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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WFC Bancorp Inc | NASDAQ:WCFB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.68 | 8.68 | 9.00 | 0 | 01:00:00 |
Iowa
|
|
81-2510023
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
401 Fair Meadow Drive
|
|
|
||
Webster City, Iowa
|
|
|
50595
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Common stock, par value $0.01 per share
|
|
The NASDAQ Stock Market, LLC
|
(Title of each class to be registered)
|
|
(Name of each exchange on which
each class is to be registered)
|
|
|
|
|
Page
|
Part I
|
||||
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Item 1
|
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Business
|
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Item 1A
|
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Risk Factors
|
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Item 1B
|
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Unresolved Staff Comments
|
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Item 2
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Properties
|
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Item 3
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Legal Proceedings
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Item 4
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Mine Safety Disclosures
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Part II
|
||||
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Item 5
|
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
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Item 6
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Selected Financial Data
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Item 7
|
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A
|
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Quantitative and Qualitative Disclosures about Market Risk
|
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Item 8
|
|
Financial Statements and Supplementary Data
|
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Item 9
|
|
Changes in Disagreements with Accountants on Accounting and Financial Disclosure
|
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Item 9A
|
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Controls and Procedures
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Item 9B
|
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Other Information
|
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Part III
|
||||
|
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Item 10
|
|
Directors, Executive Officers and Corporate Governance
|
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Item 11
|
|
Executive Compensation
|
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Item 12
|
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
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Item 13
|
|
Certain Relationships and Related Transactions, and Director Independence
|
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Item 14
|
|
Principal Accounting Fees and Services
|
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Part IV
|
||||
|
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|
|
Item 15
|
|
Exhibits, Financial Statement Schedules
|
|
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|
|
|
Item 16
|
|
Form 10-K Summary
|
|
|
|
|
|
|
|
Signatures
|
|
|
|
•
|
Statements of our goals, intentions and expectations;
|
•
|
Statements regarding our business plans, prospects, growth and operating strategies;
|
•
|
Statements regarding the quality of our loan and investment portfolios; and
|
•
|
Estimates of our risks and future costs and benefits.
|
•
|
General economic conditions, either nationally or in our market areas, that are worse than expected;
|
•
|
Competition among depository and other financial institutions;
|
•
|
Inflation and changes in the interest rate environment that reduce our margins and yields or reduce the fair value of financial instruments;
|
•
|
Changes in consumer spending, borrowing and savings habits;
|
•
|
Our ability to enter new markets successfully and capitalize on growth opportunities;
|
•
|
Our ability to successfully integrate acquired branches or entities;
|
•
|
Adverse changes in the securities markets;
|
•
|
Changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
|
•
|
Changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) or the Public Company Accounting Oversight Board;
|
•
|
Changes in our organization, compensation and benefit plans;
|
•
|
Our ability to retain key employees;
|
•
|
Changes in the level of government support for housing finance;
|
•
|
Significant increases in our loan losses
|
•
|
Weaknesses in internal control; and
|
•
|
Changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
|
|
At December 31,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
|
|
|
|
|
|
|
||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(Dollars in thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
||||||
One-to-four family residential real estate
|
$
|
52,335
|
|
|
81.4
|
%
|
|
$
|
56,091
|
|
|
81.4
|
%
|
Non-owner occupied one-to-four family residential real estate
|
3,013
|
|
|
4.6
|
|
|
3,117
|
|
|
4.5
|
|
||
Commercial real estate
|
2,163
|
|
|
3.4
|
|
|
3,615
|
|
|
5.2
|
|
||
Consumer
|
6,802
|
|
|
10.6
|
|
|
6,146
|
|
|
8.9
|
|
||
|
|
|
|
|
|
|
|
||||||
Total loans receivable
|
64,313
|
|
|
100.0
|
%
|
|
68,969
|
|
|
100.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Discount/Premium on loan purchases
|
30
|
|
|
|
|
10
|
|
|
|
||||
Deferred loan costs (fees)
|
(28
|
)
|
|
|
|
(30
|
)
|
|
|
||||
Allowance for loan losses
|
(509
|
)
|
|
|
|
(538
|
)
|
|
|
||||
|
|
|
|
|
|
|
|
||||||
Total loans receivable, net
|
$
|
63,806
|
|
|
|
|
$
|
68,411
|
|
|
|
|
One-to-four family residential real estate
|
|
Non-owner occupied one-to-four family residential real estate
|
|
Commercial real estate and land
|
|
Consumer
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Due During the Years
Ending December 31,
|
|
||||||||||||||||||
2019
|
$
|
618
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
415
|
|
|
$
|
1,033
|
|
2020
|
106
|
|
|
5
|
|
|
—
|
|
|
639
|
|
|
750
|
|
|||||
2021 to 2022
|
505
|
|
|
57
|
|
|
63
|
|
|
2,605
|
|
|
3,230
|
|
|||||
2023to 2027
|
2,689
|
|
|
297
|
|
|
660
|
|
|
2,404
|
|
|
6,051
|
|
|||||
2028 to 2032
|
10,322
|
|
|
992
|
|
|
1,072
|
|
|
78
|
|
|
12,463
|
|
|||||
2033 and beyond
|
38,096
|
|
|
1,661
|
|
|
368
|
|
|
661
|
|
|
40,786
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
52,335
|
|
|
$
|
3,013
|
|
|
$
|
2,163
|
|
|
$
|
6,802
|
|
|
$
|
64,313
|
|
|
Due After December 31, 2019
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
One-to-four family residential real estate
|
$
|
35,604
|
|
|
$
|
16,113
|
|
|
$
|
51,717
|
|
Non-owner occupied one-to-four family residential real estate
|
1,655
|
|
|
1,358
|
|
|
3,013
|
|
|||
Commercial real estate
|
1,990
|
|
|
173
|
|
|
2,163
|
|
|||
Consumer
|
6,387
|
|
|
—
|
|
|
6,387
|
|
|||
Total
|
$
|
45,636
|
|
|
$
|
17,644
|
|
|
$
|
63,280
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Total loans, at beginning of period
|
$
|
68,969
|
|
|
$
|
61,167
|
|
|
|
|
|
||||
Loans originated:
|
|
|
|
||||
One-to-four family residential
|
5,944
|
|
|
7,210
|
|
||
Non-owner occupied one-to-four family residential real estate
|
839
|
|
|
432
|
|
||
Commercial real estate
|
332
|
|
|
569
|
|
||
Consumer
|
3,886
|
|
|
2,805
|
|
||
Total loans originated
|
11,001
|
|
|
11,016
|
|
||
|
|
|
|
||||
Loans purchased:
|
|
|
|
||||
One-to-four family residential
|
—
|
|
|
9,806
|
|
||
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Consumer
|
—
|
|
|
—
|
|
||
Total loans purchased
|
—
|
|
|
9,806
|
|
||
|
|
|
|
||||
Loans sold:
|
|
|
|
||||
One-to-four family residential
|
(563
|
)
|
|
(850
|
)
|
||
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Consumer
|
—
|
|
|
—
|
|
||
Total loans sold
|
(563
|
)
|
|
(850
|
)
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
Principal repayments
|
(15,094
|
)
|
|
(12,170
|
)
|
||
|
|
|
|
||||
Net loan activity
|
(4,656
|
)
|
|
7,802
|
|
||
Total loans, including loans held for sale, at end of period
|
$
|
64,313
|
|
|
$
|
68,969
|
|
|
Loans Delinquent For
|
|
Total
|
|||||||||||||||||
|
30-89 Days
|
|
90 Days and Over
|
|
||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family residential
|
25
|
|
|
$
|
990
|
|
|
7
|
|
|
$
|
369
|
|
|
32
|
|
|
$
|
1,359
|
|
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
31
|
|
|
253
|
|
|
9
|
|
|
64
|
|
|
40
|
|
|
317
|
|
|||
Total
|
56
|
|
|
1,243
|
|
|
16
|
|
|
433
|
|
|
72
|
|
|
1,676
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family residential
|
27
|
|
|
$
|
1,108
|
|
|
10
|
|
|
$
|
492
|
|
|
37
|
|
|
$
|
1,600
|
|
Non-owner occupied one-to-four family residential real estate
|
1
|
|
|
18
|
|
|
6
|
|
|
177
|
|
|
7
|
|
|
195
|
|
|||
Commercial real estate
|
1
|
|
|
36
|
|
|
1
|
|
|
275
|
|
|
2
|
|
|
311
|
|
|||
Consumer
|
33
|
|
|
249
|
|
|
9
|
|
|
54
|
|
|
42
|
|
|
303
|
|
|||
Total
|
62
|
|
|
$
|
1,411
|
|
|
26
|
|
|
$
|
998
|
|
|
88
|
|
|
$
|
2,409
|
|
|
At December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Dollars in thousands)
|
||||||
|
|
|
|
||||
Non-accrual loans:
|
|
|
|
||||
One-to-four family residential real estate
|
$
|
581
|
|
|
$
|
151
|
|
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
275
|
|
||
Consumer
|
64
|
|
|
—
|
|
||
Total
|
645
|
|
|
426
|
|
||
|
|
|
|
||||
Accruing loans 90 days or more past due:
|
|
|
|
||||
One-to-four family residential real estate
|
$
|
—
|
|
|
$
|
341
|
|
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Consumer
|
—
|
|
|
57
|
|
||
Total loans 90 days or more past due
|
—
|
|
|
398
|
|
||
|
|
|
|
||||
Total non-performing loans
|
645
|
|
|
824
|
|
||
|
|
|
|
||||
Real estate owned
|
421
|
|
|
48
|
|
||
Other non-performing assets
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
Total non-performing assets
|
$
|
1,066
|
|
|
$
|
872
|
|
|
|
|
|
||||
Ratios:
|
|
|
|
||||
Total non-performing loans to total loans
|
1.00
|
%
|
|
1.19
|
%
|
||
Total non-performing assets to total assets
|
0.78
|
%
|
|
0.66
|
%
|
|
At December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Classification of loans:
|
|
|
|
||||
Substandard
|
$
|
645
|
|
|
$
|
1,289
|
|
Doubtful
|
—
|
|
|
—
|
|
||
Loss
|
—
|
|
|
—
|
|
||
Total classified loans
|
$
|
645
|
|
|
$
|
1,289
|
|
Special mention
|
$
|
1,614
|
|
|
$
|
1,719
|
|
|
At or For the Years Ended December 31,
|
||||||
2018
|
|
2017
|
|||||
|
(Dollars in thousands)
|
||||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
538
|
|
|
$
|
487
|
|
|
|
|
|
||||
Charge-offs:
|
|
|
|
||||
One-to-four family residential
|
(67
|
)
|
|
(11
|
)
|
||
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Consumer
|
(61
|
)
|
|
(14
|
)
|
||
Total charge-offs
|
(128
|
)
|
|
(25
|
)
|
||
|
|
|
|
||||
Recoveries:
|
|
|
|
||||
One-to-four family residential
|
—
|
|
|
—
|
|
||
Non-owner occupied one-to-four family residential real estate
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
—
|
|
||
Consumer
|
21
|
|
|
—
|
|
||
Total recoveries
|
21
|
|
|
—
|
|
||
|
|
|
|
||||
Net charge-offs
|
(107
|
)
|
|
(25
|
)
|
||
|
|
|
|
|
|
||
Provision for loan losses
|
78
|
|
|
76
|
|
||
|
|
|
|
||||
Balance at end of year
|
$
|
509
|
|
|
$
|
538
|
|
|
|
|
|
||||
Ratios:
|
|
|
|
||||
Net charge-offs to average loans outstanding
|
0.17
|
%
|
|
0.04
|
%
|
||
Allowance for loan losses to non-performing loans at end of year
|
78.91
|
%
|
|
65.29
|
%
|
||
Allowance for loan losses to total loans at end of year
|
0.79
|
%
|
|
0.78
|
%
|
|
At December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
|
Amount
|
|
Percent of Allowance to Total Allowance
|
|
Percent of Loans in Category to Total Loans
|
|
Amount
|
|
Percent of Allowance to Total Allowance
|
|
Percent of Loans in Category to Total Loans
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential
|
$
|
407
|
|
|
80.0
|
%
|
|
81.4
|
%
|
|
$
|
393
|
|
|
73.1
|
%
|
|
81.4
|
%
|
Non-owner occupied one-to-four family residential real estate
|
13
|
|
|
2.5
|
|
|
4.6
|
|
|
26
|
|
|
4.8
|
|
|
4.5
|
|
||
Commercial real estate
|
19
|
|
|
3.7
|
|
|
3.4
|
|
|
33
|
|
|
6.1
|
|
|
5.2
|
|
||
Consumer
|
70
|
|
|
13.8
|
|
|
10.6
|
|
|
86
|
|
|
16.0
|
|
|
8.9
|
|
||
Total allowance for loan losses
|
$
|
509
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
538
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
U.S government and agency securities
|
$
|
3,740
|
|
|
$
|
3,714
|
|
|
$
|
1,239
|
|
|
$
|
1,234
|
|
Mortgage-backed securities
(1)
|
26,511
|
|
|
25,649
|
|
|
27,332
|
|
|
26,784
|
|
||||
Municipal securities
|
14,484
|
|
|
14,259
|
|
|
15,051
|
|
|
15,111
|
|
||||
Total securities available-for-sale
|
$
|
44,735
|
|
|
$
|
43,622
|
|
|
$
|
43,622
|
|
|
$
|
43,129
|
|
(1) Represents securities issued by Fannie Mae, Freddie Mac or Ginnie Mae, and are backed by residential mortgage loans.
|
|
One Year or Less
|
|
More than One Year through Five Years
|
|
More than Five Years through Ten Years
|
|
More than Ten Years
|
|
Total Securities
|
|||||||||||||||||||||||||||||
|
Amortized Cost
|
|
Weighted Average Yield
|
|
Amortized Cost
|
|
Weighted Average Yield
|
|
Amortized Cost
|
|
Weighted Average Yield
|
|
Amortized Cost
|
|
Weighted Average Yield
|
|
Amortized Cost
|
|
Fair Value
|
|
Weighted Average Yield
|
|||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
U.S. government and agency securities
|
$
|
2,500
|
|
|
3.58
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,240
|
|
|
2.66
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
3,740
|
|
|
$
|
3,714
|
|
|
3.41
|
%
|
Mortgage-backed securities
|
—
|
|
|
—
|
|
|
23,078
|
|
|
1.95
|
|
|
3,433
|
|
|
2.73
|
|
|
—
|
|
|
—
|
|
|
26,511
|
|
|
25,649
|
|
|
2.04
|
|
||||||
Municipal securities
|
429
|
|
|
1.85
|
|
|
2,244
|
|
|
3.20
|
|
|
6,467
|
|
|
1.88
|
|
|
5,345
|
|
|
1.28
|
|
|
14,485
|
|
|
14,259
|
|
|
3.05
|
|
||||||
Total securities available-for-sale
|
$
|
2,929
|
|
|
3.33
|
%
|
|
$
|
25,322
|
|
|
2.06
|
%
|
|
$
|
11,140
|
|
|
2.23
|
%
|
|
$
|
5,345
|
|
|
1.28
|
%
|
|
$
|
44,736
|
|
|
$
|
43,622
|
|
|
2.48
|
%
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
|
Average Balance
|
|
Percent
|
|
Weighted Average Rate
|
|
Average Balance
|
|
Percent
|
|
Weighted Average Rate
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Deposit type:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Statement savings
|
$
|
14,510
|
|
|
17.5
|
%
|
|
0.24
|
%
|
|
$
|
14,369
|
|
|
16.5
|
%
|
|
0.23
|
%
|
Money market
|
11,114
|
|
|
13.4
|
|
|
0.84
|
|
|
11,373
|
|
|
13.1
|
|
|
0.30
|
|
||
NOW
|
17,711
|
|
|
21.4
|
|
|
0.05
|
|
|
18,337
|
|
|
21.1
|
|
|
0.08
|
|
||
Certificates of deposit
|
39,406
|
|
|
47.7
|
|
|
1.48
|
|
|
42,785
|
|
|
49.3
|
|
|
1.21
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total deposits
|
$
|
82,741
|
|
|
100.0
|
%
|
|
0.86
|
%
|
|
$
|
86,864
|
|
|
100.0
|
%
|
|
0.72
|
%
|
|
At December 31, 2018
|
|||||||||||||||||||||
|
Period to Maturity
|
|||||||||||||||||||||
|
Less Than
or Equal to
One Year
|
|
Over One
Year to Two
Years
|
|
Over Two
Years to
Three Years
|
|
Over Three
Years
|
|
Total
|
|
Percentage
of Total
Certificate
Accounts
|
|||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
Interest Rate:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less than or equal to1.00%
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
1.00% - 1.99%
|
11,654
|
|
|
5,018
|
|
|
4,618
|
|
|
5,758
|
|
|
27,048
|
|
|
66.4
|
|
|||||
2.00% - 2.99%
|
11,905
|
|
|
1,697
|
|
|
98
|
|
|
—
|
|
|
13,700
|
|
|
33.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$
|
23,559
|
|
|
$
|
6,715
|
|
|
$
|
4,716
|
|
|
$
|
5,758
|
|
|
$
|
40,748
|
|
|
100
|
%
|
|
At December 31, 2018
|
||
|
(In thousands)
|
||
|
|
||
Three months or less
|
$
|
892
|
|
Over three months through six months
|
3,853
|
|
|
Over six months through one year
|
6,441
|
|
|
Over one year to three years
|
2,229
|
|
|
Over three years
|
1,614
|
|
|
|
|
||
Total
|
$
|
15,029
|
|
|
At or For the Years Ended
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Dollars in thousands)
|
||||||
|
|
|
|
||||
FHLB:
|
|
|
|
||||
Balance at end of period
|
$
|
24,000
|
|
|
$
|
14,000
|
|
Average balance during period
|
$
|
14,055
|
|
|
$
|
4,315
|
|
Maximum outstanding at any month end
|
$
|
24,000
|
|
|
$
|
14,000
|
|
Weighted average interest rate at end of period
|
2.53
|
%
|
|
2.21
|
%
|
||
Average interest rate during period
|
2.31
|
%
|
|
1.37
|
%
|
•
|
well-capitalized (at least 5% leverage capital, 8% Tier 1 risk-based capital, 10% total risk-based capital and 6.5% common equity Tier 1 risk-based capital);
|
•
|
adequately capitalized (at least 4% leverage capital, 6% Tier 1 risk-based capital, 8% total risk-based capital and 4.5% common equity Tier 1 risk-based capital);
|
•
|
undercapitalized (less than 4% leverage capital, 6% Tier 1 risk-based capital, 8% total risk-based capital or 4.5% common equity Tier 1 risk-based capital);
|
•
|
significantly undercapitalized (less than 3% leverage capital, 4% Tier 1 risk-based capital, 6% total risk-based capital or 3% common equity Tier 1 risk-based capital); and
|
•
|
critically undercapitalized (less than 2% tangible capital).
|
•
|
Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
|
•
|
Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;
|
•
|
Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;
|
•
|
Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;
|
•
|
Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies;
|
•
|
fair lending laws;
|
•
|
Unfair or Deceptive Acts or Practices laws and regulations;
|
•
|
Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;
|
•
|
Truth in Savings Act; and
|
•
|
rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
|
•
|
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
|
•
|
Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;
|
•
|
Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check;
|
|
|
Year
Opened |
|
Owned/
Leased |
|
Date of Lease
Expiration |
|
Net Book
Value as of
|
||
Location
|
|
|
|
|
December 31, 2018
|
|||||
|
|
|
|
|
|
|
|
(In thousands)
|
||
Main Office:
|
|
|
|
|
|
|
|
|
||
401 Fair Meadow Drive
|
|
1934
|
|
Owned
|
|
Not applicable
|
|
$
|
2,479
|
|
Webster City, Iowa
|
|
|
|
|
|
|
|
|
||
Full Service Branch:
|
|
|
|
|
|
|
|
|
||
305 First Street West
|
|
2014
|
|
Owned
|
|
Not applicable
|
|
$
|
204
|
|
Independence, Iowa
|
|
|
|
|
|
|
|
|
Item 5
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
•
|
Focus on building commercial and agricultural infrastructure in the organization. Adding staffing depth in the commercial lending and deposit area will be needed to accomplish this goal as well as to ensure that quality objectives are met. The ability to add the commercial and agricultural business lines will allow us to grow the bank to meet our objectives, diversify the portfolio, and add shorter term assets and loans that reprice on a shorter term horizon to the asset mix. This will allow the bank the ability to grow at a faster rate with higher earning assets that are substantially less interest rate sensitive. Strategically we are interested in growing commercial deposits because they tend to be larger accounts and less price sensitive than retail deposits.
|
•
|
Continuing to emphasize the origination of one-to-four family residential real estate loans. We will continue to emphasize the origination of one-to-four family residential real estate loans in our market area. At December 31,
2018
,
$52.3
million, or
81.4%
of our total loan portfolio, consisted of owner-occupied one-to-four family residential real estate loans, compared to
$56.1
million, or
81.4%
of our total loan portfolio, at December 31,
2017
. We will continue to originate these types of loans because it is a strong recurring source of interest income.
|
•
|
Continuing to increase the origination of consumer loans. We plan to continue to increase the origination of consumer loans, including our direct automobile loans. Our consumer loans increased
$656,000
during
2018
to
$6.8
million at December 31,
2018
from
$6.1
million at December 31,
2017
. Our consumer loans generally carry higher interest rates and shorter maturities than our one-to-four family residential real estate loans, thereby increasing our interest income and reducing our interest rate risk. In addition, we will attempt to expand our relationships with our consumer loan borrowers with the goal of increasing our interest income.
|
•
|
Continuing to apply disciplined underwriting practices to maintain the quality of our loan portfolio. We believe that strong asset quality is a key to long-term financial success. Our goal is to maintain strong asset quality with moderate credit risk. We seek to accomplish this by applying conservative underwriting standards and by pursuing diligent monitoring and collection efforts. At December 31,
2018
, our nonperforming loans (loans which are 90 or more days delinquent and loans which are less than 90 days delinquent but classified as nonaccrual) were
1.0%
of our total loan portfolio.
|
•
|
Enhancing core earnings by increasing lower-cost transaction and savings accounts. Demand, checking and money market accounts are a lower-cost source of funds than time deposits, and we have made a concerted effort to increase lower-cost transaction deposit accounts and reduce time deposits. Our ratio of core deposits (which we define as all deposit accounts except for certificate of deposit accounts) to total deposits has decreased to
51.2%
at December 31,
2018
from
51.3%
at December 31,
2017
. We plan to continue to market our core transaction accounts (primarily checking accounts), by emphasizing our high quality service and competitive pricing of these products. Additionally, we believe our implementation of additional products and improved technological services such as remote deposit capture will increase our core deposits.
|
•
|
Managing interest rate risk. We intend to continue to manage our interest rate risk by maintaining our strategy of selling conforming, fixed-rate, one-to-four family residential real estate loans with terms of more than 20 years and increasing our originations of shorter-term consumer loans.
|
•
|
Growing our business by expanding our branch network. As opportunities arise and conditions permit, we will consider opportunities to expand our branch network through whole-bank or branch acquisitions,
de novo
branching or both. Although we do not currently have any agreements or understandings regarding specific acquisitions or
de novo
branching opportunities, our strategy is to grow our business within our consolidating market environment.
|
|
For the Year Ended December 31,
|
|||||||||||||||
|
2018
|
2017
|
||||||||||||||
|
Average
Outstanding Balance |
Interest
|
Yield/
Rate |
Average
Outstanding Balance |
Interest
|
Yield/
Rate (1) |
||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
$
|
65,458
|
|
$
|
2,936
|
|
4.49
|
%
|
$
|
60,442
|
|
$
|
2,847
|
|
4.71
|
%
|
Investment securities - taxable
|
34,447
|
|
796
|
|
2.31
|
|
31,080
|
|
598
|
|
1.92
|
|
||||
Investment securities - non-taxable
|
9,288
|
|
191
|
|
2.06
|
|
11,633
|
|
278
|
|
2.39
|
|
||||
Other interest-earning assets
|
5,349
|
|
156
|
|
2.92
|
|
9,648
|
|
105
|
|
1.09
|
|
||||
Total interest-earning assets
|
114,542
|
|
4,079
|
|
3.56
|
|
112,803
|
|
3,828
|
|
3.39
|
|
||||
Noninterest-earning assets
|
12,546
|
|
|
|
9,705
|
|
|
|
||||||||
Total assets
|
$
|
127,088
|
|
|
|
$
|
122,508
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
||||||||||
Savings accounts
|
14,510
|
|
35
|
|
0.24
|
|
14,369
|
|
$
|
33
|
|
0.23
|
|
|||
Money market accounts
|
11,114
|
|
93
|
|
0.84
|
|
11,373
|
|
34
|
|
0.30
|
|
||||
NOW
|
13,245
|
|
9
|
|
0.07
|
|
13,739
|
|
11
|
|
0.08
|
|
||||
Certificates of deposit
(2)
|
39,406
|
|
576
|
|
1.46
|
|
42,808
|
|
517
|
|
1.21
|
|
||||
Total interest-bearing deposits
|
78,275
|
|
713
|
|
0.91
|
|
82,289
|
|
595
|
|
0.72
|
|
||||
Advances from FHLB of Des Moines
|
14,242
|
|
331
|
|
2.32
|
|
4,315
|
|
59
|
|
1.37
|
|
||||
Total interest-bearing liabilities
|
92,517
|
|
1,044
|
|
1.13
|
|
86,604
|
|
654
|
|
0.76
|
|||||
Noninterest-bearing checking deposits
|
4,466
|
|
|
|
4,611
|
|
|
|
||||||||
Noninterest-bearing liabilities
|
2,215
|
|
|
|
2,326
|
|
|
|
||||||||
Total liabilities
|
99,198
|
|
|
|
93,541
|
|
|
|
||||||||
Equity
|
27,890
|
|
|
|
28,967
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
127,088
|
|
|
|
$
|
122,508
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
3,035
|
|
|
|
$
|
3,174
|
|
|
||||||
Net interest rate spread
(3)
|
|
|
2.43
|
%
|
|
|
2.63
|
%
|
||||||||
Net interest-earning assets
(4)
|
$
|
22,025
|
|
|
|
|
$
|
26,199
|
|
|
|
|
||||
Net interest margin
(5)
|
|
|
2.65
|
%
|
|
|
2.81
|
%
|
||||||||
Average of interest-earning assets to interest-bearing liabilities
|
|
|
123.81
|
%
|
|
|
130.25
|
%
|
(1) Amortization of fees, discounts and premiums included in interest income were $33,000 and $32,000 for the years ended December 31, 2018 and 2017, respectively.
|
|
(2) Amortization of premiums included in interest expense were $10,000 and $15,000 for the years ended December 31, 2018 and 2017, respectively.
|
|
(3) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities.
|
|
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
|
(5) Net interest margin represents net interest income divided by total interest-earning assets.
|
|
Years Ended December 31,
|
||||||||
|
2018 vs. 2017
|
||||||||
|
Increase (Decrease) Due to
|
Total Increase (Decrease)
|
|||||||
|
Volume
|
Rate
|
|||||||
|
(In thousands)
|
||||||||
|
|
|
|
||||||
Interest-earning assets:
|
|
|
|
||||||
Loans
(1)
|
$
|
236
|
|
$
|
(147
|
)
|
$
|
89
|
|
Securities available-for-sale - taxable
|
65
|
|
133
|
|
198
|
|
|||
Securities available-for-sale - non-taxable
|
(56
|
)
|
(31
|
)
|
(87
|
)
|
|||
Other interest-earning assets
|
(47
|
)
|
98
|
|
51
|
|
|||
|
|
|
|
||||||
Total interest-earning assets
|
198
|
|
53
|
|
251
|
|
|||
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
||||||
Savings accounts
|
—
|
|
2
|
|
2
|
|
|||
Money market accounts
|
(1
|
)
|
60
|
|
59
|
|
|||
NOW accounts
|
—
|
|
(2
|
)
|
(2
|
)
|
|||
Certificates of deposit
(2)
|
(41
|
)
|
100
|
|
59
|
|
|||
Total deposits
|
(42
|
)
|
160
|
|
118
|
|
|||
Borrowings
|
7
|
|
—
|
|
7
|
|
|||
FHLB Advances
|
133
|
|
133
|
|
266
|
|
|||
|
|
|
|
||||||
Total interest-bearing liabilities
|
97
|
|
293
|
|
390
|
|
|||
|
|
|
|
||||||
Change in net interest income
|
$
|
101
|
|
$
|
(240
|
)
|
$
|
(139
|
)
|
(1) Amortization of fees, discounts and premiums included in interest income were $33,000 and $32,000 for the years ended December 31, 2018 and 2017, respectively.
|
|
(2) Amortization of premiums included in interest expense were $10,000 and $15,000 for the years ended December 31, 2018 and 2017, respectively.
|
Change in Interest Rates (basis points) (1)
|
Estimated EVE (2)
|
Estimated Increase (Decrease) in EVE
|
EVE as a Percentage of Fair Value of Assets (3)
|
||||||||||
EVE
Ratio (4)
|
Increase (Decrease) (basis points)
|
||||||||||||
Amount
|
Percent
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||
|
|
|
|
|
|
||||||||
300
|
$
|
17,853
|
|
$
|
(8,411
|
)
|
(32.02
|
)%
|
15.51
|
%
|
$
|
(4.70
|
)
|
200
|
21,132
|
|
(5,132
|
)
|
(19.54
|
)
|
17.56
|
|
(2.65
|
)
|
|||
100
|
24,083
|
|
(2,181
|
)
|
(8.30
|
)
|
19.22
|
|
(0.99
|
)
|
|||
—
|
26,264
|
|
—
|
|
—
|
|
20.21
|
|
—
|
|
|||
(100)
|
27,043
|
|
779
|
|
2.97
|
|
20.24
|
|
0.03
|
|
(1) Assumes an immediate uniform change in interest rates at all maturities.
|
|
(2) EVE is the fair value of expected cash flows from assets, less the fair value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet contracts.
|
|
(3) Fair value of assets represents then amount at which an asset could be exchanged between knowledgeable and willing parties in an arms length transaction.
|
|
(4) EVE Ratio represents EVE divided by the fair value of assets.
|
Description
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
Consolidated Balance Sheets as of December 31, 2018 and 2017
|
|
|
Consolidated Statements of Operations for the Years ended December 31, 2018 and 2017
|
|
|
Consolidated Statements of Comprehensive Income (Loss) for the Years ended December 31, 2018 and 2017
|
|
|
Consolidated Statements of Changes in Stockholders' Equity for the Years ended December 31, 2018 and 2017
|
|
|
Consolidated Statements of Cash Flows for the Years ended December 31, 2018 and 2017
|
|
|
Notes to Consolidated Financial Statements
|
|
Assets
|
2018
|
|
2017
|
||||
Cash and due from banks
|
$
|
3,587,631
|
|
|
$
|
3,310,400
|
|
Federal funds sold
|
11,175,000
|
|
|
2,672,000
|
|
||
Cash and cash equivalents
|
14,762,631
|
|
|
5,982,400
|
|
||
|
|
|
|
||||
Time deposits in other financial institutions
|
4,540,687
|
|
|
4,545,878
|
|
||
Securities available-for-sale, at fair value
|
43,622,041
|
|
|
43,129,481
|
|
||
|
|
|
|
||||
Loans receivable
|
64,314,968
|
|
|
68,949,715
|
|
||
Allowance for loan losses
|
(508,920
|
)
|
|
(538,319
|
)
|
||
Loans receivable, net
|
63,806,048
|
|
|
68,411,396
|
|
||
|
|
|
|
||||
Federal Home Loan Bank (FHLB) stock, at cost
|
1,110,000
|
|
|
703,400
|
|
||
Bankers' Bank stock, at cost
|
147,500
|
|
|
147,500
|
|
||
Office property and equipment, net
|
3,585,740
|
|
|
3,791,429
|
|
||
Deferred taxes on income
|
768,831
|
|
|
631,080
|
|
||
Income taxes receivable
|
34,739
|
|
|
40,320
|
|
||
Accrued interest receivable
|
424,909
|
|
|
439,855
|
|
||
Goodwill
|
55,148
|
|
|
55,148
|
|
||
Bank-owned life insurance
|
3,231,032
|
|
|
3,138,112
|
|
||
Prepaid expenses and other assets
|
1,275,166
|
|
|
1,205,146
|
|
||
|
$
|
137,364,472
|
|
|
$
|
132,221,145
|
|
Liabilities and Stockholders' Equity
|
|
|
|
||||
Deposits
|
$
|
83,577,825
|
|
|
$
|
87,740,194
|
|
FHLB advances
|
24,000,000
|
|
|
14,000,000
|
|
||
Advance payments by borrowers for taxes and insurance
|
556,494
|
|
|
527,774
|
|
||
Accrued interest payable
|
18,221
|
|
|
13,983
|
|
||
Accrued expenses and other liabilities
|
1,441,057
|
|
|
1,509,680
|
|
||
Total liabilities
|
109,593,597
|
|
|
103,791,631
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.01 par value. Authorized 10,000,000 shares; issued none
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value. Authorized 30,000,000 shares; 2,561,542 shares issued and outstanding at December 31, 2018 and December 31, 2017
|
25,615
|
|
|
25,615
|
|
||
Additional paid-in capital
|
14,223,738
|
|
|
14,215,017
|
|
||
Retained earnings, substantially restricted
|
15,565,683
|
|
|
15,758,825
|
|
||
Unearned ESOP Shares
|
(1,204,808
|
)
|
|
(1,259,576
|
)
|
||
Accumulated other comprehensive loss
|
(839,353
|
)
|
|
(310,367
|
)
|
||
Total stockholders' equity
|
27,770,875
|
|
|
28,429,514
|
|
||
Total liabilities and stockholders' equity
|
$
|
137,364,472
|
|
|
$
|
132,221,145
|
|
|
|
|
Twelve Months Ended
December 31, |
||||||
|
|
2018
|
|
2017
|
||||
Interest income:
|
|
|
|
|
||||
Loans receivable
|
|
$
|
2,935,821
|
|
|
$
|
2,847,293
|
|
Investment securities - taxable
|
|
795,790
|
|
|
598,001
|
|
||
Investment securities - tax exempt
|
|
190,883
|
|
|
278,312
|
|
||
Other interest earning assets
|
|
156,417
|
|
|
104,519
|
|
||
Total interest income
|
|
4,078,911
|
|
|
3,828,125
|
|
||
Interest expense:
|
|
|
|
|
||||
Deposits
|
|
712,667
|
|
|
594,757
|
|
||
FHLB advances
|
|
324,930
|
|
|
59,168
|
|
||
Overnight borrowings
|
|
6,560
|
|
|
—
|
|
||
Total interest expense
|
|
1,044,157
|
|
|
653,925
|
|
||
Net interest income
|
|
3,034,754
|
|
|
3,174,200
|
|
||
Provision for losses on loans
|
|
78,000
|
|
|
76,000
|
|
||
Net interest income after provision for losses on loans
|
|
2,956,754
|
|
|
3,098,200
|
|
||
Noninterest income:
|
|
|
|
|
||||
Fees and service charges
|
|
438,874
|
|
|
431,907
|
|
||
Losses on sale of securities available-for-sale, net
|
|
(14,465
|
)
|
|
—
|
|
||
Gain on sale of land
|
|
435,818
|
|
|
—
|
|
||
Increase in cash value - bank-owned life insurance
|
|
92,920
|
|
|
116,611
|
|
||
Other income
|
|
38,729
|
|
|
62,908
|
|
||
Total noninterest income
|
|
991,876
|
|
|
611,426
|
|
||
Noninterest expense:
|
|
|
|
|
||||
Compensation, payroll taxes, and employee benefits
|
|
1,559,324
|
|
|
1,485,549
|
|
||
Advertising
|
|
66,721
|
|
|
91,191
|
|
||
Office property and equipment
|
|
370,737
|
|
|
450,270
|
|
||
Federal insurance premiums
|
|
25,024
|
|
|
33,862
|
|
||
Data processing services
|
|
487,087
|
|
|
464,942
|
|
||
Charitable contributions
|
|
3,846
|
|
|
5,955
|
|
||
Other real estate expenses, net
|
|
68,871
|
|
|
20,939
|
|
||
Dues and subscriptions
|
|
36,948
|
|
|
37,701
|
|
||
Accounting, regulatory and professional fees
|
|
628,483
|
|
|
658,987
|
|
||
Debit card expenses
|
|
2,623
|
|
|
6,568
|
|
||
Other expenses
|
|
451,404
|
|
|
351,774
|
|
||
Total noninterest expense
|
|
3,701,068
|
|
|
3,607,738
|
|
||
Earnings before taxes on income
|
|
247,562
|
|
|
101,888
|
|
||
Tax expense (benefit)
|
|
21,155
|
|
|
217,993
|
|
||
Net income (loss)
|
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
Basic earnings (loss) per common share
|
|
$
|
0.09
|
|
|
$
|
(0.05
|
)
|
Diluted earnings (loss) per common share
|
|
$
|
0.09
|
|
|
$
|
(0.05
|
)
|
|
|
2018
|
|
2017
|
||||
Net income (loss)
|
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
||||
Net change in unrealized gain (loss) on securities
|
|
(635,783
|
)
|
|
177,834
|
|
||
Reclassification adjustment for net losses realized in net income
|
|
14,465
|
|
|
—
|
|
||
Income tax benefit (expense)
|
|
153,467
|
|
|
(67,735
|
)
|
||
Other comprehensive income (loss)
|
|
(467,851
|
)
|
|
110,099
|
|
||
Comprehensive loss
|
|
$
|
(241,444
|
)
|
|
$
|
(6,006
|
)
|
|
Common stock
|
|
Additional paid-in capital
|
|
Retained earnings
|
|
Unearned ESOP Shares
|
|
Accumulated other comprehensive income (loss)
|
|
|
Total
|
||||||||||||
Balance at December 31, 2016
|
$
|
25,615
|
|
|
$
|
14,201,795
|
|
|
$
|
16,354,380
|
|
|
$
|
(1,314,344
|
)
|
|
$
|
(420,466
|
)
|
|
|
$
|
28,846,980
|
|
Net loss
|
—
|
|
|
—
|
|
|
(116,105
|
)
|
|
—
|
|
|
—
|
|
|
|
(116,105
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,099
|
|
|
|
110,099
|
|
||||||
Release of ESOP shares
|
—
|
|
|
13,222
|
|
|
—
|
|
|
54,768
|
|
|
—
|
|
|
|
67,990
|
|
||||||
Dividends paid on comm stock,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$0.20 per common share
|
—
|
|
|
—
|
|
|
(479,450
|
)
|
|
—
|
|
|
—
|
|
|
|
(479,450
|
)
|
||||||
Balance at December 31, 2017
|
25,615
|
|
|
14,215,017
|
|
|
15,758,825
|
|
|
(1,259,576
|
)
|
|
(310,367
|
)
|
|
|
28,429,514
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
226,407
|
|
|
—
|
|
|
—
|
|
|
|
226,407
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(467,851
|
)
|
|
|
(467,851
|
)
|
||||||
Reclass of stranded tax effects of tax rate change
|
—
|
|
|
—
|
|
|
61,135
|
|
|
—
|
|
|
(61,135
|
)
|
|
|
—
|
|
||||||
Release of ESOP shares
|
—
|
|
|
8,721
|
|
|
—
|
|
|
54,768
|
|
|
—
|
|
|
|
63,489
|
|
||||||
Dividends paid on common stock,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$0.20 per common share
|
—
|
|
|
—
|
|
|
(480,684
|
)
|
|
—
|
|
|
—
|
|
|
|
(480,684
|
)
|
||||||
Balance at December 31, 2018
|
$
|
25,615
|
|
|
$
|
14,223,738
|
|
|
$
|
15,565,683
|
|
|
$
|
(1,204,808
|
)
|
|
$
|
(839,353
|
)
|
|
|
$
|
27,770,875
|
|
|
Twelve Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
706,809
|
|
|
831,958
|
|
||
Provision for losses on loans
|
78,000
|
|
|
76,000
|
|
||
ESOP expenses
|
63,489
|
|
|
67,990
|
|
||
Deferred taxes on income
|
15,716
|
|
|
236,134
|
|
||
Gain on sales of securities
|
14,465
|
|
|
—
|
|
||
Gain on sales of one-to-four family residential loans
|
(4,562
|
)
|
|
(11,560
|
)
|
||
Proceeds from sales of one-to-four family residential loans
|
568,062
|
|
|
861,860
|
|
||
Originations of one-to-four family residential loans
|
(563,500
|
)
|
|
(850,300
|
)
|
||
(Gain) loss on sale of other real estate owned
|
14,590
|
|
|
(9,995
|
)
|
||
Gain on sale of land
|
(435,818
|
)
|
|
0
|
|
||
Write-downs of other real estate owned
|
48,243
|
|
|
0
|
|
||
Increase in cash value of bank-owned life insurance
|
(92,920
|
)
|
|
(116,611
|
)
|
||
Change in:
|
|
|
|
||||
Accrued interest receivable
|
14,946
|
|
|
(16,905
|
)
|
||
Prepaid expenses and other assets
|
52,399
|
|
|
137,372
|
|
||
Advance payments by borrowers for taxes and insurance
|
28,720
|
|
|
35,641
|
|
||
Accrued interest payable
|
4,238
|
|
|
10,786
|
|
||
Accrued expenses and other liabilities
|
(68,621
|
)
|
|
(205,678
|
)
|
||
Income tax receivable
|
5,581
|
|
|
20,519
|
|
||
Net cash provided by operating activities
|
676,244
|
|
|
951,106
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from maturity of time deposits in other financial institutions
|
3,925,191
|
|
|
6,134,190
|
|
||
Purchase of time deposits in other financial institutions
|
(3,920,000
|
)
|
|
(5,643,000
|
)
|
||
Proceeds from calls and maturities of securities available-for-sale
|
6,158,406
|
|
|
7,608,178
|
|
||
Proceeds from sale of securities available-for-sale
|
2,121,241
|
|
|
—
|
|
||
Purchase of securities available-for-sale
|
(9,853,924
|
)
|
|
(6,444,141
|
)
|
||
Purchase of loans
|
—
|
|
|
(9,789,292
|
)
|
||
Net change in loans receivable
|
3,963,974
|
|
|
1,865,025
|
|
||
Net change in FHLB stock
|
(406,600
|
)
|
|
(348,600
|
)
|
||
Proceeds from sale of office property and equipment
|
685,818
|
|
|
—
|
|
||
Purchase of office property and equipment
|
(55,186
|
)
|
|
(44,708
|
)
|
||
Net cash provided by (used in) investing activities
|
2,747,040
|
|
|
(6,662,348
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net change in deposits
|
(4,162,369
|
)
|
|
650,514
|
|
||
Net change in FHLB advances
|
10,000,000
|
|
|
8,500,000
|
|
||
Dividends paid
|
(480,684
|
)
|
|
(479,450
|
)
|
||
Net cash provided by financing activities
|
5,356,947
|
|
|
8,671,064
|
|
||
Net increase in cash and cash equivalents
|
8,780,231
|
|
|
2,959,822
|
|
||
Cash and cash equivalents at beginning of year
|
5,982,400
|
|
|
3,022,578
|
|
||
Cash and cash equivalents at end of year
|
$
|
14,762,631
|
|
|
$
|
5,982,400
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid (received) during the year for:
|
|
|
|
||||
Interest
|
$
|
1,039,919
|
|
|
$
|
643,138
|
|
Taxes on income
|
—
|
|
|
(38,660
|
)
|
||
Noncash investing activities:
|
|
|
|
||||
Transfers to other real estate owned from loans
|
588,367
|
|
|
86,353
|
|
||
Transfer to finance the sale of other real estate owned
|
24,993
|
|
|
73,095
|
|
(1)
|
Basis of Presentation
|
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Land
|
$
|
804,000
|
|
|
$
|
804,000
|
|
Office building and improvements
|
3,657,779
|
|
|
3,657,779
|
|
||
Furniture, fixtures, and equipment
|
513,347
|
|
|
531,727
|
|
||
|
4,975,126
|
|
|
4,993,506
|
|
||
Less accumulated deprecation
|
1,389,386
|
|
|
1,202,077
|
|
||
|
$
|
3,585,740
|
|
|
$
|
3,791,429
|
|
|
As of and for the period ending
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
||||
Current assets
|
$
|
153,125
|
|
|
$
|
136,150
|
|
Long-term assets
|
1,631,944
|
|
|
1,669,687
|
|
||
Current liabilities
|
184,389
|
|
|
86,294
|
|
||
Total equity
|
1,600,680
|
|
|
1,719,544
|
|
||
Total revenue
|
996,735
|
|
|
924,323
|
|
||
Net income
|
159,957
|
|
|
140,603
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Net income
|
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
|
|
|
|
|
||||
Weighted average common shares outstanding and diluted common shares outstanding
|
|
2,410,295
|
|
|
2,404,096
|
|
||
|
|
|
|
|
||||
Basic earnings (loss) per common share
|
|
$
|
0.09
|
|
|
$
|
(0.05
|
)
|
Diluted earnings (loss) per common share
|
|
$
|
0.09
|
|
|
$
|
(0.05
|
)
|
|
(2)
|
Securities Available-for-Sale
|
Description
|
|
Amortized cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair value
|
||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
|
$
|
3,740,431
|
|
|
$
|
8,531
|
|
|
$
|
34,913
|
|
|
$
|
3,714,049
|
|
Mortgage-backed securities*
|
|
26,511,033
|
|
|
3,911
|
|
|
866,060
|
|
|
25,648,884
|
|
||||
Municipal bonds
|
|
14,484,479
|
|
|
29,095
|
|
|
254,466
|
|
|
14,259,108
|
|
||||
|
|
$
|
44,735,943
|
|
|
$
|
41,537
|
|
|
$
|
1,155,439
|
|
|
$
|
43,622,041
|
|
December 31, 2017:
|
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
|
$
|
1,239,357
|
|
|
$
|
—
|
|
|
$
|
5,562
|
|
|
$
|
1,233,795
|
|
Mortgage-backed securities*
|
|
27,331,766
|
|
|
—
|
|
|
547,177
|
|
|
26,784,589
|
|
||||
Municipal bonds
|
|
15,050,942
|
|
|
107,569
|
|
|
47,414
|
|
|
15,111,097
|
|
||||
|
|
$
|
43,622,065
|
|
|
$
|
107,569
|
|
|
$
|
600,153
|
|
|
$
|
43,129,481
|
|
* All mortgage-backed securities are issued by Fannie Mae, Freddie Mac or Ginnie Mae and are backed by residential mortgage loans.
|
|
December 31, 2018
|
||||||
|
Amortized
cost
|
|
Fair value
|
||||
Due in one year or less
|
$
|
2,929,391
|
|
|
$
|
2,936,751
|
|
Due after one year through five years
|
2,243,676
|
|
|
2,480,422
|
|
||
Due after five years, but less than ten years
|
7,706,615
|
|
|
7,356,480
|
|
||
Due after ten years
|
5,345,228
|
|
|
5,199,504
|
|
||
|
18,224,910
|
|
|
17,973,157
|
|
||
Mortgage-backed securities
|
26,511,033
|
|
|
25,648,884
|
|
||
|
$
|
44,735,943
|
|
|
$
|
43,622,041
|
|
|
|
2018
|
|
2017
|
||||
Proceeds from sales
|
|
$
|
2,121,241
|
|
|
$
|
—
|
|
Gross gains on sales
|
|
7,280
|
|
|
—
|
|
||
Gross losses on sales
|
|
21,745
|
|
|
—
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Up to 12 months
|
|
Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair value
|
|
Gross unrealized loss
|
|
Fair value
|
|
Gross unrealized loss
|
|
Fair value
|
|
Gross unrealized loss
|
||||||||||||
U.S. agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,205,518
|
|
|
$
|
34,913
|
|
|
$
|
1,205,518
|
|
|
$
|
34,913
|
|
Mortgage-backed securities
|
3,393,192
|
|
|
36,192
|
|
|
20,903,713
|
|
|
829,868
|
|
|
24,296,905
|
|
|
866,060
|
|
||||||
Municipal bonds
|
4,400,121
|
|
|
102,524
|
|
|
6,694,327
|
|
|
151,942
|
|
|
11,094,448
|
|
|
254,466
|
|
||||||
Total
|
$
|
7,793,313
|
|
|
$
|
138,716
|
|
|
$
|
28,803,558
|
|
|
$
|
1,016,723
|
|
|
$
|
36,596,871
|
|
|
$
|
1,155,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2017
|
||||||||||||||||||||||
|
Up to 12 months
|
|
Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair value
|
|
Gross unrealized loss
|
|
Fair value
|
|
Gross unrealized loss
|
|
Fair value
|
|
Gross unrealized loss
|
||||||||||||
U.S. agency securities
|
$
|
989,537
|
|
|
$
|
29
|
|
|
$
|
244,248
|
|
|
$
|
5,533
|
|
|
$
|
1,233,785
|
|
|
$
|
5,562
|
|
Mortgage-backed securities
|
5,944,732
|
|
|
80,034
|
|
|
20,843,664
|
|
|
467,143
|
|
|
26,788,396
|
|
|
547,177
|
|
||||||
Municipal bonds
|
4,913,243
|
|
|
18,791
|
|
|
2,224,660
|
|
|
28,623
|
|
|
7,137,903
|
|
|
47,414
|
|
||||||
Total
|
$
|
11,847,512
|
|
|
$
|
98,854
|
|
|
$
|
23,312,572
|
|
|
$
|
501,299
|
|
|
$
|
35,160,084
|
|
|
$
|
600,153
|
|
(3)
|
Loans Receivable
|
|
2018
|
|
2017
|
||||
Loans:
|
|
|
|
||||
One-to-four family residential
|
$
|
52,335,005
|
|
|
$
|
56,091,358
|
|
Non-owner occupied one-to-four family residential
|
3,013,417
|
|
|
3,116,832
|
|
||
Commercial real estate
|
2,162,851
|
|
|
3,615,351
|
|
||
Consumer
|
6,801,419
|
|
|
6,145,488
|
|
||
Total loans receivable
|
64,312,692
|
|
|
68,969,029
|
|
||
Premiums/Discounts on loans purchased
|
30,318
|
|
|
10,650
|
|
||
Deferred loan fees
|
(28,042
|
)
|
|
(29,964
|
)
|
||
Allowance for loan losses
|
(508,920
|
)
|
|
(538,319
|
)
|
||
|
$
|
63,806,048
|
|
|
$
|
68,411,396
|
|
|
2018
|
|
2017
|
||||
Balance at beginning of year
|
$
|
173,362
|
|
|
$
|
772,472
|
|
Change in classification
|
—
|
|
|
(280,413
|
)
|
||
Additions
|
11,060
|
|
|
—
|
|
||
Repayments/refinances
|
(8,114
|
)
|
|
(318,697
|
)
|
||
Ending balance
|
$
|
176,308
|
|
|
$
|
173,362
|
|
(4)
|
Allowance for Loan Losses
|
|
December 31, 2018
|
||||||||||||||||||
|
One-to-four family residential
|
|
Non-owner occupied on-to-four family residential
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Collectively evaluated for impairment
|
407,086
|
|
|
13,252
|
|
|
19,110
|
|
|
69,472
|
|
|
508,920
|
|
|||||
Total
|
$
|
407,086
|
|
|
$
|
13,252
|
|
|
$
|
19,110
|
|
|
$
|
69,472
|
|
|
$
|
508,920
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Collectively evaluated for impairment
|
52,335,005
|
|
|
3,013,417
|
|
|
2,162,851
|
|
|
6,801,419
|
|
|
64,312,692
|
|
|||||
Total
|
$
|
52,335,005
|
|
|
$
|
3,013,417
|
|
|
$
|
2,162,851
|
|
|
$
|
6,801,419
|
|
|
$
|
64,312,692
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2017
|
||||||||||||||||||
|
One-to-four family residential
|
|
Non-owner occupied on-to-four family residential
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Collectively evaluated for impairment
|
393,341
|
|
|
25,893
|
|
|
33,204
|
|
|
85,881
|
|
|
538,319
|
|
|||||
Total
|
$
|
393,341
|
|
|
$
|
25,893
|
|
|
$
|
33,204
|
|
|
$
|
85,881
|
|
|
$
|
538,319
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
274,804
|
|
|
$
|
—
|
|
|
$
|
274,804
|
|
Collectively evaluated for impairment
|
56,091,358
|
|
|
3,116,832
|
|
|
3,340,547
|
|
|
6,145,488
|
|
|
68,694,225
|
|
|||||
Total
|
$
|
56,091,358
|
|
|
$
|
3,116,832
|
|
|
$
|
3,615,351
|
|
|
$
|
6,145,488
|
|
|
$
|
68,969,029
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
393,341
|
|
|
$
|
67,870
|
|
|
$
|
—
|
|
|
$
|
81,615
|
|
|
$
|
407,086
|
|
Non-owner occupied one-to-four family residential
|
25,893
|
|
|
—
|
|
|
—
|
|
|
(12,641
|
)
|
*
|
13,252
|
|
|||||
Commercial real estate
|
33,204
|
|
|
—
|
|
|
—
|
|
|
(14,094
|
)
|
*
|
19,110
|
|
|||||
Consumer
|
85,881
|
|
|
60,845
|
|
|
21,316
|
|
|
23,120
|
|
|
69,472
|
|
|||||
Total
|
$
|
538,319
|
|
|
$
|
128,715
|
|
|
$
|
21,316
|
|
|
$
|
78,000
|
|
|
$
|
508,920
|
|
|
|
||||||||||||||||||
|
December 31, 2017
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
319,849
|
|
|
$
|
10,944
|
|
|
$
|
133
|
|
|
$
|
84,303
|
|
|
$
|
393,341
|
|
Non-owner occupied one-to-four family residential
|
28,231
|
|
|
—
|
|
|
—
|
|
|
(2,338
|
)
|
*
|
25,893
|
|
|||||
Commercial real estate
|
37,135
|
|
|
—
|
|
|
—
|
|
|
(3,931
|
)
|
*
|
33,204
|
|
|||||
Consumer
|
101,899
|
|
|
14,055
|
|
|
71
|
|
|
(2,034
|
)
|
*
|
85,881
|
|
|||||
Total
|
$
|
487,114
|
|
|
$
|
24,999
|
|
|
$
|
204
|
|
|
$
|
76,000
|
|
|
$
|
538,319
|
|
* The negative provisions for the various segments are either related to the decline in outstanding balances in each of those portfolio segments during the time periods disclosed and/or improvement in the credit quality factors related to those portfolio segments.
|
(a)
|
Loan Portfolio Segment Risk Characteristics
|
(b)
|
Charge‑off Policy
|
(c)
|
Troubled Debt Restructurings (TDR)
|
(d)
|
Loans Measured Individually for Impairment
|
(e)
|
Loans Measured Collectively for Impairment
|
|
Pass
|
|
Special
mention/watch
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
50,712,926
|
|
|
$
|
1,041,019
|
|
|
$
|
581,060
|
|
|
$
|
—
|
|
|
$
|
52,335,005
|
|
Non-owner occupied one-to-four family residential
|
2,876,981
|
|
|
136,436
|
|
|
—
|
|
|
—
|
|
|
3,013,417
|
|
|||||
Commercial real estate
|
2,162,851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,162,851
|
|
|||||
Consumer
|
6,301,242
|
|
|
436,522
|
|
|
63,655
|
|
|
—
|
|
|
6,801,419
|
|
|||||
Total
|
$
|
62,054,000
|
|
|
$
|
1,613,977
|
|
|
$
|
644,715
|
|
|
$
|
—
|
|
|
$
|
64,312,692
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Pass
|
|
Special
mention/watch
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
54,042,992
|
|
|
$
|
1,412,334
|
|
|
$
|
636,032
|
|
|
$
|
—
|
|
|
$
|
56,091,358
|
|
Non-owner occupied one-to-four family residential
|
2,782,817
|
|
|
17,861
|
|
|
316,154
|
|
|
—
|
|
|
3,116,832
|
|
|||||
Commercial real estate
|
3,304,369
|
|
|
36,178
|
|
|
274,804
|
|
|
—
|
|
|
3,615,351
|
|
|||||
Consumer
|
5,830,415
|
|
|
252,722
|
|
|
62,351
|
|
|
—
|
|
|
6,145,488
|
|
|||||
Total
|
$
|
65,960,593
|
|
|
$
|
1,719,095
|
|
|
$
|
1,289,341
|
|
|
$
|
—
|
|
|
$
|
68,969,029
|
|
(f)
|
Nonaccrual and Delinquent Loans
|
|
30-59 days
past due |
|
60-89 days
past due |
|
90 days
or more past due |
|
Total
past due |
|
Current
|
|
Total loans receivable
|
|
Recorded investment > 90 days and accruing
|
||||||||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
$
|
706,658
|
|
|
$
|
283,116
|
|
|
$
|
369,058
|
|
|
$
|
1,358,832
|
|
|
$
|
50,976,173
|
|
|
$
|
52,335,005
|
|
|
$
|
—
|
|
Non-owner occupied one-to-four family residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,013,417
|
|
|
3,013,417
|
|
|
—
|
|
|||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,162,851
|
|
|
2,162,851
|
|
|
—
|
|
|||||||
Consumer
|
229,899
|
|
|
23,400
|
|
|
63,655
|
|
|
316,954
|
|
|
6,484,465
|
|
|
6,801,419
|
|
|
—
|
|
|||||||
Total
|
$
|
936,557
|
|
|
$
|
306,516
|
|
|
$
|
432,713
|
|
|
$
|
1,675,786
|
|
|
$
|
62,636,906
|
|
|
$
|
64,312,692
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
30-59 days
past due
|
|
60-89 days
past due
|
|
90 days
or more
past due
|
|
Total
past due
|
|
Current
|
|
Total loans receivable
|
|
Recorded investment > 90 days and accruing
|
||||||||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
$
|
566,234
|
|
|
$
|
542,356
|
|
|
$
|
491,792
|
|
|
$
|
1,600,382
|
|
|
$
|
54,490,976
|
|
|
$
|
56,091,358
|
|
|
$
|
341,167
|
|
Non-owner occupied one-to-four family residential
|
17,861
|
|
|
177,037
|
|
|
—
|
|
|
194,898
|
|
|
2,921,934
|
|
|
3,116,832
|
|
|
—
|
|
|||||||
Commercial real estate
|
36,178
|
|
|
—
|
|
|
274,804
|
|
|
310,982
|
|
|
3,304,369
|
|
|
3,615,351
|
|
|
—
|
|
|||||||
Consumer
|
171,789
|
|
|
76,558
|
|
|
54,568
|
|
|
302,915
|
|
|
5,842,573
|
|
|
6,145,488
|
|
|
57,267
|
|
|||||||
Total
|
$
|
792,062
|
|
|
$
|
795,951
|
|
|
$
|
821,164
|
|
|
$
|
2,409,177
|
|
|
$
|
66,559,852
|
|
|
$
|
68,969,029
|
|
|
$
|
398,434
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Loans receivable
|
|
|
|
||||
One-to-four family residential
|
$
|
581,060
|
|
|
$
|
150,625
|
|
Non-owner occupied one-to-four family residential
|
—
|
|
|
—
|
|
||
Commercial real estate
|
—
|
|
|
274,804
|
|
||
Consumer
|
63,655
|
|
|
—
|
|
||
Total
|
$
|
644,715
|
|
|
$
|
425,429
|
|
(5)
|
Deposits
|
|
2018
|
|
2017
|
||||
Statement savings
|
$
|
13,461,826
|
|
|
$
|
14,536,815
|
|
Money market plus
|
11,153,339
|
|
|
11,749,674
|
|
||
NOW
|
18,214,876
|
|
|
18,749,026
|
|
||
Certificates of deposit
|
40,747,784
|
|
|
42,704,679
|
|
||
|
$
|
83,577,825
|
|
|
$
|
87,740,194
|
|
|
2018
|
||
|
|
||
2019
|
$
|
23,558,991
|
|
2020
|
6,715,085
|
|
|
2021
|
4,715,960
|
|
|
2022
|
3,670,299
|
|
|
2023
|
2,087,449
|
|
|
|
$
|
40,747,784
|
|
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Statement savings
|
$
|
34,642
|
|
|
$
|
32,743
|
|
Money market plus and NOW
|
102,424
|
|
|
44,410
|
|
||
Certificates of deposit
|
575,601
|
|
|
517,604
|
|
||
|
$
|
712,667
|
|
|
$
|
594,757
|
|
(6)
|
Advances from Federal Home Loan Bank
|
FHLB of Des Moines maturity in fiscal year ending December 31
|
|
Weighted average fixed interest rate
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
|
|
||||
2018
|
|
2.03%
|
|
$
|
—
|
|
|
$
|
6,000,000
|
|
2019
|
|
2.56%
|
|
19,000,000
|
|
|
3,000,000
|
|
||
2020
|
|
2.36%
|
|
3,000,000
|
|
|
3,000,000
|
|
||
2021
|
|
2.52%
|
|
2,000,000
|
|
|
2,000,000
|
|
||
|
|
|
|
$
|
24,000,000
|
|
|
$
|
14,000,000
|
|
(7)
|
Taxes on Income
|
|
2018
|
||||||||||
|
Federal
|
|
State
|
|
Total
|
||||||
Current
|
$
|
1,744
|
|
|
$
|
3,695
|
|
|
$
|
5,439
|
|
Deferred
|
11,731
|
|
|
3,985
|
|
|
15,716
|
|
|||
|
$
|
13,475
|
|
|
$
|
7,680
|
|
|
$
|
21,155
|
|
|
2017
|
||||||||||
|
Federal
|
|
State
|
|
Total
|
||||||
Current
|
$
|
(24,341
|
)
|
|
$
|
6,200
|
|
|
$
|
(18,141
|
)
|
Deferred
|
230,134
|
|
|
6,000
|
|
|
236,134
|
|
|||
|
$
|
205,793
|
|
|
$
|
12,200
|
|
|
$
|
217,993
|
|
|
2018
|
|
2017
|
||||
Federal tax at statutory rate
|
$
|
51,988
|
|
|
$
|
34,642
|
|
Items affecting federal income tax rate:
|
|
|
|
||||
State taxes on income, net of federal benefit
|
6,067
|
|
|
8,052
|
|
||
Tax-exempt income
|
(55,304
|
)
|
|
(84,963
|
)
|
||
Valuation allowance
|
(8,000
|
)
|
|
(10,000
|
)
|
||
Effect of change in federal tax rate
(1)
|
—
|
|
|
302,000
|
|
||
Other
|
26,404
|
|
|
(31,738
|
)
|
||
|
$
|
21,155
|
|
|
$
|
217,993
|
|
(1) Represents the adjustment from the Tax Cut and Jobs Act adopted December 22, 2017
|
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Deferred directors’ fees
|
$
|
185,000
|
|
|
$
|
195,000
|
|
Allowance for loan losses
|
127,000
|
|
|
134,000
|
|
||
Net operating loss carryforward
|
191,000
|
|
|
165,000
|
|
||
AMT credit carryforward
|
17,360
|
|
|
34,720
|
|
||
Charitable contribution carryforward
|
59,000
|
|
|
59,000
|
|
||
Professional fees
|
44,000
|
|
|
49,000
|
|
||
Securities available for sale
|
274,549
|
|
|
121,082
|
|
||
Other
|
19,922
|
|
|
23,278
|
|
||
Gross deferred tax assets
|
917,831
|
|
|
781,080
|
|
||
Valuation allowance
|
(88,000
|
)
|
|
(96,000
|
)
|
||
Net deferred tax assets
|
829,831
|
|
|
685,080
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Prepaid expenses
|
(14,000
|
)
|
|
(14,000
|
)
|
||
FHLB stock dividends
|
(25,000
|
)
|
|
(25,000
|
)
|
||
Fixed assets
|
(8,000
|
)
|
|
—
|
|
||
Intangible assets
|
(14,000
|
)
|
|
(15,000
|
)
|
||
Gross deferred tax liabilities
|
(61,000
|
)
|
|
(54,000
|
)
|
||
Net deferred tax assets
|
$
|
768,831
|
|
|
$
|
631,080
|
|
(8)
|
Benefit Plans
|
(a)
|
Retirement Plans
|
Plan Name
|
|
Pentegra Defined Benefit Plan for Financial Institutions
|
Plan numbers
|
|
13-5645888 #333
|
Funded status:
|
|
|
Plan year ending 6/30/18
|
|
At least 80% funded
|
Plan year ending 6/30/17
|
|
At least 80% funded
|
Employer contributions:
|
|
|
Plan year ending 6/30/18
|
|
$90,154
|
Plan year ending 6/30/17
|
|
$62,434
|
Surcharge imposed
|
|
No
|
Rehabilitation plan in place
|
|
No
|
Minimum contribution required
|
|
Yes
|
(b)
|
Deferred Compensation
|
(c)
|
Employee Stock Ownership Plan
|
(9)
|
Stockholders’ Equity
|
(a)
|
Regulatory Capital Requirements
|
|
December 31, 2018
|
||||||||||||||||||
|
|
|
|
|
For capital adequacy
|
|
To be well-capitalized under
|
||||||||||||
|
|
|
|
|
with capital conservation
|
|
prompt corrective action
|
||||||||||||
|
Actual
|
|
buffer purposes
|
|
provisions
|
||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||
Tangible capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
$
|
28,534
|
|
|
22.50
|
%
|
|
$
|
5,081
|
|
|
4.00
|
%
|
|
n/a
|
|
|
n/a
|
|
WCF Financial Bank
|
19,567
|
|
|
16.30
|
|
|
4,792
|
|
|
4.00
|
|
|
5,990
|
|
|
5.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common equity tier 1:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,534
|
|
|
49.00
|
|
|
3,712
|
|
|
6.375
|
|
|
3,785
|
|
|
6.50
|
|
||
WCF Financial Bank
|
19,567
|
|
|
34.40
|
|
|
3,631
|
|
|
6.375
|
|
|
3,702
|
|
|
6.50
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
29,043
|
|
|
49.90
|
|
|
5,750
|
|
|
9.875
|
|
|
5,823
|
|
|
10.00
|
|
||
WCF Financial Bank
|
20,076
|
|
|
35.20
|
|
|
5,625
|
|
|
9.875
|
|
|
5,696
|
|
|
10.00
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,534
|
|
|
49.00
|
|
|
4,585
|
|
|
7.875
|
|
|
4,658
|
|
|
8.00
|
|
||
WCF Financial Bank
|
19,567
|
|
|
34.40
|
|
|
4,486
|
|
|
7.875
|
|
|
4,557
|
|
|
8.00
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
To be well-capitalized under
|
||||||||||
|
|
|
|
|
For capital adequacy
|
|
prompt corrective action
|
||||||||||||
|
Actual
|
|
purposes
|
|
provisions
|
||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||
Tangible capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
$
|
28,657
|
|
|
23.40
|
%
|
|
$
|
4,897
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
WCF Financial Bank
|
19,117
|
|
|
16.50
|
|
|
4,637
|
|
|
4.00
|
|
|
5,796
|
|
|
5.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common equity tier 1:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,657
|
|
|
50.20
|
|
|
3,283
|
|
|
5.75
|
|
|
3,712
|
|
|
6.50
|
|
||
WCF Financial Bank
|
19,117
|
|
|
34.50
|
|
|
3,191
|
|
|
5.75
|
|
|
3,607
|
|
|
6.50
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
29,195
|
|
|
51.10
|
|
|
5,282
|
|
|
9.25
|
|
|
5,710
|
|
|
10.00
|
|
||
WCF Financial Bank
|
19,655
|
|
|
35.40
|
|
|
5,133
|
|
|
9.25
|
|
|
5,549
|
|
|
10.00
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,657
|
|
|
50.20
|
|
|
4,140
|
|
|
7.25
|
|
|
4,568
|
|
|
8.00
|
|
||
WCF Financial Bank
|
19,117
|
|
|
34.50
|
|
|
4,023
|
|
|
7.25
|
|
|
4,439
|
|
|
8.00
|
|
(b)
|
Dividends and Restrictions Thereon
|
(10)
|
Fair Value
|
•
|
Level 1 Inputs
– Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
•
|
Level 2 Inputs
– Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
•
|
Level 3 Inputs
– Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
•
|
Cash and due from banks, federal funds sold, and time deposits in other financial institutions
. The carrying amount is a reasonable estimate of fair value.
|
•
|
Securities available-for-sale
. Investment securities classified as available‑for‑sale are reported at fair value on a recurring basis. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things.
|
•
|
Loans receivable
. The Company does not record loans at fair value on a recurring basis. For variable‑rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are determined using estimated future cash flows, discounted at the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. The Company does record nonrecurring fair value adjustments to loans to reflect (1) partial write‑downs to collateral value or (2) the establishment of specific loan reserves that are based on the observable market price of the loan or the appraised of the collateral. These loans are classified as Level 3.
|
•
|
Bankers’ Bank and Federal Home Loan Bank (FHLB) stock
. The value of Bankers’ Bank and FHLB stock is equivalent to its carrying value because the stock is redeemable at par value.
|
•
|
Accrued interest receivable and accrued interest payable
. The recorded amount of accrued interest receivable and accrued interest payable approximates fair value as a result of the short‑term nature of the instruments.
|
•
|
Deposits
. The fair value of deposits with no stated maturity, such as passbook, money market, noninterest‑bearing checking, and NOW accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. The fair value estimates do not include the benefit that results from the low‑cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market.
|
•
|
FHLB advances
. The fair value of the FHLB advances is based on the discounted value of the cash flows. The discount rate is estimated using the rates currently offered for fixed‑rate advances of similar remaining maturities.
|
|
December 31, 2018
|
||||||||||||||
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
|
Total fair value
|
||||||||
U.S. agency securities
|
$
|
—
|
|
|
$
|
3,714,049
|
|
|
$
|
—
|
|
|
$
|
3,714,049
|
|
Mortgage-backed securities
|
—
|
|
|
25,648,884
|
|
|
—
|
|
|
25,648,884
|
|
||||
Municipal bonds
|
—
|
|
|
14,259,108
|
|
|
—
|
|
|
14,259,108
|
|
||||
Total
|
$
|
—
|
|
|
$
|
43,622,041
|
|
|
$
|
—
|
|
|
$
|
43,622,041
|
|
|
December 31, 2017
|
||||||||||||||
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
|
Total fair value
|
||||||||
U.S. agency securities
|
$
|
—
|
|
|
$
|
1,233,795
|
|
|
$
|
—
|
|
|
$
|
1,233,795
|
|
Mortgage-backed securities
|
—
|
|
|
26,784,589
|
|
|
—
|
|
|
26,784,589
|
|
||||
Municipal bonds
|
—
|
|
|
15,111,097
|
|
|
—
|
|
|
15,111,097
|
|
||||
Total
|
$
|
—
|
|
|
$
|
43,129,481
|
|
|
$
|
—
|
|
|
$
|
43,129,481
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Fair value
|
|
Carrying
|
|
Approximate
|
|
Carrying
|
|
Approximate
|
||||||||
|
hierarchy
|
|
amount
|
|
fair value
|
|
amount
|
|
fair value
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
Level 1
|
|
$
|
3,587,631
|
|
|
$
|
3,587,631
|
|
|
$
|
3,310,400
|
|
|
$
|
3,310,400
|
|
Federal funds sold
|
Level 1
|
|
11,175,000
|
|
|
11,175,000
|
|
|
2,672,000
|
|
|
2,672,000
|
|
||||
Time deposits in other financial institutions
|
Level 1
|
|
4,540,687
|
|
|
4,540,687
|
|
|
4,545,878
|
|
|
4,545,878
|
|
||||
Securities available for sale
|
See previous table
|
|
43,622,041
|
|
|
43,622,041
|
|
|
43,129,481
|
|
|
43,129,481
|
|
||||
Loans receivable, net
|
Level 2(1)
|
|
63,806,048
|
|
|
63,467,000
|
|
|
68,411,395
|
|
|
69,008,986
|
|
||||
FHLB stock
|
Level 1
|
|
1,110,000
|
|
|
1,110,000
|
|
|
703,400
|
|
|
703,400
|
|
||||
Bankers’ Bank stock
|
Level 1
|
|
147,500
|
|
|
147,500
|
|
|
147,500
|
|
|
147,500
|
|
||||
Accrued interest receivable
|
Level 1
|
|
424,909
|
|
|
424,909
|
|
|
439,855
|
|
|
439,855
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
Level 2
|
|
83,577,825
|
|
|
84,311,000
|
|
|
87,741,341
|
|
|
87,828,194
|
|
||||
FHLB advances
|
Level 2
|
|
24,000,000
|
|
|
23,897,000
|
|
|
14,000,000
|
|
|
14,052,000
|
|
||||
Accrued interest payable
|
Level 1
|
|
18,221
|
|
|
18,221
|
|
|
13,983
|
|
|
13,983
|
|
(1) Impaired loans would have a fair value hierarchy of a Level 3. See previous disclosures.
|
(12)
|
Parent Company Only Financial Statements
|
Balance Sheets
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,012,058
|
|
|
$
|
2,218,386
|
|
Time deposits in other financial institutions
|
739,000
|
|
|
1,233,000
|
|
||
Securities available-for-sale
|
3,304,504
|
|
|
4,118,128
|
|
||
Loans receivable, net
|
—
|
|
|
57,986
|
|
||
Investment in WCF Financial Bank
|
18,875,109
|
|
|
18,910,498
|
|
||
Deferred taxes on income
|
144,660
|
|
|
117,664
|
|
||
Income tax receivable
|
—
|
|
|
10,260
|
|
||
Accrued interest receivable
|
10,518
|
|
|
12,700
|
|
||
Prepaid expenses and other assets
|
1,711,629
|
|
|
1,767,443
|
|
||
Total assets
|
$
|
27,797,478
|
|
|
$
|
28,446,065
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Other liabilities
|
$
|
26,603
|
|
|
$
|
16,551
|
|
|
|
|
|
||||
Common stock
|
25,615
|
|
|
25,615
|
|
||
Additional paid-in capital
|
14,223,738
|
|
|
14,215,017
|
|
||
Retained earnings
|
15,565,683
|
|
|
15,758,826
|
|
||
Accumulated other comprehensive income
|
(839,353
|
)
|
|
(310,368
|
)
|
||
Unearned ESOP shares
|
(1,204,808
|
)
|
|
(1,259,576
|
)
|
||
Total stockholders' equity
|
27,770,875
|
|
|
28,429,514
|
|
||
Total liabilities and stockholders' equity
|
$
|
27,797,478
|
|
|
$
|
28,446,065
|
|
Statements of Operations
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Interest income:
|
|
|
|
||||
Loans receivable
|
$
|
14
|
|
|
$
|
3,330
|
|
Investment securities
|
75,785
|
|
|
84,213
|
|
||
Other interest earning asset
|
102,732
|
|
|
66,697
|
|
||
Total interest income
|
178,531
|
|
|
154,240
|
|
||
Noninterest income
|
47,367
|
|
|
41,693
|
|
||
|
|
|
|
||||
Noninterest expense
|
309,599
|
|
|
313,558
|
|
||
|
|
|
|
||||
Loss before income taxes and equity in undistributed earnings of Bank
|
(83,701
|
)
|
|
(117,625
|
)
|
||
Tax expense (benefit)
|
(7,423
|
)
|
|
20,992
|
|
||
Loss before equity in undistributed earnings of Bank
|
(76,278
|
)
|
|
(138,617
|
)
|
||
Equity in undistributed earnings (loss) of Bank
|
302,685
|
|
|
22,512
|
|
||
Net (loss) income
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
Statements of Cash Flows
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
226,407
|
|
|
$
|
(116,105
|
)
|
Adjustments to reconcile net (loss) to net cash used for operating activities:
|
|
|
|
||||
Equity in net income (loss) of Bank
|
(302,685
|
)
|
|
(22,512
|
)
|
||
Amortization of premiums and discounts
|
43,339
|
|
|
47,169
|
|
||
ESOP Expenses
|
63,489
|
|
|
67,990
|
|
||
Net change in accrued interest receivable
|
2,182
|
|
|
(4,608
|
)
|
||
Deferred taxes
|
(17,577
|
)
|
|
(67,865
|
)
|
||
Net change in other assets
|
(39,505
|
)
|
|
50,502
|
|
||
Tax receivable
|
10,260
|
|
|
—
|
|
||
Net change in other liabilities
|
10,054
|
|
|
(34,459
|
)
|
||
Net cash used in operating activities
|
(4,036
|
)
|
|
(79,888
|
)
|
||
Cash flow from investing activities:
|
|
|
|
||||
Proceeds from maturity of time deposits in other institutions
|
494,000
|
|
|
1,233,000
|
|
||
Purchase of time deposits in other financial institutions
|
—
|
|
|
(1,723,000
|
)
|
||
Proceeds from maturities and calls of securities available-for-sale
|
726,406
|
|
|
729,086
|
|
||
Purchase of investment securities available for sale
|
—
|
|
|
(2,127,347
|
)
|
||
Net change in loans receivable
|
57,986
|
|
|
2,197
|
|
||
Net change provided by (used in) investing activities
|
1,278,392
|
|
|
(1,886,064
|
)
|
||
Cash flow from financing activities:
|
|
|
|
||||
Cash dividends paid
|
(480,684
|
)
|
|
(479,450
|
)
|
||
Net cash used in financing activities
|
(480,684
|
)
|
|
(479,450
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
793,672
|
|
|
(2,445,402
|
)
|
||
Cash and cash equivalents at beginning of year
|
2,218,386
|
|
|
4,663,788
|
|
||
Cash and cash equivalents at end of the year
|
$
|
3,012,058
|
|
|
$
|
2,218,386
|
|
|
|
|
|
(13)
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
2018
|
|
2017
|
||||
Unrealized holding losses on securities available-for-sale
|
|
$
|
(1,113,902
|
)
|
|
$
|
(488,791
|
)
|
Tax impact
|
|
274,549
|
|
|
178,424
|
|
||
|
|
$
|
(839,353
|
)
|
|
$
|
(310,367
|
)
|
Item 12
|
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
|
Reports of Independent Registered Public Accounting Firm
|
|
Consolidated Balance Sheets as of December 31, 2018 and 2017
|
|
Consolidated Statements of Operations for the Years ended December 31, 2018 and 2017
|
|
Consolidated Statements of Comprehensive Income for the Years ended December 31, 2018 and 2017
|
|
Consolidated Statements of Changes in Stockholders' Equity for the Years ended December 31, 2018 and 2017
|
|
Consolidated Statements of Cash Flows for the Years ended December 31, 2018 and 2017
|
|
Notes to Consolidated Financial Statements
|
3.1
|
|
|
3.2
|
|
|
4
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
21
|
|
|
23
|
|
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101
|
|
The following materials from the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2018, 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 Statement of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
|
(1) Incorporated by reference to Exhibit 3.1 to the Company's Form S-1 Registration Statement filed on March 10, 2016
|
|
(2) Incorporated by reference to the Form 8-K filed on August 28, 2018
|
|
(3) Incorporated by reference to the Form 8-K filed on December 21, 2018
|
|
(4) Incorporated by reference to the Proxy Statement filed on August 14, 2017
|
|
|
WCF BANCORP, INC.
|
|
|
|
|
|
|
|
|
|
Date: March 29, 2019
|
|
/s/ Michael R. Segner
|
|
|
|
Michael R. Segner
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
Signatures
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Michael R. Segner
|
|
President/Chief Executive Officer (Principal Executive Officer)
|
|
March 29, 2019
|
|
|
|
|
|
/s/ Paul L. Moen
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
March 29, 2019
|
|
|
|
|
|
/s/ C. Thomas Chalstrom
|
|
Director
|
|
March 29, 2019
|
|
|
|
|
|
/s/ Thomas J. Hromatka
|
|
Director
|
|
March 29, 2019
|
|
|
|
|
|
/s/ Heidi Tesdahl
|
|
Director
|
|
March 29, 2019
|
|
|
|
|
|
/s/ Kasie L. Doering
|
|
Director
|
|
March 29, 2019
|
/s/ Stephen L. Mourlam
|
|
Director
|
|
March 29, 2019
|
|
|
|
|
|
/s/ Bradley Mickelson
|
|
Director
|
|
March 29, 2019
|
1 Year WFC Bancorp Chart |
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