Rendering

Component: (Network and Table)
Network
2304301 - Disclosure - Loans Receivable, Net (Tables)
(http://www.securityfederalbank.com/role/LoansReceivableNetTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000818677 (http://www.sec.gov/CIK)
Receivables [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Receivables [Abstract]
 
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans receivable, net, at December 31, 2016 and 2015 are summarized below.
 
December 31,
 
2016
 
2015
 
Balance
 
% of Total Gross Loans
 
Balance
 
% of Total Gross Loans
Residential Real Estate Loans
$
77,979,909

 
21.2
%
 
$
76,373,071

 
22.5
%
Consumer Loans
50,667,894

 
13.8
%
 
50,380,289

 
14.8
%
Commercial Business Loans
16,279,177

 
4.4
%
 
12,514,133

 
3.7
%
Commercial Real Estate Loans
222,599,294

 
60.6
%
 
200,083,125

 
59.0
%
Total Loans Held For Investment
367,526,274

 
100.0
%
 
339,350,618

 
100.0
%
Loans Held For Sale
4,243,907

 
 
 
2,462,559

 
 
Total Loans Receivable, Gross
371,770,181

 
 
 
341,813,177

 
 
Less:
 
 
 
 
 
 
 
Allowance For Loan Losses
8,356,231

 
 
 
8,275,133

 
 
Loans in Process
3,526,064

 
 
 
2,902,849

 
 
Deferred Loan Fees
165,040

 
 
 
62,466

 
 
 
12,047,335

 
 
 
11,240,448

 
 
Total Loans Receivable, Net
$
359,722,846

 
 
 
$
330,572,729

 
 
  
Financing Receivable Credit Quality Indicators
The following tables summarize the loan grades used by the Company to measure the credit quality of gross loans receivable, excluding those held for sale, by loan segment at December 31, 2016 and 2015.
December 31, 2016
 
 
Pass
 
 
Caution
 
Special
Mention
 
 
Substandard
 
 
Total Loans
Residential Real Estate
 
$
70,503,057

 
$
665,235

 
$
1,082,928

 
$
5,728,689

 
$
77,979,909

Consumer
 
46,818,650

 
2,591,860

 
6,357

 
1,251,027

 
50,667,894

Commercial Business
 
14,731,698

 
1,002,170

 
50,081

 
495,228

 
16,279,177

Commercial Real Estate
 
127,068,983

 
71,927,031

 
18,153,718

 
5,449,562

 
222,599,294

Total
 
$
259,122,388

 
$
76,186,296

 
$
19,293,084

 
$
12,924,506

 
$
367,526,274

December 31, 2015
 
 
Pass
 
 
Caution
 
Special
Mention
 
 
Substandard
 
 
Total Loans
Residential Real Estate
 
$
67,605,311

 
$
1,264,415

 
$
607,336

 
$
6,896,009

 
$
76,373,071

Consumer
 
46,344,056

 
2,510,519

 
81,617

 
1,444,097

 
50,380,289

Commercial Business
 
10,519,123

 
1,465,136

 
102,046

 
427,828

 
12,514,133

Commercial Real Estate
 
129,242,390

 
43,863,659

 
17,304,431

 
9,672,645

 
200,083,125

Total
 
$
253,710,880

 
$
49,103,729

 
$
18,095,430

 
$
18,440,579

 
$
339,350,618

  
Past Due Financing Receivables
The following tables present an age analysis of past due balances by category at December 31, 2016 and 2015.

 
 
December 31, 2016
 
 
 
30-59 Days
Past Due
 
 
60-89 Days
Past Due
 
90 Days or
More Past
Due
 
 
Total Past
Due
 
 
 
Current
 
 
Total Loans
Receivable
Residential Real Estate
 
$
653,858

 
$
—

 
$
2,488,158

 
$
3,142,016

 
$
74,837,893

 
$
77,979,909

Consumer
 
625,178

 
119,640

 
241,571

 
986,389

 
49,681,505

 
50,667,894

Commercial Business
 
536,492

 
69,256

 
145,401

 
751,149

 
15,528,028

 
16,279,177

Commercial Real Estate
 
1,719,758

 
256,285

 
2,639,837

 
4,615,880

 
217,983,414

 
222,599,294

Total
 
$
3,535,286

 
$
445,181

 
$
5,514,967

 
$
9,495,434

 
$
358,030,840

 
$
367,526,274

 
 
December 31, 2015
 
 
 
30-59 Days
Past Due
 
 
60-89 Days
Past Due
 
90 Days or
More Past
Due
 
 
Total Past
Due
 
 
 
Current
 
 
Total Loans
Receivable
Residential Real Estate
 
$
—

 
$
1,144,381

 
$
3,306,675

 
$
4,451,056

 
$
71,922,015

 
$
76,373,071

Consumer
 
710,881

 
282,314

 
575,866

 
1,569,061

 
48,811,228

 
50,380,289

Commercial Business
 
101,201

 
—

 
178,076

 
279,277

 
12,234,856

 
12,514,133

Commercial Real Estate
 
3,309,287

 
929,819

 
2,973,135

 
7,212,241

 
192,870,884

 
200,083,125

Total
 
$
4,121,369

 
$
2,356,514

 
$
7,033,752

 
$
13,511,635

 
$
325,838,983

 
$
339,350,618


  
Schedule of Financing Receivables, Non Accrual Status
The following table shows non-accrual loans by category at December 31, 2016 compared to 2015.

 
December 31, 2016
 
December 31, 2015
 
 
 
 
 
Amount
 
Percent (1)
 
Amount
 
Percent (1)
 
$ Decrease
 
% Decrease
Non-accrual Loans:
 
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
$
2,488,158

 
0.7
%
 
$
3,306,675

 
1.0
%
 
$
(818,517
)

(24.8
)%
Consumer
241,571

 
0.1

 
575,866

 
0.2

 
(334,295
)
 
(58.1
)
Commercial Business
145,401

 
—

 
178,076

 
0.1

 
(32,675
)
 
(18.3
)
Commercial Real Estate
2,639,837

 
0.7

 
2,973,135

 
0.8

 
(333,298
)
 
(11.2
)
Total Non-accrual Loans
$
5,514,967

 
1.5
%
 
$
7,033,752

 
2.1
%
 
$
(1,518,785
)
 
(21.6
)%

(1) PERCENT OF GROSS LOANS RECEIVABLE HELD FOR INVESTMENT, NET OF DEFERRED FEES AND LOANS IN PROCESS.
  
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent
The following tables show the activity in the allowance for loan losses by category for the years ended December 31, 2016, 2015 and 2014.
 
 
For the Year Ended December 31, 2016
 
 
Residential
Real Estate
 
 
Consumer
 
Commercial
Business
 
Commercial
Real Estate
 
 
Total
Beginning Balance
 
$
1,323,183

 
$
1,063,153

 
$
773,948

 
$
5,114,849

 
$
8,275,133

Provision
 
223,232

 
88,466

 
247,320

 
(59,018
)
 
500,000

Charge-Offs
 
(197,381
)
 
(241,738
)
 
(150,000
)
 
(374,144
)
 
(963,263
)
Recoveries
 
11,312

 
86,739

 
11,731

 
434,579

 
544,361

Ending Balance
 
$
1,360,346

 
$
996,620

 
$
882,999

 
$
5,116,266

 
$
8,356,231

 
 
For the Year Ended December 31, 2015
 
 
Residential
Real Estate
 
 
Consumer
 
Commercial
Business
 
Commercial
Real Estate
 
 
Total
Beginning Balance
 
$
1,392,065

 
$
886,716

 
$
159,353

 
$
5,919,362

 
$
8,357,496

Provision
 
53,694

 
549,462

 
617,658

 
(1,220,814
)
 
—

Charge-Offs
 
(216,525
)
 
(527,055
)
 
(10,947
)
 
(761,941
)
 
(1,516,468
)
Recoveries
 
93,949

 
154,030

 
7,884

 
1,178,242

 
1,434,105

Ending Balance
 
$
1,323,183

 
$
1,063,153

 
$
773,948

 
$
5,114,849

 
$
8,275,133

 
 
For the Year Ended December 31, 2014
 
 
Residential
Real Estate
 
 
Consumer
 
Commercial
Business
 
Commercial
Real Estate
 
 
Total
Beginning Balance
 
$
1,706,643

 
$
847,777

 
$
426,658

 
$
7,260,892

 
$
10,241,970

Provision
 
(91,991
)
 
352,305

 
(53,435
)
 
243,121

 
450,000

Charge-Offs
 
(359,021
)
 
(372,460
)
 
(328,094
)
 
(2,055,258
)
 
(3,114,833
)
Recoveries
 
136,434

 
59,094

 
114,224

 
470,607

 
780,359

Ending Balance
 
$
1,392,065


$
886,716


$
159,353


$
5,919,362


$
8,357,496


  
Allowance for Credit Losses on Financing Receivables
The following tables present information related to impaired loans evaluated individually and collectively for impairment in loans receivable at December 31, 2016 and 2015.
 
 
Loans Receivable
December 31, 2016
 
Individually Evaluated For
Impairment
 
Collectively Evaluated For
Impairment
 
 
Total
Residential Real Estate
 
$
2,181,740

 
$
75,798,169

 
$
77,979,909

Consumer
 
170,552

 
50,497,342

 
50,667,894

Commercial Business
 
145,401

 
16,133,776

 
16,279,177

Commercial Real Estate
 
5,830,341

 
216,768,953

 
222,599,294

Total
 
$
8,328,034

 
$
359,198,240

 
$
367,526,274

 
 
Loans Receivable
December 31, 2015
 
Individually Evaluated For
Impairment
 
Collectively Evaluated For
Impairment
 
 
Total
Residential Real Estate
 
$
2,922,105

 
$
73,450,966

 
$
76,373,071

Consumer
 
372,382

 
50,007,907

 
50,380,289

Commercial Business
 
162,201

 
12,351,932

 
12,514,133

Commercial Real Estate
 
9,190,640

 
190,892,485

 
200,083,125

Total
 
$
12,647,328

 
$
326,703,290

 
$
339,350,618

The following tables present information related to impaired loans evaluated individually and collectively for impairment in the allowance for loan losses at December 31, 2016 and 2015.
 
 
Allowance For Loan Losses
December 31, 2016
 
Individually Evaluated For
Impairment
 
Collectively Evaluated For
Impairment
 
 
Total
Residential Real Estate
 
$
—

 
$
1,360,346

 
$
1,360,346

Consumer
 
1,699

 
994,921

 
996,620

Commercial Business
 
—

 
882,999

 
882,999

Commercial Real Estate
 
12,590

 
5,103,676

 
5,116,266

Total
 
$
14,289

 
$
8,341,942

 
$
8,356,231





(4)      Loans Receivable, Net, Continued

 
 
Allowance For Loan Losses
December 31, 2015
 
Individually Evaluated For
Impairment
 
Collectively Evaluated For
Impairment
 
 
Total
Residential Real Estate
 
$
—

 
$
1,323,183

 
$
1,323,183

Consumer
 
32,300

 
1,030,853

 
1,063,153

Commercial Business
 
—

 
773,948

 
773,948

Commercial Real Estate
 
49,300

 
5,065,549

 
5,114,849

Total
 
$
81,600

 
$
8,193,533

 
$
8,275,133

  
Impaired Financing Receivables
The following tables present information related to impaired loans by loan category as of and for the years ended December 31, 2016, 2015 and 2014.
 
 
December 31, 2016
Impaired Loans
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
$
2,181,740

 
$
2,263,240

 
$
—

 
$
3,443,140

 
$
6,371

Consumer
 
110,114

 
118,414

 
—

 
293,287

 
—

Commercial Business
 
145,401

 
995,401

 
—

 
300,386

 
—

Commercial Real Estate
 
5,424,701

 
7,207,688

 
—

 
8,688,506

 
227,441

With an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Consumer
 
60,438

 
60,438

 
1,699

 
61,947

 
4,591

Commercial Real Estate
 
405,640

 
418,654

 
12,590

 
426,569

 
22,798

Total
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
2,181,740

 
2,263,240

 
—

 
3,443,140

 
6,371

Consumer
 
170,552

 
178,852

 
1,699

 
355,234

 
4,591

Commercial Business
 
145,401

 
995,401

 
—

 
300,386

 
—

Commercial Real Estate
 
5,830,341

 
7,626,342

 
12,590

 
9,115,075

 
250,239

Total
 
$
8,328,034

 
$
11,063,835

 
$
14,289

 
$
13,213,835

 
$
261,201


 
 
December 31, 2015
Impaired Loans
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
$
2,922,105

 
$
3,033,735

 
$
—

 
$
3,014,807

 
$
13,909

Consumer
 
120,889

 
129,188

 
—

 
130,202

 
—

Commercial Business
 
162,201

 
362,201

 
—

 
190,562

 
—

Commercial Real Estate
 
8,620,301

 
10,969,642

 
—

 
8,952,868

 
245,197

With an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Consumer
 
251,493

 
256,923

 
32,300

 
254,611

 
4,789

Commercial Real Estate
 
570,339

 
577,139

 
49,300

 
579,418

 
31,684

Total
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
2,922,105

 
3,033,735

 
—

 
3,014,807

 
13,909

Consumer
 
372,382

 
386,111

 
32,300

 
384,813

 
4,789

Commercial Business
 
162,201

 
362,201

 
—

 
190,562

 
—

Commercial Real Estate
 
9,190,640

 
11,546,781

 
49,300

 
9,532,286

 
276,881

Total
 
$
12,647,328

 
$
15,328,828

 
$
81,600

 
$
13,122,468

 
$
295,579








(4)       Loans Receivable, Net, Continued

 
 
December 31, 2014
Impaired Loans
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
$
2,519,814

 
$
2,618,003

 
$
—

 
$
2,642,156

 
$
—

Consumer
 
152,029

 
159,529

 
—

 
155,602

 
1,510

Commercial Business
 
236,030

 
436,030

 
—

 
413,653

 
—

Commercial Real Estate
 
13,721,964

 
18,088,149

 
—

 
14,980,690

 
297,839

With An Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Consumer
 
66,203

 
66,203

 
2,600

 
67,522

 
4,867

Commercial Real Estate
 
3,551,915

 
3,582,465

 
472,400

 
3,952,066

 
60,207

Total
 
 
 
 
 
 
 
 
 
 
Residential Real Estate
 
2,519,814

 
2,618,003

 
—

 
2,642,156

 
—

Consumer
 
218,232

 
225,732

 
2,600

 
223,124

 
6,377

Commercial Business
 
236,030

 
436,030

 
—

 
413,653

 
—

Commercial Real Estate
 
17,273,879

 
21,670,614

 
472,400

 
18,932,756

 
358,046

Total
 
$
20,247,955

 
$
24,950,379

 
$
475,000

 
$
22,211,689

 
$
364,423

  
Troubled Debt Restructurings on Financing Receivables
The following table summarizes the loans restructured as TDRs during the periods indicated:
 
 
Year Ended December 31,
 
 
2015
 
2014
 
 
 
Troubled Debt
Restructurings
 
 
 
Number of
Contracts
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
 
 
 
Number of
Contracts
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Consumer
 
1

 
$
36,460

 
$
36,460

 
—

 
$
—

 
$
—

Commercial Real Estate
 
6

 
922,000

 
922,000

 
2

 
186,188

 
186,188

Total
 
7

 
958,460

 
958,460

 
2

 
186,188

 
186,188


The following table is a summary of TDRs restructured during the periods indicated that subsequently defaulted during the same period:
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
Number of Contracts
 
Recorded Investment
 
Number of Contracts
 
Recorded Investment
 
Number of Contracts
 
Recorded Investment
Commercial Real Estate
—

 
—

 
2

 
30,713

 
1

 
66,138

Total
—

 
$
—

 
2

 
$
30,713

 
1

 
$
66,138