancorp. As part of the conversion transaction, Cincinnati Bancorp sold, in a subscription offering and at a price of $10.00 per share, 45% of its common stock to the Bank’s eligible members, to the Bank’s employee stock ownership plan (“ESOP”) and to certain other persons. The total offering value and the number of shares was based on an independent appraiser’s valuation. The remaining 55% of the common stock was issued to CF Mutual. Cincinnati Bancorp’s common stock is currently quoted on the OTCPink Market, operated by OTC Markets Group, Inc., under the symbol “CNNB.”

The accompanying unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions for Form 10-Q and Article 8 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company as of December 31, 2015 included in Cincinnati Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2015.

In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included to present fairly the financial position as of September 30, 2016 and the results of operation for the three months and nine months ended September 30, 2016 and 2015. All interim amounts have not been audited and results of operations for the three months and nine months ended September 30, 2016, included herein are not necessarily indicative of the results of operations to be expected for the entire fiscal year.

The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission.

Principles of Consolidation

The accompanying condensed consolidated financial statements as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 include the accounts of Cincinnati Bancorp and the Bank. All significant intercompany items have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights and fair values of financial instruments.

XML

Securities

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 2: Securities

Available for sale securities are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

For debt securities with fair value below amortized cost when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income.

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
September 30, 2016:
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	19,367	$	-	$	1,887,995
December 31, 2015:
Mortgage-backed securities of government sponsored entities	$	2,495,396	$	18,602	$	(20,698)	$	2,493,300

The Company had no sales of investment securities during the three and nine month periods ended September 30, 2016 and 2015. The Company had not pledged any of its investment securities as of September 30, 2016 or December 31, 2015.

The amortized cost and fair value of available-for-sale securities at September 30, 2016 and December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2016				December 31, 2015
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	1,887,995	$	2,495,396	$	2,493,300

Certain investments in debt securities have fair values at an amount less than their historical cost. The total fair value of these investments at September 30, 2016 and December 31, 2015 was $0 and $1,723,706, respectively, which is approximately 0% and 69%, respectively of the Company’s investment portfolio.

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporary impaired, aggregated by investment class and length of time that individual securities have been in continuous unrealized loss position at September 30, 2016 and December 31, 2015:

	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
September 30, 2016:
Mortgage-backed securities of government sponsored entities	$	-	$	-	$	-	$	-	$	-	$	-
December 31, 2015:
Mortgage-backed securities of government sponsored entities	$	-	$	-	$	1,723,706	$	(20,698)	$	1,723,706	$	(20,698)

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Loans and Allowance for Loan Losses

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Loans and Allowance for Loan Losses [Text Block]

NOTE 3: Loans and Allowance for Loan Losses

Categories of loans at September 30, 2016 and December 31, 2015 include:

	September 30,		December 31,
	2016		2015
One to four family mortgage loans -owner occupied	$	70,801,131	$	66,748,890
One to four family - investment		11,176,954		11,954,413
Multi-family mortgage loans		20,737,035		16,525,348
Nonresidential mortgage loans		13,727,525		12,217,500
Construction and land loans		3,520,619		3,111,478
Real estate secured lines of credit		12,083,162		10,439,284
Commercial loans		553,160		402,687
Other consumer loans		18,536		21,551
Total loans		132,618,122		121,421,151
Less:
Net deferred loan costs		(427,885)		(392,061)
Undisbursed portion of loans		1,277,229		666,313
Allowance for loan losses		1,326,264		1,366,968
Net loans	$	130,442,514	$	119,779,931

The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three and nine months ended September 30, 2016 and 2015 and year ended December 31, 2015:

	Nine Months Ended September 30, 2016 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	382,596	$	333,627	$	111,876	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,366,968
Provision (credit) charged to expense		(62,686)		(20,127)		(159)		28,573		6,274		24,208		2,937		(20)		(21,000)
Losses charged off		(19,704)		-		-		-		-		-		-		-		(19,704)
Recoveries		-		-		-		-		-		-		-		-		-
Balance, end of period	$	300,206	$	313,500	$	111,717	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,326,264
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	9,055	$	-	$	-	$	-	$	-	$	-	$	56,156
Ending balance: Collectively evaluated for impairment	$	300,206	$	266,399	$	102,662	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,270,108
Loans:
Ending balance	$	70,801,131	$	11,176,954	$	20,737,035	$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536	$	132,618,122
Ending balance: Individually evaluated for impairment	$	665,317	$	1,308,645	$	654,508	$	196,574	$	-	$	37,823	$	-	$	-	$	2,862,867
Ending balance: Collectively evaluated for impairment	$	70,135,814	$	9,868,309	$	20,082,527	$	13,530,951	$	3,520,619	$	12,045,339	$	553,160	$	18,536	$	129,755,255

	Three Months Ended September 30, 2016 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	349,408	$	311,999	$	126,602	$	200,923	$	40,400	$	305,859	$	11,804	$	269	$	1,347,264
Provision (credit) charged to expense		(49,202)		1,501		(14,885)		23,460		9,414		9,162		(477)		27		(21,000)
Losses charged off		-		-		-		-		-		-		-		-		-
Recoveries		-		-		-		-		-		-		-		-		-
Balance, end of period	$	300,206	$	313,500	$	111,717	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,326,264
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	9,055	$	-	$	-	$	-	$	-	$	-	$	56,156
Ending balance: Collectively evaluated for impairment	$	300,206	$	266,399	$	102,662	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,270,108

	Nine Months Ended September 30, 2015 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369	$	415,496	$	143,919	$	214,671	$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		142,784		(111,192)		41,734		(63,365)		22,143		6,835		2,001		112		41,052
Losses charged off		(21,237)		(7,307)		-		-		-		-		-		-		(28,544)
Recoveries		-		19,460		-		-		-		-		-		-		19,460
Balance, end of period	$	402,916	$	316,457	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,381,968
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	15,733	$	14,774	$	-	$	-	$	-	$	-	$	77,608
Ending balance: Collectively evaluated for impairment	$	402,916	$	269,356	$	169,920	$	136,532	$	45,998	$	270,370	$	8,906	$	362	$	1,304,360

	Three Months Ended September 30, 2015 (Unaudited)
	One- to Four-		One- to Four
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	402,916	$	308,997	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,374,508
Provision charged to expense		-		-		-		-		-		-		-		-		-
Losses charged off		-		-		-		-		-		-		-		-		-
Recoveries		-		7,460		-		-		-		-		-		-		7,460
Balance, end of period	$	402,916	$	316,457	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,381,968

	Year Ended December 31, 2015
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369	$	415,496	$	143,919	$	214,671	$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		122,463		(94,021)		(32,043)		(18,861)		19,685		27,278		1,485		66		26,052
Losses charged off		(21,236)		(7,307)		-		-		-		-		-		-		(28,543)
Recoveries		-		19,459		-		-		-		-		-		-		19,459
Balance, end of year	$	382,596	$	333,627	$	111,876	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,366,968
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	15,733	$	-	$	-	$	-	$	-	$	-	$	62,834
Ending balance: Collectively evaluated for impairment	$	382,596	$	286,526	$	96,143	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,304,134
Loans:
Ending balance	$	66,748,890	$	11,954,413	$	16,525,348	$	12,217,500	$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151
Ending balance: Individually evaluated for impairment	$	191,308	$	1,509,223	$	939,852	$	2,348,732	$	298,562	$	246,939	$	-	$	-	$	5,534,616
Ending balance: Collectively evaluated for impairment	$	66,557,582	$	10,445,190	$	15,585,496	$	9,868,768	$	2,812,916	$	10,192,345	$	402,687	$	21,551	$	115,886,535

The Company has adopted a standard grading system for all loans.

Definitions are as follows:

Prime (1) loans are of superior quality with excellent credit strength and repayment ability proving a nominal credit risk.

Good (2) loans are of above average credit strength and repayment ability proving only a minimal credit risk.

Satisfactory (3) loans are of reasonable credit strength and repayment ability proving an average credit risk due to one or more underlying weaknesses.

Acceptable (4) loans are of the lowest acceptable credit strength and weakened repayment ability providing a cautionary credit risk due to one or more underlying weaknesses. New borrowers are typically not underwritten within this classification.

Special Mention (5) loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Ordinarily, special mention credits have characteristics which corrective management action would remedy.

Substandard (6) loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful (7) loans have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current known facts, conditions and values, highly questionable and improbable.

Loss (8) loans are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off even though partial recovery may be affected in the future.

The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2016 and December 31, 2015:

	September 30, 2016
									(Unaudited)
	One- to Four-		One- to Four-
	Family Mortgage		Family Mortgage								Real Estate
	Loans - Owner		Loans -		Multi-Family		Nonresidential		Construction &		Secured Lines of		Commercial		Other Consumer
	Occupied		Investment		Mortgage Loans		Mortgage Loans		Land Loans		Credit		Loans		Loans		Total
Pass	$	70,582,581	$	8,732,325	$	20,204,616	$	12,718,404	$	3,520,619	$	11,360,531	$	553,160	$	18,536	$	127,690,772
Special mention		-		751,456		-		690,457		-		508,140		-		-		1,950,053
Substandard		218,550		1,693,173		532,419		318,664		-		214,491		-		-		2,977,297
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	70,801,131	$	11,176,954	$	20,737,035	$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536	$	132,618,122

	December 31, 2015
	One- to Four-		One- to Four-
	Family Mortgage		Family Mortgage								Real Estate
	Loans – Owner		Loans -		Multi-Family		Nonresidential		Construction &		Secured Lines of		Commercial		Other Consumer
	Occupied		Investment		Mortgage Loans		Mortgage Loans		Land Loans		Credit		Loans		Loans		Total
Pass	$	66,468,612	$	9,538,767	$	15,874,527	$	11,161,771	$	3,111,478	$	9,633,212	$	402,687	$	21,551	$	116,212,605
Special mention		-		670,292		-		726,526		-		513,462		-		-		1,910,280
Substandard		280,278		1,745,354		650,821		329,203		-		292,610		-		-		3,298,266
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	66,748,890	$	11,954,413	$	16,525,348	$	12,217,500	$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151

Pass portfolio within the tables above consists of loans graded Prime (1) through Acceptable (4).

The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the three or nine months ended September 30, 2016.

The following tables present the loan portfolio aging analysis of the recorded investment in loans as of September 30, 2016 and December 31, 2015:

	September 30, 2016
							(Unaudited)
					90 Days and								Total Loans
	30-59 Past		60-89 Days		Greater		Total Past				Total Loans		> 90 Days &
	Due		Past Due		Past Due		Due		Current		Receivable		Accruing
One to Four-family mortgage loans	$	-	$	-	$	135,176	$	135,176	$	70,665,955	$	70,801,131	$	-
One to Four Family - Investment		107,931		-		11,595		119,526		11,057,428		11,176,954		-
Multi-family mortgage loans		-		-		-		-		20,737,035		20,737,035		-
Nonresidential mortgage loans		-		-		-		-		13,727,525		13,727,525		-
Construction & Land Loans		-		-		-		-		3,520,619		3,520,619		-
Real estate secured lines of credit		-		-		10,025		10,025		12,073,137		12,083,162		-
Commercial Loans		-		-		-		-		553,160		553,160		-
Other consumer loans		-		-		-		-		18,536		18,536		-
Total	$	107,931	$	-	$	156,796	$	264,727	$	132,353,395	$	132,618,122	$	-

	December 31, 2015
					90 Days and								Total Loans
	30-59 Past		60-89 Days		Greater		Total Past				Total Loans		> 90 Days &
	Due		Past Due		Past Due		Due		Current		Receivable		Accruing
One to Four-family mortgage loans	$	113,731	$	145,413	$	10,806	$	269,950	$	66,478,940	$	66,748,890	$	-
One to Four Family - Investment		50,445		14,679		-		65,124		11,889,289		11,954,413		-
Multi-family mortgage loans		-		-		-		-		16,525,348		16,525,348		-
Nonresidential mortgage loans		-		-		-		-		12,217,500		12,217,500		-
Construction & Land Loans		-		-		-		-		3,111,478		3,111,478		-
Real estate secured lines of credit		592,090		-		-		592,090		9,847,194		10,439,284		-
Commercial Loans		-		-		-		-		402,687		402,687		-
Other consumer loans		-		6,599		-		6,599		14,952		21,551		-
Total	$	756,266	$	166,691	$	10,806	$	933,763	$	120,487,388	$	121,421,151	$	-

The following tables present impaired loans at September 30, 2016, September 30, 2015 and December 31, 2015:

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2016 (Unaudited)						September 30, 2016				September 30, 2016
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	665,317	$	665,317	$	-	$	666,561	$	5,327	$	345,304	$	10,913
One to Four family - Investment		638,682		638,682		-		642,312		9,741		652,275		29,102
Multi-family mortgage loans		532,418		532,418		-		533,114		10,076		535,133		27,703
Nonresidential mortgage loans		196,574		196,574		-		198,019		3,122		201,149		9,504
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		37,823		37,823		-		38,411		489		39,980		1,511
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		669,963		622,862		47,101		672,419		8,639		677,756		26,804
Multi-family mortgage loans		122,090		113,035		9,055		122,406		2,182		123,069		6,649
Nonresidential mortgage loans		-		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	2,862,867	$	2,806,711	$	56,156	$	2,873,242	$	39,576	$	2,574,666	$	112,186

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2015 (Unaudited)						September 30, 2015				September 30, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	231,798	$	231,798	$	-	$	240,580	$	2,743	$	244,101	$	9,242
One to Four family - Investment		839,451		839,451		-		848,952		11,575		860,860		37,949
Multi-family mortgage loans		709,528		709,528		-		771,628		13,788		778,525		39,832
Nonresidential mortgage loans		2,375,520		2,375,520		-		2,390,885		34,473		2,412,565		104,746
Construction & Land loans		301,415		301,415		-		302,823		4,550		305,131		13,773
Real estate secured lines of credit		247,506		247,506		-		247,419		3,299		247,259		10,333
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		688,457		688,457		47,101		691,419		9,039		697,138		25,505
Multi-family mortgage loans		239,032		239,032		15,733		239,870		3,900		241,635		11,130
Nonresidential mortgage loans		184,600		184,600		14,774		185,458		4,069		187,324		12,213
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	5,817,307	$	5,817,307	$	77,608	$	5,919,034	$	87,436	$	5,974,538	$	264,723

	As of December 31, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance
One- to four-family mortgage loans	$	191,308	$	191,307	$	-	$	186,030	$	13,469
One to Four family - Investment		825,707		825,707		-		853,691		49,608
Multi-family mortgage loans		702,483		702,484		-		774,303		53,347
Nonresidential mortgage loans		2,348,732		2,348,732		-		2,345,569		138,788
Construction & Land loans		298,562		298,562		-		303,725		18,280
Real estate secured lines of credit		246,939		246,939		-		247,261		13,360
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
Loans with a specific valuation allowance
One- to four-family mortgage loans		-		-		-		-		-
One to Four family - Investment		683,516		636,415		47,101		692,815		35,109
Multi-family mortgage loans		237,369		221,636		15,733		240,362		16,247
Nonresidential mortgage loans		-		-		-		-		-
Construction & Land loans		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
	$	5,534,616	$	5,471,782	$	62,834	$	5,643,756	$	338,208

Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis.

The following table presents the nonaccrual loans at September 30, 2016 and December 31, 2015. This table excludes performing troubled debt restructurings which amounted to $1,658,000 and $1,280,000 at September 30, 2016 and December 31, 2015, respectively.

	September 30,		December 31,
	2016		2015
One- to four-family mortgage loans	$	146,771	$	10,806
One to four family - Investment		-		-
Multi-family mortgage loans		-		-
Nonresidential mortgage loans		-		-
Land loans		-		-
Real estate secured lines of credit		10,025		-
Commercial Loans		-		-
Other consumer loans		-		-
Total	$	156,796	$	10,806

At September 30, 2016, the Company had no loans that were modified in troubled debt restructurings (“TDRs”) and impaired.

At December 31, 2015, the Company had loans that were modified in TDRs and impaired. The modifications of terms included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan.

The following table presents information regarding TDRs by class for the periods ending September 30, 2016, September 30, 2015 and December 31, 2015.

Newly classified TDRs:

	Nine Months Ended September 30, 2016 (Unaudited)						Three Months Ended September 30, 2016 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	499,562	$	538,000		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	499,562	$	538,000		-	$	-	$	-

	Nine Months Ended September 30, 2015 (Unaudited)						Three Months Ended September 30, 2015 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	16,270	$	16,270		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	16,270	$	16,270		-	$	-	$	-

	December 31, 2015
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	41,500	$	16,270
Residential 1-4 family - Investment		-		-		-
Multifamily		-		-		-
Nonresidential mortgage loans		-		-		-
Construction & Land loans		-		-		-
Construction & Land loans		-		-		-
Real estate secured lines of credit		-		-		-
Commercial Loans		-		-		-
Consumer loans		-		-		-
		1	$	41,500	$	16,270

The TDRs described above did not increase the allowance for loan losses or result in any charge-offs during the periods ended September 30, 2016, September 30, 2015 and December 31, 2015.

Newly restructured loans by type of modification at the dates indicated:

	Three and Nine Months Ended September 30, 2016 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	538,000	$	538,000
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	538,000	$	538,000

	Nine Months Ended September 30, 2015 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

	December 31, 2015
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

There were no TDRs modified during the nine months ended September 30, 2016 and the year ended December 31, 2015 that subsequently defaulted.

As of September 30, 2016, borrowers with loans designated as TDRs totaling $1,004,000 of residential real estate loans and $654,000 of multifamily loans, met the criteria for placement back on accrual status. This criteria is a minimum of six consecutive months of payment performance under existing or modified terms. As of September 30, 2016, the Bank had no loans that did not meet the criteria for placement back on accrual status.

There was one foreclosed real estate property or consumer mortgage loan in process of foreclosure at September 30, 2016 totaling $37,950. There were no foreclosed real estate properties or consumer mortgage loans in process of foreclosure at December 31, 2015.

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Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4: Earnings Per Share

Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company’s Employee Stock Ownership Plan (“ESOP”) that are unallocated and not committed to be released. There were no dilutive shares at September 30, 2016 or September 30, 2015.

The computations are as follows:

	Three months ended September 30,				Nine  months ended September 30,
	2016		2015		2016		2015
Net Income		286,719		N/A		462,868		N/A
Shares Outstanding for basic EPS:
Average shares outstanding:		1,719,250		N/A		1,719,250		N/A
Less: Average Unearned ESOP shares:		60,658		N/A		61,781		N/A
		1,658,592		N/A		1,657,469		N/A
Additional dilutive shares:		-		N/A		-		N/A
Shares outstanding for basic and diluted EPS:		1,658,592		N/A		1,657,469		N/A
Basic and diluted earnings per share:	$	0.17		N/A	$	0.28		N/A
Weighted-average common shares outstanding (basic and diluted)		1,658,592		N/A		1,657,469		N/A

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Regulatory Matters

9 Months Ended

Sep. 30, 2016

Banking and Thrift [Abstract]

Regulatory Capital Requirements under Banking Regulations [Text Block]

NOTE 5: Regulatory Matters

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in these financial statements.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). Management believes that, as of September 30, 2016 and December 31, 2015, the Company met all capital adequacy requirements to which it was subject at such dates.

Effective January 1, 2015, new regulatory capital requirements commonly referred to as ‘Basel III” were implemented and are reflected below. Management opted out of the accumulated comprehensive income treatment under the new requirements, and as such unrealized gains and losses from available-for-sale securities will continue to be excluded from regulatory capital.

A new rule requiring a Capital Conservation Buffer began phase-in on January 1, 2016. Under the fully-implemented rule, a financial institution will need to maintain a Capital Conservation Buffer composed of Common Equity Tier 1 Capital of at least 2.5% above its minimum risk-weighted capital requirements to avoid limitations on its ability to make capital distributions, including dividend payments to shareholders and certain discretionary bonus payments to executive officers. A financial institution with a buffer below 2.5% will be subject to increasingly stringent limitations on capital distributions as the buffer approaches zero.

As of the most recent notification from their regulators, the Company and Bank were categorized as "well-capitalized" under the regulatory framework for prompt corrective action.  Management believes that no conditions or events have occurred since the last notification that would change the Bank's category.

The Bank’s actual capital amounts and ratios are also presented in the following table:

	Actual					Minimum Capital Requirement					Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
As of September 30, 2016
Total risk-based capital  (to risk-weighted assets)	$	19,365		17.9	%	$	8,674		8.0	%	$	10,843		10.0	%
Tier I capital  (to risk-weighted assets)		18,039		16.6	%		6,506		6.0	%		8,674		8.0	%
Common Equity Tier I capital  (to risk-weighted assets)		18,039		16.6	%		4,879		4.5	%		7,048		6.5	%
Tier I capital (to adjusted total assets)		18,039		11.7	%		6,170		4.0	%		7,712		5.0	%
As of December 31, 2015
Total risk-based capital  (to risk-weighted assets)	$	18,772		18.6	%	$	8,067		8.0	%	$	10,083		10.0	%
Tier I capital  (to risk-weighted assets)		17,511		17.4	%		6,050		6.0	%		8,067		8.0	%
Common Equity Tier I capital  (to risk-weighted assets)		17,511		17.4	%		4,537		4.5	%		6,554		6.5	%
Tier I capital  (to adjusted total assets)		17,511		12.2	%		5,745		4.0	%		7,181		5.0	%

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Disclosure About Fair Values of Assets and Liabilities

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 6: Disclosure About Fair Values 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:

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 supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Recurring Measurements

The following tables present the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Mortgage-backed securities of government sponsored entities	$	1,887,995	$	-	$	1,887,995	$	-
Mortgage servicing rights		717,881		-		-		717,881
December 31, 2015
Mortgage-backed securities of government sponsored entities	$	2,493,300	$	-	$	2,493,300	$	-
Mortgage servicing rights		630,316		-		-		630,316

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

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, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 and Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Mortgage Servicing Rights

Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of loan balance, weighted average coupon, weighted average maturity, escrow payments, servicing fees, prepayment speeds, float, cost to service, ancillary income, and discount rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy.

Mortgage servicing rights are tested for impairment. Management measures mortgage servicing rights through use of a third-party independent valuation. Inputs to the model are reviewed by management.

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2016		2015		2016		2015
Fair value as of the beginning of the period	$	662,684	$	633,036	$	630,316	$	513,853
Recognition of mortgage servicing rights on the sale of loans		90,355		46,013		191,970		106,198
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		(35,158)		(71,675)		(104,405)		(12,677)
Fair value at the end of the period	$	717,881	$	607,374	$	717,881	$	607,374

Mortgage servicing rights are carried in the balance sheet at fair value and the changes in fair value are reported in other noninterest income in the period in which the changes occur.

Collateral-dependent Impaired Loans, Net of Allowance for Loan Losses

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 by management. Appraisals are reviewed for accuracy and consistency by management. 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. These discounts and estimates are developed by management by comparison to historical results.

Foreclosed Assets Held for Sale

Foreclosed assets held for sale are carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of real estate is based on appraisals or evaluations. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy.

Appraisals of real estate are obtained when the real estate is acquired and an appraisal is subsequently deemed necessary by events in the environment by the Chief Financial Officer. Appraisals are reviewed internally for accuracy and consistency in accordance with regulatory requirements. Appraisers are selected from the list of approved appraisers maintained by management.

The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2016 and December 31, 2015.

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Collateral -dependent impaired loans	$	37,950	$	-	$	-	$	37,950
Foreclosed assets		-		-		-		-
December 31, 2015
Collateral -dependent impaired loans	$	-	$	-	$	-	$	-
Foreclosed assets		-		-		-		-

Unobservable (Level 3) Inputs

The following tables present quantitative information about unobservable inputs used in recurring Level 3 fair value measurements at September 30, 2016 and December 31, 2015:

	Fair Value at September 30, 2016		Valuation Technique	Unobservable Inputs	Range (Weighted  Average)
Impaired loans (collateral dependent)	$	37,950	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	717,881	Discounted cash flow	Discount rate PSA prepayment speeds	10% 154%-342%

	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans (collateral dependent)	$	-	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	630,316	Discounted cash flow	Discount rate PSA prepayment speeds	10% 114%-321%

Fair Value of Financial Instruments

The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value.

Cash and cash equivalents, Federal Home Loan Bank Stock and Interest Receivable

The carrying amount approximates fair value.

Loans Held for Sale

Fair value of loans held for sale is based on quoted market prices, where available, or is determined by discounting estimated cash flows using interest rates approximating the Bank’s current origination rates for similar loans and adjusted to reflect the inherent credit risk.

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.

Federal Home Loan Bank Lender Risk Account Receivable

The fair value of the Federal Home Loan Bank lender risk account receivable is estimated by discounting the estimated remaining cash flows of each strata of the receivable at current rates applicable to each strata for the same remaining maturities.

Deposits

Deposits include demand deposits and savings accounts. 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.

Federal Home Loan Bank Advances

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Fair value of long-term debt is based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market. If a quoted market price is not available, an expected present value technique is used to estimate fair value.

Advances from Borrowers for Taxes and Insurance and Interest Payable

The carrying amount approximates fair value.

Commitments to Originate Loans, Forward Sale Commitments, 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 value of forward sale commitments is estimated based on current market prices for loans of similar terms and credit quality. 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. At September 30, 2016 and December 31, 2015, the fair value of commitments was not material.

The following table presents estimated fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Financial Assets:
Cash and cash equivalents	$	12,321,217	$	12,321,217	$	-	$	-
Loans held for sale		2,228,569		-		2,281,772		-
Loans, net of allowance for loan losses		130,442,514		-		-		136,901,731
Federal Home Loan Bank stock		908,000		908,000		-		-
Interest receivable		387,737		-		387,737		-
Federal Home Loan Bank lender risk account receivable		1,525,978		-		-		1,799,564
Financial Liabilities:
Deposits		105,111,079		40,751,389		65,133,672		-
Federal Home Loan Bank advances		30,842,938		-		31,069,356		-
Advances from borrowers for taxes and insurance		982,895		-		982,895		-
Interest payable		23,322		-		23,322		-
December 31, 2015
Financial Assets:
Cash and cash equivalents	$	8,304,539	$	8,304,539	$	-	$	-
Loans held for sale		2,444,179		-		2,495,247		-
Loans, net of allowance for loan losses		119,779,931		-		-		122,321,686
Federal Home Loan Bank stock		888,100		888,100		-		-
Interest receivable		359,103		-		359,103		-
Federal Home Loan Bank lender risk account receivable		1,387,411		-		-		1,433,904
Financial Liabilities:
Deposits		103,014,720		36,007,056		67,881,776		-
Federal Home Loan Bank advances		18,813,639		-		19,215,565		-
Advances from borrowers for taxes and insurance		1,281,036		-		1,281,036		-
Interest payable		17,131		-		17,131		-

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Commitments and Credit Risk

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 7: Commitments and Credit Risk

Commitments to Originate Loans

Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate.

Forward sale commitments are commitments to sell groups of residential mortgage loans that the Company originates or purchases as part of its mortgage banking activities. The Company commits to sell the loans at specified prices in a future period. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since the Company is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market.

The dollar amount of commitments to fund fixed rate loans at September 30, 2016 and December 31, 2015 follows:

	September 30,					December 31,
	2016					2015
	(Unaudited)
			Interest Rate					Interest Rate
	Amount		Range			Amount		Range
Commitments to fund fixed-rate loans	$	9,618,282		2.75% - 4.125	%	$	2,259,178		3.125% - 4.625	%

Lines of Credit

Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments.

Loan commitments outstanding at September 30, 2016 and December 31, 2015 were composed of the following:

	September 30,		December 31,
	2016		2015
	(Unaudited)
Commitments to originate loans	$	1,658,375	$	2,628,860
Forward sale commitments		9,617,000		4,888,038
Lines of credit		9,515,688		8,986,553

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Other Comprehensive Income, Noncontrolling Interest [Text Block]

NOTE 8: Accumulated Other Comprehensive Loss

The components of other comprehensive loss by component, net of tax, included in stockholders’ equity for the nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows:

	September 30,		December 31,
	2016		2015
Net unrealized (loss) gain on available for sale securities	$	19,367	$	(2,096)
Directors' Retirement Plan prior service costs		(335,376)		(368,290)
Tax benefit		107,531		126,020
Net of tax amount	$	(208,478)	$	(244,366)

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2016

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE 9: Recent Accounting Pronouncements

FASB ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments

On August 26, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), ("ASU 2016-15"). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company has not yet adopted this update and is currently evaluating the impact it may have on the Company’s condensed consolidated financial statements.

FASB ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326)

In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income.

In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company's condensed consolidated financial statements.

FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)

In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. ASU No. 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company's condensed consolidated financial statements.

FASB ASU 2016-02, Leases (Topic 842)

ASU No. 2016-02 was issued in February 2016 and requires a lessee to recognize in the statement of financial position a liability to make lease payments (“the lease liability”) and a right to use the underlying asset for the lease term, initially measured at the present value of the lease payments. When measuring assets and liabilities arising from a lease, the lessee should include payments to be made in optional periods only if the lessee is reasonably certain, as defined, to exercise an option to the lease or not to exercise an option to terminate the lease. Optional payments to purchase the underlying asset should be included if the lessee is reasonably certain it will exercise the purchase option. Most variable lease payments should be excluded except for those that depend on an index or a rate or are in substance fixed payments.

A lessee shall classify a lease as a finance lease if it meets any of the five listed criteria:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for the major part of the remaining economic life of the underlying asset.

d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

For finance leases, a lessee shall recognize in the statement of income interest on the lease liability separately from the amortization of the right-of-use asset. Amortization of the right-to-use asset shall be on a straight-line basis, unless another basis is more representative of the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits. If the lease does not meet any of the five criteria, the lessee shall classify it as an operating lease and shall recognize a single lease cost on a straight line basis over the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.

FASBASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities. 

In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets.

For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s condensed consolidated financial statements.

FASB ASU 2015-11, Transfers and Servicing

Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, was issued in June 2015. The amendments in this Update require disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. This Update also requires certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in this Update were effective for public business entities for the first interim or annual period beginning after December 15, 2015. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2015, and for disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2015, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

FASB ASU 2014-09, Revenue from Contracts with Customers

In May 2015, the FASB issued amended guidance on revenue recognition from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most contract revenue recognition guidance, including industry-specific guidance. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amended guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within the reporting period, and should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. Early adoption is prohibited. Management is currently in the process of evaluating the impact of the adoption of the amended guidance on the Company’s condensed consolidated financial statements.

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Nature of Operation and Conversion (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The accompanying condensed consolidated financial statements as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 include the accounts of Cincinnati Bancorp and the Bank. All significant intercompany items have been eliminated.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights and fair values of financial instruments.

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Securities (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
September 30, 2016:
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	19,367	$	-	$	1,887,995
December 31, 2015:
Mortgage-backed securities of government sponsored entities	$	2,495,396	$	18,602	$	(20,698)	$	2,493,300

The amortized cost and fair value of available-for-sale securities at September 30, 2016 and December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2016				December 31, 2015
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Mortgage-backed securities of government sponsored entities	$	1,868,628	$	1,887,995	$	2,495,396	$	2,493,300

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporary impaired, aggregated by investment class and length of time that individual securities have been in continuous unrealized loss position at September 30, 2016 and December 31, 2015:

	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
September 30, 2016:
Mortgage-backed securities of government sponsored entities	$	-	$	-	$	-	$	-	$	-	$	-
December 31, 2015:
Mortgage-backed securities of government sponsored entities	$	-	$	-	$	1,723,706	$	(20,698)	$	1,723,706	$	(20,698)

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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Categories of loans at September 30, 2016 and December 31, 2015 include:

	September 30,		December 31,
	2016		2015
One to four family mortgage loans -owner occupied	$	70,801,131	$	66,748,890
One to four family - investment		11,176,954		11,954,413
Multi-family mortgage loans		20,737,035		16,525,348
Nonresidential mortgage loans		13,727,525		12,217,500
Construction and land loans		3,520,619		3,111,478
Real estate secured lines of credit		12,083,162		10,439,284
Commercial loans		553,160		402,687
Other consumer loans		18,536		21,551
Total loans		132,618,122		121,421,151
Less:
Net deferred loan costs		(427,885)		(392,061)
Undisbursed portion of loans		1,277,229		666,313
Allowance for loan losses		1,326,264		1,366,968
Net loans	$	130,442,514	$	119,779,931

Allowance for Credit Losses on Financing Receivables [Table Text Block]

The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three and nine months ended September 30, 2016 and 2015 and year ended December 31, 2015:

	Nine Months Ended September 30, 2016 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	382,596	$	333,627	$	111,876	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,366,968
Provision (credit) charged to expense		(62,686)		(20,127)		(159)		28,573		6,274		24,208		2,937		(20)		(21,000)
Losses charged off		(19,704)		-		-		-		-		-		-		-		(19,704)
Recoveries		-		-		-		-		-		-		-		-		-
Balance, end of period	$	300,206	$	313,500	$	111,717	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,326,264
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	9,055	$	-	$	-	$	-	$	-	$	-	$	56,156
Ending balance: Collectively evaluated for impairment	$	300,206	$	266,399	$	102,662	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,270,108
Loans:
Ending balance	$	70,801,131	$	11,176,954	$	20,737,035	$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536	$	132,618,122
Ending balance: Individually evaluated for impairment	$	665,317	$	1,308,645	$	654,508	$	196,574	$	-	$	37,823	$	-	$	-	$	2,862,867
Ending balance: Collectively evaluated for impairment	$	70,135,814	$	9,868,309	$	20,082,527	$	13,530,951	$	3,520,619	$	12,045,339	$	553,160	$	18,536	$	129,755,255

	Three Months Ended September 30, 2016 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	349,408	$	311,999	$	126,602	$	200,923	$	40,400	$	305,859	$	11,804	$	269	$	1,347,264
Provision (credit) charged to expense		(49,202)		1,501		(14,885)		23,460		9,414		9,162		(477)		27		(21,000)
Losses charged off		-		-		-		-		-		-		-		-		-
Recoveries		-		-		-		-		-		-		-		-		-
Balance, end of period	$	300,206	$	313,500	$	111,717	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,326,264
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	9,055	$	-	$	-	$	-	$	-	$	-	$	56,156
Ending balance: Collectively evaluated for impairment	$	300,206	$	266,399	$	102,662	$	224,383	$	49,814	$	315,021	$	11,327	$	296	$	1,270,108

	Nine Months Ended September 30, 2015 (Unaudited)
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369	$	415,496	$	143,919	$	214,671	$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		142,784		(111,192)		41,734		(63,365)		22,143		6,835		2,001		112		41,052
Losses charged off		(21,237)		(7,307)		-		-		-		-		-		-		(28,544)
Recoveries		-		19,460		-		-		-		-		-		-		19,460
Balance, end of period	$	402,916	$	316,457	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,381,968
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	15,733	$	14,774	$	-	$	-	$	-	$	-	$	77,608
Ending balance: Collectively evaluated for impairment	$	402,916	$	269,356	$	169,920	$	136,532	$	45,998	$	270,370	$	8,906	$	362	$	1,304,360

	Three Months Ended September 30, 2015 (Unaudited)
	One- to Four-		One- to Four
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of period	$	402,916	$	308,997	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,374,508
Provision charged to expense		-		-		-		-		-		-		-		-		-
Losses charged off		-		-		-		-		-		-		-		-		-
Recoveries		-		7,460		-		-		-		-		-		-		7,460
Balance, end of period	$	402,916	$	316,457	$	185,653	$	151,306	$	45,998	$	270,370	$	8,906	$	362	$	1,381,968

	Year Ended December 31, 2015
	One- to Four-		One- to Four-
	Family		Family								Real Estate
	Mortgage		Mortgage		Multi-Family		Nonresidential		Construction		Secured				Other
	Loans Owner		Loans		Mortgage		Mortgage		& Land		Lines of		Commercial		Consumer
	Occupied		Investment		Loans		Loans		Loans		Credit		Loans		Loans		Total
Allowance for loan losses:
Balance, beginning of year	$	281,369	$	415,496	$	143,919	$	214,671	$	23,855	$	263,535	$	6,905	$	250	$	1,350,000
Provision charged to expense		122,463		(94,021)		(32,043)		(18,861)		19,685		27,278		1,485		66		26,052
Losses charged off		(21,236)		(7,307)		-		-		-		-		-		-		(28,543)
Recoveries		-		19,459		-		-		-		-		-		-		19,459
Balance, end of year	$	382,596	$	333,627	$	111,876	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,366,968
Ending balance: Individually evaluated for impairment	$	-	$	47,101	$	15,733	$	-	$	-	$	-	$	-	$	-	$	62,834
Ending balance: Collectively evaluated for impairment	$	382,596	$	286,526	$	96,143	$	195,810	$	43,540	$	290,813	$	8,390	$	316	$	1,304,134
Loans:
Ending balance	$	66,748,890	$	11,954,413	$	16,525,348	$	12,217,500	$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151
Ending balance: Individually evaluated for impairment	$	191,308	$	1,509,223	$	939,852	$	2,348,732	$	298,562	$	246,939	$	-	$	-	$	5,534,616
Ending balance: Collectively evaluated for impairment	$	66,557,582	$	10,445,190	$	15,585,496	$	9,868,768	$	2,812,916	$	10,192,345	$	402,687	$	21,551	$	115,886,535

Financing Receivable Credit Quality Indicators [Table Text Block]

The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2016 and December 31, 2015:

	September 30, 2016
									(Unaudited)
	One- to Four-		One- to Four-
	Family Mortgage		Family Mortgage								Real Estate
	Loans - Owner		Loans -		Multi-Family		Nonresidential		Construction &		Secured Lines of		Commercial		Other Consumer
	Occupied		Investment		Mortgage Loans		Mortgage Loans		Land Loans		Credit		Loans		Loans		Total
Pass	$	70,582,581	$	8,732,325	$	20,204,616	$	12,718,404	$	3,520,619	$	11,360,531	$	553,160	$	18,536	$	127,690,772
Special mention		-		751,456		-		690,457		-		508,140		-		-		1,950,053
Substandard		218,550		1,693,173		532,419		318,664		-		214,491		-		-		2,977,297
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	70,801,131	$	11,176,954	$	20,737,035	$	13,727,525	$	3,520,619	$	12,083,162	$	553,160	$	18,536	$	132,618,122

	December 31, 2015
	One- to Four-		One- to Four-
	Family Mortgage		Family Mortgage								Real Estate
	Loans – Owner		Loans -		Multi-Family		Nonresidential		Construction &		Secured Lines of		Commercial		Other Consumer
	Occupied		Investment		Mortgage Loans		Mortgage Loans		Land Loans		Credit		Loans		Loans		Total
Pass	$	66,468,612	$	9,538,767	$	15,874,527	$	11,161,771	$	3,111,478	$	9,633,212	$	402,687	$	21,551	$	116,212,605
Special mention		-		670,292		-		726,526		-		513,462		-		-		1,910,280
Substandard		280,278		1,745,354		650,821		329,203		-		292,610		-		-		3,298,266
Doubtful		-		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-		-
Total	$	66,748,890	$	11,954,413	$	16,525,348	$	12,217,500	$	3,111,478	$	10,439,284	$	402,687	$	21,551	$	121,421,151

Past Due Financing Receivables [Table Text Block]

The following tables present the loan portfolio aging analysis of the recorded investment in loans as of September 30, 2016 and December 31, 2015:

	September 30, 2016
							(Unaudited)
					90 Days and								Total Loans
	30-59 Past		60-89 Days		Greater		Total Past				Total Loans		> 90 Days &
	Due		Past Due		Past Due		Due		Current		Receivable		Accruing
One to Four-family mortgage loans	$	-	$	-	$	135,176	$	135,176	$	70,665,955	$	70,801,131	$	-
One to Four Family - Investment		107,931		-		11,595		119,526		11,057,428		11,176,954		-
Multi-family mortgage loans		-		-		-		-		20,737,035		20,737,035		-
Nonresidential mortgage loans		-		-		-		-		13,727,525		13,727,525		-
Construction & Land Loans		-		-		-		-		3,520,619		3,520,619		-
Real estate secured lines of credit		-		-		10,025		10,025		12,073,137		12,083,162		-
Commercial Loans		-		-		-		-		553,160		553,160		-
Other consumer loans		-		-		-		-		18,536		18,536		-
Total	$	107,931	$	-	$	156,796	$	264,727	$	132,353,395	$	132,618,122	$	-

	December 31, 2015
					90 Days and								Total Loans
	30-59 Past		60-89 Days		Greater		Total Past				Total Loans		> 90 Days &
	Due		Past Due		Past Due		Due		Current		Receivable		Accruing
One to Four-family mortgage loans	$	113,731	$	145,413	$	10,806	$	269,950	$	66,478,940	$	66,748,890	$	-
One to Four Family - Investment		50,445		14,679		-		65,124		11,889,289		11,954,413		-
Multi-family mortgage loans		-		-		-		-		16,525,348		16,525,348		-
Nonresidential mortgage loans		-		-		-		-		12,217,500		12,217,500		-
Construction & Land Loans		-		-		-		-		3,111,478		3,111,478		-
Real estate secured lines of credit		592,090		-		-		592,090		9,847,194		10,439,284		-
Commercial Loans		-		-		-		-		402,687		402,687		-
Other consumer loans		-		6,599		-		6,599		14,952		21,551		-
Total	$	756,266	$	166,691	$	10,806	$	933,763	$	120,487,388	$	121,421,151	$	-

Impaired Financing Receivables [Table Text Block]

The following tables present impaired loans at September 30, 2016, September 30, 2015 and December 31, 2015:

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2016 (Unaudited)						September 30, 2016				September 30, 2016
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	665,317	$	665,317	$	-	$	666,561	$	5,327	$	345,304	$	10,913
One to Four family - Investment		638,682		638,682		-		642,312		9,741		652,275		29,102
Multi-family mortgage loans		532,418		532,418		-		533,114		10,076		535,133		27,703
Nonresidential mortgage loans		196,574		196,574		-		198,019		3,122		201,149		9,504
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		37,823		37,823		-		38,411		489		39,980		1,511
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		669,963		622,862		47,101		672,419		8,639		677,756		26,804
Multi-family mortgage loans		122,090		113,035		9,055		122,406		2,182		123,069		6,649
Nonresidential mortgage loans		-		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	2,862,867	$	2,806,711	$	56,156	$	2,873,242	$	39,576	$	2,574,666	$	112,186

							For the Three Months Ended				For the Nine Months Ended
	As of September 30, 2015 (Unaudited)						September 30, 2015				September 30, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance:
One- to four-family mortgage loans	$	231,798	$	231,798	$	-	$	240,580	$	2,743	$	244,101	$	9,242
One to Four family - Investment		839,451		839,451		-		848,952		11,575		860,860		37,949
Multi-family mortgage loans		709,528		709,528		-		771,628		13,788		778,525		39,832
Nonresidential mortgage loans		2,375,520		2,375,520		-		2,390,885		34,473		2,412,565		104,746
Construction & Land loans		301,415		301,415		-		302,823		4,550		305,131		13,773
Real estate secured lines of credit		247,506		247,506		-		247,419		3,299		247,259		10,333
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
Loans with a specific valuation allowance:
One- to four-family mortgage loans		-		-		-		-		-		-		-
One to Four family - Investment		688,457		688,457		47,101		691,419		9,039		697,138		25,505
Multi-family mortgage loans		239,032		239,032		15,733		239,870		3,900		241,635		11,130
Nonresidential mortgage loans		184,600		184,600		14,774		185,458		4,069		187,324		12,213
Construction & Land loans		-		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-		-
Other consumer loans		-		-		-		-		-		-		-
	$	5,817,307	$	5,817,307	$	77,608	$	5,919,034	$	87,436	$	5,974,538	$	264,723

	As of December 31, 2015
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a specific valuation allowance
One- to four-family mortgage loans	$	191,308	$	191,307	$	-	$	186,030	$	13,469
One to Four family - Investment		825,707		825,707		-		853,691		49,608
Multi-family mortgage loans		702,483		702,484		-		774,303		53,347
Nonresidential mortgage loans		2,348,732		2,348,732		-		2,345,569		138,788
Construction & Land loans		298,562		298,562		-		303,725		18,280
Real estate secured lines of credit		246,939		246,939		-		247,261		13,360
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
Loans with a specific valuation allowance
One- to four-family mortgage loans		-		-		-		-		-
One to Four family - Investment		683,516		636,415		47,101		692,815		35,109
Multi-family mortgage loans		237,369		221,636		15,733		240,362		16,247
Nonresidential mortgage loans		-		-		-		-		-
Construction & Land loans		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-
Commercial Loans		-		-		-		-		-
Other consumer loans		-		-		-		-		-
	$	5,534,616	$	5,471,782	$	62,834	$	5,643,756	$	338,208

Schedule of Financing Receivables, Non Accrual Status [Table Text Block]

The following table presents the nonaccrual loans at September 30, 2016 and December 31, 2015. This table excludes performing troubled debt restructurings which amounted to $1,658,000 and $1,280,000 at September 30, 2016 and December 31, 2015, respectively.

	September 30,		December 31,
	2016		2015
One- to four-family mortgage loans	$	146,771	$	10,806
One to four family - Investment		-		-
Multi-family mortgage loans		-		-
Nonresidential mortgage loans		-		-
Land loans		-		-
Real estate secured lines of credit		10,025		-
Commercial Loans		-		-
Other consumer loans		-		-
Total	$	156,796	$	10,806

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

The following table presents information regarding TDRs by class for the periods ending September 30, 2016, September 30, 2015 and December 31, 2015.

Newly classified TDRs:

	Nine Months Ended September 30, 2016 (Unaudited)						Three Months Ended September 30, 2016 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	499,562	$	538,000		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	499,562	$	538,000		-	$	-	$	-

	Nine Months Ended September 30, 2015 (Unaudited)						Three Months Ended September 30, 2015 (Unaudited)
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance		Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	16,270	$	16,270		-	$	-	$	-
Residential 1-4 family - Investment		-		-		-		-		-		-
Multifamily		-		-		-		-		-		-
Nonresidential mortgage loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Construction & Land loans		-		-		-		-		-		-
Real estate secured lines of credit		-		-		-		-		-		-
Commercial Loans		-		-		-		-		-		-
Consumer loans		-		-		-		-		-		-
		1	$	16,270	$	16,270		-	$	-	$	-

	December 31, 2015
	Number of Loans		Pre- Modification Recorded Balance		Post- Modification Recorded Balance
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied		1	$	41,500	$	16,270
Residential 1-4 family - Investment		-		-		-
Multifamily		-		-		-
Nonresidential mortgage loans		-		-		-
Construction & Land loans		-		-		-
Construction & Land loans		-		-		-
Real estate secured lines of credit		-		-		-
Commercial Loans		-		-		-
Consumer loans		-		-		-
		1	$	41,500	$	16,270

The TDRs described above did not increase the allowance for loan losses or result in any charge-offs during the periods ended September 30, 2016, September 30, 2015 and December 31, 2015.

Newly restructured loans by type of modification at the dates indicated:

	Three and Nine Months Ended September 30, 2016 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	538,000	$	538,000
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	538,000	$	538,000

	Nine Months Ended September 30, 2015 (Unaudited)
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

	December 31, 2015
	Interest Only		Term		Combination		Total Modification
Mortgage loans on real estate:
Residential 1-4 family - Owner Occupied	$	-	$	-	$	16,270	$	16,270
Residential 1-4 family - Investment		-		-		-		-
Multifamily		-		-		-		-
Nonresidential mortgage loans		-		-		-		-
Construction & Land loans		-		-		-		-
Construction & Land loans		-		-		-		-
Real estate secured lines of credit		-		-		-		-
Commercial Loans		-		-		-		-
Consumer loans		-		-		-		-
	$	-	$	-	$	16,270	$	16,270

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The computations are as follows:

	Three months ended September 30,				Nine  months ended September 30,
	2016		2015		2016		2015
Net Income		286,719		N/A		462,868		N/A
Shares Outstanding for basic EPS:
Average shares outstanding:		1,719,250		N/A		1,719,250		N/A
Less: Average Unearned ESOP shares:		60,658		N/A		61,781		N/A
		1,658,592		N/A		1,657,469		N/A
Additional dilutive shares:		-		N/A		-		N/A
Shares outstanding for basic and diluted EPS:		1,658,592		N/A		1,657,469		N/A
Basic and diluted earnings per share:	$	0.17		N/A	$	0.28		N/A
Weighted-average common shares outstanding (basic and diluted)		1,658,592		N/A		1,657,469		N/A

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Regulatory Matters (Tables)

9 Months Ended

Sep. 30, 2016

Banking and Thrift [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]

The Bank’s actual capital amounts and ratios are also presented in the following table:

	Actual					Minimum Capital Requirement					Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
As of September 30, 2016
Total risk-based capital  (to risk-weighted assets)	$	19,365		17.9	%	$	8,674		8.0	%	$	10,843		10.0	%
Tier I capital  (to risk-weighted assets)		18,039		16.6	%		6,506		6.0	%		8,674		8.0	%
Common Equity Tier I capital  (to risk-weighted assets)		18,039		16.6	%		4,879		4.5	%		7,048		6.5	%
Tier I capital (to adjusted total assets)		18,039		11.7	%		6,170		4.0	%		7,712		5.0	%
As of December 31, 2015
Total risk-based capital  (to risk-weighted assets)	$	18,772		18.6	%	$	8,067		8.0	%	$	10,083		10.0	%
Tier I capital  (to risk-weighted assets)		17,511		17.4	%		6,050		6.0	%		8,067		8.0	%
Common Equity Tier I capital  (to risk-weighted assets)		17,511		17.4	%		4,537		4.5	%		6,554		6.5	%
Tier I capital  (to adjusted total assets)		17,511		12.2	%		5,745		4.0	%		7,181		5.0	%

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Disclosure About Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables present the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Mortgage-backed securities of government sponsored entities	$	1,887,995	$	-	$	1,887,995	$	-
Mortgage servicing rights		717,881		-		-		717,881
December 31, 2015
Mortgage-backed securities of government sponsored entities	$	2,493,300	$	-	$	2,493,300	$	-
Mortgage servicing rights		630,316		-		-		630,316

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2016		2015		2016		2015
Fair value as of the beginning of the period	$	662,684	$	633,036	$	630,316	$	513,853
Recognition of mortgage servicing rights on the sale of loans		90,355		46,013		191,970		106,198
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		(35,158)		(71,675)		(104,405)		(12,677)
Fair value at the end of the period	$	717,881	$	607,374	$	717,881	$	607,374

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2016 and December 31, 2015.

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Collateral -dependent impaired loans	$	37,950	$	-	$	-	$	37,950
Foreclosed assets		-		-		-		-
December 31, 2015
Collateral -dependent impaired loans	$	-	$	-	$	-	$	-
Foreclosed assets		-		-		-		-

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The following tables present quantitative information about unobservable inputs used in recurring Level 3 fair value measurements at September 30, 2016 and December 31, 2015:

	Fair Value at September 30, 2016		Valuation Technique	Unobservable Inputs	Range (Weighted  Average)
Impaired loans (collateral dependent)	$	37,950	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	717,881	Discounted cash flow	Discount rate PSA prepayment speeds	10% 154%-342%

	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans (collateral dependent)	$	-	Market comparable properties	Marketability discount	10%-15% (12%)
Mortgage servicing rights	$	630,316	Discounted cash flow	Discount rate PSA prepayment speeds	10% 114%-321%

Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block]

The following table presents estimated fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015:

			Fair Value Measurements Using
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Financial Assets:
Cash and cash equivalents	$	12,321,217	$	12,321,217	$	-	$	-
Loans held for sale		2,228,569		-		2,281,772		-
Loans, net of allowance for loan losses		130,442,514		-		-		136,901,731
Federal Home Loan Bank stock		908,000		908,000		-		-
Interest receivable		387,737		-		387,737		-
Federal Home Loan Bank lender risk account receivable		1,525,978		-		-		1,799,564
Financial Liabilities:
Deposits		105,111,079		40,751,389		65,133,672		-
Federal Home Loan Bank advances		30,842,938		-		31,069,356		-
Advances from borrowers for taxes and insurance		982,895		-		982,895		-
Interest payable		23,322		-		23,322		-
December 31, 2015
Financial Assets:
Cash and cash equivalents	$	8,304,539	$	8,304,539	$	-	$	-
Loans held for sale		2,444,179		-		2,495,247		-
Loans, net of allowance for loan losses		119,779,931		-		-		122,321,686
Federal Home Loan Bank stock		888,100		888,100		-		-
Interest receivable		359,103		-		359,103		-
Federal Home Loan Bank lender risk account receivable		1,387,411		-		-		1,433,904
Financial Liabilities:
Deposits		103,014,720		36,007,056		67,881,776		-
Federal Home Loan Bank advances		18,813,639		-		19,215,565		-
Advances from borrowers for taxes and insurance		1,281,036		-		1,281,036		-
Interest payable		17,131		-		17,131		-

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Commitments and Credit Risk (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Commitments [Table Text Block]

The dollar amount of commitments to fund fixed rate loans at September 30, 2016 and December 31, 2015 follows:

	September 30,					December 31,
	2016					2015
	(Unaudited)
			Interest Rate					Interest Rate
	Amount		Range			Amount		Range
Commitments to fund fixed-rate loans	$	9,618,282		2.75% - 4.125	%	$	2,259,178		3.125% - 4.625	%

Loans And Lending Commitments [Table Text Block]

Loan commitments outstanding at September 30, 2016 and December 31, 2015 were composed of the following:

	September 30,		December 31,
	2016		2015
	(Unaudited)
Commitments to originate loans	$	1,658,375	$	2,628,860
Forward sale commitments		9,617,000		4,888,038
Lines of credit		9,515,688		8,986,553

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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of other comprehensive loss by component, net of tax, included in stockholders’ equity for the nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows:

	September 30,		December 31,
	2016		2015
Net unrealized (loss) gain on available for sale securities	$	19,367	$	(2,096)
Directors' Retirement Plan prior service costs		(335,376)		(368,290)
Tax benefit		107,531		126,020
Net of tax amount	$	(208,478)	$	(244,366)

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Nature of Operation and Conversion (Details Textual) - $ / shares	1 Months Ended
	Oct. 31, 2015	Oct. 14, 2015
Nature of Operations And Summary of Significant Policies [Line Items]
Sale of Stock, Price Per Share		$ 10.00
Related Party [Member]
Nature of Operations And Summary of Significant Policies [Line Items]
Percentage Of Common Stock Shares Issued	45.00%
CF Mutual [Member]
Nature of Operations And Summary of Significant Policies [Line Items]
Percentage Of Common Stock Shares Issued	55.00%

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Securities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 1,887,995	$ 2,493,300
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,868,628	2,495,396
Gross Unrealized Gains	19,367	18,602
Gross Unrealized Losses	0	(20,698)
Fair Value	$ 1,887,995	$ 2,493,300

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Securities (Details 1) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 1,887,995	$ 2,493,300
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,868,628	2,495,396
Fair Value	$ 1,887,995	$ 2,493,300

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Securities (Details 2) - Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value	$ 0	$ 0
Less than 12 Months Unrealized Losses	0	0
12 Months or More Fair Value	0	1,723,706
12 Months or More Unrealized Losses	0	(20,698)
Total Fair Value	0	1,723,706
Total Unrealized Losses	$ 0	$ (20,698)

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Securities (Details Textual) - Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Total fair value	$ 0	$ 1,723,706
Percentage of total investment portfolio fair value	0.00%	69.00%

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Loans and Allowance for Loan Losses (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 132,618,122	$ 121,421,151
Net deferred loan costs	(427,885)	(392,061)
Undisbursed portion of loans	1,277,229	666,313
Allowance for loan losses	1,326,264	1,366,968
Net loans	130,442,514	119,779,931
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	70,801,131	66,748,890
One To Four Family Investment Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	11,176,954	11,954,413
Multi-Family Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	20,737,035	16,525,348
Nonresidential Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	13,727,525	12,217,500
Construction & Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,520,619	3,111,478
Real Estate Secured Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	12,083,162	10,439,284
Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	553,160	402,687
Other Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 18,536	$ 21,551

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Loans and Allowance for Loan Losses (Details 1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Allowance for loan losses:
Balance, beginning of period	$ 1,347,264	$ 1,374,508	$ 1,366,968	$ 1,350,000	$ 1,350,000
Provision (credit) charged to expense	(21,000)	0	(21,000)	41,052	26,052
Losses charged off	0	0	(19,704)	(28,544)	(28,543)
Recoveries	0	7,460	0	19,460	19,459
Balance, end of period	1,326,264	1,381,968	1,326,264	1,381,968	1,366,968
Ending balance: Individually evaluated for impairment	56,156	77,608	56,156	77,608	62,834
Ending balance: Collectively evaluated for impairment	1,270,108	1,304,360	1,270,108	1,304,360	1,304,134
Loans:
Ending balance	132,618,122		132,618,122		121,421,151
Ending balance: Individually evaluated for impairment	2,862,867		2,862,867		5,534,616
Ending balance: Collectively evaluated for impairment	129,755,255		129,755,255		115,886,535
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Allowance for loan losses:
Balance, beginning of period	349,408	402,916	382,596	281,369	281,369
Provision (credit) charged to expense	(49,202)	0	(62,686)	142,784	122,463
Losses charged off	0	0	(19,704)	(21,237)	(21,236)
Recoveries	0	0	0	0	0
Balance, end of period	300,206	402,916	300,206	402,916	382,596
Ending balance: Individually evaluated for impairment	0	0	0	0	0
Ending balance: Collectively evaluated for impairment	300,206	402,916	300,206	402,916	382,596
Loans:
Ending balance	70,801,131		70,801,131		66,748,890
Ending balance: Individually evaluated for impairment	665,317		665,317		191,308
Ending balance: Collectively evaluated for impairment	70,135,814		70,135,814		66,557,582
One To Four Family Investment Mortgage Loans [Member]
Allowance for loan losses:
Balance, beginning of period	311,999	308,997	333,627	415,496	415,496
Provision (credit) charged to expense	1,501	0	(20,127)	(111,192)	(94,021)
Losses charged off	0	0	0	(7,307)	(7,307)
Recoveries	0	7,460	0	19,460	19,459
Balance, end of period	313,500	316,457	313,500	316,457	333,627
Ending balance: Individually evaluated for impairment	47,101	47,101	47,101	47,101	47,101
Ending balance: Collectively evaluated for impairment	266,399	269,356	266,399	269,356	286,526
Loans:
Ending balance	11,176,954		11,176,954		11,954,413
Ending balance: Individually evaluated for impairment	1,308,645		1,308,645		1,509,223
Ending balance: Collectively evaluated for impairment	9,868,309		9,868,309		10,445,190
Multi-Family Mortgage Loans [Member]
Allowance for loan losses:
Balance, beginning of period	126,602	185,653	111,876	143,919	143,919
Provision (credit) charged to expense	(14,885)	0	(159)	41,734	(32,043)
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	111,717	185,653	111,717	185,653	111,876
Ending balance: Individually evaluated for impairment	9,055	15,733	9,055	15,733	15,733
Ending balance: Collectively evaluated for impairment	102,662	169,920	102,662	169,920	96,143
Loans:
Ending balance	20,737,035		20,737,035		16,525,348
Ending balance: Individually evaluated for impairment	654,508		654,508		939,852
Ending balance: Collectively evaluated for impairment	20,082,527		20,082,527		15,585,496
Nonresidential Mortgage Loans [Member]
Allowance for loan losses:
Balance, beginning of period	200,923	151,306	195,810	214,671	214,671
Provision (credit) charged to expense	23,460	0	28,573	(63,365)	(18,861)
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	224,383	151,306	224,383	151,306	195,810
Ending balance: Individually evaluated for impairment	0	14,774	0	14,774	0
Ending balance: Collectively evaluated for impairment	224,383	136,532	224,383	136,532	195,810
Loans:
Ending balance	13,727,525		13,727,525		12,217,500
Ending balance: Individually evaluated for impairment	196,574		196,574		2,348,732
Ending balance: Collectively evaluated for impairment	13,530,951		13,530,951		9,868,768
Construction & Land Loans [Member]
Allowance for loan losses:
Balance, beginning of period	40,400	45,998	43,540	23,855	23,855
Provision (credit) charged to expense	9,414	0	6,274	22,143	19,685
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	49,814	45,998	49,814	45,998	43,540
Ending balance: Individually evaluated for impairment	0	0	0	0	0
Ending balance: Collectively evaluated for impairment	49,814	45,998	49,814	45,998	43,540
Loans:
Ending balance	3,520,619		3,520,619		3,111,478
Ending balance: Individually evaluated for impairment	0		0		298,562
Ending balance: Collectively evaluated for impairment	3,520,619		3,520,619		2,812,916
Real Estate Secured Lines of Credit [Member]
Allowance for loan losses:
Balance, beginning of period	305,859	270,370	290,813	263,535	263,535
Provision (credit) charged to expense	9,162	0	24,208	6,835	27,278
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	315,021	270,370	315,021	270,370	290,813
Ending balance: Individually evaluated for impairment	0	0	0	0	0
Ending balance: Collectively evaluated for impairment	315,021	270,370	315,021	270,370	290,813
Loans:
Ending balance	12,083,162		12,083,162		10,439,284
Ending balance: Individually evaluated for impairment	37,823		37,823		246,939
Ending balance: Collectively evaluated for impairment	12,045,339		12,045,339		10,192,345
Commercial Loans [Member]
Allowance for loan losses:
Balance, beginning of period	11,804	8,906	8,390	6,905	6,905
Provision (credit) charged to expense	(477)	0	2,937	2,001	1,485
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	11,327	8,906	11,327	8,906	8,390
Ending balance: Individually evaluated for impairment	0	0	0	0	0
Ending balance: Collectively evaluated for impairment	11,327	8,906	11,327	8,906	8,390
Loans:
Ending balance	553,160		553,160		402,687
Ending balance: Individually evaluated for impairment	0		0		0
Ending balance: Collectively evaluated for impairment	553,160		553,160		402,687
Other Consumer Loans [Member]
Allowance for loan losses:
Balance, beginning of period	269	362	316	250	250
Provision (credit) charged to expense	27	0	(20)	112	66
Losses charged off	0	0	0	0	0
Recoveries	0	0	0	0	0
Balance, end of period	296	362	296	362	316
Ending balance: Individually evaluated for impairment	0	0	0	0	0
Ending balance: Collectively evaluated for impairment	296	$ 362	296	$ 362	316
Loans:
Ending balance	18,536		18,536		21,551
Ending balance: Individually evaluated for impairment	0		0		0
Ending balance: Collectively evaluated for impairment	$ 18,536		$ 18,536		$ 21,551

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Loans and Allowance for Loan Losses (Details 2) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 132,618,122	$ 121,421,151
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	127,690,772	116,212,605
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,950,053	1,910,280
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,977,297	3,298,266
Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	70,801,131	66,748,890
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	70,582,581	66,468,612
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	218,550	280,278
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	11,176,954	11,954,413
One To Four Family Investment Mortgage Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,732,325	9,538,767
One To Four Family Investment Mortgage Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	751,456	670,292
One To Four Family Investment Mortgage Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,693,173	1,745,354
One To Four Family Investment Mortgage Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
One To Four Family Investment Mortgage Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Multi-Family Mortgage Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	20,737,035	16,525,348
Multi-Family Mortgage Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	20,204,616	15,874,527
Multi-Family Mortgage Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Multi-Family Mortgage Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	532,419	650,821
Multi-Family Mortgage Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Multi-Family Mortgage Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Nonresidential Mortgage Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	13,727,525	12,217,500
Nonresidential Mortgage Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	12,718,404	11,161,771
Nonresidential Mortgage Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	690,457	726,526
Nonresidential Mortgage Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	318,664	329,203
Nonresidential Mortgage Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Nonresidential Mortgage Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Construction & Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,520,619	3,111,478
Construction & Land Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,520,619	3,111,478
Construction & Land Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Construction & Land Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Construction & Land Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Construction & Land Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Real Estate Secured Lines of Credit [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	12,083,162	10,439,284
Real Estate Secured Lines of Credit [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	11,360,531	9,633,212
Real Estate Secured Lines of Credit [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	508,140	513,462
Real Estate Secured Lines of Credit [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	214,491	292,610
Real Estate Secured Lines of Credit [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Real Estate Secured Lines of Credit [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	553,160	402,687
Commercial Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	553,160	402,687
Commercial Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Other Consumer Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	18,536	21,551
Other Consumer Loans [Member] | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	18,536	21,551
Other Consumer Loans [Member] | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Other Consumer Loans [Member] | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Other Consumer Loans [Member] | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Other Consumer Loans [Member] | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 0	$ 0

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Loans and Allowance for Loan Losses (Details 3) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 264,727	$ 933,763
Current	132,353,395	120,487,388
Total Loans Receivable	132,618,122	121,421,151
Total Loans > 90 Days & Accruing	0	0
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	135,176	269,950
Current	70,665,955	66,478,940
Total Loans Receivable	70,801,131	66,748,890
Total Loans > 90 Days & Accruing	0	0
One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	119,526	65,124
Current	11,057,428	11,889,289
Total Loans Receivable	11,176,954	11,954,413
Total Loans > 90 Days & Accruing	0	0
Multi-Family Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	20,737,035	16,525,348
Total Loans Receivable	20,737,035	16,525,348
Total Loans > 90 Days & Accruing	0	0
Nonresidential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	13,727,525	12,217,500
Total Loans Receivable	13,727,525	12,217,500
Total Loans > 90 Days & Accruing	0	0
Construction & Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	3,520,619	3,111,478
Total Loans Receivable	3,520,619	3,111,478
Total Loans > 90 Days & Accruing	0	0
Real Estate Secured Lines of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	10,025	592,090
Current	12,073,137	9,847,194
Total Loans Receivable	12,083,162	10,439,284
Total Loans > 90 Days & Accruing	0	0
Commercial Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	553,160	402,687
Total Loans Receivable	553,160	402,687
Total Loans > 90 Days & Accruing	0	0
Other Consumer Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	6,599
Current	18,536	14,952
Total Loans Receivable	18,536	21,551
Total Loans > 90 Days & Accruing	0	0
Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	107,931	756,266
Financing Receivables, 30 to 59 Days Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	113,731
Financing Receivables, 30 to 59 Days Past Due | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	107,931	50,445
Financing Receivables, 30 to 59 Days Past Due | Multi-Family Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due | Nonresidential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due | Construction & Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	592,090
Financing Receivables, 30 to 59 Days Past Due | Commercial Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due | Other Consumer Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	166,691
Financing Receivables, 60 to 89 Days Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	145,413
Financing Receivables, 60 to 89 Days Past Due | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	14,679
Financing Receivables, 60 to 89 Days Past Due | Multi-Family Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due | Nonresidential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due | Construction & Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due | Commercial Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due | Other Consumer Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	6,599
Financing Receivables, Equal to 90 Days and Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	156,796	10,806
Financing Receivables, Equal to 90 Days and Greater Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	135,176	10,806
Financing Receivables, Equal to 90 Days and Greater Past Due | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	11,595	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Multi-Family Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Nonresidential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Construction & Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	10,025	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Commercial Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to 90 Days and Greater Past Due | Other Consumer Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Details 4) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded Balance	$ 2,862,867	$ 5,817,307	$ 2,862,867	$ 5,817,307	$ 5,534,616
Unpaid Principal Balance	2,806,711	5,817,307	2,806,711	5,817,307	5,471,782
Loans with a specific valuation allowance, Specific Allowance	56,156	77,608	56,156	77,608	62,834
Average Investment in Impaired Loans	2,873,242	5,919,034	2,574,666	5,974,538	5,643,756
Interest Income Recognized	39,576	87,436	112,186	264,723	338,208
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	666,561	240,580	345,304	244,101	186,030
Loans without a specific valuation allowance, Interest Income Recognized	5,327	2,743	10,913	9,242	13,469
Loans without a specific valuation allowance, Recorded Balance	665,317	231,798	665,317	231,798	191,308
Loans without a specific valuation allowance, Unpaid Principal Balance	665,317	231,798	665,317	231,798	191,307
Loans with a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Specific Allowance	0	0	0	0	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	642,312	848,952	652,275	860,860	853,691
Loans without a specific valuation allowance, Interest Income Recognized	9,741	11,575	29,102	37,949	49,608
Loans without a specific valuation allowance, Recorded Balance	638,682	839,451	638,682	839,451	825,707
Loans without a specific valuation allowance, Unpaid Principal Balance	638,682	839,451	638,682	839,451	825,707
Loans with a specific valuation allowance, Recorded Balance	669,963	688,457	669,963	688,457	683,516
Loans with a specific valuation allowance, Unpaid Principal Balance	622,862	688,457	622,862	688,457	636,415
Loans with a specific valuation allowance, Specific Allowance	47,101	47,101	47,101	47,101	47,101
Loans with a specific valuation allowance, Average Investment in Impaired Loans	672,419	691,419	677,756	697,138	692,815
Loans with a specific valuation allowance, Interest Income Recognized	8,639	9,039	26,804	25,505	35,109
Multi-Family Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	533,114	771,628	535,133	778,525	774,303
Loans without a specific valuation allowance, Interest Income Recognized	10,076	13,788	27,703	39,832	53,347
Loans without a specific valuation allowance, Recorded Balance	532,418	709,528	532,418	709,528	702,483
Loans without a specific valuation allowance, Unpaid Principal Balance	532,418	709,528	532,418	709,528	702,484
Loans with a specific valuation allowance, Recorded Balance	122,090	239,032	122,090	239,032	237,369
Loans with a specific valuation allowance, Unpaid Principal Balance	113,035	239,032	113,035	239,032	221,636
Loans with a specific valuation allowance, Specific Allowance	9,055	15,733	9,055	15,733	15,733
Loans with a specific valuation allowance, Average Investment in Impaired Loans	122,406	239,870	123,069	241,635	240,362
Loans with a specific valuation allowance, Interest Income Recognized	2,182	3,900	6,649	11,130	16,247
Nonresidential Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	198,019	2,390,885	201,149	2,412,565	2,345,569
Loans without a specific valuation allowance, Interest Income Recognized	3,122	34,473	9,504	104,746	138,788
Loans without a specific valuation allowance, Recorded Balance	196,574	2,375,520	196,574	2,375,520	2,348,732
Loans without a specific valuation allowance, Unpaid Principal Balance	196,574	2,375,520	196,574	2,375,520	2,348,732
Loans with a specific valuation allowance, Recorded Balance	0	184,600	0	184,600	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	184,600	0	184,600	0
Loans with a specific valuation allowance, Specific Allowance	0	14,774	0	14,774	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	185,458	0	187,324	0
Loans with a specific valuation allowance, Interest Income Recognized	0	4,069	0	12,213	0
Construction & Land Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	302,823	0	305,131	303,725
Loans without a specific valuation allowance, Interest Income Recognized	0	4,550	0	13,773	18,280
Loans without a specific valuation allowance, Recorded Balance	0	301,415	0	301,415	298,562
Loans without a specific valuation allowance, Unpaid Principal Balance	0	301,415	0	301,415	298,562
Loans with a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Specific Allowance	0	0	0	0	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
Real Estate Secured Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	38,411	247,419	39,980	247,259	247,261
Loans without a specific valuation allowance, Interest Income Recognized	489	3,299	1,511	10,333	13,360
Loans without a specific valuation allowance, Recorded Balance	37,823	247,506	37,823	247,506	246,939
Loans without a specific valuation allowance, Unpaid Principal Balance	37,823	247,506	37,823	247,506	246,939
Loans with a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Specific Allowance	0	0	0	0	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
Commercial Loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
Loans without a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Specific Allowance	0	0	0	0	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
Other consumer loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0	0	0	0
Loans without a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Recorded Balance	0	0	0	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0	0	0	0
Loans with a specific valuation allowance, Specific Allowance	0	0	0	0	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	0	0	0	0	0
Loans with a specific valuation allowance, Interest Income Recognized	$ 0	$ 0	$ 0	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Details 5) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	$ 156,796	$ 10,806
Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	0	0
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	146,771	10,806
One To Four Family Investment Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	0	0
Multi-Family Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	0	0
Nonresidential mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	0	0
Real Estate Secured Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	10,025	0
Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	0	0
Other Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccural loans	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Details 6)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	1	1	1
Pre-Modification Balance	$ 0	$ 0	$ 499,562	$ 16,270	$ 41,500
Post-Modification Balance	$ 0	$ 0	$ 538,000	$ 16,270	$ 16,270
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	1	1	1
Pre-Modification Balance	$ 0	$ 0	$ 499,562	$ 16,270	$ 41,500
Post-Modification Balance	$ 0	$ 0	$ 538,000	$ 16,270	$ 16,270
One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Multi-Family Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Nonresidential mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Construction & Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Real Estate Secured Lines of Credit [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Commercial Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Consumer Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0	0	0	0	0
Pre-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Post-Modification Balance	$ 0	$ 0	$ 0	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Details 7) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Financing Receivable, Modifications [Line Items]
Total Modification	$ 538,000	$ 16,270	$ 16,270
One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	538,000	16,270	16,270
One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Multi-Family Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Nonresidential mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Construction & Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Real Estate Secured Lines of Credit [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Commercial Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Consumer Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination
Financing Receivable, Modifications [Line Items]
Total Modification	538,000	16,270	16,270
Combination | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	538,000	16,270	16,270
Combination | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Multi-Family Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Nonresidential mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Construction & Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Commercial Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Combination | Consumer Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Multi-Family Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Nonresidential mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Construction & Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Commercial Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Term | Consumer Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | One- to Four- Family Mortgage Loans Owner Occupied [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | One To Four Family Investment Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Multi-Family Mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Nonresidential mortgage Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Construction & Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Real Estate Secured Lines of Credit [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Commercial Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	0	0	0
Interest Only | Consumer Loans [Member]
Financing Receivable, Modifications [Line Items]
Total Modification	$ 0	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans in Process of Foreclosure, Amount	$ 0	$ 0
Financing Receivable, Modifications, Recorded Investment	538,000	16,270	$ 16,270
Consumer Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans in Process of Foreclosure, Amount	37,950
Financing Receivable, Modifications, Recorded Investment	0	0	$ 0
Nonaccrual Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Modifications, Recorded Investment	1,658,000	$ 1,280,000
Entity Loan Modification Program [Member] | Residential Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans on accrual status	1,004,000
Entity Loan Modification Program [Member] | Multi Family And Nonresidential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans on accrual status	$ 654,000

XML

Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income	$ 286,719	$ 120,598	$ 462,868	$ 428,397
Shares Outstanding for basic EPS:
Average shares outstanding:	1,719,250	0	1,719,250	0
Less: Average Unearned ESOP shares:	60,658	0	61,781	0
Weighted Average Number of Shares Outstanding, Basic	1,658,592	0	1,657,469	0
Additional dilutive shares:	0	0	0	0
Shares outstanding for basic and diluted EPS:	1,658,592	0	1,657,469	0
Basic and diluted earnings per share:	$ 0.17	$ 0	$ 0.28	$ 0
Weighted-average common shares outstanding (basic and diluted)	1,658,592	0	1,657,469	0

XML

Regulatory Matters (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Total risk-based capital (to risk-weighted assets), Actual Amount	$ 19,365	$ 18,772
Total risk-based capital (to risk-weighted assets), Actual Ratio	17.90%	18.60%
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Amount	$ 8,674	$ 8,067
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Ratio	8.00%	8.00%
Total risk-based capital (to risk-weighted assets), minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,843	$ 10,083
Total risk-based capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Tier I capital (to risk-weighted assets), Actual Amount	$ 18,039	$ 17,511
Tier I capital (to risk-weighted assets), Actual Ratio	16.60%	17.40%
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount	$ 6,506	$ 6,050
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio	6.00%	6.00%
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 8,674	$ 8,067
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Tier I capital (to adjusted total assets), Actual Amount	$ 18,039	$ 17,511
Tier I capital (to adjusted total assets), Actual Ratio	11.70%	12.20%
Tier I capital (to adjusted total assets), Minimum Capital Requirement Amount	$ 6,170	$ 5,745
Tier I capital (to adjusted total assets), Minimum Capital Requirement Ratio	4.00%	4.00%
Tier I capital (to adjusted total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 7,712	$ 7,181
Tier I capital (to adjusted total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%
Common Stock [Member]
Common Equity Tier I capital (to risk-weighted assets), Actual Amount	$ 18,039	$ 17,511
Common Equity Tier I capital (to risk-weighted assets), Actual Ratio	16.60%	17.40%
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount	$ 4,879	$ 4,537
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio	4.50%	4.50%
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 7,048	$ 6,554
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%

XML

Disclosure About Fair Values of Assets and Liabilities (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	$ 717,881	$ 662,684	$ 630,316	$ 607,374	$ 633,036	$ 513,853
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities of government sponsored entities	1,887,995		2,493,300
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	717,881		630,316
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities of government sponsored entities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	0		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities of government sponsored entities	1,887,995		2,493,300
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities of government sponsored entities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	$ 717,881		$ 630,316

XML

Disclosure About Fair Values of Assets and Liabilities (Details 1) - Mortgage Servicing Rights [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Servicing Assets at Fair Value [Line Items]
Fair value as of the beginning of the period	$ 662,684	$ 633,036	$ 630,316	$ 513,853
Recognition of mortgage servicing rights on the sale of loans	90,355	46,013	191,970	106,198
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	(35,158)	(71,675)	(104,405)	(12,677)
Fair value at the end of the period	$ 717,881	$ 607,374	$ 717,881	$ 607,374

XML

Disclosure About Fair Values of Assets and Liabilities (Details 2) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral -dependent impaired loans	$ 37,950	$ 0
Foreclosed assets	0	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral -dependent impaired loans	0	0
Foreclosed assets	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral -dependent impaired loans	0	0
Foreclosed assets	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral -dependent impaired loans	37,950	0
Foreclosed assets	$ 0	$ 0

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Disclosure About Fair Values of Assets and Liabilities (Details 3) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 37,950	$ 0
Mortgage Servicing Rights [Member] | Discount Rate [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	10.00%	10.00%
Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | PSA Prepayment Speeds [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 717,881	$ 630,316
Minimum [Member] | PSA Prepayment Speeds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	154.00%	114.00%
Minimum [Member] | Mortgage Servicing Rights [Member] | Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	10.00%	10.00%
Maximum [Member] | PSA Prepayment Speeds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	342.00%	321.00%
Maximum [Member] | Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	15.00%	15.00%
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate	12.00%	12.00%

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Disclosure About Fair Values of Assets and Liabilities (Details 4) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 12,321,217	$ 8,304,539	$ 11,722,864	$ 7,340,881
Loans held for sale	2,228,569	2,444,179
Loans, net of allowance for loan losses	130,442,514	119,779,931
Federal Home Loan Bank stock	908,000	888,100
Interest receivable	387,737	359,103
Federal Home Loan Bank lender risk account receivable	1,525,978	1,387,411
Deposits	105,111,079	103,014,720
Federal Home Loan Bank advances	30,842,938	18,813,639
Advances from borrowers for taxes and insurance	982,895	1,281,036
Interest payable	23,322	17,131
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	12,321,217	8,304,539
Loans held for sale	0	0
Loans, net of allowance for loan losses	0	0
Federal Home Loan Bank stock	908,000	888,100
Fair Value, Inputs, Level 1 [Member] | Interest Receivables [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	0	0
Fair Value, Inputs, Level 1 [Member] | Federal Home Loan Bank Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	0	0
Fair Value, Inputs, Level 1 [Member] | Advances from Borrowers for Taxes and Insurance [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances from borrowers for taxes and insurance	0	0
Fair Value, Inputs, Level 1 [Member] | Interest Payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	40,751,389	36,007,056
Fair Value, Inputs, Level 1 [Member] | Federal Home Loan Bank Advances [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Loans held for sale	2,281,772	2,495,247
Loans, net of allowance for loan losses	0	0
Federal Home Loan Bank stock	0	0
Fair Value, Inputs, Level 2 [Member] | Interest Receivables [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	387,737	359,103
Fair Value, Inputs, Level 2 [Member] | Federal Home Loan Bank Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	0	0
Fair Value, Inputs, Level 2 [Member] | Advances from Borrowers for Taxes and Insurance [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances from borrowers for taxes and insurance	982,895	1,281,036
Fair Value, Inputs, Level 2 [Member] | Interest Payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	23,322	17,131
Fair Value, Inputs, Level 2 [Member] | Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	65,133,672	67,881,776
Fair Value, Inputs, Level 2 [Member] | Federal Home Loan Bank Advances [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	31,069,356	19,215,565
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Loans held for sale	0	0
Loans, net of allowance for loan losses	136,901,731	122,321,686
Federal Home Loan Bank stock	0	0
Fair Value, Inputs, Level 3 [Member] | Interest Receivables [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	0	0
Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable	1,799,564	1,433,904
Fair Value, Inputs, Level 3 [Member] | Advances from Borrowers for Taxes and Insurance [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances from borrowers for taxes and insurance	0	0
Fair Value, Inputs, Level 3 [Member] | Interest Payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank Advances [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities Fair Value Disclosure	$ 0	$ 0

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Commitments and Credit Risk (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Commitments to fund fixed-rate loans	$ 9,618,282	$ 2,259,178
Commitments to fund fixed-rate loans, Minimum interest rate	2.75%	3.125%
Commitments to fund fixed-rate loans, Maximum interest rate	4.125%	4.625%

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Commitments and Credit Risk (Details 1) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Loan Origination Commitments [Member]
Other Commitments [Line Items]
Loan Commitments outstanding	$ 1,658,375	$ 2,628,860
Forward Sale Commitment [Member]
Other Commitments [Line Items]
Loan Commitments outstanding	9,617,000	4,888,038
Unused lines of Credit [Member]
Other Commitments [Line Items]
Loan Commitments outstanding	$ 9,515,688	$ 8,986,553

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Accumulated Other Comprehensive Loss (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Net unrealized (loss) gain on available for sale securities	$ 19,367	$ (2,096)
Directors' Retirement Plan prior service costs	(335,376)	(368,290)
Tax benefit	107,531	126,020
Net of tax amount	$ (208,478)	$ (244,366)

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Recent Accounting Pronouncements (Details Textual)	9 Months Ended
	Sep. 30, 2016
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	In May 2015, the FASB issued amended guidance on revenue recognition from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most contract revenue recognition guidance, including industry-specific guidance. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amended guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within the reporting period, and should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. Early adoption is prohibited. Management is currently in the process of evaluating the impact of the adoption of the amended guidance on the Company’s condensed consolidated financial statements.