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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 |
[X]
|
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
[ ]
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Iowa
|
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81-2510023
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification Number)
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|
|
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401 Fair Meadow Drive,
Webster City, Iowa
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50595
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
|
[ ]
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Accelerated filer
|
[ ]
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Non-accelerated filer
|
[ ]
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(Do not check if smaller reporting company)
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Smaller reporting company
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[X]
|
|
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Emerging growth company
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[X]
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|
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Page
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Part I - Financial Information
|
||||
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Item 1
|
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Consolidated Financial Statements
|
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Consolidated Balance Sheets as of June 30, 2018 (unaudited) and December 31, 2017
|
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Consolidated Statements of Income for the Three and Six Months Ended June 30, 2018 and 2017 (unaudited)
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Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2018 and 2017 (unaudited)
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Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2018 and 2017 (unaudited)
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Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (unaudited)
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Notes to Consolidated Financial Statements (unaudited)
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Item 2
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3
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Quantitative and Qualitative Disclosures about Market Risk
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Item 4
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Controls and Procedures
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Part II - Other Information
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||||
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Item 1
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Legal Proceedings
|
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Item 1A
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Risk Factors
|
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Item 2
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Unregistered Sales of Equity Securities and Use of Proceeds
|
|
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Item 3
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Defaults upon Senior Securities
|
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Item 4
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Mine Safety Disclosures
|
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Item 5
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Other Information
|
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Item 6
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Exhibits
|
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Signature Page
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|
Assets
|
June 30, 2018
|
|
December 31, 2017
|
||||
Cash and due from banks
|
$
|
2,538,248
|
|
|
$
|
3,310,400
|
|
Federal funds sold
|
914,000
|
|
|
2,672,000
|
|
||
Cash and cash equivalents
|
3,452,248
|
|
|
5,982,400
|
|
||
Time deposits in other financial institutions
|
3,316,282
|
|
|
4,545,878
|
|
||
Securities available-for-sale, at fair value
|
44,141,527
|
|
|
43,129,481
|
|
||
Loans receivable
|
65,588,876
|
|
|
68,949,715
|
|
||
Allowance for loan losses
|
(531,346
|
)
|
|
(538,319
|
)
|
||
Loans receivable, net
|
65,057,530
|
|
|
68,411,396
|
|
||
Federal Home Loan Bank (FHLB) stock, at cost
|
710,000
|
|
|
703,400
|
|
||
Bankers' Bank stock, at cost
|
147,500
|
|
|
147,500
|
|
||
Office property and equipment, net
|
3,712,729
|
|
|
3,791,429
|
|
||
Deferred taxes on income
|
808,523
|
|
|
631,080
|
|
||
Income taxes receivable
|
1,596
|
|
|
40,320
|
|
||
Accrued interest receivable
|
418,494
|
|
|
439,855
|
|
||
Goodwill
|
55,148
|
|
|
55,148
|
|
||
Bank-owned life insurance
|
3,185,043
|
|
|
3,138,112
|
|
||
Prepaid expenses and other assets
|
1,007,156
|
|
|
1,205,146
|
|
||
Total assets
|
$
|
126,013,776
|
|
|
$
|
132,221,145
|
|
Liabilities and Stockholders' Equity
|
|
|
|
||||
Deposits
|
$
|
82,184,677
|
|
|
$
|
87,740,194
|
|
FHLB advances
|
14,000,000
|
|
|
14,000,000
|
|
||
Advance payments by borrowers for taxes and insurance
|
559,789
|
|
|
527,774
|
|
||
Accrued interest payable
|
29,436
|
|
|
13,983
|
|
||
Accrued expenses and other liabilities
|
1,431,190
|
|
|
1,509,680
|
|
||
Total liabilities
|
98,205,092
|
|
|
103,791,631
|
|
||
Commitments and contingencies (Note 8)
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Common stock, $0.01 par value. Authorized 30,000,000 shares; 2,561,542 issued and outstanding at June 30, 2018 and December 31, 2017
|
25,615
|
|
|
25,615
|
|
||
Additional paid-in capital
|
14,215,017
|
|
|
14,215,017
|
|
||
Retained earnings, substantially restricted
|
15,873,134
|
|
|
15,758,825
|
|
||
Accumulated other comprehensive loss
|
(1,072,890
|
)
|
|
(310,367
|
)
|
||
Unearned ESOP Shares
|
(1,232,192
|
)
|
|
(1,259,576
|
)
|
||
Total stockholders' equity
|
27,808,684
|
|
|
28,429,514
|
|
||
Total liabilities and stockholders' equity
|
$
|
126,013,776
|
|
|
$
|
132,221,145
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans receivable
|
$
|
742,852
|
|
|
$
|
725,320
|
|
|
$
|
1,482,516
|
|
|
$
|
1,448,145
|
|
Investment securities - taxable
|
219,221
|
|
|
153,198
|
|
|
379,950
|
|
|
305,449
|
|
||||
Investment securities - tax exempt
|
55,338
|
|
|
70,839
|
|
|
118,131
|
|
|
143,345
|
|
||||
Other interest earning assets
|
37,194
|
|
|
22,263
|
|
|
71,236
|
|
|
41,828
|
|
||||
Total interest income
|
1,054,605
|
|
|
971,620
|
|
|
2,051,832
|
|
|
1,938,767
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
163,936
|
|
|
148,731
|
|
|
328,317
|
|
|
298,104
|
|
||||
FHLB advances
|
78,285
|
|
|
15,248
|
|
|
155,710
|
|
|
30,098
|
|
||||
Total interest expense
|
242,221
|
|
|
163,979
|
|
|
484,027
|
|
|
328,202
|
|
||||
Net interest income
|
812,384
|
|
|
807,641
|
|
|
1,567,805
|
|
|
1,610,565
|
|
||||
Provision for losses on loans
|
19,500
|
|
|
18,000
|
|
|
39,000
|
|
|
36,000
|
|
||||
Net interest income after provision for losses on loans
|
792,884
|
|
|
789,641
|
|
|
1,528,805
|
|
|
1,574,565
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
||||||||
Fees and service charges
|
113,260
|
|
|
117,703
|
|
|
209,392
|
|
|
216,769
|
|
||||
Loss on sale of securities available-for-sale, net
|
—
|
|
|
—
|
|
|
(14,465
|
)
|
|
—
|
|
||||
Increase in cash value - bank-owned life insurance
|
23,622
|
|
|
25,531
|
|
|
46,931
|
|
|
67,086
|
|
||||
Gain on sale of land
|
—
|
|
|
—
|
|
|
435,818
|
|
|
—
|
|
||||
Other (loss) income
|
(4,884
|
)
|
|
19,119
|
|
|
(14,807
|
)
|
|
36,819
|
|
||||
Total noninterest income
|
131,998
|
|
|
162,353
|
|
|
662,870
|
|
|
320,674
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
||||||||
Compensation, payroll taxes, and employee benefits
|
387,506
|
|
|
391,128
|
|
|
756,408
|
|
|
759,930
|
|
||||
Advertising
|
17,335
|
|
|
25,587
|
|
|
35,111
|
|
|
44,334
|
|
||||
Office property and equipment
|
101,703
|
|
|
107,596
|
|
|
209,607
|
|
|
231,403
|
|
||||
Federal insurance premiums
|
8,506
|
|
|
8,966
|
|
|
16,617
|
|
|
16,915
|
|
||||
Data processing services
|
117,670
|
|
|
118,130
|
|
|
240,997
|
|
|
226,134
|
|
||||
Charitable contributions
|
450
|
|
|
5,600
|
|
|
3,086
|
|
|
6,505
|
|
||||
Other real estate expenses, net
|
7,117
|
|
|
4,477
|
|
|
12,040
|
|
|
6,691
|
|
||||
Dues and subscriptions
|
9,002
|
|
|
7,868
|
|
|
19,798
|
|
|
16,394
|
|
||||
Accounting, regulatory and professional fees
|
159,106
|
|
|
192,986
|
|
|
298,243
|
|
|
335,929
|
|
||||
Debit card expenses
|
1,500
|
|
|
2,210
|
|
|
2,623
|
|
|
4,407
|
|
||||
Other expenses
|
101,534
|
|
|
90,838
|
|
|
193,165
|
|
|
182,594
|
|
||||
Total noninterest expense
|
911,429
|
|
|
955,386
|
|
|
1,787,695
|
|
|
1,831,236
|
|
||||
Earnings before taxes on income
|
13,453
|
|
|
(3,392
|
)
|
|
403,980
|
|
|
64,003
|
|
||||
Tax expense (benefit)
|
(13,003
|
)
|
|
(31,921
|
)
|
|
92,999
|
|
|
(42,400
|
)
|
||||
Net income
|
$
|
26,456
|
|
|
$
|
28,529
|
|
|
$
|
310,981
|
|
|
$
|
106,403
|
|
Basic earnings per common share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
0.04
|
|
Diluted earnings per common share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
0.04
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
26,456
|
|
|
$
|
28,529
|
|
|
$
|
310,981
|
|
|
$
|
106,403
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
||||||||
Net change in unrealized gains or losses on securities
|
(161,403
|
)
|
|
436,172
|
|
|
(895,741
|
)
|
|
460,169
|
|
||||
Reclassification adjustment for net loss realized in net income
|
—
|
|
|
—
|
|
|
(14,465
|
)
|
|
—
|
|
||||
Income tax (expense) benefit
|
10,150
|
|
|
(159,688
|
)
|
|
191,353
|
|
|
(169,431
|
)
|
||||
Other comprehensive (loss) income
|
(151,253
|
)
|
|
276,484
|
|
|
(718,853
|
)
|
|
290,738
|
|
||||
Comprehensive (loss) income
|
$
|
(124,797
|
)
|
|
$
|
305,013
|
|
|
$
|
(407,872
|
)
|
|
$
|
397,141
|
|
|
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 income
|
—
|
|
|
—
|
|
|
106,403
|
|
|
—
|
|
|
—
|
|
|
106,403
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290,738
|
|
|
290,738
|
|
||||||
Release of ESOP Shares
|
—
|
|
|
—
|
|
|
—
|
|
|
27,384
|
|
|
—
|
|
|
27,384
|
|
||||||
Dividends paid on common stock,
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$0.05 per common share
|
—
|
|
|
—
|
|
|
(239,724
|
)
|
|
—
|
|
|
—
|
|
|
(239,724
|
)
|
||||||
Balance at June 30, 2017
|
$
|
25,615
|
|
|
$
|
14,201,795
|
|
|
$
|
16,221,059
|
|
|
$
|
(1,286,960
|
)
|
|
$
|
(129,728
|
)
|
|
$
|
29,031,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2017
|
$
|
25,615
|
|
|
$
|
14,215,017
|
|
|
$
|
15,758,825
|
|
|
$
|
(1,259,576
|
)
|
|
$
|
(310,367
|
)
|
|
$
|
28,429,514
|
|
Net income
|
—
|
|
|
—
|
|
|
310,981
|
|
|
—
|
|
|
—
|
|
|
310,981
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(718,853
|
)
|
|
(718,853
|
)
|
||||||
Reclass of stranded tax effects of rate change
|
—
|
|
|
—
|
|
|
43,670
|
|
|
—
|
|
|
(43,670
|
)
|
|
—
|
|
||||||
Release of ESOP Shares
|
—
|
|
|
—
|
|
|
—
|
|
|
27,384
|
|
|
—
|
|
|
27,384
|
|
||||||
Dividends paid on common stock,
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$0.05 per common share
|
—
|
|
|
—
|
|
|
(240,342
|
)
|
|
—
|
|
|
—
|
|
|
(240,342
|
)
|
||||||
Balance at June 30, 2018
|
$
|
25,615
|
|
|
$
|
14,215,017
|
|
|
$
|
15,873,134
|
|
|
$
|
(1,232,192
|
)
|
|
$
|
(1,072,890
|
)
|
|
$
|
27,808,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
310,981
|
|
|
$
|
106,403
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
292,104
|
|
|
417,789
|
|
||
Provision for losses on loans
|
39,000
|
|
|
36,000
|
|
||
ESOP expenses
|
27,384
|
|
|
27,384
|
|
||
Deferred taxes on income
|
13,911
|
|
|
(49,632
|
)
|
||
Loss on sales of securities
|
14,465
|
|
|
—
|
|
||
Gain on sales of one-to-four family residential loans
|
—
|
|
|
(6,169
|
)
|
||
Proceeds from sales of one-to-four family residential loans
|
—
|
|
|
271,296
|
|
||
Originations of one-to-four family residential loans
|
—
|
|
|
(265,127
|
)
|
||
Loss (Gain) on sale of other real estate owned
|
30,947
|
|
|
(7,995
|
)
|
||
Increase in cash value of bank-owned life insurance
|
(46,931
|
)
|
|
(67,086
|
)
|
||
Change in:
|
|
|
|
||||
Accrued interest receivable
|
21,361
|
|
|
31,542
|
|
||
Prepaid expenses and other assets
|
269,200
|
|
|
(112,290
|
)
|
||
Advance payments by borrowers for taxes and insurance
|
32,015
|
|
|
60,007
|
|
||
Accrued interest payable
|
15,453
|
|
|
9,665
|
|
||
Accrued expenses and other liabilities
|
(78,393
|
)
|
|
(92,506
|
)
|
||
Income tax receivable
|
38,724
|
|
|
10,600
|
|
||
Net cash provided by operating activities
|
980,221
|
|
|
369,881
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from maturity of time deposits in other financial institutions
|
3,683,595
|
|
|
2,948,595
|
|
||
Purchase of time deposits in other financial institutions
|
(2,454,000
|
)
|
|
(2,948,000
|
)
|
||
Proceeds from calls and maturities of investment securities available-for-sale
|
3,059,116
|
|
|
3,646,681
|
|
||
Proceeds from sale of investment securities available-for-sale
|
2,121,241
|
|
|
—
|
|
||
Purchase of investment securities available-for-sale
|
(7,352,182
|
)
|
|
(2,127,370
|
)
|
||
Net change in loans receivable
|
3,212,591
|
|
|
(1,143,855
|
)
|
||
Net change in FHLB stock
|
(6,600
|
)
|
|
(8,600
|
)
|
||
Purchase of office property and equipment
|
21,725
|
|
|
(2,849
|
)
|
||
Net cash provided by investing activities
|
2,285,486
|
|
|
364,602
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net change in deposits
|
(5,555,517
|
)
|
|
379,724
|
|
||
Dividends paid
|
(240,342
|
)
|
|
(239,724
|
)
|
||
Net cash (used in) provided by financing activities
|
(5,795,859
|
)
|
|
140,000
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(2,530,152
|
)
|
|
874,483
|
|
||
Cash and cash equivalents at beginning of year
|
5,982,400
|
|
|
3,022,578
|
|
||
Cash and cash equivalents at end of quarter
|
$
|
3,452,248
|
|
|
$
|
3,897,061
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the year for:
|
|
|
|
||||
Interest
|
$
|
312,864
|
|
|
$
|
318,537
|
|
Noncash investing activities:
|
|
|
|
||||
Transfers to other real estate owned from loans
|
$
|
135,542
|
|
|
$
|
39,357
|
|
Transfers to finance the sale of other real estate owned
|
33,267
|
|
|
67,095
|
|
(1)
|
Basis of Presentation
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
26,456
|
|
|
$
|
28,529
|
|
|
$
|
310,981
|
|
|
$
|
106,403
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding and diluted common shares outstanding
|
2,410,295
|
|
|
2,404,096
|
|
|
2,410,295
|
|
|
2,404,096
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
0.04
|
|
Diluted earnings per common share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
||||||||
Unearned ESOP shares are not considered outstanding and are therefore not taken into account when computing earnings per share. Unearned ESOP shares are presented as a reduction to stockholders’ equity and represent shares to be allocated to ESOP participants in future periods for services provided to the Company. ESOP shares that have been committed to be released are considered outstanding and included for the purposes of computing basic and diluted earnings per share.
|
(2)
|
Securities Available-for-Sale
|
Description
|
|
Amortized cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair value
|
||||||||
June 30, 2018:
|
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
|
$
|
1,239,890
|
|
|
$
|
—
|
|
|
$
|
46,749
|
|
|
$
|
1,193,141
|
|
Mortgage-backed securities*
|
|
29,669,859
|
|
|
2,580
|
|
|
1,018,572
|
|
|
28,653,867
|
|
||||
Municipal bonds
|
|
14,616,311
|
|
|
28,727
|
|
|
350,519
|
|
|
14,294,519
|
|
||||
|
|
$
|
45,526,060
|
|
|
$
|
31,307
|
|
|
$
|
1,415,840
|
|
|
$
|
44,141,527
|
|
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 FNMA, FHLMC, or GNMA and are backed by residential mortgage loans.
|
|
June 30, 2018
|
||||||
|
Amortized
cost
|
|
Fair value
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
1,085,760
|
|
|
1,086,183
|
|
||
Due after five years, but less than ten years
|
7,198,710
|
|
|
7,072,507
|
|
||
Due after ten years
|
7,571,731
|
|
|
7,328,970
|
|
||
|
15,856,201
|
|
|
15,487,660
|
|
||
Mortgage-backed securities
|
29,669,859
|
|
|
28,653,867
|
|
||
|
$
|
45,526,060
|
|
|
$
|
44,141,527
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||
Proceeds from sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,121,241
|
|
|
—
|
|
Gross gains on sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gross losses on sales
|
—
|
|
|
—
|
|
|
14,465
|
|
|
—
|
|
|
June 30, 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
|
$
|
953,916
|
|
|
$
|
36,120
|
|
|
$
|
239,225
|
|
|
$
|
10,629
|
|
|
$
|
1,193,141
|
|
|
$
|
46,749
|
|
Mortgage-backed securities
|
6,279,611
|
|
|
122,161
|
|
|
21,395,759
|
|
|
896,411
|
|
|
27,675,370
|
|
|
1,018,572
|
|
||||||
Municipal bonds
|
9,066,442
|
|
|
272,949
|
|
|
2,166,890
|
|
|
77,570
|
|
|
11,233,332
|
|
|
350,519
|
|
||||||
Total
|
$
|
16,299,969
|
|
|
$
|
431,230
|
|
|
$
|
23,801,874
|
|
|
$
|
984,610
|
|
|
$
|
40,101,843
|
|
|
$
|
1,415,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
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
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Loans:
|
|
|
|
||||
One-to-four family residential
|
$
|
53,094,260
|
|
|
$
|
56,091,358
|
|
Non-owner occupied one-to-four family residential
|
3,163,463
|
|
|
3,116,832
|
|
||
Commercial real estate
|
2,834,855
|
|
|
3,615,351
|
|
||
Consumer
|
6,503,164
|
|
|
6,145,488
|
|
||
Total loans receivable
|
65,595,742
|
|
|
68,969,029
|
|
||
Discounts on loans purchased
|
17,486
|
|
|
10,650
|
|
||
Deferred loan costs (fees)
|
(24,352
|
)
|
|
(29,964
|
)
|
||
Allowance for loan losses
|
(531,346
|
)
|
|
(538,319
|
)
|
||
|
$
|
65,057,530
|
|
|
$
|
68,411,396
|
|
|
June 30, 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
|
369,076
|
|
|
26,650
|
|
|
29,134
|
|
|
106,486
|
|
|
531,346
|
|
|||||
Total
|
$
|
369,076
|
|
|
$
|
26,650
|
|
|
$
|
29,134
|
|
|
$
|
106,486
|
|
|
$
|
531,346
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
275,515
|
|
|
$
|
—
|
|
|
$
|
275,515
|
|
Collectively evaluated for impairment
|
53,094,260
|
|
|
3,163,463
|
|
|
2,559,340
|
|
|
6,503,164
|
|
|
65,320,227
|
|
|||||
Total
|
$
|
53,094,260
|
|
|
$
|
3,163,463
|
|
|
$
|
2,834,855
|
|
|
$
|
6,503,164
|
|
|
$
|
65,595,742
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
|
Three months ended June 30, 2018
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
402,310
|
|
|
$
|
19,276
|
|
|
$
|
2,423
|
|
|
$
|
(16,381
|
)
|
*
|
$
|
369,076
|
|
Non-owner occupied one-to-four family residential
|
26,893
|
|
|
—
|
|
|
—
|
|
|
(243
|
)
|
*
|
26,650
|
|
|||||
Commercial real estate
|
32,255
|
|
|
—
|
|
|
—
|
|
|
(3,121
|
)
|
*
|
29,134
|
|
|||||
Consumer
|
95,569
|
|
|
28,328
|
|
|
—
|
|
|
39,245
|
|
|
106,486
|
|
|||||
Total
|
$
|
557,027
|
|
|
$
|
47,604
|
|
|
$
|
2,423
|
|
|
$
|
19,500
|
|
|
$
|
531,346
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three months ended June 30, 2017
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
331,736
|
|
|
$
|
6,135
|
|
|
$
|
133
|
|
|
$
|
792
|
|
|
$
|
326,526
|
|
Non-owner occupied one-to-four family residential
|
28,696
|
|
|
—
|
|
|
—
|
|
|
1,654
|
|
|
30,350
|
|
|||||
Commercial real estate
|
40,799
|
|
|
—
|
|
|
—
|
|
|
(2,346
|
)
|
*
|
38,453
|
|
|||||
Consumer
|
99,144
|
|
|
13,923
|
|
|
—
|
|
|
17,900
|
|
|
103,121
|
|
|||||
Total
|
$
|
500,375
|
|
|
$
|
20,058
|
|
|
$
|
133
|
|
|
$
|
18,000
|
|
|
$
|
498,450
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
393,341
|
|
|
$
|
19,276
|
|
|
$
|
2,423
|
|
|
$
|
(7,412
|
)
|
*
|
$
|
369,076
|
|
Non-owner occupied one-to-four family residential
|
25,893
|
|
|
—
|
|
|
—
|
|
|
757
|
|
|
26,650
|
|
|||||
Commercial real estate
|
33,204
|
|
|
—
|
|
|
—
|
|
|
(4,070
|
)
|
*
|
29,134
|
|
|||||
Consumer
|
85,881
|
|
|
29,120
|
|
|
—
|
|
|
49,725
|
|
|
106,486
|
|
|||||
Total
|
$
|
538,319
|
|
|
$
|
48,396
|
|
|
$
|
2,423
|
|
|
$
|
39,000
|
|
|
$
|
531,346
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 2017
|
||||||||||||||||||
|
Beginning Balance
|
|
Charge-offs
|
|
Recoveries
|
|
Provisions
|
|
Ending Balance
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
319,849
|
|
|
$
|
10,945
|
|
|
$
|
133
|
|
|
$
|
17,489
|
|
|
$
|
326,526
|
|
Non-owner occupied one-to-four family residential
|
28,231
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,119
|
|
|
$
|
30,350
|
|
|
Commercial real estate
|
37,135
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,318
|
|
|
$
|
38,453
|
|
|
Consumer
|
101,899
|
|
|
$
|
13,923
|
|
|
$
|
71
|
|
|
$
|
15,074
|
|
|
$
|
103,121
|
|
|
Total
|
$
|
487,114
|
|
|
$
|
24,868
|
|
|
$
|
204
|
|
|
$
|
36,000
|
|
|
$
|
498,450
|
|
* 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
|
|
Total
|
||||||||
June 30, 2018:
|
|
|
|
|
|
|
|
||||||||
Loans
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential
|
$
|
51,758,334
|
|
|
$
|
957,429
|
|
|
$
|
378,497
|
|
|
$
|
53,094,260
|
|
Non-owner occupied one-to-four family residential
|
2,849,866
|
|
|
137,785
|
|
|
175,812
|
|
|
3,163,463
|
|
||||
Commercial real estate
|
2,559,340
|
|
|
—
|
|
|
275,515
|
|
|
2,834,855
|
|
||||
Consumer
|
6,305,635
|
|
|
187,908
|
|
|
9,621
|
|
|
6,503,164
|
|
||||
Total
|
$
|
63,473,175
|
|
|
$
|
1,283,122
|
|
|
$
|
839,445
|
|
|
$
|
65,595,742
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pass
|
|
Special
mention/watch
|
|
Substandard
|
|
Total
|
||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
||||||||
Loans
|
|
|
|
|
|
|
|
||||||||
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
|
||||||||||||||
June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
$
|
342,544
|
|
|
$
|
249,985
|
|
|
$
|
329,062
|
|
|
$
|
921,591
|
|
|
$
|
52,172,669
|
|
|
$
|
53,094,260
|
|
|
$
|
—
|
|
Non-owner occupied one-to-four family residential
|
—
|
|
|
—
|
|
|
175,812
|
|
|
175,812
|
|
|
2,987,651
|
|
|
3,163,463
|
|
|
—
|
|
|||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
275,515
|
|
|
275,515
|
|
|
2,559,340
|
|
|
2,834,855
|
|
|
—
|
|
|||||||
Consumer
|
67,185
|
|
|
92,483
|
|
|
59,055
|
|
|
218,723
|
|
|
6,284,441
|
|
|
6,503,164
|
|
|
—
|
|
|||||||
Total
|
$
|
409,729
|
|
|
$
|
342,468
|
|
|
$
|
839,444
|
|
|
$
|
1,591,641
|
|
|
$
|
64,004,101
|
|
|
$
|
65,595,742
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
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
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Loans
|
|
|
|
||||
One-to-four family residential
|
$
|
83,115
|
|
|
$
|
150,625
|
|
Commercial real estate
|
275,515
|
|
|
274,804
|
|
||
Total
|
$
|
358,630
|
|
|
$
|
425,429
|
|
(4)
|
Deposits
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Statement savings
|
$
|
15,413,006
|
|
|
$
|
14,536,815
|
|
Money market plus
|
11,126,752
|
|
|
11,749,674
|
|
||
NOW
|
18,221,556
|
|
|
18,749,026
|
|
||
Certificates of deposit
|
37,423,363
|
|
|
42,704,679
|
|
||
|
$
|
82,184,677
|
|
|
$
|
87,740,194
|
|
(5)
|
Taxes on Income
|
|
June 30, 2018
|
||||||||||
|
Federal
|
|
State
|
|
Total
|
||||||
Current
|
$
|
27,099
|
|
|
$
|
12,900
|
|
|
$
|
39,999
|
|
Deferred
|
50,000
|
|
|
3,000
|
|
|
53,000
|
|
|||
|
$
|
77,099
|
|
|
$
|
15,900
|
|
|
$
|
92,999
|
|
|
|
|
|
|
|
||||||
|
June 30, 2017
|
||||||||||
|
Federal
|
|
State
|
|
Total
|
||||||
Current
|
$
|
5,182
|
|
|
$
|
2,050
|
|
|
$
|
7,232
|
|
Deferred
|
(50,632
|
)
|
|
1,000
|
|
|
(49,632
|
)
|
|||
|
$
|
(45,450
|
)
|
|
$
|
3,050
|
|
|
$
|
(42,400
|
)
|
|
June 30, 2018
|
|
June 30, 2017
|
||||
Federal tax at statutory rate
|
$
|
84,836
|
|
|
$
|
21,761
|
|
Items affecting federal income tax rate:
|
|
|
|
||||
State taxes on income, net of federal benefit
|
12,561
|
|
|
2,013
|
|
||
Tax-exempt income
|
(22,263
|
)
|
|
(43,749
|
)
|
||
Bank-owned life insurance
|
231
|
|
|
(22,809
|
)
|
||
Valuation allowance
|
4,000
|
|
|
13,000
|
|
||
Other
|
13,634
|
|
|
(12,616
|
)
|
||
|
$
|
92,999
|
|
|
$
|
(42,400
|
)
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Deferred directors’ fees
|
$
|
197,000
|
|
|
$
|
195,000
|
|
Allowance for loan losses
|
133,000
|
|
|
134,000
|
|
||
Net operating loss carryforward
|
135,000
|
|
|
165,000
|
|
||
AMT credit
|
34,720
|
|
|
34,720
|
|
||
Charitable contribution
|
59,000
|
|
|
59,000
|
|
||
Professional fees
|
48,000
|
|
|
49,000
|
|
||
Securities available-for-sale
|
351,523
|
|
|
121,082
|
|
||
Fixed assets
|
(8,000
|
)
|
|
—
|
|
||
Other
|
12,280
|
|
|
23,278
|
|
||
Gross deferred tax assets
|
962,523
|
|
|
781,080
|
|
||
Valuation allowance
|
(100,000
|
)
|
|
(96,000
|
)
|
||
Net deferred tax assets
|
862,523
|
|
|
685,080
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Prepaid expenses
|
(14,000
|
)
|
|
(14,000
|
)
|
||
FHLB stock dividends
|
(25,000
|
)
|
|
(25,000
|
)
|
||
Intangible assets
|
(15,000
|
)
|
|
(15,000
|
)
|
||
Gross deferred tax liabilities
|
(54,000
|
)
|
|
(54,000
|
)
|
||
Net deferred tax assets
|
$
|
808,523
|
|
|
$
|
631,080
|
|
(6)
|
Stockholders’ Equity
|
(a)
|
Common Stock Repurchase
|
(b)
|
Regulatory Capital Requirements
|
|
June 30, 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
|
$
|
28,802
|
|
|
22.16
|
%
|
|
$
|
5,197
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
WCF Financial Bank
|
19,575
|
|
|
15.97
|
|
|
4,902
|
|
|
4.00
|
|
|
6,127
|
|
|
5.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common equity tier 1:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,802
|
|
|
53.29
|
|
|
7,471
|
|
|
6.38
|
|
|
8,446
|
|
|
6.50
|
|
||
WCF Financial Bank
|
19,575
|
|
|
38.82
|
|
|
7,046
|
|
|
6.38
|
|
|
7,965
|
|
|
6.50
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,795
|
|
|
53.28
|
|
|
5,000
|
|
|
9.88
|
|
|
5,405
|
|
|
10.00
|
|
||
WCF Financial Bank
|
19,568
|
|
|
39.86
|
|
|
4,662
|
|
|
9.88
|
|
|
5,040
|
|
|
10.00
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated
|
28,802
|
|
|
53.29
|
|
|
3,919
|
|
|
7.88
|
|
|
4,324
|
|
|
8.00
|
|
||
WCF Financial Bank
|
19,575
|
|
|
38.82
|
|
|
3,654
|
|
|
7.88
|
|
|
4,032
|
|
|
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
|
|
(c)
|
Dividends and Restrictions Thereon
|
•
|
the total capital distributions for the applicable calendar year exceed the sum of the savings association's net income for that year to date plus the savings association's retained net income for the proceeding two years;
|
•
|
the savings association would not be at least adequately capitalized following the distribution;
|
•
|
the distribution would violate any applicable statute, regulation, agreement or regulatory condition; or
|
•
|
the savings association is not eligible for expedited treatment of its filings.
|
•
|
the federal savings association would be undercapitalized following the distribution;
|
•
|
the proposed capital distribution raises safety and soundness concerns; or
|
•
|
the capital distribution would violate a prohibition contained in any statute, regulation or agreement.
|
(7)
|
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.
|
•
|
FHLB and Bankers’ Bank stock
. The value of FHLB and Bankers’ Bank 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.
|
|
June 30, 2018
|
||||||||||||||
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
|
Total fair value
|
||||||||
U.S. agency securities
|
$
|
—
|
|
|
$
|
1,193,141
|
|
|
$
|
—
|
|
|
$
|
1,193,141
|
|
Mortgage-backed securities*
|
—
|
|
|
28,653,867
|
|
|
—
|
|
|
28,653,867
|
|
||||
Municipal bonds
|
—
|
|
|
14,294,519
|
|
|
—
|
|
|
14,294,519
|
|
||||
Total
|
$
|
—
|
|
|
$
|
44,141,527
|
|
|
$
|
—
|
|
|
$
|
44,141,527
|
|
|
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
|
|
*All mortgage-backed securities are issued by FNMA, FHLMC, or GNMA and are backed by residential mortgage loans.
|
|
|
|
June 30, 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
|
|
$
|
2,538,248
|
|
|
$
|
2,538,248
|
|
|
$
|
3,310,400
|
|
|
$
|
3,310,400
|
|
Federal funds sold
|
Level 1
|
|
914,000
|
|
|
914,000
|
|
|
2,672,000
|
|
|
2,672,000
|
|
||||
Time deposits in other
|
Level 1
|
|
|
|
|
|
|
|
|
||||||||
financial institutions
|
|
|
3,316,282
|
|
|
3,316,282
|
|
|
4,545,878
|
|
|
4,545,878
|
|
||||
Securities available-for-sale
|
See
previous
table
|
|
44,141,527
|
|
|
44,141,527
|
|
|
43,129,481
|
|
|
43,129,481
|
|
||||
Loans receivable, net
|
Level 2
(1)
|
|
65,588,876
|
|
|
66,104,876
|
|
|
68,411,395
|
|
|
69,008,986
|
|
||||
FHLB stock
|
Level 1
|
|
710,000
|
|
|
710,000
|
|
|
703,400
|
|
|
703,400
|
|
||||
Bankers’ Bank stock
|
Level 1
|
|
147,500
|
|
|
147,500
|
|
|
147,500
|
|
|
147,500
|
|
||||
Accrued interest receivable
|
Level 1
|
|
418,494
|
|
|
418,494
|
|
|
439,855
|
|
|
439,855
|
|
||||
Bank owned life insurance
|
Level 1
|
|
3,185,043
|
|
|
3,185,043
|
|
|
3,138,112
|
|
|
3,138,112
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
Level 2
|
|
82,184,677
|
|
|
74,264,677
|
|
|
87,740,194
|
|
|
87,828,194
|
|
||||
FHLB advances
|
Level 2
|
|
14,000,000
|
|
|
14,054,000
|
|
|
14,000,000
|
|
|
14,052,000
|
|
||||
Accrued interest payable
|
Level 1
|
|
29,436
|
|
|
29,436
|
|
|
13,982
|
|
|
13,982
|
|
(1) Impaired loans would have a fair value hierarchy of a Level 3. See previous disclosures.
|
(8)
|
Commitments and Contingencies
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Unrealized holding losses on securities available-for-sale
|
|
$
|
(1,424,413
|
)
|
|
$
|
(488,791
|
)
|
Tax impact
|
|
351,523
|
|
|
178,424
|
|
||
|
|
$
|
(1,072,890
|
)
|
|
$
|
(310,367
|
)
|
Item 2
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
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;
|
•
|
changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
|
•
|
our ability to access cost-effective funding;
|
•
|
fluctuations in real estate values and both residential and commercial real estate market conditions;
|
•
|
demand for loans and deposits in our market area;
|
•
|
our ability to implement and change our business strategies;
|
•
|
competition with depository and other financial institutions;
|
•
|
inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments, our level of loan originations, or increases in the level of defaults, losses and prepayments on loans we have made and make;
|
•
|
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, including as a result of Basel III;
|
•
|
the impact of the Dodd-Frank Act and the implementing regulations;
|
•
|
changes in the quality or composition of our loan or investment portfolios;
|
•
|
technological changes that may be more difficult or expensive than expected;
|
•
|
the inability of third-party providers to perform as expected;
|
•
|
our ability to manage market risk, credit risk and operational risk in the current economic environment;
|
•
|
our ability to enter new markets successfully and capitalize on growth opportunities;
|
•
|
our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
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 or the Public Company Accounting Oversight Board;
|
•
|
our ability to retain key employees;
|
•
|
adverse changes in the national agriculture economy and the agriculture economy in our market area;
|
•
|
our compensation expense associated with equity allocated or awarded to our employees; and
|
•
|
changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
|
Item 3
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4
|
Controls and Procedures
|
Item 1A
|
Risk Factors
|
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 4
|
Mine Safety Disclosures
|
Item 6
|
Exhibits
|
31.1
|
32
|
|
|
WCF BANCORP, INC.
|
|
|
|
|
|
|
|
|
|
Date: August 14, 2018
|
|
/s/ Stephen L. Mourlam
|
|
|
|
Stephen L. Mourlam
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
1 Year WFC Bancorp Chart |
1 Month WFC Bancorp Chart |
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